Following the announcement by BCE Inc. yesterday that it will cease further long-term financing to Teleglobe Inc., Industrial-Alliance Life Insurance Co announced that it is holding two Teleglobe bonds, for a total nominal value of $27 million.

These bonds have the following characteristics: a $2 million bond, bearing interest of 8.35% and maturing on June 20, 2003, and a $25 million bond, bearing interest of 8% and maturing on October 23, 2026.

These two bonds are held in the general funds of Industrial Alliance. As at March 31, 2002, these bonds had a book value of $27.9 million. On May 7, 2002, Industrial Alliance will release its financial results for the period ending March 31, 2002.