TORONTO, Nov. 9 /CNW/ - CIBC said today that it expects to report a gain
of $456 million pre-tax ($381 million after-tax and minority interest) in its
fourth quarter results (3 months ended October 31, 2007) from the previously
announced completion of Visa's worldwide restructuring.
    As part of this restructuring, CIBC has received shares of Visa Inc. in
exchange for the membership interest it held in the previous structure. The
amount of the gain was determined following an independent valuation of the
bank's shares of Visa Inc. CIBC expects this restructuring will not have a
material effect on revenue and expenses in its cards business on an ongoing
basis.
    CIBC also announced today that it expects to report mark-to-market
write-downs, net of gains on related hedges, of $463 million pre-tax ($302
million after-tax) in the fourth quarter on collateralized debt obligations
(CDOs) and residential mortgage-backed securities (RMBS) related to the U.S.
residential mortgage market.
    CIBC will release its fourth quarter and fiscal 2007 results on
December 6, 2007.

    This news release contains forward-looking statements. These
forward-looking statements include, but are not limited to, statements about
CIBC's expected fourth quarter gain from the previously announced completion
of Visa's worldwide restructuring and CIBC's expected fourth quarter
mark-to-market write-downs, net of gains on related hedges, on CDOs and RMBS
related to the U.S. residential mortgage market, as well as the operations,
financial condition, strategies and outlook of CIBC. A forward-looking
statement is subject to inherent risks and uncertainties that may be general
or specific. A variety of factors, many of which are beyond CIBC's control,
could cause actual results to differ materially from the expectations
expressed in CIBC's forward-looking statements including the possibility of
continued volatility in the U.S. residential mortgage market. Readers should
not place undue reliance on CIBC's forward-looking statements. CIBC does not
undertake to update any forward-looking statement that is contained in this
news release.