An anonymous director reports

CIBC TO ISSUE INSTITUTIONAL NVCC PREFERRED SHARES

Canadian Imperial Bank of Commerce (CIBC) has arranged a domestic public offering of $500-million of non-cumulative five-year fixed rate reset Class A preferred shares, Series 57 (non-viability contingent capital (NVCC)). The preferred shares will be sold to certain institutional investors through a dealer syndicate led by CIBC Capital Markets.

The preferred shares will be issued at a price of $1,000 per share and will yield 7.334 per cent annually. The preferred shares will pay dividends at a rate of 7.337 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 12, 2029. Thereafter, the dividend rate on the preferred shares will reset every five years at a rate equal to the prevailing five-year government of Canada yield plus 3.90 per cent. The expected closing date of the offering is March 12, 2024.

CIBC may redeem the preferred shares during the period from March 12 to and including April 12, commencing on March 12, 2029, and every five years 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 prior notice.

The net proceeds from this transaction will be used for general purposes of CIBC.

The preferred shares will be offered by way of a prospectus supplement to the bank's short form base shelf prospectus dated Sept. 23, 2022, to be filed on or about March 6, 2024, with the securities commissions and other similar regulatory authorities in each of the provinces and territories of Canada.

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 and direct financial services 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.