Prospectus excerpt:  The holders of non-cumulative Rate Reset Class A Preferred Shares Series 37 (the “Series 37 Shares”) of Canadian Imperial Bank of Commerce (“CIBC”) will be entitled to receive fixed quarterly non-cumulative preferential cash dividends, as and when declared by the board of directors of CIBC (the “Board of Directors”) for the initial period from and including the closing date of this offering to but excluding July 31, 2014 (the “Initial Fixed Rate Period”) payable quarterly on the 28th day of January, April, July and October at an annual rate of 6.5% per share, or $0.40625 per share per Quarter. The initial dividend, if declared, will be payable on July 28, 2009 and will be $0.65445 per share based on the anticipated closing date of March 6, 2009. See “Details of the Offering”.

For each five-year period after the Initial Fixed Rate Period (each a “Subsequent Fixed Rate Period”), the holders of Series 37 Shares will be entitled to receive fixed non-cumulative preferential cash dividends, as and when declared by the Board of Directors, payable quarterly on the 28th day of January, April, July and October in each year, in the amount per share per annum determined by multiplying the Annual Fixed Dividend Rate (as defined herein) applicable to such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend Rate for the ensuing Subsequent Fixed Rate Period will be determined by CIBC on the 30th day prior to the first day of such Subsequent Fixed Rate Period and will be equal to the sum of the Government of Canada Yield (as defined herein) on the date on which the Annual Fixed Dividend Rate is determined plus 4.33%. See “Details of the Offering”.