Guaranteed principal. Add equity exposure with no risk to principal by holding the Notes to maturity.

Suitable for many types of investors. Principal Protected Notes are a suitable complement to both higher-risk direct equity investments and cash portfolios.

Excellent opportunity for diversification. Principal Protected Notes offer access to investments in markets that investors may find difficult to access through conventional means.

Management fees. Most Principal Protected Notes do not charge annual management fees, making them a cost-effective alternative to managed products.

Flexibility. Because you're not "locked in", the Notes may be sold prior to maturity at the prevailing market price.*

100% RRSP-eligible. A principal protected note is considered Canadian property for a registered plan - even when the underlying assets are foreign property.

Tax-efficient. Outside of registered plans, investors generally do not have to include the interest income for tax purposes until it is received. If the Note is sold before maturity, you may be entitled to treat any gain as a capital gain for income tax purposes.**

*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. Any sale in the secondary market may be subject to an Early Trading Charge.

**Please consult your personal tax advisor when considering tax implications of investing.

I Home I Investment I CIBC Principal Protected Notes (PPNs) I What Are PPNs? I Benefits at a Glance I Are PPNs Right For You? I Additional Info about PPNs I