News

CIBC Asset Management Announces Changes to Renaissance Investments Line-up

September 15, 2008

Toronto, September 15, 2008 – CIBC Asset Management Inc. is pleased to announce changes to the Renaissance Investments product line-up, including changes to investment objectives and fund names, as well as the appointment of new sub-advisors.

“We are confident these changes will further add to the strength and breadth of the Renaissance Investments family of funds. They support our commitment to offer investors choice, value and quality investment management expertise”, said Steve Geist, President, CIBC Asset Management Inc.

Investment Objective Changes

Effective December 1, 2008, the investment objectives for the following five Renaissance Investments funds (the “Funds”) will change. The new investment objectives were approved by a significant majority at special meetings of unitholders of the Funds held on July 25, 2008. To better reflect the new investment objectives, the investment strategies will be revised accordingly and the names of certain funds will also be changed. In addition, as a result of these changes, CIBC Asset Management Inc. will also implement certain portfolio sub-advisor changes as described further below.

Fund	New Fund Effective December 1, 2008	New Investment Objective Effective December 1, 2008
Renaissance Canadian High Yield Bond Fund	Renaissance High-Yield Bond Fund	To generate a high level of current income, primarily through investment in high-yield corporate bonds from issuers around the world and, where consistent with this objective, the Fund will also seek capital appreciation.
Renaissance Canadian Real Return Bond Fund	Renaissance Real Return Bond Fund	To generate a regular level of interest income that is hedged against inflation by investing primarily in government, government-guaranteed and corporate inflation-linked bonds from issuers located around the world.
Renaissance Global Multi Management Fund	No change	To seek long-term capital appreciation by investing primarily in units of global and/or Canadian mutual funds.
Renaissance U.S. Index Fund	Renaissance U.S. Equity Fund	To seek long-term capital growth by investing primarily in equity securities of companies listed on major U.S. exchanges and/or domiciled primarily in the United States.
Renaissance International Index Fund	Renaissance International Dividend Fund	To seek long-term capital growth and income generation by investing primarily in a diversified portfolio of equity securities of foreign companies located in Europe, the Far East and the Pacific Rim.

Sub-advisor changes

Renaissance U.S. Index Fund (to be renamed Renaissance U.S. Equity Fund)
As a result of this Fund’s investment objective change, Enhanced Investment Technologies, LLC (INTECH) has been appointed portfolio sub-advisor, replacing CIBC Global Asset Management Inc. effective December 1, 2008.

U.S.-based INTECH uses a mathematical model to capitalize on equity market growth while carefully managing risk. INTECH has applied their proprietary strategy to achieve above-index returns since 1987. The Janus INTECH Risk-Managed Core Fund, which uses INTECH's Enhanced Plus strategy, has a 5-star Morningstar rating in the United States.

Renaissance International Index Fund (to be renamed Renaissance International Dividend Fund)
As a result of this Fund’s investment objective change, KBC Asset Management International Ltd. (KBCAM) has been appointed portfolio sub-advisor, replacing CIBC Global Asset Management Inc. effective December 1, 2008.

KBCAM is a subsidiary of the KBC Group, one of Europe’s largest financial services providers. KBCAM is known for its expertise in the international dividend universe. The firm’s conservative, lower risk and highly disciplined investment strategy has made it a strong manager in this space.

Renaissance Emerging Markets Fund
Pictet Asset Management Limited (Pictet) has been appointed portfolio sub-advisor of the Renaissance Emerging Markets Fund, replacing BlackRock Investment Management International Limited, effective November 1, 2008.

Pictet, the institutional business division of Pictet & Cie, manages a range of products including a variety of equity portfolios for international institutional clients.

Additional Fund Name Change

Effective December 1, 2008, the Renaissance Canadian Income Fund will have its name changed to the Renaissance Short-Term Income Fund to better reflect its current investment objective and strategy.

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.