CIBC W.I. – Declaration of a Special Dividend

The Board of Directors of the company held a meeting and approved the declaration of a special dividend of US$54 million on the common shares of the company. The record date for determining shareholders entitled to share in the special dividend and the date of payment of the Special Dividend will be subsequently determined by the Board. The Board also gave early consideration to the question of the payment of a final dividend. Based on discussions the consensus was that the final dividend would be declared at a subsequent Board meeting but that the final dividend would probably range between four cents and four and a half cents. It is anticipated that the company will be in a position to disclose particulars of the final dividend at the Extra Ordinary general meeting of the company’s shareholders to be held on Sept. 18, 2002.