FOR IMMEDIATE RELEASE

James Cole to manage AIC American Focused Fund and AIC American Focused Plus Fund

BURLINGTON, ONTARIO - AIC Limited today announced that James Cole has been appointed lead portfolio manager of AIC American Focused Fund, AIC American Focused Corporate Class and AIC American Focused Plus Fund. These funds were previously managed by Larry Sarbit, former Executive Vice President and Portfolio Manager, who will be leaving AIC to pursue other opportunities.

"Change always creates opportunity as is the case for these AIC Funds," said Michael Lee-Chin, Chairman and Chief Executive Officer. "I have every confidence in James’ ability to lead the Funds based on his strong performances with his other responsibilities at AIC. Larry Sarbit was a member of the portfolio management team and we wish him the best in his future endeavours."

James Cole
James Cole, Senior Vice President and Portfolio Manager, joined AIC in February 2000 and has almost 22 years of investment experience including 13 years as a portfolio manager specializing in Canadian and U.S. equities. James has been lead portfolio manager since the inception in August 2000 of AIC Canadian Focused Fund, which is currently rated four stars by Morningstar. He was appointed lead manager of AIC Canadian Balanced Fund in September 2002 and has been lead manager of AIC Dividend Income Fund since its inception in September 2004. Prior to joining AIC, James was a portfolio manager with Gluskin Sheff + Associates Inc. and with Beutel, Goodman & Company Ltd. James also served a three-year term as a director of the Toronto Society of Financial Analysts. He holds a degree in economics from Trent University and earned his CFA designation in 1986.

AIC American Focused Fund
AIC American Focused Fund was introduced in 1999 and invests primarily in a select number of U.S. equities in order to achieve capital preservation and appreciation on behalf of its unitholders. The Fund has assets under management of more than $1.6 billion.

"I’m both delighted and honoured to be selected to manage AIC American Focused Fund on behalf of the thousands of Canadians and their financial advisors with assets in the Fund," said Mr. Cole. "This is an excellent moment to be appointed lead portfolio manager of this Fund," he continued.

"U.S. stock prices are at their same level as four years ago despite substantial earnings growth in the interim. That means a number of excellent businesses are available at attractive prices that offer us the opportunity of meeting both of the Fund’s primary investment objectives, namely preservation of capital and above-average growth of capital," stated Mr. Cole.

AIC American Focused Plus Fund
AIC American Focused Plus Fund was introduced in late 2001 and invests directly in a select number of U.S. equities and may also employ derivatives, leverage and short selling in order to achieve capital preservation and appreciation. The Fund has assets under management of approximately $31 million.

AIC Global Focused Corporate Class
AIC also announces that subject to regulatory approval, it expects to introduce next month a new fund AIC Global Focused Corporate Class. The fund will be sub-advised by Third Avenue Management LLC and will invest in a select number of businesses from anywhere in the world. The proposed launch of this fund affirms AIC’s commitment to meeting investor needs with the highly selective approach employed by its Focused group of funds.

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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