Press Releases

CIBC Mellon Appointed Subcustodian by SEB

TORONTO, June 5, 2003 — CIBC Mellon announced today that it has been appointed by Skandinaviska Enskilda Banken (SEB), a leader in the securities services industry in the Nordic countries, as sole provider for SEB's Canadian subcustody services. Assets are expected to convert to CIBC Mellon during the third quarter of 2003.

"After a tight selection process CIBC Mellon became our choice provider," said Sven-Erik Aderlund, head of network management, securities services at SEB. "Important to us was their ability to provide online corporate actions as well as the depth of their technology, particularly their Internet reporting capabilities."

"We are very pleased to win this mandate from SEB," said Thomas C. MacMillan, CIBC Mellon president and chief executive officer. "By focusing on providing clients with customized solutions that meet their needs, we are becoming recognized as the provider of choice in Canada."

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 the very best in client service, CIBC Mellon is uniquely qualified as a provider of Canadian subcustody for foreign clients. CIBC Mellon is also a leading corporate services provider of global custody, multicurrency accounting, information delivery, securities lending and foreign exchange services in Canada. The Mellon Group — CIBC Mellon, ABN AMRO Mellon Global Securities Services 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 or contact Jennifer Mehra, Manager, Public Relations and Communication, CIBC Mellon at (416) 643-6368 for more information.