CIBC's pro-forma Tier 1 capital ratio approximately 11.5%
    at January 31, 2009 (1)TORONTO, March 5 /CNW/ - CIBC (CM: TSX; NYSE) today announced that CIBC
Capital Trust (the "Trust"), a trust wholly-owned by CIBC, and CIBC had
entered into an agreement with a group of underwriters led by CIBC World
Markets Inc. for an issue of $1.3 billion of CIBC Tier 1 Notes - Series A due
June 30, 2108 (the "Tier 1 - Series A Notes") and $300 million of CIBC Tier 1
Notes - Series B due June 30, 2108 (the "Tier 1 - Series B Notes")
(collectively, the "Tier 1 Notes"). The Trust intends to file a final
prospectus with Canadian securities regulators today. The Tier 1 Notes are
expected to qualify as Tier 1 capital of CIBC for regulatory purposes.
    CIBC reported a Tier 1 capital ratio at January 31, 2009 of 9.8%. Giving
effect to the $325 million Series 35 preferred share issue that closed on
February 4, 2009, the $200 million Series 37 preferred share issue scheduled
to close on March 6, 2009, and the $1.6 billion Tier 1 Notes issue announced
today, CIBC's pro-forma Tier 1 capital ratio at January 31, 2009, would be
approximately 11.5%.(1)
    From the date of issue to, but excluding June 30, 2019, interest on the
Tier 1 - Series A Notes is payable semi-annually at a rate of 9.976% per
annum. Starting on June 30, 2019, and on every fifth anniversary thereafter
until June 30, 2104, interest on the Tier 1 - Series A Notes will reset as
described in the prospectus.
    From the date of issue to, but excluding June 30, 2039, interest on the
Tier 1 - Series B Notes is payable semi-annually at a rate of 10.25% per
annum. Starting on June 30, 2039, and on every fifth anniversary thereafter
until June 30, 2104, interest on the Tier 1 - Series B Notes will reset as
described in the prospectus.
    On or after June 30, 2014, the Trust may, at its option and subject to
certain conditions, redeem the Tier 1 - Series A Notes or the Tier 1 - Series
B Notes, in each case, in whole or in part.
    In certain circumstances, the Tier 1 Notes may be automatically exchanged
for, or interest thereon may be paid by, the issuance of non-cumulative Class
A Preferred Shares of CIBC.
    The expected closing date is March 13, 2009. The net proceeds of this
offering will be used for general purposes of CIBC.

    The securities being offered have not been and will not be 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 or an invitation to purchase or subscribe for any securities in
the United States or in any other jurisdiction where such offer is unlawful.(1) Non-GAAP financial measure. Management believes the pro-forma Tier 1
        ratio provides additional information reflecting the impact of
        significant capital transactions on the capital structure at January
        31, 2009. The impact of each transaction is the following: Series 35
        preferred shares (0.26%); Series 37 preferred shares (0.16%); Tier 1
        Notes (1.31%).%SEDAR: 00002543EF