<SEC-DOCUMENT>0001104659-25-074115.txt : 20250805
<SEC-HEADER>0001104659-25-074115.hdr.sgml : 20250805
<ACCEPTANCE-DATETIME>20250805144730
ACCESSION NUMBER:		0001104659-25-074115
CONFORMED SUBMISSION TYPE:	424B2
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250805
DATE AS OF CHANGE:		20250805

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:		251184380

	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>tm2522250d8_424b2.htm
<DESCRIPTION>424B2
<TEXT>
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<P STYLE="margin: 0pt 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="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-272447</B></P>

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

<P STYLE="color: red; font: bold 7pt 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="color: red; font: bold 7pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-family: Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: left; width: 70%; color: Red">
    <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><B>Subject to Completion, Dated August 5, 2025</B></P>
    <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-style: normal; font-weight: normal; color: Black">PRICING
    SUPPLEMENT dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8206;&#8207;&#8207;&#8206;, 2025</FONT></P>
    <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-style: normal; font-weight: normal; color: Black">(To
    Prospectus Supplement dated September 5, 2023 and</FONT></P>
    <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-style: normal; font-weight: normal; color: Black">Prospectus
    dated September 5, 2023)</FONT></P></TD>
    <TD STYLE="text-align: right; width: 30%"><IMG SRC="tm2522250d8_424b2img01.jpg" ALT=""></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

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

<P STYLE="color: rgb(192,0,0); font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%
Callable Notes due August 11, 2028</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">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 4.40%
Callable Notes due August 11, 2028 (CUSIP: 13607XZC4 / ISIN: US13607XZC46) (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 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 February 11 and August 11 of each year, commencing on February 11, 2026 and ending on the Maturity Date. The Notes
will accrue interest semi-annually at a rate of 4.40% 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 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 August 11 of each year, beginning on August 11, 2026 and ending on
August 11, 2027. 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: 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 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 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 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 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 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 CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; text-align: left; font: 10pt Times New Roman, Times, Serif; border: black 0.5pt solid">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5pt; text-align: center; width: 15%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 25%; border-left: black 0.5pt solid"><B>Price to Public <BR>
(Original Issue Price)</B><SUP>(1)</SUP></TD>
    <TD STYLE="text-align: center; width: 35%; border-left: black 0.5pt solid"><B>Underwriting Discount</B><SUP>(1)(2)</SUP></TD>
    <TD STYLE="text-align: center; width: 25%; border-left: black 0.5pt solid"><B>Proceeds to CIBC</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 0.5pt solid; padding-left: 5pt"><B>Per Note</B></TD>
    <TD STYLE="text-align: center; border-left: black 0.5pt solid; border-top: black 0.5pt solid">$1,000.00</TD>
    <TD STYLE="text-align: center; border-left: black 0.5pt solid; border-top: black 0.5pt solid">Up to $2.50</TD>
    <TD STYLE="text-align: center; border-left: black 0.5pt solid; border-top: black 0.5pt solid">At least $997.50</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 0.5pt solid; padding-left: 5pt"><B>Total</B></TD>
    <TD STYLE="text-align: center; border-left: black 0.5pt solid; border-top: black 0.5pt solid">$</TD>
    <TD STYLE="text-align: center; border-left: black 0.5pt solid; border-top: black 0.5pt solid">$</TD>
    <TD STYLE="text-align: center; border-left: black 0.5pt solid; border-top: black 0.5pt solid">$</TD></TR>
  </TABLE>
<P STYLE="font: 1pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0">&nbsp;</TD>
    <TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1)</FONT></TD>
    <TD>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 $997.50 and $1,000.00 per Note.</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0">&nbsp;</TD>
    <TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2)</FONT></TD>
    <TD>CIBC World Markets Corp. (&ldquo;CIBCWM&rdquo;), acting as agent for the Bank, will receive a commission of up to $2.50 (0.25%) 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 &ldquo;Supplemental Plan of Distribution (Conflicts of Interest)&rdquo; on page PS-11 of this pricing supplement.</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">We will deliver the Notes in book-entry form through the facilities
of The Depository Trust Company (&ldquo;DTC&rdquo;) on or about August 11, 2025 against payment in immediately available funds.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">C<B>IBC Capital Markets</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Red 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; color: rgb(192,0,0); text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Prospectus
                                            supplement dated September 5, 2023:</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify"><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: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Prospectus
                                            dated September 5, 2023:</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1045520/000110465923098163/tm2325339d10_424b3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">https://www.sec.gov/Archives/edgar/data/1045520/000110465923098163/tm2325339d10_424b3.htm</FONT></A></TD></TR>
                                                                                                                                                                                                            </TABLE>

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<P STYLE="margin: 0pt 0; color: blue"></P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Red 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; color: rgb(192,0,0); text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 98%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; margin-left: 0.15in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; width: 15%; padding-bottom: 5pt"><B>Issuer:</B></TD>
    <TD STYLE="padding-top: 5pt; width: 85%; padding-bottom: 5pt">Canadian Imperial Bank of Commerce (the &#8220;Issuer&#8221; or the &#8220;Bank&#8221;)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><B>Type of Note:</B></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">4.40% Callable Notes due August 11, 2028</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><B>CUSIP/ISIN:</B></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">13607XZC4 / US13607XZC46</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><B>Minimum<BR>
 Denominations:</B></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">$1,000 and integral multiples of $1,000 in excess thereof.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><B>Principal Amount:</B></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">$1,000 per Note</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><B>Aggregate <BR>
Principal <BR>
Amount of <BR>
Notes:</B></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">$</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><B>Currency:</B></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">U.S. Dollars (&#8220;$&#8221;)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><B>Term:</B></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">3 years, unless previously called</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><B>Trade Date:</B></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">Expected to be August 7, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><B>Original Issue <BR>
Date:</B></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">Expected to be August 11, 2025 (to be determined on the Trade Date and expected to be the 2<SUP>nd</SUP> scheduled Business Day after the Trade Date)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><B>Maturity Date:</B></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">Expected to be August 11, 2028, subject to early redemption and postponement as described in &#8220;&#8212;Business Day Convention&#8221; below.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><B>Interest <BR>
Accrual Date:</B></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">August 11, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><B>Interest Rate:</B></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">Subject to early redemption, the Notes will accrue interest semi-annually at a rate of 4.40% per annum.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><B>Interest Period:</B></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><B>Interest <BR>
Payment Dates:</B></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">Semi-annually, payable in arrears on February 11 and August 11 of each year, commencing on February 11, 2026 and ending on the Maturity Date, subject to postponement as described in &#8220;&#8212;Business Day Convention&#8221; below.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><B>Day Count <BR>
Fraction:</B></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">30/360 Unadjusted</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><B>Record Date:</B></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">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</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" STYLE="width: 98%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; margin-left: 0.15in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"> refer to as a &#8220;regular record date,&#8221; 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: 5pt; padding-bottom: 5pt; width: 15%"><B>Optional Early Redemption / Redemption <BR>
Price:</B></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; width: 85%">
    <P STYLE="font: 10pt 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, 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-top: 0pt; margin-bottom: 0pt">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: 5pt; padding-bottom: 5pt"><B>Optional <BR>
Redemption<BR>
 Dates:</B></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">Annually, on the Interest Payment Date falling on August 11 of each year, beginning on August 11, 2026 and ending on August 11, 2027, subject to postponement as described in &#8220;&#8212;Business Day Convention&#8221; below.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><B>Canadian Bail-<BR>
in Powers:</B></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">The Notes are bail-inable debt securities 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 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 &#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 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: 5pt; padding-bottom: 5pt"><B>Agreement <BR>
with Respect to<BR>
 the Exercise of<BR>
 Canadian Bail-in<BR>
 Powers:</B></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">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 &#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 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-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">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.&nbsp;</P></TD></TR>
</TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 98%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; margin-left: 0.15in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">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 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: 5pt; padding-bottom: 5pt; width: 15%"><B>Calculation <BR>
Agent:</B></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; width: 85%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">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-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">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&#8217;s
    discretion. The Calculation Agent will have no liability for its determinations.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><B>Ranking:</B></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">Senior, unsecured</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><B>Business Day:</B></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><B>Business Day<BR>
 Convention:</B></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><B>Listing:</B></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">None</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><B>Withholding:</B></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">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.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

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

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

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Red 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; color: rgb(192,0,0); text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; color: rgb(192,0,0); text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

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

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

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

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

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Red 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; color: rgb(192,0,0); text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Common Shares Acquired on a Bail-in Conversion</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; color: rgb(192,0,0); text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">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
$2.50 (0.25%) 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 99.75% 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 0.25% of the principal amount of the Notes.</P>

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

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

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

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

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

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

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

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