Legal

CIBC World Markets currently maintains a secondary market, but reserves the right not to do so in the future at its sole discretion without providing prior notice to investors. Please see the applicable Information Statement or Pricing Supplement for details.

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.

Principal at Risk Notes are not principal protected and an investor may receive less than the original principal amount at maturity. 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, the notional portfolio and certain risk factors are contained in the Short Form Base Shelf Prospectus dated April 11, 2007 of CIBC and the Pricing Supplement for a particular Principal at Risk Note offering.

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. 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.

Some PPNs 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 PPNs 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 PPNs or Principal at Risk Notes or accepts any liability in relation to the issue, operation and trading of the PPNs or Principal at Risk Notes. Investors should read the applicable Information Statement or Pricing Supplement for more information on any index, including its historical performance.

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