Investors Group Reports Strong First Quarter Results

Net income attributable to common shareholders for the three months ended March 31, 2004 was $147.9 million compared to $119.7 million for the same period in 2003. Earnings per share were 56 cents compared with 45 cents in 2003, an increase of 23.2%.

"Higher mutual fund assets contributed to strong earnings growth, while improving investor confidence resulted in much stronger mutual fund sales," said Jeffrey Orr, President and Chief Executive Officer. "Mackenzie's first quarter's gross mutual fund sales grew to over $2 billion and net sales amounted to $344 million versus net sales of $1 million a year ago," said Jim Hunter, President and CEO, Mackenzie Financial Corporation.

Gross revenues for the first three months of 2004 were $520.4 million, compared to $454.9 million last year. Operating expenses were $299.3 million for the three months compared to $267.1 million for the first quarter in 2003.

Mutual fund assets under management and administration at March 31, 2004 totalled $78.1 billion, compared to $64.4 billion at March 31, 2003.

Shareholders' equity at March 31, 2004, was $3.3 billion compared to $3.2 billion at December 31, 2003. Return on average common equity for the three months was 19.8% compared with 17.6% for the same period in 2003.

INVESTORS GROUP'S OPERATIONS
Mutual fund sales for the three month period were $1.6 billion compared to $1.2 billion in the prior year and mutual fund net sales were $386 million compared to net redemptions of $81 million last year.

Mr. Orr added, "Our efforts in the first quarter continued to focus on improving support to our Consultants and providing our clients with planning opportunities introduced in 2003 such as Symphony strategic investment planning."

Investors Group's redemption rate at March 31, 2004, excluding money market funds, was 10.2% compared to 10.9% a year ago. The redemption rate for all other members of the Investment Funds Institute of Canada at March 31, 2004 was 14.5%.

In the first quarter, insurance sales were even with last year at $8 million and mortgage originations increased 39.6% from $156 million in 2003 to $217 million this year. External assets gathered into the securities operations increased 11.0% from $304 million in 2003 to $337 million in 2004.

Mutual fund assets at March 31, 2004 of $42.7 billion compared to $35.7 billion at March 31, 2003.

The number of Investors Group Consultants was 3,219 at March 31, 2004, compared to 3,223 at year end.

MACKENZIE'S OPERATIONS

Mutual fund sales for the three month period were $2.0 billion compared to $1.5 billion in the prior year. Mutual fund net sales for the period were $344 million compared to $1 million in the prior year. Net sales of long term funds (excluding money market and managed yield funds) were $406 million for the period, compared with net sales of $43 million in 2003.

"The launch of our innovative Symmetry wrap program and additional structured products, like the Mackenzie 2004 Resource Limited Partnership, further underline the strength of our innovative product development, marketing and sales teams. Innovative products launched in the last three years were significant contributors to this quarter's net sales," added Hunter.

Mackenzie's redemption rate at March 31, 2004, excluding money market and managed yield funds, was 13.2% compared to 12.7% a year ago. The corresponding rate at March 31, 2004 for all other members of the Investment Funds Institute of Canada was 14.1%.

Mutual fund assets under management at March 31, 2004 were $35.4 billion compared to $28.8 billion at March 31, 2003.

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 June 30, 2004 to shareholders of record on May 31, 2004 and has declared a quarterly dividend of 27 ½ cents per share on the Corporation's common shares payable July 30, 2004 to shareholders of record on June 28, 2004.

FORWARD-LOOKING INFORMATION

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 also cautioned to consider these and other factors carefully and not place undue reliance on forward-looking statements.

Investors Group Inc. is one of Canada's premier personal financial services companies, and the country's largest manager and distributor of mutual funds and other managed asset products. It has $78.1 billion of mutual funds under management. Its activities are carried out principally through the Investors Group Consultant network and through Mackenzie Financial. In addition, the Company announced on February 25 of this year that it has entered into agreements to acquire IPC Financial Network, subject to approval by regulators and the shareholders of IPC. IPC is the 5th largest financial planning organization in Canada with $7.1 billion of client assets under administration and $1.2 billion of mutual fund assets under management.

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Media Note: A live webcast of Investors Group's Analyst conference call for the First Quarter 2004 will be held today, Friday, April 30, 2004, at 3:30 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 1-877-888-4605 or (416) 695 5261.