CIBC World Markets Names Bruce McCarthy Head of U.S. Mergers and Acquisitions And to CLF Executive Committee.

Business Editors

NEW YORK--(BUSINESS WIRE)--Nov. 28, 2001

CIBC World Markets, the investment banking subsidiary of the Canadian Imperial Bank of Commerce (NYSE: BCM), today named Bruce McCarthy head of the firm's U.S. Mergers and Acquisitions Group and to its Corporate and Leveraged Finance Executive Committee.

McCarthy will lead a group of 32 professionals with proven expertise in mid-sized transactions, at a time when consolidation in the banking industry has left fewer firms concentrating on that market segment.

"I joined CIBC World Markets three years ago as part of a core group with a goal to build this business," said McCarthy. "Since that time we've increased completed transaction volume from $8 billion in 1998 to approximately $60 billion in 2000. We expect this growth to continue by focusing on mid-sized companies in industries where CIBC has a clear presence."

McCarthy has been a senior member of the Mergers and Acquisition Group and has completed numerous mergers, acquisitions, divestitures, joint ventures and hostile defenses in a variety of sectors. Prior to joining CIBC World Markets in 1998, McCarthy spent nine years with the mergers and acquisitions group of Salomon Smith Barney, rising to director. There he focused on transactions involving consumer products companies and industrial firms.

At CIBC World Markets he has participated in two of the largest technology deals of recent years: the $42 billion acquisition of SDL Inc. by JDS Uniphase in February and the $13.9 billion acquisition of General Instruments by Motorola in early 2000.

"The Mergers and Acquisitions Group has been a critical part of CIBC World Market's success in the U.S. and we have every expectation that will continue with Bruce," said Paul D. Rogers, president of CIBC World Markets Corp. "Bruce has been instrumental in the growth of the M&A team and we are recognizing that contribution by promoting him to head up the group."

CIBC World Markets, already the leading firm in Canada, has increased its U.S. presence dramatically in recent years. The company ranks highly in U.S. leveraged loans, structured finance and asset securitizations. Buyouts Newsletter recognized CIBC World Markets as its "Lender of the Year" for syndicating nearly $15 billion in leveraged loans in 2000. The newsletter also named the investor buyout of TNP Enterprises, led by CIBC, as its "Large Market Deal of the Year." CIBC World Markets has a longstanding tradition of world-class equity research and is consistently top-ranked in The Wall Street Journal's All-Star Analysts Survey.

"I'm extremely excited about our prospects going forward," said McCarthy, who holds a MBA from Columbia Business School and an undergraduate degree in economics from Boston College. "We have an outstanding group of M&A professionals who work closely with our industry bankers to provide clients value-added advice."

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.