<SEC-DOCUMENT>0001104659-25-077294.txt : 20250813
<SEC-HEADER>0001104659-25-077294.hdr.sgml : 20250813
<ACCEPTANCE-DATETIME>20250813093536
ACCESSION NUMBER:		0001104659-25-077294
CONFORMED SUBMISSION TYPE:	424B2
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20250813
DATE AS OF CHANGE:		20250813

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:		251209275

	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>tm2522250d21_424b2.htm
<DESCRIPTION>424B2
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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

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


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

<P STYLE="color: Red; margin: 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="font-size: 2pt; margin: 0">&nbsp;</P>

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


<P STYLE="font-size: 1pt; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #c00000"><B>Subject to Completion, Dated August&nbsp;13, 2025</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pricing Supplement dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(To Prospectus Supplement dated September&nbsp;5, 2023</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">and Prospectus dated September&nbsp;5, 2023)</P></TD>
    <TD STYLE="text-align: right; width: 30%; vertical-align: top"><IMG SRC="tm2522250d21_424b2img001.jpg" ALT=""></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #c00000"><B>Canadian Imperial Bank of Commerce</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #c00000"><B>Senior Global Medium-Term Notes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #c00000"><B>$ &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Fixed to Floating Rate Notes Linked to Compounded
SOFR due August&nbsp;15, 2030</B></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">We, Canadian Imperial Bank of Commerce (the &ldquo;Bank&rdquo; or &ldquo;CIBC&rdquo;),
are offering $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;aggregate principal amount of Fixed to Floating Rate Notes Linked to Compounded SOFR (as defined herein, &ldquo;Compounded
SOFR&rdquo; or the &ldquo;Reference Rate&rdquo;) due August&nbsp;15, 2030 (CUSIP 13607XZL4 / ISIN US13607XZL45) (the &ldquo;Notes&rdquo;).</P>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">At maturity, you will receive a cash payment equal to 100% of the principal
amount, plus any accrued and unpaid interest. Interest will be paid quarterly on February&nbsp;15, May&nbsp;15, August&nbsp;15 and November&nbsp;15
of each year, commencing on May&nbsp;15, 2026 and ending on the Maturity Date. The Notes will accrue interest during the following periods
of their term at the following rates per annum:</P>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&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: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">From and including the Original Issue Date to but excluding February&nbsp;15,
2026: 0.00%;</FONT></TD></TR></TABLE>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0pt 0">&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: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">From and including February&nbsp;15, 2026 to but excluding the Maturity Date:
the sum of Compounded SOFR on the applicable Interest Determination Date and 2.00%, subject to a Minimum Rate of 0.00% and a Maximum Rate
of 6.50%.</FONT></TD></TR></TABLE>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 0pt 0"><B>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.</B></P>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Neither the Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
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.</B></P>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 0pt 0">The Notes are bail-inable debt securities (as defined in the accompanying
prospectus) 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 Canada Deposit Insurance Corporation
Act (the &ldquo;CDIC Act&rdquo;) 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.</P>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investing in the Notes involves risks not
associated with an investment in ordinary debt securities. See the &ldquo;Additional Risk Factors&rdquo; beginning on page&nbsp;PS-7 of
this pricing supplement and the &ldquo;Risk Factors&rdquo; beginning on page&nbsp;S-1 of the accompanying prospectus supplement and page&nbsp;1
of the prospectus.</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 12pt Times New Roman, Times, Serif; width: 97%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; border: Black 1pt solid; padding-left: 0.2in; text-indent: -10.1pt">&nbsp;</TD>
    <TD STYLE="width: 41%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt"><B>Price to Public (Original Issue Price)</B></FONT></TD>
    <TD STYLE="width: 27%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt"><B>Underwriting Discount<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt"><B>Proceeds to Issuer</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.2in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt"><B>Per Note</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">$1,000.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">&nbsp;$0.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">$1,000.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.2in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">$</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">$</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">$</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8.5pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>CIBC World Markets Corp. (&ldquo;CIBCWM&rdquo;), acting as agent for the Bank, will not receive any underwriting discount in connection
with the distribution of the Notes. See &ldquo;Supplemental Plan of Distribution (Conflicts of Interest)&rdquo; on page&nbsp;PS-15 of
this pricing supplement.</TD></TR></TABLE>

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

<P STYLE="font: 8.5pt 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&nbsp;15, 2025 against payment in immediately available funds.</P>

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

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

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

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


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

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



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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You should read this pricing supplement together with the prospectus
dated September&nbsp;5, 2023 (the &ldquo;prospectus&rdquo;) and the prospectus supplement dated September&nbsp;5, 2023 (the &ldquo;prospectus
supplement&rdquo;), 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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, CIBCWM and our other affiliates have not authorized any other person to provide you with different
or additional information. If anyone provides you with different or additional information, you should not rely on it.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We and CIBCWM are not making an offer to sell the Notes in any jurisdiction
where the offer or sale is not permitted. You should not assume that the information contained in or incorporated by reference in this
pricing supplement or the accompanying 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 behalf of us or 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">References to &ldquo;CIBC,&rdquo; &ldquo;the Issuer,&rdquo; &ldquo;the
Bank,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo; and &ldquo;our&rdquo; in this pricing supplement are references to Canadian Imperial Bank
of Commerce and not to any of our subsidiaries, unless we state otherwise or the context otherwise requires.</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">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: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Prospectus supplement dated September&nbsp;5,
2023:</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1045520/000110465923098166/tm2322483d94_424b5.htm">https://www.sec.gov/Archives/edgar/data/1045520/000110465923098166/tm2322483d94_424b5.htm</A></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Prospectus dated September&nbsp;5, 2023:</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><A HREF="https://www.sec.gov/Archives/edgar/data/1045520/000110465923098163/tm2325339d10_424b3.htm">https://www.sec.gov/Archives/edgar/data/1045520/000110465923098163/tm2325339d10_424b3.htm</A></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #c00000; border-bottom: #C00000 0.5pt solid"><B>SUMMARY</B></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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

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

<TABLE CELLSPACING="1" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Issuer:</B></FONT></TD>
    <TD STYLE="width: 77%; text-align: justify; padding-bottom: 5pt"><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: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Type of Note:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixed to Floating Rate Notes Linked to Compounded SOFR due August&nbsp;15, 2030</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Minimum Denominations:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><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: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Principal Amount:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,000 per Note</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Aggregate Principal Amount of Notes:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Currency:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><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: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Term:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5 years</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trade Date:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected to be August&nbsp;13, 2025 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Original Issue Date:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected to be August&nbsp;15, 2025 (to be determined on the Trade Date and expected to be the second scheduled Business Day after the Trade Date)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maturity Date:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected to be August&nbsp;15, 2030, 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: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interest Rate (per Annum):</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For each Interest Period from and including the Original Issue Date
    to but excluding February&nbsp;15, 2026 (the &ldquo;Fixed Rate Payment Period&rdquo;): 0.00% per annum</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">For each Interest Period following the Fixed Rate Payment Period (the
    &ldquo;Floating Rate Payment Period&rdquo;): the sum of Compounded SOFR and 2.00%, subject to the Minimum Rate and the Maximum Rate. The
    Interest Rate for each Interest Period during the Floating Rate Payment Period will be reset quarterly on the applicable Interest Determination
    Date.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Minimum Rate:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00% per annum</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maximum Rate:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.50% per annum</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interest Period:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarterly; 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: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Reference Rate:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Compounded SOFR, with respect to any Interest Period, means the rate
    of return of a daily compound interest investment computed in accordance with the following formula:</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">(Quarterly Compounded SOFR Factor - 1) &times; 360/Number of calendar
    days in the Interest Period.</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">The Reference Rate is subject to the fallback provisions described
    in &ldquo;Description of the Notes We May&nbsp;Offer &ndash; Interest Rates &ndash; Floating Rate Notes &ndash; SOFR Notes &ndash; Effect
    of a </P></TD></TR>
</TABLE>

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

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

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

<TABLE CELLSPACING="1" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-top: 5pt; padding-bottom: 5pt">Benchmark Transition Event for Compounded SOFR Notes&rdquo; in the accompanying prospectus supplement.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; width: 23%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Quarterly Compounded SOFR Factor:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; width: 77%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equal to the product of each Daily Compounded SOFR Factor observed in the Interest Period.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Daily Compounded SOFR Factor:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With respect to any Banking Day during the Interest Period, the Daily
    Compounded SOFR Factor will be equal to the following:</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">1 + (SOFR observed on the Lookback Date corresponding to such Banking
    Day x number of calendar days from and including such Banking Day to, but excluding, the following Banking Day/360)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SOFR:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOFR means, with respect to any U.S. Government Securities Business
    Day (as defined on page&nbsp;S-42 of the accompanying prospectus supplement), (1)&nbsp;the Secured Overnight Financing Rate published
    for such U.S. Government Securities Business Day as such rate appears on the SOFR Administrator&rsquo;s website or any successor source
    at 3:00 p.m.&nbsp;(New York time) on the immediately following U.S. Government Securities Business Day; (2)&nbsp;if the rate specified
    in (1)&nbsp;above does not so appear and a &ldquo;Benchmark Transition Event,&rdquo; as defined in &ldquo;Description of the Notes We
    May&nbsp;Offer &ndash; Interest Rates &ndash; Floating Rate Notes &ndash; SOFR Notes &ndash; Effect of a Benchmark Transition Event for
    Compounded SOFR Notes&rdquo; in the accompanying prospectus supplement, has not occurred, the Secured Overnight Financing Rate as published
    in respect of the first preceding U.S. Government Securities Business Day for which the Secured Overnight Financing Rate was published
    on the SOFR Administrator&rsquo;s website or any successor source.</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">SOFR will not be published in respect of any day that is not a U.S.
    Government Securities Business Day, such as a Saturday, Sunday or holiday and, by definition, any Banking Day will constitute a U.S. Government
    Securities Business Day. For this reason, in determining Compounded SOFR in accordance with the specified formula and other provisions
    set forth herein, the daily SOFR rate applied for any Banking Day in the Interest Period that immediately precedes one or more days that
    are not Banking Days in the Interest Period will be multiplied by the number of calendar days from and including such Banking Day to,
    but excluding, the following Banking Day.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SOFR Administrator:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Federal Reserve Bank of New York (or a successor administrator of the Secured Overnight Financing Rate).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Lookback Date:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With respect to any Banking Day during the Interest Period, the date that is five Banking Days prior to such Banking Day.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Banking Day:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any weekday that is a U.S. Government Securities Business Day.&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"><B>Interest Determination Date:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">With respect to any Interest Period during the Floating Rate Payment Period, the fifth U.S. Government Securities Business Day immediately preceding the related Interest Payment Date. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"><B>Interest Reset Dates:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarterly, on February&nbsp;15, May&nbsp;15, August&nbsp;15 and November&nbsp;15 of each year, commencing on February&nbsp;15, 2026 and ending on May&nbsp;15, 2030, each of which is the first day of the related Interest Period during the Floating Rate Payment Period.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interest Payment Dates:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarterly, payable in arrears on February&nbsp;15, May&nbsp;15, August&nbsp;15 and November&nbsp;15 of each year, commencing on May&nbsp;15, 2026 and ending on the Maturity Date, each subject </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="1" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">to postponement for payment purposes only in accordance with the &ldquo;&mdash;Business
    Day Convention&rdquo; below.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; width: 23%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Day Count Fraction:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt; width: 77%"><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: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Record Date:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><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 refer to as a &ldquo;regular record date,&rdquo; except that the interest due at maturity will be paid to the persons in whose names the Notes are registered on the Maturity Date.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Canadian Bail-in Powers:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><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: 5pt; padding-bottom: 5pt"><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: 5pt; padding-bottom: 5pt">
    <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)&nbsp;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)&nbsp;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)&nbsp;acknowledge and agree that the terms referred to in paragraphs (i)&nbsp;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">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</P></TD></TR>
</TABLE>

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

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

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

<TABLE CELLSPACING="1" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; width: 23%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Calculation Agent:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; width: 77%">
    <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: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ranking:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><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: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Business Day Convention:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><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: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Business Day:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><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: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CUSIP/ISIN:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13607XZL4 / US13607XZL45</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fees and Expenses:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Withholding:</B></FONT></TD>
    <TD STYLE="padding-top: 5pt"><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="margin: 0">&nbsp;</P>

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


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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #c00000; border-bottom: #C00000 0.5pt solid"><B>ADDITIONAL
RISK FACTORS</B></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">An investment in the Notes involves significant risks. In addition
to the following risks included in this pricing supplement, we urge you to read &ldquo;Risk Factors&rdquo; beginning on page&nbsp;S-1
of the accompanying prospectus supplement and page&nbsp;1 of the accompanying prospectus.</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">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 and prospectus supplement.</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"><B><I>Structure Risks</I></B></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"><B>The Interest Rate for Each Interest Period During the Floating Rate
Payment Period is Variable and May&nbsp;Be as Low as the Minimum Rate.</B></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">You will receive interest on the applicable Interest Payment Date during
the Floating Rate Payment Period at the Interest Rate calculated on the corresponding Interest Determination Date, which may be as low
as the Minimum Rate. The Interest Rate applicable to each Interest Payment Date during the Floating Rate Payment Period will fluctuate
because it is equal to the sum of Compounded SOFR calculated on the applicable Interest Determination Date and 2.00%, subject to the Minimum
Rate and the Maximum Rate. If Compounded SOFR calculated on any Interest Determination Date were less than -2.00%, the Interest Rate for
the relevant Interest Period would be equal to the Minimum Rate. Compounded SOFR, on which the Interest Rate for each Interest Period
during the Floating Rate Payment Period is based, will vary and may be less than -2.00% for most or all of the Interest Determination
Dates, and you may receive interest at the Minimum Rate on most or all of the Interest Payment Dates during the Floating Rate Payment
Period. The return on the Notes may be lower than the return on conventional debt securities of comparable maturity.</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"><B>The Potential Return on the Notes Will Be Limited by the Maximum
Rate.</B></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">The Interest Rate applicable for each Interest Period will not be greater
than the Maximum Rate. Therefore, your return on the Notes will be limited by the Maximum Rate.</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"><B>You Will Not Know the Interest Rate for Each Interest Period During
the Floating Rate Payment Period Until the End of that Interest Period.</B></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">The Reference Rate is compounded in arrears. Unlike forward-looking
term rates, the Interest Rate for each Interest Period during the Floating Rate Payment Period will be calculated at the end of that Interest
Period.</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"><B>The Repayment of the Principal Amount Applies Only at Maturity.</B></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">The Notes offer repayment of the principal amount only if you hold
your Notes until the Maturity Date. If you sell the Notes prior to maturity, you may lose some of the principal amount.</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"><B>The Notes Will Be Subject to Risks,&nbsp;Including Conversion in
Whole or in Part&nbsp;&mdash; by Means of a Transaction or Series&nbsp;of Transactions and in One or More Steps &mdash; into Common Shares
of CIBC or Any of its Affiliates, Under Canadian Bank Resolution Powers.</B></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">Under Canadian bank resolution powers, the Canada Deposit Insurance
Corporation (the &ldquo;CDIC&rdquo;) 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 &mdash; by means of a transaction or series of transactions and in one or more steps &mdash;
into common shares of CIBC or any of its affiliates.</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">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 &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-</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</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"><B>The Notes Are Riskier Than Notes With a Shorter Term.</B></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">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: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Reference Rate Risks</I></B></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; background-color: white"><B>The Occurrence of a Benchmark Transition
Event Could Adversely Affect the Return (if any) on the Notes.</B></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">A Benchmark Transition Event (as defined in &ldquo;Description of the
Notes We May&nbsp;Offer &ndash; Interest Rates &ndash; Floating Rate Notes &ndash; SOFR Notes &ndash; Effect of a Benchmark Transition
Event for Compounded SOFR Notes&rdquo; in the accompanying prospectus supplement) could occur during the term of the Notes. Any resulting
alternative replacement and Calculation Agent adjustments and determinations, as described in &ldquo;Description of the Notes We May&nbsp;Offer
 &ndash; Interest Rates &ndash; Floating Rate Notes &ndash; SOFR Notes &ndash; Effect of a Benchmark Transition Event for Compounded SOFR
Notes&rdquo; in the accompanying prospectus supplement, could adversely affect the value of and the return on your 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"><B>The Secured Overnight Financing Rate (&ldquo;SOFR&rdquo;) May&nbsp;Be
Modified or Discontinued.</B></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">The Federal Reserve Bank of New York notes on its publication page&nbsp;for
SOFR that use of SOFR is subject to important limitations, indemnification obligations and disclaimers, including that the Federal Reserve
Bank of New York may alter the methods of calculation, publication schedule, rate revision practices or availability of SOFR at any time
without notice. There can be no guarantee that SOFR will not be discontinued or fundamentally altered in a manner that is materially adverse
to the interests of investors in the Notes. If the manner in which SOFR is calculated is changed or if SOFR is discontinued, that change,
or discontinuance may result in a reduction of the interest or other applicable payments payable on the Notes and a reduction in the trading
price of 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"><B>The Future Performance of SOFR Cannot Be Predicted Based on Historical
Performance.</B></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; background-color: white">The future performance of SOFR cannot be predicted
based on its historical performance. Prior observed patterns, if any, in the behavior of market variables and their relation to SOFR,
such as correlations, may change in the future. While some&nbsp;pre-publication&nbsp;historical data have been released by the Federal
Reserve Bank of New York, such analysis inherently involves assumptions, estimates and approximations. The future performance of SOFR
is impossible to predict and therefore no future performance of SOFR may be inferred from any of the historical actual or historical indicative
data. Hypothetical or historical performance data are not indicative of, and have no bearing on, the potential performance of SOFR. You
should not rely on any historical changes or trends in SOFR as an indicator of the future performance of SOFR. Since the initial publication
of SOFR, daily changes in the rate have, on occasion, been more volatile than daily changes in comparable benchmark or market rates.</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; background-color: white"><B>Any Failure of SOFR to Retain or Increase
Market Acceptance Could Adversely Affect the Notes.</B></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">SOFR is based on transactions secured by U.S. Treasury securities;
it does not measure bank-specific credit risk. As a result, SOFR is less likely to correlate with the unsecured short-term funding costs
of banks. Any failure of SOFR to retain or increase its market acceptance could adversely affect the return on and value of the Notes
and the price at which investors can sell the Notes in the secondary market.</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"><B><I>Conflicts of Interest</I></B></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"><B>Certain Business, Trading and Hedging Activities of Us, CIBCWM and
Our Other Affiliates May&nbsp;Create Conflicts with Your Interests and Could Potentially Adversely Affect the Value of the Notes.</B></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">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: 0pt 0">&nbsp;</P>

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

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>There Are Potential Conflicts of Interest Between You and the Calculation
Agent.</B></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">The Calculation Agent will, among other things, determine the Interest
Rate and decide the amount of your payment for any Interest Payment Date on the Notes. The Calculation Agent will exercise its judgment
when performing its functions. Because determinations made by the Calculation Agent may affect payments on the Notes, the Calculation
Agent may have a conflict of interest if it needs to make any such determination.</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">In addition, and without limiting the generality of the previous paragraph,
the Calculation Agent may make certain determinations if a Benchmark Transition Event occurs or it may administer a successor rate in
certain circumstances as also described herein. For the avoidance of doubt, any decision made by the Calculation Agent will be effective
without consent from the holders of the Notes or any other party. Potential conflicts of interest may exist between the Bank, the Calculation
Agent and holders of the Notes. All determinations made by the Calculation Agent in such a circumstance will be conclusive for all purposes
and binding on the Bank and holders of the Notes. In making these potentially subjective determinations, the Bank and/or the Calculation
Agent may have economic interests that are adverse to your interests, and such determinations may adversely affect the value of and return
on your Notes. Because the continuation of SOFR on the current basis cannot and will not be guaranteed, the Calculation Agent is likely
to exercise more discretion in respect of calculating interest payable on the Notes than would be the case in the absence of such a need
to select a successor rate.</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"><B><I>Tax Risks</I></B></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"><B>The Tax Treatment of the Notes Is Uncertain.</B></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">Significant aspects of the tax treatment of the Notes are uncertain.
You should consult your tax advisor about your own tax situation. See &ldquo;U.S. Federal Income Tax Considerations&rdquo; and &ldquo;Certain
Canadian Income Tax Considerations&rdquo; in this pricing supplement.</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"><B><I>General Risks</I></B></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"><B>Payments on the Notes Are Subject to Our Credit Risk, and Actual
or Perceived Changes in Our Creditworthiness Are Expected to Affect the Value of the Notes.</B></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">The Notes are our senior unsecured debt obligations and are not, either
directly or indirectly, an obligation of any third party. As further described in the accompanying prospectus and prospectus supplement,
the Notes will rank on par with all of our other unsecured and unsubordinated debt obligations, except such obligations as may be preferred
by operation of law. All payments to be made on the Notes, including the interest payments and the return of the principal amount at maturity,
depend on our ability to satisfy our obligations as they come due. As a result, the actual and perceived creditworthiness of us may affect
the market value of the Notes and, in the event we were to default on our obligations, you may not receive the amounts owed to you under
the terms of the Notes. If we default on our obligations under the Notes, your investment would be at risk and you could lose some or
all of your investment. See &ldquo;Description of Senior Debt Securities&mdash;Events of Default&rdquo; in the accompanying prospectus.</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"><B>The Inclusion of Dealer Spread and Projected Profit from Hedging
in the Original Issue Price Is Likely to Adversely Affect Secondary Market Prices.</B></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">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</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Notes Will Not Be Listed on Any Securities Exchange and We Do
Not Expect a Trading Market for the Notes to Develop.</B></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">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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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. This may affect the price you receive upon such
sale. Consequently, you should be willing to hold the Notes to maturity.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #c00000; border-bottom: #C00000 0.5pt solid"><B>THE
SECURED OVERNIGHT FINANCING RATE</B></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 information regarding SOFR set forth in this document has been
derived from publicly available information. Neither we nor any of our affiliates have independently verified the accuracy or the completeness
of all information regarding SOFR that we have derived from publicly available sources. Neither we nor any of our affiliates are under
any obligation to update, modify or amend all information regarding SOFR or the historical performance of SOFR.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Historical Performance of SOFR</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following graph sets forth of the historical performance of SOFR
for the period from January&nbsp;1, 2020 to August&nbsp;12, 2025. On August&nbsp;12, 2025, the rate of SOFR was 4.34%. We obtained the
rates below from Bloomberg Professional<SUP>&reg;</SUP> Service (&ldquo;Bloomberg&rdquo;) without independent verification. The historical
performance of should not be taken as an indication of its future performance, and no assurances can be given as to SOFR at any time during
the Floating Rate Payment Period. We cannot give you assurance that the sum of 2.00% and Compounded SOFR calculated on any Interest Determination
Date will outperform the Minimum Rate.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Historical Performance
of SOFR</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt"><IMG SRC="tm2522250d21_424bimg001.jpg" ALT="">&nbsp;</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Source: Bloomberg</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #c00000; border-bottom: #C00000 0.5pt solid"><B>U.S.
FEDERAL INCOME TAX CONSIDERATIONS</B></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">The following discussion is a brief summary of the material U.S. federal
income tax considerations relating to an investment in the Notes. The following summary is not complete and is both qualified and supplemented
by (although to the extent inconsistent supersedes) the discussion entitled &ldquo;Material Income Tax Consequences&mdash;United States
Taxation&rdquo; 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.</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"><B>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.</B></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">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&rsquo;s normal method of accounting
for tax purposes. Please see the discussion in the prospectus under the section entitled &ldquo;Material Income Tax Consequences&mdash;United
States Taxation&mdash;Variable Interest Rate Securities&rdquo; for a discussion of the OID consequences applicable to the Notes. Under
these rules, the Notes may be issued with OID. Whether the Notes will be treated as being issued with OID will depend on rates in effect
on the issue date and, in that event, the final pricing supplement will so specify.</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">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&rsquo;s
adjusted tax basis in the Note. A U.S. Holder&rsquo;s adjusted tax basis in a Note generally will equal the cost of the Note to such U.S.
Holder, increased by any OID previously included in income with respect to the Note, and decreased by the amount of any payment (other
than a payment of qualified stated interest) received in respect of the Note. Any gain or loss on the sale, exchange, retirement or other
disposition of a Note 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&rsquo;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: 0pt 0">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #c00000; border-bottom: #C00000 0.5pt solid"><B>CERTAIN
CANADIAN INCOME TAX CONSIDERATIONS</B></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">In the opinion of Blake, Cassels&nbsp;&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 &ldquo;Canadian Tax Act&rdquo;) generally applicable at the date hereof to a purchaser who acquires beneficial
ownership of a Note pursuant to this pricing supplement and who for the purposes of the Canadian Tax Act and at all relevant times: (a)&nbsp;is
neither resident nor deemed to be resident in Canada; (b)&nbsp;deals at arm&rsquo;s length with the Issuer and any transferee resident
(or deemed to be resident) in Canada to whom the purchaser disposes of the Note; (c)&nbsp;acquires and holds Notes and any common shares
acquired on a bail-in conversion as capital property; (d)&nbsp;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)&nbsp;is entitled to receive all
payments (including any interest and principal) made on the Note; (f)&nbsp;is not a, and deals at arm&rsquo;s length with any, &ldquo;specified
shareholder&rdquo; of the Issuer for purposes of the thin capitalization rules&nbsp;in the Canadian Tax Act; and (g)&nbsp;is not an entity
in respect of which the Issuer or any transferee resident (or deemed to be resident) in Canada to whom the purchaser disposes of, loans
or otherwise transfers the Note is a &ldquo;specified entity&rdquo;, and is not a &ldquo;specified entity&rdquo; in respect of such a
transferee, in each case, for purposes of the Hybrid Mismatch Rules, as defined below (a &ldquo;Non-Resident Holder&rdquo;). Special rules&nbsp;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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This summary assumes that no amount paid or payable to a holder described
herein will be the deduction component of a &ldquo;hybrid mismatch arrangement&rdquo; under which the payment arises within the meaning
of the rules&nbsp;in the Canadian Tax Act with respect to &ldquo;hybrid mismatch arrangements&rdquo; (the &ldquo;Hybrid Mismatch Rules&rdquo;).
Investors should Note that the Hybrid Mismatch Rules&nbsp;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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This summary is supplemental to and should be read together with the
description of material Canadian federal income tax considerations relevant to a Non-Resident Holder owning Notes under &ldquo;Material
Income Tax Consequences&mdash;Canadian Taxation&rdquo; in the accompanying prospectus and a Non-Resident Holder should carefully read
that description as well.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notes</B></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">Interest payable on the Notes should not be considered to be &ldquo;participating
debt interest&rdquo; as defined in the Canadian Tax Act and accordingly, a Non-Resident Holder should not be subject to Canadian non-resident
withholding tax in respect of amounts paid or credited or deemed to have been paid or credited by the Issuer on a Note as, on account
of or in lieu of payment of, or in satisfaction of, interest.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 &ldquo;Excess Amount&rdquo;), if any, by which the fair market value of the
common shares received on the conversion exceeds the sum of: (i)&nbsp;the price for which the Note was issued, and (ii)&nbsp;any amount
that is paid in respect of accrued and unpaid interest at the time of the conversion (the &ldquo;Conversion Interest&rdquo;) 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 &ldquo;participating debt interest&rdquo; and, therefore, subject to Canadian non-resident withholding tax unless certain exceptions
apply.</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">Non-Resident Holders should consult their own advisors regarding the
consequences to them of a disposition of the Notes to a person with whom they are not dealing at arm&rsquo;s length for purposes of the
Canadian Tax Act.</P>

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

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

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


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

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Dispositions</I></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">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 &ldquo;taxable Canadian property&rdquo; 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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)&nbsp;one or any combination of (a)&nbsp;the Non-Resident Holder, (b)&nbsp;persons
with whom the Non-Resident Holder did not deal at arm&rsquo;s length, or (c)&nbsp;partnerships in which the Non-Resident Holder or a person
described in (b)&nbsp;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&rsquo;s share capital and (ii)&nbsp;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)&nbsp;real or immovable property situated
in Canada, (b)&nbsp;Canadian resource properties (as defined in the Canadian Tax Act), (c)&nbsp;timber resource properties (as defined
in the Canadian Tax Act), and (d)&nbsp;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 &ldquo;taxable Canadian
property&rdquo; 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: 0pt 0">&nbsp;</P>


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

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




<P STYLE="border-bottom: rgb(192,0,0) 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #c00000"><B>SUPPLEMENTAL PLAN OF DISTRIBUTION
(CONFLICTS OF INTEREST)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #c00000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CIBCWM will purchase the Notes from CIBC at the price to public set
forth on the cover page&nbsp;of this pricing supplement for distribution to other registered broker-dealers, or will offer the Notes directly
to investors. CIBCWM or other registered broker-dealers will offer the Notes at the price to public set forth on the cover page&nbsp;of
this pricing supplement. CIBCWM will not receive any underwriting discount in connection with the distribution of 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">CIBCWM is our affiliate, and is deemed to have a conflict of interest
under FINRA Rule&nbsp;5121. In accordance with FINRA Rule&nbsp;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: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">We 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.</FONT></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"><FONT STYLE="background-color: white">While CIBCWM may make markets
in the Notes, it is under no obligation to do so and may discontinue any market-making activities at any time without notice. See the
section titled &ldquo;Supplemental Plan of Distribution (Conflicts of Interest)&rdquo; in the accompanying prospectus supplement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">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.</FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: lightgrey"></FONT></P>

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    <!-- Field: /Page -->

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: lightgrey"></FONT></P>

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

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