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CIBC Asset Management Announces Select Investment Manager Changes

Toronto, October 26, 2009 – CIBC Asset Management, on behalf of the CIBC family of funds, the Renaissance Investments family of funds and the Frontiers Pools, today announced a number of investment manager changes to certain funds.

Effective immediately, a number of CIBC Global Asset Management Canadian equity mandates will be reassigned to a combination of David Graham, CFA; Domenic Monteferrante, CFA; and Luc de la Durantaye, CFA, three of CIBC’s most experienced investment managers.

“CIBC continues our commitment to offering investors superior investment management expertise,” said Steve Geist, President of CIBC Asset Management Inc. “David Graham, Domenic Monteferrante and Luc de la Durantaye are experienced and talented portfolio managers who are looking forward to taking on these new mandates, and we are confident this team will continue to deliver strong results for our investors.”

David Graham, CFA is Vice-President, Canadian Equities. David joined CIBC Global Asset Management in July 2002 and has 37 years of financial industry and investment management experience and manages over $6 billion in assets.

Luc de la Durantaye, CFA, is First Vice-President, Asset Allocation and Quantitative Team at CIBC Global Asset Management. Luc joined the firm in December 2002 and has 23 years of investment industry experience. He and his team manage and advise on over $16 billion in assets.

Domenic Monteferrante, CFA, is First Vice-President, Canadian Equities. Domenic has been with CIBC Global Asset Management since February 1998 and has 22 years of investment management and financial experience and manages over $4 billion in assets.

The funds involved in these changes include the CIBC Balanced Fund, CIBC Canadian Equity Value Fund, CIBC Dividend Income Fund, Renaissance Canadian Monthly Income Fund, Renaissance Diversified Income Fund, Renaissance Canadian Dividend Income Fund, Renaissance Dividend Fund, Renaissance Canadian Balanced Value Fund, and Renaissance Canadian Core Value Fund.

These changes are being made as a result of the departure of Gaelen Morphet. All changes are effective Tuesday, October 27, 2009.