CIBC Asset Management Portfolio Management Announcement

Over the last few months, we have focused on modernizing our investment management platform. This supports our vision to deliver intelligent investment solutions designed to achieve desired client outcomes. We moved to a more streamlined model where asset class heads act as CIOs for their respective asset classes, which has resulted in the following appointments.

Luc de la Durantaye, MD, CIO Multi Asset and Currency Management, has taken on an expanded role as CIBC AM's Chief Investment Strategist. Luc is responsible for working with the asset class heads to coordinate views across the entire team, and serves as the internal and external voice of CIBC Asset Management's overall investment view.

Jean Gauthier, MD, Global Fixed Income has become CIO of Global Fixed Income.

Today, we are announcing that Colum McKinley, Senior Portfolio Manager, Canadian Equities, will assume the role of MD and Head, CIO North American Equities.

Stephen Carlin, will defer his retirement and will assume the role of MD and Head, CIO Global Equities, on an interim basis.

The asset class CIOs will report to me. Please join me in congratulating our team members on their recent appointments.

Dave Scandiffio, CFAPresident and CEO, CIBC Asset Management