TORONTO, Jan. 17 /CNW/ - CIBC (CM: TSX; NYSE) today announced it will
redeem all of its outstanding 5.89% Debentures (subordinated indebtedness) due
February 26, 2013 (the "Debentures"). The redemption will occur on
February 26, 2008. In accordance with their terms, the Debentures will be
redeemed at 100% of their principal amount plus accrued interest to the
redemption date. There is currently $89,419,000 principal amount of the
Debentures outstanding.
    The redemption will be financed out of the general corporate funds of
CIBC.

    %SEDAR: 00002543EF