CIBC Expects Huge Writedown in Q1 2008

Scotia Capital, 20 December 2007CM - ACA Downgraded - US$2.0 Billion Write-Down or $3.88 per share Expected in Q1/08� CM announced that there is a reasonably high probability that it will incur a large write-down in Q1/08 as a result of ACA's downgrade to CCC from A.� CM has a US$3.5 billion hedge against U.S. sub-prime exposure with ACA Financial Guaranty Corp (ACA). As of November 30, 2007 the