Investment Solutions for Municipalities

CIBC PPN - Single Call Participation Graphical Illustration Scenario 1 On the 5th Valuation Date, the Reference Index Level is greater than 0%, and the Notes are autocalled Hypothetical Examples Coupon Return 30% 23% 20% 10% 0% -10% -10% 0% 10% 20% 30% Index Return Valuation Date Index Return Coupon Principal Returned? 1 -10% 1% 23.00% Yes Valuation Date Index Return Coupon Principal Returned? 1 -10% 2 -20% CIBC 3 7 -7% 13% 13.00% Yes Scenario 2 The Notes are not called on the 5th Valuation Date. Investors receive 100% participation in the positive price return of the Reference Asset at maturity Coupon Return 3 HYPOTHETICAL EXAMPLE - CONTINUED 30% 20% 10% 0% -10% -10% 0% 10% 20% 30% Index Return • On the 5th Valuation Date, the Reference Index Level is greater than 0%. The Notes are autocalled and the investors receive Variable Return of 23% • On the final Valuation Date, the Reference Index Level is above 0% of the initial level, and the full principal amount is returned + 100% participation in the positive price return of the Reference Asset at maturity The above example demonstrate how the Contingent Coupons and Note Return will be calculated and are included for illustration purposes only. The performances of the Reference Index used to illustrate the calculation of Contingent Coupons and the Note Return at maturity are hypothetical and are not estimates or forecasts of future performances or the amount payable at maturity. The actual performance of the Reference Index will be different from this example and the differences may be material. CONFIDENTIAL 29

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