CIBC Issues $325M of Rate Reset Preferred Shares

On February 4, 2009 Canadian Imperial Bank of Commerce completed the sale of 13 million Non-cumulative Rate Reset Class A Preferred Shares Series 35 for gross proceeds of $325 million. Holders of Series 35 Shares will have the right to convert their shares into Non-cumulative Floating Rate Class A Preferred Shares Series 36 and the holders of Series 36 Shares will have the right to convert their Series 36 Shares into Series 35 Shares in accordance with their terms.

The offering was made through a syndicate of underwriters led by CIBC World Markets Inc. and included TD Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc., Desjardins Securities Inc., HSBC Securities (Canada) Inc., Blackmont Capital Inc., Brookfield Financial Corp., Canaccord Capital Corporation, Laurentian Bank Securities Inc. and Wellington West Capital Markets Inc.

CIBC was represented by in-house counsel Eddy Mezzetta and by Ernest McNee, Michael Smith and Kym Zelinski (securities) and Chris Van Loan (tax) of Blake, Cassels & Graydon LLP.

The underwriters were represented by Philip J. Henderson and Chris MacIntyre (securities) and Trevor McGowan (tax) of Stikeman Elliott LLP.

Lawyer(s)

Eddy Mezzetta Michael Smith Ernest McNee Kym Zelinski Trevor McGowan Chris MacIntyre Christopher R.J. Van Loan Philip J. Henderson