Mr. David Scandiffio reports

CIBC ASSET MANAGEMENT INC. ANNOUNCES THAT THE CIBC ALTERNATIVE CREDIT STRATEGY IS NOW AVAILABLE FOR PURCHASE

The CIBC Alternative Credit Strategy, managed by Canadian Imperial Bank of Commerce Asset Management Inc. (CAM), is now available for purchase. The fund is an actively managed multistrategy credit solution designed to complement a core fixed-income portfolio by providing consistent and diversifying return potential that aims to minimize volatility and interest rate risk.

"Many investors are seeking solutions to help reduce the vulnerability of a traditional fixed-income portfolio as global markets continue to be impacted by rising interest rates and volatility," said David Scandiffio, president and chief executive officer, CIBC Asset Management. "As a liquid alternative mutual fund, the CIBC Alternative Credit Strategy provides credit diversification and aims to generate positive returns while mitigating overall portfolio volatility."

CAM also announced it has reviewed the risk rating classification for the fund from medium to low to medium based on the standardized risk classification methodology mandated by the Canadian Securities Administrators. No changes have been made to the investment objectives or investment strategies.

About Canadian Imperial Bank of Commerce

CIBC is a leading North American financial institution with 13 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.