CIBC Private Client Funds - Notice To Shareholders - Sale Of Businesses.

This is the copy of the Notice to Shareholders sent out by CIBC Private Client Fund Lt. On July 27, 2001.


"27 July 2001


Dear Shareholder




I write to advise you that the Manager of CIBC Private Client Fund Limited, CIBC Fund Managers (Guernsey) Limited, has been acquired by Butterfield Fund Managers (Guernsey) Limited and that the Custodian, CIBC Bank and Trust Company (Channel Islands) Limited has been acquired by The Bank of Butterfield International (Guernsey) Limited. Both acquirers are subsidiaries of The Bank of N.T. Butterfield & Son Limited (“Bank of Butterfield”) of Hamilton, Bermuda.


Accordingly, the names of the Manager and Custodian will shortly be changed as follows:

CIBC Fund Managers (Guernsey) Limited becomes Butterfield Fund Administrators (Guernsey) Limited

CIBC Bank and Trust Company (CI) Limited becomes The Bank of N.T. Butterfield and Son (CI) Limited


Contact telephone and fax numbers remain unchanged.


CIBC has however retained its control of CIBC Private Client Fund Limited and there is no change to the Board of Directors of the Fund or the investment advisers, who continue to be TAL Asset Management (Europe) s.a. and TAL CEF Global Asset Management Limited. The Fund will remain a core product for the CIBC group and we are proposing a number of exciting changes in the next few months, including a reduction in the securities’ fees presently paid, which we will share with you shortly.


In the meantime we assure you of our commitment to the Fund’s continued success and remind you that you may contact us at the existing address and telephone numbers, by emailing or visiting our website Dealing instructions remain unchanged and you can continue to invest further monies or redeem your investments in the normal way.


Yours sincerely


Wayne Bulpitt


CIBC Private Client Fund Limited "