FULP A Y PL U S CI Funds-Linked Deposit Notes, Series 1 FULP A Y PL U S CI Funds-Linked Deposit Notes, Series 1 CIBC World Markets

FULPAY PLUS CI Funds-Linked Deposit Notes,

Series 1

FULPAY PLUS CI Funds-Linked Deposit Notes,

Series 1

CIBC World MarketsCIBC World Markets

www.cifunds.com

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FULPAY PLUS™ CI Funds-Linked Deposit Notes - Series 1

• 100% Principal-protected note + no additional cost over 7 years• Linked to seven top CI Funds for worldwide diversification• No additional fees to investors other than MERs of the funds

CI Global Fund CI International Value Fund CI Value Trust Sector Fund CI Canadian Investment Fund Synergy Canadian Momentum Class Signature Dividend FundCI Canadian Bond Fund

• 5% commission (4.75% for FundSERV) • Fully RRSP eligible, issuer is A+ rated, anticipated to be a liquid investment • Potential capital gains treatment if sold prior to maturity

FULPAY PLUS™ CI Funds-Linked Deposit Notes

Selling period:

June 14, 2004 /

Aug 13, 2004

– Asset Class

– Region

– Industry

– Country

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Historical Cumulative Total Returns – How the note works

The average of the locked-in cumulative fund returns used to determine variable interest is 51.21%. Therefore, under this example, variable interest of $51.21 ($100.00 x 51.21%), plus the original principal amount of $100.00, would have been payable at maturity.

Cumulative (non- CI Canadian Synergy Canadian CI Value Trust CI International

annualized) Return CI Canadian Bond Investment CI Global Momentum Sector Value Signature Dividend Fund Return

April 30, 1998 11.83% 29.58% 33.69% 39.52% 52.75% 6.40% 22.79% 52.75%

April 30, 1999 18.08% 22.09% 44.33% 52.90% Out -0.10% 18.78% 52.90%

April 30, 2000 17.09% 33.04% 98.42% Out Out 8.36% 19.56% 98.42%

April 30, 2001 24.32% 55.26% Out Out Out 0.35% 44.86% 55.26%

April 30, 2002 31.53% Out Out Out Out -3.78% 54.25% 54.25%

April 30, 2003 41.78% Out Out Out Out -25.06% Out 41.78%

April 30, 2004 Out Out Out Out Out 3.09% Out 3.09%

Average of the Locked-in Cumulative Returns = 51.21%

Example (for illustrative purposes only – actual returns will differ)

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FULPAY PLUS™: Add a new dimension to investing

• Why Diversify? Typical investor’s answer: Because it’s difficult to determine what asset class or economic

sector will outperformFULPAY PLUS investor’s answer: Because the performance of the portfolio is based on the

best performing available fund year after year

• CI FULPAY PLUS: Diversification PLUS the Means to Time the MarketEach year the best cumulative performer from the available funds is locked in (the fund is then removed)At maturity, investors receive the average of all locked in cumulative returnsPrincipal is protected at maturity – 7 years

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FULPAY PLUS™ Structure: Diversification + Time the Market$1

00

Inve

stm

ent

IA commission

7-year option strategy generates average annual returns of underlying funds

Initial Purchase 7-year term

Zero-coupon bond growsto $100 at maturity

$100return

of principal

Variable Interest return, depending on

the performance of the underlying funds

throughout the term

At Maturity

Cost of 7-yearZero coupon bond

100% Participation on the average of

each year’s best cumulative performer

from the available funds in a basket of

mutual funds.

New structure adds new dimension to

diversified investm

ent strategies

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How is the FULPAY PLUS™ Note constructed?

For illustrative purposes only.

$100 of CI funds purchased

by CIBC

$100 Investment

$95 Remainder

$5.00Fees / Commission

$70 - $75Cost of 7-year

Zero Coupon Bond

$20 - $25Options

MATURITYVALUE

Grows to $100 Option based on $100 notional investment

VARIABLE INTEREST RETURN

RETURN OF PRINCIPAL + =

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Who’s buying equity-linked notes?

Conservative Investors

• Seeking to lower volatility of equity holdings

• Holding high levels of cash

• Currently on the sidelines

• Holding equities and looking for principalprotection

• Retirees/near-retirees or other cautious investors

Fixed Income Investors

• Seeking to diversify risk away

• Seeking to add higher upside potential to their overall portfolio (Retirees and people in their last years leading up to retirement)

• Looking for principal protection, but willing to foregoyearly income to avoid income pension claw-back

• Looking for tax-effective product to realize capital gains rather than interest income

Equity Seg Fund Investors

•Want a shorter-term investment with full protection

•Looking for protection with a lower MER structure

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How do equity-linked notes compare?

*Some Seg Funds carry a 10-year guarantee with either 75% or 100% principal guarantee

GICs Strip Bonds

Bonds FULPAY

PLUS™

Seg Funds

Equity Funds

Principal Protected (at

maturity)Yes Yes Yes Yes Yes* No

Equity-based Return No No No Yes + Time

the Market Yes Yes

Liquidity No Yes Yes Yes** Yes Yes

Opportunity for Cap Gains Tax Treatment

No No No Yes Yes Yes

**Subject to early trading charge. Assumes secondary market is available.

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Benefits of the Note vs GICs

• Upside Linked to Portfolio of Actively Managed Mutual Funds

Best cumulative return from available funds is locked-in each year (winner is then removed from portfolio).

Averaging feature smoothes volatility, locks-in upward momentum and protects against subsequent downward market movements in the funds that have been removed.

• Greater liquidity than traditional GIC’s

Note can be sold at any time in liquid secondary market, subject to availability*, puts investment decision back in the hands of the purchaser.

* (CIBC World Markets Inc. will maintain a liquid secondary market, but reserves the right to cease to provide a secondary market at any time.)

• Potential Capital Gains Treatment

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Additional Information on Liquidity

• No minimum hold period (units may be sold at anytime)*

• Priced daily, figures are reported in newspapers (i.e.,Globe & Mail)

• CIBC World Markets provides a tight secondary market for sells/trades

not subject to volatility of public markets

CIBC will show 15 basis points bid-offer spread starting immediately

CIBC reserves the right to cease to provide a secondary market for the Note at any time

*Early trading charge may apply

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Early Trading Charge Schedule

If Sold Within Early Trading Charge

90 days 6.95%

180 days 6.10%

270 days 5.25%

360 days 4.40%

450 days 3.55%

540 days 2.70%

630 days 1.85%

720 days 1.15%

Thereafter Nil

1 year

2 years

Essentially,

this amounts

to a 2-year

DSC schedule

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How to Purchase

Brokers:

Call your New Issue desk to enter orders

National Bank Correspondent Network

Planners:

Enter purchase order into FundSERV

Fundserv Code is CBL302

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Key Product Features – Strong Product Structure

1. Portfolio of mutual funds diversified by asset class, investment style, and geography

2. The locking-in mechanism ensures your clients benefit from a top-performing segment of the market and won’t be tempted to chase performance

3. Participation in capital markets throughout life of note

4. 100%-RSP, RESP, RIF eligible

5. Full return of capital if held to maturity

6. Potential favourable tax treatment if sold prior to maturity

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Further Details

Term: 7 years

Maturity Date: August 18, 2011

Issue Price: $100 per note (principal amount)

Initial Purchase: $5,000 minimum

Selling Period: June 14th to August 13, 2004

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Advisor Sales Support

For Financial Advisors

• Advisor Fact Sheet

• Greensheet

• Conference Calls

For Investors

• Client Material

• Prospecting Letters

• Information Statement

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FULPAY PLUS™ CI Funds-Linked Deposit Notes

This summary is issued by CI Mutual Funds Inc. for information purposes only to indicate the existence of FULPAY

PLUS™ CI Funds-Linked Deposit Notes and does not constitute an offer to sell or a solicitation to purchase any securities.

The information contained herein is qualified in its entirety by reference to the FULPAY PLUS ™ CI Funds-Linked DepositNotes Information Statement dated June 14, 2004, which contains complete details on the Deposit Notes.

®CI Funds and the CI Funds design are registered trademarks of CI Mutual Funds Inc. FULPAY PLUS ™ is a trademark of CIBC.

Documents

FULP A Y PL U S CI Funds-Linked Deposit Notes, Series 1 FULP A Y PL U S CI Funds-Linked Deposit Notes, Series 1 CIBC World Markets