CLSA and CIBC World Markets Announce Alliance.

Business/Technology Editors

TORONTO & HONG KONG--(BUSINESS WIRE)--March 23, 2001

CLSA Emerging Markets, this year's Euromoney Asian Brokerage of the Year, announced today that it is teaming up with one of the fastest growing North American investment banks, CIBC World Markets. Together, the two strong franchises will offer comprehensive trans-Pacific financial services to Asian and North American entities.

Headquartered in Hong Kong, CLSA is a leading provider of brokerage and investment banking services in Asia. CLSA's on-the-ground expertise in 12 Asian countries will provide North American companies comprehensive access to exciting opportunities in this dynamic region. Together, CLSA and CIBC are ideally positioned to offer Asian businesses and governments access to North American capital markets. The agreement encompasses all trans-Pacific activities but will not extend to domestic investment banking dealings.

"The pairing of CLSA's intimate knowledge of Asia with CIBC's innovative and integrated approach to North American capital markets provides an extremely attractive alternative to the bulge-bracket service that currently dominates the region," said Gary Coull, Executive Chairman of CLSA. "The venture best leverages CLSA's strong foothold in Asia and CIBC's established track record in the U.S. capital markets."

David Kassie, Chairman & Chief Executive Officer, CIBC World Markets, said: "The venture will provide CIBC's North American clients with valuable insight into economic and corporate developments in Asia." He also noted that "the sectors in which CIBC specialises in the United States and Canada are very similar to those in which CLSA is strong. Our combined abilities are ideally suited to the needs of many Asian corporations."

About the alliance

Linking the two strong franchises will offer clients access to:

-- Cross border equity and equity-related finance in the North American
markets;

-- Corporate advisory and M&A expertise for North American clients in Asia;

-- CLSA and CIBC's highly rated equity research products.

As well, CLSA's private client business and CIBC's Hong Kong affiliate, the CEF group, a joint venture between CIBC and Cheung Kong (Holdings) Limited, should also benefit from the association.

The venture targets sectors which best highlight the alliance of CIBC's specialized industry research and financial products for the North American market with CLSA's award winning on-the-ground coverage of Asia. Media, telecommunications, technology, healthcare, financial services, resources, power technology, consumer growth and industrial companies will feature prominently. Primary markets will include China, Hong Kong, India, Korea, Singapore and Taiwan. Equity-raising structures will either be via Asia/U.S. dual listings or solely in the American markets via NASDAQ and NYSE listings.

Mr. Coull said Asian companies increasingly seek U.S. listings for visibility, pricing, and spread of shareholders. "Together we can simultaneously and seamlessly bring select clients to the Asian and U.S. markets," he added. "Large deals are sometimes difficult to do on a single exchange, particularly if specialist or global investors are involved," said Mr. Kassie. "Many technology, media and resources issues obtain better pricing and liquidity for customers by positioning the story globally. We are now in a better position to offer this service," he added.

On the equity research front, the firms will share information, cooperate on joint projects, and provide market commentary to each other's sales forces. CLSA has 150 analysts and associates in the emerging markets, covering 750 companies representing 85% of the available market capitalization. The firm's research has been rated No. 1 in 2000 in China, India, Hong Kong and Singapore and in the top 3 overall in Asia in the majority of surveys done in the past 5 years. Over the past decade, the firm's Economics and China teams have been consistently top rated in nearly all published polls. CIBC has over 150 equity analysts and associates covering the U.S. and Canadian markets with a recognized strength and particular focus on technology, healthcare, energy/resources, financial services and consumer growth. CIBC analysts are consistently highly ranked by The Wall Street Journal's annual rating of brokerage analysts based on their stock picking performance.

About CLSA

Headquartered in Hong Kong, CLSA is the 65% owned emerging markets arm of France's Credit Lyonnais Bank with the remaining 35% owned by CLSA employees.

CLSA was named Euromoney's Brokerage of the Year in Asia in 2000 and is widely recognized as a leading provider of brokerage and investment banking services in emerging markets. With operations in 29 countries, CLSA offers coverage of all major companies in Asia, Latin America, Eastern Europe, the Middle East and South Africa. CLSA has an active equity capital markets business in Asia and a rapidly expanding advisory business, with assignments successfully completed in the last year for the governments of China, Indonesia, Korea and Thailand.

CLSA is also a principal investor in several Asian companies, in partnership with General Electric pension trust, Sony of Japan, Allianz insurance group of Germany and Bell Atlantic of the U.S.

CLSA has a unique partnership with Bloomberg financial services to offer electronic equity execution in world markets via Tradebook, an exclusive and highly functional ECN product. Tradebook's success is demonstrated by current average market share of approximately 4% of trading volumes in Japan and about 2.5% of trading volumes in France. Launched in 1999, the business is growing at about 15% per month.

CLSA can be found on the World Wide Web at http://www.clsa.com

About CIBC

CIBC World Markets is the investment banking subsidiary of the Canadian Imperial Bank of Commerce (NYSE: BCM) and is also the global marketing name for the bank's investment banking affiliates and subsidiaries worldwide. It offers a full range of integrated credit and capital markets products, investment banking, merchant banking and commercial banking to corporate, government, institutional and individual clients. The Canadian Imperial Bank of Commerce is one of North America's largest banks with approximately US$180 billion in assets as of October 31st, 2000, 45,000 employees and a S&P long-term rating of AA.

CIBC World Markets's presence in the U.S. investment banking arena has grown dramatically following its 1997 purchase of Oppenheimer Capital Group, and it is now a leading contender among Wall Street firms. Buyouts Newsletter recently recognized CIBC World Markets as its Lender of the Year, for syndicating nearly US$15 billion in leveraged loans in 2000, and named the CIBC-led investor buyout of TNP Enterprises as the newsletter's Large Market Deal of the Year. CIBC World Markets, which ranks first in U.S. leveraged loans, structured finance and asset securitizations, has been one of the fastest growing M&A practices on Wall Street. It rose from 27th in the U.S. in 1998 to 16th in 2000 in M&A volume, and from 15th in 1998 to 7th in 2000 in the number of equity new issues. For the last six months of 2000, CIBC World Markets was #3 in the U.S. in terms of number of equity new issues. The company has a longstanding tradition of world-class equity research and is consistently top-ranked in The Wall Street Journal's All-Star Analysts Survey. In Canada, CIBC World Markets maintains a leading position in virtually all aspects of investment banking and commercial banking. CIBC World Markets was #1 in terms of number of Canadian equity financings completed in 2000, and as the only Canadian bank with a comprehensive cross-border capability, was also #1 in terms of cross-border offerings by Canadian clients.

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