April 1, 2002
FOR IMMEDIATE RELEASE

AIC Announces Acquisition of Majority Interest in Georgian Capital Partners Inc.

Burlington (Ontario) - AIC Limited today announced it has entered into arrangements to increase its ownership from 20 per cent to a total of 75 per cent of Mississauga-based Georgian Capital Partners Inc., currently sub-advisor for the AIC Diversified Canada Fund and AIC American Advantage Fund. Completion of this agreement is subject to regulatory approval.

"We are very pleased to be further strengthening the in-house portfolio management team of AIC," said Michael Lee-Chin, Chairman and Chief Investment Officer. "AIC has chosen to bring this expertise in-house for the long-term benefit of AIC investors."

Georgian Capital President Jonathan Wellum will continue to manage the two AIC Funds which have assets under management of approximately $4.7 billion.

"Among our long-term objectives, we are seeking to expand the current high net worth business of Georgian Capital through the AIC network of independent financial advisers across Canada," said Mr. Lee-Chin, adding that the operations of Georgian Capital will be moving to AIC's head office in Burlington.

Mr. Wellum was a member of AIC's senior management team from 1990 to 1999. In 1999, he formed Georgian Capital Partners Inc. Prior to joining AIC, Mr. Wellum held positions in corporate accounting at Deloitte & Touche as well as CUMIS insurance.

Portfolio Management Changes

• Neil Murdoch has chosen to focus principally on managing AIC's core international equity and global financial services funds, as lead manager of AIC World Advantage Fund, AIC Global Advantage Fund and AIC World Equity Fund. With combined assets under management of approximately $1.2 billion.
• Anne-Mette de Place Filippini will also continue as a portfolio management team member on these funds.
• Mr. Wellum will become lead portfolio manager of AIC Value Fund. AIC Value Fund has assets under management of approximately $1.4 billion.
• The management team of AIC Global Diversified Fund will include Anne-Mette de Place Filippini and Patricia Lamont as portfolio managers.
• Michele Calpin will focus on the management of AIC American Balanced Fund as lead portfolio manager along with Randy LeClair as portfolio manager.
• The management team of AIC Global Balanced Fund will include Anne-Mette de Place Filippini as lead portfolio manager and Randy LeClair as portfolio manager.

AIC commenced operations in 1985 and has grown to become one of Canada's largest mutual fund companies with assets under management exceeding $15 billion.

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Terri Oswald
Director, Media Relations
AIC Limited, Burlington ON
(905) 331-4242, ext. 4345
1-888-710-4242, ext. 4345
toswald@aic.com