Investment Solutions for Municipalities

2 HYPOTHETICAL EXAMPLE CIBC Principal Protected Notes Reference Asset Equally weighted basket: Telus, BCE Inc, Rogers Communications, Enbridge, Pembina Pipeline, TransCanada, Manulife, Sunlife, Power Corporation, Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia Term/Currency 7 years / CAD ② Variable Return at Maturity 144.00% participation in the positive price return of the Reference Asset over the term of the Notes Principal Protection 100% principal protection at maturity Hypothetical Examples Underlying Return Note Return at Maturity Bullish Example +70.00% +100.80% Moderate +35.00% +50.40% Example Bearish -10.00% 0.00% Example Historical Note Returns (May 29, 2003 July 6, 2021)1 The 7.0-year historical average note return was +89.24% representing a compounded annual return of +9.54% Historical Hypothetical Note Return Distribution 120% • Historically, investor capital was always preserved, and they would have achieved positive returns 99.94% of the time 100% 80% 60% 40% 20% 0% <0% -0% >0% and <=10% >10% and <=20% >20% 'The Historical Note Returns were calculated by CIBC Capital Markets using daily closing prices for the Reference Asset available on Bloomberg. Hypothetical 7.0-year Notes were issued daily from May 29, 2003 until July 6, 2021 such that the last Note would have matured July 6, 2021. Historical price performance of the Reference Asset does not predict future price performance of the Reference Asset or the amount of interest, if any, that may be payable on the Notes. The historical price performance was measured over defined periods and takes into consideration the specified maximum return. Returns calculated over other periods or referencing different maximum returns would have produced different results. CIBC CONFIDENTIAL 27 27

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