Investors Group Reports 2003 Earnings and Increases Dividend

Winnipeg, MB - January 30, 2004: Investors Group Inc. reported net income attributable to common shareholders for the three months ended December 31, 2003, excluding the items noted below, of $143.8 million compared to $119.3 million in 2002. Earnings per share were 54 cents compared with 45 cents in 2002, an increase of 20%. Net income excludes:

• the reversal of $24.8 million ($15.6 million after tax) of restructuring costs related to the Mackenzie acquisition and,
• a non-cash income tax charge of $24.8 million related to the impact of increases in Ontario income tax rates on the future income tax liability related to indefinite life intangible assets.

Net income attributable to common shareholders for the three months ended December 31, 2003, including the reversal of restructuring costs and the non-cash income tax charge noted above, was $134.6 million and earnings per share were 51 cents.

Net income attributable to common shareholders for the year ended December 31, 2003, excluding the reversal of restructuring costs, the non-cash income tax charge and a dilution gain of $14.8 million recorded in the third quarter resulting from the reduction in the Company's percentage ownership of Great-West Lifeco Inc. related to their acquisition of Canada Life, was $533.5 million compared to $491.1 million in 2002. Earnings per share were $2.01 compared to $1.85 in 2002, an increase of 8.6%.

Net income attributable to common shareholders for the year ended December 31, 2003, including the reversal of restructuring costs, the non-cash income tax charge and the dilution gain noted above, was $539.1 million and earnings per share were $2.03.

"Strong financial markets have led to growing investor confidence and helped to produce good financial results for Investors Group Inc. Throughout the year, the company invested to position itself for long-term growth while paying close attention to operating efficiency" said R. Jeffrey Orr, President and Chief Executive Officer of Investors Group Inc. James L. Hunter, President and Chief Executive Officer of Mackenzie Financial Corporation said "2003 was a very strong year for Mackenzie. We led our key competitors with $5.28 billion in gross sales and ended the year with an increase in unitholder assets primarily from market appreciation of more than 10%. Combined with disciplined cost management these increases resulted in a record earnings contribution to our shareholders results."

Gross revenues for the year ended December 31, 2003 were $1.874 billion compared to $1.940 billion last year. Gross revenues for the fourth quarter were $484.8 million compared to $464.5 million in the prior year. Operating expenses were $1.030 billion for the twelve months and $245.7 million for the fourth quarter in 2003 compared with $1.112 billion and $266.8 million respectively in 2002.

Mutual fund assets at December 31, 2003 totalled $74.7 billion, compared to $68.5 billion at December 31, 2002.

Shareholders' equity at December 31, 2003, was $3.2 billion compared to $2.9 billion at December 31, 2002. Return on average common equity for the twelve months excluding the reversal of restructuring costs, the non-cash income tax charge and the dilution gain noted previously was 18.9% compared with 19.2 % for the same period in 2002.

Investors Group's Operations

Mutual fund sales for the year ended December 31, 2003 were $4.0 billion compared to $4.9 billion in the prior year. Mutual fund net redemptions for the year were $839 million compared to net redemptions of $109 million in the prior year. In the fourth quarter mutual fund sales were $997 million compared to $965 million a year ago and mutual fund net redemptions were $92 million compared to net redemptions of $439 million last year.

Mr. Orr added: "During the year, we focused our efforts on strengthening our leadership position in financial planning, enhancing the products and services we provide to clients and improving the support we provide to Consultants."

Mutual fund assets at December 31, 2003 were $40.9 billion compared to $37.6 billion at December 31, 2002.

Investors Group's redemption rate at December 31, 2003, excluding money market funds, was 10.7% compared to 10.2% a year ago. The redemption rate for all other members of the Investment Funds Institute of Canada at December 31, 2003 was 14.1%.

The number of Investors Group Consultants was at 3,223 December 31, 2003, compared to 3,192 at September 30, 2003, and 3,324 at December 31, 2002.

Mackenzie's Operations

Mutual fund sales for the year ended December 31, 2003 were $5.3 billion compared to $6.0 billion in the prior year. Mutual fund net redemptions for the period were $69 million compared to net sales of $288 million in the prior year. In the fourth quarter mutual fund sales were $1.6 billion, compared to $1.3 billion in the prior year, and mutual fund net sales were $189 million compared to $11 million last year.

"At Mackenzie in 2003, we strengthened our business with the addition of talented and experienced investment and tax planning individuals and fine-tuned our investment line," said Jim Hunter, President and Chief Executive Officer, Mackenzie Financial Corporation. "We also continue to develop a number of initiatives that will address the complex tax and financial requirements of Canadian investors."

Mackenzie's mutual fund assets at December 31, 2003 were $33.8 billion compared to $30.9 billion at December 31, 2002.

Mackenzie's redemption rate at December 31, 2003, excluding money market and managed yield funds, was 13.0% compared to 11.9% a year ago. The redemption rate for all other members of the Investment Funds Institute of Canada at December 31, 2003 was 13.8%.

Dividends

The Board of Directors has declared a quarterly dividend of $0.359375 on the Corporation's 5.75% Non-Cumulative First Preferred Shares, Series "A" payable on March 31, 2004 to shareholders of record on March 1, 2004 and has declared an increase in the quarterly dividend of 2 cents from 25.5 cents to 27.5 cents per share on the Corporation's common shares payable April 30, 2004 to shareholders of record on March 29, 2004.

Forward-Looking Information and Non-GAAP Financial Measures

This Release may contain forward-looking statements about the Company, including its business operations, strategy and expected financial performance and condition. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates" or negative versions thereof and similar expressions. In addition, any statement that may be made concerning future financial performance (including revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future Company action, is also a forward-looking statement. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about the Company, economic factors and the financial services industry generally. They are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied by forward-looking statements made by the Company due to, but not limited to, important factors such as general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, technological change, changes in government regulations, unexpected judicial or regulatory proceedings, catastrophic events, and the Company's ability to complete strategic transactions and integrate acquisitions. We caution that the foregoing list of important factors is not exhaustive. The reader is cautioned to consider these and other factors carefully and not place undue reliance on forward-looking statements. The Company has no specific intention to update any forward-looking statements whether as a result of new information, future events or otherwise.

Net income, earnings per share and return on common equity for the year ended December 31, 2003 are presented excluding a dilution gain, a reversal of restructuring costs and a non-cash income tax charge. Net income and earnings per share for the three months ended December 31, 2003 are presented excluding a reversal of restructuring costs and a non-cash income tax charge. These are non-GAAP financial measures that do not have standard meanings and are not directly comparable to similar measures used by other issuers.

A review of activities and performance for Investors Group Inc., together with financial details and a management discussion, will be published in the Corporation's 2003 Annual Report which should be mailed to shareholders on or about March 31, 2004.

Investors Group Inc., is one of Canada's premier mutual fund, managed asset and personal financial services companies. With close to 2.5 million clients and more than $81 billion in assets under management and administration, Investors Group Inc. holds a strong leadership position in the financial services industry. The Company's two operating units, Investors Group and Mackenzie Financial Corporation offer their own distinctive products and services through separate advice channels encompassing over 38,000 consultants and independent financial advisors. Investors Group Inc. is a member of the Power Financial group of companies, and its shares are listed on the Toronto Stock Exchange (IGI).

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Media Note : A live webcast of Investors Group's Analyst conference call for the Fourth Quarter 2003 will be held today, Friday, January 30, 2004, at 2:00 P.M. (ET) at www.investorsgroup.com . Media and interested parties may alternatively choose to listen to today's live analyst teleconference call by dialing 1-877-888-4210 or (416) 695 6120 .