The Toronto Stock Exchange reports that it has granted an application for the original listing of Canadian depositary receipts (CDRs) of Lockheed Martin CDR (CAD Hedged), issued by Canadian Imperial Bank of Commerce, at 5:01 p.m. on Aug. 26, 2025. According to the TSX, the CDRs will begin trading at the open on Aug. 27, 2025, under the symbol LMT, in Canadian dollars and with Cusip No. 539820 10 0.

The TSX reports that the Lockheed Martin CDRs are securities that represent a beneficial ownership interest in a pool of shares of common stock of Lockheed Martin Corp. The underlying shares are listed on the New York Stock Exchange under the symbol LMT. The CDRs are designed to provide Canadian investors with a fractional ownership interest in the underlying shares in Canadian dollars with a currency hedge.

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.

According to the TSX, CDR investors will be entitled to vote the underlying shares through CIBC's on-line voting portal. CIBC Mellon Trust Company, 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.

The TSX reports that 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.

The deposit agreement, dated as of July 16, 2021, and as amended and restated with effect as of May 28, 2024, 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.

The TSX reports that Lockheed Martin CDR's initial public offering will consist of 500,000 CDRs at $25.872078 per CDR. The offering is expected to close before the open on Aug. 27, 2025. The transfer agent and registrar is TSX Trust Company at its principal office in Toronto, and the designated market-maker is CIBC World Markets Inc.

For more information, see CIBC's short form base shelf prospectus dated Aug. 15, 2023, as amended by amendment No. 1, dated May 24, 2024, and amendment No. 2, dated Jan. 23, 2025, and the prospectus supplement No. 9, dated July 28, 2025, which are available on SEDAR+.