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CIBC Announces Completion of Offering of NVCC Preferred Shares

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, June 2, 2017 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced that it has completed the offering of 32 million Basel III-compliant Non-cumulative Rate Reset Class A Preferred Shares Series 45 (Non-Viability Contingent Capital (NVCC)) (the "Series 45 Shares") priced at $25.00 per share to raise gross proceeds of $800 million.

The offering was made through a syndicate of underwriters led by CIBC World Markets Inc. The Series 45 Shares commence trading on the Toronto Stock Exchange today under the ticker symbol CM.PR.R.

The Series 45 Shares were issued under a prospectus supplement dated May 26, 2017, to CIBC's short form base shelf prospectus dated March 16, 2016.

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.

About CIBC

CIBC is a leading Canadian-based global financial institution with 11 million personal banking and business clients. Through our three major business units – Retail and Business Banking, Wealth Management and Capital Markets – CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada with offices in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/ca/media-centre/ or by following on Twitter @CIBC, Facebook (www.facebook.com/CIBC) and Instagram @CIBCNow.

SOURCE CIBC - Investor Relations

For further information: Investor Relations: Alice Dunning, 416-861-8870, alice.dunning@cibc.com; Jason Patchett, 416-980-8691, jason.patchett@cibc.com; Investor & Financial Communications, Erica Belling, 416-594-7251, erica.belling@cibc.com
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