Toronto (March 13, 2001) -- President's Choice Bank is pleased to announce that CUETS (Credit Union Electronic Transaction Services) and First Data Resources have been selected as key partners to support the launch of the President's Choice FinancialTM MasterCard.

CUETS, one of Canada's leading credit card organizations, will be providing application processing, 7x24 bilingual customer service, collection services and related credit card administration for the program. Cardholder service to support the portfolio will be delivered primarily from CUETS new Winnipeg Service Centre, with delivery of some functions from CUETS' head office in Regina.

Transaction processing services and other card portfolio management services such as statements and risk management systems to support the portfolio will be provided by Omaha-based First Data Resources, the card issuing subsidiary of First Data Corp., the world's leader in electronic commerce and payments.

"We are very pleased to be partnering with industry leaders like First Data Resources and consumer focused organizations like CUETS" said Geoffrey Wilson, Vice President, Industry and Investor Relations, Loblaw Companies Limited. "The launch of the new President's Choice Financial MasterCard is a very exciting time for us and we are very fortunate to have such strong partners to support our launch."

In announcing the agreement, Stan Kuss, CEO of CUETS, highlighted the benefits of the new relationship to the CUETS business. "We are - and always will be - committed to delivering exceptional service and value to our clients. The additional business - expected to be significant over the next five years - will help CUETS achieve greater economies of scale, which will contribute to CUETS' overall business stability and growth."

"We are excited by this opportunity to serve as a strategic partner for the launch of the President's Choice Financial MasterCard," said Eula L. Adams, executive vice president and head of worldwide card operations for First Data. "In an increasingly competitive card market, we are committed to helping card issuers worldwide successfully manage card programs using our advanced technology and economies of scale."

Scheduled for launch in the spring, the new President's Choice Financial MasterCard will feature benefits of a premium credit card but with no annual fee. The main feature of the President's Choice Financial MasterCard will be the PCTM points loyalty program. Customers can earn PC points on purchases everywhere which are redeemable for free groceries in Loblaw Companies Limited owned and franchised stores.

About CUETS
CUETS (Credit Union Electronic Transaction Services) is a principal member of MasterCard International supporting the MasterCard® family of card brands (MasterCard, Cirrus® and Maestro®) for both card issuing and merchant acquiring services. CUETS currently serves about 600 MasterCard affiliates (credit unions, caisses populaires, banks and other organizations) across the country. For more information, please visit the company's website at www.cuets.ca.

About First Data Resources
Atlanta-based First Data Corp. (NYSE: FDC) helps move the world's money. As the leader in electronic commerce and payment services, First Data Corp. serves more than two million merchant locations, 1,400 card issuers and millions of consumers, making it easier, faster and more secure for people and businesses to buy goods and services using virtually any form of payment. With more than 27,000 employees worldwide, the company provides credit, debit and stored-value card issuing and merchant transaction processing services; Internet commerce solutions; money transfers and money orders; and cheque processing and verification services throughout the United States, United Kingdom, Australia, Mexico, Spain and Germany. In addition, its Western Union® network includes approximately 101,000 agent locations with operations in 186 countries and territories. First Data Resources entered the Canadian card market in 2000, announcing two long-term processing agreements with card issuers. First Data Resources also provides and merchant processing services through First Data Loan Company, Canada. For more information, please visit the company's Web site at www.firstdata.com.

About President's Choice Financial services
Since the launch in February 1998, President's Choice Financial services, a co-venture between Loblaw Companies Limited and Canadian Imperial Bank of Commerce, have grown at a rapid pace, offering Canadians unprecedented savings of time and money. President's Choice Financial services include Canada's only no-fee daily bank account, the Interest FirstTM savings account with a premium interest rate currently at 4.10 percent, the unbeatable, eatable mortgageTM which combines better rates and free groceries, a low-cost borrowing account, a daily interest investment account RRSP, a variety of loans, high interest GICs, plus PCTM points towards free groceries. There are more than 240 President's Choice Financial bank machines and 180 President's Choice Financial pavilions located at Loblaw Companies Limited stores across Canada. President's Choice Financial core banking services are provided by The Canadian Imperial Bank of Commerce. The President's Choice Financial MasterCard will be provided by President's Choice Bank, a subsidiary of Loblaw Companies Limited.