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Extended Introducing/Carrying Broker Agreement Cements Penson’s Ontario Client Base and Provides First Foothold in Eastern Canada

Montreal, 25 April 2005 – Penson Financial Services Canada, Inc., a leading provider of execution, clearing, custody and settlement services for the global securities market, and the largest independent clearing firm in Canada, today announced it has broadened its introducing/carrying broker agreement with Industrial Alliance Securities (IAS). The increased mandate from the brokerage arm of Industrial Alliance Insurance and Financial Services, Canada’s fifth largest life insurance company, comes into effect in Q2 and will cover newly acquired brokerage operations, Lynch Investments and KingsGate.

Established in 2002 and a Penson client from the beginning, IAS is already a recognized leader in Quebec. The rapidly growing brokerage firm is aggressively expanding its registered reps and brokerage network across Canada. IAS’s December 2004 acquisition of Lynch Investments, a small firm in Nova Scotia, represents its own – and Penson’s – first foothold into the Atlantic region. IAS’s recent acquisition of Toronto-based Kingsgate, in January 2005, expands the brokerage firm’s country-wide coverage and further solidifies Penson’s offering in Ontario.

Gaétan Plante, President, Industrial Alliance Securities, comments: “Outsourcing our clearing operations to an independent, specialist supplier is intrinsic to our future growth and success. Penson enables us to stay focused on core competencies and respond to industry changes and business developments quickly and efficiently. Penson’s independent status also allows us the liberty to recruit new reps from the banking sector at large.”

The expanded carrying broker agreement will also enable Lynch Investments and KingsGate to increase their product offerings in line with those available from IAS. Penson’s flexible, fully-disclosed clearing services will support stocks, bonds, mutual funds and options throughout IAS’s operations.

Rick Ness, President, Penson Financial Services Canada Inc., comments: “As IAS continues to grow in product offerings and geographically throughout Canada, the need for efficient, cost-effective and flexible back office securities processing becomes increasingly important. Since IAS’s inception in 2002, we have assisted with a number of acquisitions. Thanks to our long-term experience in this sector, good planning and a tight working relationship, conversions have always gone smoothly. Penson will continue to work with IAS to support and promote future growth.”

Daniel P. Son, President, Penson Worldwide Inc., comments: “Penson’s impressive Canadian client base continues to enjoy steady growth. The extension to the Industrial Alliance Securities mandate not only increases our exposure to the eastern Canadian markets but is further proof of our ongoing commitment to deliver superior services backed up by leading edge technology and expert customer care. In parallel to our dedicated focus on customer service to our existing client base, Penson will continue its push for new business across the country with a view to cement our foothold on a national scale.”

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Press enquiries to:

Kathryn Torpy / Julia Gregory-Royle / Natalie Rogers, Cre8 Results Limited
Tel: +44 (0)20 7734 9199

About Penson Worldwide:
Penson Worldwide, Inc. is the holding company for Penson Financial Services, Inc., Penson Financial Services, Ltd., Penson Financial Services Canada, Inc., and Penson Financial Futures, Inc. The Penson Worldwide group of companies provides execution, clearing, custody, and settlement services in the United States, Canada, the United Kingdom, and Europe for broker/dealers trading in securities and financial futures, including single stock futures, and fixed income products. Penson Financial Services, Inc., headquartered in Dallas, Texas, has served the clearing needs of all types of broker/dealers since 1995.

Penson Financial Services, Inc. is a member of the Chicago Stock Exchange, NASD, Inc. and SIPC. Penson Financial Services Canada, Inc. is a participating organization with the Toronto Stock Exchange, the Montreal Exchange, the TSX Venture Exchange, is regulated by the Investment Dealers Association of Canada, and is a member of the CIPF. Penson Financial Services, Ltd. is a member of the London Stock Exchange and is authorized and regulated by the Financial Services Authority. Penson Financial Futures is a Futures Clearing Merchant member of the National Futures Association.

Penson’s services include:
* Clearing and settlement
* Direct market access execution
* Exchange market hub-hosted connectivity
* Custody
* Penson provides international trading systems through its subsidiary, Nexa Technologies.

About Industrial Alliance Insurance and Financial Services:

Founded in 1892, Industrial Alliance Insurance and Financial Services is a life and health insurance company that offer a wide range of life and health insurance products, savings and retirement plans, RRSPs, Mutual and segregated funds, securities, mortgage loans, and other financial products and services.

Its primary mission is to provide insureds and their beneficiaries with financial protection in the event of death, disability or illness. It also provides clients with the means to achieve financial autonomy at retirement.

The fifth largest life insurance company in Canada, Industrial Alliance is at the head of a large financial group.- The Industrial Alliance Group- which has operations across Canada. Industrial Alliance insures over 1.7 millions Canadians, employs more than 2,400 people and manages and administers over 25.5 billion in assets.

This press release was distributed by ResponseSource Press Release Wire on behalf of Cre8 Results in the following categories: Business & Finance, Computing & Telecoms, for more information visit