IA Clarington Announces Investor Approval of Fund Mergers

Toronto, Ontario June 10, 2009 - IA Clarington Investments Inc. ("IA Clarington"), today announced that the fund mergers of its mutual funds announced in March 2009 have been approved by investors and were completed on June 5, 2009.   "By streamlining our fund offering, we believe clients will be better served," said David Scandiffio, President of IA Clarington. "The goal of these mergers is to focus on the strengths of key managers both within our internal investment capabilities as well as among leading external managers. In several cases these changes will also benefit investors through a reduction in management fees.

As a result of the mergers, the Terminating Funds listed below were merged into the applicable Continuing Funds, effective June 5, 2009.

*At the time of the mergers, the IA Clarington Diversified Income Fund was renamed IA Clarington Tactical Income Fund and the IA Clarington Navellier U.S. All Cap Fund was renamed IA Clarington Sarbit U.S. Equity Fund. The investment objectives of IA Clarington Tactical Income Fund (formerly IA Clarington Diversified Income Fund) have been amended so that they are identical to those of the terminating IA Clarington Tactical Income Fund. The investment objectives of IA Clarington Sarbit U.S. Equity Fund (Formerly IA Clarington Navellier U.S. All Cap Fund) have been amended so that they are substantially similar to those of the terminating Sarbit US Equity Trust. As well, the trailer fee rate for the Series T6 and Series T8 units of IA Clarington Monthly Income Balanced Fund purchased under the Front-End option increased to 1.00%, effective for sales starting June 5, 2009.

The mergers were approved by unitholders of the Terminating Funds. Additional changes were also approved by the unitholders of IA Clarington Monthly Income Balanced Fund, IA Clarington Diversified Income Fund and IA Clarington Navellier U.S. All Cap Fund. The meetings were held on May 29, 2009, other than the meeting for Sarbit US Equity Trust, which was held on June 1, 2009.

The mergers took place on June 5, 2009, and each of the Terminating Funds was wound up immediately after the mergers.

Effective June 5, 2009, QV Investors Inc. ("QV Investors") was appointed as sub-advisor to IA Clarington Canadian Balanced Fund. In addition, IA Clarington intends to remove Global Currents Investment Management, LLC as sub-advisor on the IA Clarington Global Value Fund, to be succeeded by the international equity team at Industrial Alliance Investment Management ("IAIM"). "We are pleased to offer outstanding managers such as QV Investors, Ben Cheng of Catapult Financial Management Inc., Larry Sarbit of Sarbit Advisory Services Inc. and the IAIM team," said Mr. Scandiffio. "We continually strive to bring the most experienced and proven 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, segregated funds, principal protected notes and closed-end funds managed by leading Portfolio Advisors. IA Clarington managed over $6 billion in assets as at May 31, 2009.