June 18, 2002
FOR IMMEDIATE RELEASE

AIC Diversified Canada Split Corp.

Burlington, Ontario - AIC Diversified Canada Split Corp. today announced that a quarterly cash distribution in the amount of $0.375 per preferred share of the Corporation will be paid on June 28, 2002 to preferred shareholders of record as of June 27, 2002.

AIC Diversified Canada Split Corp. also announced today that 4,000 Capital Shares and 4,000 Preferred Shares, representing 0.32% of the issued and outstanding Capital Shares and Preferred Shares, respectively, were surrendered on June 14, 2002 for concurrent retraction under the regular monthly retraction privilege. In addition, 3,800 Capital Shares, representing .31% of the issued and outstanding Capital Shares and 900 Preferred Shares, representing .07% of the issued and outstanding Preferred Shares, were surrendered on June 14, 2002 for retraction under the regular monthly retraction privilege. In accordance with the requirements of its share provisions, AIC Diversified Canada Split Corp. is purchasing for cancellation 3,800 Preferred Shares, representing .31% of the issued and outstanding Preferred Shares and 900 Capital Shares, representing .07% of the issued and outstanding Capital Shares, at the prevailing market price for the Preferred Shares and Capital Shares on the Toronto Stock Exchange.

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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