News

CIBC Asset Management Inc. Proposes Changes to Renaissance Investments Line-up

April 21, 2008

Toronto, April 21, 2008 - CIBC Asset Management Inc., the manager and trustee of the Renaissance Investments family of funds, announced today that it is proposing changes to the investment objectives of five Renaissance Investments funds and that it intends to terminate the Renaissance Global Technology Fund and Renaissance Global Asset Allocation Fund.

"We believe the changes to the Renaissance Investments product line-up are ideally suited to meet the discerning needs of investors and advisors in their efforts to build properly diversified portfolios,” said Steve Geist, President of CIBC Asset Management Inc..

Investment Objective Changes

Subject to unitholder approval, CIBC Asset Management Inc. is proposing to change the investment objectives of five Renaissance Investments funds (the “Funds”) as follows:

Fund	Purpose of Investment Objective Changes
Renaissance Canadian High Yield Bond Fund	Increase the foreign content through investments primarily in high-yield corporate bonds from around the world. This change would offer portfolio managers more flexibility to seize opportunities outside Canada to a greater extent.
Renaissance Canadian Real Return Bond Fund	Increase the foreign content through investments primarily in government or government-guaranteed real return bonds from issuers located around the world. This change would offer portfolio managers more flexibility to seize opportunities outside Canada to a greater extent.
Renaissance Global Multi Management Fund	Greater flexibility to meet its current mandate by changing the existing underlying fund requirement to allow investment in a broader range of funds. The Fund will invest up to 100% of its assets in mutual funds managed by CIBC Asset Management Inc. or its affiliates, and these investments may change from time to time to maximize performance potential.
Renaissance U.S. Index Fund	Transition from a passive to an active management strategy, enabling the portfolio managers to construct a diversified portfolio of U.S. equity securities they believe will outperform the U.S. equity market.
Renaissance International Index Fund	Change from a passive international equity management strategy to a strategy that allows the portfolio manager to actively construct a diversified portfolio of international equities with above-average dividend income characteristics.

The details of these proposals will be provided to investors of the Funds in an information circular and proxy package that will be mailed in late June 2008. Pending investor approval at special unitholder meetings, scheduled on or about July 25, 2008 in Toronto, these proposed changes will take effect in the fall of 2008.

Investment Strategies and Fund Name Changes

If the above-proposed amendments to the investment objectives are approved by the unitholders, the investment strategies of each Fund will be revised to reflect the new investment objectives and the names of the Funds will also be changed as follows:

Current Fund Name	New Fund Name
Renaissance U.S. Index Fund	Renaissance U.S. Equity Fund
Renaissance International Index Fund	Renaissance International Dividend Fund
Renaissance Canadian High Yield Bond Fund	Renaissance High-Yield Bond Fund
Renaissance Canadian Real Return Bond Fund	Renaissance Real Return Bond Fund

Fund Terminations

CIBC Asset Management Inc. intends to terminate the Renaissance Global Technology Fund and Renaissance Global Asset Allocation Fund (the “Terminating Funds”) on or about August 5, 2008.

Effective April 22, 2008, no further purchases of units in any of the Terminating Funds will be accepted, including purchases through any regular investment plan. However, any distributions will continue to be re-invested in additional units of the Terminating Funds, except where a unitholder has otherwise instructed.

Unitholders will not be required to pay any redemption fees, sales charges or other fees associated with the termination of these Funds. All costs associated with the terminations will be borne by CIBC Asset Management Inc. Unitholders are encouraged to speak with their financial advisor to discuss their investment options.

In accordance with securities legislation, notice will be sent to unitholders of the Terminating Funds no less than 60 days prior to the effective date of the terminations.

Renaissance Investments offers a line-up of high quality investment solutions that offer investors the very best in choice, value and investment management expertise. Renaissance Investments products include the Renaissance Investments family of funds, Axiom Portfolios and Frontiers Pools. Renaissance Investments is offered by CIBC Asset Management Inc., a wholly owned subsidiary of CIBC. For additional information, visit our website at www.renaissanceinvestments.ca.