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Industrial Alliance closes offering of US$100 million of 8.25% subordinated debentures

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RBC Dominion Securities and Scotia Capital

On March 27, 2009, Industrial Alliance Insurance and Financial Services Inc. announced the closing of its previously announced offering of $100 million of 8.25% subordinated debentures due March 27, 2019. The net proceeds from this offering will be used for general corporate purposes. The debentures qualify as Tier 2 capital of the company for regulatory purposes. This issue was made under the terms of a prospectus supplement to the short form base shelf prospectus dated March 30, 2007. The Debentures were offered on an agency basis by a syndicate of dealers co-led by RBC Dominion Securities Inc. and Scotia Capital Inc., and which includes National Bank Financial Inc., TD Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., Desjardins Securities Inc., Casgrain & Company Limited, HSBC Securities (Canada) Inc., Industrial Alliance Securities Inc. and Laurentian Bank Securities Inc. The agents were advised by Fasken Martineau with a team led by Peter Villani and that included Gabriel Castiglio and Caitlin Rose.



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