CIBC CI Global Insights Deposit Notes, Series 2 (CBL309)

Selling period

May 15 – July 7,

2006

The Smart Global Diversification Strategy

The information contained herein is confidential and for advisor use only. It 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”, Synergy”, “Synergy Funds” and the CI Investments design are registered trademarks of CI Investments Inc. and have been licensed for use by CIBC and its affiliates.

Investment Highlights

Global Diversification (3 CI Global Equity Funds)

Efficient CPPI Structure• Dynamic allocation strategy• Potential for 200% exposure to the Funds• 100% reinvestment of any distributions made by the Funds• Low cost loan facility (1-month BAs + 25 bps)• Low portfolio fees (max. 2.85%) only 0.32% higher than blended 2005 MER of funds

100% Principal Protection at maturity

Effective Tax Treatment• Tax deferral on interest income• Capital Gains potential if sold prior to maturity

The International Opportunity

The chart shows how portfolios with global diversification haveoutperformed (with less risk) portfolios with Canadian assets only.

The Global CI Portfolio

Synergy Global Corporate Class

40%

CI American Value Fund

20%

CI International Value Fund

40%

CI International Value Fund• Altrinsic Global Advisors (Hock)

• Undervalued global equities, including emerging markets and emerging industries in any market

Synergy Global Corporate Class• Synergy Asset Management (Picton, Mahoney)

• Growth investing in developed markets represented by MSCI World Index

CI Value Trust Corporate Class• Legg Mason Capital Management (Miller)• Concentrated portfolio of 30 - 50 high quality U.S. equities• The U.S. version of the fund has outperformed the S&P 500

for 15 consecutive calendar years.

CI Value Trust Corporate Class

20%

Sector Breakdown - March 31, 2006

Consumer Goods8%

Consumer Services9%

Other1%

Cash7%

Utilities2%

Hardware7%

Software2%

Telecom5%

Media4% Business Services

7%

Energy5%

Industrial Materials10%

Health Care11%

Financials22%

The Global CI Portfolio

Portfolio Performance$10,000 Investment Over 3 Years

$16,436

$15,126

$9,000

$11,000

$13,000

$15,000

$17,000

Mar-03 Mar-04 Mar-05 Mar-06

Global InsightsMSCI World C$

Since Sep 2000, the weighted basket of Funds would have outperformed the MSCI World Index.

Risk and Return - 3 Years Ending March 31, 2006

Global Insights

MSCI World C$

12.0%

14.0%

16.0%

18.0%

20.0%

8.5% 9.0% 9.5% 10.0% 10.5%

Standard Deviation %

Ret

urn

%

The Smart Global Diversification Structure Constant Proportion Portfolio Insurance (CPPI) Structure

• In rising global equity markets where Fund performance may be positive,additional exposure to the Funds may be gained through leverage for enhanced returns.

• In fluctuating global equity markets where Fund performance may be positiveor negative, the structure may reduce volatility and dampen losses in an effort to allow participation in any subsequent recovery of the Funds.

• In declining global equity markets where Fund performance may be negative,allocating assets to bonds will ensure that 100% of the principal amount will be repaid to investors at maturity.

How Does “Dynamic 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 Funds.

• The Deposit Notes dynamically allocate between Units in the Fund Account and Bonds in a Bond Account in accordance with pre-defined Portfolio Allocation Rules.

• The Portfolio Allocation Rules are based on the Distance between the NAV of the Deposit Notes and the Floor Price (i.e., generally, the value of a zero-coupon bond).

• A rebalancing (known as an Allocation Event) will occur after a significant change in Distance has taken place.

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

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

Initial Purchase

Fund Account Bond Account

Assets will reallocate according to the dynamic allocation strategy

Time

Value

Principal Repayment

NAV of Deposit Note

Price of Notional Zero Coupon Bond

ReLe

vera

ging

Maturity

De- Le

vera

ging

Leve

ragi

ngDistance

Dynamic allocation strategy

Initial Investment

“Distance” is the Benchmark for Re-balancing

Higher Bond Prices increase the level of the “Floor”.

Example 1: Price of 1.00% Coupon Bond with 5.5 year term to maturity – $81.14*

Example 2: Price of 0.00% Coupon Bond with 5.5 year term to maturity – $76.80*

An increase in the “Floor” will generally decrease the “Distance”, which determines exposure to the underlying assets.

CPPI structures “eject” once the “Distance” falls to less than a pre-determined percentage of the NAV of the Deposit Notes (thus, a higher Floor decreases the Distance increasing the likelihood of fully allocating to Bonds.

Effect of Bond Prices on the “Floor”

* As of May 8, 2006.

When

“Target Exposure” differs from “Actual Exposure”

by more than 25%,

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

What triggers a Re-balancing?

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

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

A “Protection Event” would occur when the “Distance” falls below 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 Funds.

Protection Event

Example #1: Positive Performance

$-

$40

$80

$120

$160

0 1 2 3 4 5

$70

$100

$130

$160

$190

$220

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)

Hypothetical Deposit Note outperforms a direct investment in the Funds. (12.37% p.a. vs 9.71% p.a.)Assuming Bonds’ YTM 4.80% and a constant Loan rate of 4.35% over the term of the Notes.

Example #2: Protection Event

$-

$5

$10

$15

$20

0 1 2 3 4 5

$60

$70

$80

$90

$100

$110

$120

Floor

Loan Amount

Protection event occurs prior to maturity.

NAV

Fund Price Performance(assuming re-investment of

distributions)

A direct investment in Units of the Funds would not have returned its original value after 5.5 years. (-2.71% p.a.) An investment in the Deposit Notes would have paid $101.51 per Deposit Note on the Maturity Date, (0.27% p.a.)

Benefits of the Structure Responsive to Fund Performance

Scenario 1: In global equity market conditions where the Funds perform well, additional exposure to the Funds may be achieved through leverage generating enhanced returns.

Scenario 2: In global equity market conditions where Funds may perform negatively, reduced exposure to the Funds may dampen losses in an effort to enable participation in any subsequent recovery.

Protects against Interest Rate Fluctuations

Scenario 3: In a rising interest rate environment, continued exposure to the Funds increases growth potential to keep pace with higher interest rates.

Scenario 4: In a declining interest rate environment, reinvestment of any distributions will help preserve exposure to

the Funds.

Efficient CPPI Structure

Trading bands are reset following each Allocation Event to avoid multiple rebalancing in a short period of time.

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

100% Capital Protection

100% principal protection by CIBC at maturity regardless of the performance of the Funds.

Potential Investors

Equity Investors: Medium to long-term, risk-sensitive investors who are holding high levels of cash. Investors with portfolios more heavily skewed to Canadian content. Investors seeking global diversification with professionally managed mutual funds

with safety of principal protection.

Fixed Income Investors: Investors hesitant to lock in long-term rates at current levels. Investors missing investment goals due to low interest rates.

Registered Accounts: 100% eligible for RRSP, RRIF, RESP, DPSP and LIRA accounts Diversified growth opportunity for investors with long-term investment horizons

Summary of TermsIssuer Canadian Imperial Bank of Commerce

Issue Date July 12, 2006

Maturity Date December 29, 2011 (Term to Maturity: 5.5 years)

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

Compensation 4.25% up front.

0.25% p.a. trailer on Fund Account Value.

Fees & Expenses All-in Maximum Portfolio fee: (i) 2.85%

Portfolio fee will be dependant upon allocation between Fund Account and Bond Account:

2.85% of value of Units in the Fund Account; and (ii) 0.00% 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 2 years.

FundSERV Code: CBL309

Selling period May 8 to July 7

Advisor Tools

• PowerPoint Presentation

• Green Sheet

• Advisor Summary

• Client Summary

• Prospecting Letter

• Admat

• FAQs

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www.ci.com/depositnotes