CIBC World Markets Names Perry Caicco to Its Research Team; Highly Ranked Analyst Will Cover Merchandising Sector.

Business Editors

TORONTO--(BUSINESS WIRE)--July 13, 2001

CIBC World Markets said today it has added Perry Caicco, one of Canada's top merchandising stock analysts, to its equities research group.

Caicco joins CIBC World Markets after five years as a consumer products and merchandising analyst, initially with First Marathon Securities and then with National Bank Financial after it acquired First Marathon. Prior to that he spent a number of years in merchandising as vice president of marketing with Loblaw Companies Ltd. and chief executive officer of Consumers Packaging Inc.

"We're constantly looking for ways to improve our product for our clients," said Peter Dawkins, managing director of Institutional Equity Research, Canada. "Perry is very good at what he does and an excellent addition to our team."

CIBC World Markets also announced that Kathleen Wong, a research associate, would be joining the merchandising research staff with Caicco. Wong has worked with Caicco as an associate analyst since 1999, and entered the securities business after four years as a consumer products analyst at Ontario Teachers Pension Plan.

Caicco is an award-winning analyst in the consumer products and the merchandising sectors. Merchandising includes specialty stores, drug stores, department stores and wholesale distributors. He has a bachelor's degree in engineering from the University of Toronto and a MBA from the University of Western Ontario.

Dawkins said that during the past 18 months the CIBC World Markets' research department in Canada has been considerably strengthened by new hires or promotions in the areas of Banks, Insurance Companies, Technology, Pipeline and Utilities, Oil and Gas and, now with Caicco, Merchandising and Consumer Products.

"The hiring of Caicco is a key part of a systematic three-pronged approach for creating one of the top equity research teams in Canada," said Dawkins. "The strategy includes building on the strong resources already present in the Canadian department, including expanding sector coverage to a North American basis (as opposed to only Canadian), partnering with our research team in the United States as well as the recently announced cooperation agreement with Credit Lyonais Securities Asia, and selective hiring where there is a good fit between the franchise strength of the incoming analyst and the other resources already present within the firm."

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. CIBC World Markets can be found on the World Wide Web at http://www.cibcwm.com.