CIBC World Markets Completes Initial Offering of Multi-Sector Hedge Fund.

Business Editors

NEW YORK--(BUSINESS WIRE)--April 22, 2002

CIBC World Markets Corp., the U.S. investment banking subsidiary of the Canadian Imperial Bank of Commerce (NYSE: BCM), today announced the completion of a $90-million initial public offering for Advantage Advisers Multi-Sector Fund I, a multi-sector hedged-equity fund.

Advantage Advisers Multi-Sector Fund I invests in three of the largest segments of the U.S. economy: healthcare/biotechnology, banking/financial services and technology. Three sector specialists will manage its portfolio.

"We are very pleased with the launch, especially given the uncertain market conditions generally and the difficult current environment for retail-oriented products," said Howard Singer, managing director of the Alternative Investments Group at CIBC World Markets and chairman of the fund. CIBC World Markets acts as the fund's principal distributor.

Structured as a continuously offered, closed-end mutual fund, Advantage Advisers Multi-Sector Fund I requires a low minimum initial investment, compared with traditional hedge funds, of $25,000 and is designed for investors with at least $1.5 million in net worth. The fund provides a daily net asset value, a quarterly redemption feature and - unlike private hedge funds - provides investors with a 1099 report rather than a K1 for tax purposes.

"Hedge funds began as products for the super wealthy, requiring very high minimum deposits that made them unavailable to a broader market," said Singer. "The Advantage Advisers Multi-Sector Fund I offers an innovative investment approach and it's accessible to a larger segment of the public because of its lower entry requirements."

CIBC World Markets, the investment and merchant banking operation of CIBC, offers a full range of integrated credit and capital markets products, securities, and brokerage and asset management services to corporate, government and institutional clients.

Shares of Advantage Advisers Multi-Sector Fund I are not deposits or obligations of, or guaranteed or endorsed by, Canadian Imperial Bank of Commerce or any other bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency. Fund shares involve investment risk, including the possible loss of principal. For more complete information about Advantage Advisers Multi-Sector Fund I, including charges and expenses, get a prospectus from CIBC World Markets Corp., 622 Third Avenue, New York, NY. Read it carefully before you invest or send money.