TORONTO, Feb. 1 /CNW/ - CIBC (CM: TSX; NYSE) today announced that it had
entered into an agreement with a group of underwriters led by CIBC World
Markets Inc. for an issue of 10 million non-cumulative Class A preferred
shares Series 32 (the "Series 32 Shares") priced at $25.00 per Series 32 Share
to raise gross proceeds of $250 million.
    CIBC has granted the underwriters an option, exercisable in whole or in
part prior to closing, to purchase an additional 2 million Series 32 Shares at
the same offering price. Should the underwriters' option be fully exercised,
the total gross proceeds of the financing will be $300 million.
    The Series 32 Shares will yield 4.5% annually and are redeemable by CIBC,
subject to regulatory approval, at a declining premium after approximately
five years for cash.
    The expected closing date for the issue of the Series 32 Shares is
February 14, 2007. The net proceeds of this offering will be used for general
purposes of CIBC.
    The securities being offered have not been 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 securities in the United States.