Exchange Bulletin
Western Digital CDR (CAD Hedged) (WDC) To Trade On Toronto Stock Exchange
May 6, 2026
Canadian Depositary Receipt to be listed: Western Digital 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 |
|---|---|---|---|---|
| Western Digital CDR (CAD Hedged) (the “Western Digital CDRs”) | WDC | 50,000 | None | C$27.09 |
*The Western Digital CDRs are a series of Canadian Depositary Receipts.
| Listing category: | Non-Corporate |
| Trading currency: | CDN$ |
| Transaction: | Initial public offering (the “Offering”). |
| Anticipated closing date: | May 6, 2026 |
| Listing date: | May 6, 2026 (as at 5:01 p.m.) in anticipation of closing of the Offering. |
| Posted for trading date: | May 7, 2026 (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 Western Digital CDRs:
| Description: | The Western Digital CDRs are securities that represent a beneficial ownership interest in a pool of shares of common stock (the “Underlying Shares”) of Western Digital Corporation (the “Underlying Issuer”). The Underlying Shares are listed on the NASDAQ Global Select Market under the symbol “WDC”. 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, represented by the “CDR Ratio”. The CDR Ratio is adjusted daily to provide a notional currency hedge; as the ratio increases or decreases, the number of Underlying Shares represented by one CDR increases or decreases. For example, if a holder owns 100 CDRs and the Ratio is 0.10, their interest in the pool provides entitlements based on beneficially owning 10 applicable Underlying Shares with a notional hedge into Canadian dollars. Ratios are calculated daily and available at the CDR Website (https://cdr.cibc.com) 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 instructions provided on a commercially reasonable best-efforts basis. The number of Underlying Shares that each CDR holder can vote depends on how many CDRs they hold and the current 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 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 and will not be considered 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. 3 dated April 17, 2026 (the “Prospectus”) are available at www.sedarplus.ca. |
| Additional information: | Reference should be made to the deposit agreement dated as of July 16, 2021 (as amended and restated with effect as of May 28, 2024) among CIBC and CIBC Mellon for the complete attributes of the CDRs. |
| Initial public offering: | 50,000 Western Digital CDRs are being offered to the public at a subscription price of C$27.09 per Western Digital CDR. |
| TSX contact: | Selma Thaver, Managing Director, TSX Listings |