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CIBC Asset Management Announces Sub-Advisor and Fund Name Changes

May 1 , 2009

Toronto, May 1, 2009 – CIBC Asset Management Inc., the manager and trustee of the Renaissance Investments family of funds and the Frontiers Pools, announced today that it is making certain changes to its product line-up, including several sub-advisor changes and the renaming of a fund.

“With these changes, we continue our commitment to offering investors the best in choice, value and quality products. We are focused on partnering with top portfolio managers to maximize returns and manage risk for our clients,” said Steve Geist, President of CIBC Asset Management Inc.

Sub-advisor change to Renaissance Global Focus Fund – Effective June 1, 2009
Aletheia Research and Management Inc. (Aletheia) has been appointed portfolio sub-advisor of the Renaissance Global Focus Fund, replacing BlackRock Investment Management, LLC.

Aletheia, based in Los Angeles, California, was founded in 1997 and manages investments primarily for institutional, separately managed and high net worth accounts. Aletheia’s unique proprietary investment process combines the forensic analysis of balance sheets, insider and corporation actions behaviour and direct industry research in order to produce superior results for investors over the long term. Their consistent approach has resulted in historically strong performance.

Sub-advisor change to Renaissance U.S. Equity Value Fund – Effective July 1, 2009
Metropolitan West Capital Management, LLC (MWCM) has been appointed portfolio sub‑advisor for theRenaissance U.S. Equity Value Fund, replacing UBS Global Asset Management (Canada) Co.

MWCM is a boutique investment firm that is majority owned by Wells Fargo & Company (NYSE: WFC). Founded in 1997, MWCM is based in Newport Beach, California, and provides investment services to retail and institutional clients. MWCM’s large-cap intrinsic value investment approach focusing on high-quality companies seeks to minimize risk and optimize long-term returns. Their investment process has consistently demonstrated their ability to add value above their benchmark and deliver strong long-term returns with lower-than-market risk.

Sub-advisor changes to Frontiers U.S. Equity Pool – Effective July 1, 2009
MWCM has also been appointed portfolio sub‑advisor for the value component of the Frontiers U.S. Equity Pool, replacing UBS Global Asset Management (Canada) Co. Fiduciary Management Inc. (Fiduciary) has been appointed portfolio sub‑advisor for the Frontiers U.S. Equity Pool’s small-cap component, replacing UBS Global Asset Management (Americas) Inc. Aletheia and INTECH Investment Management LLC continue to be portfolio sub-advisors for other components of the Pool.

Founded in 1980, Fiduciary is an employee owned independent money management firm based in Milwaukee, Wisconsin. Today, it manages over $4 billion in assets for Registered Investment Advisors, domestic and international institutions, and individual investors primarily throughout the United States. Fiduciary offers equity investment strategies that are firmly rooted in fundamental research and follow a disciplined, value-oriented process.

These changes will also affect Axiom Portfolios, the managed portfolio solutions offered by Renaissance Investments, as the Axiom Portfolios program utilizes the Frontiers U.S. Equity Pool in its portfolio construction.

Changes to Renaissance Global Multi Management Fund – Effective July 1, 2009
Renaissance Global Multi Management Fund will be renamed the Renaissance Optimal Global Equity Portfolio, a comprehensive solution that offers broad diversification through a strategic mix of some of Renaissance Investments’ top global funds.
“Investing globally will help Canadians to better diversify their portfolios and create wealth in the long run. We are confident that the Renaissance Optimal Global Equity Portfolio will meet investors’ need for a strong global solution to take advantage of the many investment opportunities around the world”, said Steve Geist.

The Portfolio offers diversification at multiple levels – investment manager, investment style and asset class – that complement each other to generate potentially higher expected returns in all types of economic cycles. As of July 1, 2009, the Renaissance Optimal Global Equity Portfolio will have the five funds below in its underlying asset mix:

Funds*	Portfolio Sub-Advisor	Style
Renaissance Global Focus Fund	Aletheia Research and Management Inc.	Large-cap growth
Renaissance Global Markets Fund	Wintergreen Advisers, LLC	Opportunistic
Renaissance Global Value Fund	NWQ Investment Management Company, LLC	Large-cap value
Renaissance Global Infrastructure Fund	RARE Infrastructure Limited	Infrastructure
Renaissance Global Small-Cap Fund	Wellington Management Company LLP	Small-cap growth

* Underlying asset mix can be changed at any time without notice.

Renaissance Investments offers a line-up of high quality investment solutions that provide investors the 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.