The Toronto Stock Exchange reports that an application has been granted for the original listing of Philip Morris CDR (CAD Hedged), a series of Canadian depositary receipts (CDRs) issued by Canadian Imperial Bank of Commerce. According to the TSX, Philip Morris will be listed at 5:01 p.m. on Oct. 14, 2025, for trading at the open on Oct. 15, 2025. There will be 50,000 CDRs of Philip Morris issued and outstanding, with no securities reserved for issuance. The CDRs will trade under the symbol ZYNS, in Canadian dollars and with Cusip No. 718391 10 5.

As stated in CIBC's short form base shelf prospectus dated Sept. 10, 2025, and prospectus supplement No. 2 dated Oct. 7, 2025, 50,000 Philip Morris CDRs are being offered to the public at a subscription price of $22.166286 per Philip Morris CDR. The initial public offering is expected to close on Oct. 14, 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.

The TSX reports that the Philip Morris CDRs are securities that represent a beneficial ownership interest in a pool of shares of common stock of Philip Morris International Inc. 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.

According to the TSX, 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 the 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 such holder holds 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 (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.

See the deposit agreement dated as of July 16, 2021, 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.