April 29, 2002
FOR IMMEDIATE RELEASE

AIC LAUNCHES NEW TOTAL YIELD CORPORATE CLASS FUND

Burlington (Ontario) - AIC Limited today introduced a new fund that offers investors the return and stability of a bond fund together with the opportunity to achieve tax savings. The new fund -- AIC Total Yield Corporate Class -- is available to investors through financial planners and brokers across Canada.

"With the uncertainty of equity markets in recent times, many investors are seeking the stability of money market funds," said Michael Lee-Chin, Chairman and Chief Investment Officer of AIC Limited. "Although money market funds can protect your portfolio from volatility, this protection typically comes at a cost to investors in the form of taxes and lower returns. The new AIC Total Yield Corporate Class is one solution that can provide the return and stability of a bond fund without the tax disadvantages".

As the newest class of AIC Corporate Fund Inc., the investment objective of AIC Total Yield Corporate Class is to invest in Canadian equities and use derivatives to obtain a return similar to the AIC Bond Fund. Specifically, the new Fund offers two important tax advantages:

• Generally, any annual cash payments that investors receive from the fund are taxed as capital gains, which are taxed at one-half the rate of interest income which bond funds usually generate;
• The Fund exists inside of a corporate structure, which means investors can switch in and out of this Fund to another class of AIC Corporate Fund Inc. without triggering a capital gain.

"Bond funds typically outperform GICs, T-bills and other savings instruments and have a positive track record of preserving capital, and AIC Total Yield Corporate Class provides the added benefit of preferential tax treatment," said Randy LeClair, Vice President of AIC Investment Services Inc. and Manager of AIC Total Yield Corporate Class. "The Fund expects generally to distribute tax-smart capital gains to investors, rather than interest, which is taxed at a higher rate."

Prior to joining AIC as an analyst in 1998, Mr. LeClair held progressive positions in the banking and insurance industry. He was appointed Vice President and Portfolio Manager in 1999. Currently, Mr. LeClair is the lead manager of AIC Bond Fund and AIC Global Bond Fund and assists in managing AIC Canadian Balanced Fund, AIC American Balanced Fund and AIC Global Balanced Fund.

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

- 30 -

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