TORONTO, Feb. 2 /CNW/ - On February 1, 2007 CIBC (CM: TSX; NYSE) agreed
to issue 10 million non-cumulative Class A preferred shares Series 32 (the
"Series 32 Shares") through a syndicate of underwriters led by CIBC World
Markets Inc. and including BMO Capital Markets, National Bank Financial Inc.,
RBC Capital Markets, Scotia Capital Inc., TD Securities Inc., Desjardins
Securities Inc., HSBC Securities (Canada) Inc., Laurentian Bank Securities
Inc. and Trilon Securities Corporation.
    CIBC today announced that the underwriters have exercised their option to
purchase an additional 2 million Series 32 Shares. CIBC will now issue a total
of 12 million Series 32 Shares priced at $25.00 per share to raise gross
proceeds of $300 million.
    The Series 32 Shares will yield 4.50% 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.
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