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 August 8, 2014 to shareholders on record as of July 31, 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:                       July 29, 2014                   
Record Date:                            July 31, 2014                   
Payable Date:                           August 8, 2014                  



FOR FURTHER INFORMATION PLEASE CONTACT: 
New Commerce Split
Investor Relations
416-304-4443 or toll free: 1-877-4-Quadra (1-877-478-2372)
www.CommerceSplit.com
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