An anonymous director reports

IA FINANCIAL CORPORATION INC. ANNOUNCES 13% INCREASE IN THE DIVIDEND ON ITS COMMON SHARES AND INDUSTRIAL ALLIANCE INSURANCE AND FINANCIAL SERVICES INC. ANNOUNCES THE PAYMENT OF A DIVIDEND ON ITS PREFERRED SHARES

The board of directors of iA Financial Corp. Inc. has increased by nine cents the dividend per outstanding common share for the quarter ended March 31, 2023, raising it to 76.50 cents. This dividend will be payable on June 15, 2023, to all common shareholders of record at the close of business on May 26, 2023.

iA Financial reminds common shareholders who wish to enroll in iA Financial's dividend reinvestment and share purchase plan (DRIP) that they must do so no later than 4 p.m. on May 18, 2023, in order to reinvest the next dividend. To enroll, go to the company's website, under about iA, in the investor relations/dividends section. Please note that the common shares issued under the DRIP will be purchased on the secondary market and that no discount will apply.

In addition, the board of directors of Industrial Alliance Insurance and Financial Services Inc. announced today the payment of a dividend of 28.75 cents per non-cumulative Class A preferred share -- Series B. This dividend is payable in cash on June 30, 2023, to preferred shareholders of record at May 26, 2023.

For the purposes of the Income Tax Act (Canada) and any corresponding provincial or territorial tax legislation, all dividends paid by iA Financial on its common shares and by Industrial Alliance Insurance and Financial Services on its preferred shares are eligible dividends.

About iA Financial Corp. Inc.

iA Financial is one of the largest insurance and wealth management groups in Canada, with operations in the United States. Founded in 1892, it is an important Canadian public company and is listed on the Toronto Stock Exchange under the ticker symbols IAG (common shares) and IAF (preferred shares).