Commerce Split: Monthly Dividend Declared for Class I and Class II Preferred Shares

New Commerce Split (the "Company") declares its monthly distribution of $0.03125
per share ($0.375 annually) for Class I Preferred shareholders (YCM.PR.A) and
$0.03125 per share ($0.375 annually) for Class II Preferred shareholders
(YCM.PR.B). The Class I and Class II Preferred share dividends are paid at an
annual rate of 7.50% based on their $5 notional issue prices. Distributions are
payable July 10, 2014 to shareholders on record as of June 30, 2014.


The Company invests in common shares of Canadian Imperial Bank of Commerce, a
Canadian financial institution.




Distribution Details:                                        
Class I Preferred Share (YCM.PR.A)                   $0.03125
Class II Preferred Share (YCM.PR.B)                  $0.03125
Ex-Dividend Date:                               June 26, 2014
Record Date:                                    June 30, 2014
Payable Date:                                   July 10, 2014



Further details regarding changes to the Company's dividend policy as approved
at the special meeting held on May 14, 2014 can be found in the Information
Circular dated April 11, 2014 posted on www.sedar.com and the Company's web
site.



FOR FURTHER INFORMATION PLEASE CONTACT: 
Investor Relations
416-304-4443
Toll free at 1-877-4-Quadra (1-877-478-2372)
www.CommerceSplit.com