Mr. Jason Patchett reports

CIBC TO ISSUE 6.950% NVCC AT1 LIMITED RECOURSE CAPITAL NOTES

Canadian Imperial Bank of Commerce has arranged a public offering in the United States of $500-million (U.S.) of 6.950 per cent fixed rate reset limited recourse capital notes, Series 5 (non-viability contingent capital (NVCC)) (the LRCNs).

The LRCNs will bear interest at a rate of 6.950 per cent annually, payable quarterly, for the initial period ending on, but excluding, Jan. 28, 2030. Thereafter, the interest rate on the LRCNs will reset every five years at a rate equal to the prevailing five-year U.S. treasury rate plus 2.833 per cent. The LRCNs will mature on Jan. 28, 2085. The expected closing date of the offering is Nov. 5, 2024.

In connection with the issuance of the LRCNs, CIBC will issue non-cumulative five-year fixed rate reset Class A preferred shares, Series 59 (non-viability contingent capital (NVCC)), to be held by Computershare Trust Company of Canada as trustee of CIBC LRCN Limited Recourse Trust. In case of non-payment of interest on or principal of the LRCNs when due, the recourse of each LRCN holder will be limited to that holder's proportionate share of the limited recourse trust's assets held in respect of the LRCNs, which will consist of Series 59 shares except in limited circumstances.

CIBC may redeem the LRCNs on Jan. 28, 2030, and on each Jan. 28, April 28, July 28 and Oct. 28 thereafter with the prior written approval of the Superintendent of Financial Institutions (Canada), in whole or in part on not less than 10 days nor more than 60 days of prior notice.

The net proceeds to CIBC from the sale of the LRCNs will be used for general corporate purposes, which may include the redemption of outstanding capital securities of CIBC and/or the repayment of other outstanding liabilities of CIBC.

The joint book-running managers for the offering are CIBC World Markets Corp., BNP Paribas Securities Corp., BofA Securities, Inc., Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC.

A registration statement relating to the offering has been filed with the United States Securities and Exchange Commission (the SEC) and is effective. The offering is being made only by means of a prospectus supplement and a base prospectus. Copies of the prospectus supplement and the base prospectus for the offering may be obtained free of charge by visiting EDGAR on the SEC's website. Alternatively, the prospectus supplement and accompanying base prospectus may be obtained by calling CIBC World Markets toll-free at 800-282-0822; BofA Securities toll-free at 800-294-1322; BNP Paribas Securities toll-free at 800-854-5674; Citigroup Global Markets toll-free at 800-831-9146; HSBC Securities (USA) toll-free at 866-811-8049; or J.P. Morgan Securities at 212-834-4533.

About Canadian Imperial Bank of Commerce

CIBC is a leading North American financial institution with 14 million personal banking, business, public sector and institutional clients. Across personal and business banking, commercial banking and wealth management, and capital markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world.