<SEC-DOCUMENT>0001104659-25-040088.txt : 20250428
<SEC-HEADER>0001104659-25-040088.hdr.sgml : 20250428
<ACCEPTANCE-DATETIME>20250428130950
ACCESSION NUMBER:		0001104659-25-040088
CONFORMED SUBMISSION TYPE:	424B2
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20250428
DATE AS OF CHANGE:		20250428

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CANADIAN IMPERIAL BANK OF COMMERCE /CAN/
		CENTRAL INDEX KEY:			0001045520
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL BANKS, NEC [6029]
		ORGANIZATION NAME:           	02 Finance
		EIN:				000000000
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-272447
		FILM NUMBER:		25878681

	BUSINESS ADDRESS:	
		STREET 1:		81 BAY STREET
		STREET 2:		CIBC SQUARE
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 0E7
		BUSINESS PHONE:		4169803096

	MAIL ADDRESS:	
		STREET 1:		81 BAY STREET
		STREET 2:		CIBC SQUARE
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 0E7
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B2
<SEQUENCE>1
<FILENAME>tm2510993d70_424b2.htm
<DESCRIPTION>424B2
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Filed Pursuant to Rule&nbsp;424(b)(2)</P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Registration No.&nbsp;333-272447</P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>The information in this preliminary pricing supplement is not complete
and may be changed. This preliminary pricing supplement and the accompanying underlying supplement, prospectus supplement and prospectus
are not an offer to sell these securities and we are not soliciting an offer to buy these securities in any jurisdiction where the offer
or sale is not permitted.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 30%"><IMG SRC="tm2510993d70_424b2img001.jpg" ALT=""><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></TD>
    <TD STYLE="width: 70%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Subject to Completion, Dated April&nbsp;28, 2025</B></P>
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Pricing Supplement dated &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;, 2025</P>
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">(To Equity Index Underlying Supplement dated September&nbsp;5,
    2023,</P>
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Prospectus Supplement dated September&nbsp;5, 2023,
    and Prospectus dated September&nbsp;5, 2023)</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 16pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray">Canadian Imperial Bank of Commerce</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #296dc1">STRUCTURED INVESTMENTS&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; Opportunities in U.S. Equities</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #296dc1">Trigger PLUS Based on the Value of the S&amp;P 500<SUP>&reg;</SUP>
Index due June&nbsp;4, 2031</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #a6a6a6"><B>Trigger Performance Leveraged Upside Securities<SUP>SM</SUP></B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #a6a6a6"><B>Principal at Risk Securities</B></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Trigger PLUS are unsecured debt obligations of Canadian Imperial
Bank of Commerce (&ldquo;CIBC&rdquo; or the &ldquo;Bank&rdquo;). The Trigger PLUS will pay no interest, do not guarantee the return of
any principal at maturity and have the terms described in the accompanying underlying supplement, prospectus supplement and prospectus,
as supplemented or modified by this document. At maturity, if the Underlying Index has <B>appreciated</B> in value, investors will receive
the Stated Principal Amount of their investment plus a positive return based on the leveraged upside performance of the Underlying Index.
If the Underlying Index <B>does not change or depreciates</B> in value but the Final Index Value is greater than or equal to the Trigger
Level, investors will receive the Stated Principal Amount of their investment. However, if the Underlying Index has <B>depreciated</B>
in value so that the Final Index Value is less than the Trigger Level, investors will lose a significant portion or all of their investment,
resulting in a 1.00% loss of principal for every 1.00% decline in the index value over the term of the Trigger PLUS. Under these circumstances,
the Payment at Maturity will be less than 85.00% of the Stated Principal Amount and could be zero. <B>Accordingly, you may lose your
entire investment.</B> The Trigger PLUS are for investors who seek an equity index-based return and who are willing to risk their principal
and forgo current income in exchange for the leveraged upside feature, and the limited protection against loss that applies only if the
Final Index Value is greater than or equal to the Trigger Level. <B>Investors may lose their entire initial investment in the Trigger
PLUS.</B></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Any payment is subject to our credit risk. If we default on our obligations,
you could lose some or all of your investment. These Trigger PLUS are not secured obligations and you will not have any security interest
in, or otherwise have any access to, the Underlying Index or any securities included in the Underlying Index. The Trigger PLUS will not
constitute deposits insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation, or any other
government agency or instrumentality of Canada, the United States or any other jurisdiction. The Trigger PLUS are not bail-inable debt
securities (as defined on page&nbsp;6 of the prospectus).</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #296DC1">
    <TD COLSPAN="5" STYLE="padding: 3pt 6pt 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>SUMMARY TERMS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #296dc1"><B>Issuer:</B></FONT></TD>
    <TD COLSPAN="4" STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Canadian Imperial Bank of Commerce</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DDF0FF">
    <TD STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #296dc1"><B>Underlying Index:</B></FONT></TD>
    <TD COLSPAN="4" STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">The S&amp;P 500<SUP>&reg;</SUP> Index (Bloomberg symbol: SPX)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #296dc1"><B>Aggregate Principal Amount:</B></FONT></TD>
    <TD COLSPAN="4" STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">$</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DDF0FF">
    <TD STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #296dc1"><B>Stated Principal Amount:</B></FONT></TD>
    <TD COLSPAN="4" STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">$1,000 per Trigger PLUS</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #296dc1"><B>Pricing Date:</B></FONT></TD>
    <TD COLSPAN="4" STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">May 14, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DDF0FF">
    <TD STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #296dc1"><B>Original Issue Date:</B></FONT></TD>
    <TD COLSPAN="4" STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">May 19, 2025 (3 Business Days after the Pricing Date)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #296dc1"><B>Valuation Date:</B></FONT></TD>
    <TD COLSPAN="4" STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">May 30, 2031, subject to postponement for non-Trading Days and certain Market Disruption Events as described under &ldquo;Certain Terms of the Notes&mdash;Valuation Dates&mdash;For Notes Where the Reference Asset Is a Single Index&rdquo; in the underlying supplement</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DDF0FF">
    <TD STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #296dc1"><B>Maturity Date:</B></FONT></TD>
    <TD COLSPAN="4" STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">June 4, 2031, subject to postponement as described under &ldquo;Certain Terms of the Notes&mdash;Interest Payment Dates, Coupon Payment Dates, Call Payment Dates and Maturity Date&rdquo; in the underlying supplement.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #296dc1"><B>Payment at Maturity per Trigger PLUS:</B></FONT></TD>
    <TD COLSPAN="4" STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 6pt; text-indent: -6pt"><FONT STYLE="font-family: Symbol; font-size: 7pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;
    </FONT>If the Final Index Value is greater than the Initial Index Value:</P>
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$1,000 + Leveraged Upside Payment</P>
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 6pt; text-indent: -6pt"><FONT STYLE="font-family: Symbol; font-size: 7pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;
    </FONT>If the Final Index Value is less than or equal to the Initial Index Value but is greater than or equal to the Trigger Level:</P>
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$1,000</P>
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 6pt; text-indent: -6pt"><FONT STYLE="font-family: Symbol; font-size: 7pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;
    </FONT>If the Final Index Value is less than the Trigger Level:</P>
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$1,000 &times; Index Performance Factor</P>
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Under these circumstances, the Payment at Maturity will be less than
    the Stated Principal Amount of $1,000 and will represent a loss of more than 15.00%, and possibly all, of your investment.</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DDF0FF">
    <TD STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #296dc1"><B>Leveraged Upside Payment:</B></FONT></TD>
    <TD COLSPAN="4" STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">$1,000 &times; Leverage Factor &times; Index Percent Increase</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #296dc1"><B>Leverage Factor:</B></FONT></TD>
    <TD COLSPAN="4" STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">114.25%</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DDF0FF">
    <TD STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #296dc1"><B>Index Percent Increase:</B></FONT></TD>
    <TD COLSPAN="4" STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(Final Index Value &ndash; Initial Index Value) / Initial Index Value</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #296dc1"><B>Index Performance Factor:</B></FONT></TD>
    <TD COLSPAN="4" STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Final Index Value / Initial Index Value</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DDF0FF">
    <TD STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #296dc1"><B>Trigger Level:</B></FONT></TD>
    <TD COLSPAN="4" STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">85.00% of the Initial Index Value</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #296dc1"><B>Initial Index Value:</B></FONT></TD>
    <TD COLSPAN="4" STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">The Closing Level of the Underlying Index on the Pricing Date</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DDF0FF">
    <TD STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #296dc1"><B>Final Index Value:</B></FONT></TD>
    <TD COLSPAN="4" STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">The Closing Level of the Underlying Index on the Valuation Date</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #296dc1"><B>Interest:</B></FONT></TD>
    <TD COLSPAN="4" STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">None</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DDF0FF">
    <TD STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #296dc1"><B>CUSIP / ISIN:</B></FONT></TD>
    <TD COLSPAN="4" STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">13607XXD4 / US13607XXD47</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #296dc1"><B>Listing:</B></FONT></TD>
    <TD COLSPAN="4" STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">The Trigger PLUS will not be listed on any securities exchange.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DDF0FF">
    <TD STYLE="padding-bottom: 2pt; width: 20%; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #296dc1"><B>Commissions and Issue Price:</B></FONT></TD>
    <TD STYLE="padding-bottom: 2pt; width: 20%; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; width: 20%; padding-right: 6pt; padding-left: 6pt; text-align: center; color: #296DC1; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #296dc1"><B><U>Price to Public</U></B></FONT></TD>
    <TD STYLE="padding-bottom: 2pt; width: 20%; padding-right: 6pt; padding-left: 6pt; text-align: center; color: #296DC1; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #296dc1"><B><U>Agent&rsquo;s Commissions</U></B></FONT></TD>
    <TD STYLE="padding-bottom: 2pt; width: 20%; padding-right: 6pt; padding-left: 6pt; text-align: center; color: #296DC1; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #296dc1"><B><U>Proceeds to Issuer</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #296dc1"><B>Per Trigger PLUS</B></FONT></TD>
    <TD STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">$1,000.00</FONT></TD>
    <TD STYLE="vertical-align: middle; padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">$30.00<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DDF0FF">
    <TD STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">$5.00<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">$965.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #296dc1"><B>Total</B></FONT></TD>
    <TD STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">$</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">$</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">$</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>(1)&nbsp;CIBC World Markets Corp. (&ldquo;CIBCWM&rdquo;), acting
as agent for the Bank, will receive a fee of $35.00 per Trigger PLUS and will pay Morgan Stanley Smith Barney LLC (&ldquo;Morgan Stanley
Wealth Management&rdquo;) a fixed sales commission of $30.00 for each Trigger PLUS they sell. See &ldquo;Additional Information About
the Trigger PLUS &mdash; Supplemental Plan of Distribution (Conflicts of Interest)&rdquo; below.</I></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>(2)&nbsp;Of the $35.00 per Trigger PLUS received by CIBCWM, CIBCWM
will pay Morgan Stanley Wealth Management a structuring fee of $5.00 for each Trigger PLUS.</I></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The initial estimated value of the Trigger PLUS on the Pricing Date
as determined by CIBC is expected to be between $909.20 and $929.20 per Trigger PLUS, which is expected to be less than the price to
public. See &ldquo;Risk Factors&mdash;General Risks&rdquo; beginning on page&nbsp;6 of this pricing supplement and &ldquo;Additional
Information About the Trigger PLUS&mdash;The Bank&rsquo;s Estimated Value of the Trigger PLUS&rdquo; on page&nbsp;12 of this pricing
supplement for additional information.</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Neither the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
nor any state or provincial securities commission has approved or disapproved the securities or determined if this pricing supplement
or the accompanying underlying supplement, prospectus supplement or prospectus is truthful or complete. Any representation to the contrary
is a criminal offense.</I></B></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Investing in the Trigger PLUS involves risks not associated with
an investment in ordinary debt securities. See &ldquo;Risk Factors&rdquo; beginning on page&nbsp;5 of this pricing supplement, and &ldquo;Risk
Factors&rdquo; beginning on page&nbsp;S-1 of the accompanying underlying supplement, page&nbsp;S-1 of the prospectus supplement and page&nbsp;1
of the prospectus.</I></B></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I></I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: bold 6pt Arial, Helvetica, Sans-Serif; text-align: left; width: 34%; color: #263F6A"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: #263f6a"><B></B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: blue"><U><A HREF="https://www.sec.gov/Archives/edgar/data/1045520/000110465923098170/tm2322483d89_424b5.htm" STYLE="-sec-extract: exhibit">Equity Index Underlying Supplement dated September 5, 2023</A></U></FONT></B><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: #263f6a"></FONT></B><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: #263f6a"></FONT></B></TD>
    <TD STYLE="font: bold 6pt Arial, Helvetica, Sans-Serif; text-align: center; width: 33%; color: #263F6A"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: #263f6a"><B></B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: blue"><U><A HREF="https://www.sec.gov/Archives/edgar/data/1045520/000110465923098166/tm2322483d94_424b5.htm" STYLE="-sec-extract: exhibit">Prospectus supplement dated September 5, 2023</A></U></FONT></B><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: #263f6a"></FONT></B></TD>
    <TD STYLE="font: bold 6pt Arial, Helvetica, Sans-Serif; text-align: right; width: 33%; color: #263F6A"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: #263f6a"><B></B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: blue"><U><A HREF="https://www.sec.gov/Archives/edgar/data/1045520/000110465923098163/tm2325339d10_424b3.htm" STYLE="-sec-extract: exhibit">Prospectus dated September 5, 2023</A></U></FONT></B><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: #263f6a"></FONT></B></TD></TR>
  </TABLE>
<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="border-top: #296DC1 0.25pt solid; font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #296dc1">Trigger PLUS Based
on the Value of the S&amp;P 500<SUP>&reg;</SUP> Index due June&nbsp;4, 2031</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray">Trigger Performance Leveraged Upside Securities<SUP>SM</SUP></P>

<P STYLE="border-bottom: #296DC1 0.25pt solid; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray"><FONT>Principal
at Risk Securities</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 16pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #296dc1">Investment Summary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #296dc1">Trigger Performance Leveraged Upside Securities</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #296dc1">Principal at Risk Securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Trigger PLUS Based on the Value of the S&amp;P 500<SUP>&reg;</SUP>
Index due June&nbsp;4, 2031 (the &ldquo;Trigger PLUS&rdquo;) can be used:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">As an alternative to direct exposure to the Underlying Index that enhances
returns for any positive performance of the Underlying Index</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">To enhance returns and potentially outperform the Underlying Index in a bullish
scenario</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">To provide limited protection against a loss of principal in the event of
a decline of the Underlying Index as of the Valuation Date but only if the Final Index Value is greater than or equal to the Trigger Level</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 21%; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #296dc1"><B>Maturity:</B></FONT></TD>
    <TD STYLE="width: 79%; padding-right: 6pt; padding-bottom: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Approximately 6 years</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #296dc1"><B>Leverage Factor:</B></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-bottom: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">114.25%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #296dc1"><B>Trigger Level:</B></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-bottom: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">85.00% of the Initial Index Value</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #296dc1"><B>Minimum Payment at Maturity:</B></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-bottom: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">None. You could lose your entire initial investment in the Trigger PLUS.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #296dc1"><B>Interest:</B></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-bottom: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">None</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 16pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #296dc1">Key Investment Rationale</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Trigger PLUS offer leveraged exposure to any positive performance
of the Underlying Index. In exchange for the leveraged upside feature, investors are exposed to the risk of loss of a significant portion
or all of their investment due to the trigger feature. At maturity, an investor will receive an amount in cash based upon the Closing
Level of the Underlying Index on the Valuation Date. <B>Investors may lose their entire initial investment in the Trigger PLUS. </B>Any
payment on the Trigger PLUS is subject to our credit risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: white 2.25pt solid; width: 17%; padding: 5pt 6pt 6pt; background-color: #DDF0FF"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #296dc1"><B>Leveraged Performance</B></FONT></TD>
    <TD STYLE="border-top: white 2.25pt solid; width: 83%; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 5pt 6pt 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Trigger PLUS offer investors an opportunity to capture enhanced returns relative to a direct investment in the Underlying Index.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; padding: 5pt 6pt 6pt; background-color: #DDF0FF"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #296dc1"><B>Trigger Feature</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 5pt 6pt 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">At maturity, even if the Underlying Index has declined over the term of the Trigger PLUS, you will receive your Stated Principal Amount but only if the Final Index Value is <B>greater than or equal to </B>the Trigger Level.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; padding: 5pt 6pt 6pt; background-color: #DDF0FF"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #296dc1"><B>Upside Scenario</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 5pt 6pt 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Underlying Index increases in value, and, at maturity, the Trigger PLUS is redeemed for the Stated Principal Amount of $1,000 plus 114.25% of the Index Percent Increase.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; padding: 5pt 6pt 6pt; background-color: #DDF0FF"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #296dc1"><B>Par Scenario</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 5pt 6pt 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Final Index Value is less than or equal to the Initial Index Value but is greater than or equal to the Trigger Level. In this case, the Trigger PLUS is redeemed for the Stated Principal Amount of $1,000.00 even though the Underlying Index has depreciated moderately.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; padding: 5pt 6pt 6pt; background-color: #DDF0FF"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #296dc1"><B>Downside Scenario</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 5pt 6pt 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Final Index Value is less than the Trigger Level. In this case, the Trigger PLUS is redeemed for at least 15.00% less than the Stated Principal Amount, and this decrease will be by an amount proportionate to the full decline in the value of the Underlying Index over the term of the Trigger PLUS. There is no minimum Payment at Maturity on the Trigger PLUS, and you could lose your entire initial investment in the Trigger PLUS.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="border-top: #296DC1 0.25pt solid; font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #296dc1">Trigger PLUS Based
on the Value of the S&amp;P 500<SUP>&reg;</SUP> Index due June&nbsp;4, 2031</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray">Trigger Performance Leveraged Upside Securities<SUP>SM</SUP></P>

<P STYLE="border-bottom: #296DC1 0.25pt solid; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray"><FONT>Principal
at Risk Securities</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 16pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #296dc1">How the Trigger PLUS Work</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #296dc1"><B>Payoff Diagram</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The payoff diagram below illustrates the Payment at Maturity on the Trigger
PLUS based on the following terms:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #296dc1"><B>Stated Principal Amount:</B></FONT></TD>
    <TD STYLE="width: 71%; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,000 per Trigger PLUS</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #296dc1"><B>Leverage Factor:</B></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">114.25%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #296dc1"><B>Trigger Level:</B></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">85.00% of the Initial Index Value</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #296dc1"><B>Minimum Payment at Maturity:</B></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">None</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #DCEBF4">
    <TD STYLE="font: bold 9.5pt Arial, Helvetica, Sans-Serif; width: 100%; padding: 6pt 2.5pt; text-align: center; color: #296DC1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #296dc1"><B>Trigger PLUS Payoff Diagram</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="tm2510993d70_424b2img002.jpg" ALT="" STYLE="height: 415px; width: 692px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="border-top: #296DC1 0.25pt solid; font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #296dc1">Trigger PLUS Based
on the Value of the S&amp;P 500<SUP>&reg;</SUP> Index due June&nbsp;4, 2031</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray">Trigger Performance Leveraged Upside Securities<SUP>SM</SUP></P>

<P STYLE="border-bottom: #296DC1 0.25pt solid; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray"><FONT>Principal
at Risk Securities</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #296dc1"><B>How it works</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #296dc1"><B>Upside Scenario. </B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If
the Final Index Value is greater than the Initial Index Value, investors will receive the $1,000 Stated Principal Amount plus 114.25%
of the appreciation of the Underlying Index over the term of the Trigger PLUS.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If the Underlying Index appreciates 2.00%, investors would receive a 2.285%
return, or $1,022.85 per Trigger PLUS.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #296dc1"><B>Par Scenario. </B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If
the Final Index Value is less than or equal to the Initial Index Value but is greater than or equal to the Trigger Level, investors will
receive the $1,000.00 Stated Principal Amount per Trigger PLUS.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If the Underlying Index depreciates 15.00%, investors would receive the $1,000.00
Stated Principal Amount per Trigger PLUS.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #296dc1"><B>Downside Scenario. </B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If
the Final Index Value is less than the Trigger Level, investors will receive an amount significantly less than the $1,000 Stated Principal
Amount, reflecting a 1.00% loss of principal for each 1.00% decline in the Underlying Index. There is no minimum Payment at Maturity on
the Trigger PLUS.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If the Underlying Index depreciates 75.00%, investors would lose 75.00% of
their principal and receive only $250.00 per Trigger PLUS at maturity, or 25.00% of the Stated Principal Amount.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 41%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #296dc1">May 2025</FONT></TD><TD STYLE="width: 20%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="color: #296dc1"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 39%; font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="border-top: #296DC1 0.25pt solid; font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #296dc1">Trigger PLUS Based
on the Value of the S&amp;P 500<SUP>&reg;</SUP> Index due June&nbsp;4, 2031</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray">Trigger Performance Leveraged Upside Securities<SUP>SM</SUP></P>

<P STYLE="border-bottom: #296DC1 0.25pt solid; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray"><FONT>Principal
at Risk Securities</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 16pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #296dc1">Risk Factors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>An investment in the Trigger PLUS involves significant risks. This
section describes the material risks relating to the Trigger PLUS. For further discussion of these and other risks, you should read the
section entitled &ldquo;Risk Factors&rdquo; beginning on page&nbsp;S-1 of the accompanying underlying supplement, page&nbsp;S-1 of the
prospectus supplement and page&nbsp;1 of the prospectus. We also urge you to consult with your investment, legal, tax, accounting and
other advisers in connection with your investment in the Trigger PLUS.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #296dc1"><U>Risks Relating to the Structure of the Trigger PLUS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The Trigger PLUS do not pay interest or guarantee return of any principal.</B>
The terms of the Trigger PLUS differ from those of ordinary debt securities in that the Trigger PLUS do not pay interest or guarantee
the payment of any principal amount at maturity. If the Final Index Value is less than the Trigger Level (which is 85.00% of the Initial
Index Value), the Payment at Maturity will be an amount in cash that is at least 15.00% less than the $1,000 Stated Principal Amount of
each Trigger PLUS, and this decrease will be by an amount proportionate to the full decrease in the value of the Underlying Index from
the Initial Index Value. There is no minimum Payment at Maturity on the Trigger PLUS, and you could lose your entire initial investment
in the Trigger PLUS.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The amount payable on the Trigger PLUS is not linked to the Closing Level
of the Underlying Index at any time other than the Valuation Date.</B> The Final Index Value will be the Closing Level of the Underlying
Index on the Valuation Date, subject to postponement for non-Trading Days and certain Market Disruption Events. Even if the value of the
Underlying Index increases prior to the Valuation Date but then decreases on the Valuation Date, the Payment at Maturity may be less,
and may be significantly less, than it would have been had the Payment at Maturity been linked to the value of the Underlying Index prior
to such decrease. Although the actual value of the Underlying Index on the Maturity Date or at other times during the term of the Trigger
PLUS may be higher than the Closing Level of the Underlying Index on the Valuation Date, the Payment at Maturity will be based solely
on the Closing Level of the Underlying Index on the Valuation Date.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The Trigger PLUS are riskier than securities with a shorter term.</B> The
Trigger PLUS are relatively long-dated. Therefore, many of the risks of the Trigger PLUS are heightened as compared to securities with
a shorter term, as you will be subject to those risks for a longer period of time. In addition, the value of a longer-dated security is
typically less than the value of an otherwise comparable security with a shorter term.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #296dc1"><U>Risks Relating to the Underlying Index</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Governmental regulatory actions, such as sanctions, could adversely affect
your investment in the Trigger PLUS.</B> Governmental regulatory actions, including, without limitation, sanctions-related actions by
the U.S. or a foreign government, could prohibit or otherwise restrict persons from holding the Trigger PLUS or any securities included
in the Underlying Index, or engaging in transactions therein, and any such action could adversely affect the value of the Underlying Index
or the Trigger PLUS. These regulatory actions could result in restrictions on the Trigger PLUS and could result in the loss of a significant
portion or all of your initial investment in the Trigger PLUS, including if you are forced to divest the Trigger PLUS due to the government
mandates, especially if such divestment must be made at a time when the value of the Trigger PLUS has declined.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Adjustments to the Underlying Index could adversely affect the value of
the Trigger PLUS.</B> The publisher of the Underlying Index can add, delete or substitute the stocks constituting the Underlying Index,
and can make other methodological changes required by certain events relating to the underlying stocks, such as stock dividends, stock
splits, spin-offs, rights offerings and extraordinary dividends, that could change the value of the Underlying Index. Any of these actions
could adversely affect the value of the Trigger PLUS. The publisher of the Underlying Index may discontinue or suspend calculation or
publication of the Underlying Index at any time. In these circumstances, we, as the calculation agent, will have the sole discretion to
substitute a successor index that is comparable to the discontinued index. We could have an economic interest that is different than that
of investors in the Trigger PLUS insofar as, for example, we are permitted to consider indices that are calculated and published by us
or any of our affiliates. If we determine that there is no appropriate successor index, the Payment at Maturity on the Trigger PLUS will
be an amount based on the closing prices on each date that the value of the Underlying Index is to be calculated of the stocks underlying
the discontinued index at the time of such discontinuance, without rebalancing or substitution, computed by us in accordance with the
formula for and method of calculating the Underlying Index last in effect prior to the discontinuance of the Underlying Index.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #296dc1"><U>Conflicts of Interest</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Certain business, trading and hedging activities of us and our affiliates
may create conflicts with your interests and could potentially adversely affect the value of the Trigger PLUS.</B> We and our affiliates
may engage in trading and other business activities related to the Underlying Index or any securities included in the Underlying Index
that are not for your account or on your behalf. We and our affiliates also may issue or underwrite other financial instruments with returns
based upon the Underlying Index. These activities may present a conflict of interest between your interest in the Trigger PLUS and the
interests that we and our affiliates may have in our or their proprietary accounts, in facilitating transactions, including block trades,
for our or their other customers, and in accounts under our or their management. In addition, we and our affiliates may publish research,
express opinions or provide recommendations that are inconsistent with investing in or holding the Trigger PLUS, and which may be revised
at any time without notice to you. Any such research, opinions or recommendations could adversely affect the value of the Underlying Index,
and therefore, the market value of the Trigger PLUS. These trading and other business activities, if they</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 41%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #296dc1">May 2025</FONT></TD><TD STYLE="width: 20%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="color: #296dc1"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 39%; font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="border-top: #296DC1 0.25pt solid; font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #296dc1">Trigger PLUS Based
on the Value of the S&amp;P 500<SUP>&reg;</SUP> Index due June&nbsp;4, 2031</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray">Trigger Performance Leveraged Upside Securities<SUP>SM</SUP></P>

<P STYLE="border-bottom: #296DC1 0.25pt solid; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray"><FONT>Principal
at Risk Securities</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">adversely affect the value of the Underlying
Index or secondary trading in your Trigger PLUS, could be adverse to your interests as a beneficial owner of the Trigger PLUS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">Moreover, we and our affiliates play a variety of roles in
connection with the issuance of the Trigger PLUS, including hedging our obligations under the Trigger PLUS and making the assumptions
and inputs used to determine the pricing of the Trigger PLUS and the initial estimated value of the Trigger PLUS when the terms of the
Trigger PLUS are set. We expect to hedge our obligations under the Trigger PLUS through CIBCWM, one of our other affiliates, and/or another
unaffiliated counterparty, which may include any dealer from which you purchase the Trigger PLUS. Any of these hedging activities may
adversely affect the value of the Underlying Index and therefore the market value of the Trigger PLUS and the amount you will receive,
if any, on the Trigger PLUS. In connection with such activities, the economic interests of us and our affiliates may be adverse to your
interests as an investor in the Trigger PLUS. Any of these activities may adversely affect the value of the Trigger PLUS. In addition,
because hedging our obligations entails risk and may be influenced by market forces beyond our control, this hedging activity may result
in a profit that is more or less than expected, or it may result in a loss. We, one or more of our affiliates or any unaffiliated counterparty
will retain any profits realized in hedging our obligations under the Trigger PLUS even if investors do not receive a favorable investment
return under the terms of the Trigger PLUS or in any secondary market transaction. Any profit in connection with such hedging activities
will be in addition to any other compensation that we, our affiliates or any unaffiliated counterparty receive for the sale of the Trigger
PLUS, which creates an additional incentive to sell the Trigger PLUS to you. We, our affiliates or any unaffiliated counterparty will
have no obligation to take, refrain from taking or cease taking any action with respect to these transactions based on the potential effect
on an investor in the Trigger PLUS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>There are potential conflicts of interest between you and the calculation
agent.</B> The calculation agent will determine, among other things, the amount of payments on the Trigger PLUS. The calculation agent
will exercise its judgment when performing its functions. For example, the calculation agent will determine whether a Market Disruption
Event has occurred on the scheduled Valuation Date. This determination may, in turn, depend on the calculation agent&rsquo;s judgment
as to whether the event has materially interfered with our ability or the ability of one of our affiliates to unwind our hedge positions.
The calculation agent will be required to carry out its duties in good faith and use its reasonable judgment. However, because we will
be the calculation agent, potential conflicts of interest could arise. None of us, CIBCWM or any of our other affiliates will have any
obligation to consider your interests as a holder of the Trigger PLUS in taking any action that might affect the value of your Trigger
PLUS.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #296dc1"><U>General Risks</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Payments on the Trigger PLUS are subject to our credit risk, and actual
or perceived changes in our creditworthiness are expected to affect the value of the Trigger PLUS.</B> The Trigger PLUS are our senior
unsecured debt obligations and are not, either directly or indirectly, an obligation of any third party. As further described in the accompanying
prospectus and prospectus supplement, the Trigger PLUS will rank on par with all of our other unsecured and unsubordinated debt obligations,
except such obligations as may be preferred by operation of law. Any payments to be made on the Trigger PLUS depend on our ability to
satisfy our obligations as they come due. As a result, the actual and perceived creditworthiness of us may affect the market value of
the Trigger PLUS and, in the event we were to default on our obligations, you may not receive the amounts owed to you under the terms
of the Trigger PLUS. If we default on our obligations under the Trigger PLUS, your investment would be at risk and you could lose some
or all of your investment. See &ldquo;Description of Senior Debt Securities&mdash;Events of Default&rdquo; in the accompanying prospectus.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The Bank&rsquo;s initial estimated value of the Trigger PLUS will be lower
than the initial issue price (price to public) of the Trigger PLUS.</B> The initial issue price of the Trigger PLUS will exceed the Bank&rsquo;s
initial estimated value because costs associated with selling and structuring the Trigger PLUS, as well as hedging the Trigger PLUS, are
included in the initial issue price of the Trigger PLUS. See &ldquo;Additional Information About the Trigger PLUS&mdash;The Bank&rsquo;s
Estimated Value of the Trigger PLUS&rdquo; on page&nbsp;12 of this pricing supplement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The Bank&rsquo;s initial estimated value does not represent future values
of the Trigger PLUS and may differ from others&rsquo; estimates.</B> The Bank&rsquo;s initial estimated value of the Trigger PLUS is only
an estimate, which will be determined by reference to the Bank&rsquo;s internal pricing models when the terms of the Trigger PLUS are
set. This estimated value will be based on market conditions and other relevant factors existing at that time, the Bank&rsquo;s internal
funding rate on the Pricing Date and the Bank&rsquo;s assumptions about market parameters, which can include volatility, dividend rates,
interest rates and other factors. Different pricing models and assumptions could provide valuations for the Trigger PLUS that are greater
or less than the Bank&rsquo;s initial estimated value. In addition, market conditions and other relevant factors in the future may change,
and any assumptions may prove to be incorrect. On future dates, the market value of the Trigger PLUS could change significantly based
on, among other things, changes in market conditions, including the value of the Underlying Index, the Bank&rsquo;s creditworthiness,
interest rate movements and other relevant factors, which may impact the price at which CIBCWM or any other party would be willing to
buy the Trigger PLUS from you in any secondary market transactions. The Bank&rsquo;s initial estimated value does not represent a minimum
price at which CIBCWM or any other party would be willing to buy the Trigger PLUS in any secondary market (if any exists) at any time.
See &ldquo;Additional Information About the Trigger PLUS&mdash;The Bank&rsquo;s Estimated Value of the Trigger PLUS&rdquo; on page&nbsp;12
of this pricing supplement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The Bank&rsquo;s initial estimated value of the Trigger PLUS will not be
determined by reference to credit spreads for our conventional fixed-rate debt.</B> The internal funding rate to be used in the determination
of the Bank&rsquo;s initial estimated value of the</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="border-top: #296DC1 0.25pt solid; font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #296dc1">Trigger PLUS Based
on the Value of the S&amp;P 500<SUP>&reg;</SUP> Index due June&nbsp;4, 2031</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray">Trigger Performance Leveraged Upside Securities<SUP>SM</SUP></P>

<P STYLE="border-bottom: #296DC1 0.25pt solid; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray"><FONT>Principal
at Risk Securities</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">Trigger PLUS generally represents a
discount from the credit spreads for our conventional fixed-rate debt. The discount is based on, among other things, our view of the funding
value of the Trigger PLUS as well as the higher issuance, operational and ongoing liability management costs of the Trigger PLUS in comparison
to those costs for our conventional fixed-rate debt. If the Bank were to use the interest rate implied by our conventional fixed-rate
debt, we would expect the economic terms of the Trigger PLUS to be more favorable to you. Consequently, our use of an internal funding
rate for market-linked securities would have an adverse effect on the economic terms of the Trigger PLUS, the initial estimated value
of the Trigger PLUS on the Pricing Date, and any secondary market prices of the Trigger PLUS. See &ldquo;Additional Information About
the Trigger PLUS &mdash;The Bank&rsquo;s Estimated Value of the Trigger PLUS&rdquo; on page&nbsp;12 of this pricing supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>If CIBCWM were to repurchase your Trigger PLUS after the Original Issue
Date, the price may be higher than the then-current estimated value of the Trigger PLUS for a limited time period.</B> While CIBCWM may
make markets in the Trigger PLUS, it is under no obligation to do so and may discontinue any market-making activities at any time without
notice. The price that it makes available from time to time after the Original Issue Date at which it would be willing to repurchase the
Trigger PLUS will generally reflect its estimate of their value. That estimated value will be based upon a variety of factors, including
then prevailing market conditions, our creditworthiness and transaction costs. However, for a period of approximately 24 months after
the Pricing Date, the price at which CIBCWM may repurchase the Trigger PLUS is expected to be higher than their estimated value at that
time. This is because, at the beginning of this period, that price will not include certain costs that were included in the initial issue
price, particularly our hedging costs and profits. As the period continues, these costs are expected to be gradually included in the price
that CIBCWM would be willing to pay, and the difference between that price and CIBCWM&rsquo;s estimate of the value of the Trigger PLUS
will decrease over time until the end of this period. After this period, if CIBCWM continues to make a market in the Trigger PLUS, the
prices that it would pay for them are expected to reflect its estimated value, as well as customary bid-ask spreads for similar trades.
In addition, the value of the Trigger PLUS shown on your account statement may not be identical to the price at which CIBCWM would be
willing to purchase the Trigger PLUS at that time, and could be lower than CIBCWM&rsquo;s price.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Economic and market factors may adversely affect the terms and market price
of the Trigger PLUS prior to maturity.</B> Because structured notes, including the Trigger PLUS, can be thought of as having a debt and
derivative component, factors that influence the values of debt instruments and options and other derivatives will also affect the terms
and features of the Trigger PLUS at issuance and the market price of the Trigger PLUS prior to maturity. These factors include the value
of the Underlying Index; the volatility of the Underlying Index; the dividend rates paid on the securities included in the Underlying
Index; the time remaining to the maturity of the Trigger PLUS; interest rates in the markets in general; geopolitical conditions and economic,
financial, political, regulatory, judicial or other events; and the creditworthiness of CIBC. These and other factors are unpredictable
and interrelated and may offset or magnify each other.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The Trigger PLUS will not be listed on any securities exchange and we do
not expect a trading market for the Trigger PLUS to develop. The Trigger PLUS will not be listed on any securities exchange.</B> Although
CIBCWM and/or its affiliates may purchase the Trigger PLUS from holders, they are not obligated to do so and are not required to make
a market for the Trigger PLUS. There can be no assurance that a secondary market will develop for the Trigger PLUS. Because we do not
expect that any market makers will participate in a secondary market for the Trigger PLUS, the price at which you may be able to sell
your Trigger PLUS is likely to depend on the price, if any, at which CIBCWM and/or its affiliates are willing to buy your Trigger PLUS.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">If a secondary market does exist, it may be limited. Accordingly,
there may be a limited number of buyers if you decide to sell your Trigger PLUS prior to maturity. This may affect the price you receive
upon such sale. Consequently, you should be willing to hold the Trigger PLUS to maturity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #296dc1"><U>Tax Risks</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The tax treatment of the Trigger PLUS is uncertain.</B> Significant aspects
of the tax treatment of the Trigger PLUS are uncertain. You should consult your tax advisor about your own tax situation. See &ldquo;Additional
Information About the Trigger PLUS &mdash; United States Federal Income Tax Considerations&rdquo; and &ldquo;&mdash; Certain Canadian
Federal Income Tax Considerations&rdquo; in this pricing supplement, &ldquo;Material U.S. Federal Income Tax Consequences&rdquo; in the
underlying supplement and &ldquo;Material Income Tax Consequences&mdash;Canadian Taxation&rdquo; in the prospectus.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 41%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #296dc1">May 2025</FONT></TD><TD STYLE="width: 20%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="color: #296dc1"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 39%; font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="border-top: #296DC1 0.25pt solid; font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #296dc1">Trigger PLUS Based
on the Value of the S&amp;P 500<SUP>&reg;</SUP> Index due June&nbsp;4, 2031</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray">Trigger Performance Leveraged Upside Securities<SUP>SM</SUP></P>

<P STYLE="border-bottom: #296DC1 0.25pt solid; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray"><FONT>Principal
at Risk Securities</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 16pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #296dc1">Information About the Underlying Index</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The information below is a brief description of the Underlying Index.
We have derived the following information from publicly available documents. We have not independently verified the accuracy or completeness
of the following information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The S&amp;P 500<SUP>&reg;</SUP>Index (Bloomberg ticker: &ldquo;SPX &lt;Index&gt;&rdquo;)
is calculated, maintained and published by S&amp;P Dow Jones Indices LLC. The Underlying Index consists of stocks of 500 companies selected
to provide a performance benchmark for the U.S. equity markets. See &ldquo;Index Descriptions&mdash;The S&amp;P U.S. Indices&rdquo; beginning
on page&nbsp;S-43 of the accompanying underlying supplement for additional information about the Underlying Index.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In addition, information about the Underlying Index may be obtained from
other sources, including, but not limited to, the index sponsor's website (including information regarding the Underlying Index&rsquo;s
sector weightings). We are not incorporating by reference into this pricing supplement the website or any material it includes. Neither
we nor any of our affiliates makes any representation that such publicly available information regarding the Underlying Index is accurate
or complete.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Information as of market close on April&nbsp;25, 2025:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; width: 24%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #296dc1"><B>Bloomberg Ticker Symbol:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt; width: 17%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">SPX</FONT></TD>
    <TD STYLE="padding-bottom: 5pt; width: 35%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #296dc1"><B>52 Weeks Ago:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt; width: 24%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;5,116.17</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #296dc1"><B>Current Index Value:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,525.21</FONT></TD>
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #296dc1"><B>52 Week High (on February&nbsp;19, 2025):</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;6,144.15</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #296dc1"><B>52 Week Low (on April&nbsp;8, 2025):</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;4,982.77</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Historical Performance of the Underlying Index</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The following graph sets forth the daily Closing Levels of the Underlying
Index in the period from January&nbsp;1, 2020 through April&nbsp;25, 2025. The table below sets forth the published high and low Closing
Levels, as well as end-of-quarter Closing Levels, of the Underlying Index for each quarter in the same period. We obtained the information
in the graph and the table below from Bloomberg L.P. (&ldquo;Bloomberg&rdquo;) without independent verification. The Underlying Index
has at times experienced periods of high volatility. The historical performance of the Underlying Index should not be taken as an indication
of its future performance, and no assurance can be given as to the value of the Underlying Index at any time during the term of the Trigger
PLUS, including the Valuation Date. We cannot give you assurance that the performance of the Underlying Index will result in the return
of any of your investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #DDF0FF">
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; width: 100%; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>S&amp;P 500<SUP>&reg;</SUP> Index Daily Closing Levels<BR>
January 1, 2020 to April 25, 2025</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><IMG SRC="tm2510993d70_424b2img003.jpg" ALT="description" STYLE="height: 252px; width: 420px"></B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>


<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 41%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #296dc1">May 2025</FONT></TD><TD STYLE="width: 20%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="color: #296dc1"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 39%; font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="border-top: #296DC1 0.25pt solid; font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #296dc1">Trigger PLUS Based
on the Value of the S&amp;P 500<SUP>&reg;</SUP> Index due June&nbsp;4, 2031</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray">Trigger Performance Leveraged Upside Securities<SUP>SM</SUP></P>

<P STYLE="border-bottom: #296DC1 0.25pt solid; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray"><FONT>Principal
at Risk Securities</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #296DC1">
    <TD STYLE="padding: 1.5pt 8.5pt; width: 41%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>S&amp;P 500<SUP>&reg;</SUP> Index</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; width: 21%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>High</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; width: 18%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Low</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; width: 20%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Period End</B></FONT></TD></TR>
  <TR STYLE="background-color: #DDF0FF">
    <TD COLSPAN="4" STYLE="padding: 1.5pt 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2020</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">First Quarter</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,386.15</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,237.40</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,584.59</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Second Quarter</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,232.39</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,470.50</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,100.29</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Third Quarter</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,580.84</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,115.86</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,363.00</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fourth Quarter</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,756.07</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,269.96</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,756.07</FONT></TD></TR>
  <TR STYLE="background-color: #DDF0FF">
    <TD COLSPAN="4" STYLE="padding: 1.5pt 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2021</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">First Quarter</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,974.54</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,700.65</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,972.89</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Second Quarter</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,297.50</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,019.87</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,297.50</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Third Quarter</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,536.95</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,258.49</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,307.54</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fourth Quarter</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,793.06</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,300.46</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,766.18</FONT></TD></TR>
  <TR STYLE="background-color: #DDF0FF">
    <TD COLSPAN="4" STYLE="padding: 1.5pt 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2022</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">First Quarter</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,796.56</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,170.70</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,530.41</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Second Quarter</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,582.64</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,666.77</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,785.38</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Third Quarter</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,305.20</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,585.62</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,585.62</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fourth Quarter</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,080.11</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,577.03</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,839.50</FONT></TD></TR>
  <TR STYLE="background-color: #DDF0FF">
    <TD COLSPAN="4" STYLE="padding: 1.5pt 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2023</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">First Quarter</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,179.76</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,808.10</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,109.31</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Second Quarter</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,450.38</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,055.99</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,450.38</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Third Quarter</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,588.96</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,273.53</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,288.05</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fourth Quarter</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,783.35</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,117.37</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,769.83</FONT></TD></TR>
  <TR STYLE="background-color: #DDF0FF">
    <TD COLSPAN="4" STYLE="padding: 1.5pt 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2024</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">First Quarter</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,254.35</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,688.68</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,254.35</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Second Quarter</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,487.03</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,967.23</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,460.48</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Third Quarter</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,762.48</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,186.33</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,762.48</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fourth Quarter</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,090.27</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,695.94</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,881.63</FONT></TD></TR>
  <TR STYLE="background-color: #DDF0FF">
    <TD COLSPAN="4" STYLE="padding: 1.5pt 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2025</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">First Quarter</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,144.15</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,521.52</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,611.85</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Second Quarter (through April 25, 2025)</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,670.97</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,982.77</FONT></TD>
    <TD STYLE="padding: 1.5pt 8.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,525.21</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="border-top: #296DC1 0.25pt solid; font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #296dc1">Trigger PLUS Based
on the Value of the S&amp;P 500<SUP>&reg;</SUP> Index due June&nbsp;4, 2031</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray">Trigger Performance Leveraged Upside Securities<SUP>SM</SUP></P>

<P STYLE="border-bottom: #296DC1 0.25pt solid; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray"><FONT>Principal
at Risk Securities</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 16pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #296dc1">Additional Information About the Trigger PLUS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 21%; padding-top: 6pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #296dc1"><B>Calculation Agent:</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 79%; padding-top: 6pt; padding-right: 6pt; padding-left: 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBC</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DDF0FF">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #296dc1"><B>Minimum Ticketing Size:</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 6pt; padding-left: 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,000 / 1 Trigger PLUS</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #296dc1"><B>United States Federal Income Tax Considerations:</B></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 10pt; text-align: justify">The following discussion is a brief summary of the
    material U.S. federal income tax considerations relating to an investment in the Trigger PLUS. The following summary is not complete and
    is both qualified and supplemented by (although to the extent inconsistent supersedes) the discussion entitled &ldquo;Material U.S. Federal
    Income Tax Consequences&rdquo; in the underlying supplement, which you should carefully review prior to investing in the Trigger PLUS.
    It applies only to those U.S. Holders who are not excluded from the discussion of United States Taxation in the accompanying prospectus.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 10pt; text-align: justify">The U.S. federal income tax considerations of your
    investment in the Trigger PLUS are uncertain. No statutory, judicial or administrative authority directly discusses how the Trigger PLUS
    should be treated for U.S. federal income tax purposes. In the opinion of our tax counsel, Mayer Brown LLP, it would generally be reasonable
    to treat the Trigger PLUS as prepaid derivative contracts. Pursuant to the terms of the Trigger PLUS, you agree to treat the Trigger PLUS
    in this manner for all U.S. federal income tax purposes. If this treatment is respected, you should generally recognize capital gain or
    loss upon the sale, exchange, cash redemption or payment upon maturity in an amount equal to the difference between the amount you receive
    in such transaction and the amount that you paid for your Trigger PLUS. Such gain or loss should generally be treated as long-term capital
    gain or loss if you have held your Trigger PLUS for more than one year.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 10pt; text-align: justify">The expected characterization of the Trigger PLUS
    is not binding on the U.S. Internal Revenue Service (the &ldquo;IRS&rdquo;) or the courts. It is possible that the IRS would seek to characterize
    the Trigger PLUS in a manner that results in tax consequences to you that are different from those described above or in the accompanying
    underlying supplement. For a more detailed discussion of certain alternative characterizations with respect to the Trigger PLUS and certain
    other considerations with respect to an investment in the Trigger PLUS, you should consider the discussion set forth in &ldquo;Material
    U.S. Federal Income Tax Consequences&rdquo; of the underlying supplement. We are not responsible for any adverse consequences that you
    may experience as a result of any alternative characterization of the Trigger PLUS for U.S. federal income tax or other tax purposes.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 10pt; text-align: justify">With respect to the discussion in the underlying
    supplement regarding &ldquo;dividend equivalent&rdquo; payments, the IRS has issued a notice that provides that withholding on dividend
    equivalent payments will not apply to specified ELIs that are not delta-one instruments and that are issued before January 1, 2027. Based
    on our determination that the Trigger PLUS are not &ldquo;delta-one&rdquo; instruments, Non-U.S. Holders should not be subject to withholding
    on dividend equivalent payments, if any, under the Trigger PLUS. For a more detailed discussion of withholding responsibilities on dividend
    equivalent payments, Non-U.S. Holders should consult the section entitled &ldquo;Material U.S. Federal Income Tax Consequences&mdash;Non-U.S.
    Holders&rdquo; in the underlying supplement and consult with their own tax advisors.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0; text-align: justify"><B>You should consult your tax advisor as to the
    tax consequences of such characterization and any possible alternative characterizations of the Trigger PLUS for U.S. federal income tax
    purposes. You should also consult your tax advisor concerning the U.S. federal income tax and other tax consequences of your investment
    in the Trigger PLUS in your particular circumstances, including the application of state, local or other tax laws and the possible effects
    of changes in federal or other tax laws.</B></P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DDF0FF">
    <TD STYLE="padding-top: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #296dc1"><B>Certain Canadian Federal Income Tax Considerations:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0; text-align: justify">In the opinion of Blake, Cassels &amp; Graydon
LLP, our Canadian tax counsel, the following summary describes the principal Canadian federal income tax considerations under the Income
Tax Act (Canada) and the regulations thereto (the &ldquo;Canadian Tax Act&rdquo;) generally applicable at the date hereof to a purchaser
who acquires beneficial ownership of a Trigger PLUS pursuant to this pricing supplement and who for the purposes of the Canadian Tax
Act and at all relevant times: (a) is neither resident nor deemed to be resident in Canada; (b) deals at arm&rsquo;s length with CIBC
and any transferee resident (or deemed to be resident) in Canada to whom the purchaser disposes of the Trigger PLUS; (c) does not use
or hold and is not deemed to use or hold the Trigger PLUS in, or in the course of, carrying on a business in Canada; (d) is entitled
to receive all payments (including any interest and principal) made on the Trigger PLUS; (e) is not a, and deals at arm&rsquo;s length
with any, &ldquo;specified shareholder&rdquo; of CIBC for purposes of the thin capitalization rules in the Canadian Tax Act; and (f)
is not an entity in respect of which CIBC or any transferee resident (or deemed to be resident) in Canada to whom the purchaser disposes
of, loans or otherwise transfers the Trigger PLUS is a &ldquo;specified entity&rdquo;, and is not a &ldquo;specified entity&rdquo; in
respect of</P></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="border-top: #296DC1 0.25pt solid; font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #296dc1">Trigger PLUS Based
on the Value of the S&amp;P 500<SUP>&reg;</SUP> Index due June&nbsp;4, 2031</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray">Trigger Performance Leveraged Upside Securities<SUP>SM</SUP></P>

<P STYLE="border-bottom: #296DC1 0.25pt solid; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray"><FONT>Principal
at Risk Securities</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: rgb(221,240,255); font: 9pt Arial, Helvetica, Sans-Serif; width: 21%; padding-top: 6pt; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(221,240,255); width: 79%; padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 10pt; text-align: justify">such a transferee, in each case, for purposes of
    the Hybrid Mismatch Rules, as defined below (a &ldquo;Non-Resident Holder&rdquo;). Special rules which apply to non-resident insurers
    carrying on business in Canada and elsewhere are not discussed in this summary.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 10pt; text-align: justify">This summary assumes that no amount paid or payable
    to a holder described herein will be the deduction component of a &ldquo;hybrid mismatch arrangement&rdquo; under which the payment arises
    within the meaning of the rules in the Canadian Tax Act with respect to &ldquo;hybrid mismatch arrangements&rdquo; (the &ldquo;Hybrid
    Mismatch Rules&rdquo;). Investors should note that the Hybrid Mismatch Rules are highly complex and there remains significant uncertainty
    as to their interpretation and application.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 10pt; text-align: justify"><B>This summary is supplemental to and should be
    read together with the description of material Canadian federal income tax considerations relevant to a Non-Resident Holder owning Trigger
    PLUS under &ldquo;Material Income Tax Consequences&mdash;Canadian Taxation&rdquo; in the accompanying prospectus and a Non-Resident Holder
    should carefully read that description as well.</B></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 10pt; text-align: justify">This summary is of a general nature only and is
    not intended to be, nor should it be construed to be, legal or tax advice to any particular Non-Resident Holder. Non-Resident Holders
    are advised to consult with their own tax advisors with respect to their particular circumstances.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 10pt; text-align: justify">Based on Canadian tax counsel&rsquo;s understanding
    of the Canada Revenue Agency&rsquo;s administrative policies and having regard to the terms of the Trigger PLUS, interest payable on the
    Trigger PLUS should not be considered to be &ldquo;participating debt interest&rdquo; as defined in the Canadian Tax Act and accordingly,
    a Non-Resident Holder should not be subject to Canadian non-resident withholding tax in respect of amounts paid or credited or deemed
    to have been paid or credited by CIBC on a Trigger PLUS as, on account of or in lieu of payment of, or in satisfaction of, interest.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0; text-align: justify">Non-Resident Holders should consult their own advisors
    regarding the consequences to them of a disposition of the Trigger PLUS to a person with whom they are not dealing at arm&rsquo;s length
    for purposes of the Canadian Tax Act.</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DDF0FF">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: White; padding-top: 5pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #296dc1"><B>Supplemental Plan of Distribution (Conflicts of Interest):</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; background-color: White; padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 10pt; text-align: justify">Pursuant to the terms of a distribution agreement,
    CIBCWM will purchase the Trigger PLUS from CIBC for distribution to Morgan Stanley Wealth Management. Morgan Stanley Wealth Management
    and its financial advisors will collectively receive from CIBCWM a fixed sales commission of $30.00 for each Trigger PLUS they sell. In
    addition, Morgan Stanley Wealth Management will receive a structuring fee of $5.00 for each Trigger PLUS. The costs included in the original
    issue price of the Trigger PLUS will also include a fee paid by CIBCWM to LFT Securities, LLC, an entity in which an affiliate of Morgan
    Stanley Wealth Management has an ownership interest for providing certain electronic platform services with respect to this offering.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 10pt; text-align: justify">CIBCWM is our affiliate, and is deemed to have a
    conflict of interest under FINRA Rule 5121. In accordance with FINRA Rule 5121, CIBCWM may not make sales in this offering to any of its
    discretionary accounts without the prior written approval of the customer.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 10pt; text-align: justify">We expect to deliver the Trigger PLUS against payment
    therefor in New York, New York on a date that is more than one business day following the Pricing Date. Under Rule 15c6-1 of the Securities
    Exchange Act of 1934, trades in the secondary market generally are required to settle in one business day, unless the parties to any such
    trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Trigger PLUS on any date prior to one business day before
    delivery will be required to specify alternative settlement arrangements to prevent a failed settlement.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 10pt; text-align: justify">The Bank may use this pricing supplement in the
    initial sale of the Trigger PLUS. In addition, CIBCWM or another of the Bank&rsquo;s affiliates may use this pricing supplement in market-making
    transactions in any Trigger PLUS after their initial sale. Unless CIBCWM or we inform you otherwise in the confirmation of sale, this
    pricing supplement is being used by CIBCWM in a market-making transaction.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 10pt; text-align: justify">While CIBCWM may make markets in the Trigger PLUS,
    it is under no obligation to do so and may discontinue any market-making activities at any time without notice. See the section titled
    &ldquo;Supplemental Plan of Distribution (Conflicts of Interest)&rdquo; in the accompanying prospectus supplement.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0; text-align: justify">The price at which you purchase the Trigger PLUS
    includes costs that the Bank or its affiliates expect to incur and profits that the Bank or its affiliates expect to realize in connection
    with hedging activities related to the Trigger PLUS. These costs and profits will likely reduce the secondary market price, if any secondary
    market develops, for the Trigger PLUS. As a result, you may experience an immediate and substantial decline in the market value of your
    Trigger PLUS on the Original Issue Date.</P></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 41%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #296dc1">May 2025</FONT></TD><TD STYLE="width: 20%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="color: #296dc1"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 39%; font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="border-top: #296DC1 0.25pt solid; font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #296dc1">Trigger PLUS Based
on the Value of the S&amp;P 500<SUP>&reg;</SUP> Index due June&nbsp;4, 2031</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray">Trigger Performance Leveraged Upside Securities<SUP>SM</SUP></P>

<P STYLE="border-bottom: #296DC1 0.25pt solid; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray"><FONT>Principal
at Risk Securities</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: rgb(221,240,255); font: 9pt Arial, Helvetica, Sans-Serif; width: 21%; padding-top: 6pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #296dc1"><B>The Bank&rsquo;s Estimated Value of the Trigger PLUS:</B></FONT></TD>
    <TD STYLE="background-color: rgb(221,240,255); width: 79%; padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 10pt; text-align: justify">The Bank&rsquo;s initial estimated value of the
    Trigger PLUS set forth on the cover of this pricing supplement is equal to the sum of the values of the following hypothetical components:
    (1) a fixed-income debt component with the same maturity as the Trigger PLUS, valued using our internal funding rate for structured debt
    described below, and (2) the derivative or derivatives underlying the economic terms of the Trigger PLUS. The Bank&rsquo;s initial estimated
    value does not represent a minimum price at which CIBCWM or any other person would be willing to buy your Trigger PLUS in any secondary
    market (if any exists) at any time.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 10pt; text-align: justify">The internal funding rate used in the determination
    of the Bank&rsquo;s initial estimated value generally represents a discount from the credit spreads for our conventional fixed-rate debt.
    The discount is based on, among other things, our view of the funding value of the Trigger PLUS as well as the higher issuance, operational
    and ongoing liability management costs of the Trigger PLUS in comparison to those costs for our conventional fixed-rate debt. For additional
    information, see &ldquo;Risk Factors&mdash;The Bank&rsquo;s initial estimated value of the Trigger PLUS will not be determined by reference
    to credit spreads for our conventional fixed-rate debt&rdquo; in this pricing supplement.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 10pt; text-align: justify">The value of the derivative or derivatives underlying
    the economic terms of the Trigger PLUS is derived from the Bank&rsquo;s or a third party hedge provider&rsquo;s internal pricing models.
    These models are dependent on inputs such as the traded market prices of comparable derivative instruments and on various other inputs,
    some of which are market-observable, and which can include volatility, dividend rates, interest rates and other factors, as well as assumptions
    about future market events and/or environments.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 10pt; text-align: justify">Accordingly, the Bank&rsquo;s initial estimated
    value of the Trigger PLUS will be determined when the terms of the Trigger PLUS are set based on market conditions and other relevant
    factors and assumptions existing at that time. See &ldquo;Risk Factors&mdash;The Bank&rsquo;s initial estimated value does not represent
    future values of the Trigger PLUS and may differ from others&rsquo; estimates&rdquo; in this pricing supplement.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0; text-align: justify">The Bank&rsquo;s initial estimated value of the
    Trigger PLUS will be lower than the initial issue price of the Trigger PLUS because costs associated with selling, structuring and hedging
    the Trigger PLUS are included in the initial issue price of the Trigger PLUS. These costs include the selling commissions paid to CIBCWM
    and other affiliated or unaffiliated dealers, the projected profits that our hedge counterparties, which may include our affiliates, expect
    to realize for assuming risks inherent in hedging our obligations under the Trigger PLUS and the estimated cost of hedging our obligations
    under the Trigger PLUS. Because hedging our obligations entails risk and may be influenced by market forces beyond our control, this hedging
    may result in a profit that is more or less than expected, or it may result in a loss. We or one or more of our affiliates will retain
    any profits realized in hedging our obligations under the Trigger PLUS. See &ldquo;Risk Factors&mdash;The Bank&rsquo;s initial estimated
    value of the Trigger PLUS will be lower than the initial issue price (price to public) of the Trigger PLUS&rdquo; in this pricing supplement.</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DDF0FF">
    <TD STYLE="padding-top: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; background-color: White; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #296dc1"><B>Where You Can Find More Information:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; background-color: White; padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 10pt; text-align: justify">You should read this pricing supplement together
    with the prospectus dated September 5, 2023 (the &ldquo;prospectus&rdquo;), the prospectus supplement dated September 5, 2023 (the &ldquo;prospectus
    supplement&rdquo;) and the Equity Index Underlying Supplement dated September 5, 2023 (the &ldquo;underlying supplement&rdquo;). Information
    in this pricing supplement supersedes information in the underlying supplement, the prospectus supplement and the prospectus to the extent
    it is different from that information.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 10pt; text-align: justify">Certain terms used but not defined herein will have
    the meanings set forth in the underlying supplement, the prospectus supplement or the prospectus.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 10pt; text-align: justify">References to &ldquo;CIBC,&rdquo; &ldquo;the Issuer,&rdquo;
    &ldquo;the Bank,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo; and &ldquo;our&rdquo; in this document are references to Canadian Imperial
    Bank of Commerce and not to any of our subsidiaries, unless we state otherwise or the context otherwise requires. References to &ldquo;Index&rdquo;
    or &ldquo;Reference Asset&rdquo; in the underlying supplement will be references to &ldquo;Underlying Index&rdquo; herein, and references
    to &ldquo;Final Valuation Date&rdquo; in the underlying supplement will be references to &ldquo;Valuation Date&rdquo; herein.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 10pt; text-align: justify"><B>You may access the underlying supplement,
the prospectus supplement and the prospectus on the SEC website www.sec.gov as follows:</B></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 10pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Underlying supplement dated September 5, 2023:</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 10pt; text-align: justify; color: blue"><U><A HREF="https://www.sec.gov/Archives/edgar/data/1045520/000110465923098170/tm2322483d89_424b5.htm">https://www.sec.gov/Archives/edgar/data/1045520/000110465923098170/tm2322483d89_424b5.htm</A></U></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 10pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Prospectus supplement dated September 5, 2023:</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 10pt; text-align: justify; color: blue"><U><A HREF="https://www.sec.gov/Archives/edgar/data/1045520/000110465923098166/tm2322483d94_424b5.htm">https://www.sec.gov/Archives/edgar/data/1045520/000110465923098166/tm2322483d94_424b5.htm</A></U></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 10pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Prospectus dated September 5, 2023:</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0; text-align: justify; color: blue"><U><A HREF="https://www.sec.gov/Archives/edgar/data/1045520/000110465923098163/tm2325339d10_424b3.htm">https://www.sec.gov/Archives/edgar/data/1045520/000110465923098163/tm2325339d10_424b3.htm</A></U></P></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 12; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 41%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #296dc1">May 2025</FONT></TD><TD STYLE="width: 20%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="color: #296dc1"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 39%; font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
