CIBC's Tier 1 and Total capital ratios at April 30, 2009 remain strong, at 11.5% and 15.9%, respectively. During the quarter, CIBC strengthened its capital position with the issuance of $525 million of preferred shares and $1.6 billion of Tier 1 Notes through CIBC Capital Trust.

"Our core businesses performed well this quarter. Retail Markets continued to deliver solid results against a backdrop of a challenging market environment and Wholesale Banking generated good revenue momentum while making further progress in the area of risk and maintaining discipline around expenses," says Gerald T. McCaughey, President and Chief Executive Officer of CIBC. "We also continued to focus on balance sheet strength as evidenced by our Tier 1 capital ratio which is amongst the strongest of any bank in North America."

"Losses in structured credit did impact our results but the bulk of these losses occurred early in the quarter before market conditions improved," adds McCaughey. "The rate of deterioration in the broader economy appeared to slow and liquidity levels recovered during the quarter -- both of which are encouraging signs as we head into the last half of the year."

Results for the second quarter of 2009 were affected by the following items of note aggregating to a negative impact of $1.65 per share:

-$475 million ($324 million after-tax, or $0.85 per share) loss on

structured credit run-off activities, driven primarily by a

deterioration in the credit quality of financial guarantors,

particularly early in the second quarter, as well as mark-to- market

(MTM) losses on certain underlying positions within the structured

credit run-off portfolios hedged by financial guarantors. These

factors were mitigated by a decline in the fair value of the limited

recourse note payable to a third party and MTM gains, net of credit

valuation adjustments, on purchased credit derivatives that are

unmatched or hedging Held-To-Maturity (HTM) securities;

-$168 million ($115 million after-tax, or $0.30 per share) negative

impact of narrowing credit spreads on the MTM of credit derivatives

in CIBC's corporate loan hedging programs. These MTM losses reversed

previous gains and were incurred later in the second quarter as

market conditions improved;

-$159 million foreign exchange gain ($3 million after-tax, or $0.01

per share) on repatriation activities;

-$100 million of valuation charges ($65 million after-tax, or $0.17

per share) related to certain trading and available for sale

positions in exited and other run-off businesses;

-$65 million ($44 million after-tax, or $0.11 per share) provision for

credit losses in the general allowance;

-$57 million ($0.15 per share) write off of future tax assets mainly

due to lower future statutory tax rates;

-$49 million ($29 million after-tax, or $0.08 per share) of net

losses/write-downs on CIBC's legacy merchant banking portfolio.

The net loss of $51 million for the second quarter of 2009 compared to net income of $147 million for the prior quarter. Diluted loss per share and cash diluted loss per share of $0.24 and $0.21(1), respectively, for the second quarter of 2009 compared to diluted earnings per share and cash diluted earnings per share of $0.29 and $0.31(1), respectively, for the prior quarter, which included items of note that aggregated to a negative impact on results of $1.36 per share.

Update on business priorities

Capital strength

CIBC continues to emphasize capital strength as a key area of focus.

CIBC's Tier 1 capital ratio of 11.5%, which is among the highest of major commercial banks in North America, is well above CIBC's target of 8.5% and the regulatory minimum of 7.0%. CIBC's capital strength positions CIBC for market conditions that remain uncertain while CIBC continues to invest in its core businesses for future growth.

Business strength

CIBC Retail Markets reported net income of $390 million. Retail Markets' results in the second quarter reflect its focus on balancing growth with expense and risk discipline in the current environment.

Revenue of $2.3 billion was comparable to the second quarter of 2008. Volume growth and higher revenue from FirstCaribbean International Bank (FirstCaribbean) were offset by spread compression and the impact of weaker equity markets. Revenue in the second quarter of 2008 included a $22 million loss related to the Visa initial public offering.

Expenses decreased to $1,304 million from $1,380 million a year ago. The improvement was primarily due to lower performance-related compensation, offset in part by the negative impact of a weaker Canadian dollar on the translated U.S. dollar expenses of FirstCaribbean.

Loan losses were $403 million, up from $209 million a year ago, and included $90 million of higher allowances for future losses. In addition, the loan losses reflected increased provisions in the cards portfolio driven by higher delinquencies and bankruptcies related to the deteriorating economic environment.

During the quarter, CIBC's retail business continued its focus on providing clients with greater access, flexibility and choice:

-CIBC opened and expanded 14 branches in markets that provide

long-term, high growth potential;

-CIBC added Sunday banking hours to 22 branches across the country - a

first for many of the communities - and now have a total of 37

branches offering Sunday banking to clients;

-CIBC completed the replacement of almost 600 ABMs with state-of- the-

art machines that consume less power while offering the latest

technology, accessibility and security features;

-Building upon the success of CIBC's "It's worth a talk" campaign

launched last fall, and further emphasizing its advisory

capabilities, CIBC premiered two new television advertisements

highlighting the CIBC Financial HealthCheck and the CIBC Aerogold

credit card. These were further supported by radio and print

advertising, as well as direct mail campaigns in key markets.

CIBC's retail business also made progress on its strategic priority of offering competitive products to further client relationships:

-CIBC led the 2009 Lipper Awards by winning four mutual fund Lipper

Awards and seven Lipper Certificates. These awards recognize mutual

funds with the highest risk-adjusted returns over the last year;

-CIBC mutual funds had an industry-leading 23 4-star or 5-star funds,

as rated by Morningstar. CIBC also had the highest percentage of

funds above median, at 64%, for the one-year period ending

March 31st;

-CIBC introduced Registered Disability Savings Plans to help clients

with disabilities and their families save for the future.

Wholesale banking reported a net loss of $373 million for the second quarter.

Revenue of $(241) million was up $127 million from the prior quarter. Lower structured credit losses, as well as higher revenue from capital markets and corporate and investment banking, more than offset MTM losses this quarter from corporate loan hedges (compared to gains in the prior quarter) and valuation charges in exited and run-off businesses. The prior quarter also included MTM losses relating to interest-rate hedges for the leveraged leases portfolio that did not qualify for hedge accounting.

Expenses of $247 million were down $20 million from the prior quarter, primarily due to lower employee-related expenses.

CIBC's corporate loan portfolio continues to perform well despite the deteriorating economic environment. Loan losses were $46 million in the second quarter, which included a $28 million increase to the general allowance for credit losses.

In support of its goal of being the premier client-focused wholesale bank based in Canada, CIBC has aligned the branding of CIBC's wholesale business unit under the CIBC brand and is now referring to the business as Wholesale Banking. This change reflects a commitment to work effectively with all CIBC businesses and colleagues so wholesale banking clients have access to the full breadth of the CIBC business and brand. The legal entity name remains CIBC World Markets Inc.

During the quarter, the Wholesale Banking franchise participated in several notable achievements:

-CIBC acted as lead agent and joint book-runner in a $0.9 billion

private placement, as well as lead manager and joint book-runner in a

$1.3 billion public offering, of ING Group's sale of its entire 70%

stake in ING Canada;

-CIBC is acting as a financial advisor to Suncor Energy Inc. on its

proposed $59 billion merger with Petro Canada;

-CIBC's covered bond program was awarded "Securitization Deal of the

Year" by leading finance law magazine, International Finance Law

Review. The program was recognized as the most innovative and

creative of all securitization deals done across the Americas in

2008;

-CIBC acted as sole underwriter in $259 million and $160 million

treasury offerings of Class A shares for Central Fund of Canada.

CIBC also made progress during the second quarter in reducing exposures within its structured credit run-off business:

-CIBC terminated $2.1 billion (US$1.7 billion) of purchased credit

derivatives with MAV I and MAV II and unwound written credit

protection of a similar amount. As a result of the termination of the

purchased credit derivatives, CIBC received $252 million

(US$202 million) of assets previously held as collateral and recorded

a pre-tax gain of $7 million (US$7 million);

-CIBC terminated $396 million (US$323 million) of written credit

derivatives with exposures to commercial mortgage-backed securities.

As a result of this transaction, the related credit derivatives

purchased from the financial guarantor counterparty CIBC has

identified as "I" in its disclosure became unmatched;

-CIBC assumed $389 million (US$326 million) of Trust Preferred

securities (TruPs) into HTM securities on its balance sheet and

unwound the related written credit derivatives of a similar amount,

with negligible impact to our results;

-CIBC terminated $181 million (US$143 million) of written credit

derivatives and unwound the related purchased credit derivatives of a

similar amount from the financial guarantor counterparty previously

identified as "X" in its disclosure, with no impact to its results;

-Normal amortization of $119 million (US$100 million) reduced the

notional amount of credit derivatives purchased from financial

guarantors.

As at April 30, 2009, the fair value, net of valuation adjustments, of purchased protection from financial guarantor counterparties was $2.5 billion (US$2.1 billion). Further significant losses could result depending on the performance of both the underlying assets and the financial guarantors.

Productivity

In addition to continuing to invest and position its businesses for long-term performance, CIBC continues to make progress in the area of expense discipline.

Non-interest expenses for the second quarter were $1,639 million, down from $1,788 million a year ago and well below CIBC's quarterly run-rate target of $1,776 million, primarily due to continuing cost reduction initiatives and reduced infrastructure support activities resulting from business divestitures.

"Through a combination of better revenue performance, as well as a continued focus on adjusting our infrastructure support activities to business changes and evolving market conditions, we expect to achieve further progress in the area of productivity," says McCaughey.

Making a difference in communities

As a leader in community investment, CIBC is committed to supporting causes that matter to its clients, its employees and its communities. CIBC continues to make a difference in communities through corporate donations, sponsorships and the volunteer spirit of employees.

CIBC had several notable achievements in this area during the second quarter:

-CIBC continued its lead sponsorship of the annual National Aboriginal

Achievement Awards in 2009. The 16th annual awards, held in Winnipeg

on March 9th, celebrate excellence in the Aboriginal community

through recognition of outstanding career achievements of First

Nations, Inuit and Metis people in a wide range of occupations.

-CIBC was the proud sponsor, for the fourth year, of Eva's Initiatives

Award for Innovation. This award recognizes three community

organizations across Canada that are models of integrated support for

helping homeless youth become self-sufficient.

-CIBC and the YMCA announced their renewed alliance and the rollout of

the job readiness training and financial literacy seminars in

Vancouver during 2009. This follows a successful pilot of the

two-part program in Toronto in 2008. In addition, the financial

literacy seminars will be delivered in five locations this year

throughout the Greater Toronto Area.

-CIBC received a 2009 Edmonton Mayor's Celebration of the Arts Award

for Innovative Support for the "CIBC Theatre for All" program. The

program allows corporations and individuals to donate a percentage of

their Citadel Theatre tickets to Kids Up Front, a charity that re-

distributes tickets to agencies that work with disadvantaged youth.

------------------------------

(1) For additional information, see the "Non-GAAP measures" section.

The information on the following pages forms a part of this press release.

(The board of directors of CIBC reviewed this press release prior to it being issued. CIBC's controls and procedures support the ability of the President and Chief Executive Officer and the Chief Financial Officer of CIBC to certify CIBC's second quarter financial report and controls and procedures. CIBC's CEO and CFO will voluntarily provide to the Securities and Exchange Commission a certification relating to CIBC's second quarter financial information, including the attached unaudited interim consolidated financial statements, and will provide the same certification to the Canadian Securities Administrators.)

MANAGEMENT'S DISCUSSION AND ANALYSIS

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Management's discussion and analysis (MD&A) should be read in conjunction with the unaudited interim consolidated financial statements included in this report and with the MD&A contained in our 2008 Annual Accountability Report. The unaudited interim consolidated financial statements have been prepared in accordance with Canadian generally accepted accounting principles (GAAP) and are expressed in Canadian dollars. This MD&A is current as of May 28, 2009. Additional information relating to CIBC is available on SEDAR at www.sedar.com and on the U.S. Securities and Exchange Commission's website at www.sec.gov. No information on CIBC's website (www.cibc.com) should be considered incorporated herein by reference. Certain comparative amounts have been reclassified to conform with the presentation adopted in the current period. A glossary of terms used throughout this quarterly report can be found on pages 167 to 169 of our 2008 Annual Accountability Report.

External reporting changes

Second Quarter

-We have changed the name of our wholesale banking business from

CIBC World Markets to Wholesale Banking.

-We have replaced regular workforce headcount with full time

equivalent employees as a measure of the number of employees.

First Quarter

-In the first quarter of 2009 we realigned the businesses within

CIBC Retail Markets and Wholesale Banking. Prior period information

was restated to reflect the changes. The new reported businesses are

as follows:

CIBC Retail Markets:

- Personal banking - includes personal deposits and lending, cards,

residential mortgages, and insurance

- Business banking - includes business deposits and lending,

commercial mortgages, and commercial banking

- Wealth management - includes retail brokerage and asset management

- FirstCaribbean

- Other

Wholesale Banking:

- Capital markets - includes cash equities, global derivatives and

strategic risk, and fixed income, currencies and distribution

businesses

- Corporate and investment banking - includes corporate credit

products, investment banking, U.S. real estate finance, and core

merchant banking

- Other - includes legacy merchant banking, structured credit and

other run-off businesses, exited businesses, and corporate loan

hedging

-We moved the impact of securitization from CIBC Retail Markets to

Corporate and Other. Prior period information was restated.

-We moved the sublease income and related operating costs of our

New York premises from Wholesale Banking to Corporate and Other.

Prior period information was not restated.

-We have retroactively reclassified intangible assets relating to

application software from "Land, buildings and equipment" to

"Software and other intangible assets" on our consolidated balance

sheet.

Contents

5 A note about forward-looking statements

6 Second quarter financial highlights

7 Overview

8 Significant events

8 Outlook

9 Run-off businesses and other selected activities

9 Run-off businesses

17 Other selected activities

19 Financial performance review

19 Net interest income

19 Non-interest income

19 Provision for credit losses

20 Non-interest expenses

20 Income taxes

20 Foreign exchange

21 Review of quarterly financial information

22 Non-GAAP measures

23 Business line overview

23 CIBC Retail Markets

25 Wholesale Banking

27 Corporate and Other

29 Financial condition

29 Review of consolidated balance sheet

29 Capital resources

30 Off-balance sheet arrangements

31 Management of risk

31 Risk overview

31 Credit risk

33 Market risk

34 Liquidity risk

35 Operational risk

35 Other risks

36 Accounting and control matters

A NOTE ABOUT FORWARD-LOOKING STATEMENTS: From time to time, we make written or oral forward-looking statements within the meaning of certain securities laws, including in this report, in other filings with Canadian securities regulators or the U.S. Securities and Exchange Commission and in other communications. These statements include, but are not limited to, statements made in the "Summary of second quarter results", "Update on business priorities", "Overview - Outlook for 2009", "Run-off businesses", "Other selected activities", "Financial performance review - Income Taxes" and "Accounting and Control Matters" sections, of this report and other statements about our operations, business lines, financial condition, risk management, priorities, targets, ongoing objectives, strategies and outlook for 2009 and subsequent periods. Forward- looking statements are typically identified by the words "believe", "expect", "anticipate", "intend", "estimate" and other similar expressions or future or conditional verbs such as "will", "should", "would" and "could". By their nature, these statements require us to make assumptions, including the economic assumptions set out in the "Overview - Outlook for 2009" section of this report, and are subject to inherent risks and uncertainties that may be general or specific. A variety of factors, many of which are beyond our control, affect our operations, performance and results, and could cause actual results to differ materially from the expectations expressed in any of our forward-looking statements.