1 On July 29, 2022, CIBC redeemed all of its issued and outstanding Class A Series 45 shares. The final dividend for the period from May 1, 2022 to July 31, 2022 was paid on July 28, 2022 to Series 45 shareholders.
2 Series 39, Series 41, Series 43, Series 47, Series 49, Series 51 and Series 56 shares are subject to an NVCC provision, necessary for the shares to qualify as regulatory capital under Basel III. As such, the shares are automatically converted into common shares upon the occurrence of a “Trigger Event.” As described in the Capital Adequacy Guidelines, a Trigger Event occurs when OSFI determines the bank is or is about to become non-viable and, if after conversion of all contingent instruments and consideration of any other relevant factors or circumstances, it’s reasonably likely that its viability will be restored or maintained; or if the bank has accepted or agreed to accept a capital injection or equivalent support from a federal or provincial government, without which OSFI would have determined the bank to be non-viable. Each such share is convertible into a number of common shares, determined by dividing the par value of $25.00 for Series 39, Series 41, Series 43, Series 47 and Series 49 and $1000.00 for Series 56 plus declared and unpaid dividends by the average common share price (as defined in the relevant prospectus supplement) subject to a minimum price of $2.50 per share (subject to adjustment in certain events as defined in the relevant prospectus supplement). The minimum conversion price per common share for CIBC's outstanding NVCC instruments, including NVCC preferred shares, NVCC subordinated debentures and NVCC limited recourse capital notes have been adjusted from $5.00 to $2.50 to account for the Share Split in accordance with the terms and conditions of the NVCC Instruments. We’ve recorded the Series 39, Series 41, Series 43, Series 47, Series 49, Series 51 and Series 56 shares as equity.
3 All preferred shares, except Series 56, are listed on the Toronto Stock Exchange.
4 Subject to regulatory approval and certain provisions of the shares, CIBC may redeem all or any part of the then outstanding Non-cumulative Rate Reset Class A preferred shares at par on the earliest redemption date listed above and every five years thereafter.
5 Notice of any redemption will be given by CIBC at least 30 days, and not more than 60 days, prior to the date fixed for redemption. Refer to the relevant prospectus for details.
6 The dividend rate of Series 39 was reset in accordance with the share terms effective July 31, 2019. Prior to this, it was 3.9%.
7 The dividend rate of Series 41 was reset in accordance with the share terms effective January 31, 2020. Prior to this, it was 3.75%.
8 The dividend rate of Series 43 was reset in accordance with the share terms effective July 31, 2020. Prior to this, it was 3.60%.