2006 News Releases

Toronto – Canadian investors can benefit from a new principal protected investment that generates potential returns based on the performance of two mutual funds – one specializing in dividend-paying companies, the other specializing in growth-oriented companies.

The CIBC Manulife Investments Dividend Growth Deposit Notes, Series 2 launched September 12, 2006, is a unique investment issued by CIBC that is linked to the performance of two mutual funds managed by Manulife Mutual Funds, a division of Elliott & Page Limited – the Elliott & Page Canadian Equity Fund and the Elliott & Page Dividend Fund. The Deposit Notes also provide full principal protection guaranteed by CIBC at maturity.

“Many investors are unsure if they should invest in established companies that pay dividends, or in growing companies that have the potential to generate capital gains,” says Bob Tillmann, Vice President, Marketing and Business Development at Manulife. “The Deposit Notes let people invest in both types of companies in a single investment. Plus, they get the security of knowing their original investment is completely protected at the end of the 5 ½ year term.”

Assets invested in the Deposit Notes are initially allocated equally between the two underlying funds. As markets fluctuate, investors can benefit from the Deposit Notes’ dynamic allocation strategy. This strategy responds to market conditions by increasing exposure to the funds when equity market performance is positive and reducing exposure to the funds and allocating assets to a bond account when equity market performance is negative. In this way, the Deposit Notes have the potential to enhance investors’ returns and provide downside protection over time.

If the net asset value (NAV) of the Deposit Notes is higher on the maturity date than the start date, investors will receive an interest payment that equals the difference between their original investment and the Deposit Notes’ NAV at maturity. No interest will be paid if the NAV of the Deposit Notes on the maturity date is less than the starting value . Regardless of fund performance, the investors’ original investment will be fully repaid at the end of 5½ years.

Additional features of the Deposit Notes include:

• 100% reinvestment of fund distributions;
• Potential for tax-deferred growth;
• Leverage potential of up to 200% exposure in the underlying funds;
• No cap or maximum amount of interest payable at maturity.

The CIBC Manulife Investments Dividend Growth Deposit Notes, Series 2 allow investors to benefit from the professional management of the two underlying funds:

• The Elliott & Page Dividend Fund, led by Alan Wicks, who has built a portfolio of value and income assets worth more than $6 billion (as at June 30, 2006).


• The Elliott & Page Canadian Equity Fund, led by Shauna Sexsmith, who is one of the country’s most consistent growth managers and directs a portfolio of large cap growth assets worth more than $400 million (as at June 30, 2006).

The CIBC Manulife Investments Dividend Growth Deposit Notes, Series 2 are sold by advisors licensed by the Investment Dealers Association of Canada and licensed mutual fund dealers. The Deposit Notes are available for purchase until November 10, 2006. Details regarding this investment product, including a discussion of risk factors relating to the Deposit Notes, are contained in the Information Statement that can be obtained from your financial advisor.

CIBC is a leading North American financial institution providing financial services to more than 11 million customers, including retail and small business banking customers, as well as corporate and investment banking customers.

Manulife Investments is the brand name describing certain Canadian subsidiaries and operating divisions of Manulife Financial Corporation offering wealth management products and services. Manulife Financial is a leading Canadian-based financial services group serving millions of customers worldwide. Assets under management by Manulife Financial and its subsidiaries exceeded Cdn $370 billion as at June 30, 2006.

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