Investment Solutions for Municipalities

Rate Structured Notes: Common Structures CIBC Fixed to Float Notes provide a fixed coupon in the first year. For all subsequent years, the coupon would be equal to a benchmark interest rate subject to a maximum coupon rate. Fixed Period Coupon - Coupon Cap Benchmark Rate Cap Mhall Issuer Currency Term Fixed Term CIBC CAD 5 years -1 Year, 1.82% Fixed Coupon -2-5 years, 3m BA Rate subject to 2.00% cap CIBC Accrual Notes have an initial term to maturity of 1 year and are extendible annually at the option of CIBC to a maximum term to maturity of 10 years. The Notes provide a guaranteed coupon that accrues annually and is paid out once when the Notes are called or are matured. Investors are compensated for the lack of cash flow during the term of the Notes through a higher coupon rate. Compounding Accrual Note: guaranteed coupon that compounds annually and is paid out once when the Notes are called or are matured. √% Linear Accrual Note: guaranteed coupon that increases linearly every year and is paid out once when the Notes are called or are matured. Issuer Currency Term CIBC CAD 10 years Coupon Frequency Semi- Annually Callable Annually All pricing indicative. Clients must ensure that any investment in CIBC Notes has been properly authorized and is consistent with investment policy and permitted under applicable regulations CIBC CONFIDENTIAL 16

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