CIBC World Markets currently maintains a secondary market for Principal Protected Notes
and Principal at Risk Notes offered in Canada, but reserves the right not to do so in
the future, at its sole discretion, without providing prior notice to investors.
For offerings within Canada, please see the applicable Information Statement or Pricing
Supplement for details. Principal at Risk Note or Principal Protected Note offerings
outside of Canada may have no established trading market when issued, and one may
never develop. If a market does develop, it may not be liquid. Investors should be
willing to hold these Notes until the maturity date.
The return on the Principal Protected Notes is dependent on the change in value
(which may be positive or negative) of the underlying assets during the term of the note.
Except where a Principal Protected Note expressly provides for a minimum guaranteed return,
it is possible that there may be no interest (or no additional interest in the case of a note
with a minimum guaranteed return) payable to the investor. Some Principal Protected Notes
may also be subject to caps, participation rates and/or other limits. The full principal
amount will be repaid at maturity. Please see the relevant information statement for complete
details, including the precise formula for determining interest payments, on any Principal
Protected Note offered in Canada, and the Final Terms and any Supplementary Prospectus
relating to the particular Principal Protected Note offering outside of Canada.
Principal at Risk Notes are not principal protected. Since Principal at Risk Notes are not
principal protected and their principal is at risk, it is possible that investors could lose
substantially all of their original investment in the Notes. Principal at Risk Notes do not
provide investors with a return or income stream prior to maturity and the return is not
determinable prior to maturity. Any payment on a Principal at Risk Note at maturity will
depend on the performance of the underlying assets during the term of a Principal Risk Note.
Details regarding the calculation and payment of the amount payable on maturity and certain
risk factors are contained in either i) the Short Form Base Shelf Prospectus of CIBC and the
Pricing Supplement for a particular Principal at Risk Note offering in Canada; or (ii)
the Prospectus for the European Medium Term Note Programme of CIBC dated December 17, 2010, and
the Final Terms and any Supplementary Prospectus relating to the particular Principal at Risk Note
offering for Principal at Risk offerings outside of Canada.
In Canada, the offering of Principal at Risk Notes constitutes a public offering of securities
only in the jurisdictions where they may be lawfully offered for sale and therein only by persons
permitted to sell such securities. Outside of Canada, the offering of Principal at Risk Notes is
only made on a private placement basis to certain eligible investors. No securities regulatory
authority has in any way passed upon the merits of the Principal at Risk Notes and any
representation to the contrary is an offence and/or may give rise to civil liability.
Principal at Risk Notes and Principal Protected Notes offered outside Canada will not be
offered for sale within Canada. Principal at Risk Notes and Principal Protected Notes
offered in Canada will not be offered for sale outside Canada.
Some Principal Protected Notes and Principal at Risk Notes are linked to the performance
of one or more indices. Each index name generally represents a trademark or service mark
of the relevant index sponsor who reserves all rights, including copyright to the index.
Each index is licensed for use by CIBC. The Principal Protected Notes and Principal at Risk Notes
are not sponsored, endorsed, sold or promoted by any index sponsor and none of the index
sponsors makes any representation, warranty, or condition regarding the advisability of
investing in the Principal Protected Notes or Principal at Risk Notes or accepts any liability
in relation to the issue, operation and trading of the Principal Protected Notes or
Principal at Risk Notes. Investors should read the applicable Information Statement,
Pricing Supplement, or Final Terms and any Supplementary Prospectus for more information
on any index, including its historical performance.
The CIBC logo and "For what matters." are trademarks of CIBC.