Clarington Announces Portfolio Adviser Changes

Appoints Three Top-Performing Investment Managers

Toronto, Ontario, February 20, 2006 - ClaringtonFunds Inc. today announced that it has appointed three top-performing investment managers to replace SEAMARK Asset Management Ltd. on the funds it manages on behalf of Clarington. Effective March 31, 2006, Howson Tattersall Investment Counsel Ltd., Industrial Alliance Investment Management Inc., and OppenheimerFunds, Inc. will assume portfolio management responsibilities for the funds.

"These changes reflect our commitment to strengthening fund performance and enhancing our world-class team of portfolio managers," said Terence Stone, Vice-Chairman of ClaringtonFunds Inc. "Each of these firms brings outstanding qualifications and an impressive long-term investment track record."

The changes are as follows:

The investment objectives of the funds will not change.

Howson Tattersall Investment Counsel

Howson Tattersall Investment Counsel, manager of the Saxon Mutual Funds, is widely recognized as one of Canada's premier value-oriented investment firms. Howson Tattersall will manage the Clarington Canadian Balanced Fund, which will be modeled on the strong-performing Saxon Balanced Fund, winner of the Canadian Balanced Fund of the Year at the 2005 Canadian Investment Awards. Howson Tattersall manages more than $11 billion for retail investors, highnet- worth clients and leading institutions.

Industrial Alliance Investment Management

Industrial Alliance Investment Management, a subsidiary of Industrial Alliance Insurance and Financial Services Inc., manages more than $10.5 billion in mutual and segregated fund assets as well as $2.5 billion in institutional assets. The firm's growth has been supported by its strong investment management performance. At the end of 2005, more than 80 per cent of its segregated fund assets under management were in the first or second quartile on a one-year, five-year and ten-year basis. With investment managers in Quebec City, Montreal, Toronto, and Vancouver, Industrial Alliance Investment Management's style integrates the benefits of top-down economic and industry analysis with rigorous bottom-up fundamental research on prospective portfolio holdings.

"The firm's strength and depth in domestic equity and fixed-income, particularly in dividend and equity income funds where they have several top-ranked products, made it an ideal fit for these mandates," said Stone. "We believe our investors will benefit from the expertise and proven approach of the Industrial Alliance Investment Management team, several of whom have earned four- or five-star ratings from Morningstar on funds that they manage."

OppenheimerFunds

OppenheimerFunds, manager of the Clarington Global Equity Fund, will assume portfolio management responsibilities for the Clarington Global Income Fund. The equity component of the portfolio will be managed by Rajeev Bhaman, lead manager of the Clarington Global Equity Fund, using the same investment discipline and style that has enabled OppenheimerFunds to build a distinguished track record in its global and international equity funds. Among other accolades, Mr. Bhaman made the Barron's Top 100 Mutual Fund Managers list for five straight years. The fixedincome portion of the portfolio will be managed by award-winning manager Arthur Steinmetz, head of OppenheimerFunds' international fixed-income team. OppenheimerFunds, including subsidiaries, managed assets in excess of US$200 billion as of December 31, 2005.

David Scandiffio, President of ClaringtonFunds Inc., said that Clarington remains committed to a multi-manager model and will use a combination of affiliated and external managers, which ensures its clients continue to benefit from diversification of investment philosophies and styles.

"With the addition of these top-performing advisers, investors now have an even wider selection of leading money managers within our fund line-up," Scandifffio added.

About ClaringtonFunds Inc.

ClaringtonFunds Inc., which is wholly owned by Industrial Alliance Insurance and Financial Services Inc., offers a wide variety of mutual funds managed by leading Canadian and international portfolio managers. Based in Toronto, Clarington maintains regional offices in major Canadian centres.