IGM Financial Inc.
Outlook

Acquisition of Investment Planning Counsel

On May 10, 2004, IGM Financial paid $74.6 million in cash and issued 734,796 common shares, for total consideration of $99.0 million, including transaction
costs, to acquire a 74.7% interest in Investment Planning Counsel.

This acquisition will expand the Company’s presence in the independent financial planning channel. Investment Planning Counsel is the fifth largest financial planning firm in Canada with 600 financial planners, and had mutual fund assets under management of $1.5 billion (Counsel Group of Funds Inc.) and total assets under management and administration of $8.0 billion at December 31, 2004. The transaction was structured to maintain the entrepreneurial character of Investment Planning Counsel and was consistent with the Company’s strategy of owning leading businesses in both manufacturing and distribution within the advice segment of the financial services industry. Investment Planning Counsel is operating as a separate entity and is being managed by its pre-acquisition leadership team.