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Canadian Imperial (41PS)

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Tuesday 12 December, 2000

Canadian Imperial

Final Results - Part 1

Canadian Imperial Bank of Commerce
7 December 2000

PART 1


CIBC REPORTS RECORD EARNINGS OF $2.06 BILLION FOR 2000

Toronto, Dec. 7, 2000 - CIBC today reported record results for the year
ending Oct. 31, 2000. Among the achievements were the following:

-Net income of $2,060 million, versus $1,029 million in 1999.
-Basic earnings of $4.97 per share and return on equity of 20.5 per cent,       
 compared to $2.23 per share and 9.8 per cent a year ago.
-Annualized savings of almost $600 million in base operating expenses.
-Best total shareholder return - 57.5 per cent - of any Canadian bank,
-Capitalization ratios that are among the strongest in the industry.
-Repurchase of 26.5 million common shares.
-A near doubling of customers at CIBC's Amicus electronic bank (President's     
 Choice Financial, Marketplace Bank, Safeway SELECT Bank).
-More than $1.1 billion in net income at CIBC World Markets.

'CIBC's strong performance reflected excellent results across all our
businesses,' said CIBC chairman John Hunkin. 'For the fourth consecutive
quarter, we exceeded our targets for return on equity, earnings growth
and capital strength

'We will continue to implement a number of key strategies to drive growth
in revenues and earnings. We will also continue to reallocate capital to
those businesses, with the greatest potential for expansion. These initiatives
will help us meet our commitment to provide the best shareholder return of any
Canadian bank by 2002.'

Strategies 
- Aggressively acquire customers in e-commerce using the Amicus platform. 
- Enhanced focus on the retail and small business customer.
- Exploit CIBC's distribution advantage in wealth management.
- Leverage CIBC World Markets' North American full service platform and strength
  in merchant banking.

Successes 
- Created Amicus to consolidate CIBC's co-branded retail electronic banking     
  businesses. 
- Hedged most of the remaining 47 million share investment in Global Crossing   
  Ltd. 
- Formed strategic alliance with Safeway Inc. to deliver electronic banking     
  services to US customers.
- Chosen by Yahoo! Inc to provide Yahoo! PayDirect US customers with a
  quick, easy way to receive and send payments over the Internet. 
- Became first Canadian bank to advise on and sell securities including third
  party investments nationally through branches.
- Unveiled bizSmart with The Business Depot Ltd., a new e-banking and
  e-commerce banking offer to provide Canadian small businesses with access
  to no-fee online daily banking.
- Improved customer satisfaction in retail banking.
- Capitalized on our wholesale banking capability. Equity new issue activity    
  jumped 33 per cent and mergers and acquisition business rose 50 per cent.

Highlights of the quarter ending Oct. 31, 2000 
- Earnings of $332 million or 80 cents a share, up $324 million from a year ago.
- After allowing for a number of unusual items, net income was $412 million, up 
  $95 million or 30 per cent from the fourth quarter of 1999. Similarly         
  adjusted basic earnings per share were 99 cents compared with 72 cents in     
  1999. 
- Revenues of $3,018 million, an increase of $582 million or 24 per cent. 
- Tier 1 capital of 8.7%. Repurchased 7.6 million shares. 
- A one-time charge of $250 million to the student loan business, with the      
  expiry of the federal government contract; we expect no further provisions on 
  the Class A and Class B loans going forward. 
- A $100 million addition to the general loan loss provision.

More details about CIBC's financial performance are contained in the following
Report to Shareholders.




Report to Shareholders for the Fourth Quarter, 2000
                                                       www.cibc.com

                          Chairman's Message
Dear Shareholder:                                         

Earnings

Today CIBC reported fourth quarter earnings of $332 million, up $324 million
from the results achieved in the same quarter a year ago. Earnings per share
were $0.80 and return on equity was 12.1%.

These results reflect solid performance in all business lines and include gains
on the sale of our property and casualty insurance companies ($97 million
after-tax), the sale of our Swiss private banking operations ($20 million
after-tax), and an $18 million after-tax credit reflecting an adjustment to the
1999 restructuring provision. The impact of these gains was offset by a $143
million after-tax increase in the specific provision for credit losses relating
to student loans and a $57 million after-tax increase in the general allowance
for credit losses. Fourth quarter earnings in 1999 included a $184 million
after-tax restructuring charge. Further details concerning these and other
significant items are provided later in the report.

During the quarter, we evaluated the status of the student loan portfolio,
giving consideration to the expiry of the contract with the federal government
on July 31, 2000, ongoing negotiations with various provinces, and the poor
credit performance of this portfolio. We have adjusted the specific provision to
reflect the results of our assessment. Going forward our involvement in
government contracts for student loans will not expose CIBC to credit risk.

Our balance sheet remains strong. Allowances for credit losses exceed impaired
loans and our regulatory capital ratios, Tier 1 at 8.7% and total at 12.1%,
are among the best in the industry. During the quarter, we repurchased 7.6
million common shares at an average price of $47.86 per share, under a normal
course issuer bid that started December 15, 1999. In the year, we repurchased a
total of 26.5 million common shares at an average price of $40.42 per share.

CIBC and our shareholders had an excellent year. Earnings for the year ended
October 31, 2000 set a new record at $2,060 million, up from $1,029 million in
1999. Basic earnings per share were $4.97, up from $2.23 in 1999. A year ago, my
new management team and I made a commitment to generate the best total
shareholder return of all the major Canadian banks by 2002. In fiscal 2000,
CIBC's total return was 57.5%, outpacing all of the other Canadian banks.

Growth
CIBC is focused on achieving sustainable growth and delivering greater value
through innovative strategies and a heightened sense of accountability. During
the fourth quarter, work progressed on several key initiatives already under
way.

Electronic Commerce
We continue to acquire more customers through strategic alliances with leading
brand retailers. Under Amicus, which brings together all our co-branded banking
businesses, we now have 456,000 e-banking customers and are acquiring
approximately 25,000 more each month. In addition to Amicus customers, we have
2.4 million telephone banking and 798,000 PC Banking customers.

During the quarter, we announced the creation of Procuron Inc., a coalition
among business service providers to build a business-to-business electronic
marketplace. Procuron will help CIBC business customers save time and money by
providing an integrated purchasing system with the convenience of e-commerce and
the benefits of automated order management. Starting in early 2001, CIBC, Bell
Canada, Scotiabank Group, Mouvement des caisses Desjardins and BCE Emergis will
offer online a wide range of brand-name products and services.

Following the quarter, we announced our intention to form a long-term alliance
with Investors Group Inc., Great-West Lifeco Inc. and London Life Insurance Co.
to distribute a full range of financial products and services under their own
brands. Amicus will provide the products, services, operating infrastructure and
technology to support this arrangement. Subject to regulatory approval and final
agreements, the new products will be introduced in 2001, beginning with
Investors Group Inc.

CIBC World Markets
 Strong performance continued in our U.S. investment banking operation, and
particularly in the new issue equity business for technology companies.
During the quarter, CIBC World Markets led and co-managed 38 equity offerings
amounting to US$7.2 billion, up from 32 equity offerings amounting to US$4.0
billion a year ago.

Wealth Management
 We continue to rank first among Canadian banks in mutual fund net sales, and
we are also the leader in index funds with $3.9 billion in assets under
administration. During the quarter, we introduced three new index funds.

Retail and Small Business Banking
 We remain focused on improving employee and customer satisfaction by
upgrading technology in the retail branches and by providing more training
for frontline staff. These efforts are beginning to pay off - during the
year, ongoing surveys showed improvement in customer satisfaction.
 For small business customers, the initial 11 bizSmart kiosks opened in
Business Depot stores. BizSmart is a strategic alliance with other leading
suppliers to Canadian small business to provide the first no-fee, online
banking offer (bizsmart.com) to this growing customer segment.

Focus
 We continue our focus on shifting capital to high-return businesses and
strategic growth activities, while reducing risk-weighted assets. During the
quarter, we completed the sales of CIBC's property and casualty insurance
companies and CIBC Suisse S.A. We increased capital in Amicus and equity
products, and we further reduced risk-weighted assets related to our non-core
wholesale loan portfolio by $0.9 billion, which represents a 12% reduction in
this portfolio.

Performance Against Objectives
 For the fourth consecutive quarter, total shareholder return, return on
equity, earnings growth and capital strength exceeded our targets. Our share
price closed at $48.40, up from $31.70 at October 31, 1999. We also exceeded
our target to eliminate $500 million, on an annualized basis, from our
operating expense base by the fourth quarter. Our efforts to reduce expenses
will be ongoing. We continue to work toward increasing disclosure to help in
the understanding of our financial results. This year, we have introduced a
separate fourth quarter report and endeavoured to provide a full explanation
of items affecting our earnings. We invite you to listen to the audio-visual
webcast of our quarterly financial teleconference call with registered bank
analysts and institutional investors later today. Information is available at
www.cibc.com.

Financial Targets  Measurement                      2000 Performance
Share Price        Best total return of Canadian    57.5% versus the bank index
                   banks over the next 3 years      of 40.4%

ROE                18% by 2002                      19.3%(1)

Earnings Growth    Fully diluted EPS growth rate    $4.55(1), up 105% from 1999
                   of 15% per year                  EPS of $2.22

Efficiency         Non-interest expenses to revenue 68.1%(1)
                   ratio of 60% by 2002  

Capital Strength   7.5% - 8.5% (Tier 1)             8.7%   
                   10.5% - 11.5% (Total Capital)    12.1%

(1) Normalized for the gains on sales of corporate assets and the additional
   specific provision for government-sponsored student loans.

 We have accomplished much this year. Our excellent returns and consistent
performance are the result of hard work by talented employees. We will
continue to measure and review our performance, hone our financial discipline
and leverage every opportunity to add value to your investment in CIBC.


OPERATING HIGHLIGHTS

- Hedged the majority of the remaining 47 million share investment in Global
  Crossing Ltd.

- Launched cibc.com to invest in new e-commerce ventures

- Launched bizSmart no-fee, online banking for small business customers

- Ranked No. 1 in mutual fund net sales among Canadian banks and trust companies

- Sold our property and casualty insurance companies

- Sold our private client operations in Switzerland

- Announced Procuron Inc.joint venture with other providers to build B2B
  electronic marketplace

- Introduced Aerogold card for small business

- Increased equity offerings in the U.S. by 80% in terms of dollar value.

Subsequent events:

- Announced Amicus expansion through agreement with three retail financial      
  service companies to distribute banking and brokerage services under their own
  brands

- Announced agreement with National Data Corporation to form 10-year marketing
  alliance to expand merchant products and services in North America

A NOTE ABOUT FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements about the operations,
objectives, targets and strategies of CIBC. Forward-looking statements may be
identified by the words 'believe', 'expect', 'anticipate ', 'intend ',
'estimate ' and other similar expressions. These statements are subject to risks
and uncertainties. Actual results may differ materially due to a variety of
factors including legislative or regulatory developments, competition,
technological change, global capital market activity, interest rates and general
economic conditions in Canada, North America or internationally. This list is
not exhaustive of the factors that may affect any of CIBC's forward-looking
statements. These and other factors should be considered carefully and readers
should not place undue reliance on CIBC's forward-looking statements.

For more information please contact:
Kathryn A. Humber, CFA, Senior Vice-President, Investor Relations, 
(416) 980-3341
Robert E. Waite, Senior Vice-President, Corporate Communications and Public
Affairs, (416) 980-3052
Wendy Dey, Director, Corporate Communications, (416) 980-6385


FINANCIAL AND OPERATIONS COMMENTARY - OVERVIEW

Net Income

CIBC reported net income of $332 million for the fourth quarter, an increase of
$324 million from the fourth quarter of 1999. Basic earnings per share were
$0.80 and return on equity was 12.1%, up from $(0.04) and (0.8)%, respectively,
in 1999.

CIBC's net income for the year ended October 31, 2000 was $2,060 million, up
$1,031 million or 100% from 1999. Basic earnings per share were $4.97 and return
on equity was 20.5%, compared to $2.23 and 9.8% in 1999.

The following table lists certain items affecting CIBC's results.

NET INCOME
                                                       
                               For the three months ended   For the years ended
                                  2000    2000    1999        2000      1999
$ millions                       Oct.31  Jul.31  Oct.31      Oct.31    Oct.31 

Net income before the following, 
net of income taxes:              $ 412   $ 383   $  317    $ 1,713    $ 1,359
Gains on sales of corporate
 assets(1)                          132       -        -        260          - 
Restructuring (charge) reversal      18       -     (184)        18       (242)
Oppenheimer acquisition-related
      costs                          (3)     (3)      (5)       (12)       (25)
Consolidation of New York premises  (27)      -        -        (27)         -
General provision for credit losses (57)      -      (21)      (146)       (84)
Additional specific provision for 
credit losses - student loans      (143)      -        -       (143)         -
Gains on sales of a portion of CIBC's 
 investment in Global Crossing Ltd., 
 offset by certain write-downs 
 in 1999(2)                           -     221      (68)       397         52
Write-down of certain technology 
  assets                              -       -      (31)         -        (31)
Net income as reported            $ 332   $ 601    $   8    $ 2,060    $ 1,029


(1) After-tax gains in the fourth quarter of 2000 were from sate of the property
and casualty insurance companies ($97 million), CIBC Suisse S.A. ($20 million),
and an office property  ($15 million).
(2) Write-downs relate to Loewen Group and Newcourt Credit Group Ltd.

After allowing for these items, net income for the fourth quarter was $412
million, an increase of $95 million or 30% from the fourth quarter of 1999.
Similarly adjusted basic earnings per share were $0.99 and return on equity was
15.4% (fourth quarter 1999: $0.72 earnings per share and 12.2% return on
equity).

Net income for the year, excluding the above noted items, was $1,713 million, an
increase of $354 million or 26% from 1999.

Revenue

Revenue was $3,018 million on a tax equivalent basis (TEB) in the 2000 fourth
quarter and $12,210 million for the year, up $582 million (24%) and $1,945
million (19%), respectively, from 1999. Revenue in the fourth quarter of 2000
included gains on sales of corporate assets including the property and casualty
insurance companies ($97 million), CIBC Suisse S.A. ($28 million) and an office
property ($21 million). Revenue in the fourth quarter of 1999 included
significant write-downs against certain investments (see note (2) above).

Revenue for the year 2000 benefited from gains on sales of corporate assets
including sales of the property and casualty insurance companies ($97 million),
CIBC Suisse S.A. ($28 million) and certain office properties ($203 million), as
well as a $697 million (1999: $583 million) gain on the sale of a portion of our
investment in Global Crossing Ltd. 1999 also included significant write-downs
related to certain investments. Excluding these items, revenue for the year was
$11,185 million, up $1,137 million or 11% from 1999 due to strength across all
business lines.

World Markets revenue was up $882 million for the year. This growth in revenue
was driven by merchant banking gains, including a gain on the sale of a portion
of our investment in Global Crossing Ltd., and record levels of equity related
activities. Wealth Management revenue was up $558 million primarily due to
favourable market conditions and volumes, as well as growth in our client base
and assets under administration. Strong performance in cards drove a $68 million
increase in Electronic Commerce revenue, while Retail and Small Business Banking
posted solid revenue increases.

Expenses

Non-interest expenses were $2,062 million for the fourth quarter and $8,127
million for the year, after excluding the restructuring charge from 1999 and the
adjustment in 2000, up 4% and 7%, respectively, from the comparative periods in
1999.

The increase in non-interest expenses was due to higher incentive compensation
and variable expenses tied to higher revenue, offset by lower operating expenses
as a result of our cost reduction program. In addition, spending on strategic
initiatives such as Amicus and bizSmart increased expenses in 2000.

CIBC achieved its target of reducing base operating expenses by $500 million on
an annualized basis by the fourth quarter of 2000. The base was second quarter
1999 expenses, excluding certain revenue-related expenses (incentive
compensation, commissions and other variable expenses) and new investment in
strategic growth businesses. CIBC achieved annualized savings of almost $600
million based on the fourth quarter results.

CIBC recorded a restructuring provision of $426 million in 1999 in support of
the program to reduce base operating expenses. This program has been
substantially implemented in 2000. During the fourth quarter of 2000, a net $31
million reduction was made to the original provision. This adjustment resulted
primarily from lower severance costs due to higher levels of attrition and
redeployment within CIBC, as well as a reduction in scope of certain
initiatives.

Assets

Total assets were $267.7 billion at October 31, 2000, up $17.4 billion from the
fourth quarter of 1999 primarily due to increases in residential mortgages ($5.3
billion), personal and credit card loans ($2.9 billion) and trading securities
($7.2 billion).

CIBC increased its full-year estimate of the specific provision for credit
losses by $250 million. This increase related to the government-sponsored
student loan portfolio and reflects the results of management's assessment of
the portfolio giving consideration to the expiry of the contract with the
federal government on July 31, 2000, ongoing negotiations with various provinces
and the overall poor credit performance of this portfolio. As well, CIBC added 
$100 million to the general allowance for credit losses, increasing it to $1,250
million. This increase reflects a prudent approach to the current economic cycle
and portfolio composition, as well as continued refinement of CIBC's general
allowance methodology.

Specific provisions were $970 million for the year, compared to $600 million in
1999. The increase primarily relates to the consumer loan portfolio,
specifically student loans and losses associated with growth in the credit card
portfolio. At year end, the total allowance for credit losses was $2,236
million, up $488 million from 1999. Gross impaired loans were $1,661 million, up
$179 million from one year ago.

In 2000, CIBC divested certain corporate assets to focus on core competencies
and to enhance capital productivity. Divestitures during the year included:

- The sale of CIBC's portfolio of seven wholly-owned office properties
  located in Vancouver, Edmonton, Hamilton, Montreal, Oshawa and Toronto in the
  second quarter. A gain of $182 million ($128 million after-tax) was recognized
  during the year, from a total gain of $333 million. The remaining gain relates
  to the portion of the premises that CIBC continues to occupy and will be
  recognized over the approximately 10-year average term of the related leases. 
  As well, CIBC recorded a gain of $21 million ($15 million after-tax) relating 
  to the sale of a property in the fourth quarter.

- CIBC's property and casualty insurance companies, The Personal Insurance
  Company of Canada and CIBC General Insurance, were sold to Desjardins-        
  Laurentian Financial Corporation resulting in a gain of $97 million ($97      
  million after-tax).

- CIBC Suisse S.A. was sold to Credit Agricole Indosuez, a subsidiary of the
  French bank, Credit Agricole group, for a gain of $28 million ($20 million
  after-tax).

Capital Management

CIBC's total capital for regulatory purposes was $16.1 billion at year end, up
$0.7 billion from October 31, 1999. Tier 1 and total regulatory capital ratios
were 8.7% and 12.1%, respectively, at October 31, 2000, up from 8.3% and 11.5%
one year ago.

Shareholder Value

CIBC's common share price was $48.40 at year end, up 53% from $31.70 at October
31, 1999. Book value per share was $25.17, up 11% from 1999.

Total return to CIBC shareholders in fiscal 2000, including dividends, was
57.5%.

Under CIBC's normal course issuer bid that started December 15, 1999, CIBC
purchased 7.6 million shares during the fourth quarter at an average price of
$47.86 per share. During the year ended October 31, 2000, 26.5 million shares
were purchased at an average price of $40.42 per share.

FINANCIAL AND OPERATIONS COMMENTARY - SEGMENTED

CIBC's management structure has four business lines - Electronic Commerce,
Technology and Operations; Retail and Small Business Banking; Wealth Management;
and CIBC World Markets. These business lines are supported by four functional
groups - Treasury and Balance Sheet Management (TBM); Risk Management;
Administration; and Corporate Development.

Electronic Commerce, Technology and Operations (Electronic Commerce)

Electronic Commerce comprises mortgages, card products, insurance and the
development of leading-edge technology businesses, either directly or through
electronic banking alliances, to generate new revenue opportunities. The group
also manages CIBC's operations and technology function, the payments business
(chequing, saving and current accounts) and electronic banking services
(telephone banking, computer/Internet banking and ABMs), the revenue and
expenses of which are fully allocated.

Net income for the fourth quarter of 2000 was $152 million and included a $97
million after-tax gain on sale of the property and casualty insurance companies.
The fourth quarter of 1999 included a restructuring provision of $44 million
after-tax and a one-time charge relating to technology assets of $28 million
after-tax, while the fourth quarter of 2000 included a $16 million after-tax
credit to adjust the 1999 restructuring provision. Excluding these items, net
income for the fourth quarter of 2000 was $39 million, down $10 million from $49
million in the fourth quarter of 1999.

Net income for the year was $323 million, up $124 million from 1999. The
increase resulted primarily from the $97 million after-tax gain on the sale of
the property and casualty insurance companies and a $16 million after-tax credit
adjustment to the 1999 restructuring provision in 2000, together with the $44
million after-tax restructuring provision and the one-time $28 million after-tax
charge relating to technology assets in 1999.

Revenue totaled $499 million in the fourth quarter, up $61 million from the 1999
fourth quarter and up $80 million from the prior quarter. Revenue for the full
year was $1,716 million, up $68 million from 1999.

- Mortgages include both residential and commercial mortgages. Revenue was $89  
  million in the fourth quarter, up $15 million from the fourth quarter of 1999
  due to increased loan balances offset by a decrease in interest margins.      
  Revenue was up $8 million from the prior quarter. Revenue for the full year   
  was $334 million, down $6 million from 1999. Mortgage balances outstanding    
  were up; however, revenue was down because interest margins decreased as      
  higher interest rates caused a decline in prepayment fees received.
 
- Cards comprise a portfolio of credit and debit cards as well as a merchant
  business. Revenue was $246 million in the fourth quarter, up $25 million
  from the fourth quarter of 1999 due to a 23% increase in average balances     
  under administration and a 23% increase in purchase volumes. Revenue was up $6
  million from the prior quarter as a result of higher average balances under
  administration and purchase volumes. Revenue for the full year was $912       
  million, up $134 million from 1999 due to significant increase in average     
  balances under administration and purchase volumes.

- Insurance provides creditor and property and casualty insurance products.
  Revenue was $109 million in the fourth quarter, up $50 million from the fourth
  quarter of 1999 due to the $97 million gain on the sale of the property and   
  casualty insurance companies at the end of August, partially offset by
  the impact of exiting direct life insurance in April and the underwriting of
  property and casualty products. Revenue was up $63 million from the prior     
  quarter for the same reasons. In the fourth quarter, the remaining creditor   
  life business had revenue of $12 million, below the average of the
  first three quarters and ongoing expectations, due to lower investment income 
  and certain one-time events.

  Revenue for the full year was $245 million, up $12 million from 1999 again due
  primarily to the gain on sale of the property and casualty companies.         
  Excluding the gain on sale, revenue was $148 million, down $85 million from   
  1999 as a result of exiting direct life insurance products, underwriting of   
  property and casualty insurance and strengthening reserves. Going forward, the
  insurance business focus will be on the distribution and marketing of 
  creditor, term life, travel medical and accidental death insurance.

- Other includes Amicus, electronic and self-service banking, the allocation
  of a portion of treasury revenue and INTRIA third-party technology services.
  Revenue was $55 million in the fourth quarter, down $29 million from the      
  fourth quarter of 1999 due in part to a decline in treasury revenue. Revenue  
  was up $3 million from the prior quarter. Revenue for the full year was $225  
  million, down $72 million from 1999 due primarily to a decline in treasury    
  revenue.

In addition to the above, revenue of $1,849 million in 2000 (1999: $1,895
million) was managed and fully allocated to other business lines within CIBC.
This relates largely to the payments business.

Non-interest expenses for the fourth quarter were $294 million, down $102
million from the fourth quarter of 1999 after excluding the restructuring charge
in 1999 and the adjustment in 2000. The fourth quarter of 1999 also included a
$48 million charge for the revision in the estimated useful life of certain
technology assets. Reductions were achieved in all businesses, especially
insurance and technology, with increases in cibc.com and Amicus.

Non-interest expenses for the year were $1,155 million, up $54 million from 1999
after excluding the restructuring charge in 1999 and the adjustment in 2000, as
well as the one-time $48 million technology charge from 1999. Expenses were up
due to Amicus spending which totaled $267 million (1999: $102 million). The
Amicus spending was funded in part by savings achieved from our cost reduction
program.

At year end, there were 15,264 full-time equivalent employees, which was
slightly lower than the number as at October 31, 1999 as reductions due to
restructuring and exiting certain insurance businesses were offset by growth in
strategic areas.

Developments and progress against targets include:

-Procuron Inc. was formed as CIBC joined forces with Bell Canada, Scotiabank
 Group, Mouvement des caisses DesJardins and BCE Emergis to create one of
 Canada's largest business-to-business (B2B) electronic marketplaces. Procuron  
 will offer businesses aggregated purchasing and automated order management in
 an efficient, integrated system. Beginning in the first quarter of 2001, CIBC's
 business customers will be able to take advantage of Procuron's combined
 purchasing volume, along with its e-commerce and strategic sourcing expertise, 
 to purchase a diverse range of brand-name business products and services.
        
-Cards launched the Aerogold VISA card for small business in the fourth quarter.
 The new card delivers a mix of benefits and rewards including a flexible line  
 of credit and a low interest rate. 

-CIBC and SureFire Commerce Inc., a global e-commerce solutions provider, have  
 reached an agreement to build the first full-service Canadian online shopping
 community to be offered by a Canadian financial institution. ShopCIBC will soon
 be available to CIBC's merchants and be promoted to nearly four million
 CIBC VISA customers.

-Sutton Group Realty Services Ltd. and CIBC Mortgages Inc. introduced three new 
 innovative mortgage products in October. This provides Sutton customers with an
 expanded choice of mortgages to select from when buying a home.
         
-Subsequent to year end, CIBC announced an expansion of Amicus activities,      
 signing a letter of intent with Investors Group Inc., Great-West Lifeco Inc.,  
 and London Life Insurance Co. Under this exclusive long-term distribution      
 arrangement, the three companies will distribute banking and brokerage products
 and services under their own brands, through their respective consultant and   
 advisor networks nationwide.
 Amicus will provide the products, services, operating infrastructure and       
 technology to support this arrangement. Subject to regulatory approval and     
 final agreements, the new products will be introduced in 2001, beginning with  
 Investors Group Inc.

-Subsequent to year end, CIBC and National Data Corporation (NDC) of Atlanta,   
 Georgia, announced an agreement to form a 10-year marketing alliance
 to enhance and expand their merchant products and services in the North        
 American marketplace. CIBC Merchant Card Services will join with NDC's current
 payment processing business to form Global Payments Inc., a new public company 
 which will be a leader in merchant services in North America. Under the terms
 of the deal, CIBC will sell its merchant acquiring business, a division of     
 cards, and purchase a 26.25% equity stake in Global Payments Inc. The deal is
 contingent upon obtaining regulatory approvals in Canada and the United States.

Target >  Double the number of electronic banking customers (Amicus) within one
year

- The number of electronic banking customers in Amicus grew 97% from 231,000 to
 456,000.

Target > Increase sales of CIBC's banking products through electronic channels
by 50% within one year

-Year-to-date sales volumes through telephone and PC Banking were up 16% from
 1999. Growth in the number of calls received reduced our ability to increase
 outbound marketing calls required to meet the sales growth target and stay
 within our expense target. Including Amicus, growth is 48%.

Target > Change business processes that are not serving customers well or are
exceeding industry cost benchmarks

-To accommodate continued growth in telephone banking, we are opening a new call
 centre in Fredericton, N.B. in early 2001.

Retail and Small Business Banking

Retail and Small Business Banking comprises a full service banking operation
offering customers lending, deposit and investment products and other banking
services through an extensive branch network in Canada and the West Indies, and
through electronic channels managed by the Electronic Commerce business line
(such as ABMs, telephone banking, debit card and Internet banking). The retail,
small business and student loan portfolios are included within the Retail and
Small Business Banking business line.

A loss of $59 million was reported in the fourth quarter as a result of an
additional $143 million after-tax provision for credit losses related to the
student loan portfolio and a $6 million after-tax charge to adjust the 1999
restructuring provision. The fourth quarter of 1999 included a $31 million
after-tax restructuring charge. Excluding these items, net income for the fourth
quarter was $90 million, down $9 million from the fourth quarter of 1999 and up
$1 million from the prior quarter.

Net income for the year was $205 million, down from $291 million in 1999. After
adjusting 2000 for the items noted above and 1999 for the $39 million after-tax
restructuring provision and the $21 million gain on an investment, net income
was $354 million for 2000, up $45 million from 1999. The increase reflects
higher revenue in both retail banking and small business banking, partly offset
by reduced loan spreads and lower treasury revenue.

Revenue totaled $655 million in the fourth quarter, up $28 million from the
fourth quarter of 1999 and down $4 million from the prior quarter. Revenue for
the full year was $2,590 million, up $113 million from 1999, excluding the $21
million gain on investment in 1999.

-Retail banking is the individual customer segment (customers other than those
in Imperial Service). Revenue is earned from sales and service fees paid
by CIBC's product groups, primarily the investments, deposits and lending
products businesses. Revenue was $220 million in the fourth quarter, down $2
million from the fourth quarter of 1999 and down $12 million from the prior
quarter. Revenue for the full year was $886 million, up $64 million from 1999
due to business growth in loans and investments, and higher retail deposit
interest margins.
         
-Small business banking is the customer segment supporting small owner-operated
businesses, including owners' personal holdings. Revenue is earned from
sales and service fees paid by CIBC product groups, primarily the investments,
deposits and lending products businesses. Revenue was $202 million in the
fourth quarter, up $27 million from the fourth quarter of 1999 due to growth in
deposits, investments and loan portfolios. Revenue was consistent with the prior
quarter. Revenue for the full year was $780 million, up $102 million from 1999
due to growth in deposits, investments and loan portfolios. Total outstanding
balances of loans and deposits increased 11% from the end of 1999.

-West Indies is a full-service banking operation servicing all customer segments
through a branch network and electronic delivery channels. Revenue is earned
on net interest spreads and sales and service fees.
Revenue was $69 million in the fourth quarter, up $2 million from the fourth
quarter of 1999 due primarily to more favourable foreign exchange rates. Revenue
was down $1 million from the prior quarter as a result of slightly lower
net-interest margins. Revenue for the full year was $268 million. Excluding a
$21 million investment gain in 1999, revenue in 2000 was up by $26 million due
to higher business volumes.

-Lending products comprise personal (including student loans), small business
and agricultural lending portfolios. Revenue is earned through net interest
spreads and service fees; part of this revenue is paid to the customer segments.
Revenue was $163 million in the fourth quarter, up $15 million from the fourth
quarter of 1999 due to higher volumes in the personal and small business
portfolios and improved personal loan spreads. Revenue was up $8 million from
the prior quarter as a result of increased personal loan volumes and spreads.
Revenue for the full year was $624 million, down $26 million from 1999 due to
lower interest margins, which offset the impact of $1.4 billion in higher loan
volumes. The reduction in margins was a result of the continuing shift of the
product mix into lower spread products such as secured lines of credit.

- Other consists primarily of the allocation of a portion of treasury revenue.
Revenue was $1 million in the fourth quarter, down $14 million from the fourth
quarter of 1999. Excluding an asset write-down of $6 million in the prior
quarter, revenue was down $5 million from the third quarter. Revenue for the
full year was $32 million, down $53 million from 1999. In each instance, the
decline was due to lower treasury revenue.

Non-interest expenses for the fourth quarter were $456 million, up $34 million
from the fourth quarter of 1999 after excluding the restructuring charge from
1999 and the adjustment in 2000. This increase relates to higher non-credit
losses in 2000 and lower general and administration expenses in 1999.

Non-interest expenses for the year were $1,809 million, up $56 million from 1999
after excluding the restructuring charge from 1999 and the adjustment in 2000.
The increase is primarily due to strategic spending, increased incentive
compensation based on operating results and a rise in the level of non-credit
losses.

At year end there were 15,418 full-time equivalent employees, down 2% from 1999
due primarily to restructuring.  Adjusting for new branches, technology
initiatives, launch of bizSmart, creation of small business advisory teams,
and for employees completing service in restructured positions, full-time
equivalent positions were down 855 or 5% from 1999.

Developments and progress against targets include:

-BizSmart, Canada's first no-fee, online banking offer for small business
customers was launched in the fourth quarter. In October 2000, 11 kiosks were
opened in Business Depot locations in the Greater Toronto Area. Roll-out across
the country is planned for 2001.

-A web site, www.cibcasianbanking.com, was launched in the fourth quarter for
CIBC Asian Banking. 

-During the year, we created a separate group of 2,000 professionals committed
to improving how we serve the small business segment. This group is organized
into teams to strengthen our integrated offer to better meet both the personal
and business financial services needs of our clients, as well as to establish a
basis for better account relationship continuity. 

-More than 5,000 personal computers and servers were installed in the first
phase of a major technology upgrade and training initiative for the retail
banking front-line. In October 2000, we continued the technology upgrade and
initiated a project to replace counter workstations and printers. 

-Retail University, a training initiative aimed at increasing employee
capability, was launched in 2000 and includes programs for retail banking sales
and service employees and their managers. More than 5,000 employees will be
participating in the in-branch and in-class programs over the next year. 

-A new customer care process was implemented to ensure our customers' concerns
are consistently addressed in a professional and timely fashion. Our customer
loyalty results improved slightly in 2000 despite large-scale branch
reorganization and staffing changes.

Target > Improve customer loyalty by 10% by 2002

-Ratings for 2000 improved by 2% over 1999, based on internal customer loyalty
measures for October 2000.

Target >  Become No.1  bank for small business customers by 2002

-In a recent external survey of small business customers, CIBC ranked first
among Canadian banks with 77% of our small business customers also conducting
their personal business with CIBC.

-The latest available provincial market share statistics record a 27 basis point
improvement over 1999 in our share of business loans in the under $1 million
category.

-The launch of bizSmart provides Canada's first no-fee, online banking offer for
small business.

Target > Grow small business loans by 15% a year

-Small business loan volumes at October 31, 2000 were 12% higher than at the end
of 1999.

Wealth Management

Wealth Management is a leader in helping individual clients achieve their
financial goals through a sales force of more than 2,900 financial
professionals.  These professionals deliver an array of investment products and
services including: full-service brokerage (reported in CIBC World Markets in
1999), discount brokerage, a full range of mutual funds, GICs, global private
banking and trust, investment management services, and a full range of banking
and credit services.

Net income for the fourth quarter was $119 million, up $120 million from the
fourth quarter of 1999. The fourth quarter of 1999 included an after-tax
restructuring charge of $30 million while the fourth quarter of 2000 included a
$6 million after-tax adjustment to the restructuring provision. Excluding the
impact of the restructuring charge and the adjustment to the provision, the $84
million increase in net income was due largely to increased revenue across all
businesses as well as the gain on the sale of CIBC Suisse S.A. of $20 million.

Net income was $461 million for 2000, up $285 million from the year ended
October 31, 1999, reflecting increased revenue due to favourable market
conditions as well as growth in the client base.

Revenue totaled $654 million in the fourth quarter, up $128 million from the
1999 fourth quarter and up $18 million from the prior quarter. Revenue for the
full year was $2,764 million, up $558 million from 1999 due to growth across all
business lines, in particular private client investment, asset management and
wealth products.

-Imperial Service is the customer segment offering financial advice to CIBC's 
high-value clients. Specially trained financial advisers support the financial
planning and product fulfilment needs of these clients. Revenue is earned from
sales and service fees by CIBC's product groups, primarily the investments,
deposits and lending products businesses. Revenue was $161 million in the fourth
quarter, up $13 million from the fourth quarter of 1999 and was consistent with
the prior quarter. Revenue for the full year was $619 million, up $31 million
from 1999 mainly due to higher retail deposit interest margins.

  
-Private client investment and asset management generates fees and commissions
from full-service retail brokerage providing equity and debt investments, mutual
fund products, asset management service and advisory and financial planning
services to individuals in Canada and the United States. Revenue was $308
million in the fourth quarter, up $56 million from the fourth quarter of
1999 due to market conditions generating increased trading volumes. Revenue was
down $1 million from the prior quarter. Revenue for the full year was $1,430
million, up $352 million from 1999. Revenue increased due to higher retail
trading volumes as well as growth in our client base. Also contributing to the
increase were higher than normal incentive fees representing our no-risk
participation in the profits of investment partnerships.

-Global private banking and trust provides a comprehensive range of global
solutions, including investment management, trusts, private banking and global
custody to meet the financial management needs of individuals, families and
corporations with significant financial resources. Revenue was $60 million in
the fourth quarter, up $30 million from the fourth quarter of 1999 due to the
$28 million gain on the sale of CIBC Suisse S.A. Revenue was up $30 million from
the prior quarter also as a result of the gain on the sale of CIBC Suisse S.A.
Revenue for the full year was $153 million, up $40 million from 1999.

-Wealth products includes mutual funds, investment management services, online
and discount brokerage services and GICs. These investment products are
developed and distributed to retail, small business and Imperial Service
customers. Revenue was $117 million in the fourth quarter, up $39 million from
the fourth quarter of 1999. Revenue was down $11 million from the prior quarter.
Revenue for the full year was $513 million, up $169 million from 1999 due to
strong market conditions and increases to our customer base. In particular,
discount brokerage trading volumes increased 111% from 1999 and discount
brokerage assets under administration grew 46% from 1999. As well, growth in
mutual funds was strong, resulting in assets under administration increasing by
$3.5 billion or 17% from 1999.

-Other consists primarily of the allocation of a portion of treasury revenue.
Revenue was $8 million in the fourth quarter, down $10 million from the fourth
quarter of 1999 due to lower treasury revenue. Revenue was unchanged from the
prior quarter. Revenue for the full year was $49 million, down $34 million from
1999 again due to lower treasury revenue.

Non-interest expenses for the fourth quarter were $493 million, up $17 million
from the fourth quarter of 1999 after excluding the restructuring charge from
1999 and the adjustment in 2000.

Non-interest expenses for the year were $2,080 million, up $155 million from
1999 after excluding the restructuring charge from 1999 and the adjustment in
2000. The increase in non-interest expense from 1999 was primarily due to
revenue-related expenses of which the most significant is variable compensation.
Excluding revenue-related expenses from both 1999 and 2000, non-interest
expenses were $1,263 million, down $71 million from 1999. The reduction resulted
from cost reduction initiatives within Wealth Management.

At year end, there were 7,540 full-time equivalent employees, down 709 or 9%
from 1999 primarily due to re-alignment of the Imperial Service sales force,
restructuring of the domestic trust operations and the sale of CIBC Suisse S.A.

Developments and progress against targets include:

-CIBC continues to rank first among banks in mutual fund net sales
year-to-date, with $1.5 billion, and is also the Canadian leader in index funds
with $3.9 billion in assets under administration at the end of the fourth
quarter.

-CIBC Securities Inc. expanded its index fund family, adding three new index
funds that offer greater fund choice for investors. The addition of the CIBC
Nasdaq Index Fund, the CIBC Asia Pacific Index Fund, and the CIBC Emerging
Markets Index Fund brings CIBC's offer of passively managed funds to 15
and positions CIBC as the only company in Canada to offer index funds on all
major indices around the world.

-The sale of CIBC Suisse S.A. was finalized in the fourth quarter, resulting in
a pre-tax gain of $28 million.


Target > Increase assets under administration by 10% within one year

-Assets under administration (excluding international assets administered for
institutional clients) were $163.2 billion at the end of the fourth quarter, an
increase of 16% from October 31, 1999.

Target > Maintain a leadership position in index mutual funds by growing assets
by 25%

-Assets within the index mutual funds increased 72% from the fourth quarter of
1999. CIBC has the largest retail index mutual fund asset base in Canada.


CIBC World Markets

CIBC World Markets has a broadly based, North American investment banking
capability, providing integrated financial solutions to corporate, institutional
and government clients. CIBC World Markets includes commercial banking
activities (reported under Personal and Commercial Bank in 1999).

Net income for the fourth quarter was $144 million, up $82 million from the
fourth quarter of 1999. Current quarter results include a $27 million after-tax
charge for New York premises consolidation, while the fourth quarter of 1999
included a $59 million after-tax charge for restructuring. Net income was down
$242 million from the prior quarter as earnings in that period reflected the
sale of a portion of our investment in Global Crossing Ltd.

Net income was $1,123 million for 2000, up $583 million from the year ended
October 31, 1999. Capital Markets and Merchant Banking business segments
contributed to very strong revenue growth.

Revenue totaled $1,120 million in the fourth quarter, up $260 million from the
1999 fourth quarter and down $171 million from the prior quarter. Revenue for
the full year was $4,749 million, up $882 million from 1999.

-Capital markets operates trading, sales and research businesses serving
institutional, corporate and government clients across North America and around
the world. Revenue was $342 million in the fourth quarter, up $175 million from
the fourth quarter of 1999 due to improved performance from fixed income,
foreign exchange and equity businesses. Revenue was down $4 million from the
prior quarter. Revenue for the full year was $1,516 million, up $510 million
from 1999 due to significant revenue growth in equity structured products and
U.S. institutional equity activities, driven in part by strong market conditions
during the year.

-Investment banking and credit products provides advisory services and
underwriting of debt, credit and equity for corporate and government clients
across North America and around the world. Revenue was $417 million in the
fourth quarter, down $138 million from the fourth quarter of 1999 due to reduced
deal flow in leveraged finance markets (i.e. corporate lending and high yield
activities). Revenue was up $23 million from the prior quarter. Revenue for the
full year was $1,707 million, down $199 million from 1999, again due to weakness
in leveraged finance markets.


-Merchant banking makes investments to create, grow and recapitalize companies
across a variety of industries. Revenue was $244 million in the fourth
quarter, up $239 million from the fourth quarter of 1999 because of investment
write-downs in the prior year's fourth quarter results. Revenue was down
$168 million from the prior quarter as a result of the $383 million gain on the
disposal of a portion of our investment in Global Crossing Ltd. recognized
in the prior quarter. Gains in the current quarter from other investments
partially offset this impact. Revenue for the full year was $1,021 million, up
$559 million from 1999.

-Commercial banking originates financial solutions centred around credit
products for medium-sized businesses in Canada. Revenue was $124 million in the
fourth quarter, down $2 million from the fourth quarter of 1999 and up $7
million from the prior quarter. Revenue for 2000 was $475 million, up $7 million
from 1999.

-Other includes the allocation of a portion of treasury revenue; CEF Capital,
an affiliated Asian merchant bank holding company; and other revenue not
directly attributed to the main businesses listed above. Revenue was $(7)
million in the fourth quarter, down $14 million from the fourth quarter of 1999,
in part due to lower treasury revenue. Revenue was also down $29 million from
the prior quarter. Revenue for the full year was $30 million, up $5 million from
1999.

Non-interest expenses for the fourth quarter were $804 million, up $172 million
from the fourth quarter of 1999 after excluding the restructuring charge from
1999. Non-interest expenses for the year were $2,906 million, up $298 million
from 1999 after excluding the restructuring charge from 1999. These increases
were primarily driven by higher variable compensation associated with increased
revenue and charges related to New York premises consolidation.

At year end, there were 3,281 full-time equivalent employees, down 8% from 1999
due to implementation of defined restructuring initiatives.

Developments and progress against targets include:

-Strong performance from our U.S. investment banking platform continued in 2000,
particularly in the new issue equity business for technology companies. In the
year, CIBC World Markets led and co-managed equity offerings for an aggregate
volume of US$23.1 billion, up from an aggregate volume of US$12.1 billion in the
prior year. 

-The equity structured products business within capital markets, a
hybrid proprietary and client business that employs technology and human capital
to manage trading strategies in equity markets, has grown significantly. Revenue
for the current year was up substantially from the prior year. 

-CIBC World Markets has hedged the majority of the remaining 47 million share
investment in Global Crossing Ltd. CIBC has entered into forward sale contracts
with a range of maturities from 2001 to 2003. Floor prices have been set at
between US$20-$28 per share and ceiling prices of between US$46-$64 per share. 

-An initiative of CIBC World Markets and Electronic Commerce, cibc.com, was
launched during the quarter. This venture will act as an incubator for new ideas
and e-business in the future. 

-A strategic review and restructuring plan for the commercial banking business
was completed. Restructuring initiatives are under way and showing  positive
results. 

-A decision was made to consolidate New York premises into one central location.
This will further enhance our ability to service clients more efficiently in the
future.

Target > Generate a 15% - 20% return on equity

-Achieved a return on equity of 25.6% for the year, with net income after-tax of
 $1.1 billion.

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