Mr. Jason Patchett reports

CIBC TO ISSUE AGGREGATE $600 MILLION OF NVCC AT1 LIMITED RECOURSE CAPITAL NOTES & INSTITUTIONAL NVCC PREFERRED SHARES

Canadian Imperial Bank of Commerce (CIBC) has arranged a domestic public offering of $450-million of 6.369 per cent limited recourse capital notes, Series 6 (non-viability contingent capital), and a domestic public offering of $150-million non-cumulative five-year fixed rate reset Class A preferred shares, Series 61. The securities will be sold to certain institutional investors through a dealer syndicate led by CIBC Capital Markets.

The LRCNs will be issued at a price of $1,000 per note and will bear interest at a rate of 6.369 per cent annually, payable semi-annually, for the initial period ending on, but excluding, April 28, 2030. Thereafter, the interest rate on the LRCNs will reset every five years at a rate equal to the prevailing five-year government of Canada yield plus 3.65 per cent. The LRCNs will mature on April 28, 2085.

In connection with the issuance of the LRCNs, CIBC will issue non-cumulative five-year fixed rate reset Class A preferred shares, Series 60, 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 60 shares except in limited circumstances.

The Series 61 shares will be issued at a price of $1,000 per share and will pay dividends at a rate of 6 per cent annually, payable semi-annually, as and when declared by the board of directors of CIBC, for the initial period ending on, but excluding, April 28, 2030. Thereafter, the dividend rate on the Series 61 shares will reset every five years at a rate equal to the prevailing five-year government of Canada yield plus 3.65 per cent.

CIBC may redeem the securities during the period from March 28 to and including April 28, commencing on March 28, 2030, and every five years thereafter with the prior written approval of the Superintendent of Financial Institutions (Canada), in whole or in part on not fewer than 10 days nor more than 60 days prior notice.

The net proceeds to CIBC from the sale of the securities 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 expected closing date of the offerings is March 24, 2025. The closing of the offerings is not conditional on each other.

The securities will each be offered by way of a prospectus supplement to the bank's short form base shelf prospectus dated Sept. 20, 2024, to be filed on or about March 18, 2025, with the securities commissions and other similar regulatory authorities in each of the provinces and territories of Canada.

Access to the prospectus supplements, the corresponding base shelf prospectus and any amendment thereto in connection with these offerings is provided in accordance with securities legislation relating to procedures for providing access to a shelf prospectus supplement, a base shelf prospectus and any amendment thereto. The prospectus supplements, the base shelf prospectus and any amendment thereto in connection with these offerings will be accessible within two business days at SEDAR+.

An electronic or paper copy of the shelf prospectus supplements, the corresponding base shelf prospectus and any amendment to the documents may be obtained, without charge, from CIBC World Markets by contacting 416-594-8515 or e-mailing Mailbox.CIBCDebtSyndication@cibc.com, by providing the contact with an e-mail address or address, as applicable.

About Canadian Imperial Bank of Commerce (CIBC)

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.