<SEC-DOCUMENT>0001104659-25-068140.txt : 20250715
<SEC-HEADER>0001104659-25-068140.hdr.sgml : 20250715
<ACCEPTANCE-DATETIME>20250715171055
ACCESSION NUMBER:		0001104659-25-068140
CONFORMED SUBMISSION TYPE:	424B2
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20250715
DATE AS OF CHANGE:		20250715

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:		251125527

	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>tm2519500d32_424b2.htm
<DESCRIPTION>424B2
<TEXT>
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<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Filed Pursuant to Rule 424(b)(2)</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Registration No. 333-272447</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: red"><B>The information in this preliminary pricing supplement
is not complete and may be changed. This preliminary pricing supplement and the accompanying underlying supplement, prospectus supplement
and prospectus are not an offer to sell these securities and we are not soliciting an offer to buy these securities in any jurisdiction
where the offer or sale is not permitted.</B></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: red"><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: red">&nbsp;</FONT></B></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: red"><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt; color: red">&nbsp;</FONT></B><BR></P>

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  <TD STYLE="text-align: left; width: 40%"><IMG SRC="tm2519500d32_424b2sp1img001.jpg" ALT="">&nbsp;</TD>
  <TD STYLE="text-align: right; width: 60%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"></FONT></P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="color: Red">Subject to Completion,
                                            Dated July 15, 2025</FONT></P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Pricing Supplement dated</FONT> &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 7.5pt">, 2025<BR> </FONT>(To Equity Index Underlying Supplement dated September 5, 2023,<BR> Prospectus Supplement dated September 5, 2023, and Prospectus dated September 5, 2023)</P></TD></TR>
</TABLE>


<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 6pt">&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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">$ &#8239;&#8239;Notes Linked to the Least Performing of the S&amp;P 500<SUP>&reg;</SUP>
Index, the Russell 2000<SUP>&reg;</SUP> Index, and the Nasdaq-100 Index<SUP>&reg;</SUP> due on or about July 18, 2030</P>

<P STYLE="font: 2pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</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-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>Investment Description</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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, the Russell 2000<SUP>&reg;</SUP> Index, and the
    Nasdaq-100 Index<SUP>&reg;</SUP> (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 15, 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.</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"><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;</P></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<DIV STYLE="float: left; width: 59%">

<P STYLE="font: 2pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</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: 2pt 5.4pt; width: 100%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt; color: white"><B>Features</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></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-family: Wingdings; font-size: 7pt; font-weight: normal">q</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 6.5pt">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></FONT></TD></TR></TABLE>

<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-family: Wingdings; font-size: 7pt; font-weight: normal">q</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 6.5pt">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 15, 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></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font:  7pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
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    <TD STYLE="width: 0"></TD>
  <TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Wingdings; font-size: 7pt; font-weight: normal">q</FONT></TD>
  <TD STYLE="text-align: justify"><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.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

</DIV>



<DIV STYLE="float: right; width: 39%">



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #788D41">
    <TD COLSPAN="2" STYLE="padding: 2pt 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt; color: white"><B>Key Dates&sup1;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">Trade Date</FONT></TD>
    <TD STYLE="width: 50%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">July 15, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">Settlement Date</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">July 18, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">Coupon Determination Dates<SUP>2</SUP></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">Quarterly, commencing on October 15, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">Call Observation Dates<SUP>2</SUP></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">Quarterly, commencing on January 15, 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">Final Valuation Date<SUP>2</SUP></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">July 15, 2030</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">Maturity Date<SUP>2</SUP></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">July 18, 2030</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><SUP>1</SUP></FONT> <FONT STYLE="font-size: 6.5pt">Expected<BR>
<SUP>2</SUP> See page PS-5 for additional details</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

</DIV>

<DIV STYLE="clear: both; width: 100%">

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<P STYLE="font: 2pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 6.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; 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: 6.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font: 6.5pt Arial, Helvetica, Sans-Serif"><B>YOU SHOULD CAREFULLY CONSIDER THE RISKS DESCRIBED UNDER &lsquo;&lsquo;KEY
RISKS&rsquo;&rsquo; BEGINNING ON PAGE PS- 8 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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 1pt">&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: 2pt 5.4pt; width: 100%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt; color: white"><B>Note Offering</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="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="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="border-bottom: Black 0.75pt solid; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Underlyings<BR>
    (Least Performing of)</B></P></TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="border-bottom: Black 0.75pt solid; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Contingent
    Coupon <BR>
Rate</B></P></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="border-bottom: Black 0.75pt solid; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Initial
    Levels</B></P></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="border-bottom: Black 0.75pt solid; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Downside
    Thresholds</B></P></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="border-bottom: Black 0.75pt solid; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Coupon
    Barriers</B></P></TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="border-bottom: Black 0.75pt solid; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>CUSIP</B></P></TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="border-bottom: Black 0.75pt solid; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>ISIN</B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><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="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">8.50% - 8.80% per annum</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><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-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">70.00% of its Initial Level</FONT></TD>
    <TD ROWSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">13608T865</FONT></TD>
    <TD ROWSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">US13608T8650</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">The Russell 2000<SUP>&reg;</SUP> Index (&ldquo;RTY&rdquo;)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">70.00% of its Initial Level</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">70.00% of its Initial Level</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">The Nasdaq-100 Index<SUP>&reg;</SUP> (&ldquo;NDX&rdquo;)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">70.00% of its Initial Level</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">70.00% of its Initial Level</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 2pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">See
 &ldquo;Additional Information About the Notes&rdquo; on page PS-</FONT>3. The Notes offered will have the terms specified in the accompanying
prospectus, prospectus supplement and underlying supplement, and the terms set forth herein.</P>

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

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 3pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; 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 </B></FONT><B> 8 of the prospectus). The Notes will not be listed on any securities
exchange.</B></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 3pt">&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">The
initial estimated value of the Notes on the Trade Date as determined by CIBC is expected to be between $9.448 and $9.676 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-</FONT>10 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.</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="border-bottom: Black 0.75pt solid; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Price
    to Public</B></P></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="border-bottom: Black 0.75pt solid; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Underwriting
    Discount<SUP>(1)</SUP></B></P></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="border-bottom: Black 0.75pt solid; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Proceeds
    to Us</B></P></TD></TR>
  <TR>
    <TD STYLE="width: 34%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Notes Linked to:</B></FONT></TD>
    <TD STYLE="width: 11%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Total</B></FONT></TD>
    <TD STYLE="width: 11%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Per Note</B></FONT></TD>
    <TD STYLE="width: 11%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Total</B></FONT></TD>
    <TD STYLE="width: 11%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Per Note</B></FONT></TD>
    <TD STYLE="width: 11%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Total</B></FONT></TD>
    <TD STYLE="width: 11%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Per Note</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">The Least Performing of the S&amp;P 500<SUP>&reg;</SUP> Index, the Russell 2000<SUP>&reg;</SUP> Index, and the Nasdaq-100 Index<SUP>&reg;</SUP></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">$10.00</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">$0.225</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">$9.775</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 2pt">&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"><SUP>(1)</SUP></FONT>
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 the discount specified in the table above. See &ldquo;Supplemental
Plan of Distribution (Conflicts of Interest)&rdquo; on the last page of this pricing supplement for additional information.</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</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%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>UBS Financial Services Inc.</B></FONT></TD>
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; 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="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</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="font: bold 10pt 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="margin-top: 0; margin-bottom: 0">&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>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 23.25pt 0pt 27.5pt; text-indent: -17.85pt"><FONT STYLE="font-family: Symbol; font-size: 8.5pt">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Underlying supplement dated September 5, 2023:</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 23.25pt 0pt 27.5pt; text-indent: -17.85pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 9.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1045520/000110465923098170/tm2322483d89_424b5.htm" STYLE="-sec-extract: exhibit">https://www.sec.gov/Archives/edgar/data/1045520/000110465923098170/tm2322483d89_424b5.htm</A></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 9.65pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 23.25pt 0pt 27.5pt; text-indent: -17.85pt"><FONT STYLE="font-family: Symbol; font-size: 8.5pt">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Prospectus supplement dated September 5, 2023:</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 23.25pt 0pt 27.5pt; text-indent: -17.85pt"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 9.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1045520/000110465923098166/tm2322483d94_424b5.htm" STYLE="-sec-extract: exhibit">https://www.sec.gov/Archives/edgar/data/1045520/000110465923098166/tm2322483d94_424b5.htm</A></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 9.65pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 23.25pt 0pt 27.5pt; text-indent: -17.85pt"><FONT STYLE="font-family: Symbol; font-size: 8.5pt">&uml;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Prospectus dated September 5, 2023:</FONT></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 23.25pt 0pt 27.5pt; text-indent: -17.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</Font></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 9.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1045520/000110465923098163/tm2325339d10_424b3.htm" STYLE="-sec-extract: exhibit">https://www.sec.gov/Archives/edgar/data/1045520/000110465923098163/tm2325339d10_424b3.htm</A></P>

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

<P STYLE="margin-top: 0; margin-bottom: 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="margin-top: 0; margin-bottom: 0">&nbsp;</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="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5.4pt; width: 100%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Investor
    Suitability</B></FONT></TD></TR>
  </TABLE>

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

<DIV STYLE="float: left; 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">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">You fully understand the risks inherent in an investment in the Notes, including
the risk of loss of your entire initial investment.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">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).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">You are willing to hold the Notes that may be automatically called on any
Call Observation Date, commencing on January 15, 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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">You understand and accept the risks associated with each Underlying.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">You are willing to forgo dividends paid on the stocks included in an Underlying
and do not seek guaranteed current income from your investment.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
  <TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD>
  <TD>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.</TD></TR>
</TABLE>


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

</DIV>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<DIV STYLE="float: right; 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">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">You do not fully understand the risks inherent in an investment in the Notes,
including the risk of loss of your entire initial investment.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">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. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">You seek an investment that participates in the appreciation in the level
of any Underlying or that has unlimited return potential.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">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).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">You are unable or unwilling to hold the Notes that will be automatically
called on any Call Observation Date, commencing on January 15, 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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">You do not understand or accept the risks associated with any Underlying.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">You prefer to receive the dividends paid on the stocks included in an Underlying
and seek guaranteed current income from your investment.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
  <TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD>
  <TD>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.</TD></TR>
</TABLE>


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

</DIV>

<DIV STYLE="clear: both; width: 100%">

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

</DIV>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><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, &ldquo;&mdash;The Russell Indices&rdquo; beginning on page S-31, and &ldquo;&mdash;The Nasdaq-100 Index<SUP>&reg;</SUP>&rdquo;
beginning on page S-26 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></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"></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; font-family: Arial, Helvetica, Sans-Serif">
  <TR>
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5.4pt; vertical-align: top; background-color: #788D41; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B STYLE="font-family: Arial, Helvetica, Sans-Serif">Indicative Terms</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 5.4pt; vertical-align: top; width: 15%; border-bottom: silver 1pt solid; padding-bottom: 4pt; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Issuer:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: silver 1pt solid; vertical-align: top; width: 85%; padding-bottom: 4pt; text-align: justify; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Canadian Imperial Bank of Commerce</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 5.4pt; vertical-align: top; border-bottom: silver 1pt solid; padding-bottom: 4pt; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Principal Amount:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: silver 1pt solid; vertical-align: top; padding-bottom: 4pt; text-align: justify; font-size: 8pt"><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>
    <TD STYLE="padding-left: 5.4pt; vertical-align: top; border-bottom: silver 1pt solid; padding-bottom: 4pt; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Term:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: silver 1pt solid; vertical-align: top; padding-bottom: 4pt; text-align: justify; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5 years, unless earlier called</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 5.4pt; vertical-align: top; border-bottom: silver 1pt solid; padding-bottom: 4pt; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trade Date&sup1;:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: silver 1pt solid; vertical-align: top; padding-bottom: 4pt; text-align: justify; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">July 15, 2025</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 5.4pt; vertical-align: top; border-bottom: silver 1pt solid; padding-bottom: 4pt; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Settlement Date&sup1;:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: silver 1pt solid; vertical-align: top; padding-bottom: 4pt; text-align: justify; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">July 18, 2025</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 5.4pt; vertical-align: top; border-bottom: silver 1pt solid; padding-bottom: 4pt; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Final Valuation Date&sup1;:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: silver 1pt solid; vertical-align: top; padding-bottom: 4pt; text-align: justify; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">July 15, 2030</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 5.4pt; vertical-align: top; border-bottom: silver 1pt solid; padding-bottom: 4pt; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Maturity Date&sup1;:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: silver 1pt solid; vertical-align: top; padding-bottom: 4pt; text-align: justify; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">July 18, 2030</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 5.4pt; vertical-align: top; border-bottom: silver 1pt solid; padding-bottom: 4pt; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Reference Asset:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: silver 1pt solid; vertical-align: top; padding-bottom: 4pt; text-align: justify; font-size: 8pt"><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;), the Russell 2000<SUP>&reg;</SUP> Index (Ticker: &ldquo;RTY&rdquo;), and the Nasdaq-100 Index<SUP>&reg;</SUP> (Ticker: &ldquo;NDX&rdquo;) (each, an &ldquo;Underlying&rdquo; and together, the &ldquo;Underlyings&rdquo;)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Automatic Call Feature / Call Observation Dates / Call Payment Date:</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt">
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Notes will be automatically called if the Closing
    Level of each Underlying on any quarterly Call Observation Date, commencing on January 15, 2026, is equal to or greater than its Initial
    Level. Each Coupon Determination Date on and after January 15, 2026 will also be a Call Observation Date. You will not receive any notice
    from us if the Notes are automatically called.</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 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.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Coupon Payment Dates:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: top; padding-top: 2pt; padding-bottom: 3pt; text-align: justify; font-size: 8pt"><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>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Contingent Coupon Rate:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: top; padding-top: 2pt; padding-bottom: 3pt; text-align: justify; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.50% to 8.80% per annum (or 2.125% to 2.20% 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>
    <TD STYLE="padding-left: 5.4pt; vertical-align: top; padding-bottom: 4pt; font-size: 9pt; width: 15%"><FONT STYLE="font-size: 9pt">Contingent
    Coupon:</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; width: 85%"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>If the Closing
Level of each Underlying is equal to or greater than its Coupon Barrier on any Coupon Determination Date,</B></FONT> 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">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>If the Closing
Level of any Underlying is less than its Coupon Barrier on any Coupon Determination Date,</B></FONT> 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">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Contingent Coupon will be between $0.2125 and $0.22 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.&nbsp;</P>
</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 23%">&nbsp;</TD>
    <TD STYLE="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="border-bottom: Black 0.75pt solid; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Expected
    Coupon<BR>
    Determination Dates&sup1;</B></P></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="border-bottom: Black 0.75pt solid; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Expected
    Coupon<BR>
    Payment Dates&sup1;</B></P></TD>
    <TD STYLE="width: 23%">&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: 8pt">October 15, 2025</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">October 17, 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: 8pt">January 15, 2026</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">January 20, 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: 8pt">April 15, 2026</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">April 17, 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: 8pt">July 15, 2026</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">July 17, 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: 8pt">October 15, 2026</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">October 19, 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: 8pt">January 15, 2027</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">January 20, 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: 8pt">April 15, 2027</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">April 19, 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: 8pt">July 15, 2027</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">July 19, 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: 8pt">October 15, 2027</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">October 19, 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: 8pt">January 18, 2028</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">January 20, 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: 8pt">April 17, 2028</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">April 19, 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: 8pt">July 17, 2028</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">July 19, 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: 8pt">October 16, 2028</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">October 18, 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: 8pt">January 16, 2029</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">January 18, 2029</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: 8pt">April 16, 2029</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">April 18, 2029</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: 8pt">July 16, 2029</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">July 18, 2029</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: 8pt">October 15, 2029</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">October 17, 2029</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: 8pt">January 15, 2030</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">January 17, 2030</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: 8pt">April 15, 2030</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">April 17, 2030</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: 8pt">July 15, 2030</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">July 18, 2030</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<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>
    <TD STYLE="vertical-align: top; padding-bottom: 4pt; font-size: 8pt; width: 15%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: top; padding-right: 5.4pt; width: 85%"><FONT STYLE="font-size: 9pt">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.</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="padding-left: 5.4pt; vertical-align: top; border-bottom: silver 1pt solid; padding-bottom: 4pt; font-size: 8pt; width: 15%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Payment at Maturity (per $10 Note):</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; padding-right: 5.4pt; width: 85%">
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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:</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>If the Final Level of the Least Performing Underlying
    is equal to or greater than its Downside Threshold:</B></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">$10 + final Contingent Coupon</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>If the Final Level of the Least Performing Underlying
    is less than its Downside Threshold:</B></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 9.95pt">$10 &times; (1 + Underlying
    Return of the Least Performing Underlying).</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 9.95pt">&nbsp;</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><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</B>&nbsp;</P></TD>
    </TR>
</TABLE>

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

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

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt">PS-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: silver 1pt solid; padding-bottom: 4pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; padding-bottom: 4pt; text-align: justify; font-size: 9pt"><FONT STYLE="font-size: 9pt"><B>amount.
    Even with any Contingent Coupons, the return on the Notes may be negative.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: silver 1pt solid; padding-bottom: 4pt; font-size: 8pt; width: 15%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Least Performing Underlying:</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; padding-bottom: 4pt; text-align: justify; font-size: 8pt; width: 85%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Underlying with the lowest Underlying Return.</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: silver 1pt solid; padding-bottom: 4pt; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Underlying Return:</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; padding-right: 5.4pt">
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">For each Underlying, calculated as follows:</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"><U>Final Level &ndash; Initial Level</U></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Initial Level</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P></TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: silver 1pt solid; padding-bottom: 4pt; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Coupon Barrier:</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; padding-bottom: 4pt; text-align: justify; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">For each Underlying, 70.00% of its Initial Level.</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: silver 1pt solid; padding-bottom: 4pt; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Downside Threshold:</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; padding-bottom: 4pt; text-align: justify; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">For each Underlying, 70.00% of its Initial Level</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: silver 1pt solid; padding-bottom: 4pt; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Initial Level:</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; padding-bottom: 4pt; text-align: justify; font-size: 8pt"><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>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: silver 1pt solid; padding-bottom: 4pt; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Final Level:</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; padding-bottom: 4pt; text-align: justify; font-size: 8pt"><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>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: silver 1pt solid; padding-bottom: 4pt; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Calculation Agent:</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; padding-bottom: 4pt; text-align: justify; font-size: 8pt"><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>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 30%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P>

<P STYLE="font-family: Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><SUP>1 </SUP>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: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt">PS-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></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">&nbsp;</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 COLSPAN="2" STYLE="padding-left: 5.4pt; padding-top: 2pt; padding-bottom: 4pt; text-align: justify; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: White"><B>Investment
    Timeline</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-top: 2pt; padding-bottom: 4pt; font-size: 8pt"><IMG SRC="tm2519500d32_424b2sp1img002.jpg" ALT=""></TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt">
    <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"><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="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">&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 15, 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>
    <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">&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>&nbsp;</P></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">&nbsp;</P>

<P STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><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></P>

<P STYLE="font: 8.5pt 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"><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></P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&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">&nbsp;</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="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5.4pt; width: 100%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Key
    Risks</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Structure Risks</I></B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><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 15, 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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.3pt; text-align: justify">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). With three Underlyings, it is more likely that the performance of one pair of Underlyings will not be correlated, or will
be negatively correlated.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.3pt; text-align: justify">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 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.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.3pt; text-align: justify">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.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><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</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 CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0">&nbsp;</TD><TD STYLE="width: 13.3pt">&nbsp;</TD><TD STYLE="text-align: justify">
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.</TD></TR>
                                            </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><B>The Notes Are Riskier Than Notes With a Shorter Term &ndash; </B>The Notes are relatively long-dated.
Therefore, many of the risks of the Notes are heightened as compared to notes with a shorter term, as you will be subject to those risks
for a longer period of time. In addition, the value of a longer-dated note is typically less than the value of an otherwise comparable
note with a shorter term.</TD></TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Underlying Risks</I></B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><B>There Are Risks Associated With Investments in Notes Linked to the Securities of Non-U.S. Companies
</B>&mdash; Some of the equity securities composing the NDX are issued by non-U.S. companies. Investments in securities linked to the
value of such non-U.S. equity securities, such as the Notes, involve risks associated with the home countries of the issuers of those
non-U.S. equity securities. The prices of securities in non-U.S. markets may be affected by political, economic, financial and social
factors in those countries or global regions, including changes in government, economic and fiscal policies and currency exchange laws.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Conflicts of Interest</I></B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.3pt; text-align: justify">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.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Tax Risks</I></B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>General Risks</I></B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><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 8 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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.3pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.3pt; text-align: justify">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.</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"></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; font-family: Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top; background-color: #788D41">
    <TD STYLE="font: 10pt 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: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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:</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 3in">Investment Term:</TD>
  <TD>5 years (unless earlier called)</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 3in">Hypothetical Initial Levels:</TD>
  <TD>1,000 for each Underlying</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 3in">Hypothetical Contingent Coupon Rate:</TD>
  <TD>8.50% per annum (or 2.125% per quarter)</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 3in">Hypothetical Contingent Coupon:</TD>
  <TD>$0.2125 per quarter</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 3in">Coupon Determination Dates:</TD>
  <TD>Quarterly</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 3in">Call Observation Dates:</TD>
  <TD>Quarterly, commencing on January 15, 2026</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 3in">Hypothetical Coupon Barriers:</TD>
  <TD>700.00 for each Underlying (70.00% of its Initial Level)</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 3in">Hypothetical Downside Thresholds:</TD>
  <TD>700.00 for each Underlying (70.00% of its Initial Level)</TD></TR>
</TABLE>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Example 1 &mdash; Notes Are Called on the First Call Observation Date,
Which Corresponds to the First Coupon Determination Date</B></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: 19%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Date</B></FONT></TD>
    <TD STYLE="width: 57%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Closing Level</B></FONT></TD>
    <TD STYLE="width: 24%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Payment (per Note)</B></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: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">First Coupon Determination Date</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SPX: 700 (at or above Coupon Barrier; below Initial Level)<BR>
RTY: 1,100 (at or above Coupon Barrier and Initial Level)<BR>
NDX: 1,100 (at or above Coupon Barrier and Initial Level)</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$0.2125 (Contingent Coupon)</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: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Second Coupon Determination Date (and First Call Observation Date)</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SPX: 1,300 (at or above Coupon Barrier and Initial Level)<BR>
RTY: 1,100 (at or above Coupon Barrier and Initial Level)<BR>
NDX: 1,100 (at or above Coupon Barrier and Initial Level)</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$10.2125 (Settlement Amount)</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: 8pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total Payment:</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$10.425 (4.25% return)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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 $10.2125 per Note.
When added to the Contingent Coupon payment of $0.2125 received in respect of the first Coupon Determination Date, CIBC will have paid
you a total of $10.425 per Note, for a 4.25% total return on the Notes. No further amount will be owed to you under the Notes.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><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></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 19%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Date</B></FONT></TD>
    <TD STYLE="width: 57%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Closing Level</B></FONT></TD>
    <TD STYLE="width: 24%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Payment (per Note)</B></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 STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">First Coupon Determination Date</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">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)<BR>
NDX:&nbsp;&nbsp;850 (at or above Coupon Barrier; below Initial Level)</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$0.2125 (Contingent Coupon)</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 STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Second through Nineteenth Coupon Determination Dates (and First through Eighteenth Call Observation Dates)</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Various (Closing Level of at least one Underlying below Coupon Barrier; below Initial Level</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$0.00 (Notes are not automatically called)</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 STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Final Valuation Date</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">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)<BR>
NDX: 1,100 (at or above Coupon Barrier, Downside Threshold and Initial Level)</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$10.2125 (Payment at Maturity)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total Payment:</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$10.425 (4.25% return)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">At maturity, CIBC will pay you a total of $10.2125
per Note, reflecting your principal amount plus the applicable Contingent Coupon. When added to the Contingent Coupon payment of $0.2125
received in respect of the first Coupon Determination Date, CIBC will have paid you a total of $10.425 per Note, for a 4.25% total return
on the Notes.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><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></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 19%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Date</B></FONT></TD>
    <TD STYLE="width: 57%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Closing Level</B></FONT></TD>
    <TD STYLE="width: 24%; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Payment (per Note)</B></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 STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">First Coupon Determination Date</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SPX: 900 (at or above Coupon Barrier; below Initial Level)<BR>
RTY: 1,400 (at or above Coupon Barrier and Initial Level)<BR>
NDX: 1,400 (at or above Coupon Barrier and Initial Level)</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$0.2125 (Contingent Coupon)</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 STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Second through Nineteenth Coupon Determination Dates and (First through Eighteenth Call Observation Dates)</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Various (Closing Level of at least one Underlying below Coupon Barrier; below Initial Level)</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$0.00 ( Notes are not automatically called)</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 STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Final Valuation Date</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SPX: 300 (below Coupon Barrier, Downside Threshold and Initial Level)<BR>
RTY: 1,400 (at or above Coupon Barrier, Downside Threshold and Initial Level)<BR>
NDX: 1,400 (at or above Coupon Barrier, Downside Threshold and Initial Level)</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$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="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total Payment:</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$3.2125 (-67.875% return)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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 $0.2125 received in respect of the first Coupon Determination Date, CIBC will have paid you
$3.2125 per Note, for a -67.875% total return on the Notes.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #788D41">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; padding: 4pt 5.4pt"><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: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>The S&amp;P 500<SUP>&reg;</SUP> Index</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</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>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.</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">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.</P>

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

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Historical Performance of the SPX</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The graph below illustrates the performance of the
SPX from January 1, 2020 to July 11, 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 11, 2025, the Closing Level of the SPX was 6,259.75 (the &ldquo;Hypothetical Initial Level&rdquo;). The green
line indicates a hypothetical Coupon Barrier and Downside Threshold of 4,381.83, 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.</P>

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

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

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

<P STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2519500d32_424b2sp2img001.jpg" ALT=""><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B></B></FONT></P>

<P STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Source: Bloomberg</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"></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">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>The Russell 2000<SUP>&reg;</SUP> Index</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">The Russell 2000</FONT><FONT STYLE="font-size: 7.5pt"><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: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Historical Performance of the RTY</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The graph below illustrates the performance of the
RTY from January 1, 2020 to July 11, 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 11, 2025,
the Closing Level of the RTY was 2,234.827 (the &ldquo;Hypothetical Initial Level&rdquo;). The green line indicates a hypothetical Coupon
Barrier and Downside Threshold of 1,564.379, 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.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2519500d32_424b2sp2img002.jpg" ALT=""><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B></B></FONT></P>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Source: Bloomberg</FONT></P>


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

<P STYLE="font: 8pt 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>
    <!-- Field: /Page -->

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>The Nasdaq-100 Index<SUP>&reg;</SUP></B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">The Nasdaq-100</FONT><FONT STYLE="font-size: 7.5pt"><SUP>&reg;</SUP>
Index (Bloomberg ticker: &ldquo;NDX &lt;Index&gt;&rdquo;) is calculated, maintained and published by Nasdaq, Inc. The NDX includes 100
of the largest domestic and international non-financial companies listed on The Nasdaq Stock Market based on market capitalization. The
NDX reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade
and biotechnology. See &ldquo;Index Descriptions&mdash;The Nasdaq-100<SUP>&reg;</SUP> Index&rdquo; beginning on page S-26 of the accompanying
underlying supplement for additional information about the NDX.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In addition, information about the NDX may be obtained
from other sources including, but not limited to, the index sponsor&rsquo;s website (including information regarding the NDX&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 NDX is accurate or
complete.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Historical Performance of the NDX</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The graph below illustrates the performance of the
NDX from January 1, 2020 to July 11, 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 11, 2025,
the Closing Level of the NDX was 22,780.60 (the &ldquo;Hypothetical Initial Level&rdquo;). The green line indicates a hypothetical Coupon
Barrier and Downside Threshold of 15,946.42, which is equal to 70.00% of its Hypothetical Initial Level. The historical performance of
the NDX should not be taken as an indication of its future performance, and no assurances can be given as to the level of the NDX at any
time during the term of the Notes, including the Coupon Determination Dates. We cannot give you assurance that the performance of the
NDX will result in the return of any of your investment.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Historical Performance of the Nasdaq-100 Index<SUP>&reg;</SUP></B></P>

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

<P STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2519500d32_424b2sp2img003.jpg" ALT=""><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B></B></FONT></P>

<P STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Source: Bloomberg</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"></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">&nbsp;</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: 4pt 5.4pt; width: 100%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Correlation of the Underlyings</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 10pt 0 0pt; text-align: justify">The graph below illustrates the daily performance
    of the Underlyings from January 1, 2020 through July 11, 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.</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 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.</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">Past performance of the Underlyings is not indicative
    of the future performance of the Underlyings.</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="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">
<P STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Historical Performance of the S&amp;P 500<SUP>&reg;</SUP> Index, the Russell<BR>
 2000<SUP>&reg;</SUP> Index and the Nasdaq-100 Index<SUP>&reg;</SUP></B></FONT></P>

<P STYLE="text-align: center; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B></B></FONT><IMG SRC="tm2519500d32_424b2sp2img004.jpg" ALT=""></P>

<P STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Source: Bloomberg</FONT></P>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  </TABLE>



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

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 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: 4pt 5.4pt; width: 100%; font-size: 10pt"><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: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following discussion is a brief summary of the
material U.S. federal income tax considerations relating to an investment in the 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.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Non
U.S.-Holders.</I></FONT> 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.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><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></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&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">&nbsp;</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: 4pt 5.4pt; width: 100%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Certain Canadian Federal Income Tax Considerations</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 10pt 0 0pt">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.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 10pt 0 0pt; text-align: justify">This summary assumes that no amount paid or payable
    to a holder described herein will be the deduction component of a &ldquo;hybrid mismatch arrangement&rdquo; under which the payment arises
    within the meaning of the rules in the Canadian Tax Act with respect to &ldquo;hybrid mismatch arrangements&rdquo; (the &ldquo;Hybrid
    Mismatch Rules&rdquo;). Investors should note that the Hybrid Mismatch Rules are highly complex and there remains significant uncertainty
    as to their interpretation and application.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 10pt 0 0pt">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.</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 10pt 0 0pt; text-align: justify"><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></P>
    <P STYLE="font: 8pt 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">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.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  </TABLE>



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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; font-family: Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top; background-color: #788D41">
    <TD STYLE="padding: 4pt 5.4pt; width: 100%; font-size: 10pt"><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: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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 less the underwriting discount set forth on the cover hereof.
The Agent may allow a concession to its affiliates not in excess of the underwriting discount set forth on the cover hereof.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">CIBCWM is our affiliate, and is deemed to have a
conflict of interest under FINRA Rule 5121. In accordance with FINRA Rule 5121, CIBCWM may not make sales in this offering to any of its
discretionary accounts without the prior written approval of the customer.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</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: 4pt 5.4pt; width: 100%; font-size: 10pt"><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: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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 selling commissions paid to CIBCWM and other affiliated
or unaffiliated dealers, the projected profits that our hedge counterparties, which may include our affiliates, expect to realize for
assuming risks inherent in hedging our obligations under the 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.</P>

<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"></P>

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