December 17, 2002
FOR IMMEDIATE RELEASE

AIC Announces Completion of Fund Mergers

Burlington, Ontario - AIC Limited today announced that after the close of business on December 13, 2002 the net assets of the "Terminating Funds" set out below were transferred into the Continuing Funds shown opposite their names in exchange for securities of the corresponding Continuing Fund.

TERMINATING FUND
AIC Global Advantage Fund
AIC RSP Global Advantage Fund
AIC Global Advantage Corporate Class
AIC Global Developing Technologies Fund
AIC RSP Global Developing Technologies Fund
AIC Global Developing Technologies Corporate Class
AIC Global Science & Technology Fund
AIC RSP Global Science & Technology Fund
AIC Global Science & Technology Corporate Class
AIC Global Telecommunications Fund
AIC RSP Global Telecommunications Fund
AIC Global Medical Science Fund
AIC RSP Global Medical Science Fund
AIC Global Medical Science Corporate Class
(collectively the "Mergers")
CONTINUING FUND
AIC World Advantage Fund¹
AIC RSP World Advantage Fund¹
AIC World Advantage Corporate Class¹
AIC Global Technology Fund²
AIC RSP Global Technology Fund²
AIC Global Technology Corporate Class²
AIC Global Technology Fund²
AIC RSP Global Technology Fund²
AIC Global Technology Corporate Class²
AIC Global Technology Fund²
AIC RSP Global Technology Fund²
AIC Global Technology Fund²
AIC RSP Global Technology Fund²
AIC Global Technology Corporate Class²

¹These Continuing Funds were renamed AIC Global Advantage Fund, AIC RSP Global Advantage Fund and AIC Global Advantage Corporate Class respectively.
²These Continuing Funds were renamed AIC Diversified Science & Technology Fund, AIC RSP Diversified Science & Technology Fund and AIC Diversified Science & Technology Corporate Class respectively.

Investors in the Terminating Funds and Continuing Funds approved these mergers at special meetings held on November 27, 2002 in Burlington, Ontario.

Investors in the Terminating Funds have become investors in the corresponding Continuing Funds as a result of the mergers. Under a dollar-for-dollar exchange formula, the dollar value of the investors' investments in the Terminating Funds were transferred to the respective Continuing Funds.

Investors in AIC World Advantage Fund and AIC World Advantage Corporate Class approved a change in the investment objective of those Funds to provide for a more global investment mandate, including investment in the United States.

Investors in AIC Global Technology Fund and AIC Global Technology Corporate Class approved a change in the investment objective of those Funds to more clearly provide for investments in Science & Technology.

Regulatory approval for the mergers was received December 10, 2002.

AIC commenced operations in 1985 and has grown to become one of Canada's largest mutual fund companies with assets under management of approximately $12 billion.

- 30 -

Media Contact:

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