1) Arvind bought 1,000 shares in CIBC on December 14, 2022, when the share price was at $62.75/share. In 2023, he was paid dividends on the CIBC shares four times throughout the year. Arvind received four direct deposits in his investment account throughout the year as per the table below ("Amount" represents the dividends paid per share). Arvind knows that the dividend income received is subject to tax as he is holding the shares in a non-registered account. He also knows that the Record Date determines ownership of the shares which entitles the owner to receive the dividend payment. After holding the shares for a year, Arvind is thinking of selling his CIBC shares on December 15, 2023, even though this would result in selling his shares at a loss. He is hoping that the share price on the day that he sells is at least $55/share. If the CIBC shares do indeed reach $55/share on December 15, 2023, what would be Arvind's Holding Period Return (HPR) for this stock that pays dividend income? X Ex-Date Sep 27, 2023 Jun 27, 2023 Mar 27, 2023 Dec 23, 2022 a) -6.87% b) -12.35% c) -15.09% d) 14.09% e) 20.35% Record Date Sep 28, 2023 Jun 28, 2023 Mar 28, 2023 Dec 28, 2022 4 Pay Date Oct 27, 2023 Jul 28, 2023 Apr 28, 2023 Jan 27, 2023 Declared Date Aug 31, 2023 May 25, 2023 Feb 24, 2023 Dec 01, 2022 Type Normal Normal Normal Normal Amount 0.87 0.87 0.85 0.85

1) Arvind bought 1,000 shares in CIBC on December 14,2022 , when the share price was at $62.75/ share. In 2023 , he was paid dividends on the CIBC shares four times throughout the year. Arvind received four direct deposits in his investment account throughout the year as per the table below ("Amount" represents the dividends paid per share). Arvind knows that the dividend income received is subject to tax as he is holding the shares in a non-registered account. He also knows that the Record Date determines ownership of the shares which entitles the owner to receive the dividend payment. After holding the shares for a year, Arvind is thinking of selling his CIBC shares on December 15, 2023, even though this would result in selling his shares at a loss. He is hoping that the share price on the day that he sells is at least $55/ share. If the CIBC shares do indeed reach $55/ share on December 15 , 2023, what would be Arvind's Holding Period Return (HPR) for this stock that pays dividend income? a) 6.87% b) 12.35% c) 15.09% d) 14.09% e) 20.35%