Canadian Imperial Bank of Commerce (TSX:CM)
Shares Issued 380,672,466
Last Close 6/2/2008 $68.83
Tuesday June 03 2008 - News Release

Mr. John Ferren reports

CIBC ANNOUNCES $1.15 BILLION MEDIUM TERM NOTES ISSUE

Canadian Imperial Bank of Commerce intendsto issue a total of $1.15-billion of medium-term notes constitutingsubordinated indebtedness pursuant to its medium-term note program establishedby a prospectus supplement to its Canadian base shelf prospectus. The medium-term notes will be issued in Canada in two tranches, one with a 10-year finalmaturity and the other with a 15-year final maturity, and sold through adealer syndicate led by CIBC World Markets Inc.

CIBC expects to issue the notes on June 6, 2008. The 10-year notes willbear interest at a fixed rate of 5.15 per cent per year (paid semi-annually) untilJune 6, 2013, and, if not redeemed by CIBC, at the three-month bankers'acceptance rate plus 2.30 per cent per year (paid quarterly) thereafter untilmaturity on June 6, 2018. The 15-year notes will bear interest at a fixedrate of 6.00 per cent per year (paid semi-annually) until June 6, 2018, and, if notredeemed by CIBC, at the three-month bankers' acceptance rate plus 2.50 per cent peryear (paid quarterly) thereafter until maturity on June 6, 2023.

For both tranches, CIBC may, at its option, with the prior approval ofthe Superintendent of Financial Institutions Canada, redeem the notes, inwhole at any time, or in part from time to time, on not less than 30 days andnot more than 60 days of notice to the registered holders. If redeemed prior toJune 6, 2013, in the case of the 10-year notes, and prior to June 6, 2018, inthe case of the 15-year notes, the redemption price will be the greaterof the Canada yield price and par. The notes are redeemable on and afterJune 6, 2013, in the case of the 10-year notes, and on and after June 6,2018, in the case of the 15-year notes, at par. The Canada yield pricefor the 10-year notes is the price that would provide a yield from theredemption date to June 6 2013, equal to the yield that a non-callable issueof government of Canada bonds would carry from the redemption date to June 6,2013, plus 0.50 per cent. The Canada yield price for the 15-year notes is theprice that would provide a yield from the redemption date to June 6 2018,equal to the yield that a non-callable issue of government of Canada bondswould carry from the redemption date to June 6, 2018, plus 0.57 per cent.