TORONTO, July 27 /CNW/ - CIBC (CM: TSX; NYSE) announced today that
holders of its 5.89% Debentures due February 26, 2013, will be offered the
option to exchange their debentures for an equal principal amount of deposit
notes of the Bank, without payment of further consideration.
    The exchange option will enable CIBC to maintain a more cost effective
capital structure and manage its balance sheet more efficiently.
    Any holder that exercises the exchange option will receive an equal
aggregate principal amount of deposit notes of CIBC bearing the same rate of
interest, maturity date, interest payment dates and redemption features as the
Debentures. The exchange will take place on August 27, 2007.
    An information package regarding the exchange option, including
instructions on how to exercise the option, will be mailed to holders on or
about July 27, 2007. Holders wishing to exercise the exchange option should
notify the broker or financial institution through which they hold the
Debentures no later than 4:00 p.m. (Eastern Daylight Time) on August 21, 2007.
    Holders who do not elect to exercise the exchange option will retain
their debentures, and their rights as holders of debentures will not be
affected.

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