Ms. Kira Smylie reports

CIBC GLOBAL ASSET MANAGEMENT TO TERMINATE CIBC 2026 INVESTMENT GRADE BOND FUNDS

CIBC Global Asset Management will terminate the CIBC 2026 Investment Grade Bond Fund and the CIBC 2026 U.S. Investment Grade Bond Fund on or about Nov. 27, 2026 (the termination date), in accordance with the funds' investment objectives.

Further to this update, the company recently announced that Series A, Series F, Series O and Series S (the capped series) were closed to all new purchases on April 29, 2026.

Effective immediately, except in limited circumstances, no further purchases of ETF (exchange-traded fund) series units will be accepted. ETF series units of the CIBC 2026 Investment Grade Bond Fund (Cboe Canada: CTBB) and the CIBC 2026 U.S. Investment Grade Bond Fund (Cboe Canada: CTUD.U) are expected to be voluntarily delisted at CIBC GAM's request, with trading expected to end after the market close on or about Nov. 25, 2026.

Redemption requests for units of the funds will be accepted until the close of business on the delisting date. Any units still held by unitholders as of the termination date will be subject to a mandatory redemption.

Prior to the termination date, CIBC GAM will, to the extent reasonably possible, sell or convert each fund's assets to cash. After paying or making adequate provision for all liabilities, CIBC GAM will distribute each fund's net assets pro rata to unitholders of record of the applicable fund, based on the series net asset value per unit. The distribution will occur as soon as practicable following the termination date. CIBC GAM will issue an additional press release on or about the termination date confirming the final valuation for the ETF series units of the funds.

CIBC GAM encourages all unitholders to consult with their advisers to discuss the financial and tax implications of the terminations, and to determine the solution that best suits their investment needs and personal situation.

This material is provided for general informational purposes only and does not constitute financial, investment, tax, legal, or accounting advice nor does it constitute an offer or solicitation to buy or sell any securities referred to.

About CIBC Global Asset Management

CIBC Global Asset Management (CIBC GAM), the asset management subsidiary of CIBC, is one of Canada's largest asset managers. Established in 19721, CIBC GAM offers a broad range of investment solutions, including mutual funds, ETFs, portfolio solutions, alternative investments, discretionary investment management services for high-net-worth individuals and institutional portfolio management. With teams across Canada and the United States, CIBC GAM serves retail, high-net-worth and institutional clients in North America and institutional clients worldwide. As of March 31, 2026, CIBC GAM managed $398-billion in assets under management.