September 3, 2002
FOR IMMEDIATE RELEASE

Portfolio Manager James Cole to lead AIC Canadian Balanced Fund

Burlington, Ont. -- Mr. Michael Lee-Chin, Chairman and CEO of AIC Limited announced today that James Cole, Senior Vice-President and Portfolio Manager of AIC, has been appointed lead manager of AIC Canadian Balanced Fund. The Fund has currently assets under administration of approximately $190 million.

Mr. Cole replaces Mr. Lee-Chin as lead manager, while Mr. Lee-Chin will stay on as co-manager of the Fund. Mr. Cole is also the lead manager of AIC Canadian Focused Fund and remains on the management team of AIC Advantage Fund and AIC Advantage Fund II.

Mr. Cole joined AIC in February 2000 bringing almost 20 years of investment experience to AIC, as investment analyst and portfolio manager. He also served a three-year term as a director of the Toronto Society of Financial Analysts.

Launched in December 1997, AIC Canadian Balanced Fund was created to meet the needs of investors looking for both the potential capital appreciation provided by equities and the stability of income provided by fixed income investments. As at June 30, 2002, the Fund was invested in Canadian equities (approximately 50 % of portfolio), international equities (approximately 25 % of portfolio) and the balance in Canadian government and high quality corporate bonds and a cash reserve. AIC Vice-President and Portfolio Manager Randy LeClair manages the fixed income portion of the portfolio. AIC Canadian Balanced Fund is part of the AIC Balanced Group that includes AIC Global Balanced Fund and AIC American Balanced Fund, which was named Best Global Balanced Fund of the Year (2001). These AIC Funds "balance" the investor's need to create income while reducing the risk of serious capital erosion.

"There will be no change in the management style that guides AIC Canadian Balanced Fund," said Mr. Cole. "We buy excellent businesses active in long-term growth industries and we hold them for the long term. This buy-and-hold strategy is designed to enable investors to prosper by investing in various leading businesses as well as quality debt securities. Also, AIC Canadian Balanced Fund will continue its policy of annual distributions to unitholders, as the Fund was created to meet the needs of investors looking for cash flow."

"AIC's "Buy. Hold. And Prosper." investment philosophy is particularly well suited to the management of balanced funds," said Mr. Lee-Chin, "given that investors in balanced funds typically seek a consistent income stream while also seeking both preservation of capital and long-term growth. James is the ideal manager to help unitholders prosper through this Fund."

AIC commenced operations in 1985 and has grown to become Canada's largest privately-held mutual fund company servicing almost one million Canadian investors, with assets under management of approximately $13 billion. AIC currently offers more than 20 mutual funds, as well as Corporate Funds, Segregated Funds, and RSP Funds, all managed by an in-house team of 24 portfolio managers and investment analysts located in Canada and the United States.

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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