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		Year Ended October 31
	2015		2014		2013		2012		2011			2010
			(C$ millions except ratios)
	IFRS(1)								Canadian GAAP
Earnings:
Earnings before income taxes		1,140		3,805		3,933		3,932		4,063			4,032
Fixed charges, excluding interest on deposits and secured borrowings		227		887		875		1,147		1,175			906
Interest capitalized		—		—		—		—		(6	)		(2	)
Subtotal		1,367		4,692		4,808		5,079		5,232			4,936
Interest on deposits and secured borrowings		843		3,337		3,679		3,630		2,787			2,192
Total		2,210		8,029		8,487		8,709		8,019			7,128
Fixed Charges:
Interest expense, excluding interest on deposits and secured borrowings		171		679		676		947		962			699
Interest component of rental expense(2)		55		206		196		196		203			202
Interest capitalized		—		—		—		—		6			2
Amortization of subordinated indebtedness		1		2		3		4		4			3
Subtotal		227		887		875		1,147		1,175			906
Interest on deposits and secured borrowings		843		3,337		3,679		3,630		2,787			2,192
Total		1,070		4,224		4,554		4,777		3,962			3,098
Ratio of Earnings to Fixed Charges:
Excluding interest on deposits and secured borrowings		6.02		5.29		5.49		4.43		4.45			5.45
Including interest on deposits and secured borrowings		2.07		1.90		1.86		1.82		2.02			2.30
									2011			2010
									U.S. GAAP
Earnings:
Earnings before income taxes										3,910			3,891
Fixed charges, excluding interest on deposits and secured borrowings										1,175			871
Interest capitalized										(6	)		(2	)
Subtotal										5,079			4,760
Interest on deposits and secured borrowings										2,787			2,192
Total										7,866			6,952
Fixed Charges:
Interest expense, excluding interest on deposits and secured borrowings										962			664
Interest component of rental expense(2)										203			202
Interest capitalized										6			2
Amortization of subordinated indebtedness										4			3
Subtotal										1,175			871
Interest on deposits and secured borrowings										2,787			2,192
Total										3,962			3,063
Ratio of Earnings to Fixed Charges:
Excluding interest on deposits and secured borrowings										4.32			5.46
Including interest on deposits and secured borrowings										1.99			2.27

1) Under IFRS, interest on deposits comprises interest expense relating to deposits and secured borrowing liabilities.

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