Exchange Bulletin
Philip Morris CDR (CAD Hedged) (ZYNS) To Trade On ÍÃ×ÓÏÈÉú
October 14, 2025
Canadian Depositary Receipt to be listed: Philip Morris CDR (CAD Hedged)
Issuing entity: Canadian Imperial Bank of Commerce ("CIBC")
Transaction: An application has been granted for the original listing of the following series of Canadian Depositary Receipts (the "CDRs") issued by CIBC, under the trading information set out below:
| Security* | Symbol | Issued and Outstanding Securities | Reserved Securities | Issue Price |
|---|---|---|---|---|
| Philip Morris CDR (CAD Hedged) (the "Philip Morris CDRs") | ZYNS | 50,000 | None | C$22.166286 |
*The Philip Morris CDRs are a series of Canadian Depositary Receipts.
| Listing category: | Non-Corporate |
| Trading currency: | CDN$ |
| Transaction: | Initial public offering (the "Offering"). |
| Anticipated closing date: | October 14, 2025 |
| Listing date: | October 14, 2025 (as at 5:01 p.m.) in anticipation of closing of the Offering. |
| Posted for trading date: | October 15, 2025 (at the opening) subject to confirmation of closing of the Offering. |
| Other market(s): | None |
| Designated market maker: | CIBC World Markets Inc. |
| Investor relations: | Elliot Scherer Managing Director & Global Head – Wealth Solutions Group (416) 594-7455 elliot.scherer@cibc.com -or- Nadir Ali Khan Director – Wealth Solutions Group (416) 594-7443 nadir.alikhan@cibc.com |
| Transfer agent and registrar: | TSX Trust Company at its principal office in Toronto. |
| Sponsorship: | Not applicable. |
Principal Attributes of the Philip Morris CDRs:
| Description: | The Philip Morris CDRs are securities that represent a beneficial ownership interest in a pool of shares of common stock (the "Underlying Shares") of Philip Morris International Inc. (the "Underlying Issuer"). The Underlying Shares are listed on the New York Stock Exchange under the symbol "PM". The CDRs are designed to provide Canadian investors with a fractional ownership interest in the Underlying Shares in Canadian dollars with a currency hedge. |
| CDR Ratio: | Each CDR is equivalent to owning a fractional interest in the Underlying Shares. This is represented by the "CDR Ratio". The CDR Ratio is adjusted on a daily basis to provide a notional currency hedge. As the ratio increases or decreases, the number of Underlying Shares represented by one CDR increases or decreases. So, if the Canadian dollar strengthens, the CDR will represent a larger number of Underlying Shares. Conversely, if the Canadian dollar weakens, the CDR will represent a smaller number of Underlying Shares. For example, if on a given day a CDR holder owns 100 CDRs and the CDR Ratio is 0.10 on that day, then the CDR holder's interest in the pool of Underlying Shares is proportionate to beneficially owning 10 of the Underlying Shares with a notional hedge to Canadian dollars. The CDR Ratio for each Series of CDRs will be calculated daily and will be available at the CDR Website () under the "CDR Directory" tab. |
| Voting rights: | CDR investors will be entitled to vote the Underlying Shares through CIBC's online voting portal cdr.cibc.com. CIBC Mellon Trust Company ("CIBC Mellon"), as the Depositary, will then vote the Underlying Shares in accordance with the instructions provided on a commercially reasonable best-efforts basis. The number of Underlying Shares that each CDR holder can vote will depend on how many CDRs they hold and how many Underlying Shares each CDR reflects (CDR Ratio). |
| Dividends: | Dividends paid on the Underlying Shares will be passed through to CDR investors in Canadian dollars when received by the Depositary. The record date for determining which CDR holders are entitled to receive any dividends in respect of CDRs will be the record date set by the relevant Underlying Issuer. The Depositary will notify CDR holders of any Record Dates via the CDR Website () under the "Corporate Actions" tab. |
| Beneficial interest: | The Deposit Agreement (as defined below) sets out the terms of the CDR holders' interests and rights. Each CDR represents an equal undivided direct beneficial interest in the Underlying Shares. CDR holders do not have any ownership interest in any particular Underlying Shares or number or fraction thereof, and CDR holders will not be considered to be shareholders of the Underlying Issuer for the purposes of Canadian or U.S. securities laws. |
| Offering document: | CIBC's Short Form Base Shelf Prospectus dated September 10, 2025, and Prospectus Supplement No. 2 dated October 7, 2025 (the "Prospectus"), which are available at . Capitalized terms not otherwise defined herein are as defined in the Prospectus. |
| Additional information: | Reference should be made to the deposit agreement (the "Deposit Agreement") dated as of July 16, 2021 (as amended) and amended and restated with effect as of May 28, 2024 among CIBC and CIBC Mellon, as the custodian, for the complete attributes of the CDRs. |
| Initial public offering: | 50,000 Philip Morris CDRs are being offered to the public at a subscription price of C$22.166286 per Philip Morris CDR. |
| TSX contact: | Selma Thaver, Managing Director, TSX Listings |