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Amalgamation of Addenda Capital with a subsidiary of The Co-operators Group is complete

Apr 22, 2008

    GUELPH, ON and MONTREAL, April 22 /CNW Telbec/ - The Co-operators Group
Limited ("The Co-operators") and Addenda Capital Inc. ("Addenda") (TSX: ADV)
are pleased to announce that the proposed amalgamation (the "Amalgamation") of
Addenda with 9192-8192 Québec Inc. ("Newco"), a subsidiary of The
Co-operators, has been completed today.
    The completion follows the approval of the Amalgamation by the
shareholders of Addenda present or represented by proxy at the special meeting
of Addenda shareholders held on April 17, 2008.
    The closing of the Amalgamation occurred today with effect as of
8:30 a.m. The common shares of Addenda are being delisted from the TSX
effective at the close of business on April 23, 2008. In connection with the
Amalgamation, all shareholders (other than Newco) will receive $26.50 in cash
for each share of Addenda held immediately prior to the Amalgamation.


    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.
For further information: Leonard Sharman, Media Relations, The
Co-operators, (519) 767-3925, x-2707; Michael White, President, Co-operators
Investment, Counselling Limited, (519) 767-3077; Benoît Durocher, President
and Chief Executive Officer, Addenda Capital Inc., (514) 287-7373

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