Mr. David Scandiffio reports

CIBC ASSET MANAGEMENT ANNOUNCES CHANGES TO ITS MUTUAL FUND LINEUP; REALIGNMENT OF TRAILING COMMISSIONS AND REDUCTION IN MANAGEMENT FEES, A PORTFOLIO SUB-ADVISOR CHANGE AND AMENDMENTS TO THE RISK RATING OF SELECT FUNDS ANNOUNCED

Canadian Imperial Bank of Commerce's CIBC Asset Management Inc. has made a number of changes across its mutual fund lineup.

Reductions in annual trailing commissions and management fees

CIBC Asset Management will implement reductions in annual trailing commissions and management fees across select series of its mutual fund lineup to achieve greater consistency across its product platform. The changes will be effective on Sept. 1, 2016, for Renaissance Investments fund families and Sept. 6, 2016, for the CIBC family of funds.

"We are adjusting fees in order to offer a simpler and more consistent pricing approach for our clients and our adviser partners," says David Scandiffio, president of CIBC Asset Management. "With a number of pricing options to support advice for clients under various models, our commitment is to be flexible, competitive and consistent when it comes to the cost of owning actively managed investment solutions."

Portfolio subadviser change

Wasatch Advisors Inc. has been appointed as portfolio subadviser for the Renaissance Global Small-Cap Fund, effective on or about Aug. 1, 2016. Based in Salt Lake City, Utah, Wasatch is a dedicated small-cap boutique with more than 30 years of history managing across the spectrum of micro- and small-cap strategies.

Renaissance Global Small-Cap Fund is an underlying investment of Renaissance Optimal Global Equity Portfolio and Renaissance Optimal Global Equity Currency Neutral Portfolio.

Risk rating changes

Based on an annual review, the risk rating associated with five funds has been adjusted as shown in the attached table.

Fund                                         Current risk rating             New rating

Axiom Canadian Growth Portfolio                           Medium          Low to medium
Axiom Foreign Growth Portfolio                            Medium          Low to medium
Renaissance Canadian Monthly Income Fund                  Medium          Low to medium
Renaissance High Income Fund                       Low to medium                 Medium
CIBC Global Monthly Income Fund                           Medium          Low to medium 

These risk rating changes will be reflected in an amendment to the Renaissance Investments family of funds and Axiom Portfolios Simplified Prospectus, and in the renewal of the simplified prospectus of the CIBC mutual funds and the CIBC family of managed portfolios, which are both scheduled to be filed on or about June 29, 2016.

CIBC Asset Management follows a risk classification methodology based on the approach recommended by the Investment Funds Institute of Canada. Each fund's risk rating is reviewed on an annual basis or when the fund undergoes a material change. No material changes have been made to the investment objectives, strategies or management of the affected funds.