2. FULP A Y PL U S  CI Funds-Linked Deposit Notes, Series 1 FULP A Y PL U S  CI Funds-Linked Deposit Notes, Series 1 CIBC World Markets www.cifunds.com

3. FULP A Y PL U S™ CI Funds-Linked Deposit Notes - Series 1 - 2 - 100% Principal-protected note + no additional cost over 7 years Linked to seven top CI Funds for worldwide diversification No additional fees to investors other than MERs of the funds CI Global Fund CI International Value Fund CI Value Trust Sector Fund CI Canadian Investment Fund Synergy Canadian Momentum Class Signature Dividend Fund CI Canadian Bond Fund 5% commission (4.75% for FundSERV) Fully RRSP eligible, issuer is A+ rated, anticipated to be a liquid investment Potential capital gains treatment if sold prior to maturity FULP A Y PL U S™ CI Funds-Linked Deposit Notes Selling period: June 14, 2004 / Aug 13, 2004 – Asset Class – Region – Industry – Country

4. FULP A Y PL U S™ CI Funds-Linked Deposit Notes - Series 1 - 3 - Historical Cumulative Total Returns – How the note works The average of the locked-in cumulative fund returns used to determine variable interest is 51.21%. Therefore, under this example, variable interest of $51.21 ($100.00 x 51.21%), plus the original principal amount of $100.00, would have been payable at maturity. Cumulative (non-CI Canadian Synergy Canadian CI Value TrustCI International annualized) ReturnCI Canadian BondInvestmentCI Global Momentum SectorValueSignature DividendFund Return April 30, 199811.83%29.58%33.69%39.52%52.75%6.40%22.79%52.75% April 30, 199918.08%22.09%44.33%52.90% Out -0.10%18.78%52.90% April 30, 200017.09%33.04%98.42% Out Out 8.36% 19.56%98.42% April 30, 200124.32%55.26% Out Out Out 0.35% 44.86%55.26% April 30, 200231.53% Out Out Out Out -3.78% 54.25%54.25% April 30, 200341.78% Out Out Out Out -25.06% Out 41.78% April 30, 2004Out Out Out Out Out 3.09% Out 3.09% Average of the Locked-in Cumulative Returns =51.21% Example (for illustrative purposes only – actual returns will differ)

5. FULP A Y PL U S™ CI Funds-Linked Deposit Notes - Series 1 - 4 - FULPAY PL U S™ : Add a new dimension to investing Why Diversify? Typical investor’s answer : Because it’s difficult to determine what asset class or economic sector will outperform FULP A Y PL U S investor’s answer : Because the performance of the portfolio is based on the best performing available fund year after year CI FULP A Y PL U S: Diversification PL U S the Means to Time the Market Each year the best cumulative performer from the available funds is locked in (the fund is then removed) At maturity, investors receive the average of all locked in cumulative returns Principal is protected at maturity – 7 years

6. FULP A Y PL U S™ CI Funds-Linked Deposit Notes - Series 1 - 5 - FULP A Y PL U S™ Structure: Diversification + Time the Market $100 Investment IA commission 7-year option strategy generates average annual returns of underlying funds Initial Purchase 7-year term Zero-coupon bond grows to $100 at maturity $100 return of principal Variable Interest return, depending on the performance of the underlying funds throughout the term At Maturity Cost of 7-year Zero coupon bond 100% Participation on the average of each year’s best cumulative performer from the available funds in a basket of mutual funds. New structure adds new dimension to diversified investment strategies

7. FULP A Y PL U S™ CI Funds-Linked Deposit Notes - Series 1 - 6 - How is the FULP A Y PL U S™ Note constructed? For illustrative purposes only. $100 of CI funds purchased by CIBC $100 Investment $95 Remainder $5.00 Fees / Commission $70 - $75 Cost of 7-year Zero Coupon Bond $20 - $25 Options MATURITY VALUE Grows to $100 Option based on $100 notional investment VARIABLE INTEREST RETURN RETURN OF PRINCIPAL + =

8. FULP A Y PL U S™ CI Funds-Linked Deposit Notes - Series 1 - 7 - Who’s buying equity-linked notes? Conservative Investors Seeking to lower volatility of equity holdings Holding high levels of cash Currently on the sidelines Holding equities and looking for principal protection Retirees/near-retirees or other cautious investors Fixed Income Investors Seeking to diversify risk away Seeking to add higher upside potential to their overall portfolio (Retirees and people in their last years leading up to retirement) Looking for principal protection, but willing to forego yearly income to avoid income pension claw-back Looking for tax-effective product to realize capital gains rather than interest income Equity Seg Fund Investors Want a shorter-term investment with full protection Looking for protection with a lower MER structure

9. FULP A Y PL U S™ CI Funds-Linked Deposit Notes - Series 1 - 8 - How do equity-linked notes compare? *Some Seg Funds carry a 10-year guarantee with either 75% or 100% principal guarantee GICsStrip Bonds Bonds FULP A Y PL U S™ Seg Funds Equity Funds Principal Protected (at maturity) Yes Yes*No Equity-based Return No Yes + Time the Market Yes LiquidityNoYes Yes** Yes Opportunity for Cap Gains Tax Treatment No Yes **Subject to early trading charge. Assumes secondary market is available.

10. FULP A Y PL U S™ CI Funds-Linked Deposit Notes - Series 1 - 9 - Benefits of the Note vs GICs Upside Linked to Portfolio of Actively Managed Mutual Funds Best cumulative return from available funds is locked-in each year (winner is then removed from portfolio). Averaging feature smoothes volatility, locks-in upward momentum and protects against subsequent downward market movements in the funds that have been removed. Greater liquidity than traditional GIC’s Note can be sold at any time in liquid secondary market, subject to availability*, puts investment decision back in the hands of the purchaser. * (CIBC World Markets Inc. will maintain a liquid secondary market, but reserves the right to cease to provide a secondary market at any time.) Potential Capital Gains Treatment

11. FULP A Y PL U S™ CI Funds-Linked Deposit Notes - Series 1 - 10 - Additional Information on Liquidity No minimum hold period (units may be sold at anytime)* Priced daily, figures are reported in newspapers (i.e.,Globe & Mail) CIBC World Markets provides a tight secondary market for sells/trades not subject to volatility of public markets CIBC will show 15 basis points bid-offer spread starting immediately CIBC reserves the right to cease to provide a secondary market for the Note at any time *Early trading charge may apply

12. FULP A Y PL U S™ CI Funds-Linked Deposit Notes - Series 1 - 11 - Early Trading Charge Schedule If Sold WithinEarly Trading Charge 90 days6.95% 180 days6.10% 270 days5.25% 360 days4.40% 450 days3.55% 540 days2.70% 630 days1.85% 720 days1.15% ThereafterNil 1 year 2 years Essentially, this amounts to a 2-year DSC schedule

13. FULP A Y PL U S™ CI Funds-Linked Deposit Notes - Series 1 - 12 - How to Purchase Brokers: Call your New Issue desk to enter orders National Bank Correspondent Network Planners: Enter purchase order into FundSERV Fundserv Code is CBL302

14. FULP A Y PL U S™ CI Funds-Linked Deposit Notes - Series 1 - 13 - Key Product Features – Strong Product Structure 1.Portfolio of mutual funds diversified by asset class, investment style, and geography 2.The locking-in mechanism ensures your clients benefit from a top-performing segment of the market and won’t be tempted to chase performance 3.Participation in capital markets throughout life of note 4.100%-RSP, RESP, RIF eligible 5.Full return of capital if held to maturity 6.Potential favourable tax treatment if sold prior to maturity

15. FULP A Y PL U S™ CI Funds-Linked Deposit Notes - Series 1 - 14 - Further Details Term: 7 years Maturity Date: August 18, 2011 Issue Price: $100 per note (principal amount) Initial Purchase:$5,000 minimum Selling Period: June 14 th to August 13, 2004

16. FULP A Y PL U S™ CI Funds-Linked Deposit Notes - Series 1 - 15 - Advisor Sales Support For Financial Advisors Advisor Fact Sheet Greensheet Conference Calls For Investors Client Material Prospecting Letters Information Statement

17. FULP A Y PL U S™ CI Funds-Linked Deposit Notes - Series 1 - 16 - FULP A Y PL U S™ CI Funds-Linked Deposit Notes This summary is issued by CI Mutual Funds Inc. for information purposes only to indicate the existence of FULP A Y PL U S ™ CI Funds-Linked Deposit Notes and does not constitute an offer to sell or a solicitation to purchase any securities. The information contained herein is qualified in its entirety by reference to the FULP A Y PL U S ™ CI Funds-Linked Deposit Notes Information Statement dated June 14, 2004, which contains complete details on the Deposit Notes. ®CI Funds and the CI Funds design are registered trademarks of CI Mutual Funds Inc. FULP A Y PL U S ™ is a trademark of CIBC.