Manager Commentaries - Renaissance Investments

CIBC Asset Management Update on Money Market Funds

September 18, 2008

Recent events unfolding in the U.S. financial sector have caused significant uncertainty in the markets. We wish to assure our clients that CIBC Asset Management continues to be committed to providing high-quality money market products that focus on capital protection and high liquidity for investors.

CIBC Asset Management Canadian and U.S. money market funds (including all CIBC and Renaissance Investments funds) do not have any exposure to Lehman Brothers, Merrill Lynch, AIG (American International Group) or Washington Mutual. Our money market funds invest in a diversified portfolio of high-quality securities and continue to be strong investment vehicles for Canadian investors.

The information contained herein is provided for general informational purposes only and does not constitute investment advice nor does it constitute an offer or solicitation to buy or sell any securities referred to. Commissions, trailing commissions, management fees, and expenses all may be associated with mutual fund investments. Please read the Renaissance Investments family of funds, CIBC Mutual Funds and CIBC Family of Managed Portfolios simplified prospectus before investing. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer, nor are they guaranteed. Past performance may not be repeated.