$20,000 Award to Support Défi Corporatif Canderel

TORONTO, ON - January 2004 – Canderel Group of Companies, a Montreal-based real estate developer and property management group, received the first-prize CIBC ‘Spirit of Leadership' Community Award. This prestigious award recognized their community spirit and corporate giving programs, most notably through Défi Corporatif Canderel(The Canderel Corporate Challenge), which has raised over $4 million for Montreal-area universities in their research efforts to find a cure for cancer. As part of the award, CIBC Commercial Banking will donate $20,000 to the Défi Corporative Canderel in recognition and in support of Canderel's outstanding accomplishments.

We are extremely proud of the Canderel team's efforts to raise funds for unrestricted cancer research during this past 15 years and the generous acknowledgement we received from CIBC. CIBC has been a very valued partner and participant since the inception of the Defi.The exemplary leadership displayed by CIBC and the over 200 companies that have joined us in our challenge will ensure we can put an end to this dreadful disease, said Jonathan Wener, President and CEO of Canderel Group of Companies.

"This program has clearly made a remarkable difference to the lives of cancer patients in and around the Montreal area and has proven Canderel to be a truly remarkable corporate citizen. CIBC Commercial Banking is proud to be the financial partner of Canderel," said James McSherry, General Manager and Executive Vice-President, CIBC Commercial Banking.

About the Défi Corporatif Canderel The goal of the Défi is to encourage corporate Montreal to join together in a demonstration of solidarity to support, McGill University's Cancer Center and Universite du Montreal's centre du recherché en cancer in their research efforts to find a cure for cancer. This year's run on Friday May 1, 2004 marks the 15th anniversary of this outstanding program. Additional information is available on the Défi Corporatif Canderel website www.deficorpcanderel.com

About the CIBC ‘Spirit of Leadership' Community Awards Five CIBC ‘Spirit of Leadership' Community Awards are awarded each year to CIBC Commercial Banking clients from across the country that demonstrate unique corporate giving and community spirit initiatives. Giving back to the communities in which we do business is an important part of the CIBC culture and the CIBC ‘Spirit of Leadership' Community Award program goes even further by recognizing and celebrating Commercial Banking clients' efforts to give back to the communities in which they do business. Additional information about the CIBC ‘Spirit of Leadership' Community Awards is available at the CIBC Commercial Banking's website www.commercialbanking.cibc.com

About Canderel Group of Companies Over 29 Years of Providing Successful Real Estate Solutions

The Canderel Group of Companies is comprised of several fully integrated, commercial real estate companies with its headquarters in Montreal. Since 1975, Canderel has grown to become one of the most successful real estate development and management organizations in eastern Canada.

Founded by Jonathan Wener, Canderel has established an enviable reputation for its integrity as a company and for its sound judgement and knowledge of the commercial, multi-residential and industrial real estate business.

Over the years, Canderel has been intimately involved in all aspects of commercial property development, including land assembly, acquisition and disposal, planning, design, construction, project management, leasing, finance, and property management, and asset management.

The group's principal development activities are in the office, commercial, industrial, recreational and residential markets of Montreal, Ottawa, Toronto, Calgary, Edmonton and Vancouver, in Canada. Canderel's success to date is largely a reflection of its unique ability to direct all facets of real estate projects, either on its own behalf, for its clients, or in joint venture with partners.

About CIBC Commercial Banking CIBC Commercial Banking is committed to Partnering with Canada's BestðÔ organizations. Our comprehensive approach provides industry expertise, innovative ideas and strategic solutions designed to create, protect and realize stakeholder value.

Partnering with clients with annual sales of between C$5 million to C$250 million, and with larger companies with specific needs, our Relationship Teams are strategically aligned to leverage CIBC's full capital solutions to address virtually every business requirement at every stage of a company's development and operation. Responsible for over C$20 billion in funds managed in over 75 industry sectors, our Relationship Managers are located in regionally based centres, which extend from the Atlantic Provinces to British Columbia.