CIBC World Markets Appoints New Vice-Chairmen.

Business/Technology Editors

NEW YORK--(BUSINESS WIRE)--June 18, 2001

CIBC World Markets announced today changes to its senior management team. Effective immediately, Jay R. Bloom, Andrew R. Heyer and Dean C. Kehler will assume the additional titles and responsibilities of Vice-Chairmen of CIBC World Markets Corp. The three, formerly co-heads of CIBC's Leveraged Finance Group, and currently co-heads of CIBC's Merchant Funds and members of CIBC's U.S. Management Committee, will focus on client relationships and will continue to manage Trimaran Capital Partners, which has over $4 billion of assets under management.

Several senior members of The Leveraged Finance Group, already in place, will undertake responsibilities for its daily management, including: Edward Levy, William Phoenix and Bruce Spohler, who will be responsible for the firm's Financial Sponsor Relationships; Walter McLallen, who will be responsible for High Yield Capital Markets; Richard Hassard, who will be responsible for Credit Capital Markets; Keith Read, who will be responsible for Private Finance and James Courtenay, who will be responsible for European Leveraged Finance. These individuals will join Conrad Bringsjord, responsible for Mergers & Acquisitions and Marshall Heinberg, responsible for industry group coverage in formulating a newly established Corporate and Leveraged Finance Executive Committee.

Said Paul D. Rogers, President of CIBC World Markets Corp., "These three professionals have added tremendously to CIBC's business since they joined us in 1995. I am delighted that they have accepted the challenge of the Vice-Chairman role." He continued, "The Leveraged Finance Group will continue to be one of the primary drivers of CIBC World Markets' business in North America and Europe, with the components of the business managed by CIBC's team of seasoned professionals. This move will serve to strengthen CIBC's goal of growth and profitability through the integrated delivery of advice and financing to our growing client base."

CIBC's leveraged finance business was created in l995 when CIBC bought The Argosy Group, L.P., a private high yield investment banking firm established by the three in l990. Since then, The Leveraged Finance Group has expanded to over 300 professionals, and includes many of CIBC World Markets credit products: senior loans, underwriting and distribution; high yield bond origination, research, sales and trading; private placements and merchant banking capabilities.

Since 1995, The Group has completed multiple landmark financings including the much-lauded creation and financing of Global Crossing Holdings; TNP Enterprises (the parent of Texas New Mexico Power), the first LBO of a public electric utility: the largest LBO in Canada, KKR's acquisition of Shopper's DrugMart; and earlier this month, the largest LBO in Europe, the acquisition of Yell, British Telecom's yellow pages publisher by Hicks, Muse Tate & Furst and Apax Partners.

Along with their accomplishments in financings, Messrs. Bloom, Heyer and Kehler have invested CIBC's merchant funds in many successful businesses: Global Crossing; Petersen Publishing, a major magazine publisher that was later acquired by EMAP plc; Seat Pagine Gialle S.p.A., one of Italy's leading internet companies that was later merged into Telecom Italia's Internet unit; Telebanc Financial Corporation, the largest independent Internet bank, acquired by E*TRADE Group, Inc.; TNP Enterprises, and SpectraSite Holdings, Inc., a major cellular tower company.

CIBC World Markets, the global investment banking and securities business of Canadian Imperial Bank of Commerce, provides a full range of integrated credit and capital markets products, securities, brokerage and asset management services to corporate, government, institutional and individual clients worldwide.