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Canadian Imperial (41PS)

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Monday 29 January, 2001

Canadian Imperial

Issue of Equity

Canadian Imperial Bank of Commerce
29 January 2001

                                                            January 15, 2001


Toronto - CIBC today announced that it entered into an underwriting agreement
for a new non-cumulative preferred share issue in Canadian funds. The new issue
will consist of a minimum of 12 million Non-cumulative Class A Preferred Shares
Series 23 priced at C$25.00 per share to yield 5.30 per cent annually. Subject
to agreement between CIBC and its underwriters, CIBC may issue up to 4 million
additional Series 23 preferred shares until closing under the same terms.

The preferred shares are redeemable by CIBC, subject to regulatory approvals, at
a declining premium after approximately 6.75 years for cash or for common shares
at  95  per  cent of the then market price of the common shares.  The  preferred
shares  will  also  be convertible by the holder into CIBC common  shares  after
approximately  10.5 years at 95 per cent of the then market  price,  subject  to
CIBC's right to redeem for cash.

The  offering will be underwritten by a group of investment dealers led by  CIBC
World  Markets Inc. The expected closing date for the issue is January 31, 2001.
The  net proceeds of this transaction will be added to the general funds of CIBC
and will increase CIBC's Tier 1 capital.

For further information please call Peter W. Kay, Senior Vice President, Capital
Management, CIBC, (416) 956-3788.

Issued by:
Corporate Communications and Public Affairs


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