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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.