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CIBC Asset Management Announces Sub-Advisor Change

    TORONTO, Aug. 11 /CNW/ - CIBC Asset Management announced today the
appointment of Federated MDTA LLC, a Federated Advisory Company,
("MDT Advisers") as portfolio sub-advisor of the CIBC U.S. Small Companies
Fund, replacing Wellington Management Company, LLP. This change is effective
September 1, 2008.
    "CIBC Asset Management continues to focus on partnering with portfolio
managers who can help maximize returns and manage risk for our clients," said
Steve Geist, President of CIBC Asset Management.
    "We are pleased to add MDT Advisers to our product line-up," continued
Geist. "We are confident that their unique investment process and proven
investment management expertise will enhance the long-term performance
potential for our clients in the CIBC U.S. Small Companies Fund."
    MDT Advisers is an innovative quantitative investment management firm
located in Boston, Massachusetts. Founded in 1988, the firm is owned by
Federated Investors, Inc., one of the largest investment managers in the
United States.
    MDT Advisers' small cap core investment strategy is based on a
quantitative approach that selects securities from a universe of smaller,
emerging, primarily U.S. stocks within the Russell 2000 index. The firm uses a
proprietary multi-factor model that is focused on earnings, growth and balance
sheet measures. The process by which investment decisions are made is based on
optimizing the multi-factor model, while simultaneously considering the
trading costs and risk constraints of the portfolio.

    CIBC Asset Management is responsible for the CIBC and Renaissance
Investments families of mutual funds, Frontiers Pools and the CIBC family of
managed portfolio solutions - Axiom Portfolios, CIBC Managed Portfolio
Services and CIBC Personal Portfolio Services. CIBC Asset Management manages
more than $50 billion in assets.

    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

For further information:
For further information: Media contact: Doug Maybee, Director, Media
Relations, at (416) 980-7458; Product inquiries: CIBC Asset Management Client
Services, 1-888-888-FUND (3863)