CIBC CI M.A.X. Deposit NotesTM Series 1 (CBL303) Selling period: Sept 26 / Nov 11 Maximize income & protection

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Advantages of CIBC CI M.A.X. Deposit NotesTM, Series 1 * MAXimizes Income Potential for 200% exposure to Signature Income & Growth Fund through a dynamic allocation strategy generating increased distributions and greater monthly coupons. The Fund has an approximate annual distribution of 7.0% and is managed by award winning Signature Advisors of CI Investments Inc. Monthly coupons will be equivalent to 75% of all ordinary distributions by the Fund, with all other distributions being reinvested in the structure. The Deposit Notes could yield 10.5% p.a.1 of the NAV of the Deposit Notes if a 7% annual distribution is achieved with 200% exposure to the Fund. * MAXimizes Protection CIBC provides 100% principal protection at maturity. Principal repaid at maturity is not eroded by monthly coupon payments. * MAXimizing Structure Maximum all-inclusive fee of 2.75% is only 0.40% higher than the expected MER of the Class A units of the Fund. Comparatively low fees and interest charges help prolong Fund exposure by making the structure less prone to de-leveraging or allocating to Bonds. 1 As a percentage of the net asset value of the Notes, assuming use of leverage, and that the target yield on the Fund of 7.0% is achieved. As at September 16, 2005, the indicated distribution yield on the Signature Income & Growth Fund (the “Fund”) is 6.65%. There can be no assurance that the initial allocation to the Fund or the target distribution yield on the Fund will be achieved or maintained, or that leverage will be employed. Accordingly, actual monthly coupons may vary.

How Does CI M.A.X. Asset Allocation Work? Constant Proportion Portfolio Insurance (CPPI) Structure On the Issue Date, $100 per Deposit Note will be used to notionally purchase the units of the Fund. The Deposit Notes will dynamically allocate between units of the Fund in the Fund Account and Bonds in a Bond Account. The Portfolio will be rebalanced from time to time in accordance with a pre-defined set of Portfolio Allocation Rules. The Leveraging or De-Leveraging of the Fund Account will occur based on the Distance between the Net Asset Value of the Deposit Notes and the Floor Price (i.e., the value of a 0.50% per annum coupon bond). The dynamic allocation strategy provides 100% initial exposure (with potential for 200% exposure) to the Fund and 100% principal protection at maturity. A reallocation will occur after a significant change in distance has taken place.

“Distance” is the Benchmark for Re-balancing Value Dynamic leveraging strategy Basket NAV Distance Initial Investment Principal Repayment Price of Notional 0.5% Coupon Bond Leveraging Leveraging Dynamic Leveraging Strategy The return of the Deposit Notes will be determined by the performance of the “Basket”. The Basket consists of 2 assets classes Shares of the Signature Income and Growth and Notional Bond portfolio. Leveraging De - Re Time Maturity

Effect of Bond Fees on the “Floor” Higher Bond Fees increase the Floor price. Higher Floor decreases Distance, which determines exposure to the underlying asset. CPPI products “eject” once the Distance is within a pre-determined percentage of the Floor, such that higher Floor prices increase ultimate “ejection” risk. Example 1: Price of 1.00% Coupon Bond with 8 year term to maturity – $79.80* Example 2: Price of 0.50% Coupon Bond with 8 year term to maturity – $76.34* * As of September 16, 2005.

How Does CI M.A.X. Enhance Exposure? Allocation is based on “Target” Exposure relative to “Actual” Exposure Asset mix change occurs if the difference between Target Exposure and Actual Exposure is greater than 25% The allocation between these two asset classes is dynamic throughout the term of the Deposit Note. It depends on the distance (Dt) between the Basket NAV and the theoretical zero-coupon bond; the greater the distance, the Basket allocates greater percentage of assets to the Shares of Fund. Allocation based on “Target” vs. “Actual” Exposure   The Target Exposure at anytime is 5 × Distance. This relationship is shown in the table below. The Actual Exposure at anytime is the most recently set exposure, which is initially set at 105.3% (Initial investment of $100 divided by NAV of $95). The Distance is derived using the following formula: Distance = (NAV – Bond) / NAV. Here’s how it works: When the Target Exposure differs from the Actual Exposure by more than +/-25%, a reallocation will occur to bring the Actual exposure in line with the Target exposure. In other words, the Target exposure must change by more than 25% in either direction in order to trigger a reallocation. After a reallocation has taken place, the upper and lower limits are reset, which means the Target exposure would then have to deviate from the newly established Actual exposure by more than +/-25% in order to trigger the next reallocation event. Please refer to the diagram. Benefits of New structure: §         Promotes income stability since reallocation is less frequent. Takes emotion out of investing and allows the Fund more time to develop a meaningful trend before

How Does CI M.A.X. Enhance Exposure? (cont’d)

How Does CI M.A.X. Enhance Exposure? (cont’d)

Signature Income & Growth / CI M.A.X.: The Perfect Combination Current target annualized yield of the Fund is 7%

CI M.A.X. Distributions 75% of all ordinary cash distributions paid out monthly Can be more or less depending on the distribution rate of the Fund and amount of exposure to the Fund With 200% exposure – CI M.A.X. can yield 10.5% p.a. of the NAV of the Deposit Notes Distributions do not reduce the amount of principal repaid at maturity

Example: Positive Performance

Protection Event A “Protection Event” would occur when the “Distance” falls to within 1.50% of the “Floor”, at which point the Deposit Notes would become fully invested in Bonds until maturity regardless of the subsequent performance of the Fund.

Example: Weak Performance

Benefits and Potential Advantages of Holding CI M.A.X. Deposit Notes Dynamic leveraging strategy aims to provide benefits in different markets Scenario #1: In a rising interest rate environment, the Deposit Notes may provide additional exposure to the Fund, which would increase monthly coupons to keep pace with higher interest rates. Scenario #2:· In a declining interest rate environment, partial reinvestment of distributions will help preserve exposure to the Fund and continued monthly coupons. Scenario #3: In a bearish capital markets environment where the Fund performs negatively, the dynamic allocation strategy may dampen losses so that the Deposit Notes may be able to participate in any subsequent recovery.

CI M.A.X.TM Deposit Note, Series 1 Summary Tenor: 8 years Maximum Issue Size: $150MM Underlying Fund: Signature Income & Growth Fund: 7% target yield CPPI Structure: Up to 200% exposure (leverage at BA’s + 25 bps) 75% distribution (including leveraged amount) / 25% reinvested Compensation: 5.00%. Trailer: 30bps 3 yr declining ETC schedule starting @ 6.95% Performance Based Fees - Maximum MER: 2.75% The Portfolio Fee on the underlying mutual fund is 2.75%. If there has been an allocation to Bonds, the blended Portfolio Fee on the Fund Account and the Bond Account will range from 0.50% to 2.75%. Selling Period ends November 11, 2005 Selling period Sept 26 / Nov 11

Potential Investors Conservative Investors: Fixed Income Investors: Medium to long-term, risk-sensitive investors who are holding high levels of cash. Fixed Income Investors: Investors hesitant to lock in long-term rates at current levels. Investors missing investment goals due to low interest rates. Income trust investors wanting to lock in gains and maintain some exposure to the sector through the Fund. Retirement Accounts: CI M.A.X. Deposit Notes offer exactly what retirees want: Underlying Fund provides high distributions from a diversified asset mix (income trust and corporate bonds) for stable, predictable flows. Principal protection at maturity that is not diminished by distributions. Potential growth protects account against inflation.

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