Canadian Imperial Bank of Commerce (CM) F-3 Shelf registration (foreign)

Exhibit 12.1

Canadian Imperial Bank of Commerce

Computation of Ratio of Earnings to Fixed Charges

	Three Months Ended January 31, 2012		Year Ended October 31,
			2011		2010		2009		2008			2007
	(C$ millions, except ratios)
	IFRS(1)		Canadian GAAP
Earnings:
Earnings before income taxes		1,043		4,063		4,032		1,651		(4,198	)		3,852
Fixed charges, excluding interest on deposits		309		1,175		906		1,218		2,306			3,377
Interest capitalized		—		6		2		—		—			—
Subtotal		1,352		5,232		4,935		2,869		(1,892	)		7,229
Interest on Deposits		915		2,787		2,192		2,879		6,853			8,050
Total		2,267		8,019		7,127		5,748		4,961			15,279
Fixed Charges:
Interest expense, excluding interest on deposits		258		962		699		1,024		2,103			3,169
Interest component of rental expense(2)		50		203		202		190		200			204
Interest capitalized		—		6		2		—		—			—
Amortization of subordinated indebtedness		1		4		3		4		3			4
Subtotal		309		1,175		906		1,218		2,306			3,377
Interest on Deposits		915		2,787		2,192		2,879		6,853			8,050
Total		1,224		3,962		3,098		4,097		9,159			11,427
Ratio of Earnings to Fixed Charges:
Excluding interest on Deposits		4.37		4.45		5.45		2.36		—	(3)		2.14
Including interest on Deposits		1.85		2.02		2.30		1.40		—	(3)		1.34

	Year Ended October 31,
	2011		2010		2009		2008				2007
	U.S. GAAP (C$ millions, except ratios)
Earnings:
Earnings before income taxes		3,910		3,891		1,913		(5,270	)			4,338
Fixed charges, excluding interest on deposits		1,176		871		1,187		2,306				3,377
Interest capitalized		6		2
Subtotal		5,079		4,760		3,101		(2,964	)			7,715
Interest on Deposits		2,787		2,192		2,879		6,853				8,050
Total		7,866		6,952		5,980		3,889				15,765
Fixed Charges:
Interest expense, excluding interest on deposits		962		664		993		2,103				3,169
Interest component of rental expense(2)		203		202		190		200				204
Interest capitalized		6		2		—		—		��		—
Amortization of subordinated indebtedness		4		3		4		3				4
Subtotal		1,175		871		1,187		2,306				3,377
Interest on Deposits		2,787		2,192		2,879		6,853				8,050
Total		3,962		3,063		4,066		9,159				11,427
Ratio of Earnings to Fixed Charges:
Excluding interest on Deposits		4.32		5.46		2.61		—	(4)			2.28
Including interest on Deposits		1.99		2.27		1.47		—	(4)			1.38

1) Under IFRS, interest on deposits comprises interest expense relating to deposits and secured borrowings liablities.

2) The interest component of rental expense is 30 % of rent expense because it is the proportion deemed representative of the interest factor.

3) Earnings for the year 2008 were inadequate to cover fixed charges, in each case, as calculated under Canadian GAAP, (both excluding and including interest on deposits) by Cdn$4,198 million.

4) Earnings for the year 2008 were inadequate to cover fixed charges, in each case, as calculated under U.S. GAAP, (both excluding and including interest on deposits) by Cdn$5,270 million.