An anonymous director reports

CIBC ASSET MANAGEMENT ANNOUNCES CHANGES TO ITS FUND LINE-UP

Canadian Imperial Bank of Commerce's CIBC Asset Management Inc., the manager and trustee of the Renaissance Investments family of funds, plans to terminate the Renaissance Asian Fund and the Renaissance European Fund on or about Aug. 14, 2015.

Effective immediately, units of the funds are no longer available for new investment, including additional purchases by existing unitholders and through regular investment plans.

The decision to terminate the funds was made due to the funds' relatively small asset size and limited number of unitholders.

Unitholders will have the right to redeem or switch their investments in the funds up to the close of business on the effective date of the termination. Unitholders will not be required to pay any redemption fees, sales charges or other fees associated with the termination. Unitholders will receive details of the termination and are encouraged to speak with their financial adviser 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 termination date.