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To: Rob S. who wrote (21138)	10/11/1998 3:16:00 PM
From: Glenn D. Rudolph	Respond to of 164685

Price: C$20.00 12 Month Price Objective: C$24.00 Estimates (Mar) 1998A 1999E 2000E Net Income (mn): 8.4 9.6 14.9 EPS: 0.90 0.93 1.46 P/E: 22.2x 21.5x 13.7x EPS Change (YoY): 3.3% 57.0% Consensus EPS: 1.07 1.68 (IBES: 07-10-1998) Cash Flow/Share: 1.80 2.36 2.68 Price/Cash Flow: 11.1x 8.5x 7.5x Opinion & Financial Data Investment Opinion: C-1-1-9 Mkt. Value / Shares Outstanding (mn): C$197.5 / 10.3 Book Value/Share (June-1998): C$8.96 Price/Book Ratio: 2.2x Stock Data 52-Week Range: C$34.00-C$17.00 Symbol / Exchange: YCHP / Toronto Bloomberg / Reuters: CHP / CHP.TO Brokers Covering (IBES): 3 Exchange Rate: CAD1.5048/USD Free Float: 46.0% For full investment opinion definitions, see footnotes. All figures are in local currency (Canadian dollar) except where otherwise noted. Investment Highlights: * Valuation appears attractive based on growth potential. * Margins improve as superstores mature. * Q1 revenues up 25%. Fundamental Highlights: * Superstore openings accelerated. * New growth opportunities from e-commerce, music, and college bookstore division. * Substantial expansion potential remains. Comment Canada Retailing—Other Specialty 8 October 1998 Patricia A. Baker First Vice President Senior Analyst F. Derek De Leon Industry Analyst Chapters Inc. Poised For Growth BUY Long Term BUY Reason for Report: Initiating Coverage Merrill Lynch & Co. Global Securities Research & Economics Group Global Fundamental Equity Research Department 294800/294500/294499/293000/650600 RC#20128120 Stock Performance 14 16 18 20 22 24 26 28 30 32 0.0020 0.0024 0.0028 0.0032 0.0036 0.0040 0.0044 0.0048 0.0052 1995 1996 1997 1998 Chapters Rel to T.S.E. Composite Index (300) (Right Scale)