Mr. Jason Patchett reports

CIBC TO ISSUE 6.750% NVCC AT1 LIMITED RECOURSE CAPITAL NOTES

Canadian Imperial Bank of Commerce (CIBC) has arranged the public offering in the United States of $500-million (U.S.) of 6.750 per cent fixed rate reset limited recourse capital notes, Series 10 (non-viability contingent capital) (subordinated indebtedness).

The LRCNs will bear interest at a rate of 6.750 per cent annually, payable quarterly, for the initial period ending on, but excluding, Jan. 28, 2032. Thereafter, the interest rate on the LRCNs will reset every five years at a rate equal to the prevailing five-year U.S. Treasury rate plus 2.499 per cent. The LRCNs will mature on Jan. 28, 2087. The expected closing date of the offering is July 13, 2026.

In connection with the issuance of the LRCNs, CIBC will issue non-cumulative five-year fixed rate reset Class A preferred shares, Series 65 (non-viability contingent capital), to be held by Computershare Trust Company of Canada as trustee of CIBC LRCN Limited Recourse Trust. In the 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 65 shares except in limited circumstances.

CIBC may redeem the LRCNs on Jan. 28, 2032, 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 fewer than 10 days nor more than 60 days 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., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Wells Fargo Securities LLC, Credit Agricole Securities (USA) Inc., and Mizuho Securities USA LLC.

A registration statement relating to the offering has been filed with the U.S. Securities and Exchange Commission 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 toll-free at 800-282-0822; Barclays Capital toll-free at 888-603-5847; Citigroup Global Markets toll-free at 800-831-9146; Morgan Stanley & Co. toll-free at 866-718-1649; Wells Fargo Securities toll-free at 800-645-3751; Credit Agricole Securities (USA) toll-free at 866-807-6030; or Mizuho Securities USA toll-free at 866-271-7403.

About Canadian Imperial Bank of Commerce (CIBC)

CIBC is a leading North American financial institution with 15 million personal banking, business, public sector and institutional clients. Across personal and business banking, commercial banking, 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.