IA Clarington Announces Investor Approval of Closed-End Fund Mergers

    TORONTO, June 29 /CNW/ - IA Clarington Investments Inc. ("IA
Clarington"), today announced that the mergers of its closed-end funds
announced in March 2009 were completed on June 26, 2009.
    As a result of the mergers, the Clarington Diversified Income + Growth
Fund and Focused 40 Income Fund were terminated and merged into the IA
Clarington Tactical Income Fund (formerly the IA Clarington Diversified Income
Fund), effective June 26, 2009.

    Terminating Fund                      Continuing Fund
    Clarington Diversified
     Income + Growth Fund
    ------------------------------------  IA Clarington Tactical Income Fund
    Focused 40 Income Fund

    "Investors will continue to benefit from a predictable distribution rate
with the talents of award-winning manager Ben Cheng of Catapult Financial
Management Inc.," said David Scandiffio, President of IA Clarington. "We
continually strive to bring greater investment options with highly experienced
and talented investment managers to our investors."

    About IA Clarington Investments Inc.

    IA Clarington Investments Inc., a subsidiary of Industrial Alliance
Insurance and Financial Services Inc., markets a wide range of investment
products, including mutual funds and segregated funds managed by leading
portfolio advisors. IA Clarington managed over $6 billion in assets as at May
31, 2009.

For further information:

For further information: Eric Frape, Senior Vice-President, Product and
Business Development, IA Clarington Investments Inc., (416) 860-9880,
Toll-Free 1-888-860-9888, Email: eric.frape@iaclarington.com

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IA Clarington Investments Inc

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