Press Releases

CIBC Mellon to Provide Global Custody Services for Colleges of Applied Arts and Technology Pension Plan

TORONTO, February 13, 2003 — CIBC Mellon announced today that it will provide global custody services for the Toronto-based Colleges of Applied Arts and Technology Pension Plan (CAAT Pension Plan), making it their sole custody provider. CIBC Mellon has provided domestic custody to CAAT Pension Plan for the last six years. The total value of the portfolio is $3.3 billion.

"CIBC Mellon has been an excellent partner over the last several years," said Paul Owens, chief executive officer, CAAT Pension Plan. "After reviewing CIBC Mellon's integrated pensioner benefits payment services and its overall high level of client service, we are confident we made the right choice."

Services in this mandate include global securities lending, benefit payments and fund accounting. The new global assets will be converted to CIBC Mellon in spring 2003.

"We're delighted by CAAT Pension Plan's decision to expand its business with CIBC Mellon and look forward to continuing our partnership," said Thomas C. MacMillan, president and chief executive officer, CIBC Mellon. "Being named CAAT Pension Plan's sole custody provider reflects our strength in delivering superior products, innovative technology and excellent client service."

CIBC Mellon is a 50-50 joint venture between Canadian Imperial Bank of Commerce and Pittsburgh-based Mellon Financial Corporation. Through the combination of world class technology and superior client service, CIBC Mellon is uniquely qualified as a corporate services provider of domestic and global custody, securities lending, multicurrency accounting, performance measurement, investment analytics, information delivery and foreign exchange services in Canada. CIBC Mellon is a recognized provider of Canadian subcustody for foreign financial institutions. The Mellon group of companies — CIBC Mellon, ABN Amro Mellon and Mellon Global Securities Services - represents more than US$2.9 trillion in global assets under custody, administration and management. CIBC Mellon Global Securities Services Company is a sister company to CIBC Mellon Trust Company, a leader in Canadian stock transfer and corporate trust businesses. Visit CIBC Mellon's Web site at www.cibcmellon.com.

For additional information, contact Cathy Goetz, VP Marketing & Communication, CIBC Mellon at 416-860-2482.