Addenda Capital shareholders approve amalgamation

GUELPH and MONTREAL - The Co-operators Group Limited and Addenda Capital Inc. are pleased to announce that, during the special meeting that was held April 17, 2008, shareholders of Addenda approved the proposed amalgamation of Addenda with 9192-8192 Quebec Inc. ("Newco"), a subsidiary of The Co-operators, which had been previously announced on February 25, 2008.

The Amalgamation had to be approved by (i) 66 2/3% of the votes cast on the Amalgamation resolution by the Shareholders and (ii) a simple majority of the votes cast on the Amalgamation resolution by the Shareholders, other than certain interested Shareholders (including certain senior management Shareholders and employee Shareholders (who acquired shares of Newco) and the Solidarity Fund QFL (the "Public Shareholders")), in each case present in person or by proxy and entitled to vote at the Meeting. The Amalgamation was approved by 99.91% of the votes cast by such Shareholders and by 99.85% of the votes cast by such Public Shareholders.

All regulatory approvals required in order to consummate the Amalgamation have been obtained. Subject to the satisfaction of the closing conditions set out in the merger agreement dated February 24, 2008, closing of the Amalgamation is expected to occur on or about April 22, 2008.

A copy of the relevant documents can be found on SEDAR at www.sedar.com under Addenda's profile.

Profile

Based in Guelph, Ontario, The Co-operators is a group of Canadian companies offering home, auto, life, group, travel, commercial and farm insurance, as well as investment products. The Co-operators Group Limited is a 100% Canadian-owned co-operative with assets of more than $7 billion. Owned by a group of Canadian co-operatives, credit unions and like-minded organizations, The Co-operators is well known for its community involvement and is listed among the 50 Best Employers in Canada.

Addenda is an investment management firm specializing in the active management of fixed-income portfolios, primarily for institutional clients. As at December 31, 2007, Addenda had assets under management of approximately $29.3 billion.