Jonathan Thomas American Century Investments President and CEO

Press Release from American Century

CIBC TO PURCHASE 41 PERCENT STAKE IN AMERICAN CENTURY INVESTMENTS

 KANSAS CITY, Mo., July 15, 2011— American Century Investments announced today that a 41 percent economic interest in the company currently held by JPMorgan Chase & Co. (NYSE: JPM) will be acquired by CIBC (TSX: CM) (NYSE: CM), a leading Canadian financial institution, for a purchase price of approximately USD $848 million, based on a definitive agreement. The transaction is expected to close within the next 60-to-90 days, pending approval by U.S. and Canadian regulatory authorities.

"We're excited to welcome CIBC as a strategic partner and stakeholder in our company," said Jonathan Thomas, American Century Investments president and chief executive officer.  "CIBC's large footprint in Canada and presence in other parts of the world will help in the execution of our growth through diversification strategy, of which a key component is bringing our investment management expertise to non-U.S. clients.  Robust growth and continued financial success is in the best interests of our clients, employees and stakeholders in the firm."

The deal allows CIBC to access and leverage American Century Investments' asset management capabilities while helping the bank further diversify its business interests by geography, giving the company a strong presence in the U.S. investment management market. For American Century Investments, the transaction provides the Kansas City-based firm with a strategic partner whose prominence in Canada will help support its growth initiative to broaden non-U.S. distribution of the firm’s products and services.  The companies also plan to explore other opportunities to grow each other’s businesses in mutually beneficial ways, while continuing to place the interests of clients and investors first.

"This investment will build on our strong franchise in Canada and provide CIBC an additional platform for growth in asset management internationally," said CIBC President and CEO Gerry McCaughey.  "It is aligned with our risk appetite and provides attractive fee-based income, geographic diversification and revenue synergies within our asset management business."

American Century Investments' business partnership with CIBC brings together a leading U.S. investment firm managing approximately $112 billion* in assets and one of Canada’s top financial institutions with more than $USD 400 billion in assets as of April 30, 2011. Based in Toronto, CIBC employs nearly 42,000 people and provides a full range of retail and wholesale banking services to almost 11 million retail and wholesale banking clients through 1,080 branches and offices in Canada, the United States and around the world.

Upon the close of the transaction, CIBC will have two representatives on American Century Investments’ 10-person board.  In addition to its 41 percent economic interest, CIBC will have a 10.1 percent voting interest.

JPMorgan Chase has held a non-controlling equity interest in American Century Investments since January, 1998, when it purchased a 45 percent stake. The transaction provided American Century Investments founder James Stowers Jr. with the liquidity necessary to establish and endow the Stowers Institute for Medical Research, a biomedical research organization committed to finding cures for cancer and other gene-based diseases.

The companies will hold an analyst/investor/media call to discuss this announcement today Friday, July 15 at 8:30 a.m. (EST).  A live audiocast will be available at www.cibc.com/ca/about.html. Participants also can listen to the conference call (416-695-6622) in Toronto, or toll-free (1-800-766-6630) throughout the rest of North America. A telephone replay will be available (905-694-9451 or 1-800-408-3053, passcode 5043534#) until midnight (EST) on Dec. 12, 2011.

About CIBC

CIBC is a leading Canadian-based global financial institution. Through its two main operating groups, CIBC Retail Markets and Wholesale Banking, CIBC provides a full range of financial products and services to almost 11 million individual, small business, commercial, corporate and institutional clients in Canada and around the world. CIBC is among the best capitalized banks in the world with Tier 1 and Tangible Common Equity ratios of 14.7% and 10.6%, at April 30, 2011.  CIBC Wealth Management provides a comprehensive suite of wealth-building services through an extensive distribution network that includes CIBC Private Wealth Management, CIBC Wood Gundy and CIBC Investor's Edge, to a broad range of self-directed investors, high net worth individuals, and institutional clients.  

CIBC Asset Management's industry-leading investment solutions include the CIBC family of managed portfolio solutions and two mutual fund families – CIBC and Renaissance Investments, while CIBC Global Asset Management provides global money management services for institutional, retail and high net worth clients. 

 About American Century Investments

American Century Investments is a leading privately held investment management firm, committed to delivering superior investment performance and building long-term client relationships since 1958. Serving investment professionals, institutions, corporations and individual investors, American Century Investments offers a variety of actively managed investment disciplines through an array of products including mutual funds, institutional separate accounts, commingled trusts and sub-advisory accounts.  The company's 1,300 employees serve clients from offices in New York; London; Hong Kong; Mountain View, Calif. and Kansas City, Mo.  James E. Stowers Jr. is founder of the company, Jonathan S. Thomas is president and chief executive officer and Enrique Chang is chief investment officer.  Through its ownership structure, more than 40 percent of American Century Investments' profits support research to help find cures for genetically-based diseases including cancer, diabetes and dementia.

Before investing, carefully consider a fund’s investment objectives, risks, charges and expenses. Go to americancentury.com for a prospectus or summary prospectus containing this and other information. Read it carefully.

 *Assets as of June 30, 2011

 American Century Investment Services, Inc., Distributor
©2011 American Century Proprietary Holdings, Inc.

Press Release from CIBC CIBC announces investment in American Century Investments, a leading U.S. asset management company with US$112 billion under management Important platform for growth in international asset management; 100% cash transaction is immediately accretive

TORONTO, July 15, 2011 - CIBC (TSX: CM) (NYSE: CM) announced today that it will acquire a 41% equity interest in American Century Investments, a major U.S. asset management company with US$112 billion under management and a track record of solid earnings and strong investment performance. Total consideration is US$848 million. The 100% cash transaction will be immediately accretive and CIBC's share of American Century earnings is expected to contribute approximately 15 cents per share of earnings in 2012 on a cash basis.

CIBC is purchasing the minority interest held by JP Morgan Chase & Co. pursuant to a shareholder agreement using a pre-determined valuation methodology conducted by an independent third party.

CIBC will hold 10.1% of American Century Investments' voting rights and have two representatives on its 10-person board. American Century's major shareholder is the Stowers Institute for Medical Research. Closing of this transaction is expected to take place within 90 days, subject to receiving regulatory approval.

"This investment will build on our strong franchise in Canada and provide CIBC an additional platform for growth in asset management internationally," said CIBC President and Chief Executive Officer Gerry McCaughey. "It is aligned with our risk appetite and provides attractive fee-based income, geographic diversification and revenue synergies within our asset management business."

There are a number of factors that make it attractive strategically to deploy capital in CIBC's Asset Management business, McCaughey added.

"We know this business well and have the capabilities to capitalize on opportunities," he said. "The financial characteristics of Wealth Management are strong. The margins are favourable and the capital required to grow this business is low.

"Demographic trends in the U.S. are positive and savings rates are on the rise. As boomers continue to advance towards retirement age, the increased demand for personal retirement solutions make this opportunity attractive.''

Kansas City-based American Century Investments is one of the premier asset management firms in the U.S., serving a broad mix of institutional, intermediary and retail investor clients.

It is ranked third among its peer group by Morningstar with 65% of assets held in four-or five-star rated funds and 84% of its rated funds ranked in the first or second quartile by Lipper as at June 30, 2011. It was also named the "Best Large Mutual Fund Company" at the 2009 Lipper Fund Awards.

"We're excited to welcome CIBC as a strategic partner and stakeholder in our company," said Jonathan Thomas, American Century Investments President and Chief Executive Officer. "CIBC's large footprint in Canada and presence in other parts of the world will help in the execution of our growth through diversification strategy, of which a key component is bringing our investment management expertise to non-U.S. clients. Robust growth and continued financial success is in the best interests of our clients, employees and stakeholders in the firm."
"CIBC's asset management business has strong momentum and is gaining market share," said Victor Dodig, Senior Executive Vice-President, CIBC, and Group Head, Wealth Management. "Our assets under management are at an all-time high, we are generating record long-term sales and have industry-leading investment performance. The investment in American Century Investments will add to our existing capabilities by establishing an important presence for CIBC in the world's largest asset management market with an experienced partner and strong leadership team."

The benefits for both partners in this agreement include:

Expanding the products available to CIBC's institutional and retail customers by providing access to American Century Investments' equity and fixed income capabilities;

Expanding the market reach of CIBC's asset management capabilities by leveraging American Century Investments' strong brand and sales channels; and

Providing a platform for the continued growth of CIBC's wealth management business in the U.S. and other international markets.

CIBC will hold an analyst/investor/media call to discuss this announcement today Friday July 15 at 8:30 a.m. (ET). A live audiocast will be available in English and French at www.cibc.com, About CIBC. Participants can also listen to the conference call in English (416-695-6622 in Toronto, or toll-free 1-800-766-6630 throughout the rest of North America) and French (514-392-1478 or toll-free 1-877-922-4773 throughout the rest of North America). A telephone replay will be available in English (905-694-9451 or 1-800-408-3053, passcode 5043534#) and French (514-861-2272 or 1-800-408-3053, passcode 6566333#) until midnight (ET) on December 12, 2011.

About CIBC

CIBC is a leading Canadian-based global financial institution. Through our Retail and Business Banking, Wealth Management and Wholesale Banking businesses, CIBC provides a full range of financial products and services to almost 11 million individual, small business, commercial, corporate and institutional clients in Canada and around the world. CIBC is amongst the best capitalized banks in the world with Tier 1 and Tangible Common Equity ratios of 14.7% and 10.6%, at April 30, 2011. CIBC Wealth Management provides a comprehensive suite of wealth-building services through an extensive distribution network that includes CIBC Private Wealth Management, CIBC Wood Gundy and CIBC Investor's Edge, to a broad range of self-directed investors, high net worth individuals, and institutional clients. In addition, CIBC Asset Management's industry-leading investment solutions includes the CIBC family of managed portfolio solutions and our two mutual fund families - CIBC and Renaissance Investments, while CIBC Global Asset Management provides global money management services for institutional, retail and high net worth clients.

About American Century Investments

American Century Investments® is a leading, privately-controlled asset management firm, serving financial intermediaries, institutions and individuals. Since its founding in 1958, the company has been committed to delivering superior investment performance and building long-term client relationships. Through its ownership structure, more than 40% of American Century Investments' profits support research to help find cures for genetically-based diseases including cancer, diabetes and dementia.

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 press release, 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 about our acquisition of an equity interest in American Century Investments and its impact on CIBC's earnings, Wealth Management business and other operations and business lines; CIBC's financial condition, risk management, priorities, targets, ongoing objectives, strategies and outlook. 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 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, could cause actual results to differ materially from the expectations expressed in any of our forward-looking statements, including statements about CIBC's acquisition of an equity interest in American Century Investments and its impact on CIBC's earnings and businesses. These factors include but are not limited to the possibility that the acquisition transaction does not close when expected or at all because required regulatory or other approvals are not received or other conditions to the closing are not satisfied on a timely basis or at all or that the anticipated benefits of the transaction are not realized as a result of such things as the strength of the economy and competitive factors in areas where we do business; credit, market, liquidity, strategic, operational, reputation and legal, regulatory and environmental risk; legislative or regulatory developments in the jurisdictions where we operate; the resolution of legal proceedings and related matters; and our ability to anticipate and manage the risks associated with these factors. Additional information about these and other factors can be found in our 2011 Second Quarter Report to Shareholders and 2010 Annual Report. This list is not exhaustive of the factors that may affect any of our forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on our forward-looking statements. We do not undertake to update any forward-looking statement except as required by law.