Information Statement - CI Investments · Canadian Imperial Bank of Commerce (“CIBC”) has taken...

Information Statement

Dated June 14, 2004

Canadian Imperial Bank of Commerce

FULPAY PLUS™ CI FUNDS-LINKED DEPOSIT NOTES, SERIES 1

Due August 18, 2011

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.

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 shall, 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 and sale of the Deposit Notes are restricted within Canada and may be subject to further restrictions within any relevant province or territory. CIBC and the selling agents require persons into whose possession this Information Statement comes to inform themselves of and observe any and all such restrictions.

The Deposit Notes have not been and will not be registered under the United States Securities Act of 1933, as amended, and the Deposit Notes may not be offered, sold or delivered within the United States or to United States persons (as such expressions are defined in the United States Internal Revenue Code and Regulations thereunder).

In this Information Statement, capitalized terms will have the meanings ascribed to them and references to “$” are to Canadian dollars.

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.

“FULPAY PLUS” is a trade-mark of Canadian Imperial Bank of Commerce. CI Funds and the CI Funds logo are registered trade-marks of CI Mutual Funds Inc. and are used under license by Canadian Imperial Bank of Commerce.

None of Canadian Imperial Bank of Commerce, CI Mutual Funds Inc. or any of their respective affiliates makes any representation, condition or warranty, express or implied, to the Investors or any member of the public regarding the advisability of investing in securities generally or in the Deposit Notes particularly or the ability of the Deposit Notes to track the performance of the Funds or general stock market performance or any other economic factors.

Table of Contents for

Information Statement dated June 14, 2004

Canadian Imperial Bank of Commerce FULPAY PLUS CI Funds-Linked Deposit Notes, Series 1

Due August 18, 2011

Page

SUMMARY ................................................................................................................ 1 VARIABLE INTEREST CALCULATION................................................................................ 3

How Variable Interest is Calculated....................................................................3 Example Calculations .......................................................................................4 What should be learned from the Examples and formula for Variable Interest .......7

HYPOTHETICAL RETURN SCENARIOS ............................................................................. 8 DESCRIPTION OF THE DEPOSIT NOTES..........................................................................10

Issue................................................................................................................10 Principal Amount and Minimum Subscription ......................................................10 Maturity & Repayment of Principal Amount .........................................................10 Variable Interest ...............................................................................................10 Secondary Trading of Deposit Notes ..................................................................10 Special Circumstances......................................................................................11 Forms of the Deposit Notes ...............................................................................13 Status ..............................................................................................................14 Plan of Distribution............................................................................................15 Dealings with CI and the Funds .........................................................................15 Notification .......................................................................................................15 Investors’ Right of Rescission ............................................................................15 FundSERV .......................................................................................................15

CANADIAN FEDERAL INCOME TAX CONSIDERATIONS ........................................................17 Variable Interest ...............................................................................................17 Disposition of Deposit Notes..............................................................................17 Eligibility for Investment by Registered Plans......................................................18

THE FUNDS .............................................................................................................18 Who Manages the Funds? ................................................................................18 What do the Funds Invest in? ............................................................................18

INDEX OF DEFINED TERMS..........................................................................................25 RISK FACTORS TO CONSIDER......................................................................................26

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 25 for an index of defined terms.

A FULPAY PLUS CI Funds-Linked Deposit Note, Series1, (a “Deposit Note”) is a variable interest deposit note issued by Canadian Imperial Bank of Commerce (“CIBC”). A Deposit Note is a Fund Unit Linked Protected Participating Yield Period Locked-in Security, or “FULPAY PLUS” Deposit Note linked to the performance of the units of seven mutual funds managed by CI Mutual Funds Inc. (“CI”).

On the maturity of the Deposit Note, the Investor will receive in Canadian dollars (i) the Principal Amount of the Deposit Note, plus (ii) an amount of interest, if any, based on the performance of the units (each a “Unit” and collectively the “Units”) in a notional portfolio (the “Portfolio”) consisting of an equal dollar-weighted notional investment on the Issue Date in each of the following seven funds (each a “Fund” and collectively the “Funds”): CI Canadian Bond Fund, CI Canadian Investment Fund, CI Global Fund, CI International Value Fund, CI Value Trust Sector Fund, Synergy Canadian Momentum Class and Signature Dividend Fund.

Interest, if any, payable at maturity will equal the Principal Amount times the Overall Return. Generally stated, the Overall Return will be the average of seven Fund Returns (each of which may be positive or negative) – one for each of the seven Funds. A Fund Return for a Fund (i.e., the percentage increase or decrease in the total return of the Fund from issuance of the Deposit Note) will be determined each year after issuance of the Deposit Notes. After a Fund Return for a Fund is determined, the Fund is removed from the Portfolio and subsequent performance of such Fund does not factor into the determination of interest payable under the Deposit Notes.

More specifically, on the Year 1 End Date, a Fund Return will be determined for the Fund having the best return of those in the Portfolio – namely, having the largest positive total return among the seven Funds (or the least negative total return if all Funds have performed negatively), measured from the Issue Date to the Year 1 End Date, and such Fund will be then removed from the Portfolio. On the Year 2 End Date, a Fund Return will be determined for the Fund having the best return among the six Funds remaining in the Portfolio, again measured from the Issue Date to the Year 2 End Date, and such second Fund will be then removed from the Portfolio. And so on, on each Year End Date occurring up to the Year 7 End Date, whereupon the Fund Return for the sole remaining Fund will be determined, measured from the Issue Date to the Year 7 End Date. The Overall Return will be the average of the Fund Returns for the seven Funds (each such Fund Return representing the total return of the Fund with the best total return of all of the Funds remaining in the Portfolio as of the applicable Year End Date), provided that if such average is not greater than zero, no interest will be payable.

All references in this Information Statement to Units of a Fund are to the Class A units or Sector A shares (as the case may be) of the Fund. The Units are the class of units or shares that are generally available to all investors under the applicable simplified prospectus.

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 $5.25 $94.75 (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 August 18, 2004 (the actual date of issuance being the “Issue Date”).

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Maturity Date/Term: The Deposit Notes will mature on August 18, 2011 (the “Maturity Date”), resulting in a term to maturity of seven years.

Amounts Payable At Maturity: The amount payable under a Deposit Note on the Maturity Date will be equal to the

sum of (i) the Principal Amount, plus (ii) Variable Interest (subject to the provisions outlined under “DESCRIPTION OF THE DEPOSIT NOTES– Special Circumstances” set out below), if any.

Principal Amount Payment: An Investor will be paid on the Maturity Date the full Principal Amount of $100.00 per

Deposit Note. The Deposit Notes cannot be redeemed or retracted prior to the Maturity Date.

The Funds: Variable Interest (if any) payable under the Deposit Notes is linked to the total return of the Units of each of the following Funds: CI Canadian Bond Fund, CI Canadian Investment Fund, CI Global Fund, CI International Value Fund, CI Value Trust Sector Fund, Synergy Canadian Momentum Class and Signature Dividend Fund. Each Fund is more completely described below under “THE FUNDS”. An Investor may obtain further information in respect of the Funds from the current public filings of each of the Funds at www.sedar.com.

All references in this Information Statement to Units of a Fund are to the Class A units or Sector A shares (as the case may be) of the Fund. The Units are the class of units or shares that are generally available to all investors under the applicable simplified prospectus.

Variable Interest Payment: An Investor will be paid interest (“Variable Interest”), if any, in Canadian dollars on the Maturity Date (subject to the provisions outlined under “DESCRIPTION OF THE DEPOSIT NOTES– Special Circumstances” set out below). An Investor cannot elect to receive Variable Interest prior to the Maturity Date. Variable Interest, if any, per Deposit Note payable on the Maturity Date will be an amount equal to the result obtained using the following formula:

Variable Interest = $100.00 x Overall Return

Generally stated, the Overall Return will be the average of seven Fund Returns (each of which may be positive or negative) - one for each of the seven Funds. A Fund Return for a Fund (i.e., the percentage increase or decrease in the total return of the Fund measured from the Issue Date) will be determined each year after issuance of the Deposit Notes. Each Fund Return represents the total return of the Fund with the best total return of all of the Funds remaining in the Portfolio as of the applicable Year End Date. After a Fund Return for a Fund is determined, the Fund is removed from the Portfolio and subsequent performance of such Fund does not factor into the determination of Variable Interest that may be payable under the Deposit Notes. See “VARIABLE INTEREST CALCULATION” starting on page 3 below for the precise formula for determining Variable Interest and for example calculations. See “DESCRIPTION OF THE DEPOSIT NOTES” starting on page 10 for further details.

Variable Interest (if any) payable on the Deposit Notes and the value of the Deposit Notes will NOT track the average performance of the Funds. See “VARIABLE INTEREST CALCULATION” below and the included examples. Investors will not have any ownership interest in Units of the Funds at any time.

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Special Circumstances: If a Market Disruption Event in respect of a Fund occurs on a day as of which the NAV of such Fund is to be determined, determination of that NAV will be postponed to a later date. If there exists a Market Disruption Event in respect of the final Fund remaining in the Portfolio during the three Business Days preceding the Maturity Date, CIBC may postpone payment of Variable Interest and, if affected by such Market Disruption Event, the determination of Variable Interest until such time as the Market Disruption Event no longer exists. The determination and payment of Variable Interest otherwise due may be postponed if settlement of redemption of Units of a Fund is effectively suspended or postponed and, in the unlikely event that such postponement continues for a period of one year, Variable Interest will be an estimate (which may be nil) determined by CIBC acting in good faith and in a commercially reasonable manner. The occurrence of an Extraordinary Event may result in CIBC choosing a substitute fund to replace the affected Fund or may accelerate the payment of Variable Interest, if any, and change the manner in which it is calculated. However, the Principal Amount of each Deposit Note will not be repaid until the Maturity Date in any event. See “DESCRIPTION OF THE DEPOSIT NOTES– Special Circumstances” on page 11.

http://www.sedar.com/

Eligibility for Investment: The Deposit Notes, if issued on the date of this Information Statement, would be qualified investments under the Income Tax Act (Canada) for trusts governed by registered retirement savings plans, registered retirement income funds, registered education savings plans and deferred profit sharing plans (other than a trust governed by a deferred profit sharing plan 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 such Act), and the Deposit Notes would not constitute foreign property for the purposes of such Act. However, where an Investor purchases Deposit Notes through dealers and other firms that place and clear orders for Deposit Notes through 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 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. will maintain a liquid 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. Secondary market sales, including redemptions through FundSERV, will be effected at the bid price of CIBC World Markets Inc. less any applicable early trading charge. An Investor who sells a Deposit Note to CIBC World Markets Inc. within the first 720 days 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” below. The Deposit Notes will not be listed on any stock exchange. 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” 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 the 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 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.

Risk Factors: A person should consider carefully certain risk factors set out on page 26 before reaching a decision to buy the Deposit Notes.

VARIABLE INTEREST CALCULATION How Variable Interest is Calculated Each Deposit Note will bear interest (referred to as Variable Interest), if any, payable in Canadian dollars, without any need for the Investor to elect or otherwise take any action. Variable Interest, if any, will be paid on the Maturity Date (subject to (i) postponement of the determination of the amount of Variable Interest due to a Market Disruption Event or (ii) the earlier occurrence of an Extraordinary Event, as described under “Special Circumstances” starting on page 11 below).

Variable Interest (if any) per Deposit Note payable on the Maturity Date will be an amount in Canadian dollars equal to the result obtained using the following formula:

Variable Interest = $100.00 x Overall Return

Where:

“Business Day” means a day (other than a Saturday or a Sunday) on which both commercial banks and CI are scheduled to be open for business in Toronto, Ontario.

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“NAV” means, in respect of a date and a Fund, the net asset value per Unit of such Fund as determined by CI as of the close of business on such date, provided that, if such date is not a Business Day, such NAV will mean

the net asset value per Unit of such Fund as determined by CI as of the immediately preceding Business Day (subject to the provisions under “DESCRIPTION OF THE DEPOSIT NOTES – Special Circumstances” set out below).

“Total Return” means, in respect of a Fund and a Year End Date, the number (which may be positive or negative) expressed as a percentage (rounded to two decimal places), equal to the total return of the Fund (including reinvested distributions) determined on the basis of the NAV of the Fund over the period from the Issue Date to and including such Year End Date.

“Fund Return” means, in respect of a Year End Date, the number (expressed as a percentage, rounded to two decimal places) equal to the Total Return of the Fund included in the Portfolio on such Year End Date which is the largest positive number compared with the Total Return of each other Fund, if any, included in the Portfolio on such Year End Date (or the least negative number if the Total Return of each of the Funds in the Portfolio is negative), provided that on the Year 7 End Date when only a single Fund remains in the Portfolio, the Fund Return in respect of the Year 7 End Date shall be the Total Return of such single Fund in respect of the Year 7 End Date.

“Overall Return” means the number (expressed as a percentage rounded to two decimal places) equal to the greater of (i) the average (which may be positive or negative) of the seven Fund Returns for the Funds determined in respect of the Year End Dates, and (ii) nil.

“Portfolio” means, as of any Year End Date, all Funds except each Fund whose Total Return was determined as the Fund Return for a prior occurring Year End Date.

“Year 1 End Date” means August 18, 2005.







“Year End Date” means each of the Year 1 End Date, the Year 2 End Date, the Year 3 End Date, the Year 4 End Date, the Year 5 End Date, the Year 6 End Date and the Year 7 End Date.

The amount of Variable Interest, if any, that may be payable is uncertain. An Investor will not be paid any Variable Interest if the average of the Fund Returns is not greater than zero.

Example Calculations The examples set out below demonstrate how Variable Interest is to be calculated pursuant to the above formula. The examples are included for illustration purposes only and are not based on historical total returns of the Funds. The total returns of the Funds used to illustrate the calculation of Variable Interest are not estimates or forecasts of the total returns of the Funds for the various Year End Dates. All examples assume the Investor has purchased a single Deposit Note.

For the purposes of the examples set out below, “Actual Total Return” means, in respect of a Fund, the actual percentage increase or decrease in the total return of such Fund (including reinvested distributions) determined on the basis of such Fund’s assumed NAV on the Issue Date and such Fund’s assumed NAV on the Year 7 End Date, and “Average Actual Total Return” means the average of the Actual Total Returns of all of the Funds.

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In each of the hypothetical examples below, using assumed total returns of the Funds for illustration purposes, the first table shows the total return of each of the Funds on each Year End Date, the Actual Total Return of each of the Funds and the Average Actual Total Return that an Investor would have received if the Investor held equal dollar-weighted amounts of all seven Funds in the Portfolio on the Issue Date and held those Funds (including reinvested distributions) through to the Maturity Date. The second table, using the same assumed total returns of the Funds, shows for comparison purposes what an Investor would have received as Variable Interest under a Deposit Note. The table shows how a Fund Return is selected on each Year End Date and the average of all of the seven Fund Returns. The average of the seven Fund Returns is used for determining the Overall Return and the Variable Interest payable on the Deposit Notes.

Example #1: Assumes High Positive Average Actual Total Return of the Funds.

(a) Average Actual Total Return of the Funds based on assumed Total Returns of the Funds from the Issue Date to the Year 7 End Date.

Total Return

Year End Date CI Canadian Bond Fund

CI Canadian Investment

Fund CI Global Fund CI International

Value Fund CI Value Trust Sector Fund

Synergy Canadian Momentum Class

Signature Dividend Fund

1 2005-08-18 34.40% 20.75% 28.10% 14.45% -3.40% 32.76% 9.53% 2 2006-08-18 2.14% 49.73% 43.47% 56.80% 17.85% 38.67% 12.83% 3 2007-08-17 19.51% 65.76% 55.43% 45.82% 8.42% 47.96% 19.17% 4 2008-08-18 23.10% 47.15% 69.09% 39.90% 18.26% 62.70% 24.15% 5 2009-08-18 31.01% 83.94% 119.17% 48.14% 25.68% 72.65% 30.24% 6 2010-08-18 8.73% 50.83% 108.21% 49.90% 45.53% 67.69% 38.23% 7 2011-08-15 31.57% 77.98% 128.80% 45.39% 57.53% 79.94% 44.25% Actual Total Return 31.57% 77.98% 128.80% 45.39% 57.53% 79.94% 44.25%

Average Actual Total Return= 66.49%

(b) Average of the Fund Returns using Fund Returns selected on the basis of assumed Total Returns of the Funds from the Issue Date to the applicable Year End Date.

Total Return



Fund

CI Global Fund

CI International Value Fund

CI Value Trust Sector Fund



Fund Return

1 2005-08-18 34.40% 20.75% 28.10% 14.45% -3.40% 32.76% 9.53% 34.40% 2 2006-08-18 OUT 49.73% 43.47% 56.80% 17.85% 38.67% 12.83% 56.80% 3 2007-08-17 OUT 65.76% 55.43% OUT 8.42% 47.96% 19.17% 65.76% 4 2008-08-18 OUT OUT 69.09% OUT 18.26% 62.70% 24.15% 69.09% 5 2009-08-18 OUT OUT OUT OUT 25.68% 72.65% 30.24% 72.65% 6 2010-08-18 OUT OUT OUT OUT 45.53% OUT 38.23% 45.53% 7 2011-08-15 OUT OUT OUT OUT OUT OUT 44.25% 44.25%

Average of the Fund Returns = 55.50%

In this example, the average of the Fund Returns used to determine Variable Interest would have been 55.50%. The Average Actual Total Return of the Funds over the term of the Deposit Notes, on the other hand, would have been 66.49%.

Accordingly, Variable Interest = Principal Amount x Overall Return = $100.00 x 55.50% = $55.50.

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Therefore, under this example, Variable Interest of $55.50, plus the original Principal Amount of $100.00, would have been payable on the Maturity Date.

Example #2: Assumes Low Positive Average Actual Total Return of the Funds.

(a) Average Actual Total Return of the Funds based on assumed Total Returns of the Funds from the Issue Date to the Year 7 End Date.

Total Return




Value Fund CI Value Trust Sector Fund



1 2005-08-18 28.10% 17.60% -14.95% 7.10% 45.95% -13.90% 20.75% 2 2006-08-18 1.20% 35.24% -5.59% -22.89% 38.65% 7.62% 17.13% 3 2007-08-17 37.63% 10.90% 14.23% -12.86% 74.70% -12.82% 13.61% 4 2008-08-18 73.41% -12.39% -14.33% 21.12% 72.96% -12.82% -0.02% 5 2009-08-18 71.68% -6.26% -28.89% 59.88% 74.68% -7.59% -0.02% 6 2010-08-18 37.34% -2.51% -39.56% 35.90% 41.49% -22.38% -0.02% 7 2011-08-15 33.22% -20.06% -17.19% 83.46% 74.04% -33.25% -9.02% Actual Total Return 33.22% -20.06% -17.19% 83.46% 74.04% -33.25% -9.02%

Average Actual Total Return= 11.99%

(b) Average of the Fund Returns using Fund Returns selected on the basis of assumed Total Returns of the Funds from the Issue Date to the applicable Year End Date.

Total Return



Fund

CI Global Fund





Fund Return

1 2005-08-18 28.10% 17.60% -14.95% 7.10% 45.95% -13.90% 20.75% 45.95% 2 2006-08-18 1.20% 35.24% -5.59% -22.89% OUT 7.62% 17.13% 35.24% 3 2007-08-17 37.63% OUT 14.23% -12.86% OUT -12.82% 13.61% 37.63% 4 2008-08-18 OUT OUT -14.33% 21.12% OUT -12.82% -0.02% 21.12% 5 2009-08-18 OUT OUT -28.89% OUT OUT -7.59% -0.02% -0.02% 6 2010-08-18 OUT OUT -39.56% OUT OUT -22.38% OUT -22.38% 7 2011-08-15 OUT OUT -17.19% OUT OUT OUT OUT -17.19%

Average of the Fund Returns = 14.34%

In this example, the average of the Fund Returns used to determine Variable Interest would have been 14.34%. The Average Actual Total Return of the Funds over the term of the Deposit Notes, on the other hand, would have been 11.99%.

Accordingly, Variable Interest = Principal Amount x Overall Return = $100.00 x 14.34% = $14.34.

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Therefore, under this example, Variable Interest of $14.34, plus the original Principal Amount of $100.00, would have been payable on the Maturity Date.

Example #3: Assumes Negative Average Actual Total Return of the Funds. (a) Average Actual Total Return of the Funds based on assumed Total Returns of the Funds from the Issue

Date to the Year 7 End Date.

Total Return

Valuation Date CI Canadian Bond Fund



Value Fund CI Value Trust Sector

Fund Synergy Canadian Momentum Class


1 2005-08-18 24.44% 14.24% -17.38% 4.04% 23.98% -16.36% 17.30% 2 2006-08-18 -1.69% 11.81% -8.29% -25.09% 10.85% 4.55% 13.78% 3 2007-08-17 33.70% 7.73% 10.97% -15.35% 21.38% -15.31% 10.37% 4 2008-08-18 68.46% -14.89% -16.77% -9.14% 68.01% -15.31% -2.88% 5 2009-08-18 66.78% -8.94% -30.92% 55.31% 69.69% -10.23% -2.88% 6 2010-08-18 33.42% -5.29% -41.28% 32.01% 37.45% -24.60% -11.62% 7 2011-08-15 26.91% -22.34% -19.56% 30.99% 32.78% -35.15% -38.13% Actual Total Return 26.91% -22.34% -19.56% 30.99% 32.78% -35.15% -38.13%

Average Actual Total Return = -3.50%

(b) Average of the Fund Returns using Fund Returns selected on the basis of assumed Total Returns of the

Funds from the Issue Date to the applicable Year End Date.

Total Return

Valuation Date CI Canadian Bond Fund


Fund

CI Global Fund





Fund Return

1 2005-08-18 24.44% 14.24% -17.38% 4.04% 23.98% -16.36% 17.30% 24.44% 2 2006-08-18 OUT 11.81% -8.29% -25.09% 10.85% 4.55% 13.78% 13.78% 3 2007-08-17 OUT 7.73% 10.97% -15.35% 21.38% -15.31% OUT 21.38% 4 2008-08-18 OUT -14.89% -16.77% -9.14% OUT -15.31% OUT -9.14% 5 2009-08-18 OUT -8.94% -30.92% OUT OUT -10.23% OUT -8.94% 6 2010-08-18 OUT OUT -41.28% OUT OUT -24.60% OUT -24.60% 7 2011-08-15 OUT OUT -19.56% OUT OUT OUT OUT -19.56%

Average of the Fund Returns = -2.64%

In this example, the average of the Fund Returns used to determine Variable Interest would have been –2.64% (a negative number). The Average Actual Total Return of the Funds over the term of the Deposit Notes, on the other hand, would have been –3.50%.

Since the average of the Fund Returns is a negative number, no Variable Interest would have been payable on the Deposit Notes. However, the Investor would have still received the original Principal Amount of $100.00 on the Maturity Date.

What should be learned from the Examples and formula for Variable Interest

Investors should note that, although the amount of Variable Interest that may be payable is generally co-related to the performance of the Funds, Variable Interest (if any) will depend upon the timing and extent of the increase or decrease in the total returns of the Funds over the term to maturity. Specifically: • No Variable Interest will be payable unless the Overall Return is positive. • The Principal Amount per Deposit Note will be paid on the Maturity Date regardless of the performances

of the Funds. • Among various scenarios, it is possible that no Variable Interest may be payable (i.e., the Overall Return

is not positive) even though the Average Actual Total Return may be positive. It is also possible that Variable Interest may be payable (i.e., the Overall Return is positive) even though the Average Actual Total Return may be negative.

• The Overall Return may be greater or less than the Average Actual Total Return.

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• Investing in the Deposit Notes generally will not offer the same return as a direct investment in the Funds.

HYPOTHETICAL RETURN SCENARIOS The graphs set out below correspond to the example calculations above. The graphs show how the Total Returns of the Funds (using the assumed Total Returns of the Funds in the example calculations above) would compare to the Overall Return used to determine Variable Interest payable on the Deposit Notes in three different hypothetical scenarios: (i) where the Average Actual Total Return of the Funds is positive and is greater than the Overall Return, (ii) where the Average Actual Total Return of the Funds is positive but is less than the Overall Return, and (iii) where the Overall Return is nil so that no Variable Interest is payable on the Deposit Notes and only the Principal Amount is repaid at maturity.

The line on the graphs representing the Overall Return shows how the Overall Return is progressively determined by taking the Fund Returns that have been determined as at each Year End Date and dividing them by 7 (provided that, if the average of the Fund Returns on the Year Seven End Date is negative, as in the case of the third scenario, the Overall Return will be nil). Thus, the first point on the line represents the Fund Return for the Year One End Date, divided by 7, the second point on the line represents the sum of the Fund Returns for the Year One End Date and the Year Two End Date, divided by 7, and so on, with the final point on the line representing the Overall Return (being the greater of the average of all seven Fund Returns and nil) used to determine Variable Interest. The line does not represent the return that would be used to determine the amount that would be payable in respect of the Deposit Note at any time, other than on the Maturity Date. The Principal Amount and Variable Interest, if any, are only payable at maturity (subject, in the case of Variable Interest, to the occurrence of an Extraordinary Event). While Investors may be able to sell a Deposit Note prior to maturity in any available secondary market, the trading price of a Deposit Note at any time will be dependent on a number of factors. See “DESCRIPTION OF THE DEPOSIT NOTES – Secondary Trading of Deposit Notes” below.

The graphs below are included for illustration purposes only and are not based on the historical returns of the Funds. The Total Returns of the Funds as at any Year End Date in the graphs below are not estimates or forecasts of the Total Returns of the Funds, and the Overall Return in the graphs below is not an estimate or forecast of the Overall Return of the Funds that will be used to determine Variable Interest, if any, payable on the Deposit Notes. An Investor should not use the graphs below to predict future performance of the Funds or the Deposit Notes or how much Variable Interest, if any, may be payable on the Deposit Notes. See “THE FUNDS” below for additional information on each of the Funds.

(a) An example of where the Average Actual Total Return of the Funds is positive and is greater than the Overall Return used to determine Variable Interest.

– 8 –

Hypothetical Return

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

1 2 3 4 5 6 7

Years

Tota

l Ret

urn

(%)

FULPaY PLuS Variable Interest Direct Fund Investment

55.50%

66.49%

(b) An example of where the Average Actual Total Return of the Funds is positive but is less than the Overall Return used to determine Variable Interest.

Hypothetical Return

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

1 2 3 4 5 6 7

Years

Tota

l Ret

urn

(%)


14.34

11.99%

(c) An example of where the Average Actual Total Return of the Funds is negative, the Overall Return is nil, and no Variable Interest is payable on the Deposit Note and only the Principal Amount is repaid at maturity.

– 9 –

Hypothetical Return

-5.00%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

1 2 3 4 5 6 7

Years

Tota

l Ret

urn

(%)


0%

-3.50%

DESCRIPTION OF THE DEPOSIT NOTES

Issue FULPAY PLUS CI Investments-Linked Deposit Note, Series 1, 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). However, if the Maturity Date as defined in this Information Statement does not occur on a Business Day, then the Maturity Date will be deemed to occur on the next following Business Day and no interest or other compensation will be paid in respect of such postponement.

Variable Interest Each Deposit Note will bear interest (referred to as Variable Interest) in an amount, if any, in Canadian dollars, without any need for the Investor to elect or otherwise take any action.

Variable Interest, if any, payable on the Maturity Date will be determined by CIBC in accordance with the formula and related definitions specified under “VARIABLE INTEREST CALCULATION” starting on page 3 above.

The amount of Variable Interest (if any) will depend upon the performance of the Funds. It is possible that no Variable Interest will be payable; no Variable Interest will be paid if the Overall Return is not greater than zero.

Variable Interest, if any, will be payable on the Maturity Date (subject to the provisions outlined under “Special Circumstances” below). The timing and manner of determining Variable Interest may be affected by the occurrence of certain unusual events. Generally stated, the payment date for Variable Interest will be the Maturity Date, provided that the determination of the NAV for the Fund remaining in the Portfolio on the Year 7 End Date is not postponed due to a Market Disruption Event or the determination of Variable Interest is not accelerated to occur on an earlier date due to an Extraordinary Event as described under “Special Circumstances” below. In no event will payment of any Variable Interest payable on the Maturity Date be made by CIBC prior to the third Business Day immediately following the determination of the Fund Return for the Year 7 End Date, which may be later than the Maturity Date.

A day on which the NAV of a Fund is scheduled to be determined for computing Variable Interest is referred to as a “Valuation Date”. The occurrence of a Valuation Date is subject to the provisions set out below under “Special Circumstances”.

Secondary Trading of Deposit Notes Secondary Market

An Investor cannot elect to receive Variable Interest before the Maturity Date. 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. will maintain a liquid 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 participants in FundSERV. The sale of a Deposit Note to CIBC World Markets Inc., including the redemption of a Deposit Note through FundSERV, will be effected at a price equal to (i) the bid price for the Deposit Note, minus (ii) any applicable Early Trading Charge.

– 10 –

The bid price of a Deposit Note at any time will be dependent upon a number of factors, including: (i) how much the NAV of the Funds has risen or fallen since the Issue Date and the performance of the Funds up to such time, (ii) the fact that the $100 Principal Amount of the Deposit Note is payable on the Maturity Date regardless of the NAV or the performance of any Fund at any time and regardless of the aggregate performance of the Funds up to such time, (iii) which Funds remain in the Portfolio at such time, and (iv) a number of other interrelated factors, including, without limitation, volatility in the NAV of the Funds, prevailing interest rates, 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) might have a non-linear sensitivity to the rises and falls in the NAV of the Funds (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 in the NAV of the

Funds) and (b) may be substantially affected by changes in the level of interest rates independent of the performance of the Funds.

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 5.25% 360 days 4.40% 450 days 3.55% 540 days 2.70% 630 days 1.85% 720 days 1.15%

Thereafter Nil

An Investor should be aware that any valuation price for the Deposit Notes appearing in his or her periodic investment account statements, 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 a Deposit Note prior to maturity should consult his or her investment advisor on whether a sale of the Deposit Note will be subject to an Early Trading Charge and, if so, the amount of the 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.

Market Disruption Event

If CIBC determines that a Market Disruption Event (as defined below) in respect of a Fund has occurred and is continuing on any date that but for that event would be a Valuation Date in respect of such Fund, then CIBC shall provide notice to Investors of such determination, and Variable Interest will be calculated (and the applicable NAV for such Fund will be determined) on the basis that such Valuation Date for such Fund will be postponed to the next Business Day on which there is no Market Disruption Event in effect in respect of such Fund.

However, there will be a limit for postponement of any Valuation Date. If on the eighth Business 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 Fund on or after such eighth Business Day:

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

(ii) where on that eighth Business Day a Market Disruption Event in respect of such Fund has occurred and is continuing, the NAV of such Fund for such Valuation Date used in the calculation of Variable Interest will be a value estimated for such Fund by CIBC as at such Valuation Date taking into account all relevant market circumstances.

If, as a consequence of the continuance of the Market Disruption Event on the eighth Business Day after the Valuation Date of a Fund, the NAV of the Fund is a value estimated by CIBC as at such Valuation Date, and based on such estimated NAV, the Total Return of such Fund would be the Fund Return for the applicable Year End Date, then the Total Return of such Fund shall be excluded for the purpose of determining the Fund Return for the applicable Year End Date, and CIBC shall make such adjustments, if any, to the formula for calculating Variable Interest as it reasonably determines appropriate to account for the fact that the Total Return of such Fund was, as a consequence of the occurrence and continuance of a Market Disruption Event in respect of such Fund, excluded for the purpose of determining the Fund Return for the applicable Year End Date.

– 11 –

If on any Business Day from and including the date on which Variable Interest (or the Estimated Variable Interest Amount) would otherwise be payable to and including the third Business Day prior to such date there exists a Market Disruption Event in respect of the final Fund remaining in the Portfolio (or the final Funds remaining in the Portfolio, if the determination of Variable Interest is accelerated as a consequence of the occurrence of an Extraordinary Event and there is then more than one Fund remaining in the Portfolio), CIBC may postpone such payment of Variable

Interest and, if affected by such Market Disruption Event, the determination of the Variable Interest (or the Estimated Variable Interest Amount) payable, until such time as the Market Disruption Event no longer exists. In the unlikely event that such postponement is extended for one year after the date that Variable Interest or the Estimated Variable Interest Amount would otherwise have been payable, then Variable Interest (or the Estimated Variable Interest Amount), if any, shall be an estimate (which may be nil) determined by CIBC, acting in good faith and in a commercially reasonable manner, taking into consideration the Fund Returns that have been determined up to that time, the fact that the Market Disruption Event is continuing in respect of the final Fund remaining in the Portfolio (or the final remaining Funds in the Portfolio, if the determination of Variable Interest is accelerated as a consequence of the occurrence of an Extraordinary Event and there is then more than one Fund remaining in the Portfolio), and all other relevant market circumstances, including the impact of the Market Disruption Event on CIBC’s ability to maintain, adjust or unwind its hedge of its exposure in respect of Variable Interest.

“Market Disruption Event” means, in respect of a Fund and a Business Day, 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 an adverse effect on the ability of an investor in the normal course to buy or redeem Units of such Fund on such Business Day, or to obtain the NAV for Units of such Fund as of such Business Day. For the avoidance of doubt, a Market Disruption Event in respect of a Fund and a Business Day includes the suspension or limitation of the sale or redemption, or the settlement of the sale or redemption, of Units of such Fund on such Business Day for any reason.

Extraordinary Event

If CIBC determines that any of the following has occurred (an “Extraordinary Event”):

(i) a Market Disruption Event in respect of any Fund has occurred and is continuing, and that any such Market Disruption Event has continued for at least five consecutive Business Days, or

(ii) CI ceases to be the manager of any of the Funds, the current portfolio adviser of a Fund ceases to be the portfolio adviser of that Fund, or any of the Funds announces that it will be discontinued or otherwise wound-up or that it will be merged, consolidated or combined with any other fund; or

(iii) an event occurs after the Issue Date that adversely and materially affects the ability or cost of CIBC to hedge its exposure in respect of Variable Interest (which event may include, but is not limited to, a fundamental change in a Fund’s investment objective or investment strategies or CI’s failure to fulfil any of its material obligations under any agreement with CIBC in relation to CIBC’s hedge of its exposure in respect of Variable Interest),

then CIBC may, at its option upon notice to the Investors to be given effective on a Business Day (the date of such notification being the “Extraordinary Event Notification Date”), elect to accelerate the determination and payment of Variable Interest, if any, on all Deposit Notes (and thus discharge its obligations in respect of Variable Interest). Upon such election, Variable Interest, if any, per Deposit Note will be determined and calculated as of the Extraordinary Event Notification Date, subject to the following:

(i) The amount of Variable Interest, if any, per Deposit Note payable by CIBC will not be calculated in accordance with the provisions set out in “VARIABLE INTEREST CALCULATION” above. Instead, the amount of Variable Interest, if any, per Deposit Note payable by CIBC will be equal to an amount (the “Estimated Variable Interest Amount”), if any, based on the estimate by CIBC of the fair and reasonable amount that a Third Party Dealer (being a person or company (other than CIBC or any of its affiliates) that is an active participant in equity markets) 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 Variable Interest, if any, per Deposit Note that, but for such occurrence of the Extraordinary Event, would have been payable on each Deposit Note on the Maturity Date.

(ii) Payment of Variable Interest, if any, per Deposit Note will be made on the tenth Business Day after the Extraordinary Event Notification Date.

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

– 12 –

If CIBC determines that an Extraordinary Event in respect of a Fund has occurred, then, in lieu of accelerating the determination and payment of Variable Interest, CIBC may, with the consent of CI, and upon notice to the Investors to be given effective on a Business Day (the date of such notification being the “Substitution Date”), replace the Fund (the “Deleted Fund”) with one other mutual fund managed or sponsored by CI (the “Replacement Fund”), provided that such replacement will, in the determination of CIBC, have the effect of eliminating the Extraordinary Event. Upon any such replacement (a “Substitution Event”), the Replacement Fund shall be deemed to be the Deleted Fund for purposes of determining Variable Interest, and CIBC shall, as soon as practicable after such Substitution Event, make such other adjustments, if any, to the formula for calculating Variable Interest as it reasonably determines appropriate to account for the substitution of the Replacement Fund for the Deleted Fund, including adjustments to any component or variable relevant to the determination of Variable Interest which CIBC determines are appropriate to account in the calculation of Variable Interest for the performance of the Deleted Fund up to the occurrence of such

Substitution Event and the subsequent performance of the Replacement Fund thereafter. Upon the occurrence of any Substitution Event and the making of any such adjustment, CIBC shall promptly give notice and brief details to the Investors.

Adjustment Event

If an Adjustment Event (as defined below) occurs, CIBC will, as soon as practicable thereafter, make adjustments, if any, to the formula for calculating Variable Interest, or the NAV of the Funds, or any other component or variable relevant to the determination of Variable Interest in such a way as CIBC reasonably determines appropriate to account for any diluting or concentrative effect of such Adjustment Event to preserve the intended economics to the Investors as of the Issue Date. Upon making any such adjustment, CIBC shall promptly give notice of such adjustment and brief details of the Adjustment Event to any relevant depositary and the Investors’ investment dealers who are participants in respect of such depositary (or directly to the Investors in the case where the Deposit Notes are directly registered in their name and issued in definitive form).

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

(a) a subdivision, consolidation or reclassification of such Unit;

(b) a distribution or dividend to existing holders of the Units of property other than Units or cash;

(c) a call in respect of Units that are not fully paid;

(d) a repurchase by the Fund of Units whether out of profits or capital of the Fund and whether the consideration for such repurchase is cash, securities or otherwise, other than redemptions of Units by the Fund in the normal course; or

any other similar event that may have a diluting or concentrative effect on the theoretical value of the Units other than cash or Unit distributions.

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, 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.

– 13 –

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 owners or 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 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 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 holders 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 Business 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 the Variable Interest prior to the Maturity Date, to mark on the Deposit Note that Variable Interest has been paid in full, or, in the case of payment of Variable Interest 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.

Status

– 14 –

The Deposit Notes will constitute direct, unsubordinated and unsecured obligations of CIBC ranking pari passu among themselves with all other direct, unsecured and unsubordinated 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. Commissions paid to the Selling Agent do not factor into the formula for, or affect the potential amount of, Variable Interest payable to the Investors.

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 5.25% 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, 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.

Dealings with CI and the Funds CIBC may from time to time, in the course of its normal business operations, hold interests linked to a Fund or hold securities of, extend credit to or enter into other business dealings with CI, a Fund or one or more of the companies whose securities are owned by a Fund. Both CIBC and CI have agreed that all such actions taken by them 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 NAV of a Fund or the amount of Variable Interest 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 the applicable depositary and its relevant 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.

FundSERV

– 15 –

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

information about FundSERV 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 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 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.

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 purchase FundSERV Deposit Notes, the full aggregate Principal Amount therefor must be delivered to CIBC in immediately available funds at least three Business Days prior to 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 the redemption request by 1:00 p.m. (Toronto time) on a Business 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 Business Day. Sale of the FundSERV Deposit Note will be effected at a sale price equal to (i) the FundSERV “net asset value” of a Deposit Note as of the close of business on the applicable Business Day as posted to FundSERV by CIBC World Markets Inc., minus (ii) any applicable Early Trading Charge (as outlined above under “SECONDARY TRADING OF DEPOSIT NOTES"). 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 CIBC World Markets Inc. In turn, CIBC World Markets Inc. 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.

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CIBC World Markets Inc. is the “fund sponsor” for the Deposit Notes within FundSERV. It is required to post a “net asset value” for the 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 “DESCRIPTION OF THE DEPOSIT NOTES – Secondary Trading of Deposit Notes” on page 10 above for some of the factors that will determine the “net asset

value” or the bid price of the Deposit Notes at any time. The sale price will actually represent CIBC World Markets Inc.’s bid price for the Deposit Notes (i.e., the price it is offering to purchase Deposit Notes in the secondary market) as of the close of business for the applicable Business 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 CIBC World Markets Inc.’s bid price generally available to all Investors as at the relevant close of business, including clients of CIBC World Markets Inc.

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

CANADIAN FEDERAL INCOME TAX CONSIDERATIONS The following summary describes the principal Canadian federal income tax considerations generally applicable to an 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 “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 Customs and Revenue Agency (“CCRA”) 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 CCRA’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.

Variable Interest In the event that an Investor holds a Deposit Note to maturity, the full amount of the Variable Interest generally will be included in the Investor’s income in the Investor’s taxation year that includes the Maturity Date except to the extent that some part or all of any minimum amount of Variable Interest has already been included in the Investor’s income for that or a preceding taxation year. Where payment of the Variable Interest takes place prior to the Maturity Date as a result of an Extraordinary Event, the full amount of such payment will be included in the Investor’s income in the Investor’s taxation year in which the Variable Interest becomes calculable except to the extent that any minimum amount of Variable Interest has already been included in the Investor’s income for that or a preceding taxation year.

In certain circumstances, provisions of the Act can deem interest to accrue on a “prescribed debt obligation” (as defined for purposes of the Act). Based in part on an understanding of the CCRA’s administrative practice, there will be no deemed accrual of interest on the Deposit Notes under these provisions, subject to the following proviso. It is possible that there may be a requirement to include a minimum amount of accrued interest in the Investor’s income for taxation years prior to the taxation year that includes the Maturity Date. This would only occur for a taxation year if, at the end of that taxation year, it becomes known that a minimum amount of Variable Interest will ultimately be payable on the Maturity Date (i.e., the Overall Return will definitely be positive even assuming a worst case scenario whereby the Fund Return for each Fund remaining in the Portfolio was to be negative 100% as determined on each subsequent Valuation Date occurring after such taxation year). In the case of an Investor that is a corporation, partnership, unit trust or trust of which a corporation or partnership is the beneficiary, the accrual of interest for such a taxation year would be that portion of the known minimum amount of Variable Interest payable on the Maturity Date that accrued to the end of such taxation year. In the case of an Investor that is an individual, the accrual of interest for such a taxation year would be that portion of the known minimum amount of Variable Interest payable on the Maturity Date that accrued to the end of the “anniversary day” in respect of a Deposit Note that falls during such taxation year. In either case, the amount of accrued interest to be included as income for any taxation year would not include any amount of Variable Interest that had already been included in the Investor’s income for a preceding taxation year.

Disposition of Deposit Notes

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On a disposition or deemed disposition of a Deposit Note by an Investor prior to the Maturity Date, 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, except to the extent that such amount has otherwise been included in income for that for a preceding taxation year. Any minimum amount of Variable Interest known with certainty at the time of the disposition as described above would be treated as accrued interest. On any disposition or deemed disposition of a Deposit Note by an Investor 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 amount required to be included in the income of the Investor as interest as described above and 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, registered retirement income funds, registered education savings plans and deferred profit sharing plans (other than a trust governed by a deferred profit sharing plan 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), and the Deposit Notes would not constitute foreign property for the purposes of the Act. However, where an Investor’s purchase order for Deposit Notes is effected through dealers and other firms that place and clear orders for Deposit Notes through FundSERV Inc., 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 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.

THE FUNDS All information in this Information Statement relating to the Funds 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, or accepts responsibility for the calculation of the NAV of the Funds or the provision of any future information in respect of the Funds. The current simplified prospectus and other information about each of the Funds may be obtained at www.sedar.com. The following information is taken from the current simplified prospectus of each of the Funds, as amended to the date of this Information Statement, and from other publicly available sources.

Who Manages the Funds? Each of the Funds is managed by CI Mutual Funds Inc. (“CI”). CI is one of Canada's largest investment management companies with approximately $61.4 billion in fee-earning assets as at May 31, 2004.

What do the Funds Invest in? CI Canadian Bond Fund Investment objective - This Fund's objective is to obtain long-term total return. It invests primarily in fixed income securities of Canadian governments and companies that the portfolio adviser believes offer an attractive yield and the opportunity for capital gains. Investment strategies - The portfolio adviser may use techniques such as analyzing: • the expected direction of interest rates • the yield curve, which is an evaluation of the relative value between various terms to maturity • credit ratings and credit risk • expected performance relative to other types of fixed income securities. The portfolio adviser also assesses: • the rate of economic growth • inflationary pressures • monetary policy in Canada, the U.S. and other major industrialized countries • market conditions and investor sentiment. This includes evaluating the expected supply and demand for bonds and the current stage of the economic cycle to determine whether the difference between yields on different terms to maturity will be widening or narrowing.

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The Fund may invest in a wide range of securities including government and corporate bonds and debentures, stripped bonds, mortgage-backed securities and asset-backed securities. Corporate securities are diversified and carefully analyzed for creditworthiness.


The portfolio adviser may also choose to: • invest the Fund's assets in foreign securities up to the limit allowed under the Income Tax Act (currently

30%) • use warrants and derivatives such as options, swaps, futures, forward contracts and swaps to:

- hedge against losses from changes in the prices of the Fund's investments and from exposure to foreign currencies

- gain exposure to individual securities and markets instead of buying the securities directly. The Fund will only use derivatives as permitted by securities regulations. • enter into securities lending transactions, repurchase transactions and reverse repurchase transactions, to

the extent permitted by the securities regulations, to earn additional income for the Fund. • temporarily hold cash or cash-equivalent securities for strategic reasons. The Fund anticipates a portfolio turnover rate in excess of 70%. The larger trading costs associated with a high portfolio turnover rate will reduce the Fund's performance. Top 10 holdings -

The following investments represent the top 10 holdings of CI Canadian Bond Fund as at April 30, 2004.

Investment % of Assets Country Category Canada Government Bond 7% 12/01/06 23.8% Canada Government Bonds Canada Government Bond 4.25% 09/01/08 8.3% Canada Government Bonds Canada Government Bond 5.75% 06/01/33 6.8% Canada Government Bonds Canada Government Bond 7.25% 06/01/07 6.0% Canada Government Bonds Canada Government Bond 5% 06/01/14 5.4% Canada Government Bonds Province of Ontario 5.85% 03/08/33 4.0% Canada Government Bonds Canada Housing Trust No.1 4.1% 12/15/08 3.5% Canada Government Bonds Province of Quebec 6% 10/01/12 2.9% Canada Government Bonds Province of British Columbia 6.25% 12/01/09 2.2% Canada Government Bonds Province of Quebec 6% 10/01/29 2.0% Canada Government Bonds

Aggregate % of Top Ten Holdings = 64.9 %

CI Canadian Investment Fund

Investment objective – This Fund's objective is to achieve long-term capital growth by investing primarily in shares of major Canadian corporations. Investment strategies – To achieve its objective, the portfolio adviser: • invests primarily in the securities of the largest 150 companies (by capitalization) listed on The Toronto Stock

Exchange • manages in a disciplined value style, focusing on companies that are considered to be undervalued in

relation to their future prospects and offer good absolute and relative value as characterized by measures such as lower-than-average price/book and price/earnings, and higher-than-average dividend yield

• uses a disciplined, bottom-up stock selection process to evaluate a company's current position and future prospects

• may invest in foreign securities up to the foreign content limit under the Income Tax Act (currently 30%).

The portfolio adviser may use techniques such as fundamental analysis to assess growth potential. This means evaluating the financial condition and management of a company, its industry and the overall economy. As part of this evaluation, the portfolio adviser: • analyzes financial data and other information sources • assesses the quality of management • conducts company interviews, where possible.

The portfolio adviser may also choose to:

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• use warrants and derivatives such as options, futures, forward contracts and swaps to hedge against losses from changes in the prices of the Fund's investments and from exposure to foreign currencies and to gain exposure to individual securities and markets instead of buying the securities directly. The Fund will only use derivatives as permitted by securities regulations.

• enter into securities lending transactions, repurchase transactions and reverse repurchase transactions, to the extent permitted by the securities regulations, to earn additional income for the Fund.

• temporarily hold cash or fixed income securities for strategic reasons.

The following investments represent the top 10 holdings of CI Canadian Investment Fund as at April 30, 2004.

Investment % of Assets Country Category Royal Bank of Canada 6.3% Canada Financials Bank of Nova Scotia 6.0% Canada Financials Bank of Montreal 4.4% Canada Financials Petro-Canada 3.6% Canada Energy Alcan Inc. 3.0% Canada Materials Barrick Gold Corp. 3.0% Canada Materials Power Corp. of Canada 3.0% Canada Financials Imperial Oil Ltd. 2.9% Canada Energy Canadian National Railway Co. 2.7% Canada Industrials Magna International Inc. 2.5% Canada Consumer Discretionary

Aggregate % of Top Ten Holdings = 36.8%

CI Global Fund Investment objective - This Fund's objective is to obtain maximum long-term capital growth. It invests primarily in equity and equity-related securities of established companies throughout the world that the portfolio adviser believes have good growth potential. The Fund may make large investments in any country, including emerging markets or emerging industries of any market. Investment strategies - The portfolio adviser analyzes the global economy and industries. Based on this analysis, it identifies the industries and then selects the companies that it believes offer potential for strong growth. The portfolio adviser may use techniques such as fundamental analysis to assess growth potential. This means evaluating the financial condition and management of a company, its industry and the overall economy. As part of this evaluation, the portfolio adviser: • analyzes financial data and other information sources • assesses the quality of management • conducts company interviews, where possible. When deciding to buy or sell an investment, the portfolio adviser also considers whether the investment is a good value relative to its current price. The portfolio adviser may also choose to: • use warrants and derivatives such as options, futures, forward contracts and swaps to:


- gain exposure to individual securities and markets instead of buying the securities directly. The Fund will only use derivatives as permitted by securities regulations.


• temporarily hold cash or fixed income securities for strategic reasons. This Fund anticipates a portfolio turnover rate in excess of 70%. The larger trading costs associated with a high portfolio turnover rate will reduce the Fund's performance.

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Top 10 holdings -

The following investments represent the top 10 holdings of CI Global Fund as at April 30, 2004.

Investment % of assets Country Category Microsoft Corp. 2.2% United States Information Technology General Electric Co. 1.8% United States Industrials Citigroup Inc. 1.5% United States Financials Sumitomo Mitsui Financial Group Inc. 1.3% Japan Financials Vodafone Airtouch PLC 1.2% Britain Industrials UFJ Holdings Inc. 1.2% Japan Financials Mitsubishi Tokyo Financial Group Inc. 1.1% Japan Financials SMC Corp. 1.0% Japan Industrials Nissan Motor Co.Ltd. 1.0% Japan Industrials Credit Suisse Group 0.9% Switzerland Financials


CI International Value Fund Investment objective - This Fund's objective is to obtain maximum long-term capital growth. It invests primarily in equity and equity-related securities of companies whose primary operations are outside of North America. The Fund may make significant investments in any country including emerging markets and emerging industries of any market. Investment strategies - The portfolio adviser identifies securities that it believes are undervalued and have the potential for future growth. The portfolio adviser may use techniques such as fundamental analysis to assess growth potential. This means evaluating the financial condition and management of a company, its industry and the overall economy. As part of this evaluation, the portfolio adviser: • analyzes financial data and other information sources • assesses the quality of management • conducts company interviews, where possible. When deciding to buy or sell an investment, the portfolio adviser also considers whether the investment is a good value relative to its current price. The portfolio adviser may also choose to: • use warrants and derivatives such as options, futures, forward contracts and swaps to:


- gain exposure to individual securities and markets instead of buying the securities directly. The Fund will only use derivatives as permitted by securities regulations.


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• temporarily hold cash or fixed income securities for strategic reasons

Top 10 holdings -

The following investments represent the top 10 holdings of CI International Value Fund as at April 30, 2004.

Investment % of assets Country Category Heineken NV 2.3% Netherlands Consumer Staples Vivendi Universal SA 2.1% France Consumer Discretionary Diageo PLC 2.1% Britain Consumer Staples Eni SPA 2.1% Italy Energy ARN Mondadori Editore SPA 2.0% Italy Consumer Discretionary Schneider Electric SA 2.0% France Industrials West Japan Railway 1.9% Japan Industrials Cadbury Schweppes PLC 1.9% Britain Consumer Staples Stora Enso OYJ 1.8% United States Materials Novartis AG 1.8% Switzerland Health Care



Investment objective – This Fund’s objective is to obtain long-term capital growth. It invests primarily in equity and equity-related securities of companies in the United States.

Investment strategies – The portfolio adviser follows a value discipline in selecting securities. This means the portfolio adviser seeks to buy securities at large discounts to the adviser's assessment of their value. To assess the value of a company's securities, the portfolio adviser may consider: • the discounted value of the company's projected future free cash flows • the company's ability to earn a return on capital invested in its business that exceeds the cost of its capital • prices at which similar companies have been sold • the costs to replicate the business • other qualitative factors, such as an evaluation of the company's strategy, products, competitive position,

industry economics and regulatory environment.

The portfolio adviser generally holds 30 to 50 securities in the portfolio.

The portfolio adviser may also choose to: • temporarily hold cash, cash equivalent or fixed income investments for strategic reasons • invest in debt securities of companies outside of the United States • use warrants and derivatives such as options, futures, forward contracts and swaps to hedge against losses

from changes in the prices of the Fund’s investments and from exposure to foreign currencies and to gain exposure to individual securities and markets instead of buying the securities directly


The following investments represent the top 10 holdings of CI Value Trust Sector Fund as at April 30, 2004.

Investment % of Assets Country Category Nextel Communications Inc. 7.4% United States Telecommunication Services Amazon.com, Inc. 6.8% United States Consumer Discretionary Tyco International Ltd. 6.6% Bermuda Industrials UnitedHealth Group Inc. 5.5% United States Health Care InterActiveCorp 5.2% United States Consumer Discretionary MGIC Investment Corp. 4.0% United States Financials eBay Inc. 3.4% United States Consumer Discretionary AES Corp. 3.1% United States Utilities Washington Mutual Inc. 3.1% United States Financials Waste Management Inc. 3.1% United States Industrials


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Investment objective - The Fund seeks long-term capital growth by investing primarily in equity and equity-related securities of Canadian companies representing the momentum style. The Fund may also invest in foreign securities.

Investment strategies - Momentum managers invest in companies that are changing for the better and whose underlying fundamentals are improving more rapidly than the overall stock market. Momentum managers are usually willing to give up some of the initial price movement in a stock in order to obtain confirmation that the company’s underlying fundamentals are actually improving. They typically have a much shorter investment horizon than other types of fund managers. They are rewarded by significant upward movements in stock prices that can occur over shorter time periods. Since change is the catalyst, this style tends to generate much higher portfolio turnover.

Top 10 holdings -

The following investments represent the top 10 holdings of Synergy Canadian Momentum Class as at April 30, 2004.

Investment % of Assets Country Category

Bank of Nova Scotia 4.2% Canada Financials Canadian Imperial Bank of Commerce 3.8% Canada Financials Manulife Financial Corp. 2.8% Canada Financials Bank of Montreal 2.5% Canada Financials Nortel Networks Corp. 2.2% Canada Information Technology Niko Resources Ltd. 2.1% Canada Energy Canadian Tire Corp. 1.9% Canada Consumer Discretionary National Bank of Canada 1.9% Canada Financials Sun Life Financial Inc. 1.7% Canada Financials Canfor Corp. 1.7% Canada Materials



Investment objective – This Fund’s objective is to generate a high level of dividend income and to preserve capital. It invests primarily in preferred shares of Canadian companies. It may also invest in common shares and fixed income securities.

Investment strategies – CI’s Signature Group is the portfolio adviser of this Fund. The portfolio adviser identifies companies that have the potential for growth and value in their industry and then considers the impact of economic trends.

The portfolio adviser decides how much of the Fund’s assets are invested in equity and fixed income securities according to market conditions.

The portfolio adviser may use techniques such as fundamental analysis to assess growth and value potential. This means evaluating the financial condition and management of each company, its industry and the overall economy. As part of this evaluation, the portfolio adviser: • analyzes financial data and other information sources • assesses the quality of management • conducts company interviews, where possible.

When deciding to buy or sell an investment, the portfolio adviser considers whether the investment is a good value relative to its current price.

Fixed income securities may include government and corporate bonds, debentures, notes, certificates of deposit or other fixed income securities. The portfolio adviser selects the maturity of each investment according to market conditions.

The portfolio adviser may also choose to: • invest the Fund’s assets in foreign securities up to the limit allowed under the Income Tax Act (currently

30%)

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• use warrants and derivatives such as options, futures, forward contracts and swaps to hedge against losses from changes in the prices of the Fund’s investments and from exposure to foreign currencies, and to gain exposure to individual securities and markets instead of buying the securities directly. The Fund will only use derivatives as permitted by securities regulations.


• temporarily hold cash or cash-equivalent securities for strategic reasons.

The following investments represent the top 10 holdings of Signature Dividend Fund as at April 30, 2004.

Investment % of assets Country Category Bank of Montreal, 5.55% PFD., Series 3 2.9 Canada Financials CIBC, 5.3%, PFD., Series 23 2.5 Canada Financials Toronto-Dominion Bank, PFD., Series M 2.4 Canada Financials Manulife Financial Corp. 2.2 Canada Financials Royal Bank of Canada 2.0 Canada Financials Quebecor World Inc., PFD., Series 3 1.9 Canada Industrials Bank of Montreal 1.9 Canada Financials Toronto-Dominion Bank 1.7 Canada Financials BCE Inc., 5.45% PFD., Series AA 1.7 Canada Telecommunications Services Cameco Corp. 1.6 Canada Materials


Changes to a Fund’s Investment Objective

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The investment objectives of a Fund cannot be changed without the approval of a majority of the holders of the Units at a meeting called to consider the change. However, Investors in the Deposit Notes will not have any right to participate in such a meeting or otherwise have any rights in respect of the Units of any Fund. A change in a Fund’s investment objectives may constitute an Extraordinary Event as described on page 12 under “DESCRIPTION OF THE DEPOSIT NOTES – Special Circumstances – Extraordinary Event”.

INDEX OF DEFINED TERMS

A Act 17 Actual Total Return 4 Adjustment Event 13 Agency Agreement 15 Average Actual Total Return 4

B Business Day 3

C CCRA 17 CDS 13 CI 18 CIBC 1

D Deleted Fund 12 Deposit Note 1

E Estimated Variable Interest Amount 12 Extraordinary Event 12 Extraordinary Event Notification Date 12

F Fund Return 4 FundSERV 15 FundSERV Deposit Notes 16

I Investor 1 Issue Date 1

M Market Disruption Event 12 Maturity Date 1

N NAV 3

O Overall Return 4

P Portfolio 4 Principal Amount 1 Proposals 17

R Regulations 17 Replacement Fund 12

S Selling Agent 1 Subscription Price 1 Substitution Date 12 Substitution Event 12

T Total Return 4

V Valuation Date 10 Variable Interest 2

Y Year 1 End Date 4 Year 2 End Date 4 Year 3 End Date 4 Year 4 End Date 4 Year 5 End Date 4 Year 6 End Date 4 Year 7 End Date 4

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Year End Date 4

RISK FACTORS TO CONSIDER ◊ Suitability of Deposit Note 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 investment objectives and the information set out in this Information Statement. For instance, an investment in a Deposit Note is not suitable for a person looking for a guaranteed interest yield. CIBC makes no recommendation as to the suitability of the Deposit Notes for investment.

◊ No Interest May Be Payable – Variable Interest, if any, payable on the Deposit Notes is directly linked to the average of seven Fund Returns (each of which may be positive or negative) - one for each of the seven Funds, being CI Canadian Bond Fund, CI Canadian Investment Fund, CI Global Fund, CI International Value Fund, CI Value Trust Sector Fund, Synergy Canadian Momentum Class and Signature Dividend Fund. A Fund Return in respect of a Fund will be determined on each Year End Date. The Investor will not derive any benefit (or suffer any losses) from the performance of a Fund following determination of its Fund Return, at which time such Fund will be removed from the Portfolio. An Investor’s exposure under the Deposit Notes to the notional basket of Funds is not the same risk as a direct investment in the underlying Funds held for the full term to maturity. It is possible that no Variable Interest may be payable. See “VARIABLE INTEREST CALCULATION” above for examples.

◊ Secondary Market – The Principal Amount and Variable Interest, if any, per Deposit Note are only payable at maturity (subject, in the case of Variable Interest, to the occurrence of an Extraordinary Event). The Investor cannot elect to receive Variable Interest prior to the Maturity Date. CIBC World Markets Inc. will maintain a liquid secondary market for the Deposit Notes, but reserves the right not to do so in the future in its sole discretion, without prior notice to investors. As such, there is no assurance that a secondary market through which the Deposit Notes may be sold will be available or, if such market is available, whether such market will be liquid. Any secondary trading price will be dependent on many factors and their relationship. In particular, Investors should realize that the trading price, especially during the first few years of the term, (a) might have a non-linear sensitivity to the rises and falls in the NAV of the Funds (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 in the NAV of the Funds) and (b) may be substantially affected by changes in the level of interest rates independent of the performance of the Funds. The Deposit Notes will not be listed on any exchange. See “DESCRIPTION OF THE DEPOSIT NOTES– Secondary Trading of Deposit Notes” above. An Investor who sells a Deposit Note prior to the Maturity Date will have to pay an Early Trading Charge of 6.95% of the Principal Amount initially, reducing quarterly to 0% after 720 days. See “DESCRIPTION OF THE DEPOSIT NOTES - Secondary Trading of Deposit Notes” above.

◊ Market Disruption Event / Extraordinary Event – If a Market Disruption Event in respect of a Fund occurs on a day on which the NAV of such Fund is to be determined for calculating Variable Interest, the determination of the NAV of that Fund will be postponed to a later date. Fluctuations in the NAV of the Fund may occur in the interim. The determination and payment of Variable Interest otherwise due may be postponed if settlement of redemption of Units of a Fund is effectively suspended or postponed and, in the unlikely event that such postponement continues for a period of one year, Variable Interest will be an estimated amount (which may be nil) determined by CIBC acting in good faith and in a commercially reasonable manner. In certain circumstances, CIBC may estimate a NAV for a Fund. The occurrence of an Extraordinary Event in respect of a Fund may result in CIBC choosing a substitute Fund to replace the affected Fund or accelerating the payment of Variable Interest (if any) or changing the way it is calculated. In no event will the Principal Amount of a Deposit Note be paid prior to the Maturity Date. See “DESCRIPTION OF THE DEPOSIT NOTES– Special Circumstances” above.

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◊ Risk Factors Relating to the Funds - Certain risk factors applicable to investors who invest directly in units of the Funds are also applicable to an investment in Deposit Notes, since the amount of Variable Interest, if any, payable on the Deposit Notes is linked to the performance of the Funds. Such risk factors may include equity risk (in the case of equity investments, factors which may cause the price of a stock to rise or fall), foreign investment risk (in the case of investments in foreign companies, factors relating to the country or countries in which a foreign company operates), interest rate risk (in the case of investments in fixed income instruments, factors which might cause interest rates to rise or fall, since the value of fixed income instruments varies inversely with interest rates) and foreign currency risk (in the case of foreign investments made in a currency other than the Canadian dollar, factors affecting the exchange rate between that currency and the Canadian dollar). A complete description of risks as they apply to the Funds is contained in the current simplified prospectus of the Funds which may be obtained at www.sedar.com.


◊ Potential Conflicts of Interest between the Investor and CIBC – CIBC is the issuer of the Deposit Notes. CIBC will also determine the amount, if any, of the Variable Interest paid to Investors at maturity. CIBC may also 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 or Extraordinary Event 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 or the amount of Variable Interest, if any, that is payable, CIBC may have a conflict of interest if CIBC needs to make any such calculations and determinations.

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