Notice to Shareholders of the CIBC Private Client Fund Limited


Dear Shareholder,


Since we launched The CIBC Private Client Fund the needs of our investors have changed frequently and we have constantly sought to keep the structure of the Fund in line with those requirements, as is our duty to you.


As a consequence, we regularly review the Fund to ensure that it continues to best serve the demands of our clients. This has resulted in a number of alterations which will be made to the Fund, the details of which are outlined below. These changes will not be effective for a period of three months, thus giving you plenty of time to ensure that the Fund still meets your own changing needs.




1. Currently the Prospectus states, for all sub-funds (Classes), that:


"Not more than 5% of the Net Asset Value of any Class may consist of securities issued by the same issuer..."


This limit will be raised to 10%. This will allow freedom to invest more effectively in favoured stocks and is still within the confines of prudent diversification.


2. For the Far East Fund, the Prospectus currently states that:


"Not more than 35% of the Net Asset Value of the Class may be invested in any one country. The countries in which the Class may invest include China, Taiwan, Hong Kong, Japan, Korea, Thailand, Malaysia, Singapore, The Philippines, Indonesia, Vietnam, India, Pakistan, Sri Lanka, Bangladesh, Bhutan, Mongolia and Nepal."


We intend to raise the figure above in Bold to 50% and also to remove Japan from the above list. (This compliments our addition of the Japan Equity Funds). Investors seeking diversification in the Japan Equity Funds may switch part of their investment without charge at any time during, or after, this period of notice. This is because there is no charge for converting between the equity or bond sub-funds of The CIBC Private Client Fund.


3. For the Balanced Fund the Prospectus currently states that:


"The Class may also invest in equity and bond markets other than the US and Canadian to a maximum of 30% of its net asset value. Such flexibility will be used to take advantage of opportunities expected to provide above average returns on major stock markets.


Investments are made primarily in U.S. and Canadian Dollars, however the Class may have an exposure of up to 30% of its net asset value to other currencies."


We intend to remove the Bold phrases above referring to Canadian investments. This will give a greater accuracy for our strategy, which includes Canadian securities within the 'other currencies' category


4. For the Money Market Funds the Prospectus currently states that:


"At least 25% of the net asset value of each Class must be repayable within 14 days. Further, the average period to maturity may not exceed 90 days."


We intend to change this figure to 15% thus giving us greater flexibility.


5. Following a minor restructuring amongst the Investment Advisory Group the functions of the Investment Adviser are proposed to be transferred to TAL CEF Global Asset Management (Bermuda) Limited which in turn has established and agreement to delegate certain functions to TAL CEF Global Asset Management Limited, currently authorised in Hong Kong by the SFC. The transfer from the existing adviser is, in essence, a book transfer whilst operations of the company remain unaffected. The Bermudan entity will be assisted in its operations by the Hong Kong sister company. Apart from the change of the companies named within the Group there are no changes to operations, trading personnel, settlement procedures, settlement authorised signatories or client account details.


We intend to reflect the change in the Prospectus under Listed Parties. The change of this adviser is relevant only to those funds this adviser is responsible for, those being: The Hong Kong Plus Fund, The Far East Fund and The Japan Equity Funds.


6. Our Representative Office in Hong Kong, currently CIBC (Hong Kong) Limited will be replaced by Canadian Imperial Bank of Commerce, Hong Kong Branch. This is a minor restructuring of the Group's network. This will have no effect on the operation of the Fund. Investors wishing to contact the representative should address any correspondence to the new company. The contact numbers will remain the same as before. If you require further information, please contact CIBC on +44 1481 725771, or, if in Hong Kong the contact numbers are: Tel (852) 2841-6206 and the address is CIBC Hong Kong Limited, 2 Queen's Road Central, Hong Kong.


The modifications have been approved by the regulators subject to the 3 month period of notice given to the shareholders. This period of notice expires on the 18th of January 2001 and from thereon the changes will be effective.


Should you have any questions about the forthcoming changes please do not hesitate to contact the Directors of the Fund at CIBC Fund Managers (Guernsey) Limited, CIBC House, Rue du Pre, St Peter Port, Guernsey, Channel Islands, or contact your introducing agent.


Wayne Bulpitt

Director 18th October 2000