Information Statement Dated September 20, 2005

Canadian Imperial Bank of Commerce

EQUITY TARGET REDEMPTION DEPOSIT NOTES SERIES 7

Due December 14, 2012

Price: $100.00 per Deposit Note

Canadian Imperial Bank of Commerce (“CIBC”) has taken all reasonable care to ensure that the facts stated in this Information Statement in relation to the Deposit Notes (as defined below) are true and accurate in all material respects and that there are no other material facts in relation to the Deposit Notes the omission of which would make any statement herein, whether of fact or opinion, misleading as of the date hereof.

No person has been authorized to give any information or to make any representations other than those that may be contained in:

(a) this Information Statement, (b) any amendments made from time to time to this Information Statement, or (c) any supplementary terms and conditions provided in any related global deposit note lodged with a

depository or other definitive replacement deposit note therefor,

in connection with the offering or sale of the Deposit Notes and, if given or made, such information or representations must not be relied upon as having been authorized. Neither the delivery of this Information Statement nor the issue of the Deposit Notes nor any sale thereof will, under any circumstances, constitute a representation or create any implication that there has been no change in the affairs of CIBC since the date hereof.

This Information Statement does not constitute an offer or invitation by anyone in any jurisdiction in which such offer or invitation is not authorized or to any person to whom it is unlawful to make such offer or invitation. The distribution of this Information Statement and the offering or sale of the Deposit Notes in some jurisdictions may be restricted by law. Persons into whose possession this Information Statement comes are required by CIBC and the Selling Agent to inform themselves about and to observe any such restriction. This Information Statement constitutes an offering of the Deposit Notes only in those jurisdictions and to those persons where and to whom they may be lawfully offered for sale, and then only through persons duly qualified to effect such sales.

The Deposit Notes have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), and subject to certain exceptions, may not be offered or sold within the United States or to U.S. persons as contemplated under the U.S. Securities Act and the regulations thereunder.

No securities commission or similar authority has in any way passed upon the merits of the Deposit Notes and any representation to the contrary may be an offence.

In this Information Statement, capitalized terms will have the meanings ascribed to them and references to “$” are to Canadian dollars, “US$” are to U.S. dollars, “€” are to euros, “JPY” and “¥” are to Japanese yen, “SEK” are to Swedish kronos, “CHF” are to Swiss franc, “£” are to British pounds sterling and “GBp” are to British pounds sterling expressed as pence.

Table of Contents for

Information Statement Dated September 20, 2005

Canadian Imperial Bank of Commerce Equity Target Redemption Deposit Notes, Series 7

Due December 14, 2012

Page

SUMMARY .................................................................................................................. 1 COUPON CALCULATION.................................................................................................. 3

How a Coupon is Calculated...............................................................................3 Hypothetical Example Calculations......................................................................5

HISTORICAL PERFORMANCE ............................................................................................ 8 DESCRIPTION OF THE DEPOSIT NOTES..............................................................................10

Issue................................................................................................................10 Principal Amount and Minimum Subscription .......................................................10 Maturity & Repayment of Principal Amount .........................................................10 Coupon ............................................................................................................10 Call Feature ......................................................................................................10 Secondary Trading of Deposit Notes...................................................................10 Special Circumstances .......................................................................................11 Forms of the Deposit Notes ...............................................................................15 Status ..............................................................................................................17 Plan of Distribution............................................................................................17 FundSERV ........................................................................................................17 Dealings With Companies ..................................................................................19 Notification .......................................................................................................19 Investors’ Right of Rescission.............................................................................19

CANADIAN FEDERAL INCOME TAX CONSIDERATIONS .............................................................19 Coupons...........................................................................................................19 Disposition of Deposit Notes ..............................................................................20 Eligibility for Investment by Registered Plans ......................................................20 Non-Resident Withholding Tax ...........................................................................20

THE SHARES..............................................................................................................20 Bank of Montreal...............................................................................................20 Barclays plc ......................................................................................................21 BCE Inc. ...........................................................................................................22 BP plc...............................................................................................................22 Bristol-Myers Squibb Company...........................................................................23 ConocoPhillips...................................................................................................23 Dell Inc. ...........................................................................................................24 eBay Inc...........................................................................................................24 The Gap, Inc. ...................................................................................................25 The Hershey Company ......................................................................................25 Hewlett-Packard Company.................................................................................26 Johnson & Johnson ...........................................................................................26 Microsoft Corporation ........................................................................................27 Novartis AG ......................................................................................................27 PepsiCo, Inc. ....................................................................................................28 Procter & Gamble Co.........................................................................................28 Royal Bank of Canada .......................................................................................29 Suncor Energy Inc.............................................................................................29 Unilever plc ......................................................................................................30 Wal-Mart Stores, Inc. ........................................................................................30

INDEX OF DEFINED TERMS ............................................................................................31 RISK FACTORS TO CONSIDER .........................................................................................32

– 1 –

SUMMARY The following is a summary only and is qualified in its entirety by, and should be read in conjunction with, the more detailed information appearing elsewhere in this Information Statement. Capitalized terms that are used but not defined in this summary are defined elsewhere in this Information Statement. See page 31 for an index of defined terms.

Equity Target Redemption Deposit Notes, Series 7, (each a “Deposit Note”) are issued by Canadian Imperial Bank of Commerce (“CIBC”). The Deposit Notes pay an 6% Coupon for the first year, plus a variable Coupon annually thereafter (subject to early redemption) depending upon the price performances of the two lowest (or most negative) performing Shares in a notional portfolio of 20 large-cap international stocks.

Each Coupon that may be payable annually after the first year will be a percentage (if positive) of the Principal Amount equal to (i) 20% plus (ii) the average (positive or negative) of the Share Returns for the two lowest (or most negative) performing Shares in the stock portfolio measured from the Issue Date. If the average of the Share Returns for the two lowest (or most negative) performing Shares is equal to or less than –20%, then no Coupon will be paid on the relevant Coupon Date.

The full Principal Amount of each Deposit Note will be paid on the scheduled maturity date (i.e., December 14, 2012), subject to the Deposit Notes being “called” (i.e., redeemed) when the aggregate value of coupons paid per Deposit Note equals or exceeds 16% of the Principal Amount.

Prospective Investors should carefully consider with their advisors the suitability of the Deposit Notes in light of their investment objectives and the information in this Information Statement, and should carefully consider certain risk factors associated with an investment in the Deposit Notes, including those set out below under “RISK FACTORS TO CONSIDER” starting on page 32.

Issuer: The Deposit Notes will be issued by Canadian Imperial Bank of Commerce (“CIBC”).

Principal Amount: The Deposit Notes will be sold in a denomination of $100.00 per Deposit Note (the “Principal Amount”), with a minimum subscription of 50 Deposit Notes per holder (each an “Investor”).

Subscription Price: Price to an Investor (1) Selling Agent Fees Proceeds to CIBC (2) $100.00 (Par) per Deposit Note $4.75 $95.25 (1) The price to be paid by each Investor upon issuance (the “Subscription Price”) has been determined by

negotiation between CIBC and CIBC World Markets Inc. (the “Selling Agent”). (2) Before deduction of expenses of issue which, together with the Selling Agent’s fees, will be paid by

CIBC out of its general funds.

Issue Date: The Deposit Notes will be issued on or about December 14, 2005 (the actual date of issuance being the “Issue Date”).

Maturity Date/Term: The Deposit Notes will mature on the earlier of (i) December 14, 2012 and (ii) the Call Date (such earlier date being the “Maturity Date”).

Call Feature: The Deposit Notes will be called when the aggregate value of Coupons paid per Deposit Note equals or exceeds 16% of the Principal Amount. If the Deposit Notes are called, the full Principal Amount will be paid 15 Banking Days after the Coupon Date that triggers the call (such payment date being the “Call Date”).

Coupon Payments: Interest will be paid in Canadian dollars in the form of annual coupons (each a

“Coupon”) paid on the relevant Coupon Date. On each Coupon Date, the Coupon (if any) will be equal to the relevant Coupon Rate times the Principal Amount (subject to the provisions outlined under “DESCRIPTION OF THE DEPOSIT NOTES – SPECIAL CIRCUMSTANCES” set out below). An Investor cannot elect to receive any Coupon prior to the relevant Coupon Date.

On the first Coupon Date, the Coupon Rate will be 6% regardless of the performance of the Shares. The Coupon Rate for each following Coupon Date up to and including the Maturity Date will be a percentage equal to the sum of (i) 20%, plus (ii) the average (positive or negative) of the two lowest (or most negative) Share Returns, provided that if such sum total is negative or zero, then no Coupon will be paid on the relevant Coupon Date.

– 2 –

A Share Return for a Share will be that Share’s percentage increase or decrease of its Closing Price measured from the Issue Date to the second applicable Exchange Day prior to the relevant Coupon Date. See “COUPON CALCULATION” starting on page 3 below for the precise formula for determining the Coupons and for example calculations, and see “DESCRIPTION OF THE DEPOSIT NOTES” starting on page 10 for further details.

Principal Amount Payment: The full Principal Amount of $100.00 per Deposit Note will be payable on the Maturity

Date, regardless of the performance of the Shares. The Maturity Date will occur earlier than the scheduled maturity of December 14, 2012 if the Deposit Notes are called by CIBC. The Deposit Notes cannot otherwise be redeemed by CIBC or retracted by the Investor prior to the Maturity Date.

The Shares: The Coupons (other than the first Coupon) will depend upon the price performance of a notional portfolio (the “Portfolio”). The Portfolio consists of the shares (each a “Share” and collectively, the “Shares”) of the following companies (each a “Company” and collectively, the “Companies”):

Bank of Montreal eBay PepsiCo Barclays The Gap Procter & Gamble Bristol Myers Squibb Hewlett Packard Royal Bank of Canada BCE Hershey Suncor Energy BP Johnson & Johnson Unilever ConocoPhillips Microsoft Wal-Mart Dell Novartis

Brief descriptions of the businesses of the Companies, the trading symbols for the Shares and the historical Share price information are set out below under “THE SHARES” starting on page 20. The Portfolio is a notional portfolio only. Investors will not have any ownership interest or rights (including, without limitation, voting rights and rights to receive dividends) in the Shares. Investors will not have any direct or indirect recourse to any Shares, and will only have a right against CIBC to be paid the Principal Amount at maturity together with any Coupons.

Special Circumstances: If a Market Disruption Event in respect of a Share occurs on a day on which the Closing Price of such Share is to be determined for calculating a Coupon, determination of that Closing Price will be postponed to a later date. The occurrence of an Extraordinary Event may accelerate the payment of any Coupons and change the manner in which they are calculated. However, the Principal Amount of each Deposit Note will not be payable until the Maturity Date (or Call Date, if applicable) regardless of the occurrence of a Market Disruption Event or Extraordinary Event. Upon the occurrence of certain events in respect of a Company, such as a merger or nationalization, CIBC may add a new share to the Portfolio as a replacement for the Share of such Company, and may accordingly make other adjustments. In other circumstances, such as a stock split or extraordinary dividend in respect of a Share in the Portfolio, CIBC may adjust any one or more of the Initial Price or the formula for calculating its Share Return, or another component or variable relevant to the determination of a Coupon to account for those circumstances. See “DESCRIPTION OF THE DEPOSIT NOTES – SPECIAL CIRCUMSTANCES” starting on page 11.

Eligibility for Investment: The Deposit Notes, if issued on the date hereof, would be qualified investments under the Income Tax Act (Canada) (the “Act”) for RRSPs, RRIFs, RESPs and DPSPs (other than a DPSP to which contributions are made by CIBC or a person or partnership with which CIBC does not deal at arm’s length within the meaning of the Act). The restrictions in respect of foreign property that may be held by registered pension plans and certain other deferred plans have been repealed for 2005 and subsequent years.

Where an Investor purchases Deposit Notes through dealers and other firms that place and clear orders for Deposit Notes through FundSERV Inc. (“FundSERV”), such dealers or other firms may not be able to accommodate a purchase of Deposit Notes through certain registered plans. Investors should consult their financial advisors as

– 3 –

to whether their orders for Deposit Notes will be made through FundSERV and any limitations on their ability to purchase Deposit Notes through registered plans.

Secondary Market: CIBC World Markets Inc. expects to maintain a secondary market for the Deposit Notes, but reserves the right not to do so in the future in its sole discretion, without providing prior notice to Investors. The Deposit Notes will not be listed on any stock exchange. An Investor who sells a Deposit Note to CIBC World Markets Inc. prior to the Maturity Date will receive sales proceeds equal to the bid price for the Deposit Note minus any applicable Early Trading Charge. See “DESCRIPTION OF THE DEPOSIT NOTES – SECONDARY TRADING OF DEPOSIT NOTES” starting on page 10 below. A sale of Deposit Notes originally purchased through FundSERV will be subject to certain additional procedures and limitations established by FundSERV. See “DESCRIPTION OF THE DEPOSIT NOTES – FUNDSERV” starting on page 17 below.

Book-Entry Registration: The Deposit Notes will be evidenced by a single global deposit note held by a depositary (initially being The Canadian Depository for Securities Limited), or its nominee on its behalf, as registered holder of the Deposit Notes. Registration of interests in and transfers of the Deposit Notes will be made only through its book-entry system. Subject to certain limited exceptions, no Investor will be entitled to any certificate or other instrument from CIBC or the depositary evidencing the ownership thereof and no Investor will be shown on the records maintained by the depositary except through an agent who is a participant of the depositary.

Status: The Deposit Notes will constitute direct, unsubordinated and unsecured obligations of CIBC ranking pari passu among themselves with all other direct, unsubordinated and unsecured indebtedness of CIBC outstanding from time to time. Investors will not have the benefit of any insurance under the provisions of the Canada Deposit Insurance Corporation Act. The Deposit Notes will not be specifically rated.

Tax Considerations: An Investor should consider the income tax considerations to the Investor of an investment in the Deposit Notes. An Investor should also consider the income tax consequences of a disposition of Deposit Notes by an Investor prior to maturity. See “CANADIAN FEDERAL INCOME TAX CONSIDERATIONS” below on page 19 for a summary of certain Canadian federal income tax considerations generally applicable to the Deposit Notes.

Risk Factors: A person should consider carefully certain other risk factors set out on page 32 and elsewhere in this Information Statement before reaching a decision to buy the Deposit Notes.

COUPON CALCULATION How a Coupon is Calculated The Coupon per Deposit Note that may be payable on a Coupon Date will be an amount in Canadian dollars equal to the result obtained using the following formula (subject to (i) the postponement of the determination of a Coupon due to a Market Disruption Event, or (ii) the earlier occurrence of an Extraordinary Event, as described under “DESCRIPTION OF THE DEPOSIT NOTES – SPECIAL CIRCUMSTANCES” starting on page 11 below):

Coupon = $100.00 x Coupon Rate Where:

“Banking Day” means a day (other than a Saturday or a Sunday) on which commercial banks are open for business (including for foreign exchange transactions) in Toronto, Ontario.

“Closing Price” means, in respect of a Share, the official closing price for that Share as announced by the relevant Exchange, provided that, if on or after the Issue Date such Exchange materially changes the time of day at which the official closing price is determined or no longer announces an official closing price, CIBC may thereafter deem the Closing Price to be the price of that Share as of the time of day used by such Exchange to determine the official closing price prior to such change or failure to announce.

– 4 –

“Coupon Date” means 14th day of December in each year, starting with, and including, December 14, 2006 and ending with, and including, December 14, 2012, provided that if such day is not a Banking Day, the Coupon Date will be the next following Banking Day and no interest or other compensation will be paid in respect of such postponement.

“Coupon Rate” means:

(1) in respect of the first occurring Coupon Date, 6%, and

(2) in respect of any Coupon Date following the first Coupon Date, the total of (i) 20%, plus (ii) the average, which may be positive or negative, (expressed as a percentage, rounded to two decimal places) of the lowest (or most negative) two Share Returns of the Shares for such Coupon Date, provided that if such total is negative, then the Coupon Rate for such Coupon Date shall be zero.

“Exchange” means, in respect of a Share, the exchange or trading system identified under the relevant Company information set out in “THE SHARES”, provided that if such exchange or trading system is no longer the primary exchange for the trading of that Share, as CIBC may determine, CIBC may designate another exchange or trading system as the relevant Exchange for that Share.

“Exchange Day” means, in respect of a Share, any day on which each Exchange and each Related Exchange are open for trading during their respective regular trading sessions, notwithstanding any such Exchange or Related Exchange closing prior to its Scheduled Closing Time.

“Initial Price” means, in respect of a Share, the Closing Price of that Share on the Issue Date, provided that, if the Issue Date is not an Exchange Day in respect of that Share, then the Initial Price in respect of that Share means the Closing Price of that Share for the immediately following applicable Exchange Day, and further subject to the provisions set out below under “DESCRIPTION OF THE DEPOSIT NOTES – SPECIAL CIRCUMSTANCES”.

“Related Exchange” means, in respect of a Share, any exchange or trading system on which futures or options on that Share are listed from time to time.

“Scheduled Closing Time” means, in respect of an Exchange or Related Exchange and an Exchange Day, the scheduled weekday closing time of such Exchange or Related Exchange on such Exchange Day, without regard to after hours or any other trading outside of the regular trading session hours.

“Share Return” means, in respect of a Share and a Coupon Date, a number, which may be positive or negative, (expressed as a percentage, rounded to two decimal places) calculated as follows:

Price InitialPrice Initial - Price Valuation

Return Share =

“Valuation Price” means, in respect of a Share and a Coupon Date, the Closing Price of that Share on the second Exchange Day for such Share immediately preceding such Coupon Date, subject to the provisions set out below under “DESCRIPTION OF THE DEPOSIT NOTES – SPECIAL CIRCUMSTANCES”.

The amount of each Coupon that may be payable (other than on the first Coupon Date) is uncertain. An Investor will not receive any such Coupon if the average of the Share Returns for the two lowest (or most negative) performing Shares is equal to or more negative than –20%.

– 5 –

Hypothetical Example Calculations The examples set out below demonstrate how a Coupon is to be calculated using the above formula and are included for illustration purposes only. The prices of the Shares used to illustrate the calculation of a Coupon are hypothetical and are not estimates or forecasts of the prices of the Shares for the dates set out below. The examples assume the Investor has purchased a single Deposit Note.

Example #1: Assumes positive price performance within the Portfolio.

Valuation Prices for Coupon Dates Company Name

(Closing Price Currency) Initial Price 2006/12/14 2007/12/14 2008/12/14 2009/12/14 2010/12/14 2011/12/14 2012/12/14

Bank of Montreal ($) 57.87 60.99 63.43 62.80 60.91 59.69 57.90 59.06 Barclays (GBp) 553.00 586.49 633.41 646.08 613.77 613.77 613.77 632.19

BCE ($) 24.47 25.35 25.60 27.14 26.87 26.60 27.93 27.37 BP (GBp) 31.07 33.34 32.01 33.61 32.26 34.20 34.20 32.49

Bristol-Myers (US$) 632.00 626.39 651.45 651.45 690.53 683.63 738.32 767.85 ConocoPhillips (US$) 65.94 68.41 67.04 63.69 65.60 62.32 63.57 66.11

Dell (US$) 35.60 34.68 35.03 37.48 38.60 38.99 40.55 40.55 eBay (US$) 40.49 41.86 41.02 40.20 43.02 41.73 40.06 40.46

The Gap (US$) 19.01 19.81 20.40 22.04 21.16 22.64 23.54 23.31 Hershey ($US) 27.76 26.60 28.46 28.46 29.60 29.90 29.00 29.29

Hewlett-Packard (US$) 59.09 56.95 59.23 62.78 65.29 69.21 74.06 77.02 Johnson & Johnson (US$) 63.39 68.61 65.87 66.52 63.86 63.22 61.33 60.10

Microsoft (US$) 27.40 29.48 30.95 29.72 30.61 32.14 34.07 35.43 Novartis (S.Fr.) 60.80 65.13 63.18 64.44 63.80 61.24 62.47 59.34 PepsiCo (US$) 54.85 55.97 54.85 54.30 53.76 55.37 59.25 62.80

Procter & Gamble (US$) 55.48 59.22 61.00 59.17 58.58 62.68 61.42 64.49 Royal Bank of Canada ($) 80.75 79.97 81.57 79.94 77.54 75.99 75.99 76.75

Suncor Energy ($) 70.35 73.27 71.07 76.76 82.13 81.31 87.00 93.96 Unilever (GBp) 557.50 580.18 626.59 607.80 583.48 630.16 598.66 586.68

Wal-Mart (US$) 44.96 48.64 46.69 44.36 43.47 45.65 47.02 47.96

Using the hypothetical Valuation Prices from the table above, the annual Coupons are determined in the table below. The two shaded Share Returns in each column in the table below are the two lowest (or most negative) Share Returns for the relevant Coupon Date.

Share Returns / Coupon Dates

Company Name 2006/12/14 2007/12/14 2008/12/14 2009/12/14 2010/12/14 2011/12/14 2012/12/14

Bank of Montreal 5.39% 9.61% Barclays 6.06% 14.54%

BCE 3.60% 4.63% BP 7.31% 3.01%

Bristol-Myers -0.89% 3.08% ConocoPhillips 3.75% 1.67%

Dell -2.58% -1.60% eBay 3.38% 1.32%

The Gap 4.21% 7.33% Hershey -4.18% 2.53%

Hewlett-Packard -3.62% 0.23% Johnson & Johnson 8.23% 3.91%

Microsoft 7.59% 12.97% Novartis 7.12% 3.91% PepsiCo 2.04% 0.00%

Procter & Gamble 6.74% 9.94% Royal Bank of Canada -0.97% 1.01%

Suncor Energy 4.15% 1.03% Unilever 4.07% 12.39%

Wal-Mart 8.19% 3.86%

Average of Two Lowest Share Returns: N/A -0.81%

Coupon Rate: 6.00% 20.00% +

(-0.80%) = 19.20%

The Deposit Notes are called (i.e. automatically mature) on December 14, 2007. The full Principal Amount will be repaid

15 Banking Days after this Coupon Date.

Overall Rate of Return = Approximately 12.22% per annum.

– 6 –

In this example showing positive price performance of the Shares in the Portfolio, the Investor would have received the guaranteed first Coupon of 6% (i.e., $6.00 per $100 Deposit Note) on the first Coupon Date, plus a Coupon on the second Coupon Date of 19.19% (i.e., $19.19 per $100 Deposit Note). As the total value of Coupons paid as of the second Coupon Date exceeds 16%, the Deposit Notes would have been called. The Investor would have received the original Principal Amount of $100.00 on the Call Date (being the 15th Banking Day after the second Coupon Date of December 14, 2007). This would have represented an annually compounded rate of return equal to approximately 12.22% per annum.

Example #2: Assumes poor price performance within the Portfolio demonstrating the worst-case scenario.

Valuation Prices for Coupon Dates Company Name

(Closing Price Currency)

Initial Price 2006/12/14 2007/12/14 2008/12/14 2009/12/14 2010/12/14 2011/12/14 2012/12/14

Bank of Montreal ($) 57.87 58.11 52.88 49.71 49.21 46.26 42.56 40.00 Barclays (GBp) 553.00 531.82 489.27 445.24 445.24 449.69 431.70 418.75

BCE ($) 24.47 22.66 22.66 20.85 21.26 21.90 20.15 19.75 BP (GBp) 31.07 30.52 26.25 24.67 24.67 24.67 25.66 26.43

Bristol-Myers (US$) 632.00 632.31 594.37 528.99 544.86 523.07 491.68 472.01 ConocoPhillips (US$) 65.94 63.03 56.73 53.89 49.58 51.56 48.47 47.50

Dell (US$) 35.60 37.20 36.46 37.19 35.33 33.21 32.21 31.57 eBay (US$) 40.49 41.58 39.09 38.69 37.15 34.92 32.82 33.81

The Gap (US$) 19.01 18.93 18.55 17.99 18.53 19.28 18.51 17.39 Hershey ($US) 27.76 28.68 27.53 23.95 24.67 23.44 24.38 23.89

Hewlett-Packard (US$) 59.09 60.62 53.95 52.87 49.70 49.70 46.22 42.52 Johnson & Johnson (US$) 63.39 63.01 55.45 55.45 52.68 50.57 52.59 51.01

Microsoft (US$) 27.40 24.89 22.65 21.74 21.53 22.39 21.49 21.92 Novartis (S.Fr.) 60.80 56.23 52.29 50.73 46.67 44.80 46.59 44.26 PepsiCo (US$) 54.85 52.70 53.23 51.10 50.59 49.58 45.61 46.98

Procter & Gamble (US$) 55.48 48.35 43.03 38.73 36.02 35.30 33.18 33.18 Royal Bank of Canada ($) 80.75 75.50 68.71 65.27 62.66 64.54 63.89 60.06

Suncor Energy ($) 70.35 61.87 53.21 46.29 47.22 49.11 45.67 42.47 Unilever (GBp) 557.50 496.49 476.63 428.97 411.81 399.45 383.48 352.80

Wal-Mart (US$) 44.96 43.06 43.06 42.20 43.04 43.04 41.75 41.75

Using the hypothetical Valuation Prices from the table above, the annual Coupons are determined in the table below. The two shaded Share Returns in each column in the table below are the two lowest (or most negative) Share Returns for the relevant Coupon Date.

Share Returns / Coupon Dates

Company Name 2006/12/14 2007/12/14 2008/12/14 2009/12/14 2010/12/14 2011/12/14 2012/12/14

Bank of Montreal 0.41% -8.62% -14.11% -14.96% -20.07% -26.46% -30.87% Barclays -3.83% -11.52% -19.49% -19.49% -18.68% -21.93% -24.28%

BCE -7.40% -7.40% -14.81% -13.10% -10.49% -17.65% -19.30% BP -1.77% -15.52% -20.59% -20.59% -20.59% -17.41% -14.94%

Bristol-Myers 0.05% -5.95% -16.30% -13.79% -17.24% -22.20% -25.31% ConocoPhillips -4.41% -13.97% -18.27% -24.81% -21.80% -26.50% -27.97%

Dell 4.49% 2.40% 4.45% -0.77% -6.72% -9.52% -11.33% eBay 2.69% -3.47% -4.43% -8.26% -13.76% -18.94% -16.50%

The Gap -0.42% -2.41% -5.34% -2.50% 1.40% -2.66% -8.50% Hershey 3.31% -0.82% -13.71% -11.12% -15.57% -12.19% -13.95%

Hewlett-Packard 2.59% -8.70% -10.52% -15.89% -15.89% -21.78% -28.04% Johnson & Johnson -0.60% -12.53% -12.53% -16.90% -20.23% -17.03% -19.52%

Microsoft -9.16% -17.34% -20.64% -21.44% -18.29% -21.56% -19.99% Novartis -7.52% -13.99% -16.57% -23.24% -26.32% -23.37% -27.20% PepsiCo -3.92% -2.96% -6.84% -7.77% -9.62% -16.85% -14.35%

Procter & Gamble -12.85% -22.44% -30.19% -35.08% -36.38% -40.20% -40.20% Royal Bank of Canada -6.50% -14.92% -19.17% -22.40% -20.08% -20.88% -25.62%

Suncor Energy -12.05% -24.37% -34.20% -32.88% -30.20% -35.08% -39.63% Unilever -10.94% -14.51% -23.06% -26.13% -28.35% -31.22% -36.72%

Wal-Mart -4.23% -4.23% -6.14% -4.26% -4.26% -7.14% -7.14%

Average of Two Lowest Share Returns: N/A -23.41% -32.20 -33.98 -33.29 -37.64 -39.92

Coupon Rate: 6.00% Nil Nil Nil Nil Nil Nil

Deposit Notes are not called. The full Principal Amount will be repaid on the Maturity Date. Overall Rate of Return = Approximately 0.88% per annum

– 7 –

In this example showing poor price performance of the Shares in the Portfolio, the only Coupon that an Investor would have received over the term of the Deposit Note would have been the first Coupon paying 6% of the Principal Amount (i.e., $6.00 per $100 Deposit Note). The Deposit Notes would not have been called and no additional Coupons would have been paid to the Investor. Nevertheless, the Investor would have still received the original Principal Amount of $100.00 on the scheduled maturity of December 14, 2012. This would have represented an annually compounded rate of return equal to approximately 0.88% per annum.

What should be learned from the Examples and formula for the Coupon

Investors should note that, although the Coupons (other than the first Coupon) are linked to the future price performance of the Shares, the amount (if any) of any such Coupon will depend upon the timing and extent of the rises and falls in the prices of the Shares over the term to maturity. Specifically: • The Coupon Rate payable on the first Coupon Date will be fixed at 6%, regardless of the performances of the

Shares. • Except for the first fixed 6% Coupon, a Coupon will be payable only if the average of the Share Returns for the

two lowest (or most negative) performing Shares for such Coupon Date is better than –20%. • It is possible that the only Coupon payable will be the first Coupon equal to 6% of the Principal Amount. There is

no theoretical maximum amount of Coupon payable (other than the fixed Coupon of 6% for the first year). • The potential Coupon payable will be impacted by the two lowest (or most negative) performing Shares for the

relevant Coupon Date. The Investor will not participate in the performance of any other Share or of the Portfolio as a whole.

• Once the aggregate value of Coupons equals or exceeds 16% of the Principal Amount, the Deposit Notes will be called by CIBC and the Principal Amount repaid on the Call Date (being 15 Banking Days after the Coupon Date triggering the call under the Deposit Notes).

• The full Principal Amount will be repaid to investors on the Maturity Date regardless of the price performance of the Shares in the Portfolio.

• Investing in the Deposit Notes will not offer the same return as a direct investment in the Shares. • Investing in the Deposit Notes is subject to various risks. See “Risk Factors to Consider” starting on page 32.

– 8 –

HISTORICAL PERFORMANCE The chart below shows the distribution of what the annually compounded rates of return (expressed as a per annum percentage, referred to below as “Historical Returns”) would have been if an Equity Target Redemption Deposit Note had been hypothetically issued every month beginning on July 30, 1993 up to and including August 31, 1998 (with scheduled maturities between 1995 and 2005). This results in a series of 62 observations of Historical Returns for various terms.* The minimum Historical Return through this period would have been 0.9% compounded annually. Historical price performance shown below does not necessarily predict future price performance of the Deposit Notes.

Distribution of Historical Returns

9.7%

3.2%

6.5% 6.5%

17.7%

9.7%

14.5% 14.5%

17.7%

0%

5%

10%

15%

20%

< 4% 4% to6.5%

6.5% to9%

9% to11.5%

11.5% to14%

14% to16.5%

16.5% to19%

19% to21.5%

> 21.5%

90.3% of the time the Historical Returns would have been 4.0% or better.

87.1% of the time the Historical Returns would have been 6.5% or better.

80.6% of the time the Historical Returns would have been 9.0% or better.

56.4% of the time the Historical Returns would have been 14.0% or better.

32.2% of the time the Historical Returns would have been 19.0% or better.

Historical Returns for the 62 Hypothetical Deposit Notes

Average 15.7%

Highest 31.6%

Lowest 0.98%

* As the shares of eBay Inc. were not listed prior to September 1998, the historical performance of these Shares was estimated for the period prior to the date such shares were listed. Estimations for the missing data points were based on the historical performance of the relevant industry sector for the applicable time period.

– 9 –

The chart below shows the distribution of what the term to maturity would have been if an Equity Target Redemption Deposit Note was hypothetically issued every month beginning on July 30, 1993 up to and including August 31, 1998 (a total of 62 observations). Fifty-six of these observations would have matured in three years or less. Only six observations would have matured in seven years.

Distribution of Historical Terms to Maturity

75.8%

14.5%

0.0% 0.0% 0.0%

9.7%

0%

10%

20%

30%

40%

50%

60%

70%

80%

2 Years 3 Years 4 Years 5 Years 6 Years 7 Years

75.8% of the time, the Deposit Notes would have been called in 2 years.

90.3% of the time, the Deposit Notes would have been called within the first 3 years.

Given both the historical return and maturity analysis above, the combined maturities and average price performance for each theoretical maturity term is shown below.

Average Return Given Theoretical Historical Maturities

Maturity Average Return

2 Years 18.6% 3 Years 10.0% 7 Years 1.3%

Theoretical Terms to Maturity for the 62 Hypothetical Deposit Notes

Years

Average 2.6 Highest 7.0 Lowest 2.0

– 10 –

DESCRIPTION OF THE DEPOSIT NOTES

Issue Equity Target Redemption Deposit Notes, Series 7, will be issued by CIBC on the Issue Date. CIBC reserves the right to issue the Deposit Notes in an aggregate number as CIBC may determine in its absolute discretion.

Principal Amount and Minimum Subscription Each Deposit Note will be issued in a face amount of $100.00 (also referred to as the Principal Amount). The minimum subscription per Investor will be 50 Deposit Notes.

Maturity & Repayment of Principal Amount Each Deposit Note matures on the Maturity Date, on which date the Investor will receive the Principal Amount (i.e., $100.00 per Deposit Note). If the Deposit Notes are called, the Maturity Date will be accelerated to occur on the Call Date. See “Call Feature” below.

If the Maturity Date is not a Banking Day for any reason, then the Maturity Date will be deemed to occur on the next following Banking Day and no interest or other compensation will be paid in respect of such postponement.

Coupon The Coupon that may be payable on each Coupon Date will be determined by CIBC in accordance with the formula and related definitions specified under “COUPON CALCULATION” starting on page 3 above. Only the Coupon payable for the first year is a fixed amount (namely, 6% of the Principal Amount). An Investor cannot elect to receive a Coupon before the relevant Coupon Date.

The Coupon payable on the first Coupon Date will be 6% of the Principal Amount, regardless of the performance of the Shares. The Coupon that may be payable on each of the remaining Coupon Dates will depend upon the price performance of the two lowest (or most negative) performing Shares, measured in the case of each Share from its Initial Price to its Valuation Price. It is possible that the Investors will receive the first Coupon only and no Coupon in any subsequent year.

Each Coupon is payable without any need for the Investor to elect or otherwise take any action (subject to the provisions outlined under “DESCRIPTION OF DEPOSIT NOTES–Special Circumstances” below). If any scheduled Coupon Date is not a Banking Day, then payment of the Coupon will occur on the immediately following Banking Day, subject further to the condition that such payment will not occur in any event until the second Banking Day immediately following the determination of all Valuation Prices used in the calculation of the Coupon Rate for the Coupon payable on such Coupon Date. No other interest or other compensation will be paid in respect of such postponement. The timing and manner of determining a Coupon Rate and the related Valuation Prices may be affected by the occurrence of certain unusual events. The payment of Coupons may be accelerated if an Extraordinary Event as described under “Special Circumstances” below occurs.

Call Feature The Deposit Notes will be called (i.e., redeemed) by CIBC when the aggregate value of Coupons paid equals or exceeds 16% of the Principal Amount per Deposit Note. The Call Date will occur 15 Banking Days after the Coupon Date on which the aggregate value of Coupons paid (including the Coupon paid on that Coupon Date) equals or exceeds 16% of the Principal Amount per Deposit Note. For the purposes of certainty, no additional Coupons will be paid after the Call Date. The Investor will be paid the full Principal Amount per Deposit Note in Canadian dollars on the Call Date.

Secondary Trading of Deposit Notes Secondary Market

An investor cannot elect to receive the Principal Amount prior to the Maturity Date and the Deposit Notes will not be listed on any stock exchange. However, Investors may be able to sell them prior to maturity in any available secondary market. CIBC World Markets Inc. expects to maintain a secondary market for the Deposit Notes, but reserves the right not to do so in the future in its sole discretion, without providing prior notice to the Investors. See also “FundSERV” below for details in respect of secondary market trading where the Deposit Notes are held through

– 11 –

participants in FundSERV. The sale of a Deposit Note to CIBC World Markets Inc. will be effected at a price equal to (i) the bid price for the Deposit Note minus (ii) any applicable Early Trading Charge.

The bid price of a Deposit Note at any time will be dependent upon, among other things, (i) how much the Closing Prices of the Shares have risen or fallen since the Issue Date and their price performances concluded up to such time, (ii) the fact that the Deposit Notes are subject to the call feature, (iii) the amount of accrued interest, if any, and (iv) a number of other interrelated factors, including, without limitation, volatility in the Closing Prices of the Shares, prevailing interest rates, the dividend yields of the Shares, the time remaining to the Maturity Date, and the market demand for the Deposit Notes. The relationship among these factors is complex and may also be influenced by various political, economic and other factors that can affect the trading price of a Deposit Note. In particular, Investors should realize that the trading price, especially during the first few years of the term, (a) will have a non-linear sensitivity to the rises and falls in the Shares (i.e., the trading price of a Deposit Note might increase and decrease at a different rate compared to the respective percentage increases and decreases of the Shares) and (b) may be substantially affected by changes in the level of interest rates independent of the price performance of the Shares.

The Early Trading Charge will apply during the first 720 days and will be equal to a percentage of the Principal Amount of the Deposit Note determined as follows:

If Sold Within Early Trading Charge 90 days 6.95% 180 days 6.10% 270 days 5.20% 360 days 4.30% 450 days 3.40% 540 days 2.50% 630 days 1.60% 720 days 0.70%

Thereafter Nil

An Investor should be aware that any valuation price for the Deposit Notes appearing on his or her investment account statement, as well as any bid price quoted to the Investor to sell his or her Deposit Notes within the first 720 days, will be before the application of any applicable Early Trading Charge. An Investor wishing to sell Deposit Notes prior to the Maturity Date should consult with his or her investment advisor regarding any applicable Early Trading Charge.

An Investor should consult his or her investment advisor on whether it would be more favourable in the circumstances at any time to sell the Deposit Note (assuming the availability of a secondary market) or hold the Deposit Note until the Maturity Date. An Investor should also consult his or her tax advisor as to the income tax consequences arising from a sale prior to the Maturity Date as compared to holding the Deposit Note until the Maturity Date (see “CANADIAN FEDERAL INCOME TAX CONSIDERATIONS” below).

Special Circumstances Good Faith Determinations

CIBC’s calculations and determinations in respect of the Deposit Notes shall, absent manifest error, be final and binding on the Investors.

Potential Adjustment Event

Following the declaration by a Company of the terms of any Potential Adjustment Event in respect of its Share, CIBC will determine whether such Potential Adjustment Event has a diluting or concentrative effect on the theoretical value of the relevant Share and, if so, will (i) make the corresponding adjustments, if any, to any one or more of the Initial Price of such Share, the formula for calculating the Share Return of such Share, or any other component or variable relevant to the determination of a Coupon as CIBC determines appropriate to account for the diluting or concentrative effect and (ii) determine the effective date of the adjustments. CIBC may (but need not) determine any appropriate adjustments by reference to the adjustments in respect of such Potential Adjustment Event made by an options exchange to options on the relevant Share traded on such options exchange. Save as expressly provided below, CIBC shall make no adjustment in respect of any distribution of cash.

“Potential Adjustment Event” means, in respect of a Share, the occurrence of any of the following events:

(a) a subdivision, consolidation or reclassification of relevant Shares (unless resulting in a Merger Event), or a free distribution or dividend of any such Shares to existing holders by way of bonus, capitalization or similar issue;

– 12 –

(b) a distribution, issue or dividend to existing holders of the relevant Shares of (i) such Shares, or (ii) other share capital or securities granting the right to payment of dividends and/or the proceeds of liquidation of the applicable Company equally or proportionately with such payments to holders of such Shares, or (iii) share capital or other securities of another issuer acquired or owned (directly or indirectly) by the applicable Company as a result of a spin-off or other similar transaction, or (iv) any other type of securities, rights or warrants or other assets, in any case for payment (cash or other consideration) at less than the prevailing market price as determined by CIBC;

(c) an extraordinary dividend in respect of such Shares (where the characterization of a dividend as “extraordinary” shall be determined by CIBC);

(d) a call by the applicable Company in respect of the relevant Shares that are not fully paid;

(e) a repurchase by the applicable Company or any of its subsidiaries of the relevant Shares whether out of profits or capital and whether the consideration for such repurchase is cash, securities or otherwise;

(f) in respect of the applicable Company, an event that results in any shareholder rights being distributed or becoming separated from shares of common stock or other shares of the capital stock of such Company pursuant to a shareholder rights plan or arrangement directed against hostile takeovers that provides upon the occurrence of certain events for a distribution of preferred stock, warrants, debt instruments or stock rights at a price below their market value, as determined by CIBC, provided that any adjustment effected as a result of such an event shall be readjusted upon any redemption or such rights; or

(g) any other event that may have a diluting or concentrative effect on the theoretical value of the relevant Shares.

Merger Event and Tender Offer

On or after a Merger Date or Tender Offer Date, CIBC shall either (i) (A) make adjustments, if any, to any one or more of the Initial Price of the relevant Share, the formula for calculating the Share Return of such Share, or any other component or variable relevant to the determination of a Coupon as CIBC determines appropriate to account for the economic effect on the Deposit Notes of the relevant Merger Event or Tender Offer, which may, but need not, be determined by reference to the adjustments made in respect of such Merger Event or Tender Offer by an options exchange to options on the relevant Shares traded on such options exchange and (B) determine the effective date of the adjustments, or (ii) if CIBC determines that no adjustment that it could make under (i) will produce a commercially reasonable result, CIBC may deem the relevant Merger Event or Tender Offer to be a Substitution Event subject to the provisions of “Substitution Event” below.

“Merger Date” means the closing date of a Merger Event or, where a closing date cannot be determined under the local law applicable to such Merger Event, such other date as determined by CIBC.

“Merger Event” means, in respect of a Share, any (i) reclassification or change of the relevant Shares that results in a transfer of or an irrevocable commitment to transfer all of such Shares outstanding to another entity or person, (ii) consolidation, amalgamation, merger or binding share exchange of the relevant Company with or into another entity or person (other than a consolidation, amalgamation, merger or binding share exchange in which such Company is the continuing entity and which does not result in a reclassification or change of all of such Shares outstanding), (iii) takeover offer, tender offer, exchange offer, solicitation, proposal or other event by any entity or person to purchase or otherwise obtain 100% of the outstanding Shares of such Company that results in a transfer of or an irrevocable commitment to transfer all such Shares (other than such Shares owned or controlled by the such other entity or person), or (iv) consolidation, amalgamation, merger or binding share exchange of such Company or its subsidiaries with or into another entity in which such Company is the continuing entity and which does not result in a reclassification or change of all such Shares outstanding but results in the outstanding Shares (other than Shares owned or controlled by such other entity) immediately prior to such event collectively representing less than 50% of the outstanding Shares immediately following such event (commonly referred to as a “reverse merger”), in each case if the Merger Date is on or before on or before the date on which the Share Return in respect of such Share is determined.

“Tender Offer” means, in respect of a Share, a takeover offer, tender offer, exchange offer, solicitation, proposal or other event by any entity or person that results in such entity or person purchasing, or otherwise obtaining or having the right to obtain, by conversion or other means, greater than 10% and less than 100% of the outstanding relevant Shares of the applicable Company, as determined by CIBC, based upon the making of filings with governmental or self-regulatory agencies or such other information as CIBC deems relevant.

“Tender Offer Date” means, in respect of a Tender Offer, the date on which the relevant Shares in the amount of the applicable percentage threshold are actually purchased or otherwise obtained (as determined by CIBC).

– 13 –

Substitution Event

Upon CIBC becoming aware of the occurrence of a Substitution Event in respect of a Share in the Portfolio (the “Deleted Share”), the following shall apply, effective on a date as determined by CIBC (the “Substitution Date”):

(a) any adjustments set out in “Potential Adjustment Event” above in respect of such Share shall not apply;

(b) CIBC may choose (in its absolute discretion) a new share (the “Replacement Share”) of a large company listed on a major exchange or market quotation system as a substitute for such Deleted Share;

(c) such Deleted Share shall be deleted from the Portfolio and shall not be considered as a Share for purposes of determining a Coupon on or after the Substitution Date;

(d) the Replacement Share shall be a Share in the Portfolio, the issuer of such Replacement Share shall be the Company in respect of such Replacement Share, and the primary exchange or market quotation system on which such Replacement Share is listed shall be the Exchange in respect of such Replacement Share; and

(e) CIBC shall determine in its discretion the Initial Price of such Replacement Share by taking into account all relevant market circumstances, including the Initial Price of such Deleted Share and the Closing Price or estimated value on the Substitution Date of the Deleted Share and the Closing Price on the Substitution Date of the Replacement Share, and shall make adjustments, if any, to any one or more of the formula for calculating the Share Return of such Replacement Share, or any other component or variable relevant to the determination of a Coupon as CIBC determines appropriate to account for the economic effect on the Deposit Notes of the relevant Substitution Event (including adjustment to account for changes in volatility, expected dividends, stock loan rate or liquidity relevant to the applicable substitution).

Upon choosing a Replacement Share, CIBC shall promptly give details of such substitution and brief details of the Substitution Event to the Investors. For greater certainty, the Replacement Share chosen by CIBC may be any share of a large company, and may be a company which was the continuing entity in respect of a Merger Event. CIBC may decide not to choose a Replacement Share as a substitute for a Deleted Share if CIBC determines that there are no appropriate shares of a large company listed on a major exchange or market quotation system which offer sufficient liquidity in order for CIBC to place, maintain or modify hedges in respect of such shares; in that event, see “Extraordinary Event” below.

“Delisting” means, in respect of a Share, that the relevant primary Exchange announces that pursuant to the rules of such Exchange, the Shares cease (or will cease) to be listed, traded or publicly quoted on such Exchange for any reason (other than a Merger Event or Tender Offer) and are not immediately re-listed, re-traded or re-quoted on an exchange or quotation system located in the same country as such Exchange.

“Insolvency” means, in respect of a Share, that by reason of the voluntary or involuntary liquidation, bankruptcy, insolvency, dissolution or winding-up of or any analogous proceeding affecting the applicable Company, (i) all the relevant Shares of such Company are required to be transferred to a trustee, liquidator or other similar official or (ii) holders of the Shares of such Company become legally prohibited from transferring them.

“Nationalization” means, in respect of a Share, that all such Shares or all the assets or substantially all the assets of the applicable Company are nationalized, expropriated or are otherwise required to be transferred to any governmental agency, authority or entity.

“Substitution Event” means, in respect of a Share, any Nationalization, Insolvency or Delisting in respect of such Share, or any Merger Event or Tender Offer in respect of such Share that is deemed by CIBC to be a Substitution Event, or the occurrence and continuation for at least eight consecutive applicable Exchange Days of a Market Disruption Event in respect of such Share.

Market Disruption Event

If CIBC determines that a Market Disruption Event (as defined below) in respect of a Share in the Portfolio has occurred and is continuing on any date that but for that event would be an Exchange Day on which such Share’s Closing Price is scheduled to be determined for computing its Initial Price or Valuation Price (a “Valuation Date”), then the applicable Coupon will be calculated (and the applicable Closing Price will be determined) on the basis that such Valuation Date will be postponed to the next Exchange Day on which there is no Market Disruption Event in effect in respect of such Share.

However, there will be a limit for postponement of any Valuation Date. If on the eighth Exchange Day following the date originally scheduled as a Valuation Date, such Valuation Date has not occurred, then despite the occurrence of any Market Disruption Event in respect of such Share on or after such eighth Exchange Day:

– 14 –

(i) such eighth Exchange Day shall be the Valuation Date in respect of such Share, and

(ii) where on that eighth Exchange Day a Market Disruption Event in respect of such Share has occurred and is continuing, then the Closing Price of such Share for such Valuation Date used for determining the relevant value of such Share in the calculation of a Coupon will be a value equal to CIBC’s estimate of the Closing Price of such Share as at such Valuation Date reasonably taking into account all relevant market circumstances.

A Market Disruption Event may delay the determination of a Share Return and consequently the calculation of a Coupon that may be payable. Payment of a Coupon, other than the first Coupon, will be made on the second Banking Day after all Share Returns used in the calculation of the Coupon have been determined, regardless of the scheduled Coupon Date.

“Market Disruption Event” means, in respect of a Share, any bona fide event, circumstance or cause (whether or not reasonably foreseeable) beyond the reasonable control of CIBC or any person that does not deal at arm’s length with CIBC which has or will have a material adverse effect on the ability of equity dealers generally to place, maintain or modify hedges of positions in respect of such Share. A Market Disruption Event may include, without limitation, any of the following events:

(a) any suspension of or limitation imposed on trading by the relevant Exchange or Related Exchange or otherwise and whether by reason of movements in price exceeding limits permitted by the relevant Exchange or Related Exchange or otherwise (i) relating to the Share(s) on the Exchange(s), or (ii) in futures or options contracts or futures contracts relating to the relevant Share(s) on any relevant Related Exchange;

(b) the closure (“Early Closure”) on any Exchange Day of the relevant Exchange(s) or any Related Exchange(s) prior to its Scheduled Closing Time unless such earlier closing time is announced by such Exchange(s) or Related Exchange(s) at least one hour prior to the earlier of (i) the actual closing time for the regular trading session on such Exchange(s) or Related Exchange(s) on such Exchange Day and (ii) the submission deadline for orders to be entered into the Exchange or Related Exchange system for execution at the close of trading on such Exchange Day;

(c) any event (other than an Early Closure) that disrupts or impairs (as determined by CIBC) the ability of market participants in general (i) to effect transactions in, or obtain market values for, the Share(s) on the Exchange(s), or (ii) to effect transactions in, or obtain market values for, futures or options contracts relating to the Share(s) on any relevant Related Exchange;

(d) the failure on any Exchange Day of the relevant Exchange(s) of the relevant Share(s) or any Related Exchange to open for trading during its regular trading session;

(e) the enactment, publication, decree or other promulgation of any statute, regulation, rule or order of any court or other governmental authority which would make it unlawful or impracticable for CIBC to perform its obligations under the Deposit Notes or for equity dealers generally to place, maintain or modify hedges of positions in respect of such Share;

(f) the taking of any action by any governmental, administrative, legislative or judicial authority or power of Canada or any other country, or any political subdivision thereof, which has a material adverse effect on the financial markets of Canada or a country in which any applicable Exchange or Related Exchange is located; or

(g) any outbreak or escalation of hostilities or other national or international calamity or crisis (including, without limitation, natural calamities) which has or would have a material adverse effect on the ability of CIBC to perform its obligations under the Deposit Notes or of equity dealers generally to place, maintain or modify hedges of positions with respect to such Share or a material and adverse effect on the Canadian economy or the trading of securities generally on any relevant Exchange or Related Exchange.

Extraordinary Event

If CIBC determines that a Market Disruption Event in respect of a Share has occurred and has continued for at least ten consecutive applicable Exchange Days, and CIBC has decided not to choose a Replacement Share as a substitute for such Share on the grounds CIBC has determined that there are no appropriate shares of a large company listed on a major exchange or market quotation system which offer sufficient liquidity in order for CIBC to place, maintain or modify hedges in respect of such shares (an “Extraordinary Event”), then CIBC will, upon notice to the Investors to be given effective on an applicable Exchange Day (the date of such notification being the “Extraordinary Event Notification Date”), accelerate the determination and payment of all remaining Coupons (and thus discharge its obligations in respect of all remaining Coupons). Upon such election, the following will be determined as of the Extraordinary Event Notification Date:

– 15 –

(a) Any remaining Coupons per Deposit Note that may be payable by CIBC will not be calculated in accordance with the provisions set out in “COUPON CALCULATION” above. Instead, an amount (the “Estimated Coupon”), if any, will be estimated by CIBC representing the fair and reasonable amount that a Third Party Dealer (as defined below) would pay on the Extraordinary Event Notification Date, taking into account all relevant market circumstances, for a right to receive on the Maturity Date an amount equal to the amount of any remaining Coupons per Deposit Note that, but for such occurrence of the Extraordinary Event, would have been payable on each Deposit Note on each Coupon Date. The Estimated Coupon may be nil.

(b) Payment of the Estimated Coupon, if any, per Deposit Note will be made to the Investors on the seventh Banking Day after the Extraordinary Event Notification Date.

In these circumstances, Coupons will not be payable on any remaining Coupon Dates, and payment of the Principal Amount per Deposit Note will not be accelerated and will remain due and payable on the Maturity Date.

“Third Party Dealer” means a person or company (other than CIBC or any of its affiliates) that is an active participant in equity markets relevant to the Shares.

Forms of the Deposit Notes Each Deposit Note will generally be represented by a global deposit note representing the entire issuance of Deposit Notes. CIBC will issue Deposit Notes evidenced by certificates in definitive form to a particular Investor only in limited circumstances. Both any certificated Deposit Notes in definitive form and any global deposit note will be issued in registered form, whereby CIBC’s obligation will run to the holder of the security named on the face of the security. Definitive Deposit Notes if issued will name Investors or nominees as the owners of the Deposit Notes, and in order to transfer or exchange these definitive Deposit Notes or to receive payments other than interest or other interim payments, the Investors or nominees (as the case may be) must physically deliver the Deposit Notes to CIBC. A global deposit note will name a depositary or its nominee as the owner of the Deposit Notes, initially to be The Canadian Depository for Securities Limited (“CDS”) or its nominee. Each Investor's beneficial ownership of Deposit Notes will be shown on the records maintained by the Investor’s broker/dealer, bank, trust company or other representative that is a participant in the relevant depositary, as explained more fully below. Interests of participants will be shown on the records maintained by the relevant depositary. Neither CIBC nor any depositary will be bound to see to the execution of any trust affecting the ownership of any Deposit Note or be affected by notice of any equity that may be subsisting with respect to any Deposit Note.

Global Deposit Note

CIBC will issue the registered Deposit Notes in the form of the fully registered global deposit note that will be deposited with a depositary (initially being CDS) and registered in the name of such depositary or its nominee in a denomination equal to the aggregate Principal Amount of the Deposit Notes. Unless and until it is exchanged in whole for Deposit Notes in definitive registered form, the registered global deposit note may not be transferred except as a whole by and among the depositary, its nominee or any successors of such depositary or nominee.

CIBC anticipates that the following provisions will apply to all arrangements in respect of a depositary.

Ownership of beneficial interests in a global deposit note will be limited to persons, called participants (which will typically be an Investor’s broker, bank, trust company or other investment entity), that have accounts with the relevant depositary or persons that may hold interests through participants. Upon the issuance of a registered global deposit note, the depositary will credit, on its book-entry registration and transfer system, the participants' accounts with the respective Principal Amounts of the Deposit Notes beneficially owned by the participants. Any dealers, underwriters or agents participating in the distribution of the Deposit Notes will designate the accounts to be credited. Ownership of beneficial interests in a registered global deposit note will be shown on, and the transfer of ownership interests will be effected only through, records maintained by the depositary, with respect to interests of participants, and on the records of participants, with respect to interests of persons holding through participants.

So long as the depositary, or its nominee, is the registered owner of a registered global deposit note, that depositary or its nominee, as the case may be, will be considered the sole owner or holder of the Deposit Notes represented by the registered global deposit note for all purposes. Except as described below, owners of beneficial interests in a registered global deposit note will not be entitled to have the Deposit Notes represented by the registered global deposit note registered in their names, will not receive or be entitled to receive physical delivery of the Deposit Notes in definitive form and will not be considered the registered owners or registered holders of Deposit Notes. Accordingly, each person owning a beneficial interest in a registered global deposit note must rely on the procedures of the depositary for that registered global deposit note and, if that person is not a participant, on the procedures of the participant through which the person owns its interest, to exercise any rights of a holder. CIBC understands that under existing industry practices, if CIBC requests any action of holders or if an owner of a beneficial interest in a

– 16 –

registered global deposit note desires to give or take any action that a holder is entitled to give or take in respect of the Deposit Notes, the depositary for the registered global deposit note would authorize the participants holding the relevant beneficial interests to give or take that action, and the participants would authorize beneficial owners owning through them to give or take that action or would otherwise act upon the instructions of beneficial owners holding through them.

Payments on the Deposit Notes represented by a registered global deposit note registered in the name of a depositary or its nominee will be made to the depositary or its nominee, as the case may be, as the registered owner of the registered global deposit note. CIBC will not have any responsibility or liability whatsoever for any aspect of the records relating to payments made on account of beneficial ownership interests in the registered global deposit note or for maintaining, supervising or reviewing any records relating to those beneficial ownership interests.

CIBC expects that the depositary for any of the Deposit Notes represented by a registered global deposit note, upon receipt of any payment on the Deposit Notes, will immediately credit participants' accounts in amounts proportionate to their respective beneficial interests in that registered global deposit note as shown on the records of the depositary. CIBC also expects that payments by participants to owners of beneficial interests in a registered global deposit note held through participants will be governed by standing customer instructions and customary practices, as is now the case with the securities held for the accounts of customers in bearer form or registered in "street name," and will be the responsibility of those participants.

Definitive Deposit Notes

If the depositary for any of the Deposit Notes represented by a registered global deposit note is at any time unwilling or unable to continue to properly discharge its responsibilities as depositary, and a successor depositary is not appointed by CIBC within 90 days, CIBC will issue Deposit Notes in definitive form in exchange for the registered global deposit note that had been held by the depositary.

In addition, CIBC may at any time and in its sole discretion decide not to have any of the Deposit Notes represented by one or more registered global deposit notes. If CIBC makes that decision, CIBC will issue Deposit Notes in definitive form in exchange for all of the registered global deposit notes representing the Deposit Notes.

Except in the circumstances described above, beneficial owners of the Deposit Notes will not be entitled to have any portions of such Deposit Notes registered in their name, will not receive or be entitled to receive physical delivery of the Deposit Notes in certificated, definitive form and will not be considered the owners or holder of a global deposit note.

Any Deposit Notes issued in definitive form in exchange for a registered global deposit note will be registered in the name or names that the depositary gives to CIBC or its agent, as the case may be. It is expected that the depositary's instructions will be based upon directions received by the depositary from participants with respect to ownership of beneficial interests in the registered global deposit note that had been held by the depositary.

The text of any Deposit Notes issued in definitive form will contain such provisions as CIBC may deem necessary or advisable. CIBC will keep or cause to be kept a register in which will be recorded registrations and transfers of Deposit Notes in definitive form if issued. Such register will be kept at the offices of CIBC, or at such other offices notified by CIBC to Investors.

No transfer of a definitive Deposit Note will be valid unless made at such offices upon surrender of the certificate in definitive form for cancellation with a written instrument of transfer in form and as to execution satisfactory to CIBC or its agent, and upon compliance with such reasonable conditions as may be required by CIBC or its agent and with any requirement imposed by law, and entered on the register.

Payments on a definitive Deposit Note will be made by cheque mailed to the applicable registered Investor at the address of the Investor appearing in the aforementioned register in which registrations and transfers of Deposit Notes are to be recorded or, if requested in writing by the Investor at least five Banking Days before the date of the payment and agreed to by CIBC, by electronic funds transfer to a bank account nominated by the Investor with a bank in Canada. Payment under any definitive Deposit Note is conditional upon the Investor first delivering the Deposit Note to CIBC who reserves the right, in the case of payment of any Coupons prior to the Maturity Date, to mark on the Deposit Note that the applicable Coupon has been paid in full, or, in the case of payment of all Coupons and the Principal Amount under the Deposit Note in full at any time, to retain the Deposit Note and mark the Deposit Note as cancelled.

– 17 –

Status The Deposit Notes will constitute direct, unsubordinated and unsecured obligations of CIBC ranking pari passu among themselves with all other direct, unsubordinated and unsecured indebtedness of CIBC from time to time outstanding. Investors will not have the benefit of any insurance under the provisions of the Canada Deposit Insurance Corporation Act. The Deposit Notes will not be specifically rated.

Plan of Distribution Each Deposit Note will be issued for a Subscription Price of 100% of the Principal Amount thereof (i.e., $100.00). The Subscription Price was determined by negotiation between CIBC and the Selling Agent.

Under an agreement (the “Agency Agreement”) between CIBC and the Selling Agent, the Selling Agent has agreed to offer the Deposit Notes for sale on a best efforts basis, if, as and when issued by CIBC in accordance with the provisions of the Agency Agreement. The continuing obligations of the Selling Agent under the Agency Agreement may be terminated and the Selling Agent may withdraw all subscriptions for Deposit Notes on behalf of the subscribers at its discretion on the basis of its assessment of the state of the financial markets and may also be terminated upon the occurrence of other stated events.

Subscriptions will be received subject to rejection or allotment in whole or in part and the right is reserved to close the subscription books at any time without notice. Upon acceptance of a subscription, the Selling Agent will send out or cause to be sent out a confirmation of acceptance by prepaid mail or other means of delivery to the subscriber.

CIBC will pay the Selling Agent an upfront sales commission of 4.75% of the Principal Amount payable on the Issue Date. The commission payable to the Selling Agent will be paid on account of services rendered in connection with the offering and will be paid out of the general funds of CIBC.

Dealers may from time to time purchase and sell Deposit Notes in any available secondary market but are not obligated to do so. The offering price and other selling terms for such sales in a secondary market may, from time to time, be varied by such dealers.

CIBC reserves the right to issue additional Deposit Notes of this series or a series previously issued, and other debt securities which may have terms substantially similar to the terms of the Deposit Notes offered hereby, which may be offered by CIBC concurrently with the offering of Deposit Notes. CIBC further reserves the right to purchase for cancellation at its discretion any amount of Deposit Notes in a secondary market, without notice to the Investors in general.

FundSERV Some Investors may purchase Deposit Notes through dealers and other firms that facilitate purchase and related settlement through a clearing and settlement service operated by FundSERV Inc. (“FundSERV”). The following FundSERV information is pertinent for such Investors. Investors should consult with their financial advisors as to whether their Deposit Notes have been purchased through FundSERV and to obtain further information on FundSERV procedures applicable to those Investors.

Where an Investor’s purchase order for Deposit Notes is effected by a dealer or other firm through FundSERV, such dealer or other firm may not be able to accommodate a purchase of Deposit Notes through certain registered plans for purposes of the Income Tax Act (Canada). Investors should consult their financial advisors as to whether their orders for Deposit Notes will be made through FundSERV and any limitations on their ability to purchase Deposit Notes through certain registered plans.

General Information

FundSERV is owned and operated by both fund sponsors and distributors and provides distributors of funds and certain other financial products (including brokers and dealers who sell investment funds, companies who administer registered plans that include investment funds and companies who sponsor and sell financial products) with online order access to such financial products. FundSERV was originally designed and is operated as a mutual fund communications network facilitating members in electronically placing, clearing and settling mutual fund orders. In addition, FundSERV is currently used in respect of other financial products that may be sold by financial planners, such as the Deposit Notes. FundSERV enables its participants to clear certain financial product transactions between participants, to settle the payment obligations arising from such transactions, and to make other payments between themselves.

– 18 –

FundSERV Deposit Notes Held Through CIBC, a CDS Participant

As stated above, all Deposit Notes will initially be issued in the form of a fully registered global deposit note that will be deposited with CDS. Deposit Notes purchased through FundSERV (“FundSERV Deposit Notes”) will also be evidenced by that global deposit note, as are all other Deposit Notes. See “Forms of the Deposit Notes” above for further details on CDS as a depositary and related matters with respect to the global deposit note. Investors holding FundSERV Deposit Notes will therefore have an indirect beneficial interest in the global deposit note. That beneficial interest will be recorded in CDS as being owned by CIBC as a direct participant in CDS. CIBC in turn will record in its records respective beneficial interests in the FundSERV Deposit Notes. An Investor should understand that CIBC will make such recordings as instructed through FundSERV by the Investor’s financial advisor.

Purchase Through FundSERV

In order to complete the purchase of FundSERV Deposit Notes, the full settlement amount must be delivered to CIBC in immediately available funds by no later than the Issue Date. Despite delivery of such funds, CIBC reserves the right not to accept any offer to purchase FundSERV Deposit Notes. If FundSERV Deposit Notes are not issued to the Investor for any reason, such funds will be returned forthwith to the Investor. In any case, whether or not the FundSERV Deposit Notes are issued, no interest or other compensation will be paid to the Investor on such funds.

Sale Through FundSERV

An Investor wishing to sell FundSERV Deposit Notes prior to the Maturity Date is subject to certain procedures and limitations to which an Investor holding Deposit Notes through a “full service broker” with direct connections to CDS may not be subject. Any Investor wishing to sell a FundSERV Deposit Note should consult with his or her financial advisor in advance in order to understand the timing and other procedural requirements and limitations of selling. An Investor must sell FundSERV Deposit Notes by using the “redemption” procedures of FundSERV; any other sale or redemption is not possible. Accordingly, an Investor will not be able to negotiate a sales price for FundSERV Deposit Notes. Instead, the financial advisor for the Investor will need to initiate an irrevocable request to “redeem” the FundSERV Deposit Note in accordance with the then established procedures of FundSERV. Generally, this will mean the financial advisor will need to initiate such request by 1:00 p.m. (Toronto time) on a Banking Day (or such other time as may hereafter be established by FundSERV). Any request received after such time will be deemed to be a request sent and received on the next following Banking Day. Sale of the FundSERV Deposit Note will be effected at a sale price equal to (i) the “net asset value” of a Deposit Note as of the close of business on the applicable Banking Day as posted to FundSERV by CIBC World Markets Inc. (“World Markets”), minus (ii) any applicable Early Trading Charge (as outlined above under “Secondary Trading of Deposit Notes”). The “net asset value” of a Deposit Note will factor in accrued interest, if any. The Investor should be aware that, although the “redemption” procedures of FundSERV would be utilized, the FundSERV Deposit Notes of the Investor will not be redeemed by CIBC, but rather will be sold in the secondary market to World Markets. In turn, World Markets will be able in its discretion to sell those FundSERV Deposit Notes to other parties at any price, to hold them in its inventory or to arrange for redemption by CIBC.

Investors should also be aware that from time to time such “redemption” mechanism to sell FundSERV Deposit Notes may be suspended for any reason without notice, thus effectively preventing Investors from selling their FundSERV Deposit Notes. Potential Investors requiring liquidity should carefully consider this possibility before purchasing FundSERV Deposit Notes.

World Markets is the “fund sponsor” for the FundSERV Deposit Notes within FundSERV. It is required to post a “net asset value” for the FundSERV Deposit Notes on a daily basis, which value may also be used for valuation purposes in any statement sent to Investors. See the second paragraph under the heading “Secondary Trading of Deposit Notes – Secondary Market” on page 10 above for some of the factors that will determine the “net asset value” or bid price of the Deposit Notes at any time. The sale price will actually represent World Markets’ bid price for the Deposit Notes as of the close of business for the applicable Banking Day less any applicable Early Trading Charge. There is no guarantee that the sale price for any day is the highest bid price possible in any secondary market for the Deposit Notes, but will represent World Markets’ bid price generally available to all Investors as at the relevant close of business, including clients of World Markets.

An Investor holding FundSERV Deposit Notes should realize that such FundSERV Deposit Notes may not be transferable to another dealer, if the Investor were to decide to move his or her investment account to such other dealer. In that event, the Investor would have to sell the FundSERV Deposit Notes pursuant to the procedures outlined above.

– 19 –

Dealings With Companies CIBC may from time to time, in the course of its normal business operations, hold interests linked to any Share or hold securities of, extend credit to or enter into other business dealings with one or more of the Companies. CIBC has agreed that all such actions taken by it shall be taken based on normal commercial criteria in the particular circumstances and shall not take into account the effect, if any, of such actions on the value of any Share or the Coupons that may be payable on the Deposit Notes.

Notification All notices to Investors regarding the Deposit Notes will be valid and effective (i) if such notices are given (which notice may be given by wire or fax) to CDS and the relevant CDS Participants, or (ii) in the case where the Deposit Notes are directly registered in the Investors’ names and issued in definitive form, if such notices are mailed or otherwise delivered to the registered addresses of the Investors; provided, however, that any required notice of an Extraordinary Event will also be published in the Toronto and national editions of a major daily English language Canadian newspaper with national circulation and in a daily French language newspaper of general circulation in Montreal.

All notices to CIBC regarding the Deposit Notes will be valid and effective if such notices are mailed or otherwise delivered to Canadian Imperial Bank of Commerce, 161 Bay Street, 5th Floor, Toronto, Ontario M5J 2S8 – Attention: Equity Structured Products.

Investors’ Right of Rescission A person may rescind any order to buy a Deposit Note (or its purchase if issued) within 48 hours of the earlier of actual receipt and deemed receipt of the Information Statement. Upon rescission, the person is entitled to a refund of the Principal Amount and any fees relating to the purchase that have been paid by the person. This rescission right does not extend to Investors buying a Deposit Note in the secondary market. A person will be deemed to have received the Information Statement (i) on the day recorded as the time of sending by the server or other electronic means, if provided by electronic means; (ii) on the day recorded as the time of sending by fax machine, if provided by fax; (iii) five days after the postmark date, if provided by mail, and (iv) when it is received, in any other case.

CANADIAN FEDERAL INCOME TAX CONSIDERATIONS The following summary describes the principal Canadian federal income tax considerations generally applicable to an individual Investor who purchases a Deposit Note at the time of its issuance and who, for the purposes of the Income Tax Act (Canada) (the “Act”), is a resident of Canada who deals at arm’s length with CIBC and holds a Deposit Note as capital property. This summary does not apply to an Investor that is a corporation, partnership, unit trust, trust of which a corporation or partnership is beneficiary, including a “financial institution” within the meaning of section 142.2 of the Act. This summary is based on the Act and the regulations made under the Act (the “Regulations”) as in force on the date of this Information Statement, all specific proposals (the “Proposals”) to amend the Act or Regulations publicly announced by the Minister of Finance prior to the date of this Information Statement and the administrative policies and assessing practices of the Canada Revenue Agency (“CRA”) as made publicly available by it prior to the date hereof. Except for the Proposals, this summary does not take into account or anticipate any changes to the law or the CRA’s administrative policies and assessing practices whether by legislative, governmental or judicial action. Provincial, territorial and foreign income tax considerations are not addressed. This summary is not intended to constitute, nor should it be relied upon as, tax advice to any particular Investor. All Investors should consult their own tax advisors with respect to their tax positions. In particular, Investors should consult their tax advisors as to whether they will hold the Deposit Notes as capital property for purposes of the Act, which determination should take into account, among other factors, whether the Deposit Notes are acquired with the intention or secondary intention of selling them prior to the Maturity Date, and as to whether the Investor is eligible for and should file an election under subsection 39(4) of the Act to treat every “Canadian security” owned by the Investor, including the Deposit Notes, as capital property.

Coupons The full amount of each Coupon generally will be included in the Investor’s income in the Investor’s taxation year that includes the applicable Coupon Date.

– 20 –

Disposition of Deposit Notes On any disposition or deemed disposition of a Deposit Note by an Investor (other than a purchase by CIBC) prior to the first Coupon Date, including a sale through FundSERV or otherwise in the secondary market (if available), the amount of interest considered to have accrued on the Deposit Note to the time of disposition will be excluded from the proceeds of disposition of the Deposit Note and required to be included as interest in computing the Investor’s income for the taxation year in which the disposition takes place. On any disposition or deemed disposition of a Deposit Note by an Investor (other than a purchase by CIBC) at any other time prior to the Maturity Date, while the matter is not free from doubt, the Investor should realize a capital gain (or capital loss) to the extent that the proceeds of disposition, net of any reasonable costs of disposition, exceed (or are exceeded by) the adjusted cost base of the Deposit Note to the Investor.

Eligibility for Investment by Registered Plans The Deposit Notes, if issued on the date hereof, would be qualified investments under the Act for trusts governed by registered retirement savings plans (“RRSPs”), registered retirement income funds (“RRIFs”), registered education savings plans (“RESPs”) and deferred profit sharing plans (“DPSPs”) (other than a trust governed by a DPSP to which contributions are made by CIBC or a person or partnership with which CIBC does not deal at arm’s length within the meaning of the Act). The restrictions in respect of foreign property that may be held by certain registered plans and other investors subject to Part XI of the Act have been repealed for 2005 and subsequent years.

A dealer or other firm that places and clears its purchase orders through FundSERV may not accommodate a purchase of Deposit Notes through certain registered plans. Generally, a dealer or firm may effect a purchase of Deposit Notes through (i) a client account (a “client-name” purchase) or (ii) a nominee or trust account held by the dealer or firm on behalf of the Investor (a “nominee” purchase). CIBC offers a self-directed RRSP for client-name purchases through FundSERV only. A dealer or other firm may, at its discretion, accommodate nominee purchases through FundSERV using other registered plans, such as RRIFs, RESPs, DPSPs or LIRAs. Investors should consult their financial advisors as to whether their orders for Deposit Notes will be made through FundSERV and any limitations on their ability to purchase Deposit Notes through registered plans.

Non-Resident Withholding Tax Any interest paid to non-residents of Canada may be subject to Canadian non-resident withholding taxes. Non-resident Investors should consult their tax advisor regarding the tax consequences of an investment in the Deposit Notes.

THE SHARES All information in this Information Statement relating to the Shares is derived from publicly available sources and is presented in this Information Statement in summary form. As such, neither CIBC nor any investment dealer, broker or agent selling the Deposit Notes assumes any responsibility for the accuracy or completeness of such information. The charts showing historical price performances of the various Shares include, where available, month-end Closing Prices from and including July 30, 1993 to and including August 31, 2005. Historical price performance of a Share will not necessarily predict future price performance of any Share or the Deposit Notes. Market capitalization data is as of September 20, 2005. It is important to note that it is very unlikely that any Coupons payable in respect of the Deposit Notes and the value of the Deposit Notes themselves will track the future price performance of any Share or the Shares collectively.

Bank of Montreal Bank of Montreal (“BMO”) provides personal and commercial banking, wealth management and corporate and investment banking services and products to individual and business customers in Canada and around the world. Market capitalization is approximately $ 29.28 billion. The Exchange for the applicable Share is the Toronto Stock Exchange, trading under the symbol BMO.

– 21 –

Bank of Montreal

$ 0

$ 15

$ 30

$ 45

$ 60

$ 75

Jul-93 Jul-95 Jul-97 Jul-99 Jul-01 Jul-03 Jul-05Date

Clo

sing

Pric

e

Barclays plc Barclays plc (“Barclays”) is a UK-based financial services group engaged primarily in the banking and investment banking businesses. Barclays operates four core business groups: Retail Financial Services, Corporate Banking, Barclays Capital and Barclays Global Investors. The “Retail Financial Services” division encompasses Barclays’ international retail interests providing services through the UK Retail Banking division, Barclaycard and the Wealth Management division. Other related retail divisions provide private banking, offshore services, pensions, life assurance, retail stock broking services, fund management and mutual funds to private UK-based and international clients. Barclay’s “Corporate Banking” division provides banking services to medium and large sized business customers. “Barclays Capital” conducts the international investment banking business providing financing and risk management products in wholesale markets with governments, international organisations, corporations, banks, insurance companies and other institutional investors. “Barclays Global Investors”, operating from 13 offices in 7 countries, offer asset management services for institutional clients and is a lender of securities. In December 2004, Barclays acquired the credit card issuer, Juniper Financial Corporation. Market capitalization is approximately ₤ 36.99 billion. The Exchange for the applicable Share is the London Stock Exchange, trading under the symbol BARC.

Barclays

GBp 50

GBp 200

GBp 350

GBp 500

GBp 650

Jul-93 Jul-95 Jul-97 Jul-99 Jul-01 Jul-03 Jul-05

Date

Clo

sing

Pric

e

– 22 –

BCE Inc. BCE Inc. (“BCE”) is a communications company. Through Bell Canada, BCE provides local telephone, long distance, wireless communications, Internet access, data, satellite television and other services to residential and business customers. Market capitalization is approximately $ 29.16 billion. The Exchange for the applicable Share is the Toronto Stock Exchange, trading under the symbol BCE.

BCE

$ 0

$ 10

$ 20

$ 30

$ 40

$ 50

Jul-93 Jul-95 Jul-97 Jul-99 Jul-01 Jul-03 Jul-05Date

Clo

sing

Pric

e

BP plc BP plc (“BP”) is an oil company with four main businesses: Exploration and Production; Gas, Power and Renewables; Refining and Marketing; and Petrochemicals. “Exploration and Production” includes oil and natural gas exploration and field development and production, together with pipeline transportation and natural gas processing. “Gas, Power and Renewables” activities include marketing and trading of natural gas, natural gas liquid, new market development, liquefied natural gas and solar and renewables. The activities of “Refining and Marketing” include oil supply and trading, as well as refining and marketing. “Petrochemicals” activities include manufacturing, marketing and distribution. In September 2003, BP merged its Russian assets into those of Tyumen Oil Co. (TNK), creating TNK-BP, a joint venture between the Company and the Alfa Group and Access-Renova (collectively, AAR). In addition, the Company plans to incorporate AAR's 50% interest in OAO Slavneft, a Russian oil company, into TNK-BP. Market capitalization is approximately ₤ 139.8 billion. The Exchange for the applicable Share is the London Stock Exchange, trading under the symbol BP.

BP

GBp 100

GBp 250

GBp 400

GBp 550

GBp 700

Jul-93 Jul-95 Jul-97 Jul-99 Jul-01 Jul-03 Jul-05Date

Clo

sing

Pric

e

– 23 –

Bristol-Myers Squibb Company Bristol-Myers Squibb Company (“Bristol-Myers”) is engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of pharmaceuticals and other healthcare-related products. Bristol-Myers operates in three segments: Pharmaceuticals; Nutritionals; and Other Healthcare. The “Pharmaceuticals” segment is made up of the global pharmaceutical and international (excluding Japan) consumer medicines business. The “Nutritionals” segment consists of Mead Johnson Nutritionals (Mead Johnson), primarily an infant formula and children's nutritionals business. The “Other Healthcare” segment consists of ConvaTec, Medical Imaging and Consumer Medicines (North America and Japan) businesses. In December 2004, Bristol-Myers committed to a plan to sell its Oncology Therapeutics Network (OTN) business and entered into a definitive agreement with One Equity Partners LLC. In January 2005, Bristol-Myers announced its intent to divest its United States and Canadian Consumer Medicines business. Market capitalization is approximately US$ 48.02 billion. The Exchange for the applicable Share is the New York Stock Exchange, trading under the symbol BMY.

Bristol-Myers Squibb

US$ 0

US$ 15

US$ 30

US$ 45

US$ 60

US$ 75

Jul-93 Jul-95 Jul-97 Jul-99 Jul-01 Jul-03 Jul-05

Date

Clo

sing

Pric

e

ConocoPhillips ConocoPhillips (“ConocoPhillips”) is an integrated energy company. It's business is organized into six operating divisions. The “Exploration and Production” division primarily explores for, produces and markets crude oil, natural gas, and natural gas liquids on a worldwide basis. The “Midstream” division gathers and processes natural gas produced by ConocoPhillips and others, and fractionates and markets natural gas liquids. The “Refining and Marketing” division purchases, refines, markets and transports crude oil and petroleum products. The “LUKOIL Investment” division consists of the Company's equity investment in LUKOIL, an international, integrated oil and gas company. The “Chemicals” division manufactures and markets petrochemicals and plastics on a worldwide basis. The “Emerging Businesses” division encompasses the development of new businesses, including new technologies related to natural gas conversion into clean fuels and related products, technology solutions, power generation and emerging technologies. Market capitalization is approximately US$ 96.71 billion. The Exchange for the applicable Share is the New York Stock Exchange, trading under the symbol COP.

ConocoPhillips

US$ 0

US$ 15

US$ 30

US$ 45

US$ 60

US$ 75

Jul-93 Jul-95 Jul-97 Jul-99 Jul-01 Jul-03 Jul-05Date

Clo

sing

Pric

e

– 24 –

Dell Inc. Dell Inc. (“Dell”) designs, develops, manufactures, markets, sells and supports a wide range of products and services that are customized to customer requirements. These include enterprise systems (servers, storage, workstations and networking products), client systems (notebook and desktop computer systems), printing and imaging systems, software and peripherals, and global services. Dell's products and services enable customers to build their information technology (IT) and Internet infrastructures. Dell offers a portfolio of services that help customers maximize the value of their information technology investments, rapidly deploy systems and educate IT professionals and consumers. Dell also offers various financing alternatives, asset management services and other customer financial services for its business and consumer customers in the United States through Dell Financial Services L.P. (DFS), a joint venture between Dell and CIT Group, Inc. (CIT). Market capitalization is approximately US$ 81.92 billion. The Exchange for the applicable Share is the NASDAQ trading under the symbol DELL.

Dell

US$ 0

US$ 15

US$ 30

US$ 45

US$ 60

Jul-93 Jul-95 Jul-97 Jul-99 Jul-01 Jul-03 Jul-05Date

Clo

sing

Pric

e

eBay Inc. eBay Inc. (“eBay”) developed an internet-based community in which buyers and sellers are brought together to buy and sell almost anything. The eBay online service permits sellers to list items for sale, buyers to bid on items of interest and all eBay users to browse through listed items in a fully automated, topically arranged service that is available online seven days a week. Through the PayPal service, eBay enables any business or consumer with e-mail in 38 countries to send and receive online payments. As of December 31, 2003, through wholly owned and majority-owned subsidiaries and affiliates, eBay had websites directed toward the United States, Australia, Austria, Belgium, Canada, China, France, Germany, Hong Kong, Ireland, Italy, The Netherlands, New Zealand, Singapore, South Korea, Spain, Sweden, Switzerland, Taiwan and the United Kingdom. In February 2005, eBay acquired Rent.com, an Internet listing Website in the apartment and rental housing industry. Market capitalization is approximately US$ 52.80 billion. The Exchange for the applicable Share is the NASDAQ trading under the symbol EBAY.

eBay

US$ 0

US$ 15

US$ 30

US$ 45

US$ 60

Sep-98 Sep-99 Sep-00 Sep-01 Sep-02 Sep-03 Sep-04 Sep-05

Date

Clo

sing

Pric

e

– 25 –

The Gap, Inc. The Gap, Inc. (“Gap”) is a global specialty retailer selling casual apparel, accessories and personal care products for men, women and children under a variety of brand names, including Gap, Banana Republic and Old Navy. Gap's markets consist of the United States, Canada, Europe and Japan. Gap sells its products through both traditional retail stores and online stores. During the fiscal year ended January 31, 2004 (fiscal 2003), the Company-operated a total of 3,022 store locations. Its stores offer a shopper friendly environment with an assortment of casual apparel and accessories that emphasize style, quality and good value. Gap’s stores are open seven days per week and on most holidays. All sales are tendered for cash, personal checks, debit cards or credit cards, including Gap, Banana Republic and Old Navy private-label credit cards that are issued by a third party. Market capitalization is approximately US$ 15.58 billion. The Exchange for the applicable Share is the New York Stock Exchange, trading under the symbol GPS.

The Gap

US$ 0

US$ 15

US$ 30

US$ 45

US$ 60

Jul-93 Jul-95 Jul-97 Jul-99 Jul-01 Jul-03 Jul-05Date

Clo

sing

Pric

e

The Hershey Company The Hershey Company (“Hershey”), formerly Hershey Foods Corporation is engaged in the manufacture, distribution and sale of confectionery, snack, refreshment and grocery products. Hershey’s principal product groups include: confectionery and snack products sold in the form of bar goods, bagged items and boxed items; refreshment products sold in the form of gum and mints, and grocery products in the form of baking ingredients, chocolate drink mixes, peanut butter, dessert toppings and beverages. Hershey manufactures confectionery and snack products in a variety of packaged forms and markets them under more than 50 brands. The different packaged forms include various arrangements of the same bar products, such as boxes, trays and bags, as well as a variety of different sizes and weights of the same bar products, such as snack size, standard, king size, large and giant bars. In December 2004, Hershey acquired Mauna Loa Macadamia Nut Corporation (Mauna Loa). Market capitalization is approximately US$ 13.96 billion. The Exchange for the applicable Share is the NYSE trading under the symbol HSY.

Hershey

US$ 0

US$ 15

US$ 30

US$ 45

US$ 60

US$ 75

Jul-93 Jul-95 Jul-97 Jul-99 Jul-01 Jul-03 Jul-05Date

Clo

sing

Pric

e

– 26 –

Hewlett-Packard Company Hewlett-Packard Company (“Hewlett-Packard”) is a technology solutions provider to consumers, businesses and institutions globally. Hewlett-Packard’s offerings span IT infrastructure, personal computing and access devices, global services and imaging and printing. Product and service categories include desktops and workstations; notebooks and tablet personal computers (PCs); printing and multifunction; handheld devices; monitors and projectors; fax, copiers and scanners; digital photography; entertainment; storage; servers; supplies and accessories; networking, and software products. As of October 31, 2003, Hewlett-Packard organized its operations into six business segments: the Imaging and Printing Group, the Personal Systems Group, the Enterprise Systems Group, HP Services, HP Financial Services and Corporate Investments. Market capitalization is approximately US$ 81.97 billion. The Exchange for the applicable Share is the New York Stock Exchange trading under the symbol HPQ.

Hewlett-Packard

US$ 0

US$ 15

US$ 30

US$ 45

US$ 60

US$ 75

Jul-93 Jul-95 Jul-97 Jul-99 Jul-01 Jul-03 Jul-05Date

Clo

sing

Pric

e

Johnson & Johnson Johnson & Johnson (“J&J”) is engaged in the manufacture and sale of products related to human health and well-being. Through over 200 operating companies, it conducts business worldwide. J&J's business is divided into three segments: Consumer, Pharmaceutical and Medical Devices and Diagnostics. The “Consumer” segment manufactures and markets a range of products used in the baby and child care, skin care, oral and wound care and women's healthcare fields, as well as nutritional and over-the-counter pharmaceutical products. The “Pharmaceutical” segment's principal worldwide franchises are in the antifungal, anti-infective, cardiovascular, contraceptive, dermatology, gastrointestinal, hematology, immunology, neurology, oncology, pain management, psychotropic and urology fields. The “Medical Devices and Diagnostics” segment includes a range of products used by or under the direction of physicians, nurses, therapists, hospitals, diagnostic laboratories and clinics. Market capitalization is approximately US$ 191.90 billion. The Exchange for the applicable Share is the New York Stock Exchange, trading under the symbol JNJ.

Johnson & Johnson

US$ 0

US$ 15

US$ 30

US$ 45

US$ 60

US$ 75

Jul-93 Jul-95 Jul-97 Jul-99 Jul-01 Jul-03 Jul-05Date

Clo

sing

Pric

e

– 27 –

Microsoft Corporation Microsoft Corporation (“Microsoft”) develops, manufactures, licenses and supports a wide range of software products for various computing devices. Microsoft's software products include scalable operating systems for servers, personal computers (PCs) and intelligent devices; server applications for client/server environments; information worker productivity applications; business solutions applications, and software development tools. Market capitalization is approximately US$ 278.30 billion. The Exchange for the applicable Share is the NASDAQ, trading under the symbol MSFT.

Microsoft

US$ 0

US$ 15

US$ 30

US$ 45

US$ 60

US$ 75

Jul-93 Jul-95 Jul-97 Jul-99 Jul-01 Jul-03 Jul-05

Date

Clo

sing

Pric

e

Novartis AG Novartis AG (“Novartis”) operates in its core businesses of pharmaceuticals and consumer health, which includes generics, over-the-counter (“OTC”) self-medication, animal health, medical nutrition, infant and baby foods and products, as well as eyecare products. Novartis is organized into two divisions, pharmaceuticals and consumer health. In 2002, the consumer health division was reorganized to include the generics, OTC self-medication, animal health, medical nutrition, infant and baby and CIBA Vision business units. In May 2003, Novartis acquired Idenix Pharmaceuticals, Inc., a biopharmaceutical company engaged in the discovery and development of drugs for the treatment of human viral and other infectious diseases. Also in May 2003, the Company acquired the incontinence drug Enablex from Pfizer Inc. Market capitalization is approximately CHF 175.66 billion. The Exchange for the applicable Share is the Zurich Virt-x exchange, trading under the symbol NOVN.

Novartis

CHF 0

CHF 15

CHF 30

CHF 45

CHF 60

CHF 75

Jul-93 Jul-95 Jul-97 Jul-99 Jul-01 Jul-03 Jul-05Date

Clo

sing

Pric

e

– 28 –

PepsiCo, Inc. PepsiCo, Inc. (“PepsiCo”) is a global snack and beverage company. It manufactures, markets and sells a variety of salty, convenient, sweet and grain-based snacks, carbonated and non-carbonated beverages, and foods. PepsiCo is organized in four divisions: Frito-Lay North America (FLNA), PepsiCo Beverages North America (PBNA), PepsiCo International (PI) and Quaker Foods North America (QFNA). Its North American divisions operate in the United States and Canada. Its international divisions operate in over 200 countries, with its largest operations in Mexico and the United Kingdom. The Company's customers include franchise bottlers, and independent distributors and retailers. For the fiscal year ended December 25, 2004, FLNA, PBNA, PI and QFNA represented approximately 33%, 28%, 34% and 5%, respectively, of the Company's total division net revenues. Market capitalization is approximately US$ 92.12 billion. The Exchange for the applicable Share is the New York Stock Exchange, trading under the symbol PEP.

PepsiCo

US$ 0

US$ 15

US$ 30

US$ 45

US$ 60

Jul-93 Jul-95 Jul-97 Jul-99 Jul-01 Jul-03 Jul-05Date

Clo

sing

Pric

e

Procter & Gamble Co.

The Procter & Gamble Co. (“P&G”) manufactures and markets a range of consumer products in various countries throughout the world. P&G markets over 300 branded products in more than 160 countries. P&G manages its business in five product segments: Fabric and Home Care; Beauty Care; Baby and Family Care; Health Care and Snacks; and Beverages. P&G acquired Wella AG in September 2003. In June 2004, it purchased the remaining 20% stake of its China venture from its partner, Hutchison Whampoa China Ltd., giving P&G full ownership of its operations in China. Market capitalization is approximately US$ 138.30 billion. The Exchange for the applicable Share is the New York Stock Exchange, trading under the symbol PG.

Procter & Gamble

US$ 0

US$ 15

US$ 30

US$ 45

US$ 60

Jul-93 Jul-95 Jul-97 Jul-99 Jul-01 Jul-03 Jul-05Date

Clo

sing

Pric

e

– 29 –

Royal Bank of Canada Royal Bank of Canada (“Royal Bank”) operates under the master brand RBC Financial Group and has five major business platforms or segments: RBC Banking, RBC Insurance, RBC Investments, RBC Capital Markets and RBC Global Services. “RBC Banking” provides banking and financial services to individuals, small and medium-sized businesses and mid-market commercial clients. “RBC Insurance” provides creditor, life, health, travel, home, auto and reinsurance products and services. “RBC Investments” focuses on the investment needs of private clients, high-net-worth individuals and families, small businesses and entrepreneurs. “RBC Capital Markets” provides wholesale financial services to large corporate, government and institutional clients in North America and in specialized product and industry sectors globally. “RBC Global Services” offers specialized transaction processing services to business, commercial, corporate and institutional clients in domestic and selected international markets. Market capitalization is approximately $54.12 billion. The Exchange for the applicable Share is the Toronto Stock Exchange trading under the symbol RY.

Royal Bank of Canada

$ 0

$ 15

$ 30

$ 45

$ 60

$ 75

$ 90

Jul-93 Jul-95 Jul-97 Jul-99 Jul-01 Jul-03 Jul-05Date

Clo

sing

Pric

e

Suncor Energy Inc. Suncor Energy Inc. (“Suncor”) is a Canadian integrated energy company that explores for, acquires, develops, produces and markets crude oil and natural gas, transports and refines crude oil and markets petroleum and petrochemical products. Periodically, it also markets third-party petroleum products. Suncor also carries on energy trading activities focused principally on buying and selling futures contracts and other derivative instruments based on the commodities it produces. Suncor has four principal operating business units: Oil Sands; Natural Gas; Energy Marketing and Refining (Canada), and Refining and Marketing (United States of America). Market capitalization is approximately $27.93 billion. The Exchange for the applicable Share is the Toronto Stock Exchange, trading under the symbol SU.

Suncor Energy

$ 0

$ 15

$ 30

$ 45

$ 60

$ 75

Jul-93 Jul-95 Jul-97 Jul-99 Jul-01 Jul-03 Jul-05

Date

Clo

sing

Pric

e

– 30 –

Unilever plc Unilever plc (“Unilever”) is the parent company of a group of companies primarily engaged in the business of supplying fast-moving consumer goods in foods, household care and personal product categories. Unilever's operations are organized into two global divisions: Foods and Home and Personal Care (HPC). Such operations are organized into businesses on a regional basis, with the exception of the global businesses of Prestige, Unilever's fragrance business within HPC, and, within Foods, ice cream and frozen foods, Slim-Fast Worldwide and UBF Foodsolutions, which provides solutions for professional chefs and caterers. To support its consumer brands, Unilever owns tea plantations in India, Kenya and Tanzania, and palm oil plantations in the Democratic Republic of Congo, Cote d'Ivoire and Ghana. Unilever N.V. and Unilever plc operate as a single entity. Market capitalization is approximately ₤ 17.06 billion. The Exchange for the applicable Share is the London Stock Exchange, trading under the symbol ULVR.

Unilever

GBp 200

GBp 350

GBp 500

GBp 650

GBp 800

Jul-93 Jul-95 Jul-97 Jul-99 Jul-01 Jul-03 Jul-05Date

Clo

sing

Pric

e

Wal-Mart Stores, Inc. Wal-Mart Stores, Inc. (“Wal-Mart”) operates retail stores in various formats around the world. It organizes its business into three segments: Wal-Mart Stores, SAM'S CLUB and International. The “Wal-Mart Stores” segment consists of three different retail formats, Discount Stores, Supercenters and Neighborhood Markets, all of which operate in the United States. The “SAM'S CLUB” segment consists of membership warehouse clubs. As of January 31, 2004, Wal-Mart operated 1,478 Discount Stores, 1,471 Supercenters, 538 SAM'S CLUBs and 64 Neighborhood Markets in the United States. The “International” segment consists of retail operations in eight countries and Puerto Rico. The International segment includes several different formats of retail stores and restaurants, including Discount Stores, Supercenters and SAM'S CLUBs that operate outside the United States. Additionally, Wal-Mart owns an unconsolidated 37.8% minority interest in The Seiyu, Ltd., a retailer in Japan. Market capitalization is approximately US$ 182.2 billion. The Exchange for the applicable Share is the New York Stock Exchange, trading under the symbol WMT.

Wal-Mart Stores

US$ 0

US$ 15

US$ 30

US$ 45

US$ 60

US$ 75

Jul-93 Jul-95 Jul-97 Jul-99 Jul-01 Jul-03 Jul-05Date

Clo

sing

Pric

e

– 31 –

INDEX OF DEFINED TERMS

A Act 2 Agency Agreement 17

B Banking Day 3

C Call Date 1 CDS 15 CIBC 1 Closing Price 3 Companies 2 Company 2 Coupon 1 Coupon Date 4 Coupon Rate 4 CRA 19

D Deleted Share 13 Delisting 13 Deposit Note 1 DPSP 20

E Early Closure 14 Estimated Coupon 15 Exchange 4 Exchange Day 4 Extraordinary Event 14 Extraordinary Event Notification Date 14

F FundSERV 17 FundSERV Deposit Notes 18

H Historical Returns 8

I Initial Price 4 Insolvency 13 Investor 1 Issue Date 1

M Market Disruption Event 13 Maturity Date 1 Merger Date 12 Merger Event 12

N Nationalization 13

P Portfolio 2 Potential Adjustment Event 11 Principal Amount 1 Proposals 19

R Regulations 19 Related Exchange 4 Replacement Share 13 RESP 20 RRIF 20 RRSP 20

S Scheduled Closing Time 4 Selling Agent 1 Share 2 Share Return 4 Shares 2 Subscription Price 1 Substitution Date 13 Substitution Event 13

T Tender Offer 12 Tender Offer Date 12 Third Party Dealer 15

U U.S. Securities Act 1

V Valuation Date 13 Valuation Price 4

W World Markets 18

– 32 –

RISK FACTORS TO CONSIDER Suitability for Investment

A person should reach a decision to invest in the Deposit Notes after carefully considering, with his or her advisors, the suitability of the Deposit Notes in light of his or her investment objectives and the information set out in this Information Statement. An investment in the Deposit Notes is suitable only for investors prepared to assume risks with respect to a return linked to the price performance of the Shares in the Portfolio. The Deposit Notes are designed for Investors with a long-term investment horizon who are prepared to hold the Deposit Notes. CIBC makes no recommendation as to the suitability of the Deposit Notes for investment.

Non-Conventional Investment

The Deposit Notes have certain investment characteristics that differ from conventional fixed income investments. The Deposit Notes do not provide Investors with a return or income stream that is calculated or determined by reference to a fixed or floating rate of interest. A Deposit Note’s return is reflected in the annual Coupons, which will depend on the average of the two lowest performing Shares in the Portfolio (other than the 6% guaranteed coupon payable for the first year) as described in this Information Statement. At maturity, an Investor is entitled to receive payment of their initial investment of $100.00 per Deposit Note.

Call Feature

Although there is no maximum limit on the amount of a Coupon payable (other than the first Coupon), the Deposit Notes will be called (i.e., redeemed) by CIBC when the aggregate value of Coupons paid per Deposit Note equals or exceeds 16% of the Principal Amount. On the Call Date, CIBC will pay the Investor the Principal Amount, and the Deposit Notes will be redeemed.

Interest May Not Be Payable after the first Coupon Date

The Investor should realize that although the rate of interest payable on the first Coupon Date will equal 6%, there is a possibility that no amount of Coupon will be payable on any subsequent Coupon Date. The amount of any such subsequent Coupon is linked to the price performance of the two lowest (or most negative) Share Returns. See “COUPON CALCULATION” above for examples.

No Ownership of, or Recourse to, Shares Comprising the Portfolio

The Deposit Notes will not reflect the return an Investor would realize if the Investor actually owned the Shares in the Portfolio. The Portfolio is a notional portfolio only. Investors will not have, and the Deposit Notes will not represent, any direct or indirect ownership interest or rights (including, without limitation, voting rights or rights to receive dividends) in the Shares in the Portfolio, other than a right to be repaid a return on the Deposit Notes based on the price performance of the Portfolio. There will be no control over the management of any entity whose securities are reflected in the Portfolio. The success of the Deposit Notes will depend in part on the ability and success of the management of the Companies in addition to general economic and market factors. Investors will have no recourse to any of the Companies represented by the Shares.

Equity Risk

CIBC is not affiliated with any of the Companies and has not performed any due diligence investigation or review of them. CIBC assumes no responsibility for the adequacy of the information concerning the Companies contained in this Information Statement or publicly available. An Investor should undertake an independent investigation of the Companies as they deem necessary to allow them to make an informed decision with respect to an investment in the Deposit Notes.

No Benefit of CDIC Insurance

The obligation to make payments under the Deposit Notes is an obligation of CIBC. The likelihood that Investors will receive the payments owing to them under the Deposit Notes will be dependent on the financial health and creditworthiness of CIBC. The indebtedness payable under the Deposit Notes is not insured under the Canada Deposit Insurance Corporation Act (Canada) or any other similar legislation.

Secondary Market

The Principal Amount is only payable on the Maturity Date (or Call Date, if applicable). The Investor cannot elect to receive a Coupon, if any, prior to the applicable Coupon Date. The Deposit Notes will not be listed on any stock exchange. However, CIBC World Markets Inc. will maintain a secondary market for the Deposit Notes, but reserves the right not to do so in the future in its sole discretion, without providing prior notice to the Investors. Investors may sell the Deposit Notes in any such secondary market prior to maturity. Any secondary trading price will be dependent on many factors and their relationship. See “DESCRIPTION OF THE DEPOSIT NOTES – SECONDARY TRADING OF DEPOSIT NOTES” above. A sale of Deposit Notes originally purchased through FundSERV will be subject to certain additional procedures and limitations. An Investor who sells a Deposit Note prior to the Maturity Date may have to pay an Early Trading Charge to CIBC World Markets Inc. of up to 6.95% of the Principal Amount. See “DESCRIPTION OF THE DEPOSIT NOTES – SECONDARY TRADING OF DEPOSIT NOTES” above.

– 33 –

Income Tax Considerations

An Investor should consider the income tax consequences to the Investor of an investment in the Deposit Notes. An Investor should also consider the income tax consequences of a disposition of the Deposit Notes by an Investor prior to maturity. See “CANADIAN FEDERAL INCOME TAX CONSIDERATIONS” above on page 19 for a summary of certain Canadian federal income tax considerations generally applicable to the Deposit Notes.

Market Disruption or Extraordinary Event

If a Market Disruption Event occurs on a day on which the Closing Price of a Share is to be determined for calculating a Coupon, the determination of that price (and possibly any subsequent payment of that Coupon, if any) may be delayed. Fluctuations in the Closing Price of the Share may occur in the interim. In certain unusual circumstances, CIBC may estimate the Closing Price for a Share, replace an existing Share with a new Share, or accelerate the payment of all Coupons, if any, in the case of an Extraordinary Event where the amount of interest, if any, will be determined in an alternate manner by CIBC. However, in no event will the Principal Amount of a Deposit Note be paid prior to the Maturity Date (or Call Date, if applicable). See “DESCRIPTION OF THE DEPOSIT NOTES – SPECIAL CIRCUMSTANCES” above.

Adjustments In Special Circumstances

In certain circumstances, such as the merger, nationalization or insolvency of a Company, CIBC may replace the applicable Share in the Portfolio with the share of another large company as chosen by CIBC. In other circumstances, such as a stock split or extraordinary dividend in respect of a Share, CIBC may adjust any one or more of the Initial Price for the Share, the formula for calculating its Share Return, or another component or variable relevant to the determination of a Coupon to account equitably for those circumstances. See “DESCRIPTION OF THE DEPOSIT NOTES – SPECIAL CIRCUMSTANCES – POTENTIAL ADJUSTMENT” above.

Potential Conflicts of Interest between the Investor and CIBC

CIBC is the issuer of the Deposit Notes. CIBC or one or more of its affiliates may, at present or in the future, publish research reports with respect to the Shares. This research is modified from time to time without notice and may express opinions or provide recommendations that are inconsistent with purchasing or holding the Deposit Notes. Any of these activities may affect the market value of the Portfolio or the Deposit Notes.

CIBC will also calculate the amount of the Coupons that may be payable to Investors on each Coupon Date. In so doing, CIBC may be required to exercise its judgment in relation to the Deposit Notes from time to time. For example, CIBC may have to determine whether a Potential Adjustment Event, Substitution Event, Market Disruption Event, Extraordinary Event, Merger Event or Tender Offer has occurred, and may, as a consequence, have to make certain calculations and determinations. All of CIBC’s calculations and determinations will be final and binding on Investors, absent manifest error, without any liability on CIBC’s part, and Investors will not be entitled to any compensation from CIBC for any loss suffered as a result of any of CIBC’s calculations and determinations. Since CIBC’s calculations and determinations may affect the market value of the Deposit Notes, CIBC may have a conflict of interest if CIBC needs to make any such calculations and determinations.

Economic and Regulatory Issues

Changes in economic conditions, including, for example, interest rates, inflation rates, industry conditions, competition, technological developments, political and diplomatic events and trends, war, tax laws and innumerable other factors, can affect substantially and adversely the business and prospects of the Companies and their Shares. None of these conditions are within the control of CIBC.

These Deposit Notes may be distributed by firms other than CIBC or its affiliates. CIBC does not review other firms to ensure that appropriate licensing and registration requirements have been satisfied by them in connection with the sale of the Deposit Notes.

The Deposit Notes are generally not subject to Canadian securities laws. No securities commission or similar authority has reviewed this Information Statement or has in any way passed upon the merits of the Deposit Notes, and the absence of statutory prospectus liability under Canadian securities laws in relation to the disclosure provided in the Information Statement could result in less due diligence being conducted in respect of the Deposit Notes and CIBC, as issuer of the Deposit Notes, than under a prospectus offering.