Disclaimer

CIBC Private Wealth Management consists of services provided by CIBC and certain of its subsidiaries, including CIBC Wood Gundy, a division of CIBC World Markets Inc.

Insurance services are available through CIBC Wood Gundy Financial Services Inc. In Quebec, insurance services are available through CIBC Wood Gundy Financial Services (Quebec) Inc.

“CIBC Private Wealth Management” is a registered trademark of CIBC, used under license. “Wood Gundy” is a registered trademark of CIBC World Markets Inc.

CIBC Wood Gundy is a division of CIBC World Markets Inc., a subsidiary of CIBC and a Member of the Canadian Investor Protection Fund and Investment Industry Regulatory Organization of Canada.

This information, including any opinion, is based on various sources believed to be reliable, but its accuracy cannot be guaranteed and is subject to change. CIBC and CIBC World Markets Inc., their affiliates, directors, officers and employees may buy, sell, or hold a position in securities of a company mentioned herein, its affiliates or subsidiaries, and may also perform financial advisory services, investment banking or other services for, or have lending or other credit relationships with the same. CIBC World Markets Inc. and its representatives will receive sales commissions and/or a spread between bid and ask prices if you purchase, sell or hold the securities referred to above. © CIBC World Markets Inc. 2020.

Clients are advised to seek advice regarding their particular circumstances from their personal tax and legal advisors.

Yields/rates are as of Nov 5, 2020 and are subject to availability and change without notification. Minimum investment amounts may apply.

These calculations and projections are for demonstration purposes only. They are based on a number of assumptions and consequently actual results may differ, possibly to a material degree.

The enclosed research report is not prepared subject to the disclosure requirements under the IIROC Rule 3400.

For more information, please contact Jeff Lam for a copy of the Information Statement dated June 29, 2020 that more fully describes this investment product.

® Portfolio Partner is a registered trademark of CIBC World Markets Inc. There are a maximum number of commission-free trades allowed each year, based on the value of your account. Trades and annual fees are prorated on an annualized basis. A standard trade fee applies to excess trades. A minimum household account balance of $100,000 is required.

There are a maximum number of commission-free trades allowed each year, based on the value of your account. Trades and annual fees are pro-rated on an annualized basis. A standard trade fee applies to excess trades. A minimum household account balance of $100,000 is required.

™ CIBC Wood Gundy Investment Consulting Service is a trademark of CIBC World Markets Inc. CIBC Wood Gundy will be responsible to CIBC Wood Gundy Investment Consulting Service clients for the advice provided by any Investment Manager. The ICS Program Manager, CIBC Asset Management Inc., is a subsidiary of CIBC.

The Renaissance High Interest Savings Account interest rate quoted is an annual rate for Class A units, effective June 29, 2020. Interest is calculated daily on opening balance and paid monthly to the account as reinvested distributions. For current rates, speak with your advisor or visit www.renaissanceinvestments.ca. Interest rates are subject to change at any time without prior notice. Minimum investment amounts may apply. The Renaissance High Interest Savings Account is issued by Canadian Imperial Bank of Commerce (CIBC) and offered through its wholly owned subsidiary CIBC Asset Management Inc. The Canadian-dollar denominated Renaissance High Interest Savings Account is eligible for Canada Deposit Insurance Corporation (CDIC) insurance, subject to CDIC rules and regulations. The U.S. dollar-denominated Renaissance High Interest Savings Account is not eligible for CDIC insurance.

There are ongoing fees and expenses associated with owning units of an Exchange-Traded Fund (ETF). An ETF must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the fund in these documents. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all dividends or distributions and do not take into account certain fees such as redemption fees or optional charges or income taxes payable by any securityholder that would have reduced returns. ETFs are not guaranteed, their values change frequently and past performance may not be repeated.

Given the complexities involved, specialized tax and pension advice must be sought to ensure an Individual Pension Plan (IPP) is appropriate to individual situations. An IPP strategy must be considered within the context of a comprehensive financial and estate plan.

Options involve risk and are not suitable for all investors. Investors should be aware of tax considerations, margin requirements, commissions and other transaction costs, as they may significantly affect the economic consequences of any option transaction strategy and should be reviewed carefully with your Investment Advisor and personal tax advisor before the strategy is undertaken.

The terms set out for Foreign Exchange (FX) Forwards are used for illustration purposes only and do not necessarily reflect the terms on which CIBC would be prepared to transact at any time. Neither you nor CIBC is bound until we have both agreed to enter into a transaction and have agreed to the actual terms of the transaction in writing. You must be eligible to enter into a transaction based on the securities or derivatives regulations that apply in your province or territory.

For GIC terms of one year or less, simple interest is paid at maturity. For GIC terms of greater than one year, simple interest is paid annually or, compound interest is calculated annually and paid at maturity. For redemptions of CIBC Full Service Flexible GICs or CIBC Mortgages Inc. Flexible GICs made within the first 89 days after purchase, no interest will be paid. For more information about this product, please contact Jeff Lam.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns, including changes in unit 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.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The performance data provided assumes reinvestment of distributions only and does not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. There can be no assurances that the fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in the fund will be returned to you. Past performance may not be repeated.

Commissions, trailing commissions, management fees, and expenses may all be associated with hedge fund investments. Hedge funds may be sold by Prospectus to the general public, but more often are sold by Offering Memorandum to those investors who meet certain eligibility or minimum purchase requirements. An Offering Memorandum is not required in some jurisdictions. The Prospectus or Offering Memorandum contains important information about hedge funds – you should obtain a copy and read it before making an investment decision. Hedge funds are not guaranteed. Their value changes frequently, and past performance may not be repeated. Hedge funds are for sophisticated investors only.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments and the use of an asset allocation service. Please read the prospectus of the mutual funds in which investment may be made before investing. The indicated rates of return are the historical annual compounded total returns assuming the investment strategy recommended by the asset allocation service is used and after deduction of the fees and charges in respect of the service. The returns are based on the historical annual compounded total returns of the participating funds including changes in unit value and reinvestment of all dividends or distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder in respect of a participating fund that would have reduced returns. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated.

Any amount that is allocated to a segregated fund is invested at the risk of the contract holder and may increase or decrease in value. Segregated funds may guarantee up to 100 per cent of your investment at maturity (minimum 10 years from deposit) or immediately upon death of the annuitant. Withdrawals made before a deposit’s maturity date are subject to the current values of the segregated fund and will decrease the guaranteed maturity value and death benefit of the deposit. Where a segregated fund provides income guarantees, exceeding the withdrawal thresholds may have a negative impact on future income payments. Income bonuses are not cash deposits; they increase the basis for calculating guaranteed income. Past performance of a segregated fund is not indicative of future performance. Please carefully read the fund’s Information Folder before investing.