<SEC-DOCUMENT>0001104659-25-066352.txt : 20250708
<SEC-HEADER>0001104659-25-066352.hdr.sgml : 20250708
<ACCEPTANCE-DATETIME>20250708121918
ACCESSION NUMBER:		0001104659-25-066352
CONFORMED SUBMISSION TYPE:	424B2
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20250708
DATE AS OF CHANGE:		20250708

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:		251110256

	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>tm2519500d7_424b2.htm
<DESCRIPTION>424B2
<TEXT>
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<P STYLE="font-family: Arial, Helvetica, Sans-Serif; margin: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Filed
Pursuant to Rule 424(b)(2)</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Registration
No. 333-272447</FONT></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><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></FONT></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="vertical-align: bottom; width: 47%; text-align: left; font-size: 9pt"><IMG SRC="tm2519500d7_424b2img001.jpg" ALT=""></TD>
    <TD STYLE="font-size: 8pt; text-align: right; width: 53%"><P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Subject
to Completion, Dated July 8, 2025</B></FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 7.5pt">Pricing Supplement
dated</FONT> &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 7.5pt">, 2025</FONT></P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(To
Equity Index Underlying Supplement dated September 5, 2023,</FONT></P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Prospectus
Supplement dated September 5, 2023, and Prospectus dated September 5, 2023)</FONT></P></TD></TR>




  </TABLE>
<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Canadian Imperial
Bank of Commerce Trigger Autocallable Contingent Yield Notes</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$&nbsp;&nbsp;&nbsp; Notes Linked
to the Least Performing of the S&amp;P 500<SUP>&reg;</SUP> Index and the Russell 2000<SUP>&reg;</SUP> Index due on or about July 13,
2028</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top; background-color: #788D41">
    <TD STYLE="padding: 3pt 5pt; font-size: 9pt; font-weight: bold; width: 100%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Investment Description</B></FONT></TD></TR>
</TABLE>

<P STYLE="text-align: justify; font-family: Arial, Helvetica, Sans-Serif; margin-top: 5pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">These
Trigger Autocallable Contingent Yield Notes (the &lsquo;&lsquo;Notes&rsquo;&rsquo;) are senior unsecured debt securities issued by Canadian
Imperial Bank of Commerce (&ldquo;CIBC&rdquo;) with returns linked to the Least Performing of the S&amp;P 500<SUP>&reg;</SUP> Index and
the Russell 2000<SUP>&reg;</SUP> Index (each, an &ldquo;Underlying&rdquo; and together, the &ldquo;Underlyings&rdquo;). The Notes will
rank equally with all of our other unsecured and unsubordinated debt obligations. CIBC will pay a quarterly Contingent Coupon if the
Closing Level of each Underlying on the applicable Coupon Determination Date (including the Final Valuation Date) is equal to or greater
than its Coupon Barrier. Otherwise, no coupon will be paid for the quarter. CIBC will automatically call the Notes if the Closing Level
of each Underlying on any quarterly Call Observation Date, commencing on January 9, 2026, is equal to or greater than its Initial Level.
If the Notes are called, CIBC will pay you the principal amount of your Notes plus the Contingent Coupon for the applicable quarter,
and no further amounts will be owed to you under the Notes. The Underlying with the lowest Underlying Return is the &ldquo;Least Performing
Underlying.&rdquo; If the Notes are not called prior to maturity and the Final Level of the Least Performing Underlying is equal to or
greater than its Downside Threshold, CIBC will pay you a cash payment at maturity equal to the principal amount of your Notes plus the
final Contingent Coupon. If the Final Level of the Least Performing Underlying is less than its Downside Threshold, CIBC will pay you
less than the full principal amount, if anything, resulting in a loss on your initial investment that is proportionate to the negative
performance of the Least Performing Underlying over the term of the Notes, and you may lose up to 100% of your principal amount. </FONT></P>

<P STYLE="text-align: justify; font-family: Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt"><B>&nbsp;</B></FONT></P>

<P STYLE="text-align: justify; font-family: Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>Investing in the Notes involves significant risks. CIBC may not pay any Contingent Coupons on the Notes. You may lose some or all
of your principal amount. You will be exposed to the market risk of each Underlying on each Coupon Determination Date and any decline
in the level of one Underlying may negatively affect your return and will not be offset or mitigated by a lesser decline or any increase
in the level of any other Underlying. Generally, the higher the Contingent Coupon Rate on a Note, the greater the risk of loss on that
Note. The contingent repayment of principal only applies if you hold the Notes to maturity or automatic call. Any payments on the Notes,
including any repayment of principal, are subject to the creditworthiness of CIBC. If CIBC were to default on its payment obligations,
you may not receive any amounts owed to you under the Notes and you could lose your entire investment.</B> &nbsp;</FONT></P>



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<P STYLE="margin: 0; font-size: 7pt"></P>

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<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top; background-color: #788D41">
    <TD STYLE="padding: 5.5pt 5pt 3pt; width: 100%; font-size: 9pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Features</B></FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 0; font-size: 6pt">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font: normal 7pt Wingdings">q</FONT></TD><TD STYLE="padding-right: 15pt; text-align: justify">Contingent
Coupon: <FONT STYLE="font-weight: normal">CIBC will pay a quarterly Contingent Coupon payment if the Closing Level of each Underlying
on the applicable Coupon Determination Date is equal to or greater than its Coupon Barrier. Otherwise, no coupon will be paid for the
quarter.</FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font: normal 7pt Wingdings">q</FONT></TD><TD STYLE="padding-right: 15pt; text-align: justify">Automatically
Callable: <FONT STYLE="font-weight: normal">CIBC will automatically call the Notes and pay you the principal amount of your Notes plus
the Contingent Coupon otherwise due for that applicable quarter if the Closing Level of each Underlying on any quarterly Call Observation
Date, commencing on January 9, 2026 is equal to or greater than its Initial Level. If the Notes are not called, investors will potentially
lose a portion of their principal amount at maturity.</FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font: normal 7pt Wingdings">q</FONT></TD><TD STYLE="padding-right: 15pt; text-align: justify"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Contingent
                                            Repayment of Principal Amount at Maturity:</B> If the Notes have not been previously called
                                            and the Final Level of the Least Performing Underlying is not less than its Downside Threshold,
                                            CIBC will pay you the principal amount per Note at maturity plus the final Contingent Coupon.
                                            If the Final Level of the Least Performing Underlying is less than its Downside Threshold,
                                            CIBC will pay a cash amount that is less than the principal amount, if anything, resulting
                                            in a loss on your initial investment that is proportionate to the decline in the Closing
                                            Level of the Least Performing Underlying from the Trade Date to the Final Valuation Date.
                                            The contingent repayment of principal only applies if you hold the Notes until maturity or
                                            automatic call. Any payments on the Notes, including any repayment of principal, are subject
                                            to the creditworthiness of CIBC.</FONT></P></TD></TR></TABLE>

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<DIV STYLE="float: right; width: 50%">

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #788D41">
    <TD COLSPAN="2" STYLE="padding: 3pt 5pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Key
    Dates<SUP>1</SUP></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; padding-top: 6pt; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Trade Date</FONT></TD>
    <TD STYLE="width: 49%; padding-top: 6pt; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">July
9, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Settlement Date</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">July
14, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Coupon
Determination Dates<SUP>2</SUP></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Quarterly, commencing on October 9, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Call Observation Dates<SUP>2</SUP></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Quarterly, commencing on January 9, 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Final Valuation Date<SUP>2</SUP></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">July
10, 2028</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Maturity Date<SUP>2</SUP></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">July
13, 2028</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5pt; padding-top: 6pt; padding-left: 5pt"><FONT STYLE="font-size: 7pt"><SUP>1</SUP> Expected</FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><SUP>2</SUP> See page PS-4 for additional details </FONT></TD></TR>
  </TABLE>

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<P STYLE="margin: 0"><FONT STYLE="font-size: 5pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 5pt; text-align: justify"><B>THE NOTES ARE SIGNIFICANTLY RISKIER THAN CONVENTIONAL
DEBT INSTRUMENTS. THE TERMS OF THE NOTES MAY NOT OBLIGATE CIBC TO REPAY THE FULL PRINCIPAL AMOUNT OF THE NOTES. THE NOTES CAN HAVE DOWNSIDE
MARKET RISK SIMILAR TO THE LEAST PERFORMING UNDERLYING, WHICH CAN RESULT IN A LOSS OF SOME OR ALL OF THE PRINCIPAL AMOUNT AT MATURITY.
THIS MARKET RISK IS IN ADDITION TO THE CREDIT RISK INHERENT IN PURCHASING A DEBT OBLIGATION OF CIBC. YOU SHOULD NOT PURCHASE THE NOTES
IF YOU DO NOT UNDERSTAND OR ARE NOT COMFORTABLE WITH THE SIGNIFICANT RISKS INVOLVED IN INVESTING IN THE NOTES.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><B>YOU SHOULD CAREFULLY CONSIDER THE RISKS DESCRIBED UNDER &lsquo;&lsquo;KEY
RISKS&rsquo;&rsquo; BEGINNING ON PAGE PS-7 AND THE MORE DETAILED &lsquo;&lsquo;RISK FACTORS&rsquo;&rsquo; BEGINNING ON PAGE S-1 OF THE
ACCOMPANYING UNDERLYING SUPPLEMENT, BEGINNING ON PAGE S-1 OF THE ACCOMPANYING PROSPECTUS SUPPLEMENT AND PAGE 1 OF THE ACCOMPANYING PROSPECTUS
BEFORE PURCHASING ANY NOTES. EVENTS RELATING TO ANY OF THOSE RISKS, OR OTHER RISKS AND UNCERTAINTIES, COULD ADVERSELY AFFECT THE MARKET
VALUE OF, AND THE RETURN ON, YOUR NOTES.</B></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top; background-color: #788D41">
    <TD STYLE="padding: 3pt 5pt; width: 100%; font-size: 9pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Note Offering</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">The Notes are offered at a minimum investment
of $1,000 in denominations of $10 and integral multiples of $10 in excess thereof. The final terms of the Notes will be determined on
the Trade Date.</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.75pt solid"><B>Underlyings<BR>
    (Least Performing of)</B></P></TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.75pt solid"><B>Contingent<BR>

    Coupon Rate</B></P></TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.75pt solid"><B>Initial
    <BR>
Levels</B></P></TD>
    <TD STYLE="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.75pt solid"><B>Downside
    Thresholds</B></P></TD>
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.75pt solid"><B>Coupon
    Barriers</B></P></TD>
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.75pt solid"><B>CUSIP</B></P></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.75pt solid"><B>ISIN</B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">The S&amp;P 500<SUP>&reg;</SUP> Index (&ldquo;SPX&rdquo;)</FONT></TD>
    <TD ROWSPAN="2" STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">9.35% - 9.85% per annum</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 9pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">70.00% of its Initial Level</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">70.00% of its Initial Level</FONT></TD>
    <TD ROWSPAN="2" STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">13608T816</FONT></TD>
    <TD ROWSPAN="2" STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">US13608T8163</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">The Russell 2000<SUP>&reg;</SUP> Index (&ldquo;RTY&rdquo;)</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 9pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">70.00% of its Initial Level</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">70.00% of its Initial Level</FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">See
 &ldquo;Additional Information About the Notes&rdquo; on page PS-2. The Notes offered will have the terms specified in the accompanying
prospectus, prospectus supplement and underlying supplement and the terms set forth herein.</FONT></P>

<P STYLE="font: 6.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Neither
the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;) nor any state or provincial securities commission has approved or
disapproved of the Notes 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.</B></FONT></P>

<P STYLE="font: 6.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The
Notes will not constitute deposits insured by the Canada Deposit Insurance Corporation (the &ldquo;CDIC&rdquo;), the U.S. Federal Deposit
Insurance Corporation, or any other government agency or instrumentality of Canada, the United States or any other jurisdiction. The
Notes are not bail-inable debt securities (as defined on page 6 of the prospectus). The Notes will not be listed on any securities exchange.</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">The
initial estimated value of the Notes on the Trade Date as determined by CIBC is expected to be between $9.687 and $9.887 per $10.00 principal
amount of the Notes, which is expected to be less than the price to public. See &ldquo;Key Risks&mdash;General Risks&rdquo; beginning
on page PS-9 of this pricing supplement and &ldquo;The Bank&rsquo;s Estimated Value of the Notes&rdquo; on the last page of this pricing
supplement for additional information</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">.</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="border-bottom: Black 0.75pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Price
    to Public</B></FONT></P></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="border-bottom: Black 0.75pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Underwriting
    Discount<SUP>(1)</SUP></B></FONT></P></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="border-bottom: Black 0.75pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Proceeds
    to Us</B></FONT></P></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 29%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Notes
    Linked to:</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 11%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Total</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 12%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Per
    Note</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 12%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Total</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 12%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Per
    Note</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 12%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Total</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 12%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Per
    Note</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">The
    Least Performing of the S&amp;P 500<SUP>&reg;</SUP> Index and the Russell 2000<SUP>&reg;</SUP> Index</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">$10.00</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">$0.00</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">$10.00</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 5pt 0 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>(1)</SUP>
CIBC World Markets Corp. (&ldquo;CIBCWM&rdquo;), our affiliate, will purchase the Notes and, as part of the distribution of the Notes,
will sell all of the Notes to UBS Financial Services Inc. (&ldquo;UBS&rdquo;) at no discount. See &ldquo;Supplemental
Plan of Distribution (Conflicts of Interest)&rdquo; on the last page of this pricing supplement for additional information.</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 54%; font-size: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>UBS Financial Services Inc.</B></FONT></TD>
    <TD STYLE="width: 46%; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>CIBC Capital Markets</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 5pt 0 0pt; text-align: justify"></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #788D41">
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; width: 100%; padding: 4pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: white">Additional
    Information About the Notes</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; 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. 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; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">You should rely only on the information contained
in or incorporated by reference in this pricing supplement and the accompanying underlying supplement, the prospectus supplement and the
prospectus. This pricing supplement may be used only for the purpose for which it has been prepared. No one is authorized to give information
other than that contained in this pricing supplement and the accompanying underlying supplement, the prospectus supplement and the prospectus,
and in the documents referred to in those documents and which are made available to the public. We, UBS and our respective affiliates
have not authorized any other person to provide you with different or additional information. If anyone provides you with different or
additional information, you should not rely on it.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">We, CIBCWM and UBS are not making an offer to sell
the Notes in any jurisdiction where the offer or sale is not permitted. You should not assume that the information contained in or incorporated
by reference in this pricing supplement or the accompanying underlying supplement, the prospectus supplement or the prospectus is accurate
as of any date other than the date of the applicable document. Our business, financial condition, results of operations and prospects
may have changed since that date. Neither this pricing supplement nor the accompanying underlying supplement, the prospectus supplement
or the prospectus constitutes an offer, or an invitation on behalf of us, CIBCWM or UBS, to subscribe for and purchase any of the Notes
and may not be used for or in connection with an offer or solicitation by anyone in any jurisdiction in which such an offer or solicitation
is not authorized or to any person to whom it is unlawful to make such an offer or solicitation.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; 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 pricing supplement 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; in the underlying supplement will be references to &ldquo;Underlying.&rdquo;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; 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 (or if such address has changed, by reviewing our filing
for the relevant date on the SEC website):</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9.65pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; font-size: 8.5pt">&uml;</FONT></TD><TD STYLE="padding-right: 23.25pt"><FONT STYLE="font-size: 9pt">Underlying supplement dated September 5, 2023:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 5pt 23.25pt 5pt 27.5pt; text-indent: 0in"><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></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9.65pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&uml;</FONT></TD><TD STYLE="padding-right: 23.25pt"><FONT STYLE="font-size: 9pt">Prospectus supplement dated September 5, 2023:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 5pt 23.25pt 5pt 27.5pt; text-indent: 0in"><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></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9.65pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; font-size: 8.5pt">&uml;</FONT></TD><TD STYLE="padding-right: 23.25pt"><FONT STYLE="font-size: 9pt">Prospectus dated September 5, 2023:</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="text-indent: 0in; margin: 0pt 23.25pt 0pt 27.5pt; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1045520/000110465923098163/tm2325339d10_424b3.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">https://www.sec.gov/Archives/edgar/data/1045520/000110465923098163/tm2325339d10_424b3.htm</FONT></A></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
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<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top; background-color: #788D41">
    <TD STYLE="width: 100%; padding: 4pt 5.4pt; font-size: 9pt; font-weight: bold"><FONT STYLE="color: white">Investor Suitability</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%">
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>The Notes may be suitable for you if:</B></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 5pt 13.3pt; text-align: justify; text-indent: -13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>You
fully understand the risks inherent in an investment in the Notes, including the risk of loss of your entire initial investment.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 5pt 13.3pt; text-align: justify; text-indent: -13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>You believe the Closing Level of each Underlying will be equal to or greater than its Coupon Barrier on most or all of the Coupon
    Determination Dates and equal to or greater than its Downside Threshold on the Final Valuation Date.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 5pt 13.3pt; text-align: justify; text-indent: -13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>You are willing to make an investment where you could lose some or all of your initial investment and are willing to make an investment
    that may have the same downside market risk as the Least Performing Underlying.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 5pt 13.3pt; text-align: justify; text-indent: -13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>You are willing to accept the individual market risk of each Underlying and understand that any decline in the level of one Underlying
    will not be offset or mitigated by a lesser decline or any increase in the level of any other Underlying.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 5pt 13.3pt; text-align: justify; text-indent: -13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>You understand and accept that you will not participate in any appreciation in the level of any Underlying, and your potential
    return is limited to the Contingent Coupon payments.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 5pt 13.3pt; text-align: justify; text-indent: -13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>You are willing to invest in the Notes based on the Coupon Barriers and Downside Thresholds indicated on the cover hereof and if
    the Contingent Coupon Rate was set to the minimum indicated on the cover hereof (the actual Contingent Coupon Rate will be set on the
    Trade Date).</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 5pt 13.3pt; text-align: justify; text-indent: -13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>You are willing to hold the Notes that may be automatically called on any Call Observation Date, commencing on January 9, 2026,
    on which the Closing Level of each Underlying is equal to or greater than its Initial Level, or you are otherwise willing to hold the
    Notes to maturity and do not seek an investment for which there is an active secondary market.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 5pt 13.3pt; text-align: justify; text-indent: -13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>You understand and accept the risks associated with each Underlying.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 5pt 13.3pt; text-align: justify; text-indent: -13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>You are willing to accept the risk and return profile of the Notes versus a conventional debt security with a comparable maturity
    issued by CIBC or another issuer with a similar credit rating.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 5pt 13.3pt; text-align: justify; text-indent: -13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>You are willing to forgo dividends paid on the stocks included in an Underlying and do not seek guaranteed current income from
    your investment.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.3pt; text-align: justify; text-indent: -13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>You are willing to assume the credit risk associated with CIBC, as Issuer of the Notes, and understand that if CIBC defaults on
    its obligations, you may not receive any amounts due to you, including any repayment of principal.</P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%">
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>The Notes may not be suitable for you if:</B></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 5pt 13.3pt; text-align: justify; text-indent: -13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>You do not fully understand the risks inherent in an investment in the Notes, including the risk of loss of your entire initial
    investment.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 5pt 13.3pt; text-align: justify; text-indent: -13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>You believe that the level of at least one Underlying will decline during the term of the Notes and is likely to close below its
    Coupon Barrier on most or all of the Coupon Determination Dates and below its Downside Threshold on the Final Valuation Date.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 5pt 13.3pt; text-align: justify; text-indent: -13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>You are not willing to make an investment in which you could lose some or all of your initial investment and you are not willing
    to make an investment that may have the same downside market risk as the Least Performing Underlying.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 5pt 13.3pt; text-align: justify; text-indent: -13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>You are not willing to accept the individual market risk of each Underlying or are not willing to accept the risk that any decline
    in the level of one Underlying will not be offset or mitigated by a lesser decline or any increase in the level of any other Underlying.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 5pt 13.3pt; text-align: justify; text-indent: -13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>You seek an investment that participates in the appreciation in the level of any Underlying or that has unlimited return potential.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 5pt 13.3pt; text-align: justify; text-indent: -13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>You are unwilling to invest in the Notes based on the Coupon Barriers and Downside Thresholds indicated on the cover hereof or
    if the Contingent Coupon Rate was set to the minimum indicated on the cover hereof (the actual Contingent Coupon Rate will be set on the
    Trade Date).</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 5pt 13.3pt; text-align: justify; text-indent: -13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>You are unable or unwilling to hold the Notes that will be automatically called on any Call Observation Date, commencing on January
    9, 2026, on which the Closing Level of each Underlying is equal to or greater than its Initial Level, or you are otherwise unable or unwilling
    to hold the Notes to maturity and seek an investment for which there will be an active secondary market.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 5pt 13.3pt; text-align: justify; text-indent: -13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>You do not understand or accept the risks associated with any Underlying.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 5pt 13.3pt; text-align: justify; text-indent: -13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>You prefer the lower risk, and therefore accept the potentially lower returns, of conventional debt securities with comparable
    maturities issued by CIBC or another issuer with a similar credit rating.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 5pt 13.3pt; text-align: justify; text-indent: -13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>You prefer to receive the dividends paid on the stocks included in an Underlying and seek guaranteed current income from your investment.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 5pt 13.3pt; text-align: justify; text-indent: -13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>You are not willing or are unable to assume the credit risk associated with CIBC, as Issuer of the Notes, for any payments on the
    Notes, including any repayment of principal.</P></TD></TR>
  </TABLE>
<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The
suitability considerations identified above are not exhaustive. Whether or not the Notes are a suitable investment for you will depend
on your individual circumstances, and you should reach an investment decision only after you and your investment, legal, tax, accounting
and other advisors have carefully considered the suitability of an investment in the Notes in light of your particular circumstances.
For more information about the Underlyings, see &ldquo;Information About the Underlyings&rdquo; in this pricing supplement, and &ldquo;Index
Descriptions&mdash; The S&amp;P U.S. Indices&rdquo; beginning on page S-43 and &ldquo;&mdash;The Russell Indices&rdquo; beginning on
page S-31 of the accompanying underlying supplement. You should also review carefully the &ldquo;Key Risks&rdquo; herein and the more
detailed &ldquo;Risk Factors&rdquo; beginning on page S-1 of the underlying supplement and beginning on page S-1 of the accompanying
prospectus supplement.</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top; background-color: #788D41">
    <TD STYLE="width: 100%; padding: 4pt 5.4pt; text-align: justify; font-size: 9pt; font-weight: bold"><FONT STYLE="color: white">Indicative Terms</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; width: 20%; padding-bottom: 5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Issuer:</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 80%; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Canadian
    Imperial Bank of Commerce</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Principal
    Amount:</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$10.00
    per Note (subject to a minimum investment of $1,000).</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Term:</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Approximately
    3 years, unless earlier called</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Trade
    Date&sup1;:</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">July
    9, 2025</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Settlement
    Date&sup1;:</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">July
    14, 2025</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Final
    Valuation Date&sup1;:</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">July
    10, 2028</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Maturity
    Date&sup1;:</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">July
    13, 2028</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Reference
    Asset:</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
    least performing of the S&amp;P 500<SUP>&reg;</SUP> Index (Ticker: &ldquo;SPX&rdquo;) and the Russell 2000<SUP>&reg;</SUP> Index
    (Ticker: &ldquo;RTY&rdquo;)</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(each, an &ldquo;Underlying&rdquo; and
    together, the &ldquo;Underlyings&rdquo;)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Automatic
    Call Feature / Call Observation Dates / Call Payment Date:</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 5pt"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
    Notes will be automatically called if the Closing Level of each Underlying on any quarterly Call Observation Date, commencing on
    January 9, 2026, is equal to or greater than its Initial Level. Each Coupon Determination Date on and after January 9, 2026 will
    also be a Call Observation Date. You will not receive any notice from us if the Notes are automatically called.</FONT></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If
the Notes are called, CIBC will pay you on the applicable Coupon Payment Date (which will also be the &ldquo;Call Payment Date&rdquo;)
a cash payment per Note equal to your principal amount plus the Contingent Coupon otherwise due on that date. No further amounts will
be owed to you under the Notes.</FONT></P></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Coupon
    Payment Dates:</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Two
    business days following the applicable Coupon Determination Date, except that as to the final Coupon Determination Date, the Coupon
    Payment Date will be the Maturity Date. The expected Coupon Determination Dates and Coupon Payment Dates are set forth in the table
    below.</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Contingent
    Coupon Rate:</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.35%
    to 9.85% per annum (or </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2.3375% to 2.4625%</FONT>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">per quarter), to be determined on the Trade Date</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top; background-color: #788D41">
    <TD STYLE="background-color: White; width: 20%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Contingent
    Coupon:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt; background-color: White; width: 80%"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">If
                                            the Closing Level of each Underlying is equal to or greater than its Coupon Barrier on any
                                            Coupon Determination Date, CIBC will pay you the Contingent Coupon applicable to that Coupon
                                            Determination Date</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">If the Closing Level of any Underlying is less
    than its Coupon Barrier on any Coupon Determination Date, the Contingent Coupon applicable to that Coupon Determination Date will
    not be payable and CIBC will not make any payment to you on the relevant Coupon Payment Date.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
    Contingent Coupon will be between $0.23375 and $0.24625 per quarter per Note, to be determined on the Trade Date. The following table
    sets forth the expected Coupon Determination Dates and Coupon Payment Dates.</FONT></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
  </TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 19%">&nbsp;</TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: Black 0.75pt solid; text-align: center"><FONT STYLE="font-weight: normal">Expected
    Coupon<BR>
    Determination Dates<SUP>1</SUP></FONT></P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: Black 0.75pt solid; text-align: center"><FONT STYLE="font-weight: normal">Expected
    Coupon<BR>
    Payment Dates<SUP>1</SUP></FONT></P></TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">October 9, 2025</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">October 14, 2025</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">January 9, 2026</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">January 13, 2026</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">April 9, 2026</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">April 13, 2026</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">July 9, 2026</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">July 13, 2026</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">October 9, 2026</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">October 14, 2026</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">January 11, 2027</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">January 13, 2027</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">April 9, 2027</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">April 13, 2027</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">July 9, 2027</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">July 13, 2027</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">October 12, 2027</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">October 14, 2027</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">January 10, 2028</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">January 12, 2028</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">April 10, 2028</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">April 12, 2028</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">July 10, 2028</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">July 13, 2028</FONT></TD>
    <TD STYLE="padding-bottom: 5pt">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 5pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 5pt; padding-left: 5.4pt">Contingent Coupon payments on the Notes are
    not guaranteed. CIBC will not pay you the Contingent Coupon for any Coupon Determination Date on which the Closing Level of any Underlying
    is less than its Coupon Barrier. </TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 5pt; padding-left: 5.4pt; width: 20%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Payment
    at Maturity (per $10 Note):</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 5pt; padding-left: 5.4pt; width: 80%"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If
    the Notes are not called, for each $10 principal amount of the Notes, you will receive a cash payment on the Maturity Date calculated
    as follows:</FONT></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>If
    the Final Level of the Least Performing Underlying is equal to or greater than its Downside Threshold:</B></FONT></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$10
    + final Contingent Coupon</FONT></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>If
    the Final Level of the Least Performing Underlying is less than its Downside Threshold:</B></FONT></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$10
    &times; (1 + Underlying Return of the Least Performing Underlying).</FONT></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>In
this case, you will have a loss of principal that is proportionate to the decline in the Final Level of the Least Performing Underlying
as compared to its Initial Level, and you will lose some or all of your principal amount. Even with any Contingent Coupons, the return
on the Notes may be negative.</B></FONT></P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 5pt; padding-left: 5.4pt; width: 20%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Least
    Performing Underlying:</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-bottom: 5pt; width: 80%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
    Underlying with the lowest Underlying Return.</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Underlying
    Return:</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 5pt"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">For
    each Underlying, calculated as follows:</FONT></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Final
    Level - Initial Level</U></FONT></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Initial
Level</FONT></P></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Coupon
    Barrier:</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">For
    each Underlying, 70.00% of its Initial Level.</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Downside
    Threshold:</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">For
    each Underlying, 70.00% of its Initial Level.</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Initial
    Level:</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">For
    each Underlying, its Closing Level on the Trade Date.</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Final
    Level:</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">For
    each Underlying, its Closing Level on the Final Valuation Date.</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Calculation
    Agent:</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Canadian
    Imperial Bank of Commerce</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><SUP>1</SUP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Expected.
In the event CIBC makes any changes to the expected Trade Date and Settlement Date, the Final Valuation Date and the Maturity Date will
be changed so that the stated term of the Notes remains the same, and the Coupon Determination Dates and the Call Observation Dates may
be adjusted in a similar manner. Each Coupon Determination Date, Call Observation Date and Coupon Payment Date, including the Final Valuation
Date and the Maturity Date, is subject to postponement in the event of a Market Disruption Event or non-trading day, as described under
 &ldquo;Certain Terms of the Notes&mdash;Valuation Dates&mdash;For Notes Where the Reference Asset Consists of Multiple Indices&rdquo;
and &ldquo;&mdash;Interest Payment Dates, Coupon Payment Dates, Call Payment Dates and Maturity Date&rdquo; in the accompanying underlying
supplement.</FONT></P>


<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>


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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top; background-color: #788D41">
    <TD STYLE="width: 100%; padding: 4pt 5.4pt; text-align: justify; font-size: 9pt; font-weight: bold"><FONT STYLE="color: white">Investment Timeline</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
  <TR>
    <TD ROWSPAN="3" STYLE="width: 19%; background-color: White; text-align: left; font-size: 9pt"><IMG SRC="tm2519500d7_424b2img002.jpg" ALT=""></TD>
    <TD STYLE="vertical-align: top; width: 81%; background-color: White; text-align: justify; font-size: 9pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Initial Level of each Underlying is observed and the terms of the Notes are determined.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: White"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
                                        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
                                        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">If the Closing Level of each Underlying is
    equal to or greater than its Coupon Barrier on any Coupon Determination Date, CIBC will pay you a Contingent Coupon on the applicable
    Coupon Payment Date.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Notes will automatically be called if the
    Closing Level of each Underlying on any Call Observation Date, commencing on January 9, 2026, is equal to or greater than its Initial
    Level.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">If the Notes are called, CIBC will pay you
    a cash payment per Note equal to $10.00 plus the Contingent Coupon otherwise due on that date.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: White"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
                                        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
                                        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
                                        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Final Level and the Underlying Return of
    each Underlying are determined on the Final Valuation Date.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">If the Notes have not been called and the Final
    Level of the Least Performing Underlying is equal to or greater than its Downside Threshold, CIBC will repay the principal amount
    equal to $10.00 per Note plus the final Contingent Coupon.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">If the Notes have not been called and the Final
    Level of the Least Performing Underlying is below its Downside Threshold, CIBC will pay you a cash payment at maturity that will
    be less than the principal amount, if anything, resulting in a loss of principal proportionate to the decline of the Least Performing
    Underlying, equal to an amount of:</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>$10 &times; (1 + Underlying Return of the
    Least Performing Underlying) per Note</B></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>INVESTING
IN THE NOTES INVOLVES SIGNIFICANT RISKS. YOU MAY LOSE SOME OR ALL OF YOUR PRINCIPAL AMOUNT AT MATURITY. ANY PAYMENTS ON THE NOTES, INCLUDING
ANY REPAYMENT OF PRINCIPAL, ARE SUBJECT TO THE CREDITWORTHINESS OF CIBC. IF CIBC WERE TO DEFAULT ON ITS PAYMENT OBLIGATIONS, YOU MAY
NOT RECEIVE ANY AMOUNTS OWED TO YOU UNDER THE NOTES AND YOU COULD LOSE YOUR ENTIRE INVESTMENT.</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>You
will be exposed to the market risk of each Underlying on each Coupon Determination Date and any decline in the level of one Underlying
may negatively affect your return and will not be offset or mitigated by a lesser decline or any increase in the level of any other Underlying.
Generally, the higher the Contingent Coupon Rate on a Note, the greater the risk of loss on that Note.</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>


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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #788D41">
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; width: 100%; padding: 4pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Key
    Risks</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">An
investment in the Notes involves significant risks. Some of the risks that apply to the Notes are summarized here. However, CIBC urges
you to read the more detailed explanation of risks relating to the Notes in the &ldquo;Risk Factors&rdquo; section of the accompanying
underlying supplement and the accompanying prospectus supplement. CIBC also urges you to consult your investment, legal, tax, accounting
and other advisors before you invest in the Notes.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Structure
Risks</I></B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#168;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Risk
                                            of Loss at Maturity &mdash; </B>The Notes differ from ordinary debt securities in that CIBC
                                            will not necessarily pay the full principal amount of the Notes. If the Notes are not called,
                                            CIBC will only pay you the principal amount of your Notes in cash at maturity if the Final
                                            Level of the Least Performing Underlying is greater than or equal to its Downside Threshold.
                                            If the Notes are not called and the Final Level of the Least Performing Underlying is less
                                            than its Downside Threshold, you will lose some or all of your initial investment in an amount
                                            proportionate to the decline in the Final Level of the Least Performing Underlying from its
                                            Initial Level. You may lose some or all of your principal amount at maturity.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#168;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The
                                            Contingent Repayment of Principal Applies Only Upon an Automatic Call or at Maturity &mdash;
                                            </B>You should be willing to hold your Notes to an automatic call or maturity. If you are
                                            able to sell your Notes prior to an automatic call or maturity in the secondary market, you
                                            may have to sell them at a loss relative to your investment even if the level of each Underlying
                                            at that time is above its Downside Threshold.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#168;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>You
                                            May Not Receive any Contingent Coupons &mdash; </B>CIBC will not necessarily make periodic
                                            coupon payments on the Notes. If the Closing Level of any Underlying on a Coupon Determination
                                            Date is less than its Coupon Barrier, CIBC will not pay you the Contingent Coupon applicable
                                            to that Coupon Determination Date. If the Closing Level of any Underlying is less than its
                                            Coupon Barrier on each of the Coupon Determination Dates, CIBC will not pay you any Contingent
                                            Coupons during the term of, and you will not receive a positive return on, your Notes. Generally,
                                            this non-payment of the Contingent Coupon coincides with a period of greater risk of principal
                                            loss on your Notes.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#168;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>There
                                            Can Be No Assurance that the Investment View Implicit in the Notes Will Be Successful &mdash;
                                            </B>It is impossible to predict whether and the extent to which the level of any Underlying
                                            will rise or fall. There can be no assurance that the Closing Level of any Underlying will
                                            be equal to or greater than its Coupon Barrier on any Coupon Determination Date or, if the
                                            Notes have not been called, that the Final Level of the Least Performing Underlying will
                                            be equal to or greater than its Downside Threshold. The level of an Underlying will be influenced
                                            by complex and interrelated political, economic, financial and other factors that affect
                                            issuers of the securities included in that Underlying. You should be willing to accept the
                                            risk of not receiving any Contingent Coupons and losing a significant portion or all of your
                                            initial investment.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#168;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Your
                                            Potential Return on the Notes Is Limited to Any Contingent Coupons and You Will Not Participate
                                            in Any Appreciation of Any Underlying Or Underlying Constituents &mdash; </B>The return potential
                                            of the Notes is limited to the Contingent Coupon Rate regardless of any appreciation of any
                                            Underlying. In addition, your total return on the Notes will vary based on the number of
                                            Coupon Determination Dates for which the Contingent Coupons are payable and may be less than
                                            the Contingent Coupon Rate, or even zero. Further, the return potential of the Notes is limited
                                            by the automatic call feature in that you will not receive any further payments after the
                                            Notes are called. Your Notes could be called as early as January 9, 2026, and your return
                                            could be minimal. If the Notes are not called, you may be exposed to the decline in the level
                                            of the Least Performing Underlying even though you cannot participate in any potential appreciation
                                            in the level of any Underlying. In addition, if the Notes have not been previously called
                                            and if the level of the Least Performing Underlying is less than its Initial Level, as the
                                            Maturity Date approaches and the remaining number of Coupon Determination Dates decreases,
                                            the Notes are less likely to be automatically called, as there will be a shorter period of
                                            time remaining for the level of the Least Performing Underlying to increase to its Initial
                                            Level. As a result, the return on an investment in the Notes could be less than the return
                                            on a direct investment in securities represented by any Underlying.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#168;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Reinvestment
                                            Risk &mdash; </B>If your Notes are called early, the term of the Notes will be reduced and
                                            you will not receive any payment on the Notes after the applicable Call Payment Date. There
                                            is no guarantee that you would be able to reinvest the proceeds from an automatic call of
                                            the Notes at a comparable rate of return for a similar level of risk. To the extent you are
                                            able to reinvest such proceeds in an investment comparable to the Notes, you may incur transaction
                                            costs. The Notes may be called as early as approximately 6 months after issuance.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#168;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Because
                                            the Notes Are Linked to the Performance of More Than One Underlying, There Is a Greater Risk
                                            of Contingent Coupons Not Being Paid and of You Sustaining a Significant Loss on Your Investment
                                            &mdash; </B>The risk that you will not receive any Contingent Coupons and lose some or all
                                            of your initial investment in the Notes at maturity is greater if you invest in the Notes
                                            as opposed to substantially similar notes that are linked to the performance of only one
                                            Underlying. With multiple Underlyings, it is more likely that the Closing Level of at least
                                            one Underlying will be less than its Coupon Barrier on a Coupon Determination Date or less
                                            than its Downside Threshold on the Final Valuation Date. Therefore, it is more likely that
                                            you will not receive any Contingent Coupons and that you will suffer a significant loss on
                                            your investment at maturity.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.3pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
addition, movements in the levels of the Underlyings may be correlated or uncorrelated at different times during the term of the Notes,
and such correlation (or lack thereof) could have an adverse effect on your return on the Notes. The correlation of a pair of Underlyings
represents a statistical measurement of the degree to which the ratios of the returns of those Underlyings were similar to each other
over a given period of time. The correlation between a pair of Underlyings is scaled from 1.0 to -1.0, with 1.0 indicating perfect positive
correlation (i.e., the levels of two Underlyings are increasing together or decreasing together and the ratio of their daily returns
has been constant), 0 indicating no correlation (i.e., there is no statistical relationship between the daily returns of that pair of
Underlyings) and -1.0 indicating perfect negative correlation (i.e., as the level of one Underlying increases, the level of the other
Underlying decreases and the ratio of their daily returns has been constant).</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.3pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.3pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
lower (or more negative) the correlation among the Underlyings, the less likely it is that those Underlyings will move in the same direction
and, therefore, the greater the potential for one of those Underlyings to close below its Coupon Barrier or Downside Threshold on a Coupon
Determination Date or the Final Valuation Date, respectively. This is because the less positively correlated the Underlyings are, the
greater the</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.3pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.3pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.3pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.3pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">likelihood that at least one of the Underlyings will decrease in value. This results in a greater potential for a Contingent
Coupon not to be paid during the term of the Notes and for a loss of principal at maturity. However, even if the Underlyings have a higher
positive correlation, one or more of those Underlyings might close below its Coupon Barrier or Downside Threshold on a Coupon Determination
Date or the Final Valuation Date, as the Underlyings may decrease in value together.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.3pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.3pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">CIBC
determines the Contingent Coupon Rate for the Notes based, in part, on the correlation among the Underlyings, calculated using internal
models at the time the terms of the Notes are set. As discussed above, increased risk resulting from lower correlation will be reflected
in a higher Contingent Coupon Rate than would be payable on notes that have a higher degree of correlation.</FONT></P>



<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.3pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#168;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Your
                                            Return Will Be Based on the Individual Return of Each Underlying &mdash; </B>Unlike notes
                                            linked to a basket of underlyings, the Notes will be linked to the individual performance
                                            of each Underlying. Because the Notes are not linked to a basket, in which case the risk
                                            is mitigated and diversified among all of the components of a basket, you will be exposed
                                            to the risk of fluctuations in the levels of the Underlyings to the same degree for each
                                            Underlying. The amount payable on the Notes, if any, depends on the performance of the Least
                                            Performing Underlying regardless of the performance of any other Underlying. You will bear
                                            the risk that any of the Underlyings will perform poorly.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#168;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Higher
                                            Contingent Coupons or Lower Downside Thresholds Are Generally Associated with the Underlying
                                            with Greater Expected Volatility and Therefore Can Indicate a Greater Risk of Loss &mdash;
                                            </B>&rdquo;Volatility&rdquo; refers to the frequency and magnitude of changes in the level
                                            of an Underlying. The greater the expected volatility with respect to an Underlying on the
                                            Trade Date, the higher the expectation as of the Trade Date that the Underlying could close
                                            below its Coupon Barrier on a Coupon Determination Date, resulting in no Contingent Coupons
                                            payable on the Notes, or below its Downside Threshold on the Final Valuation Date, resulting
                                            in the loss of some or all of your investment. This greater expected risk will generally
                                            be reflected in a higher Contingent Coupon than the yield payable on our conventional debt
                                            securities with a similar maturity, or in more favorable terms (such as a lower Downside
                                            Threshold or a higher Contingent Coupon) than for similar securities linked to the performance
                                            of an Underlying with a lower expected volatility as of the Trade Date. You should therefore
                                            understand that a relatively higher Contingent Coupon may indicate an increased risk of loss.
                                            Further, a relatively lower Downside Threshold may not necessarily indicate that the Notes
                                            have a greater likelihood of a repayment of principal at maturity. The volatility of an Underlying
                                            can change significantly over the term of the Notes. The level of an Underlying for your
                                            Notes could fall sharply, which could result in a significant loss of principal, and the
                                            non-payment of one or more Contingent Coupons. You should be willing to accept the downside
                                            market risk of the Least Performing Underlying and the potential to lose some or all of your
                                            principal at maturity.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Underlying
Risks</I></B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#168;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The
                                            Notes Are Subject to Small-Capitalization Risk &mdash; </B>The RTY tracks companies that
                                            may be considered small-capitalization companies. These companies often have greater stock
                                            price volatility, lower trading volume and less liquidity than large-capitalization companies
                                            and therefore, the relevant index level may be more volatile than an investment in stocks
                                            issued by larger companies. Stock prices of small-capitalization companies may also be more
                                            vulnerable than those of larger companies to adverse business and economic developments,
                                            and the stocks of small-capitalization companies may be thinly traded, making it difficult
                                            for the RTY to track them. In addition, small-capitalization companies are often less stable
                                            financially than large-capitalization companies and may depend on a small number of key personnel,
                                            making them more vulnerable to loss of personnel. Small-capitalization companies are often
                                            subject to less analyst coverage and may be in early, and less predictable, periods of their
                                            corporate existences. These companies tend to have smaller revenues, less diverse product
                                            lines, smaller shares of their product or service markets, fewer financial resources and
                                            competitive strengths than large-capitalization companies, and are more susceptible to adverse
                                            developments related to their products. All these factors may adversely affect the level
                                            of the RTY and consequently, the return on the Notes.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#168;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Owning
                                            the Notes Is Not the Same as Owning the Stocks Included in an Underlying &mdash; </B>The
                                            return on your Notes may not reflect the return you would realize if you actually owned the
                                            stocks included in an Underlying. As a holder of the Notes, you will not have voting rights
                                            or rights to receive dividends or other distributions or other rights that holders of the
                                            stocks included in any Underlying would have. Furthermore, an Underlying and the stocks included
                                            in an Underlying may appreciate substantially during the term of your Notes, and you will
                                            not participate in such appreciation.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#168;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Changes
                                            Affecting an Underlying May Adversely Affect the Level of that Underlying &mdash; </B>The
                                            policies of an Underlying&rsquo;s sponsor concerning additions, deletions and substitutions
                                            of the stocks included in that Underlying and the manner in which the Underlying&rsquo;s
                                            sponsor takes account of certain changes affecting those stocks included in that Underlying
                                            may adversely affect the level of that Underlying. The policies of an Underlying&rsquo;s
                                            sponsor with respect to the calculation of that Underlying could also adversely affect the
                                            level of that Underlying. An Underlying&rsquo;s sponsor may discontinue or suspend calculation
                                            or dissemination of that Underlying. Any such actions could have an adverse effect on the
                                            level of an Underlying and consequently, the value of the Notes.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Conflicts
of Interest</I></B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#168;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Certain
                                            Business, Trading and Hedging Activities of Us, UBS, and Our Respective Affiliates May Create
                                            Conflicts With Your Interests and Could Potentially Adversely Affect the Value of the Notes
                                            &mdash; </B>We, UBS, and our respective affiliates may engage in trading and other business
                                            activities related to an Underlying or any securities included in an Underlying that are
                                            not for your account or on your behalf. We, UBS, and our respective affiliates also may issue
                                            or underwrite other financial instruments with returns based upon an Underlying. These activities
                                            may present a conflict of interest between your interest in the Notes and the interests that
                                            we, UBS, and our respective 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, UBS, and our respective affiliates
                                            may publish research, express opinions or provide recommendations that are inconsistent with
                                            investing in or holding the Notes, and which may be revised at any time. Any such research,
                                            opinions or recommendations could adversely affect the level of an Underlying, and therefore,
                                            the market value of the Notes. These trading and other business activities, if they affect
                                            the level of an Underlying or secondary trading in your Notes, could be adverse to your interests
                                            as a beneficial owner of the Notes.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.3pt; text-align: justify"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.3pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Moreover,
we, UBS, and our respective affiliates play a variety of roles in connection with the issuance of the Notes, including hedging our obligations
under the Notes and making the assumptions and inputs used to determine the pricing of the Notes and the initial estimated value of the
Notes when the terms of the Notes are set. We expect to hedge our obligations under the Notes through CIBCWM, UBS, one of our or its
affiliates, and/or another unaffiliated counterparty, which may include any dealer from which you purchase the Notes. Any of these hedging
activities may adversely affect the level of an Underlying and therefore the market value of the Notes and the amount you will receive,
if any, on the Notes. In connection with such activities, the economic interests of us, UBS, and our respective affiliates may be adverse
to your interests as an investor in the Notes. Any of these activities may adversely affect the value of the Notes. 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, UBS, one or more of our respective affiliates or any unaffiliated
counterparty will retain any profits realized in hedging our obligations under the Notes even if investors do not receive a favorable
investment return under the terms of the Notes or in any secondary market transaction. Any profit in connection with such hedging activities
will be in addition to any other compensation that we, UBS, our respective affiliates or any unaffiliated counterparty receive for the
sale of the Notes, which creates an additional incentive to sell the Notes to you. We, UBS, our respective 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 Notes.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.3pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#168;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>There
                                            Are Potential Conflicts of Interest Between You and the Calculation Agent &mdash; </B>The
                                            calculation agent will determine, among other things, the amount of payments on the Notes.
                                            The calculation agent will exercise its judgment when performing its functions. For example,
                                            the calculation agent will determine whether a Market Disruption Event affecting an Underlying
                                            has occurred, and determine the Closing Level of that Underlying if a scheduled Call Observation
                                            Date or the Final Valuation Date is postponed to the last possible day with respect to an
                                            Underlying. See &ldquo;Certain Terms of the Notes&mdash;Valuation Dates&mdash;For Notes Where
                                            the Reference Asset Consists of Multiple Indices&rdquo; in the underlying supplement. 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 Notes in
                                            taking any action that might affect the value of your Notes.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Tax Risks</I></B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#168;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The
                                            Tax Treatment of the Notes Is Uncertain &mdash; </B>Significant aspects of the tax treatment
                                            of the Notes are uncertain. You should consult your tax advisor about your own tax situation.
                                            See &ldquo;United States Federal Income Tax Considerations&rdquo; and &ldquo;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: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>General
Risks</I></B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#168;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Payments
                                            on the Notes Are Subject to Our Credit Risk, and Actual or Perceived Changes in Our Creditworthiness
                                            Are Expected to Affect the Value of the Notes &mdash; </B>The Notes 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 Notes
                                            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. All payments to be made on the
                                            Notes 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 Notes 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 Notes. If we default on our obligations under the Notes, 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="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#168;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The
                                            Notes Will Be Subject to Risks Under Canadian Bank Resolution Powers &mdash; </B>Under Canadian
                                            bank resolution powers, the CDIC may, in circumstances where the Bank has ceased, or is about
                                            to cease, to be viable, assume temporary control or ownership of the Bank and may be granted
                                            broad powers by one or more orders of the Governor in Council (Canada), each of which we
                                            refer to as an &ldquo;Order,&rdquo; including the power to sell or dispose of all or a part
                                            of the assets of the Bank, and the power to carry out or cause the Bank to carry out a transaction
                                            or a series of transactions the purpose of which is to restructure the business of the Bank.
                                            If the CDIC were to take action under the Canadian bank resolution powers with respect to
                                            the Bank, this could result in holders or beneficial owners of the Notes being exposed to
                                            losses.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#168;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The
                                            Bank&rsquo;s Initial Estimated Value of the Notes Will Be Lower Than the Initial Issue Price
                                            (Price to Public) of the Notes &mdash; </B>The initial issue price of the Notes will exceed
                                            the Bank&rsquo;s initial estimated value because costs associated with selling and structuring
                                            the Notes, as well as hedging the Notes, are included in the initial issue price of the Notes.
                                            See &ldquo;The Bank&rsquo;s Estimated Value of the Notes&rdquo; on the last page of this
                                            pricing supplement.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#168;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The
                                            Bank&rsquo;s Initial Estimated Value Does Not Represent Future Values of the Notes and May
                                            Differ From Others&rsquo; Estimates &mdash; </B>The Bank&rsquo;s initial estimated value
                                            of the Notes is only an estimate, which will be determined by reference to the Bank&rsquo;s
                                            internal pricing models when the terms of the Notes 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 Trade 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 Notes 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 Notes could change significantly based on, among
                                            other things, changes in market conditions, including the levels of the Underlyings, 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 Notes
                                            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 Notes in any secondary market (if any exists) at any time. See &ldquo;The Bank&rsquo;s
                                            Estimated Value of the Notes&rdquo; on the last page of this pricing supplement.</FONT></TD></TR></TABLE>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#168;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The
                                            Bank&rsquo;s Initial Estimated Value of the Notes Will Not Be Determined by Reference to
                                            Credit Spreads for Our Conventional Fixed-Rate Debt &mdash; </B>The internal funding rate
                                            to be used in the determination of the Bank&rsquo;s initial estimated value of the Notes
                                            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 Notes
                                            as well as the higher issuance, operational and ongoing liability management costs of the
                                            Notes 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 Notes to be more favorable to you. Consequently, our use of an internal
                                            funding rate for market-linked Notes would have an adverse effect on the economic terms of
                                            the Notes, the initial estimated value of the Notes on the Trade Date, and any secondary
                                            market prices of the Notes. See &ldquo;The Bank&rsquo;s Estimated Value of the Notes&rdquo;
                                            on the last page of this pricing supplement.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#168;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>If
                                            CIBCWM Were to Repurchase Your Notes After the Settlement Date, the Price May Be Higher Than
                                            the Then-Current Estimated Value of the Notes for a Limited Time Period &mdash; </B>While
                                            CIBCWM may make markets in the Notes, 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 Settlement Date at which it would be willing to repurchase the
                                            Notes 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 3 months after the Trade Date,
                                            the price at which CIBCWM may repurchase the Notes 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 Notes will decrease over time until the end of
                                            this period. After this period, if CIBCWM continues to make a market in the Notes, 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 Notes shown on your account
                                            statement may not be identical to the price at which CIBCWM would be willing to purchase
                                            the Notes at that time, and could be lower than CIBCWM&rsquo;s price.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#168;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Economic
                                            and Market Factors May Adversely Affect the Terms and Market Price of the Notes Prior to
                                            Maturity or Call &mdash; </B>Because structured notes, including the Notes, 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 Notes at
                                            issuance and the market price of the Notes prior to maturity or call. These factors include
                                            the levels of the Underlyings; the volatility of the Underlyings; the dividend rate paid
                                            on stocks included in an Underlying; the time remaining to the maturity or call of the Notes;
                                            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="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#168;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The
                                            Notes Will Not Be Listed on Any Securities Exchange and We Do Not Expect a Trading Market
                                            for the Notes to Develop &mdash; </B>The Notes will not be listed on any securities exchange.
                                            Although CIBCWM and/or its affiliates intend to purchase the Notes from holders, they are
                                            not obligated to do so and are not required to make a market for the Notes. There can be
                                            no assurance that a secondary market will develop for the Notes. Because we do not expect
                                            that any market makers will participate in a secondary market for the Notes, the price at
                                            which you may be able to sell your Notes is likely to depend on the price, if any, at which
                                            CIBCWM and/or its affiliates are willing to buy your Notes.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.3pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.3pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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 Notes
prior to maturity or automatic call. This may affect the price you receive upon such sale. Consequently, you should be willing to hold
the Notes to maturity or automatic call.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.3pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.3pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.3pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #788D41">
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; width: 100%; padding: 4pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Hypothetical
    Scenario Analysis and Examples</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
scenario analysis and examples below are hypothetical and provided for illustrative purposes only. They do not purport to be representative
of every possible scenario concerning increases or decreases in the level of any Underlying relative to its Initial Level. <B>The hypothetical
terms used below are not the actual terms. The actual terms will be set on the Trade Date and will be indicated on the cover of the applicable
pricing supplement. </B>We cannot predict the Final Level or the Closing Level of any Underlying on any Coupon Determination Date or
Call Observation Date. You should not take the scenario analysis and these examples as an indication or assurance of the expected performance
of any Underlying. The numbers appearing in the examples below may have been rounded for ease of analysis. The following scenario analysis
and examples illustrate the Payment at Maturity or upon earlier automatic call per $10.00 Note on a hypothetical offering of the Notes,
based on the following assumptions:</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investment Term:</FONT></TD>
    <TD STYLE="font-size: 9pt; width: 70%; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Approximately
    3 years (unless earlier called)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Hypothetical Initial Levels:</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,000 for each Underlying</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Hypothetical Contingent Coupon Rate:</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.35% per annum (or 2.3375% per quarter)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Hypothetical Contingent Coupon:</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$0.23375 per quarter</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Coupon Determination Dates:</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarterly</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Call Observation Dates:</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarterly, commencing on January 9, 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Hypothetical Coupon Barriers:</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">700.00 for each Underlying (70.00% of its Initial Level)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Hypothetical Downside Thresholds:</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">700.00 for each Underlying (70.00% of its Initial Level)</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Example 1
 &mdash; Notes Are Called on the First Call Observation Date, Which Corresponds to the Second Coupon Determination Date</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 22%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Date</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 53%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Closing
    Level</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 25%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Payment
    (per Note)</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">First
    Coupon Determination Date</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">SPX:
    700 (at or above Coupon Barrier; below Initial Level)<BR>
    RTY: 1,100 (at or above Coupon Barrier and Initial Level)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$0.23375
    (Contingent Coupon)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Second
    Coupon<BR>
 Determination Date (and First Call Observation Date)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">SPX:
    1,300 (at or above Coupon Barrier and Initial Level)<BR>
    RTY: 1,200 (at or above Coupon Barrier and Initial Level)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$10.23375
    (Settlement Amount)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total
    Payment:</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$10.46750
    (4.6750% return)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Since the Notes are called on the second Coupon Determination Date (which is the first Call Observation Date), CIBC will pay you on the
Call Payment Date a total of $10.23375 per Note. When added to the Contingent Coupon payment of $0.23375 received in respect of the first
Coupon Determination Date, CIBC will have paid you a total of $10.46750 per Note, for a 4.6750% total return on the Notes. No further
amount will be owed to you under the Notes.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Example 2
 &mdash; Notes Are NOT Called and the Final Level of Each Underlying Is at or Above Its Coupon Barrier and Downside Threshold</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 21%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Date</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 53%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Closing
    Level</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 26%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Payment
    (per Note)</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">First
    Coupon Determination Date</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">SPX:&nbsp;&nbsp;850
    (at or above Coupon Barrier; below Initial Level)<BR>
    RTY:&nbsp;&nbsp;850 (at or above Coupon Barrier; below Initial Level)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$0.23375
    (Contingent Coupon)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Second
    through Eleventh Coupon Determination Dates (and First through Tenth Call Observation Dates)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Various
    (Closing Level of at least one Underlying below Coupon Barrier; below Initial Level)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$0.00
    (Notes are not automatically called)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Final
    Valuation Date</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">SPX:
    700 (at or above Coupon Barrier and Downside Threshold; below Initial Level)<BR>
    RTY: 1,100 (at or above Coupon Barrier, Downside Threshold and Initial Level)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$10.23375
    (Payment at Maturity)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total
    Payment:</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$10.46750
    (4.6750% return)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">At maturity, CIBC will pay you a total of $10.23375 per Note, reflecting your principal amount plus the applicable Contingent Coupon.
When added to the Contingent Coupon payment of $0.23375 received in respect of the first Coupon Determination Date, CIBC will have paid
you a total of $10.46750 per Note, for a 4.6750% total return on the Notes.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-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>
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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Example 3
 &mdash; Notes Are NOT Called and the Final Level of the Least Performing Underlying Is Below Its Coupon Barrier and Downside Threshold</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 21%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Date</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 52%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Closing
    Level</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 27%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Payment
    (per Note)</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">First
    Coupon Determination Date</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">SPX:
    700 (at or above Coupon Barrier; below Initial Level)<BR>
    RTY: 1,400 (at or above Coupon Barrier and Initial Level)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$0.23375
    (Contingent Coupon)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Second
    through Eleventh Coupon Determination Dates (and First through Tenth Call Observation Dates)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Various
    (Closing Level of at least one Underlying below Coupon Barrier; below Initial Level)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$0.00
    ( Notes are not automatically called)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Final
    Valuation Date</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">SPX:
    300 (below Coupon Barrier, Downside Threshold and Initial Level)<BR>
    RTY: 1,300 (at or above Coupon Barrier, Downside Threshold and Initial Level)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$10.00
    &times; (1 + Underlying Return of the Least Performing Underlying)<BR>
    = $10.00 &times; (1 + -70%)<BR>
    = $10.00 - $7.00<BR>
    = $3.00 (Payment at Maturity)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total
    Payment:</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$3.23375
    (-67.6625% return)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Since the Notes are not called and the Final Level of the Least Performing Underlying is below its Downside Threshold, CIBC will pay you
at maturity $3.00 per Note. In addition, the final Contingent Coupon will not be payable because the Final Level of the Least Performing
Underlying is also below its Coupon Barrier. When added to the Contingent Coupon payment of $0.23375 received in respect of the first
Coupon Determination Date, CIBC will have paid you $3.23375 per Note, for a -67.6625% total return on the Notes.</FONT></P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></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: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #788D41">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; padding: 4pt 5.4pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Information
    About the Underlyings</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The
S&amp;P 500<SUP>&reg;</SUP> Index</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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 SPX includes 500 leading companies and covers approximately
80% of market capitalization of the U.S. equity markets. See &ldquo;Index Descriptions&mdash;The S&amp;P U.S. Indices&rdquo; beginning
on page S-43 of the accompanying underlying supplement for additional information about the SPX.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In addition,
information about the SPX may be obtained from other sources, including, but not limited to, the index sponsor&rsquo;s website (including
information regarding the SPX&rsquo;s sector weightings). We are not incorporating by reference into this pricing supplement the website
or any material it includes. None of us, UBS or any of our respective affiliates makes any representation that such publicly available
information regarding the SPX is accurate or complete.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
graph below illustrates the performance of the SPX from January 1, 2020 to July 3, 2025, based on the daily Closing Levels as reported
by Bloomberg L.P. (&ldquo;Bloomberg&rdquo;), without independent verification. We have not conducted any independent review or due diligence
of the publicly available information from Bloomberg. On July 3, 2025, the Closing Level of the SPX was 6,279.35 (the &ldquo;Hypothetical
Initial Level&rdquo;). The green line indicates a hypothetical Coupon Barrier and Downside Threshold of 4,395.55, which is equal to 70.00%
of its Hypothetical Initial Level. The historical performance of the SPX should not be taken as an indication of its future performance,
and no assurances can be given as to the level of the SPX at any time during the term of the Notes, including the Coupon Determination
Dates. We cannot give you assurance that the performance of the SPX will result in the return of any of your investment.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Historical
Performance of the </B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">S&amp;P 500<SUP>&reg;</SUP> Index</FONT></B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;<IMG SRC="tm2519500d7_424b2img01.jpg" ALT=""></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; padding-top: 0; padding-bottom: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Source:
    Bloomberg</FONT></TD></TR>
  </TABLE>



<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The
Russell 2000<SUP>&reg;</SUP> Index</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
Russell 2000<SUP>&reg;</SUP> Index (Bloomberg ticker: &ldquo;RTY &lt;Index&gt;&rdquo;) is calculated, maintained and published by FTSE
Russell. The RTY is designed to track the performance of the small capitalization segment of the U.S. equity market. The RTY is a subset
of the Russell 3000<SUP>&reg;</SUP> Index and represents approximately 10% of the total market capitalization of that index. The RTY
includes approximately 2,000 of the smallest securities in the U.S. equity market. See &ldquo;Index Descriptions&mdash;The Russell Indices&rdquo;
beginning on page S-31 of the accompanying underlying supplement for additional information about the RTY.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
addition, information about the RTY may be obtained from other sources, including, but not limited to, the index sponsor's website (including
information regarding the RTY&rsquo;s sector weightings). We are not incorporating by reference into this pricing supplement the website
or any material it includes. None of us, UBS or any of our respective affiliates makes any representation that such publicly available
information regarding the RTY is accurate or complete.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
graph below illustrates the performance of the RTY from January 1, 2020 to July 3, 2025, based on the daily Closing Levels as reported
by Bloomberg, without independent verification. We have not conducted any independent review or due diligence of the publicly available
information from Bloomberg. On July 3, 2025, the Closing Level of the RTY was 2,249.036 (the &ldquo;Hypothetical Initial Level&rdquo;).
The green line indicates a hypothetical Coupon Barrier and Downside Threshold of 1,574.325, which is equal to 70.00% of its Hypothetical
Initial Level. The historical performance of the RTY should not be taken as an indication of its future performance, and no assurances
can be given as to the level of the RTY at any time during the term of the Notes, including the Coupon Determination Dates. We cannot
give you assurance that the performance of the RTY will result in the return of any of your investment.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Historical
Performance of the Russell 2000<SUP>&reg;</SUP> Index</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; padding-top: 5pt; padding-bottom: 5pt; text-align: center"><IMG SRC="tm2519500d7_424b2img02.jpg" ALT=""><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 5pt; padding-bottom: 5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Source:
    Bloomberg</FONT></TD></TR>
  </TABLE>



<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT>&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

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<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #788D41">
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; width: 100%; padding: 4pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Correlation
    of the Underlyings</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
graph below illustrates the daily performance of the Underlyings from January 1, 2020 to July 3, 2025. For comparison purposes,
each Underlying has been normalized to have a Closing Level of 100.00 on January 1, 2020 by dividing the Closing Level of that Underlying
on each Trading Day by the Closing Level of that Underlying on January 1, 2020 and multiplying by 100.00. We obtained the Closing Levels
used to determine the normalized Closing Levels set forth below from Bloomberg, without independent verification.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
closer the relationship of the daily returns of the Underlyings over a given period, the more positively correlated those Underlyings
are. The lower (or more negative) the correlation of the Underlyings, the less likely it is that those Underlyings will move in the same
direction and therefore, the greater the potential for the Closing Level or the Final Level of one of those Underlyings to be less than
its Coupon Barrier or Downside Threshold on a Coupon Determination Date or the Final Valuation Date, respectively. This is because the
less positively correlated the Underlyings are, the greater the likelihood that at least one of the Underlyings will decrease in value.
However, even if the Underlyings have a higher positive correlation, the Closing Level or the Final Level of one or more of the Underlyings
might be less than its Coupon Barrier or Downside Threshold on a Coupon Determination Date or the Final Valuation Date, respectively,
as the Underlyings may decrease in value together. Although the correlation of the Underlyings&rsquo; performance may change over the
term of the Notes, the correlations referenced in setting the terms of the Notes are calculated using CIBC&rsquo; internal models at
the time when the terms of the Notes are set and are not derived from the daily returns of the Underlyings over the period set forth
below. A higher Contingent Coupon Rate is generally associated with lower correlation of the Underlyings, which reflects a greater potential
for a loss on your investment at maturity. See &ldquo;Key Risks &mdash; Structure Risks &mdash; Because the Notes Are Linked to the Performance
of More Than One Underlying, There Is a Greater Risk of Contingent Coupons Not Being Paid and of You Sustaining a Significant Loss on
Your Investment,&rdquo; &ldquo; &mdash; Your Return Will Be Based on the Individual Return of Each Underlying,&rdquo; and &ldquo;&mdash;
Higher Contingent Coupons or Lower Downside Thresholds Are Generally Associated with the Underlying with Greater Expected Volatility
and Therefore Can Indicate a Greater Risk of Loss&ldquo; herein.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Past
performance of the Underlyings is not indicative of the future performance of the Underlyings.</FONT></P>
<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Historical
Performance of the S&amp;P 500<SUP>&reg;</SUP> Index and the Russell 2000<SUP>&reg;</SUP> Index</B>&nbsp;</FONT></P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 7.5pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2519500d7_424b2img03.jpg" ALT=""><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 7.5pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Source: Bloomberg&nbsp;</FONT></P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>



<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #788D41">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; padding: 4pt 5.4pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>United
    States Federal Income Tax Considerations</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
following discussion is a brief summary of the material U.S. federal income tax considerations relating to an investment in the Notes.
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 Notes. Except with respect to the section below under &ldquo;Non-U.S. Holders,&rdquo; it applies only
to those U.S. Holders who are not excluded from the discussion of United States Taxation in the accompanying prospectus.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
U.S. federal income tax considerations of your investment in the Notes are uncertain. No statutory, judicial or administrative authority
directly discusses how the Notes 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 Notes as prepaid derivative contracts. Pursuant to the terms of the Notes, you agree
to treat the Notes 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, 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 Notes. Such gain or loss should generally be treated as long-term
capital gain or loss if you have held your Notes for more than one year. Although the tax treatment of the Contingent Coupon payments
is unclear, we intend to treat any Contingent Coupon payments, including on the Maturity Date or upon an automatic call, as ordinary
income includible in income by you at the time it accrues or is received in accordance with your normal method of accounting for U.S.
federal income tax purposes.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
expected characterization of the Notes 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 Notes 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 Notes and certain other considerations with respect to an investment in the Notes, 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 Notes for U.S. federal income tax
or other tax purposes.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Non
U.S.-Holders. The U.S. federal income tax treatment of the Contingent Coupons is unclear. Except as provided below with respect to &ldquo;dividend
equivalents&rdquo; and subject to the discussion in the prospectus regarding FATCA, we do not intend to treat amounts paid to a Non-U.S.
Holder in respect of the notes as subject to U.S. federal income or withholding tax, provided that the Non-U.S. Holder complies with
applicable certification requirements.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A
 &ldquo;dividend equivalent&rdquo; payment is treated as a dividend from sources within the United States and such payments generally
would be subject to a 30% U.S. withholding tax if paid to a Non-U.S. Holder. Under Treasury regulations, payments (including deemed payments)
with respect to equity-linked instruments (&ldquo;ELIs&rdquo;) that are &ldquo;specified ELIs&rdquo; may be treated as dividend equivalents
if such specified ELIs reference an interest in an &ldquo;underlying security,&rdquo; which is generally any interest in an entity taxable
as a corporation for U.S. federal income tax purposes if a payment with respect to such interest could give rise to a U.S. source dividend.
However, Internal Revenue Service guidance 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. We expect that the delta of the Notes will not be one,
and therefore, we expect that Non-U.S. Holder should not be subject to withholding on dividend equivalent payments, if any, under the
Notes. However, it is possible that the Notes could be treated as deemed reissued for U.S. federal income tax purposes upon the occurrence
of certain events affecting the Underlyings or the Notes, and following such occurrence the Notes could be treated as subject to withholding
on dividend equivalent payments. Non-U.S. Holders that enter, or have entered, into other transactions in respect of any Underlying or
the Notes should consult their tax advisors as to the application of the dividend equivalent withholding tax in the context of the Notes
and their other transactions. If any payments are treated as dividend equivalents subject to withholding, we (or the applicable paying
agent) would be entitled to withhold taxes without being required to pay any additional amounts with respect to amounts so withheld.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Please
see the discussion under the section entitled &ldquo;Material U.S. Federal Income Tax Consequences&rdquo; in the underlying supplement
for a further discussion of the U.S. federal income tax consequences of an investment in the Notes. You should consult your tax advisor
as to the tax consequences of such characterization and any possible alternative characterizations of the Notes 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 Notes 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></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>




<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #788D41">
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; width: 100%; padding: 4pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Certain
    Canadian Federal Income Tax Considerations</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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 Note 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 the Issuer and any transferee resident (or deemed to be resident) in Canada to whom the purchaser disposes of the Note; (c)
does not use or hold and is not deemed to use or hold the Note 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 Note; (e) is not a, and deals at arm&rsquo;s length with any,
 &ldquo;specified shareholder&rdquo; of the Issuer for purposes of the thin capitalization rules in the Canadian Tax Act; and (f) is not
an entity in respect of which the Issuer or any transferee resident (or deemed to be resident) in Canada to whom the purchaser disposes
of, loans or otherwise transfers the Note is a &ldquo;specified entity&rdquo;, and is not a &ldquo;specified entity&rdquo; in respect
of 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.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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 Notes 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.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>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.</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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 Notes, interest payable on the Notes 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 the Issuer on a Note as, on account of or in lieu of payment of,
or in satisfaction of, interest.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Non-Resident
Holders should consult their own advisors regarding the consequences to them of a disposition of the Notes to a person with whom they
are not dealing at arm&rsquo;s length for purposes of the Canadian Tax Act.</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>



<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 17; Value: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PS-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #788D41">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; padding: 4pt 5.4pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Supplemental
    Plan of Distribution (Conflicts of Interest)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Pursuant
to the terms of a distribution agreement, CIBCWM will purchase the Notes from CIBC for distribution to UBS (the &ldquo;Agent&rdquo;).
CIBCWM will agree to sell to the Agent, and the Agent will agree to purchase, all of the Notes at the price to public
set forth on the cover hereof.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We
expect to deliver the Notes against payment therefor in New York, New York on a date that is more than one business day following the
Trade 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 Notes
on any date prior to one business day before delivery will be required to specify alternative settlement arrangements to prevent a failed
settlement.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
Bank may use this pricing supplement in the initial sale of the Notes. In addition, CIBCWM or another of the Bank&rsquo;s affiliates
may use this pricing supplement in market-making transactions in any Notes 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.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">While
CIBCWM may make markets in the Notes, 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.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
price at which you purchase the Notes 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 Notes. These costs and profits will likely reduce the
secondary market price, if any secondary market develops, for the Notes. As a result, you may experience an immediate and substantial
decline in the market value of your Notes on the Settlement Date.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #788D41">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; padding: 4pt 5.4pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>The
    Bank&rsquo;s Estimated Value of the Notes</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
Bank&rsquo;s initial estimated value of the Notes 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 Notes, valued using our internal
funding rate for structured debt described below, and (2) the derivative or derivatives underlying the economic terms of the Notes. 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
Notes in any secondary market (if any exists) at any time. 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 Notes as well as the higher issuance, operational and ongoing liability management
costs of the Notes in comparison to those costs for our conventional fixed-rate debt. For additional information, see &ldquo;Key Risks&mdash;The
Bank&rsquo;s Initial Estimated Value of the Notes Will Not Be Determined by Reference to Credit Spreads for Our Conventional Fixed-Rate
Debt&rdquo; in this pricing supplement. The value of the derivative or derivatives underlying the economic terms of the Notes 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.
Accordingly, the Bank&rsquo;s initial estimated value of the Notes will be determined when the terms of the Notes are set based on market
conditions and other relevant factors and assumptions existing at that time. See &ldquo;Key Risks&mdash;The Bank&rsquo;s Initial Estimated
Value Does Not Represent Future Values of the Notes and May Differ From Others&rsquo; Estimates&rdquo; in this pricing supplement.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
Bank&rsquo;s initial estimated value of the Notes will be lower than the initial issue price of the Notes because costs associated with
selling, structuring and hedging the Notes are included in the initial issue price of the Notes. These costs include  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 Notes and the estimated cost of hedging
our obligations under the Notes. 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 Notes. See &ldquo;Key Risks&mdash;The Bank&rsquo;s Initial Estimated
Value of the Notes Will Be Lower Than the Initial Issue Price (Price to Public) of the Notes&rdquo; in this pricing supplement.</FONT></P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-family: Arial, Helvetica, Sans-Serif; margin: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

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    <!-- Field: /Page -->

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