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New Commerce Split: Special Shareholder Meeting Results

TORONTO, ONTARIO -- (Marketwired) -- 05/14/14 -- New Commerce Split (the "Company") is pleased to announce that shareholders have voted over 96% in favor of management's proposal at a shareholder meeting held earlier today. Management would like to sincerely thank shareholders and their advisors for this level of support.

As a result, the termination date of the Company will be extended to December 1, 2019 and all other matters included with the resolution will be implemented.

Capital shareholders will enjoy extended leveraged participation in the upside of the Company's portfolio of CIBC common shares. The most recently calculated net asset value per unit as of April 30, 2014 was $11.93. The corresponding intrinsic value of the Capital shares as at that date is $1.93. A 10% increase in the net asset value per unit from that level would result in a 60% increase in the intrinsic value of the Capital shares.

The Company also intends to issue warrants to Capital shareholders allowing them to purchase additional Capital shares, in addition to Class I and Class II Preferred shares from the Company. These warrants will be listed and tradable by the holder on the facilities of the Toronto Stock Exchange. Further details on the timing and pricing of the warrants will be available once regulatory approval has been received.

The Class II Preferred shareholders will begin receiving dividends effective for the June 2014 monthly dividend at an annual rate of 7.5%. These dividends will remain in place providing the Company's net asset value per unit remains above $10.00.

The Class I Preferred shareholders will continue to receive their existing dividends until November 30, 2014. Effective for the December 2014 monthly dividend, Class I Preferred shareholders will begin receiving dividends at an annual rate of 6% for the ensuing 5 year period.

Full details of the resolution are contained in the Management Information Circular available on SEDAR and the Company's website.

New Commerce Split
Investor Relations
416-304-4443or Toll free at 1-877-4-Quadra (1-877-478-2372)

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