Prospectus excerpt: Canadian Imperial Bank of Commerce (‘‘CIBC’’) is hereby qualifying for distribution (the ‘‘Offering’’) 12,000,000 preferred share units (the ‘‘Units’’), each of which consists of one Non-cumulative Redeemable Class A Preferred Share, Series 28 of CIBC (a ‘‘Series 28 Share’’) and one Non-cumulative Redeemable Class A Preferred Share, Series 29 Purchase Warrant of CIBC (a ‘‘Warrant’’).
Except as noted below, the holders of the Series 28 Shares will be entitled to receive fixed non-cumulative preferential cash dividends payable, as and when declared by the board of directors of CIBC (the ‘‘Board of Directors’’). Dividends shall be payable at a rate of $0.54 per Series 28 Share per annum until October 31, 2004. The initial dividend, payable October 28, 2004, will be $0.199565 per Series 28 Share, based on an anticipated closing date of June 17, 2004. Cash dividends payable from November 1, 2004 in respect of the Series 28 Shares, if declared, shall be reduced to $0.08 per Series 28 Share per annum, and shall be payable on the 28th day of January, April, July and October in each year. See ‘‘Details of the Offering—Description of the Series 28 Shares—Dividends’’.