TORONTO, April 21 /CNW/ - CIBC Asset Management Inc., the manager and
trustee of the Renaissance Investments family of funds and Sequence
Portfolios, announced today that it is proposing changes to the investment
objectives of five Renaissance Investments funds and that it intends to
terminate the Renaissance Global Technology Fund, Renaissance Global Asset
Allocation Fund and Sequence Portfolios.
    "We believe the changes to the Renaissance Investments product line-up
are ideally suited to meet the discerning needs of investors and advisors in
their efforts to build properly diversified portfolios," said Steve Geist,
President of CIBC Asset Management Inc.

    Investment Objective Changes

    Subject to unitholder approval, CIBC Asset Management Inc. is proposing
to change the investment objectives of five Renaissance Investments funds (the
"Funds") as follows:-------------------------------------------------------------------------
    Fund                        Purpose of Investment Objective Changes
    -------------------------------------------------------------------------
    Renaissance Canadian High   Increase the foreign content through
     Yield Bond Fund            investments primarily in high-yield corporate
                                bonds from around the world. This change
                                would offer portfolio managers more
                                flexibility to seize opportunities outside
                                Canada to a greater extent.
    -------------------------------------------------------------------------
    Renaissance Canadian Real   Increase the foreign content through
     Return Bond Fund           investments primarily in government or
                                government-guaranteed real return bonds from
                                issuers located around the world. This change
                                would offer portfolio managers more
                                flexibility to seize opportunities outside
                                Canada to a greater extent.
    -------------------------------------------------------------------------
    Renaissance Global Multi    Greater flexibility to meet its current
     Management Fund            mandate by changing the existing underlying
                                fund requirement to allow investment in a
                                broader range of funds. The Fund will invest
                                up to 100% of its assets in mutual funds
                                managed by CIBC Asset Management Inc. or its
                                affiliates, and these investments may change
                                from time to time to maximize performance
                                potential.
    -------------------------------------------------------------------------
    Renaissance U.S. Index      Transition from a passive to an active
     Fund                       management strategy, enabling the portfolio
                                managers to construct a diversified portfolio
                                of U.S. equity securities they believe will
                                outperform the U.S. equity market.
    -------------------------------------------------------------------------
    Renaissance International   Change from a passive international equity
     Index Fund                 management strategy to a strategy that allows
                                the portfolio manager to actively construct a
                                diversified portfolio of international
                                equities with above-average dividend income
                                characteristics.
    -------------------------------------------------------------------------The details of these proposals will be provided to investors of the Funds
in an information circular and proxy package that will be mailed in late June
2008. Pending investor approval at special unitholder meetings, scheduled on
or about July 25, 2008 in Toronto, these proposed changes will take effect in
the fall of 2008.

    Investment Strategies and Fund Name Changes

    If the above-proposed amendments to the investment objectives are
approved by the unitholders, the investment strategies of each Fund will be
revised to reflect the new investment objectives and the names of the Funds
will also be changed as follows:-------------------------------------------------------------------------
    Current Fund Name                  New Fund Name
    -------------------------------------------------------------------------
    Renaissance U.S. Index Fund        Renaissance U.S. Equity Fund
    -------------------------------------------------------------------------
    Renaissance International Index    Renaissance International Dividend
     Fund                               Fund
    -------------------------------------------------------------------------
    Renaissance Canadian High Yield    Renaissance High-Yield Bond Fund
     Bond Fund
    -------------------------------------------------------------------------
    Renaissance Canadian Real Return   Renaissance Real Return Bond Fund
     Bond Fund
    -------------------------------------------------------------------------Fund Terminations

    CIBC Asset Management Inc. intends to terminate the Renaissance Global
Technology Fund, Renaissance Global Asset Allocation Fund and Sequence
Portfolios (the "Terminating Funds") on or about August 5, 2008.
    Effective April 22, 2008, no further purchases of units in any of the
Terminating Funds or Portfolios will be accepted, including purchases through
any regular investment plan. However, any distributions will continue to be
re-invested in additional units of the Terminating Funds, except where a
unitholder has otherwise instructed.
    Unitholders will not be required to pay any redemption fees, sales
charges or other fees associated with the termination of these Funds. All
costs associated with the terminations will be borne by CIBC Asset Management
Inc. Unitholders are encouraged to speak with their financial advisor to
discuss their investment options.
    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 terminations.

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