-   3% discount on the reinvestment of dividends in newly issued common
        shares
    -   Preferred shares now able to participate in the planTORONTO, May 28 /CNW/ - CIBC (CM: TSX; NYSE) today announced amendments
to its Shareholder Investment Plan. Under the Plan, shareholders resident in
Canada or the United States may elect to have dividends reinvested in
additional common shares of CIBC.
    CIBC has decided to issue shares from treasury at a 3% discount from the
Average Market Price (as defined in the Plan) until such time as CIBC elects
otherwise. The discount applies to the distribution of common shares under the
"Dividend Reinvestment Option" or "Stock Dividend Option" portions of the
Plan. The discount will not apply to shares purchased under the "Share
Purchase Option" of the Plan.
    Under the Plan, CIBC determines whether the additional common shares are
purchased on the secondary market or are newly-issued by CIBC. Previously,
shares were purchased on the secondary market with no discount from the
Average Market Price.
    In addition, under the amended Plan CIBC may designate certain series of
CIBC preferred shares as eligible to participate in the Plan. Holders of
eligible preferred shares may elect to have dividends on those preferred
shares reinvested in common shares of CIBC. CIBC has designated each series of
currently authorized preferred shares as eligible to participate in the Plan.
    These changes will be effective starting with the dividend payable on
July 28, 2009 to common and preferred shareholders of record on June 29, 2009.
    Ongoing participants in the Plan will automatically have the discount
applied to the reinvestment of their dividends on the July 28, 2009 payment
date. Registered shareholders resident in Canada or the United States wishing
to join the Plan can obtain an enrolment form from CIBC's plan agent, CIBC
Mellon Trust Company by calling 416-643-5500 in Toronto, or toll-free at
1-800-387-0825 from elsewhere in Canada or the United States. Eligible
beneficial or non-registered shareholders must contact their financial
institution or broker to find out details on how they can participate.
    In order to participate in time for the July 28, 2009 dividend payment
date, enrolment forms from registered shareholders must be received by CIBC
Mellon Trust Company before the close of business on June 22, 2009. Eligible
beneficial or non-registered shareholders should contact their financial
institution or broker well in advance of the above date for instructions on
how to enrol in the Plan.
    A copy of the Plan offering circular describing the terms and conditions
applicable to the Plan is available from the Investor Relations section of
www.cibc.com or from the plan agent at www.cibcmellon.com or by e-mail at
inquiries@cibcmellon.com.

    The securities being offered have not been and will not be registered
under the U.S. Securities Act of 1933, as amended, and may not be offered or
sold in the United States absent registration or an applicable exemption from
the registration requirements. This press release shall not constitute an
offer to sell or an invitation to purchase or subscribe for any securities in
the United States or in any other jurisdiction where such offer is unlawful.

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