August 15, 2002
FOR IMMEDIATE RELEASE

AIC Names New Chief Investment Officer

Burlington (Ontario) - Michael Lee-Chin, Chairman and Chief Executive Officer of AIC Limited, today announced the appointment of Jonathan Wellum to Chief Investment Officer, effective immediately.

"I am very pleased to see Jonathan at the helm of our portfolio management team," said Mr. Lee-Chin. "AIC has a history of having served its investors well through its award-winning team of portfolio managers. Our portfolio team of 24 managers and analysts follows a disciplined investment philosophy and work collectively to manage our Canadian, American and International equity funds. This history will continue as will our commitment to ensuring that we preserve and grow investor capital and minimize the tax burden for AIC investors."

"I am excited with the opportunity to work with the talented and focused group of investment professionals at AIC," said Mr. Wellum. "As a group we will continue to strive to achieve our goal of creating and managing wealth for our investors by rigidly adhering to a long-term buy and hold strategy. Recent market conditions only serve to underscore the importance of having a strong intellectual framework when approaching the global financial markets."

Mr. Wellum was a member of AIC's senior management team from 1990 to 1999. In 1999, he formed Georgian Capital Partners Inc. of which AIC held a 20 per cent equity interest. Georgian Capital amalgamated with a subsidiary of AIC in April 2002.

In addition to his CIO duties, Mr. Wellum will remain lead manager on three AIC Funds - AIC American Advantage Fund, AIC Diversified Canada Fund and AIC Value Fund -- which have combined assets under management exceeding $5 billion. Mr. Wellum is also portfolio manager of AIC Diversified Canada Corporate Class, AIC American Advantage Corporate Class and AIC Value Corporate Class with combined assets under management exceeding $100 million.

AIC commenced operations in 1985 and has grown to become Canada's largest privately-held mutual fund company with assets under management of approximately $13 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