1. CIBC CI M.A.X. Deposit Notes TM Series 7, ROC (Return Of Capital) (CBL 313)

2. 2 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.

3. 3 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.

4. 4 CIBC CI M.A.X. Deposit Notes TM, 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.

5. 5 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

6. 6 Harbour Growth & Income Fund Solid Track Record Performance of Class A units as of Dec. 31, 2006 (as a percentage per annum) YTD1Mo3Mo1Yr3Yr5YrLife* 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) 199819992000200120022003200420052006 -1.2%2.6%16.3%8.9%1.3%8.1%12.3%17.3%11.2%

7. 7 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…

8. 8 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 AccountBond Account Dynamic Allocation Day 1 = 100%

9. 9 Time Value Principal Repayment Portfolio NAV Value of Notional Bonds Re Leveraging Maturity De - Leveraging Distance Dynamic allocation strategy Initial Investment “Distance” is the Benchmark for Re-balancing

10. 10 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?

11. 11 How does CI M.A.X. Deposit Notes determine exposure? (cont’d)

12. 12 How does CI M.A.X. Deposit Notes determine exposure? (cont’d)

13. 13 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

14. 14 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

15. 15 ROC Graphical Example Final Variable Payment = Capital Appreciation + Additional Amount $0 $100 Principal Repayments (Variable Amount) (Total = $40.00 by maturity) Capital Appreciation Additional Amount Remaining Principal Balance $60 NAV Floor ($100) Final Variable Payment Distribution Amount Years 12345678

16. 16 Comparison Between: Traditional CPPI & ROC Traditional CPPICPPI 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

17. 17 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.

18. 18 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. Exposure ROC Yield Equivalent Interest Income Yield Required M.A.X Exposure ROC Yield Equivalent Interest Income Yield Required 100% 5.40% 10.08% 125% 6.75% 12.60% 200% 10.80% 20.15%

19. 19 Summary of Terms IssuerCanadian Imperial Bank of Commerce Issue DateMarch 14, 2007 Maturity DateMarch 16, 2015 (Term to Maturity: 8 years) Issue SizeSubscription Price: $100 per Deposit Note Minimum Purchase: $5,000 (50 Deposit Notes) Structural FeaturesDynamic 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 & ExpensesPortfolio 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 Eligibility100% 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 MarketCIBC 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 15 th – Mar 9 th

20. 20 Advisor Compensation Upfront Commission: 5.00% Trailer: 0.25% p.a. of Fund Account Value FundSERV Code: CBL 313

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