The Toronto Stock Exchange reports that Sanofi CDR (CAD Hedged) will be listed at 5:01 p.m. on Nov. 19, 2025, for trading at the open on Nov. 20, 2025. According to the TSX, the Canadian depositary receipts (CDRs) will trade under the symbol SNY, in Canadian dollars and with Cusip No. 8010MA 10 4.

As stated in Canadian Imperial Bank of Commerce's short form base shelf prospectus dated Sept. 10, 2025, and French CDR prospectus supplement No. 1 dated Nov. 12, 2025, CIBC is issuing 50,000 Sanofi CDRs at $23.42983700 in an offering that is expected to close on Nov. 19, 2025. The designated market-maker is CIBC World Markets Inc., and the transfer agent and registrar is TSX Trust Company at its principal office in Toronto.

According to the TSX, the Sanofi CDRs are securities that represent a beneficial ownership interest in a pool of ordinary shares of Sanofi. The underlying shares are listed on Euronext Paris under the symbol SAN. 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 on CIBC's CDR website under the CDR directory tab.

The TSX notes that 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.

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 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.

See the deposit agreement dated as of Jan. 23, 2025, among CIBC and CIBC Mellon, as the custodian, for the complete attributes of the CDRs.