TORONTO, June 8 /CNW/ - CIBC Asset Management Inc. announced today a
number of changes to its fund line-up including fund mergers, name changes,
portfolio sub-advisor changes and a fund termination.
    The changes are part of an initiative that will create a unified offering
under Renaissance Investments, which will be launched this August. "The
Renaissance Investments line-up of investment solutions will be enhanced to
give investors the very best in choice, value and investment management
expertise," said Steve Geist, President of CIBC Asset Management.

    Fund Mergers - CIBC Asset Management Inc., as manager, will merge several
Talvest and Renaissance Funds with similar investment objectives effective on
or about August 17, 2007.

    The following funds will be merged and, in some cases, renamed:-------------------------------------------------------------------------
    Terminating Fund          Continuing Fund          Post-Merger Fund Name
    -------------------------------------------------------------------------
    Talvest Cdn. Equity       Renaissance Canadian     Renaissance Canadian
    Growth Fund               Growth Fund              Growth Fund

    Talvest Cdn. Equity       Renaissance Canadian     Renaissance Canadian
    Value Fund                Core Value Fund          Core Value Fund

    Talvest European Fund     Renaissance Euro Fund    Renaissance European
                                                       Fund

    Talvest High Yield        Renaissance Canadian     Renaissance Canadian
    Bond Fund                 High Yield Bond Fund     High Yield Bond Fund

    Talvest Small Cap Cdn.    Renaissance Canadian     Renaissance Canadian
    Equity Fund               Small Cap Fund           Small-Cap Fund

    Talvest U.S. Equity Fund  Renaissance U.S. Equity  Renaissance U.S.
                              Value Fund               Equity Value Fund

    Talvest Renaissance       Renaissance Canadian     Renaissance Canadian
    Canadian Balanced Fund    Balanced Fund            Balanced Fund

    Talvest Renaissance       Renaissance Canadian     Renaissance Canadian
    Canadian Balanced Value   Balanced Value Fund      Balanced Value Fund
    Fund

    Talvest Renaissance       Renaissance Canadian     Renaissance Canadian
    Canadian Core Value Fund  Core Value Fund          Core Value Fund

    Talvest Renaissance       Renaissance Canadian     Renaissance Canadian
    Canadian Real Return      Real Return Bond Fund    Real Return Bond Fund
    Bond Fund

    Talvest Renaissance       Renaissance U.S. Equity  Renaissance U.S.
    U.S. Equity Value Fund    Value Fund               Equity Value Fund

    Renaissance Canadian      Talvest Bond Fund        Renaissance Canadian
    Bond Fund                                          Bond Fund

    Renaissance Canadian      Talvest Money Market     Renaissance Money
    Money Market Fund         Fund                     Market Fund

    Renaissance Global        Talvest Global Markets   Renaissance Global
    Opportunities Fund        Fund                     Markets Fund

    Renaissance               Talvest International    Renaissance
    International             Equity Fund              International Equity
    Growth Fund                                        Fund

    Renaissance Tactical      Talvest Global Asset     Renaissance Global
    Allocation Fund           Allocation Fund          Asset Allocation Fund

    Renaissance Talvest       Talvest China Plus Fund  Renaissance China Plus
    China Plus Fund                                    Fund

    Renaissance Talvest       Talvest Global Health    Renaissance Global
    Global Health Care Fund   Care Fund                Health Care Fund

    Renaissance Talvest       Talvest Millennium       Renaissance Millennium
    Millennium High Income    High Income Fund         High Income Fund
    Fund
    -------------------------------------------------------------------------The mergers are not subject to unitholder or regulatory approvals due to
the similar nature, fee structure and valuation procedures of each Terminating
and Continuing Fund. The mergers were approved by the Independent Review
Committee of the Funds at a meeting held on April 27, 2007 and the Board of
Directors of CIBC Asset Management Inc. at a meeting held on June 7, 2007.
    These fund mergers will not trigger capital gains or losses on units of
the Funds, with the average cost of units in the Terminating Fund carried over
to the Continuing Fund. Terminating Funds and Continuing Funds may declare a
distribution on the merger date to reflect any taxable income or gains in the
Funds since their last taxation year-end.
    Purchases, redemptions and switches in the Terminating Funds will be
accepted up to and including the last business day prior to the fund mergers,
on or about August 17.
    The overall management expense ratio for investors in the Terminating
Funds will be maintained or, in some instances, lowered following the mergers.
    In accordance with securities legislation, notice will be sent to
unitholders of the Terminating Funds no less than 60 days prior to the
effective date of the mergers.

    Fund Name Changes - the following funds will change in name only:-------------------------------------------------------------------------
    Former Fund Name                       New Fund Name
    -------------------------------------------------------------------------

    Talvest Asian Fund                     Renaissance Asian Fund

    Talvest Cdn. Asset Allocation          Renaissance Canadian Asset
    Fund                                   Allocation Fund

    Talvest Dividend Fund                  Renaissance Dividend Fund

    Talvest Global Bond Fund               Renaissance Global Bond Fund

    Talvest Global Equity Fund             Renaissance Global Value Fund

    Talvest Global Multi Management Fund   Renaissance Global Multi
                                           Management Fund

    Talvest Global Resource Fund           Renaissance Global Resource Fund

    Talvest Global Science & Technology    Renaissance Global Science &
    Fund                                   Technology Fund

    Talvest Global Small Cap Fund          Renaissance Global Small-Cap Fund

    Talvest Income Fund                    Renaissance Canadian Income Fund

    Talvest Millennium Next Generation     Renaissance Millennium Next
    Fund                                   Generation Fund

    Renaissance Developing Capital         Renaissance Emerging Markets Fund
    Markets Fund

    Renaissance Global Sectors Fund        Renaissance Global Focus Fund
    -------------------------------------------------------------------------Portfolio Sub-Advisor Changes

    Effective July 17, 2007, the following Portfolio Sub-Advisor changes will
take place:

    Wintergreen Advisers, LLC will replace The Global Value Investment
Portfolio Management Pte. Ltd. as portfolio sub-advisor of Renaissance Global
Opportunities Fund. David Winters of Wintergreen Advisers has an excellent
performance record and has been a global value investor for two decades with a
track record of success in global fund management.

    Walter Scott & Partners Limited will replace GE Asset Management
Incorporated as portfolio sub-advisor of Talvest International Equity Fund.
Walter Scott & Partners employs a bottom-up growth style of investing that has
historically delivered top quartile performance.

    McLean Budden Limited will replace Connor, Clark & Lunn Investment
Management Ltd. as portfolio sub-advisor of Talvest Cdn. Equity Growth Fund.
Distinguished by its proven track record and organizational depth, McLean
Budden uses disciplined asset mix management to outperform. Their equity
management process focuses on security selection to produce superior
performance, and invests in companies that have sound balance sheets,
above-average earnings growth and strong management.

    CIBC Asset Management Inc. would like to thank the three departing
portfolio sub-advisors for their past service and contribution.

    Fund Termination

    On or about August 10, 2007, CIBC Asset Management Inc. will terminate
Talvest Cdn. Multi Management Fund as a result of certain underlying funds
being merged. On the termination date, the assets of the Fund, which consist
of Talvest Cdn. Equity Value Fund, Talvest Cdn. Equity Growth Fund, Talvest
Small Cap Cdn. Equity Fund and Talvest Millennium Next Generation Fund (the
"Underlying Funds") will be distributed in kind to unitholders of the Fund.
Accordingly, unitholders of the Fund will become direct unitholders of the
Underlying Funds.
    In addition, on or about August 17, 2007, three of the four Underlying
Funds will be merged and renamed, as indicated above. The fourth fund, Talvest
Millennium Next Generation Fund, will change its name to Renaissance
Millennium Next Generation Fund, as indicated above.
    Purchases, redemptions and switches in Talvest Cdn. Multi Management Fund
will be accepted up to and including August 9, 2007, and, in the merging
Terminating Funds, up to and including the last business day prior to the fund
mergers.
    For additional information, please visit www.renaissancefunds.ca/merger.

    CIBC Asset Management is responsible for the CIBC family of mutual funds
- including CIBC Mutual Funds, Renaissance Mutual Funds and the Talvest Funds
- and the CIBC family of managed portfolio solutions - Frontiers, Axiom
Portfolios, Sequence Portfolios, Managed Portfolio Services (MPS) and Personal
Portfolio Services (PPS). CIBC Asset Management manages over $50 billion in
assets for more than 1.5 million investors across Canada.

    CIBC is a leading North American financial institution with more than
11 million personal banking and business customers. CIBC offers a full range
of products and services through its comprehensive electronic banking network,
branches and offices across Canada, in the United States and around the world.
You can find other news releases and information about CIBC in our Press
Centre on our corporate website at www.cibc.com.