CIBC CI M.A.X. Deposit NotesTM

Series 7, ROC (Return Of Capital)(CBL 313)

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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”, “Harbour Growth & Income 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.

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The fundamental demand for income has not gone away… All of the factors that drove

investors into income trusts are still present today.

Demographics suggest that they will be present in even greater force as we go forward.

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CIBC CI M.A.X. Deposit NotesTM, Series 7, ROC (Return Of Capital)

Key Features

MAXimizes Fund Exposure

• Provides 125% initial exposure to the award-winning Harbour Growth & Income Fund.• The fund has provided above-average long-term returns with solid, steady growth for nearly a

decade.

MAXimizes Tax-Effective Distributions

• The underlying fund does not pay out regular distributions to clients, however the Deposit Note provides monthly tax-effective partial principal repayments, structured as return of capital.

MAXimizes Performance

• Potentially provides up to 200% exposure to the underlying fund through the dynamic asset allocation strategy that seeks to enhance returns when performance is positive and reduce volatility when performance is negative.

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Harbour Growth & Income Fund

Fund Objective: The fund’s objective is to obtain long-term return through a prudent balance of income and capital appreciation. It invests primarily in equity and equity-related securities of mid- to large-capitalization Canadian companies and fixed income securities issued by Canadian governments and companies.

Fund Advisors: Harbour Advisors was established in 1997 to provide above-average long-term returns by investing in easy-to-understand, quality businesses. Gerry Coleman, who has managed money for institutions and mutual funds for over 35 years, and Stephen Jenkins are the lead portfolio managers. The Toronto-based team manages more than $8 billion in assets.

Composition by Asset Class (Dec. 31, 2006)

Composition by Country (Dec. 31, 2006)

Composition by Equity Sector (Dec. 31, 2006)

Emphasizes low volatility and capital preservation

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Harbour Growth & Income FundSolid Track Record

Performance of Class A units as of Dec. 31, 2006(as a percentage per annum)

YTD 1Mo 3Mo 1Yr 3Yr 5Yr Life*

11.2% 1.3% 5.9% 11.2% 13.6% 9.9% 7.8%

Calendar Year Performance of Class A units(as a percentage per annum)

1998 1999 2000 2001 2002 2003 2004 2005 2006

-1.2% 2.6% 16.3% 8.9% 1.3% 8.1% 12.3% 17.3% 11.2%

Harbour Growth & Income$5,000 Investment - 5 Years Ending December 31, 2006

$8,014

$0

$2,500

$5,000

$7,500

$10,000

Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06

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Benefits of the CI M.A.X. Structure

Scenario 1: 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.

Scenario 2: 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.

Scenario 3: 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.

Scenario 4: 100% capital protection at maturity regardless of the performance of the Fund.

Dynamic allocation strategy aims to provide benefits in different market circumstances…

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

• On the Issue Date, $125 per Deposit Note will be used to notionally purchase Units of the Fund.

• The Deposit Notes will dynamically allocate between Units of the Fund in the Fund Account and Bonds in a Bond Account. The Portfolio will be rebalanced from time to time in accordance with pre-defined 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 Price (i.e., generally, the value of notional bonds maturing on the Maturity Date).

• The dynamic allocation strategy provides 125% initial exposure (with potential for 200% exposure) to the Fund while still providing 100% principal protection at maturity.

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

$100 per Deposit Note

Fund Account Bond Account

DynamicAllocation

Day 1 = 100%

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Time

Value

Principal Repayment

Portfolio NAV

Value ofNotional Bonds

ReLe

vera

ging

Maturity

De- Le

vera

ging

Leve

ragi

ngDistance

Dynamic allocation strategy

Initial Investment

“Distance” is the Benchmark for Re-balancing

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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?

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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)

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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)

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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.

Protection Event

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• Term-to-maturity: 8 years

• Monthly partial repayments of 0.45% (5.40% per annum)

• All Fund distributions above 0.45% per month are reinvested

• Potential yields of 10.8%

• At inception, Notes will yield 6.75% per annum.

Monthly Partial Principal Repayments

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ROC Graphical Example

Final Variable Payment = Capital Appreciation + Additional AmountFinal Variable Payment = Capital Appreciation + Additional Amount

$0

$100

Principal Repayments (Variable Amount)

(Total = $40.00 by maturity)

CapitalAppreciation

Additional Amount

RemainingPrincipalBalance

$60

NAV

Floor($100)

FinalVariablePayment

Distribution Amount

Years1 2 3 4 5 6 7 8

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Comparison Between: Traditional CPPI & ROC

Traditional CPPI CPPI with ROC

Distributions during life of the Note

Distributions taxed as ordinary interest income

Distributions are considered Return of Capital and are not taxable.

Tax on distributions is effectively deferred until maturity.

Payment at Maturity Payment amount above $100 is taxed as interest income

Guaranteed return of full $100 principal amount at maturity

Payment above Remaining Principal Amount taxed as interest income.

The tax savings that were deferred during the term of the note will be paid at maturity.

Guaranteed return of full $100 principal amount by maturity

If sold prior to Maturity

Potential for capital gains if Note is trading above $100

Potential for capital gains if Note is trading above Adjusted Cost Base

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Potential Investors

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

levels of cash.

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

Retirement Accounts: Retirees looking for regular tax-efficient monthly distributions.

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The following marginal tax rates were used: Interest: 46.41%,

Maximize After-Tax Yield!

To receive an equivalent after-tax yield as the CI M.A.X. Deposit Note, a client would require a 54% higher yield from bonds or GICs.

M.A.X Exposure ROC Yield Equivalent Interest Income Exposure ROC Yield Equivalent Interest Income Yield RequiredYield Required

100% 5.40% 10.08%

125% 6.75% 12.60%

200% 10.80% 20.15%

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Summary of Terms

Issuer Canadian Imperial Bank of Commerce

Issue Date March 14, 2007

Maturity Date March 16, 2015 (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: Harbour Growth & Income Fund.

Potential for 200% exposure to the Fund.

125% exposure on inception - 100% principal protection at maturity.

Non-Taxable monthly partial principal repayments equal to 0.45% (5.40% per annum) of Fund Account Value.

Partial principal repayments at inception will be 6.75% per annum.

Fees & Expenses Portfolio Fee: 2.95% of Fund Account Value; 0.50% of Bond Account Value. Loan Facility: Interest charged at BA’s, plus 25 bps per annum.

All fees and expenses calculated daily and payable monthly in arrears from assets in the Portfolio.

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 may apply on dispositions prior to maturity.

Selling period Jan 15th – Mar 9th

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Advisor Compensation

• Upfront Commission: 5.00%

• Trailer: 0.25% p.a. of Fund Account Value

• FundSERV Code: CBL 313

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Advisor Tools

• PowerPoint Presentation

• Green Sheet

• Advisor Summary

• Client Summary

• Prospecting Letter

• FAQs

THANK YOU

For more information please visit our website:

www.ci.com/depositnotes