TORONTO, July 10 /CNW/ - CIBC today issued the following statement:

    Recent media reports have estimated that CIBC has US$2.6 billion exposure
to the US subprime real estate mortgage market.
    CIBC has both hedged positions through insurance as well as unhedged
positions. CIBC does not disclose individual securities positions but confirms
its previous statements to the media that its unhedged exposure to this sector
is well below US$2.6 billion.
    The majority of the securities held are AAA-rated, the highest rating
category.