CIBC World Markets Expands Consumer and Business Services Investment Banking Team; Industry-Leading Bankers To Focus on Premier-Growth Companies.

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 28, 2002

CIBC World Markets Corp., the U.S. investment-banking subsidiary of the Canadian Imperial Bank of Commerce (NYSE: BCM), today announced several significant additions to its Consumer and Business Services Investment Banking Group, an expansion of its existing Consumer Growth Investment Banking business. The move reflects CIBC World Markets' ongoing corporate strategy to provide comprehensive investment banking services to premier-growth companies in a wide range of sectors.

Effective today, Mark Goodman has been named managing director and head of CIBC World Markets' Consumer and Business Services Investment Banking Group.

A 21-year industry veteran, Goodman previously headed the consumer and business services group at Deutsche Banc Alex. Brown. Joining him at CIBC World Markets are six colleagues from Deutsche Banc Alex. Brown's consumer and business services group: Edward FitzGerald, named managing director and associate group head; Jay Eastman and David Hartzell, named managing directors; Mark Kaufman, executive director; and Michael Phalen and Tom Krajewski, named directors. At this time, a number of junior investment banking professionals will also join the group.

CIBC World Markets' Consumer and Business Services Investment Banking Group will be based in Baltimore, New York and Los Angeles.

The new bankers will expand CIBC World Markets' existing Consumer Growth Investment Banking Group, which has already established a prominent reputation in the gaming, travel and leisure industries.

The unit's consumer area will encompass a wide array of industries, including restaurants, retailing, consumer products and food manufacturers. The business services category includes business services, advertising and marketing services, technology services and education.

"We're enthusiastic about joining CIBC World Markets, which is rapidly becoming the premier firm servicing growth companies," Goodman said. "CIBC World Markets recognizes the importance of offering consumer and business services clients complete access to the capital markets as well as to world class advisory services."

"The growth of our investment banking business into areas that complement our existing franchise is a primary stated objective of our firm this year. Adding these talented professionals to the CIBC World Markets team clearly reflects our strong commitment to this growth strategy," said Paul D. Rogers, president of CIBC World Markets Corp.

One of Wall Street's most respected investment banking firms, CIBC World Markets advises companies seeking to improve their competitive positions through divestitures, consolidations and strategic mergers and acquisitions.

For fiscal years 2000 and 2001, CIBC World Markets ranked among the top 10 equity underwriters in the nation, having led or co-managed 189 equity offerings totaling approximately $31 billion.

"The new additions to our consumer and business services team are important to the continued growth of our investment banking business," added Marshall Heinberg, managing director and head of CIBC World Markets' Corporate Finance. "It is a major sector in the middle-market arena and complements our already strong presence in related consumer-growth industries."

In addition to Consumer and Business Services, the investment banking team of CIBC World Markets focuses on a variety of sectors, involving both new industries, as well as more traditional sectors. They include: Industrial Growth; Financial Institutions; Oil and Gas; Real Estate; Health Care; Media and Entertainment; Global Power and Energy; Telecommunications; and Technology.

For the past 12 years, Goodman has headed consumer and business services investment banking at Deutsche Banc and at Alex. Brown. Regarded as the leading team serving growth companies in the consumer and business services arena, Goodman's group has completed investment banking transactions for a roster of leading consumer firms, including Starbucks Corp., Outback Steakhouse, Borders Group, Whole Foods Market, Tweeter Home Entertainment Group, California Pizza Kitchen, Ruth's Chris Steakhouse, Brookstone, and American Eagle Outfitters. In 2000, the team's Krispy Kreme Doughnut's IPO landed Investment Dealers' Digest magazine's retailing deal of the year award.

In the business services sector, the group's clients have included Snyder Communications, Corporate Express, Watson Wyatt, NCO Group, Corporate Executive Board, Resources Connection, Mobile Mini, Williams Scotsman and The Advisory Board Company.

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.