An anonymous director reports

CIBC ANNOUNCES NEW NORMAL COURSE ISSUER BID

Canadian Imperial Bank of Commerce intends to seek Toronto Stock Exchange approval for a normal course issuer bid. Purchases of common shares for cancellation will be made subject to CIBC's continuing capital requirements. Such purchases will not exceed nine million common shares, or approximately 2 per cent of its outstanding common shares over a 12-month period.

CIBC will file a notice of intention to make a normal course issuer bid with the TSX and this bid would commence following TSX acceptance of this notice and continue for up to one year.

Purchases would be made through the facilities of the TSX, alternative Canadian trading systems or the New York Stock Exchange, in accordance with applicable regulatory requirements. CIBC intends to periodically establish an automatic program under which its broker, CIBC Capital Markets, would repurchase CIBC shares pursuant to the bid within a defined set of criteria determined by CIBC. The price paid for the common shares will be the market price at the time of the purchase. The common shares repurchased under the normal course issuer bid will be cancelled.

CIBC's previous normal course issuer bid for the purchase of up to eight million common shares commenced on March 14, 2017, and expired on March 13, 2018. Over the term of the previous bid, CIBC did not purchase any of its common shares for cancellation.

About Canadian Imperial Bank of Commerce

CIBC is a leading Canadian-based global financial institution with 11 million personal banking, business, public sector and institutional clients. Across personal and small business banking, commercial banking and wealth management, and capital markets businesses, 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.

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