CIBC PRIVATE CLIENT FUND LIMITED- Change of Investment Adviser



Re: Change of Investment Adviser

The Board of Directors wish to announce that following an internal restructuring of TAL Global Asset Management, it is the intention to appoint TAL Global Asset Management Inc effective 9 July 2003, as investment adviser to the majority of sub funds within CIBC Private Client Fund Limited ("PCF"), replacing the previous investment adviser TAL Asset Management (Europe) S.A. There will be no change in fees, investment objectives or style arising from the appointment.


The Board of Directors further wish to announce that following a review of the Funds distribution strategy, the Directors have concluded that it is no longer in the interests of the Fund to continue its authorisation for marketing purposes in Hong Kong. The de-authorisation will become effective 1 September 2003.


Further enquiries please contact:


Contact: Company Secretary

Tel No: +44 (0) 1481 720321

Fax No: +44 (0) 1481 716117