Innovations in Structured Products October 25, 2010 An Innovator’s Dilemma?

2 Structured Products CIBC Structuring’s focus is to deliver the premiere structured investments and solutions to individuals and wealth managers in Canada Clients Eq IR FX Com Hybrid Delta-1 Asymmetric Option PPN Notes Funds ETF prepaid contract Begins Delivery & Fulfillment

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4 Disclaimers The CIBC Structured Notes Index The CIBC Structured Notes Index (the "Index") is a non-tradable benchmark index tracking the historical performance of each publicly offered CIBC-issued and arranged Structured Note since July 20, 2005 and published at This material describing the Index is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities or other products that may be referred to herein nor should it be considered a recommendation in respect of any such securities or products. The information contained herein has been prepared to provide information as to the historical performance of CIBC Structured Notes and the construction of the Index and does not purport to be all-inclusive or to contain all information that may be desired or that may be required in order to properly evaluate the CIBC Structured Notes. The information contained herein does not constitute and, should not be used as marketing or disclosure materials relating to any particular CIBC Structured Note. In all cases, investors interested in any CIBC Structured Note should review the marketing and disclosure documents (including, if applicable, any information statement, prospectus or pricing supplement related to such CIBC Structured Note) provided specifically for such CIBC Structured Note and independently evaluate the financial, market, legal, regulatory, credit, tax and accounting risks and consequences involved, and specific to the recipient’s situation, before entering into any transaction. This material should not be construed as legal, investment or tax advice and a prospective investor should consult with its own legal, regulatory, tax, investment, financial and accounting advisors to the extent it deems necessary to make its own independent investment decision. CIBC is under no obligation to continue the calculation and dissemination of the Index. CIBC will not be liable in any way whatsoever (whether for negligence or otherwise) to any person for any error, omission, interruption or otherwise in the publication of the Index, and CIBC will not be obliged to advise any person of any such event. CIBC expressly disclaims all warranties of merchantability, fitness for a particular purpose and any other expressed or implied warranty with respect to the Index. Without limiting the foregoing, CIBC will at no time have any liability for any special, punitive, indirect or consequential losses, damages, costs, claims or expenses (including lost profits or the avoidance of losses), even if notified of the possibility of such losses, damages, costs, claims or expenses. Historical Performance of CIBC Structured Notes Index Historical performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. Information contained in this presentation is up to and including March 2, 2010 and CIBC is under no obligation to update any information contained herein. Nothing in the information provided constitutes financial, legal, accounting or tax advice. Any potential investors interested in CIBC Structured Notes should rely solely on the marketing and disclosure documents provided with respect to the specific CIBC Structured Note and independently evaluate the financial, market, legal, regulatory, credit, tax and accounting risks and consequences involved, and specific to the recipient’s situation, before entering into a transaction. CIBC World Markets Inc. is a wholly-owned subsidiary of Canadian Imperial Bank of Commerce and part of Canadian Imperial Bank of Commerce’s wholesale banking arm which also includes other affiliates including: CIBC World Markets Corp., CIBC World Markets plc, CIBC World Markets Securities Ireland Limited, CIBC Australia Ltd, and CIBC World Markets (Japan) Inc. © 2010 CIBC World Markets Inc. All rights reserved. Unauthorized use, distribution, duplication or disclosure without the prior written permission of CIBC World Markets Inc. is prohibited by law and may result in prosecution. CIBC is the owner of the full right, title and interest to the CIBC Structured Notes Index in respect of which CIBC owns the trademark. Any use of the CIBC Structured Notes Index without the prior consent of CIBC is strictly prohibited.

5 Disclaimers – continued Presentation These materials are confidential and are intended solely for your benefit and for your internal use only and may not be reproduced, disseminated, quoted from or referred to in whole or in part at any time, in any manner or for any purpose, without obtaining the prior written consent of CIBC World Markets in each specific instance. The information contained in these materials is not intended to constitute a "report, statement or opinion of an expert" for purposes of the securities legislation of any province or territory of Canada. This presentation is not an offer, or a solicitation of an offer, or a recommendation to buy or sell any securities or financial instruments, 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 definitive documentation prepared by CIBC for each CIBC Structured Note. 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. Certain information contained in this presentation was obtained from public sources. Neither CIBC nor CIBC World Markets Inc. have independently verified the accuracy or completeness of any such information or assume any responsibility for the completeness or accuracy of such information.