Mr. Jason Patchett reports

CIBC TO REDEEM LIMITED RECOURSE CAPITAL NOTE SERIES 1 (NVCC)

Canadian Imperial Bank of Commerce intends to redeem all $750-million of its 4.375 per cent limited recourse capital notes, Series 1 (non-viability contingent capital (NVCC)). In accordance with their terms, the notes will be redeemed at 100 per cent of their principal amount on Sept. 29, 2025, together with accrued and unpaid interest up to, but excluding, the redemption date. Interest on the notes will cease to accrue from and after the redemption date.

In connection with the redemption of the notes, CIBC will redeem all 750,000 non-cumulative five-year fixed rate reset Class A preferred shares, Series 53 (NVCC), that are held by Computershare Trust Company of Canada, as trustee of CIBC LRCN Limited Recourse Trust.

The redemption will be financed out of the general corporate funds of CIBC. Notice has been delivered to registered holders of the notes in accordance with the terms outlined in the trust indenture for the notes.

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.