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

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. PaperBank Debt

Common EquityDerivatives

RISK

RE

TU

RN

• 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 & SellTargets

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 Canada 6. Barrick Gold

2. TD Bank 7. Manulife Financial

3. Encana 8. BNP Paribas

4. Petro-Canada 9. Cameco

5. Suncor Energy 10. 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 RecordSignature Income & Growth Fund

Signature Income & Growth Fund was created on November 13, 2000. 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.

YTD 1 mth 6 mth 1 yr 2 yr 3 yr 5 yr Life

5.3 1.7 6.9 14.2 15.3 14.9 11.3 10.3

Compound Annual Returns as at May 31, 2007

Calendar Year 2001 2002 2003 2004 2005 2006

Fund (%) 9.0 -2.4 15.6 13.3 14.7 12.7

Signature Income & Growth Fund$10,000 invested, Inception to May 31, 2007

FOR DEALER USE ONLY

Signature Funds – Strong Performance

Mandate Quartile Ranking*

1 Yr 3 Yr 5 Yr

Signature Income & Growth 2nd 1st 1st

Signature Canadian Balanced 1st 1st 1st

Signature Select Canadian 1st 1st 1st

Signature High Income 4th 1st 1st

* As at May 31, 2007, Data Source & © Copyright Standard & Poor's Micropal, Inc (2001) -- http://www.micropal.com

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

Issuer CIBC World Markets

Issue date On or about August 14, 2007

Maturity date (Term to maturity: 8 years)

Issue size Subscription price: $100 per note securityMinimum purchase: $5,000 (50 note securities)

Structural features Provide 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 & expenses Management fee 0.75% (plus taxes)

Accelerator cost 2.20% (includes trailer of 0.25% on principal amount)

RRSP eligibility 100% eligible for RRSPs, RRIFs, RESPs, DPSPs and LIRAs.

Secondary market CIBC will maintain a secondary market for deposit notes(subject to availability).

Selling period June 25, 2007 – August 9, 2007

FundSERV code: CBL900

FOR DEALER USE ONLY

Early trading charge schedule

Time PeriodEarly Trading Charge

(per Note)

1-365 $6.00

366-730 $4.00

731-1095 days $2.00

Thereafter Nil

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:

http://www.ci.com/depositnotes

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.