This email is for information purposes only and does not constitute an offer to sell or the solicitation of an offer to purchase any Series of Canadian depositary receipts (“CDRs”) described herein. The complete terms of any future Series of CDRs will be set out in an offering document which will be delivered to investors. This email is only intended for holders of previously issued Series of CDRs and is not a recommendation to purchase any Series of CDRs described in this email.

Each Series of CDRs relates to a single class of equity securities (the “Underlying Shares”) of an issuer incorporated outside of Canada (the “Underlying Issuer”). Each CDR reflects a proportionate ownership of a number of globally-listed company’s shares. The performance of a CDR will differ from that of the Underlying Share, however, due to the built-in notional currency hedge, tracking error, and other factors described in the Short Form Base Shelf Prospectus and Prospectus Supplement for each Series of CDRs (together, the “Prospectus”) available on www.sedar.com and https://cdr.cibc.com.

The issuance of each Series of CDRs is not a financing for the benefit of the Underlying Issuers or any insiders of the Underlying Issuers, nor will the Underlying Issuers receive any proceeds from the offering and sale of each Series of CDRs. The Underlying Issuers have not participated in the preparation of the Prospectus or this email, do not take any responsibility or assume any liability with respect to the accuracy or completeness of any information contained therein and make no representation regarding the advisability of purchasing any Series of CDRs.

Certain risk factors and other important information about CDRs are described in the Prospectus. Prospective purchasers should also consider any categories of risks identified and discussed in the applicable Underlying Issuer’s publicly disseminated continuous disclosure documents. Neither CIBC nor any other person involved in the distribution of CDRs is providing any express or implied representations, warranties, or opinions regarding investing in the Underlying Shares or the value thereof.

Certain of the information herein was obtained from public sources, or calculated by CIBC WM or CIBC using publicly available data, in each case that CIBC believes to be reliable, but CIBC and its affiliates and associates have not independently verified, make no representation as to, and assume no liability for the completeness or accuracy of any such information. Any historical investment results or trends described herein are not indicative of future investment results or trends.