June 8, 2017

CIBC receives all required regulatory approvals to acquire PrivateBancorp

TORONTO and CHICAGO -- CIBC and PrivateBancorp, Inc. today announced that they have received all regulatory approvals required to complete CIBC's acquisition of Chicago-based PrivateBancorp, Inc. pursuant to their amended merger agreement announced on May 4, 2017. CIBC and PrivateBancorp anticipate that the acquisition will close on June 23, 2017.

As previously announced, the amended merger agreement provides that upon completion of the proposed acquisition, PrivateBancorp stockholders will receive US$27.20 in cash and 0.4176 of a CIBC common share for each share of PrivateBancorp common stock held.

CIBC also announced today that the previously announced dividend of $1.27 per share on common shares for the quarter ending July 31, 2017 and payable on July 28, 2017 will be paid to shareholders of record at the close of business on June 28, 2017. As previously announced on May 4, 2017, the record date for this dividend will allow PrivateBancorp's stockholders to receive the dividend in respect of CIBC common shares received in the merger and held through the record date.



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