CIBC TO PURCHASE THE ARGOSY GROUP.

TORONTO--(BUSINESS WIRE)--April 18, 1995--Canadian Imperial Bank of Commerce (CIBC) said today its U.S. investment dealer subsidiary, Wood Gundy Corp., plans to purchase The Argosy Group, a fully integrated, New York-based investment banking firm involved primarily in the high yield debt market.

Under terms of the agreement, Wood Gundy Corp. has agreed to purchase all of Argosy's assets with the exception of its securities inventory and to offer employment to Argosy's 52 employees. The transaction is subject to regulatory approval by the U.S. Federal Reserve Board.

"Entering the high yield market is a critical part of our strategy to evolve into a globally integrated provider of credit and capital market services," said CIBC Wood Gundy President John Hunkin.

CIBC and Wood Gundy Inc., the parent of New York-based Wood Gundy Corp., last year embarked on a strategy to work more closely together under the marketing name of CIBC Wood Gundy to provide the types of global financial solutions being demanded by corporate, government and institutional clients.

"Argosy brings to CIBC Wood Gundy a team with integrated expertise and a proven track record in the high yield market, as well as strong relationships and a commitment to client-driven service, which will allow us to better meet the needs of our clients wanting to access the capital markets," Hunkin added.

"As a result of this transaction, we will be able to offer high yield products and services increasingly in demand by our Canadian and U.S. customers," Hunkin said.

Founded in 1990, Argosy is involved in underwriting, research, sales and trading of high yield products, as well as financial advisory and merchant banking. With offices in New York and Los Angeles, Argosy placed more than US$500 million in high yield financings in the United States during 1994.

Entry into the high yield market is an essential element of CIBC Wood Gundy's plan to evolve into a leader in providing credit and capital market services. The creation of a global derivatives group and a significant expansion in loan securitization capabilities are the other major drivers behind the strategy to enhance client service and broaden product lines and geographic scope.

"Our decision to enter the high yield market is a direct response to the needs of our corporate and investment banking clients," said David Kassie, a CIBC Wood Gundy Executive Committee member and head of global investment banking. "The growing appetite of corporations and institutions, especially non-investment grade companies, for new sources of funding convinced us a high yield capability was imperative if we are to continue improving the quality of service we provide our clients."

"This is an excellent opportunity for Argosy as well," added Dean Kehler, a managing director and founding partner of Argosy. "We've established ourselves as a major player in the high yield market, but in order to accelerate our evolution into a world-class operation with a global capability, we need to affiliate with an international and financially strong organization. That's CIBC, which has a double-A credit rating, rigorous credit expertise in structured finance and significant market penetration in many major industries."

CIBC Wood Gundy will begin offering high yield products and services out of New York and Los Angeles through Wood Gundy Corp. once the transaction is completed. While the new operation will initially be focused on the North American market, high yield opportunities will be pursued on a worldwide basis in the near future under the CIBC Wood Gundy marketing banner.

CIBC is Canada's second largest financial institution and the eighth largest bank in North America with assets exceeding US$110 billion and total capital exceeding US$8 billion. It has more than 1,400 retail branches across Canada and six corporate banking offices in the United States -- New York, Atlanta, Chicago, Houston, Los Angeles and San Francisco.

Wood Gundy Corp., which has offices in New York and Boston, became an affiliate of CIBC in 1988 when CIBC bought majority ownership of its parent, Wood Gundy Inc., a leading Canadian investment dealer. In 1990, Wood Gundy Corp. acquired from the Federal Reserve Section 20 powers, to engage in securities activities.

Together with Wood Gundy, CIBC offers integrated credit and capital markets services globally under the CIBC Wood Gundy marketing name.

In Canada: contact Heather Whyte, Toronto, at [phone]; Andre Dupras, Montreal, at [phone]; Darrell Anderson, Winnipeg at [phone]; Scott McCloy,Vancouver, at [phone]; Peter McCreath, Halifax, at [phone].

Canadian Imperial Bank of Commerce is licensed to do business in the United States and is affiliated with Wood Gundy Corp. and member of the New York Stock Exchange, Wood Gundy Corp. is solely responsible for its contractual obligations and commitments.

PROFILES OF ARGOSY FOUNDING PARTNERS

Jay R. Bloom is a founding partner and managing director of The Argosy Group. Bloom has a strong background in all areas of mergers and acquisitions, including finance, structure and valuation. Prior to joining The Argosy Group, he was a managing director in the mergers and acquisitions group of Drexel Burnham Lambert Incorporated, where he established and was director of the exclusive sales/divestitures business. Bloom was responsible for a wide range of complex transactions, including the formation and financing of Healthtrust, Inc., the largest employee-owned company in the United States, and the restructuring and sale of various troubled companies. Before joining Drexel, Bloom was an investment banker associated with Lehman Brothers Kuhn Loeb Incorporated and practiced law at Paul Weiss Rifkind Wharton & Garrison. He received his B.S. and M.B.A. degrees from Cornell University, graduating summa cum laude, and his J.D. degree from Columbia University School of Law, where he was a member of the Board of Editors of the Columbia Law Review.

Andrew R. Heyer is a founding partner and managing director of The Argosy Group. Heyer has a significant expertise and an impressive track record in high yield finance. Prior to joining The Argosy Group, he was a managing director in the corporate finance department of Drexel Burnham Lambert Incorporated, co-head of merchant banking, head of the Industrial Finance Group and a member of the Executive Committee. In this capacity, Heyer led over 30 high yield financing transactions, primarily involving acquisitions by entrepreneurial corporations such as Knoll International Holdings, Inc., Mesa Petroleum and Reliance Group Holdings. Heyer has served on the board of directors of six major industrial companies. In addition, he has structured numerous exchange offer/restructuring transactions for both troubled and healthy companies. Before joining Drexel, Heyer was an investment banker for Shearson/American Express Inc., during which time he completed over 30 equity and debt transactions for emerging growth companies, such as MCI Communications. While at Shearson, Heyer was also appointed to run the firm's equity syndicate desk. He received his B.S. and M.B.A. degrees from the Wharton School, University of Pennsylvania, graduating magna cum laude.

Dean C. Kehler is a founding partner and managing director of The Argosy Group. Kehler has been involved in many of the largest U.S. leveraged financing transactions to date, including RJR Nabisco, Inc., Beatrice Company, Playtex Inc. and TLC Beatrice International Holdings, Inc., as well as many smaller transactions. He has extensive experience in all areas of high yield finance, mergers and acquisitions. He also has participated in a number of large corporate acquisitions and divestitures, including the sale of Pillsbury Company to GrandMet, the sale of E-II Holdings to American Brands and R.H. Macy's purchase of Bullock's from Federated Department Stores. Prior to joining The Argosy Group, Kehler was a managing director in the mergers and acquisitions group, co-head of merchant banking and a member of the Corporate Finance Executive Committee of Drexel Burnham Lambert Incorporated. He has served as a director of three corporations with combined annual revenues in excess of $4 billion: Hills Department Stores Inc. (NYSE listed) and, previously, TLC Beatrice International Holdings, Inc. and CNC Holding Corporation. Kehler previously worked as an investment banker at Lehman Brothers Kuhn Loeb Incorporated. He received his B.S. degree from the Wharton School, University of Pennsylvania.

CONTACT: Robert S. Cole

Corporate Communications USA

212-856-4030 (office)

914-961-0617 (home)

or

Katherine S. Griffith

Corporate Communications USA

212-856-4029 (office)

718-935-0138 (home)