CIBC CI M.A.X. Deposit NotesTM Series 1 (CBL303)

Selling period: Sept 26 / Nov 11

Maximize income & protection

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

The information contained herein is for information purposes only and does not constitute an offer to sell or a solicitation to buy the securities referred to herein and will be qualified in its entirety by reference to the Information Statement relating to the securities referred to herein.

®CI Investments and the CI Investments design are registered trademarks of CI Investments Inc. CI M.A.X.TM is a trademark of Canadian Imperial Bank of Commerce and has been licensed for use by CI Investments Inc.

Advantages of CIBC CI M.A.X. Deposit NotesTM, Series 1 * MAXimizes Income

– Potential for 200% exposure to Signature Income & Growth Fund through a dynamic allocation strategy generating increased distributions and greater monthly coupons.

– The Fund has an approximate annual distribution of 7.0% and is managed by award winning Signature Advisors of CI Investments Inc.

– Monthly coupons will be equivalent to 75% of all ordinary distributions by the Fund, with all other distributions being reinvested in the structure.

– The Deposit Notes could yield 10.5% p.a.1 of the NAV of the Deposit Notes if a 7% annual distribution is achieved with 200% exposure to the Fund.

* MAXimizes Protection– CIBC provides 100% principal protection at maturity.

– Principal repaid at maturity is not eroded by monthly coupon payments.

* MAXimizing Structure– Maximum all-inclusive fee of 2.75% is only 0.40% higher than the expected MER of the Class A units of the Fund.

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

1 As a percentage of the net asset value of the Notes, assuming use of leverage, and that the target yield on the Fund of 7.0% is achieved. As at September 16, 2005, the indicated distribution yield on the Signature Income & Growth Fund (the “Fund”) is 6.65%. There can be no assurance that the initial allocation to the Fund or the target distribution yield on the Fund will be achieved or maintained, or that leverage will be employed. Accordingly, actual monthly coupons may vary.

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

• On the Issue Date, $100 per Deposit Note will be used to notionally purchase the units of the Fund.

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

• The Leveraging or De-Leveraging of the Fund Account will occur based on the Distance between the Net Asset Value of the Deposit Notes and the Floor Price (i.e., the value of a 0.50% per annum coupon bond).

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

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

Time

Value

Principal Repayment

Basket NAV

Price of Notional 0.5% Coupon Bond

ReLe

vera

ging

Maturity

De- Le

vera

ging

Leve

ragi

ngDistance

Dynamic leveraging strategy

Initial Investment

“Distance” is the Benchmark for Re-balancing

• Higher Bond Fees increase the Floor price.• Higher Floor decreases Distance, which determines

exposure to the underlying asset.• CPPI products “eject” once the Distance is within a

pre-determined percentage of the Floor, such that higher Floor prices increase ultimate “ejection” risk.

• Example 1: Price of 1.00% Coupon Bond with 8 year term to maturity – $79.80*

• Example 2: Price of 0.50% Coupon Bond with 8 year term to maturity – $76.34*

Effect of Bond Fees on the “Floor”

* As of September 16, 2005.

• Allocation is based on “Target” Exposure relative to “Actual”

Exposure

• Asset mix change occurs if the difference between Target Exposure and Actual Exposure is greater than 25%

How Does CI M.A.X. Enhance Exposure?

NAV DistanceTarget

ExposureTrigger Range

Actual Exposure

Formula: VariableNAV - Bond

NAVDistance x 5 + / - 25%

Volatile Bullish MarketBeginning NAV: 95.00 20.00% 100% 105%NAV increases to: 103.50 26.57% 133% 27% 133%then decreases to: 96.00 20.83% 104% -22% 133%then increases to: 101.00 24.75% 124% -7% 133%

Leveraging Scenario

+25%

actual exposure

+25% (new )

actual exposure -25%

(initial)

-25%

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

limits are reset f rom this point.

Actual Exposure is brought in line w ith

Target Exposure

How Does CI M.A.X. Enhance Exposure? (cont’d)

De-Leveraging Scenario

+25%

actual exposure(initial) +25%

-25% actual exposure(new )

-25%

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

low er lim its are reset.

Actual Exposure is brought in line w ith

Target Exposure

How Does CI M.A.X. Enhance Exposure? (cont’d)

Signature Income & Growth / CI M.A.X.:The Perfect Combination

Current target annualized yield of the Fund is 7%

• 75% of all ordinary cash distributions paid out monthly

• Can be more or less depending on the distribution rate of the Fund and amount of exposure to the Fund

• With 200% exposure – CI M.A.X. can yield 10.5% p.a. of the NAV of the Deposit Notes

• Distributions do not reduce the amount of principal repaid at maturity

CI M.A.X. Distributions

Example: Positive Performance

$-$20$40$60$80

$100

$6.05$7.47

$9.39$10.33 $10.60 $10.62 $10.89 $11.33

$0$2$4$6

$8$10$12

1 2 3 4 5 6 7 8

$70

$90

$110

$130

$150

$170

Fund Price Performance

NAV

Floor

Loan Amount

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

Example of Indicative DistributionsGiven Strong Portfolio Performance

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

Protection Event

Example: Weak Performance

$-$20$40$60$80

$100

$5.46 $6.28

$1.20 $0.57 $-

$3.89

$6.21$7.72

$0$3$5$8

$10$13$15

1 2 3 4 5 6 7 8

$60

$70

$80

$90

$100

$110

$120

Fund Price Performance

NAV

Floor

Loan Amount

Protection Event occurs in year 7

Example of Indicative DistributionsGiven Weak Portfolio Performance

Benefits and Potential Advantagesof Holding CI M.A.X. Deposit Notes

Dynamic leveraging strategy aims to provide benefits in different markets

Scenario #1: In a rising interest rate environment, the Deposit Notes may provide additional exposure to the Fund, which would increase monthly coupons to keep pace with higher interest rates.

Scenario #2:· In a declining interest rate environment, partial reinvestment of distributions will help preserve exposure to the Fund and continued monthly coupons.

Scenario #3: In a bearish capital markets environment where the Fund performs negatively, the dynamic allocation strategy may dampen losses so that the Deposit Notes may be able to participate in any subsequent recovery.

CI M.A.X.TM Deposit Note, Series 1 Summary Tenor: 8 years

Maximum Issue Size: $150MM

Underlying Fund: Signature Income & Growth Fund: 7% target yield

CPPI Structure: Up to 200% exposure (leverage at BA’s + 25 bps)

75% distribution (including leveraged amount) / 25% reinvested

Compensation: 5.00%. Trailer: 30bps

3 yr declining ETC schedule starting @ 6.95%

Performance Based Fees - Maximum MER: 2.75% The Portfolio Fee on the underlying mutual fund is 2.75%.

If there has been an allocation to Bonds, the blended Portfolio Fee on the Fund Account and the Bond Account will range from 0.50% to 2.75%.

Selling Period ends November 11, 2005

Selling period Sept 26 / Nov 11

Potential Investors

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

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

through the Fund.

Retirement Accounts: CI M.A.X. Deposit Notes offer exactly what retirees want:

Underlying Fund provides high distributions from a diversified asset mix (income trust and corporate bonds) for stable, predictable flows.

Principal protection at maturity that is not diminished by distributions. Potential growth protects account against inflation.

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