Mr. Jason Patchett reports

CIBC TO ISSUE 7.000% NVCC AT1 LIMITED RECOURSE CAPITAL NOTES

Canadian Imperial Bank of Commerce today arranged the public offering in the United States of $750-million (U.S.) of 7.000-per-cent fixed rate reset limited recourse capital notes, Series 7 (non-viability contingent capital (NVCC)) (the LRCNs).

The LRCNs will bear interest at a rate of 7.000 per cent annually, payable quarterly, for the initial period ending on, but excluding, Oct. 28, 2030. Thereafter, the interest rate on the LRCNs will reset every five years at a rate equal to the prevailing five-year United States treasury rate plus 3.000 per cent. The LRCNs will mature on Oct. 28, 2085. The expected closing date of the offering is July 14, 2025.

In connection with the issuance of the LRCNs, CIBC will issue non-cumulative five-year fixed rate reset, Class A, preferred shares, Series 62 (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 62 shares except in limited circumstances.

CIBC may redeem the LRCNs on Oct. 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., Barclays Capital Inc., BofA Securities Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC.

A registration statement relating to the offering has been filed with the U.S. 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 Corp. toll-free at 800-282-0822; Barclays Capital Inc. toll-free at 888-603-5847; BofA Securities Inc. toll-free at 800-294-1322; Citigroup Global Markets Inc. toll-free at 800-831-9146; or J.P. Morgan Securities LLC collect 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.