CIBC CI M.A.X. Deposit NotesTM

Series 4 (CBL310)

Maximize Income & Growth

The information contained herein is confidential and for advisor use only. The information contained herein is not to be reproduced or distributed to the public or the press.

This presentation is not an offer or a solicitation of an offer or a recommendation to buy or sell any securities or financial instrument, nor shall it be deemed to provide investment, tax or accounting advice. The information contained herein is intended as a summary only and is qualified entirely by, and should be read in conjunction with, the more detailed information appearing in the Information Statement. Details regarding the dynamic allocation strategy, calculation and payment of interest,, the notional portfolio, repayment of principal at maturity and certain risk factors are contained in the Information Statement. Any examples in this presentation are included for illustrative purposes only and are not intended to predict actual results, which may differ substantially from those reflected herein.

“CI”, “CI Investments”, Signature”, “Signature”, “Signature Income & Growth Fund” and the CI Investments design are registered trademarks of CI Investments Inc. and have been licensed for use by CIBC. “M.A.X. Deposit Notes” is a trademark of CIBC.

Key FeaturesDiversified Source of Income: Signature Income & Growth Fund

Dynamic Allocation Strategy: The Deposit Note structure will respond to market conditions by dynamically allocating between Units of the Fund and bonds in accordance with pre-defined Portfolio Allocation Rules.

135% Exposure to the Fund on Inception - 100% Principal Protection at maturity.

Potential for 200% exposure to the Fund through the dynamic allocation strategy potentially generating increased distributions and greater monthly coupons.

Monthly Coupons:• 75% of ordinary distributions made by the Fund will be paid to investors on a

monthly basis. All other distributions will be reinvested in additional Units of the Fund.

• With an initial exposure of 135%, the Deposit Notes are expected to yield 6.58% per annum at inception.*

• The Deposit Notes could yield up to 10.5% per annum of the NAV of the Deposit Notes if the Fund’s target distribution of 7% is achieved with 200% exposure to the Fund.

Enhanced Performance:• 135% initial exposure to the Signature Income & Growth Fund combined with the

potential for 200% exposure to the Fund under strong market conditions provide the opportunity for the Deposit Note to out perform the Fund in addition to increased distributions.

* As at August 4, 2006, the indicated distribution rate on the Fund was 6.50%. There is no guarantee that the Fund will achieve its target yield or make any distributions, or that the Deposit Notes will maintain 135% exposure. Accordingly, the amount of interest paid for any month during the term of the Deposit Notes will likely vary and could be zero.

Signature Income & Growth Fund

Target Distribution of the Fund is 7.0%

How Does CI M.A.X. Asset Allocation Work? Constant Proportion Portfolio Insurance (CPPI) Structure

• On the Issue Date, $135 per Deposit Note will be used to notionally purchase Units of the Fund.

• The Deposit Notes will dynamically allocate between Units of the Fund in the Fund Account and Bonds in a Bond Account. The Portfolio will be rebalanced from time to time in accordance with pre-defined Portfolio Allocation Rules.

• The leveraging or de-leveraging of the Fund Account will occur based on the “Distance” between the NAV of the Deposit Notes and the Floor Price (i.e., generally, the value of notional bonds maturing on the Maturity Date).

• The dynamic allocation strategy provides 135% initial exposure (with potential for 200% exposure) to the Fund while still providing 100% principal protection at maturity.

• A reallocation will occur after a significant change in Distance has taken place.

Initially, the assets will be fully allocated to Units of the Fund

Initial Purchase

Fund Account Bond Account

Assets will reallocate according to the dynamic allocation strategy

Time

Value

Principal Repayment

Portfolio NAV

Value ofNotional Bonds

ReLe

vera

ging

Maturity

De- Le

vera

ging

Leve

ragi

ngDistance

Dynamic allocation strategy

Initial Investment

“Distance” is the Benchmark for Re-balancing

When “Target Exposure” differs from“Actual Exposure” by more than 25%,

an Allocation Event will occur to bring Actual Exposure in line with

Target Exposure.

How does CI M.A.X. Deposit Notes determine exposure?

Leveraging Scenario

+25%

actual exposure

+25% (new )

actual exposure -25%

(initial)

-25%

Target Exposure exceeds Actual Exposure by m ore than 25%. Upper and low er

limits are reset f rom this point.

Actual Exposure is brought in line w ith

Target Exposure

How does CI M.A.X. Deposit Notes determine exposure? (cont’d)

De-Leveraging Scenario

+25%

actual exposure(initial) +25%

-25% actual exposure(new )

-25%

Target Exposure falls be low Actual Exposure by m ore than 25%. Upper and

low er lim its are reset.

Actual Exposure is brought in line w ith

Target Exposure

How does CI M.A.X. Deposit Notes determine exposure? (cont’d)

• 75% of all ordinary distributions by the Fund will be paid as Monthly Coupons.

• All other distributions reinvested in additional Units of the Fund.

• Amount of Monthly Coupons will be dependent on the distribution rate of the Fund and the Deposit Note’s exposure to the Fund (i.e., number of Units held in the Fund Account) at the relevant time.

• Assuming 7.00% annual distributions and the maximum 200% exposure to the Fund – CI M.A.X. Deposit Notes can yield 10.5% p.a. of the NAV of the Deposit Notes.

• Initially, $135 per note will be invested in the Fund. On inception, based on the expected initial yield of the Fund (6.50% as at August 4, 2006), CI M.A.X. Deposit Notes will yield 6.58% per annum.

• Monthly Coupons will not reduce the amount of principal repaid at maturity.

• Term-to-maturity: 8 years

Monthly Coupons

Example: Positive Performance

In this example, the use of leverage would result in the hypothetical Deposit Note outperforming a direct investment in the Fund. Each Deposit Note would have paid total Monthly Coupons of $83.56 and a Final Variable Payment of $40.95 for an average compounded rate of return equal to 14.01% per annum (versus total monthly distributions on the Fund of $63.84 and an average compounded rate of return equal to 10.55%).

$-$30$60$90

$120$150

$9.48 $10.00 $9.99 $10.29 $10.56 $10.62 $11.20 $11.43

$0

$4

$8

$12

$16

1 2 3 4 5 6 7 8

$70

$80

$90

$100

$110

$120

$130

$140

$150

$160

Fund Price Performance

NAV

Loan Amount

During strong asset performance, a loan facility will be used to generate up to 200% of exposure to the Fund Account. This has the effect of generating greater distributions.

Example of Indicative DistributionsGiven Positive Portfolio Performance

Floor

A “Protection Event” would occur when the “Distance” falls to within 1.50% of the “Floor”, at which point the assets would become fully allocated to Bonds until maturity, regardless of the subsequent performance of the Fund.

Protection Event

Example: Protection Event

A Protection Event occurs in Year 8 when the “Distance” falls to less than 1.5% of the NAV of the Deposit Note, at which point the Portfolio would remain fully invested in Bonds until maturity regardless of the subsequent performance of the Fund. In this example, each Deposit Note would have paid total Monthly Coupons of $29.28 and a Final Variable Payment of $1.52 for an average compounded rate of return equal to 4.11% per annum (versus total monthly distributions on the Fund of $51.58 and an average compounded rate of return equal to 4.27%).

$-$10$20$30$40$50

$7.33$6.31

$4.49 $4.30 $3.83

$2.13

$0.80$0.10

$0

$2

$4

$6

$8

1 2 3 4 5 6 7 8

$60

$70

$80

$90

$100

$110

$120

Fund Price Performance

NAV

Floor

Loan Amount

Protection Event occurs in Year 8.

Example of Indicative DistributionsGiven Negative Portfolio

Performance

Benefits of the CI M.A.X. Structure

Scenario 1: In market conditions where the Fund performs well, additional exposure to the Fund may be achieved through leverage generating enhanced returns. In market conditions where the Fund performs negatively, reduced exposure to the Fund may dampen losses in an effort to allow participation in any subsequent recovery.

Scenario 2: In a rising interest rate environment, continued exposure to the Fund increases growth potential to keep pace with higher interest rates. In a declining interest rate environment, reinvestment of all or a portion of any distributions will help preserve exposure to the Fund.

Scenario 3: Comparatively low fees and interest charges help prolong exposure to the Fund by making the structure less prone to de-leveraging and allocating to Bonds.

Scenario 4: 100% capital protection at maturity regardless of the performance of the Fund.

Dynamic allocation strategy aims to provide benefits in different market circumstances…

Potential Investors Conservative Investors:

Medium to long-term, risk-sensitive investors who are holding high levels of cash.

Fixed Income Investors: Investors hesitant to lock in long-term rates at current levels. Investors missing investment goals due to low interest rates. Income trust investors wanting to lock in gains and maintain some exposure to the

sector through the Fund.

Retirement Accounts: CI M.A.X. Deposit Notes offer attractive features for retirees:

Signature Income & Growth Fund provides stable, predictable distributions from a diversified asset mix (income trust and corporate bonds).

Principal protection at maturity that is not reduced by monthly coupons.

Summary of Terms

Issuer Canadian Imperial Bank of Commerce

Issue Date October 18, 2006

Maturity Date October 20, 2014 (Term to Maturity: 8 years)

Issue Size Subscription Price: $100 per Deposit NoteMinimum Purchase: $5,000 (50 Deposit Notes)

Structural Features Dynamic Allocation Strategy (CPPI Structure).

Underlying Fund: Signature Income & Growth Fund (approx. annual distribution of 7%).

Potential for 200% exposure to the Fund.

135% exposure on inception - 100% principal protection at maturity.

Monthly coupons equivalent to 75% ordinary distributions of the Fund.

Monthly coupons at inception expected to equal 6.58% per annum.

Fees & Expenses Portfolio Fee: 2.95% of Fund Account Value; 0.50% of Bond Account Value. Loan Facility: Interest charged at BA’s, plus 25 bps per annum.

All fees and expenses calculated daily and payable monthly in arrears from assets in the Portfolio.

RRSP Eligibility 100% eligible for RRSPs, RRIFs, RESPs, DPSPs and LIRAs.

CIBC offers client-name purchases for RRSP accounts only (no fees). All other registered plan purchases must be placed through a dealer or intermediary sponsored plan.

Secondary Market CIBC World Markets Inc. will maintain a secondary market for Deposit Notes (subject to availability). Early trading charge may apply on dispositions prior to maturity.

Selling period Aug 21st – Oct 13th

Advisor Compensation:

Upfront Commission: 5.00% Trailer: 0.25% p.a. of Fund Account Value FundSERV Code: CBL310

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