CM Investment Management Inc. announced today that it has introduced new portfolio sub-advisory teams on several of its Renaissance Mutual Funds.

The new sub-advisors are from such firms as McLean Budden Ltd., TAL Global Asset Management Inc., Capital Guardian Trust Company and Oppenheimer Investment Advisers, a division of CIBC World Markets Corp. CM is hoping the changes to portfolio management teams will enhance performance, reduced risk, or a combination of the two.

These new sub-advisors join a platform of portfolio sub-advisors, including Jarislowsky Fraser Ltd., Merrill Lynch Investment Managers, Marvin & Palmer and Global Value Investment Portfolio Management Pte. Ltd.

Effective immediately, the following changes have been made: Renaissance Canadian Money Market Fund, Renaissance Canadian T-Bill Fund and Renaissance U.S. Money Market Fund will now be managed by Steve Dubrovsky of TAL. He and his team from TAL replace the former portfolio sub-advisors, Merrill Lynch Investment Managers, L.P.

The Renaissance Canadian Bond Fund, and the fixed income portion of the Renaissance Canadian Balanced Value Fund will now be managed by Jeff Waldman of TAL. He and his team replace the former Merrill Lynch Investment Managers,
L.P. fixed income team.

The Renaissance Canadian High Yield Bond Fund will now be managed by John Braive of TAL. He and his team replace the former Merrill Lynch Investment Managers, L.P. high yield bond team.

Oppenheimer, as a further sub-advisor through TAL, provides advisory services for the U.S. equity component of the Renaissance Canadian Balanced Value Fund. Tom Robinson of Oppenheimer and his team will be providing this advice.

Alan Daxner of McLean Budden, as a further sub-advisor through TAL, has assumed responsibility for the Renaissance Canadian Growth Fund. He and his team replace the former Merrill Lynch Investment Managers, L.P. sub-advisory
team.

The Renaissance U.S. RSP Index Fund and Renaissance International RSP Index Fund will now be managed by the index management team of TAL, replacing the former Merrill Lynch Investment Managers Quantitative Advisers team.

The Renaissance Tactical Allocation Fund and Renaissance Tactical Allocation RSP Fund will now be managed by Maxime-Jean Gérin of TAL (to provide overall asset mix strategy), Denis Senécal of TAL (to advise on the global fixed income portion of the portfolio) and Richard Havas of Capital Guardian, as a further sub-advisor through TAL (to advise on international equity) — replacing the former Merrill Lynch sub-advisory team.

The Renaissance Global Technology Fund will now be managed by Stephen Kahn of TAL, replacing the former Merrill Lynch, sub-advisory team.

The individual portfolio sub-advisors identified above are lead managers and are supported by broad teams of individuals who share portfolio responsibilities.

Effective March 28, 2002, the former Renaissance Select Canadian Balanced Fund is now the Renaissance Canadian Balanced Fund. The former Renaissance Select Global Value Fund and Renaissance Select Global Value RSP Fund are now respectively the Renaissance Global Value Fund and Renaissance Global Value RSP Fund. Likewise, the former Renaissance Select International Growth Fund and Renaissance Select International Growth RSP Fund are now respectively the Renaissance International Growth Fund and Renaissance International Growth RSP Fund.

Until February 28, 2002, Renaissance Mutual Funds were known as Merrill Lynch Funds. Following a change in corporate ownership of CMI, the fund family was renamed Renaissance Mutual Funds.

The Fund family continues to consist of 29 funds offering broad diversification across asset classes, management styles and geographic regions. Currently, the Funds
represent more than $4 billion in client assets. In addition to the Renaissance Mutual Funds, CM Investment Management Inc. is the manager of nine Frontiers Pools and provides advisory services to CIBC Wood Gundy on its managed account products.