<SEC-DOCUMENT>0001104659-25-068311.txt : 20250716
<SEC-HEADER>0001104659-25-068311.hdr.sgml : 20250716
<ACCEPTANCE-DATETIME>20250716150742
ACCESSION NUMBER:		0001104659-25-068311
CONFORMED SUBMISSION TYPE:	424B2
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250716
DATE AS OF CHANGE:		20250716

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:		251127204

	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>tm2519500d36_424b2.htm
<DESCRIPTION>424B2
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed Pursuant to Rule 424(b)(2)</B></P>

<P STYLE="text-align: right; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Registration No. 333-272447</B></P>

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

<P STYLE="color: red; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The information in this preliminary pricing supplement
is not complete and may be changed. This preliminary pricing supplement and the accompanying 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="margin: 0pt 0; font-size: 5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="color: Red"><B>Subject to Completion, Dated July 16,
    2025</B></FONT><BR> PRICING SUPPLEMENT dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8206;&#8207;&#8207;&#8206;, 2025<BR> (To Prospectus
    Supplement dated September 5, 2023 and<BR> Prospectus dated September 5, 2023)</TD>
    <TD STYLE="text-align: right; font: bold 10pt Times New Roman, Times, Serif; width: 50%; vertical-align: top"><IMG SRC="tm2519500d36_424b2img001.jpg" ALT=""></TD></TR>
  </TABLE>


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

<P STYLE="font: normal 10pt/12pt Times New Roman, Times, Serif; color: rgb(192,0,0); margin-top: 0pt; margin-bottom: 0pt"><B>Canadian
Imperial Bank of Commerce</B></P>

<P STYLE="font: bold 10pt/12pt Times New Roman, Times, Serif; color: rgb(192,0,0); margin-top: 0pt; margin-bottom: 0pt">Senior Global Medium-Term Notes</P>

<P STYLE="font: bold 10pt/12pt Times New Roman, Times, Serif; color: rgb(192,0,0); margin-top: 0pt; margin-bottom: 0pt">$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%
Callable Notes due July 29, 2030</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 9pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">We, Canadian Imperial Bank of Commerce (the &#8220;Bank&#8221; or &#8220;CIBC&#8221;), are offering $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;aggregate principal amount of
4.80% Callable Notes due July 29, 2030 (CUSIP: 13607XYH4 / ISIN: US13607XYH42) (the &#8220;Notes&#8221;).</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 9pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">At maturity, if the Notes have not been previously redeemed, you will receive a cash payment equal to 100% of the principal amount, plus
any accrued and unpaid interest. Interest will be paid semi-annually on January 29 and July 29 of each year, commencing on January 29,
2026 and ending on the Maturity Date. The Notes will accrue interest semi-annually at a rate of 4.80% per annum during the term of the
Notes.</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 9pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">We have the right to redeem the Notes, in whole but not in part, annually, on the Interest Payment Date falling on July 29 of each year,
beginning on July 29, 2026 and ending on July 29, 2029. The Redemption Price will be 100% of the principal amount plus accrued and unpaid
interest to, but excluding, the applicable Optional Redemption Date.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Notes will be issued in minimum denominations of $1,000, and integral multiples of $1,000 in excess thereof.</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Notes will not be listed on any securities exchange.</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 9pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Notes are unsecured obligations of CIBC and all payments on the Notes are subject to the credit risk of CIBC. The Notes will not
constitute deposits insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other
government agency or instrumentality of Canada, the United States or any other jurisdiction.</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 9pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Neither the Securities and Exchange Commission (the &#8220;SEC&#8221;) nor any state or provincial securities commission has approved
or disapproved of these Notes or determined if this pricing supplement or the accompanying prospectus supplement and prospectus is truthful
or complete. Any representation to the contrary is a criminal offense.</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 9pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Notes are bail-inable debt securities (as defined in the accompanying prospectus) and subject to conversion in whole or in part &#8211;
by means of a transaction or series of transactions and in one or more steps &#8211; into common shares of the Bank or any of its affiliates
under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act (the &#8220;CDIC Act&#8221;) and to variation or extinguishment
in consequence, and subject to the application of the laws of the Province of Ontario and the federal laws of Canada applicable therein
in respect of the operation of the CDIC Act with respect to the Notes. See &#8220;Description of Senior Debt Securities &#8213; Special
Provisions Related to Bail-inable Debt Securities&#8221; and &#8220;&#8212; Canadian Bank Resolution Powers&#8221; in the accompanying
prospectus and &#8220;Risk Factors &#8213; Risks Relating to Bail-Inable Notes&#8221; in the accompanying prospectus supplement.</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 9pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Investing in the Notes involves risks. See the &#8220;Additional Risk Factors&#8221; beginning on page PS-5 of this pricing supplement
and the &#8220;Risk Factors&#8221; beginning on page S-1 of the accompanying prospectus supplement and page 1 of the prospectus.</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="border: Black 1pt solid; padding-top: 2pt; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 2pt; vertical-align: top; width: 27%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Price to Public</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Original
    Issue Price)</B></FONT><SUP>(1)</SUP></P></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 2pt; vertical-align: top; width: 32%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Underwriting Discount</B></FONT><SUP>(1)(2)</SUP></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 2pt; vertical-align: top; width: 27%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proceeds to CIBC</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Per Note</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,000.00</FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Up to $10.00</FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At least $990.00</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; width: 0.25in; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1)</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Because
    certain dealers who purchase the Notes for sale to certain fee-based advisory accounts may forgo some or all of their commissions
    or selling concessions, the price to public for investors purchasing the Notes in these accounts may be between $990.00 and $1,000.00
    per Note.</FONT></TD></TR>
  <TR STYLE="font: 5pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2)</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">CIBC
    World Markets Corp. (&#8220;CIBCWM&#8221;), acting as agent for the Bank, will receive a commission of up to $10.00 (1.00%) per $1,000
    principal amount of the Notes. CIBCWM may use a portion or all of its commission to allow selling concessions to other dealers in
    connection with the distribution of the Notes. The other dealers may forgo, in their sole discretion, some or all of their selling
    concessions. See &#8220;Supplemental Plan of Distribution (Conflicts of Interest)&#8221; on page PS-11 of this pricing supplement.</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 5pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 17.85pt; text-indent: -17.85pt">&nbsp;</P>

<P STYLE="font: 9pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">We will deliver the Notes in book-entry form through the facilities of The Depository Trust Company (&#8220;DTC&#8221;) on or about July
29, 2025 against payment in immediately available funds.</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; text-align: justify; margin-top: 4pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: normal 12pt/12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>CIBC Capital
Markets</B></P>

<P STYLE="font: normal 10pt/12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="font: normal 10pt/12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="border-bottom: Red 1pt solid; font: bold 10pt/12pt Times New Roman, Times, Serif; color: rgb(192,0,0); text-align: center; margin-top: 0pt; margin-bottom: 10pt">ABOUT THIS PRICING SUPPLEMENT</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">You should read this pricing supplement together with the prospectus dated September 5, 2023 (the &#8220;prospectus&#8221;) and the prospectus
supplement dated September 5, 2023 (the &#8220;prospectus supplement&#8221;), each relating to our Senior Global Medium-Term Notes of
which these Notes are a part, for additional information about the Notes. Information in this pricing supplement supersedes information
in the prospectus supplement and the prospectus to the extent it is different from that information. Certain defined terms used but not
defined herein have the meanings set forth in the prospectus supplement or the prospectus.</P>

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

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 10pt">You should rely only on the information contained in or incorporated by reference in this pricing supplement and the accompanying 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 prospectus supplement and the prospectus,
and in the documents referred to in these documents and which are made available to the public. We have not, and CIBCWM has 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: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 10pt">We are not, and CIBCWM is 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 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 prospectus supplement
or the prospectus constitutes an offer, or an invitation on our behalf or on behalf of CIBCWM, 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: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 10pt">References to &#8220;CIBC,&#8221; &#8220;the Issuer,&#8221; &#8220;the Bank,&#8221; &#8220;we,&#8221; &#8220;us&#8221; and &#8220;our&#8221;
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.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 10pt">You may access 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):</P>

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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 0.25in">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif">Prospectus supplement dated September 5, 2023:</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif"><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></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif">Prospectus dated September 5, 2023:</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif"><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></TD></TR>
  </TABLE>


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<P STYLE="border-bottom: Red 1pt solid; font: bold 10pt/12pt Times New Roman, Times, Serif; color: rgb(192,0,0); text-align: center; margin-top: 0pt; margin-bottom: 10pt">SUMMARY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt">The information in this &#8220;Summary&#8221; section is qualified
by the more detailed information set forth in the accompanying prospectus supplement and the prospectus. See &#8220;About This Pricing
Supplement&#8221; in this pricing supplement.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Issuer:</B></FONT></TD>
    <TD STYLE="width: 80%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Canadian Imperial Bank of Commerce (the &ldquo;Issuer&rdquo; or the &ldquo;Bank&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Type of Note:</B></FONT></TD>
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.80% Callable Notes due July 29, 2030</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CUSIP/ISIN:</B></FONT></TD>
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13607XYH4 / US13607XYH42</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Minimum Denominations:</B></FONT></TD>
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,000 and integral multiples of $1,000 in excess thereof.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Principal Amount:</B></FONT></TD>
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,000 per Note</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Aggregate Principal Amount of Notes:</B></FONT></TD>
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Currency:</B></FONT></TD>
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S. Dollars (&ldquo;$&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Term:</B></FONT></TD>
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5 years, unless previously called</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trade Date:</B></FONT></TD>
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected to be July 25, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Original Issue Date:</B></FONT></TD>
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected to be July 29, 2025 (to be determined on the Trade Date and expected to be the 2<SUP>nd</SUP> scheduled Business Day after the Trade Date)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maturity Date:</B></FONT></TD>
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected to be July 29, 2030, subject to early redemption and postponement as described in &ldquo;&mdash;Business Day Convention&rdquo; below.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interest Accrual Date:</B></FONT></TD>
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">July 29, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interest Rate:</B></FONT></TD>
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to early redemption, the Notes will accrue interest semi-annually at a rate of 4.80% per annum.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interest Period:</B></FONT></TD>
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The period from and including the original issue date to but excluding the immediately following scheduled interest payment date, and each successive period from and including a scheduled interest payment date to but excluding the next scheduled interest payment date.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interest Payment Dates:</B></FONT></TD>
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Semi-annually, payable in arrears on January 29 and July 29 of each year, commencing on January 29, 2026 and ending on the Maturity Date, subject to postponement as described in &ldquo;&mdash;Business Day Convention&rdquo; below.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Day Count Fraction:</B></FONT></TD>
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30/360 Unadjusted</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Record Date:</B></FONT></TD>
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest will be payable to the persons in whose names the Notes are registered at the close of business on the Business Day immediately preceding each Interest Payment Date, which we</FONT></TD></TR>
</TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"> refer to as a &ldquo;regular record date,&rdquo; except that the interest due at maturity or upon early redemption will be paid to the persons in whose names the Notes are registered on the Maturity Date or the Optional Redemption Date, as applicable.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Optional Early Redemption / Redemption Price:</B></FONT></TD>
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt; width: 80%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have the right to redeem the Notes, in whole but not in part, on
    any Optional Redemption Date. The Redemption Price will be 100% of the principal amount plus any accrued and unpaid interest to, but excluding,
    the date of such redemption. If we elect to redeem the Notes, we will send a notice to DTC through the trustee at least 2 Business Days
    and no more than 20 Business Days before the applicable Optional Redemption Date. We will have no independent obligation to notify you
    directly.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Notes are redeemed early, they will cease to be outstanding
    on the applicable Optional Redemption Date, and no further payments will be made on the Notes.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Optional Redemption Dates:</B></FONT></TD>
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annually, on the Interest Payment Date falling on July 29 of each year, beginning on July 29, 2026 and ending on July 29, 2029, subject to postponement as described in &ldquo;&mdash;Business Day Convention&rdquo; below.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Canadian Bail-in Powers:</B></FONT></TD>
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Notes are bail-inable debt securities and subject to conversion in whole or in part &ndash; by means of a transaction or series of transactions and in one or more steps &ndash; into common shares of the Bank or any of its affiliates under subsection 39.2(2.3) of the CDIC Act and to variation or extinguishment in consequence, and subject to the application of the laws of the Province of Ontario and the federal laws of Canada applicable therein in respect of the operation of the CDIC Act with respect to the Notes. See &ldquo;Description of Senior Debt Securities &mdash; Special Provisions Related to Bail-inable Debt Securities&rdquo; and &ldquo;&mdash; Canadian Bank Resolution Powers&rdquo; in the accompanying prospectus and &ldquo;Risk Factors &mdash; Risks Relating to Bail-Inable Notes&rdquo; in the accompanying prospectus supplement for a description of provisions and risks applicable to the Notes as a result of Canadian bail-in powers.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Agreement with Respect to the Exercise of Canadian Bail-in Powers:</B></FONT></TD>
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By its acquisition of an interest in any Note, each holder or beneficial
    owner of that Note is deemed to (i) agree to be bound, in respect of the Notes, by the CDIC Act, including the conversion of the Notes,
    in whole or in part &ndash; by means of a transaction or series of transactions and in one or more steps &ndash; into common shares of
    the Bank or any of its affiliates under subsection 39.2(2.3) of the CDIC Act and the variation or extinguishment of the Notes in consequence,
    and by the application of the laws of the Province of Ontario and the federal laws of Canada applicable therein in respect of the operation
    of the CDIC Act with respect to the Notes; (ii) attorn and submit to the jurisdiction of the courts in the Province of Ontario with respect
    to the CDIC Act and those laws; and (iii) acknowledge and agree that the terms referred to in paragraphs (i) and (ii), above, are binding
    on that holder or beneficial owner despite any provisions in the indenture or the Notes, any other law that governs the Notes and any
    other agreement, arrangement or understanding between that holder or beneficial owner and the Bank with respect to the Notes.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Holders and beneficial owners of Notes will have no further rights
in respect of their bail-inable debt securities to the extent those bail-inable debt securities are converted in a bail-in conversion,
other than those provided under the bail-in regime, and by its acquisition of an interest in any Note, each holder or beneficial owner
of that Note is deemed to irrevocably consent to the converted portion of the principal amount of that Note and any accrued and unpaid
interest thereon being deemed paid in full by the Bank by the issuance of common shares of the Bank (or, if applicable, any of its affiliates)
upon the occurrence of a bail-in conversion, which bail-in conversion will occur without any further action on the part of that holder
or beneficial owner or the trustee; provided that, for the avoidance of doubt, this consent will not limit or otherwise affect any rights
that holders or beneficial owners may have under the bail-in regime.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
</TABLE>

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

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 20%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 80%">See &ldquo;Description of Senior Debt Securities&mdash; Special Provisions
    Related to Bail-inable Debt Securities&rdquo; and &ldquo;&mdash; Canadian Bank Resolution Powers&rdquo; in the accompanying prospectus
    and &ldquo;Risk Factors &mdash; Risks Relating to Bail-Inable Notes&rdquo; in the accompanying prospectus supplement for a description
    of provisions and risks applicable to the Notes as a result of Canadian bail-in powers.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Calculation Agent:</B></FONT></TD>
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Canadian Imperial Bank of Commerce. We may appoint a different Calculation
    Agent without your consent and without notifying you.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All determinations made by the Calculation Agent will be at its sole
    discretion, and, in the absence of manifest error, will be conclusive for all purposes and binding on us and you. All percentages and
    other amounts resulting from any calculation with respect to the Notes will be rounded at the Calculation Agent&rsquo;s discretion. The
    Calculation Agent will have no liability for its determinations.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ranking:</B></FONT></TD>
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior, unsecured</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Business Day:</B></FONT></TD>
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A Monday, Tuesday, Wednesday, Thursday or Friday that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in New York, New York.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Business Day Convention:</B></FONT></TD>
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following. If any scheduled payment date is not a Business Day, the payment will be made on the next succeeding Business Day. No additional interest will accrue on the Notes as a result of such postponement, and no adjustment will be made to the length of the relevant interest period.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Listing:</B></FONT></TD>
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Withholding:</B></FONT></TD>
    <TD STYLE="padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Bank or the applicable paying agent will deduct or withhold from a payment on a Note any present or future tax, duty, assessment or other governmental charge that the Bank determines is required by law or the interpretation or administration thereof to be deducted or withheld. Payments on a Note will not be increased by any amount to offset such deduction or withholding.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"><I>The Trade Date and the other dates set forth above are subject to change, and will be set forth in the final
pricing supplement relating to the Notes.</I></P>

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

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<P STYLE="border-bottom: Red 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: rgb(192,0,0); text-align: center; margin-top: 0pt">ADDITIONAL RISK FACTORS</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">An investment in the Notes involves significant risks. In addition to the following risks included in this pricing supplement, we urge
you to read &#8220;Risk Factors&#8221; beginning on page S-1 of the accompanying prospectus supplement and &#8220;Risk Factors&#8221;
beginning on page 1 of the accompanying prospectus.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">You should understand the risks of investing in the Notes and should reach an investment decision only after careful consideration, with
your advisers, of the suitability of the Notes in light of your particular financial circumstances and the information set forth in this
pricing supplement and the accompanying prospectus supplement and the prospectus.</P>

<P STYLE="font: bold 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><I>Structure Risks</I></P>

<P STYLE="font: bold 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt">We May Redeem The Notes Prior To Maturity, In Which Case You Will Receive No Further Interest Payments.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">We retain the option to redeem the Notes, in whole but not in part, on any Optional Redemption Date by giving at least 2 Business Days
and no more than 20 Business Days&#8217; prior notice. It is more likely that we will redeem the Notes prior to their stated Maturity
Date to the extent that the interest payable on the Notes is greater than the interest that would be payable on our other instruments
of a comparable maturity, terms and credit rating trading in the market. If the Notes are redeemed prior to their stated Maturity Date,
you will receive no further interest payments from the Notes redeemed and may have to re-invest the proceeds in a lower rate environment.</P>

<P STYLE="font: bold 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt">The Price At Which The Notes May Be Sold Prior To Maturity Will Depend On A Number Of Factors And May Be Substantially Less Than The
Amount For Which They Were Originally Purchased.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">The price at which the Notes may be sold prior to maturity will depend on a number of factors. Some of these factors include, but are
not limited to: (i) changes in interest rates generally, (ii) any actual or anticipated changes in our credit ratings or credit spreads,
and (iii) time remaining to maturity. In particular, because the terms of the Notes permit us to redeem the Notes prior to maturity,
the price of the Notes may be impacted by the redemption feature of the Notes. Additionally, the interest rates of the Notes reflect
not only our credit spread generally but also the redemption feature of the Notes and thus may not reflect the rate at which a note without
a redemption feature and increasing interest rate might be issued and sold.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">Depending on the actual or anticipated level of interest rates, the market value of the Notes may decrease and you may receive substantially
less than 100% of the original issue price if you sell your Notes prior to maturity.</P>

<P STYLE="font: bold 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt">The Notes Are Riskier Than Notes With A Shorter Term.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">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.</P>

<P STYLE="font: bold 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt">The Notes Will Be Subject To Risks, Including Conversion In Whole Or In Part &#8212; By Means Of A Transaction Or Series Of Transactions
And In One Or More Steps &#8212; Into Common Shares Of CIBC Or Any Of Its Affiliates, Under Canadian Bank Resolution Powers.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">Under Canadian bank resolution powers, the Canada Deposit Insurance Corporation (the &#8220;CDIC&#8221;) may, in circumstances where
CIBC has ceased, or is about to cease, to be viable, assume temporary control or ownership of CIBC and may be granted broad powers by
one or more orders of the Governor in Council (Canada), including the power to sell or dispose of all or a part of the assets of CIBC,
and the power to carry out or cause CIBC to carry out a transaction or a series of transactions the purpose of which is to restructure
the business of CIBC. If the CDIC were to take action under the Canadian bank resolution powers with respect to CIBC, this could result
in holders or beneficial owners of the Notes being exposed to losses and conversion of the Notes in whole or in part &#8212; by means
of a transaction or series of transactions and in one or more steps &#8212; into common shares of CIBC or any of its affiliates.</P>

<P STYLE="margin: 0">As a result, you should consider the risk
that you may lose all or part of your investment, including the principal amount plus any accrued interest, if the CDIC were to take
action under the Canadian bank resolution powers, including the bail-in regime, and that any remaining outstanding Notes, or common shares
of CIBC or any of its</P>

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

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

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">affiliates into which the Notes
are converted, may be of little value at the time of a bail-in conversion and thereafter. See &#8220;Description of Senior Debt Securities&#8213;Special
Provisions Related to Bail-inable Debt Securities&#8221; and &#8220;&#8212; Canadian Bank Resolution Powers&#8221; in the accompanying
prospectus and &#8220;Risk Factors &#8212; Risks Relating to Bail-Inable Notes&#8221; in the accompanying prospectus supplement for a
description of provisions and risks applicable to the Notes as a result of Canadian bail-in powers.</P>

<P STYLE="font: bold 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt">The Tax Treatment Of The Notes Is Uncertain.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">Significant aspects of the tax treatment of the Notes are uncertain. You should consult your tax advisor about your own tax situation.
See &#8220;U.S. Federal Income Tax Considerations&#8221; and &#8220;Certain Canadian Income Tax Considerations&#8221; in this pricing
supplement.</P>

<P STYLE="font: bold 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><I>Conflicts of Interest</I></P>

<P STYLE="font: bold 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt">Certain Business, Trading And Hedging Activities Of Us, CIBCWM And Our Other Affiliates May Create Conflicts With Your Interests And
Could Potentially Adversely Affect The Value Of The Notes.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">We, CIBCWM or one or more of our other affiliates may engage in trading and other business activities that are not for your account or
on your behalf (such as holding or selling of the Notes for our proprietary account or effecting secondary market transactions in the
Notes for other customers). These activities may present a conflict of interest between your interest in the Notes and the interests
we, CIBCWM or one or more of our other affiliates may have in our or their proprietary accounts. We, CIBCWM and our other affiliates
may engage in any such activities without regard to the Notes or the effect that such activities may directly or indirectly have on the
value of the Notes.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt">Moreover, we, CIBCWM and our other affiliates play a variety of roles in connection with the issuance of the Notes, including hedging
our obligations under the Notes. We expect to hedge our obligations under the Notes through CIBCWM, one of our other affiliates and/or
another unaffiliated counterparty, which may include any dealer from which you purchase the Notes. In connection with such activities,
the economic interests of us, CIBCWM and our other 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, CIBCWM, one or more of our other 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, CIBCWM, our other affiliates or any unaffiliated counterparty receive for the sale of the Notes, which creates an additional incentive
to sell the Notes to you. We, CIBCWM, our other 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>

<P STYLE="font: bold 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt">There Are Potential Conflicts Of Interest Between You And The Calculation Agent.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt">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. 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.</P>

<P STYLE="font: bold 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt"><I>General Risks</I></P>

<P STYLE="font: bold 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt">Your Investment Is Subject To The Credit Risk Of The Bank.</P>

<P STYLE="margin: 0">The Notes are senior unsecured debt obligations of the Bank
and are not, either directly or indirectly, an obligation of any third party. As further described in the accompanying prospectus supplement
and prospectus, the Notes will rank on par with all of the other unsecured and unsubordinated debt obligations of the Bank, except such
obligations as may be preferred by operation of law. All payments to be made on the Notes, including the interest payments and the return
of the principal amount at maturity, depend on the ability of the Bank to satisfy its obligations as they come due. As a result, the
actual and perceived creditworthiness of the Bank may affect the market value of the Notes and,</P>

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

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

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt">in the event the Bank were to default on its obligations, you may not receive the amounts owed to you under the
terms of the Notes.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">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 &#8220;Description of Senior Debt Securities&#8212;Events of Default&#8221; in the prospectus.</P>

<P STYLE="font: bold 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt">The Inclusion Of Dealer Spread And Projected Profit From Hedging In The Original Issue Price Is Likely To Adversely Affect Secondary
Market Prices.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">Assuming no change in market conditions or any other relevant factors, the price, if any, at which CIBCWM or any other party is willing
to purchase the Notes at any time in secondary market transactions will likely be significantly lower than the original issue price,
since secondary market prices are likely to exclude underwriting commissions paid with respect to the Notes and the cost of hedging our
obligations under the Notes that are included in the original issue price. The cost of hedging includes the projected profit that we
and/or our affiliates may realize in consideration for assuming the risks inherent in managing the hedging transactions. These secondary
market prices are also likely to be reduced by the costs of unwinding the related hedging transactions. In addition, any secondary market
prices may differ from values determined by pricing models used by CIBCWM as a result of dealer discounts, mark-ups or other transaction
costs.</P>

<P STYLE="font: bold 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt">The Notes Will Not Be Listed On Any Securities Exchange And We Do Not Expect A Trading Market For The Notes To Develop.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">The Notes will not be listed on any securities exchange. Although CIBCWM and/or its affiliates may 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.</P>

<P STYLE="margin: 0">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 early redemption. This may affect the price
you receive upon such sale. Consequently, you should be willing to hold the Notes to maturity or early redemption.</P>

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

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

<P STYLE="border-bottom: Red 1pt solid; font: bold 10pt/12pt Times New Roman, Times, Serif; color: rgb(192,0,0); text-align: center; margin-top: 0pt; margin-bottom: 10pt">U.S. FEDERAL INCOME TAX CONSIDERATIONS</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">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 &#8220;Material Income Tax Consequences&#8212;United States Taxation&#8221; in the accompanying prospectus, which
you should carefully review prior to investing in the Notes. It applies only to those U.S. Holders who are not excluded from the discussion
of United States Taxation in the accompanying prospectus. You should 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.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">In the opinion of Mayer Brown LLP, the Notes should be treated as debt instruments for U.S. federal income tax purposes. Assuming such
treatment is respected, the coupon on a Note will be taxable to a U.S. Holder as ordinary interest income at the time it accrues or is
received in accordance with the U.S. Holder&#8217;s normal method of accounting for tax purposes.</P>

<P STYLE="margin: 0">Upon the sale, exchange, retirement or
other disposition of a Note, a U.S. Holder will recognize taxable gain or loss equal to the difference, if any, between the amount realized
on the sale, exchange, retirement or other disposition, other than accrued but unpaid interest which will be taxable as interest, and
such U.S. Holder&#8217;s adjusted tax basis in the Note. A U.S. Holder&#8217;s adjusted tax basis in a Note generally will equal the
cost of the Note to such U.S. Holder, and any such gain or loss will generally be capital gain or loss. For a non-corporate U.S. Holder,
under current law, the maximum marginal U.S. federal income tax rate applicable to the gain will be generally lower than the maximum
marginal U.S. federal income tax rate applicable to ordinary income if the U.S. Holder&#8217;s holding period for the Notes exceeds one
year (i.e., such gain is long-term capital gain). Any gain or loss realized on the sale, exchange, retirement or other disposition of
a Note generally will be treated as U.S. source gain or loss, as the case may be. Consequently, a U.S. Holder may not be able to claim
a credit for any non-U.S. tax imposed upon a disposition of a Note. The deductibility of capital losses is subject to limitations.</P>

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

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

<P STYLE="border-bottom: Red 1pt solid; font: bold 10pt/12pt Times New Roman, Times, Serif; color: rgb(192,0,0); text-align: center; margin-top: 0pt; margin-bottom: 10pt">CERTAIN CANADIAN INCOME TAX CONSIDERATIONS</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">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 <I>Income Tax Act (Canada)</I> and the regulations thereto (the &#8220;Canadian Tax Act&#8221;)
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&#8217;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) acquires and holds Notes and any common shares acquired on a bail-in conversion as capital property; (d) does
not use or hold and is not deemed to use or hold the Note or any common shares acquired on a bail-in conversion in, or in the course
of, carrying on a business in Canada; (e) is entitled to receive all payments (including any interest and principal) made on the Note;
(f) is not a, and deals at arm&#8217;s length with any, &#8220;specified shareholder&#8221; of the Issuer for purposes of the thin capitalization
rules in the Canadian Tax Act; and (g) 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 &#8220;specified entity&#8221;, and is not a
 &#8220;specified entity&#8221; in respect of such a transferee, in each case, for purposes of the Hybrid Mismatch Rules, as defined below
(a &#8220;Non-Resident Holder&#8221;). 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: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">This summary assumes that no amount paid or payable to a holder described herein will be the deduction component of a &#8220;hybrid mismatch
arrangement&#8221; under which the payment arises within the meaning of the rules in the Canadian Tax Act with respect to &#8220;hybrid
mismatch arrangements&#8221; (the &#8220;Hybrid Mismatch Rules&#8221;). 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: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">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 &#8220;Material Income Tax Consequences&#8212;Canadian Taxation&#8221; in the accompanying
prospectus and a Non-Resident Holder should carefully read that description as well.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">For the purposes of the Canadian Tax Act, all amounts not otherwise expressed in Canadian dollars must be converted into Canadian dollars
based on the exchange rate as quoted by the Bank of Canada for the applicable day or such other rate of exchange acceptable to the Minister
of National Revenue (Canada).</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><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: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><B>Notes</B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">Interest payable on the Notes should not be considered to be &#8220;participating debt interest&#8221; 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: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">In the event that a Note held by a Non-Resident Holder is converted to common shares on a bail-in conversion, the amount (the &#8220;Excess
Amount&#8221;), if any, by which the fair market value of the common shares received on the conversion exceeds the sum of: (i) the price
for which the Note was issued, and (ii) any amount that is paid in respect of accrued and unpaid interest at the time of the conversion
(the &#8220;Conversion Interest&#8221;) may be deemed to be interest paid to the Non-Resident Holder. There is a risk that the Excess
Amount (if any) and the Conversion Interest could be characterized as &#8220;participating debt interest&#8221; and, therefore, subject
to Canadian non-resident withholding tax unless certain exceptions apply.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">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&#8217;s length for purposes of the Canadian Tax Act.</P>

<P STYLE="margin: 0"><B>Common Shares Acquired on a Bail-in
Conversion</B></P>

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

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

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt"><I>Dividends</I></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">Dividends paid or credited or deemed to be paid or credited to a Non-Resident Holder on common shares of the Issuer or of any affiliate
of the Issuer that is a corporation resident or deemed to be resident in Canada will be subject to Canadian non-resident withholding
tax of 25% but such rate may be reduced under the terms of an applicable income tax treaty.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><I>Dispositions</I></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">A Non-Resident Holder will not be subject to tax under the Canadian Tax Act on any capital gain realized on a disposition or deemed disposition
of any common shares of the Issuer or of any affiliate unless the common shares constitute &#8220;taxable Canadian property&#8221; to
the Non-Resident Holder for purposes of the Canadian Tax Act at the time of their disposition, and such Non-Resident Holder is not entitled
to relief pursuant to the provisions of an applicable income tax treaty.</P>

<P STYLE="margin: 0">Generally, the common shares of the Issuer
or of any such affiliate will not constitute taxable Canadian property to a Non-Resident Holder provided that they are listed on a designated
stock exchange (which includes the TSX and NYSE) at the time of the disposition, unless, at any particular time during the 60-month period
that ends at that time, the following conditions are met concurrently: (i) one or any combination of (a) the Non-Resident Holder, (b)
persons with whom the Non-Resident Holder did not deal at arm&#8217;s length, or (c) partnerships in which the Non-Resident Holder or
a person described in (b) holds a membership interest directly or indirectly through one or more partnerships, owned 25% or more of the
issued shares of any class or series of the applicable issuer&#8217;s share capital and (ii) more than 50% of the fair market value of
the common shares of such issuer was derived directly or indirectly from one or any combination of (a) real or immovable property situated
in Canada, (b) Canadian resource properties (as defined in the Canadian Tax Act), (c) timber resource properties (as defined in the Canadian
Tax Act), and (d) an option, an interest or right in any of the foregoing property, whether or not such property exists. Notwithstanding
the foregoing, a common share of the Issuer or of any such affiliate may be deemed to be &#8220;taxable Canadian property&#8221; in certain
other circumstances. Non-Resident Holders whose common shares of the Issuer or of any such affiliate may constitute taxable Canadian
property should consult their own tax advisers with respect to their particular circumstances.</P>

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

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

<P STYLE="border-bottom: Red 1pt solid; font: bold 10pt/12pt Times New Roman, Times, Serif; color: rgb(192,0,0); text-align: center; margin-top: 0pt; margin-bottom: 10pt">SUPPLEMENTAL PLAN OF DISTRIBUTION (CONFLICTS OF INTEREST)</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">CIBCWM will purchase the Notes from CIBC at the price to public less the underwriting discount set forth on the cover page of this pricing
supplement for distribution to other registered broker-dealers or will offer the Notes directly to investors.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">CIBCWM or other registered broker-dealers will offer the Notes at the price to public set forth on the cover page of this pricing supplement.
CIBCWM may receive a commission of up to $10.00 (1.00%) per $1,000 principal amount of the Notes and may use a portion or all of that
commission to allow selling concessions to other dealers in connection with the distribution of the Notes. The other dealers may forgo,
in their sole discretion, some or all of their selling concessions. The price to public for Notes purchased by certain fee-based advisory
accounts may vary between 99.00% and 100.00% of the principal amount of the Notes. Any sale of a Note to a fee-based advisory account
at a price to public below 100.00% of the principal amount will reduce the agent&#8217;s commission specified on the cover page of this
pricing supplement with respect to such Note. The price to public paid by any fee-based advisory account will be reduced by the amount
of any fees assessed by the dealers involved in the sale of the Notes to such advisory account but not by more than 1.00% of the principal
amount of the Notes.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">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: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">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 Exchange Act, 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: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">The Bank may use this pricing supplement in the initial sale of the Notes. In addition, CIBCWM or any of our other 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: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">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 &#8220;Supplemental Plan of Distribution (Conflicts of Interest)&#8221; in the accompanying
prospectus supplement.</P>

<P STYLE="margin: 0">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 Original Issue Date.</P>

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

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

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