TORONTO, June 18 /CNW/ - CIBC announced today that three CIBC Managed
Portfolios will be merged with their corresponding CIBC Managed RRSP
Portfolios. By merging Portfolios with similar investment objectives, CIBC
will simplify and enhance its portfolio lineup.
    As a result of the elimination of the foreign-content limit restriction
on registered plans, each CIBC Managed RRSP Portfolio ("Continuing Portfolio")
is now managed in the same manner as its corresponding non-RRSP Portfolio
("Terminating Portfolio"). By merging portfolios with similar investment
objectives, unitholders may benefit from the potential for economies of scale,
as some fixed operating expenses can be eliminated and other fixed operating
expenses can be spread over a larger base of assets.

    CIBC will implement the following mergers on or about November 30, 2007:-------------------------------------------------------------------------
                                                       Post-Merger
    Terminating Portfolio     Continuing Portfolio     Portfolio Name
    -------------------------------------------------------------------------
    CIBC Managed Balanced     CIBC Managed Balanced    CIBC Managed Balanced
    Growth Portfolio          Growth RRSP Portfolio    Growth Portfolio
    -------------------------------------------------------------------------
    CIBC Managed Growth       CIBC Managed Growth      CIBC Managed
    Portfolio                 RRSP Portfolio           Growth Portfolio
    -------------------------------------------------------------------------
    CIBC Managed Aggressive   CIBC Managed Aggressive  CIBC Managed
    Growth Portfolio          Growth RRSP Portfolio    Aggressive Growth
                                                       Portfolio
    -------------------------------------------------------------------------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 Portfolio. The mergers were approved by the Independent Review
Committee of the Portfolios at a meeting held on April 27, 2007 and by the
Board of Directors of CIBC Trust Corporation, the Trustee of the Portfolios,
on June 15, 2007.
    The mergers will not trigger capital gains or losses on units of the
Portfolios, with the average cost of units in the Terminating Portfolio
carried over to the Continuing Portfolio. Terminating Portfolios and
Continuing Portfolios may declare a distribution on the merger date to reflect
any taxable income or gains in the Portfolios since their last taxation year
end. This distribution will not have a tax impact if the Portfolio is held
within a registered account.
    Purchases, redemptions and switches in the Terminating Portfolios will be
accepted up to an including the last business day prior to the mergers, on or
about November 30, 2007.
    In accordance with securities legislation, notice will be sent to
unitholders of the Terminating Portfolios no less than 60 days prior to the
effective date of the mergers.

    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.