Investment Solutions for Municipalities

Laddered Strategy Involving Principal Protected Deposit Notes Term Reference Asset Principal Protection Participation Rate Maximum Return 3 years Canadian Large Cap Index Basket** 100% 100% 8.00% 5 years Canadian Large Cap Index Basket 100% 100% 52% 5 years Canadian Large Cap Index Basket 100% 89% No Maximum 7 years Canadian Large Cap Index Basket 100% 200% 58% 7 years Canadian Large Cap Index Basket 100% 144% No Maximum **The Reference Asset in the indicative pricings above consists of an equal weight basket of the following Canadian large-cap indices: 1. Solactive Canada Bank 30 AR Index 2. Solactive Canada Insurance AR Index 3. Solactive Canada Pipelines AR Index 4. Solactive Canada Telecommunications AR Index The reference asset in the following illustrative pages consists of the largest capitalization stocks in these 4 sectors (3 stocks each, 12 total), not the Solactive indices themselves. This is done to provide a general representation of the sectors in the actual Reference Asset basket. The Solactive indices themselves do not have a long enough price history to run this analysis effectively. Past performance is not indicative of future performance. CIBC CONFIDENTIAL 25

View entire presentation