CIBC CI M.A.X. Deposit Notes TM Series 2 (CBL305) Series 2 total (CBL306) Maximize income & protection Internal Use Only Do Not Copy

CIBC CI M.A.X. Deposit NotesTM

Series 2 (CBL305) Series 2total (CBL306)

Maximize income & protection

Internal Use OnlyDo Not Copy

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

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

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


Key Features

Diversified Investment: Signature Income & Growth Fund

Dynamic Allocation Strategy: enhanced return potential with capital protection

Investment Options: Coupon Option –

75% of ordinary distributions made by the Fund paid monthly.

All other distributions will be reinvested in the structure.

Monthly Coupons do not erode principal protection at maturity

Re-Investment Option

100% of all distributions made by the Fund will be reinvested in the structure,

Tax-efficient growth

Opportunity for enhanced returns from additional exposure to the Fund.

Final Variable Payment: potential for 200% exposure to the Fund.

100% Principal Protection: if held to maturity.


Signature Income & Growth Fund

Approximate Annual Distribution of the Fund is 7.0%


Advantages of CI M.A.X. Structure

* MAXimizes Income & Performance– Potential for 200% exposure to the Fund through a dynamic allocation strategy

potentially generating increased distributions and greater monthly coupons.

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

* MAXimizing Structure– Maximum all-inclusive fee of 2.75% is only 0.40% higher than the expected 2005

MER of the Class A units of the Fund.

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

* This value is determined as a percentage of NAV of the Deposit Notes, assumes 200% exposure to the Fund and an annual distribution of 7% is achieved on the Fund. As at January 10, 2006, the indicated distribution on the Fund was 6.50%. There is no guarantee that the Fund will achieve a 7% annual yield or make any distributions, or that 200% leverage will be achieved on the Deposit Notes. Accordingly, the amount of interest paid for any month during the term of the Deposit Notes will likely vary and could be zero.


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

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

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

• The leveraging or de-leveraging of the Fund Account will occur based on the Distance between the NAV of the Deposit Notes and the Floor (i.e., generally, the value of a 0.50% per annum coupon bond).

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

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

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

Initial Purchase

Fund Account Bond Account

Assets will reallocate according to the dynamic allocation strategy


Time

Value

Principal Repayment

Basket NAV

Price of Notional 0.5% Coupon Bond

ReLe

vera

ging

Maturity

De- Le

vera

ging

Leve

ragi

ngDistance

Dynamic leveraging strategy

Initial Investment

“Distance” is the Benchmark for Re-balancing


When

“Target Exposure” differs from “Actual Exposure”

by more than 25%,

An Allocation Event will occur

to bring Actual Exposure in line with Target Exposure.

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


Leveraging Scenario

+25%

actual exposure

+25% (new )

actual exposure -25%

(initial)

-25%

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

limits are reset f rom this point.

Actual Exposure is brought in line w ith

Target Exposure

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


De-Leveraging Scenario

+25%

actual exposure(initial) +25%

-25% actual exposure(new )

-25%

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

low er lim its are reset.

Actual Exposure is brought in line w ith

Target Exposure

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


Series 2: Coupon Option

Series 2total: Reinvestment Option

Investment Options


Investment OptionsCoupon Option: Series 2

75% of ordinary distributions paid as Monthly Coupons

10.50% p.a. Potential Yield

Re-Investment Option: Series 2total

100% Reinvestment of Fund Distributions

Tax Efficient: Effective tax deferral and capital gains potential

Enhanced Performance: potential for 200% exposure to the Fund

* This value is determined as a percentage of NAV of the Deposit Notes, assumes 200% exposure to the Fund and an annual distribution of 7% is achieved on the Fund. As at January 10, 2006, the indicated distribution on the Fund was 6.50%. There is no guarantee that the Fund will achieve a 7% annual yield or make any distributions, or that 200% leverage will be achieved on the Deposit Notes. Accordingly, the amount of interest paid for any month during the term of the Deposit Notes will likely vary and could be zero.


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

• All other distributions reinvested in the structure.

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

• Assuming 7% annual distributions and the maximum 200% exposure to the Fund – CI M.A.X. Deposit Notes can yield 10.5% p.a. of the NAV of the Deposit Notes.

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

Coupon Option


Coupon Option: Example of Positive Performance

$-$20$40$60$80

$100

$6.84$8.17

$10.07 $10.31$9.09

$7.17 $7.34 $7.59

$0$2$4$6

$8$10$12

1 2 3 4 5 6 7 8

$70

$80

$90

$100

$110

$120

$130

$140

$150

$160

Fund Price Performance

NAV

Floor

Loan Amount

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

Example of Indicative DistributionsGiven Positive Portfolio Performance


This example assumes a constant yield to maturity for the Bonds of 4.30%, a constant borrowing rate on the Loan of 3.95%, and a constant yield on the Fund of 7.00% over the 8-year term of the Deposit Notes.

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

Coupon Option: Protection Event


Coupon Option: Example of a Protection Event

$-$5

$10$15$20

$4.69

$2.31

$- $- $-$0.27$0.79

$1.14

$0

$1

$2

$3

$4

1 2 3 4 5 6 7 8

$45

$55

$65

$75

$85

$95

$105

Fund Price Performance

NAV

Floor

Loan Amount

Protection Event occurs in year 5

Example of Indicative DistributionsGiven Negative Portfolio Performance



• 100% Reinvestment of Fund Distributions – 100% of any distributions that may be payable by the Fund will be reinvested in additional Units for the Fund Account.

• Tax Efficient – Interest income will not be taxed until it is paid at maturity, providing the potential for tax deferred growth. Potential capital gains treatment if Deposit Notes sold prior to maturity.

• Enhanced Performance – Reinvestment of Fund Distributions should increase Distance, providing the opportunity for increased exposure to the Fund.

Reinvestment Option


Reinvestment Option: Example of Positive Performance

$-$45$90

$135$180$225

0 1 2 3 4 5 6 7 8

$70

$90

$110

$130

$150

$170

$190

$210

$230

$250

Floor

Loan Amount

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

Fund Price Performance(assuming re-investment of

distributions)



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

Reinvestment Option: Protection Event


Reinvestment Option: Example of Protection Event

$-$5

$10$15$20

0 1 2 3 4 5 6 7 8

$60

$70

$80

$90

$100

$110

$120

NAV

Floor

Loan Amount

Protection Event occurs in year 8

Fund Price Performance(assuming re-investment of

distributions)



Benefits of the CI M.A.X. Structure

In market conditions where the Fund performs well, additional exposure to the Fund may be achieved through leverage generating enhanced returns.

In market conditions where the Fund performs negatively, reduced exposure to the Fund may dampen losses in an effort to allow participation in any subsequent recovery.

In a rising interest rate environment, continued exposure to the Fund increases growth potential to keep pace with higher interest rates.

In a declining interest rate environment, reinvestment of all or a portion of any distributions will help preserve exposure to the Fund.

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

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


Potential Investors

Seeking a diversified source of income Risk-sensitive investors who are holding high

levels of cash. Hesitant to lock in long-term rates at current

levels. Missing investment goals due to low interest

rates. Income trust investors wanting to lock in gains

and maintain some exposure to the sector through the Fund.


The Deposit Notes may be suitable for investors who are:

Summary of Terms

Issuer Canadian Imperial Bank of Commerce

Issue Date March 15, 2006

Maturity Date March 17, 2014 (Term to Maturity: 8 years)

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

Structural Features Dynamic Allocation Strategy (CPPI Structure).

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

Potential for 200% exposure to the Fund.

100% principal protection at maturity.

Coupon Option: monthly coupons equivalent to 75% ordinary distributions of the Fund.

Reinvestment Option: 100% of any distributions made by the Fund will be re-invested in the structure.

Fees & Expenses Portfolio fee of: (i) 2.75% of value of Units in the Fund Account; and (ii) 0.50% of face amount of Bonds in Bond Account. Interest on loan facility of BA’s, plus 25 bps per annum. All fees and expenses calculated daily and payable monthly in arrears.

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

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

Secondary Market CIBC World Markets Inc. will maintain a secondary market for Deposit Notes (subject to availability). Early trading charge will apply on dispositions in first 3 years.

Selling Period January 19rd – March 10th, 2006

Selling period Jan 19rd – Mar10th


Advisor Compensation:

Upfront Commission: 5.00% Trailing Commission: 0.30% per annum Settlement through FundSERV

Coupon Option: CBL305

Reinvestment Option: CBL306


Advisor Tools

• PowerPoint Presentation • Green Sheet • Advisor Summary• Client Summary• Prospecting Letter• Admat• Postcard• FAQs


THANK YOU

For more information please visit our website:

www.ci.com/depositnotes


Documents

CIBC CI M.A.X. Deposit Notes TM Series 2 (CBL305) Series 2 total (CBL306) Maximize income & protection Internal Use Only Do Not Copy