Selling period June 25, 2007 – August 9, 2007 CIBC CI ENHANCED RETURN NOTES, SERIES 1 Principal at Risk notes with an accelerated positive return feature Series 1 (CBL900) FOR DEALER USE ONLY

Investment Highlights Exposure to the Signature Income & Growth Fund Proven management  Portfolio advisory services by Signature Advisors, led by Chief Investment Officer, Eric Bushell Accelerated participation of 150% of any positive return at maturity, 100% participation of any negative performance 8-year note security not principal protected

FOR DEALER USE ONLY Signature Overview Team founded in 1999 with the purchase of BPI Financial Over $22 billion in assets under management (Approx. $5 billion in foreign equities) Toronto based team of 17 experienced investment professionals Focus on generating absolute, real returns for investors Competitive advantages:  Broad Mandates  Full Capital Structure Analysis

FOR DEALER USE ONLY Assets Under Management $22.5 Billion AUM Source: CI Investments, May 2007

FOR DEALER USE ONLY Signature Investment Process With input from the Chief Investment Officer, portfolio managers and investment analysts, a general macro- economic outlook is determined with special focus on: –Economic growth forecasts –Interest rate environment –Yield spreads –Capital market conditions –Geopolitical climate Risk profile derived from this outlook and specific attention to: –Yield spreads vs. U.S. treasuries –Swap spreads –Credit default market Generating a Comprehensive Global Outlook

FOR DEALER USE ONLY Signature Investment Process Integrated Full Capital Structure Analysis Preferreds Income Trusts Convertible Debt High Yield Bonds Investment Grade Comm. Paper Bank Debt Common Equity Derivatives RISK RETURN Signature combines an integrated team of equity sector specialists with its fixed income team The interaction of these two teams, and the sharing of information, leads to Signature’s competitive advantage

FOR DEALER USE ONLY Signature Investment Process Management Strength Vision History of Success Governance External Factors Industry Trends Catalysts Regulatory Competitive Positioning Drivers of Return Sustainability Acquisitions Qualitative Analysis Financial Analysis Valuation Analysis Target Price Quantitative – Absolute and Relative Balance Sheet Debt Analysis Cash Flows ROE Margins ROIC Private Market Cash Flows Earnings Assets Growth-Adjusted Enterprise Buy & Sell Targets Fundamental Analysis Leads to Valuation Targets

FOR DEALER USE ONLY Portfolio Construction and Risk Management Risk is mitigated in a number of ways: Diversification –Number and weights of holdings –Sector allocations –Geography (foreign content is fully utilized) –Style (broad mandates) Monitoring –Ongoing position review ensures expected risk/return profile is in balance –Weekly allocation review –Monthly attribution and currency review Actively Managed Currency Exposure Cash Management

FOR DEALER USE ONLY Sell Discipline Target price realized and there has been no change to the investment case Risk/return profile no longer attractive Original investment thesis no longer holds A better investment idea has presented itself Sector or position concentration risk

FOR DEALER USE ONLY Reference Fund – Signature Income & Growth Fund Top Ten Holdings 1. Royal Bank of Canada6.Barrick Gold 2. TD Bank7.Manulife Financial 3. Encana8.BNP Paribas 4. Petro-Canada 9.Cameco 5.Suncor Energy10.Alcan As at May 31, 2007

FOR DEALER USE ONLY Reference Fund – Signature Income & Growth Equity Sectors as at May 31, 2007 Geographic Composition as at May 31, 2007

FOR DEALER USE ONLY Investment Adviser – Proven Track Record Signature Income & Growth Fund Signature Income & Growth Fund was created on November 13, The value as at May 31, 2007 of a $10,000 investment in on was $18,078. Note: There can be no assurance that the Note Security performance will equal or exceed the performance of Signature Income & Growth Fund. YTD1 mth6 mth1 yr 2 yr3 yr5 yrLife Compound Annual Returns as at May 31, 2007 Calendar Year Fund (%) Signature Income & Growth Fund $10,000 invested, Inception to May 31, 2007

FOR DEALER USE ONLY Signature Funds – Strong Performance MandateQuartile Ranking* 1 Yr3 Yr5 Yr Signature Income & Growth2nd1st Signature Canadian Balanced1st Signature Select Canadian1st Signature High Income4th1st * As at May 31, 2007, Data Source & © Copyright Standard & Poor's Micropal, Inc (2001) --

FOR DEALER USE ONLY Rationale For The Note BREAKEVEN: If the total return of the Fund is more than 3.69% per annum, an investment in the Notes will outperform a direct investment in the Fund *The Return on the Note is Net of Fees and Based on $95.00 per Note

FOR DEALER USE ONLY Summary of terms IssuerCIBC World Markets Issue dateOn or about August 14, 2007 Maturity date(Term to maturity: 8 years) Issue sizeSubscription price: $100 per note security Minimum purchase: $5,000 (50 note securities) Structural featuresProvide an accelerated participation rate of 150% of any positive return of the Reference Portfolio at maturity, while keeping at 100% the participation rate of any negative return (or absence of return) of the Reference Portfolio at maturity. Fees & expensesManagement fee 0.75% (plus taxes) Accelerator cost 2.20% (includes trailer of 0.25% on principal amount) RRSP eligibility100% eligible for RRSPs, RRIFs, RESPs, DPSPs and LIRAs. Secondary marketCIBC will maintain a secondary market for deposit notes (subject to availability). Selling periodJune 25, 2007 – August 9, 2007 FundSERV code:CBL900

FOR DEALER USE ONLY Early trading charge schedule Time Period Early Trading Charge (per Note) 1-365$ $ days$2.00 ThereafterNil

FOR DEALER USE ONLY Key Dates: Selling period:June 25, 2007 to August 9, 2007 Issue date:On or about August 14, 2007 Term to maturity:Eight (8) years Selling concession:5.0% Trailing commission:0.25% per annum FundSERV code:CBL900 Advisor Compensation:

FOR DEALER USE ONLY THANK YOU For more information please visit our website:

FOR DEALER USE ONLY The information contained herein is confidential and for advisor use only. It is not to be reproduced or distributed to the public or the press. This presentation is not an offer or a solicitation of an offer or a recommendation to buy or sell any securities or financial instrument, nor shall it be deemed to provide investment, tax or accounting advice. The information contained herein is intended as a summary only and is qualified entirely by, and should be read in conjunction with, the more detailed information appearing in the Prospectus and related Pricing Supplement. The indicated rates of return are the historical annual compounded total returns including changes in share value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. “CI”, “CI Investments”, and the CI Investments design are registered trademarks of CI Investments Inc. and have been licensed for use by National Bank and its affiliates.