AIC Limited

AIC Limited

November 10, 2006 16:00 ET

AIC Announces American Focused Plus Fund Merger

BURLINGTON, ONTARIO--(CCNMatthews - Nov. 10, 2006) - AIC Limited today announced plans to merge AIC American Focused Plus Fund into AIC American Focused Fund, on or before December 15th, 2006, subject to regulatory approval. Upon completion, AIC will continue to offer investors the AIC American Focused Fund, along with its Corporate Class version.

"AIC American Focused Plus Fund and AIC American Focused Fund share similar investment mandates and have both been under the direction of James Cole, who is one of AIC's most experienced investment managers," said Jonathan Wellum, Chief Investment Officer and Chief Executive Officer. "For this reason, we feel this fund merger will benefit unitholders and also enable AIC to achieve some efficiencies. Going forward, we will continue to assess the AIC product line and offer products that not only meet current and future investor needs but also underscore our commitment to value investing principles."

AIC American Focused Plus Fund will merge into AIC American Focused Fund which will continue to be managed by James Cole, Senior Vice President and Portfolio Manager. Mr. Cole has managed AIC American Focused Fund since March 2005. Mr. Cole joined AIC in February 2000 and also manages AIC Canadian Focused Fund, AIC Dividend Income Fund, and AIC Canadian Balanced Fund.

Effective as of the close of business on November 10th, 2006, AIC American Focused Plus Fund will cease distribution of new units. Redemptions will continue as described in the offering memorandum until the date of the merger and AIC will continue to provide the daily net asset value.

AIC commenced operations in 1985 and has grown to become one of Canada's largest privately-held mutual fund companies with assets under management exceeding $8 billion.

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