AIC Limited today announced that effective June 20, 2002, it completed the acquisition of all of the voting shares of Georgian Capital Partners Inc. Immediately thereafter, Georgian Capital Partners Inc. and AIC Investment Services Inc. were amalgamated.

After the close of business on June 21, 2002 the following fund mergers were completed: Georgian Global 24 Fund into AIC Value Fund, Georgian Global Financial Services Fund into AIC American Advantage Fund, Georgian Northern 24 Fund into AIC Diversified Canada Fund and Georgian Bond Fund into AIC Bond Fund.

Unit-holders of the Georgian Funds approved these mergers at special meetings held on June 11, 2002 in Burlington, Ontario. Unit-holders of the Georgian Funds have become unit-holders of the corresponding AIC Fund as a result of the mergers. Under a dollar-for dollar exchange formula, the dollar value of the unit-holders’ investments in the Georgian Funds were transferred to the respective AIC Funds.

AIC commenced operations in 1985 and has assets under management of approximately $14 billion.