CIBC FULPaY CI Investments-Linked Deposit Notes, Series 1

General Factors Affecting the Value of a Note during its Term*

The value of a Note at maturity will be equal to the principal amount of the Note plus any interest that is payable. The amount of interest payable on a Note at maturity is solely dependent on the performance of the linked fund or funds (measured in accordance with the formula for calculating interest for the Note). However, prior to maturity, the value of a Note will be dependent on several factors, including volatility of the funds, interest rates, commission/cost amortization (i.e., advisor commission) and fund performance. Although the effect of volatility, interest rates and commission/cost amortization on the value of a Note will decline over time, and will not affect the calculation of interest payable on the Note at maturity, these factors may play a greater role in determining the value of a Note than fund performance during the first few years of the Note.

The best performing fund as of the Year 1 End Date (August 18, 2005) was Synergy Canadian Corporate Class. The locked in return for that fund was 28.17%. Synergy Canadian Corporate Class has been removed from the portfolio. Accordingly, subsequent performance of this fund will not factor into the determination of interest payable under the Note. No other funds have been locked in at this time.