Investment Solutions for Municipalities

CIBC $100 Investment How PPNs Are Structured Option strategy to generate returns payable by terms of offering plus issuance costs Participation in the performance of the underlying asset portfolio according to the terms of the offering Variable Interest return, based on the performance of the underlying asset portfolio Cost of zero-coupon bond maturing at par at note's maturity =% Zero-coupon Bond grows to $100 at maturity Initial Purchase Note Term CONFIDENTIAL 100% return of Principal H& At Maturity $100 Investment 24

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