<SEC-DOCUMENT>0001104659-25-063504.txt : 20250627
<SEC-HEADER>0001104659-25-063504.hdr.sgml : 20250627
<ACCEPTANCE-DATETIME>20250627121230
ACCESSION NUMBER:		0001104659-25-063504
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20250627
DATE AS OF CHANGE:		20250627

SUBJECT COMPANY:	

	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:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-272447
		FILM NUMBER:		251084143

	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

FILED BY:		

	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:		FWP

	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>FWP
<SEQUENCE>1
<FILENAME>tm2516701d47_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Filed Pursuant to Rule 433</B></P>

<P STYLE="text-align: right; margin: 0"><B>Registration No. 333-272447</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 71%; border-bottom: Black 1pt solid; padding-left: 8pt">
    <P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; color: #BB0826">Canadian Imperial Bank of Commerce</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 16pt; color: #BB0826">Market Linked Securities</FONT>&nbsp;</P></TD>
    <TD STYLE="padding-right: 10pt; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 29%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="tm2516701d47_fwpimg001.jpg" ALT=""></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: gray">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 8pt; padding-left: 8pt">
    <P STYLE="color: white; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Market Linked Securities&mdash;Auto-Callable with
    Contingent Coupon with Memory Feature and Contingent Downside </B></P>
    <P STYLE="color: white; font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Principal at Risk Securities Linked to the Lowest Performing
    of the Common Stock of Amazon.com, Inc., the Class A Common Stock of Alphabet Inc., and the Common Stock of NVIDIA Corporation due July
    21, 2028</B></P>
    <P STYLE="color: white; font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Term Sheet to Preliminary Pricing Supplement dated
    June 27, 2024</B></P></TD></TR>
  </TABLE>

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

<DIV STYLE="float: left; width: 48%">

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: gray">Summary of Terms</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 23%; border: gray 1pt solid; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Issuer</FONT></TD>
    <TD STYLE="width: 77%; border-top: gray 1pt solid; border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Canadian Imperial Bank of Commerce (&ldquo;CIBC&rdquo;)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Market Measure</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">The lowest performing of the common stock of Amazon.com, Inc. (Bloomberg ticker symbol &ldquo;AMZN&rdquo;) (the &ldquo;AMZN&rdquo;), the Class A common stock of Alphabet Inc. (Bloomberg ticker symbol &ldquo;GOOGL&rdquo;) (the &ldquo;GOOGL&rdquo;), and the common stock of NVIDIA Corporation (Bloomberg ticker symbol &ldquo;NVDA&rdquo;) (the &ldquo;NVDA&rdquo;) (each, an &ldquo;Underlying Stock&rdquo; and together, the &ldquo;Underlying Stocks&rdquo;)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-left: 8pt">
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">Face Amount (Original Offering Price)</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">The principal amount of $1,000 per security </FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Pricing Date*</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">July 18, 2025</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Issue Date*</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">July 23, 2025</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Final Calculation Day*</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">July 18, 2028</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Stated Maturity Date*</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">July 21, 2028</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Contingent Coupon Payments (with Memory Feature)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: gray 1pt solid">
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0.05in; text-align: justify">On each Coupon Payment Date, unless the securities
    have been automatically called, you will receive a Contingent Coupon Payment at a per annum rate equal to the Contingent Coupon Rate if,
    and only if, the Stock Closing Price of the Lowest Performing Stock on the related Coupon Determination Date is greater than or equal
    to its Coupon Threshold Price. In addition, if the Stock Closing Price of the Lowest Performing Stock on one or more Coupon Determination
    Dates is less than its Coupon Threshold Price and, on a subsequent Coupon Determination Date, the Stock Closing Price of the Lowest Performing
    Stock on that subsequent Coupon Determination Date is greater than or equal to its Coupon Threshold Price, on the Coupon Payment Date
    related to that subsequent Coupon Determination Date, you will receive the Contingent Coupon Payment due for that subsequent Coupon Determination
    Date plus all previously unpaid Contingent Coupon Payments (without interest on amounts previously unpaid).</P>
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0.05in; text-align: justify">Each quarterly Contingent Coupon Payment,
    if any, will be calculated per security as follows: ($1,000 &times; Contingent Coupon Rate) / 4</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Contingent Coupon Rate</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">At least 12.25% per annum, to be determined on the Pricing Date</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Coupon Determination Dates*</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Quarterly, on the 18th of each January, April, July and October, commencing October 2025 and ending on the Final Calculation Day, each subject to postponement</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Coupon Payment Dates</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Quarterly, on the third Business Day following each Coupon Determination Date, provided that the Coupon Payment Date with respect to the Final Calculation Day will be the Stated Maturity Date</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Automatic Call</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">If the Stock Closing Price of the Lowest Performing Stock on any Call Observation Date is greater than or equal to its Starting Price, the securities will be automatically called, and on the related Call Payment Date, you will receive a cash payment per security equal to the face amount plus a final Contingent Coupon Payment and any previously unpaid Contingent Coupon Payments otherwise due. </FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Call Observation Dates*</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Quarterly, the Coupon Determination Dates beginning January 2026 and ending April 2028 (together with the Coupon Determination Dates, the &ldquo;Calculation Days&rdquo;)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Call Payment Dates</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">The third Business Day following the applicable Call Observation Date </FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Maturity Payment Amount (per security)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: gray 1pt solid">
    <P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0.05in 0pt 8.85pt; text-align: justify; text-indent: -4.5pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>
    <FONT STYLE="font-family: Times New Roman, Times, Serif">if the Ending Price of the Lowest Performing Stock on the Final Calculation Day
    is greater than or equal to its Downside Threshold Price: $1,000; or </FONT></P>
    <P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0.05in 0pt 8.85pt; text-align: justify; text-indent: -4.5pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>
    <FONT STYLE="font-family: Times New Roman, Times, Serif">if the Ending Price of the Lowest Performing Stock on the Final Calculation Day
    is less than its Downside Threshold Price: </FONT></P>
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 8.85pt; text-align: justify">$1,000 &times; Performance Factor
    of the Lowest Performing Stock on the Final Calculation Day</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Lowest Performing Stock</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">For any Calculation Day, the Underlying Stock with the lowest Performance Factor on such Calculation Day.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Performance Factor:</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">For an Underlying Stock on any Calculation Day, its Stock Closing Price on such Calculation Day <I>divided</I> by its Starting Price (expressed as a percentage).</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Starting Price</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">For each Underlying Stock, its Stock Closing Price on the Pricing Date</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 8pt">*Subject to change</FONT></TD></TR>
  </TABLE>

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

</DIV>

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

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

<DIV STYLE="float: right; width: 48%">

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: gray">Summary of Terms (Continued)</FONT></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-right: Gray 1pt solid; border-bottom: Gray 1pt solid; border-left: Gray 1pt solid; padding-left: 8pt; width: 23%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Ending Price</FONT></TD>
    <TD STYLE="width: 77%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">For each Underlying Stock, its Stock Closing Price on the Final Calculation Day</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Coupon Threshold Price</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">For each Underlying Stock, 50% of its Starting Price</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Downside Threshold Price</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">For each Underlying Stock, 50% of its Starting Price</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Calculation Agent</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">CIBC</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Denominations&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">$1,000 and integral multiples of $1,000 in excess thereof</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Agent&rsquo;s Underwriting Discount and Other Fees</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Up to 2.325%; dealers, including those using the trade name Wells Fargo Advisors (&ldquo;WFA&rdquo;), may receive a selling concession of up to 1.75% and WFA will receive a distribution expense fee of 0.075%. In addition, in respect of certain securities sold in this offering, the Issuer may pay a fee of up to 0.20% per security to selected securities dealers in consideration for marketing and other services in connection with the distribution of the securities to other securities dealers.</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">CUSIP / ISIN</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">13607XY50 / US13607XY504</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Material Tax Consequences:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">See the preliminary pricing supplement.</FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0.05in; margin-bottom: 0pt; color: gray">Hypothetical Payout Profile (Maturity Payment
Amount)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0.05in; margin-bottom: 0pt; color: gray">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0.05in 0pt 9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt; color: gray"></FONT><IMG SRC="tm2516701d47_fwpimg002.jpg" ALT=""></P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0.25in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0.05in; margin-bottom: 0pt; text-align: justify"><B>If the securities are not
automatically called prior to maturity and the Ending Price of the Lowest Performing Stock on the Final Calculation Day is less than its
Downside Threshold Price, you will have full downside exposure to the decrease in the price of the Lowest Performing Stock from its Starting
Price and will lose more than 50%, and possibly all, of the face amount of your securities at maturity.</B></P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0.05in; margin-bottom: 0pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0.05in; margin-bottom: 0pt; text-align: left"><B></B></P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><B>Any positive return on the securities
will be limited to the sum of your Contingent Coupon Payments, if any. You will not participate in any appreciation of any Underlying
Stock, but you will have full downside exposure to the Lowest Performing Stock on the Final Calculation Day if the securities are not
automatically called and the Ending Price of that Underlying Stock is less than its Downside Threshold Price.</B></P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.5pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; color: gray">The Issuer&rsquo;s estimated
value of the securities on the Pricing Date, <FONT STYLE="background-color: white">based on the Issuer&rsquo;s internal pricing models,
is expected to be at least $922.70 per security but less than the original offering price</FONT>. The estimated value of the securities
is not an indication of actual profit to the Issuer or to any of the Issuer&rsquo;s affiliates, nor is it an indication of the price,
if any, at which Wells Fargo Securities, LLC (&ldquo;Wells Fargo Securities&rdquo;) or any other person may be willing to buy the securities
from you at any time after issuance. See &ldquo;The Estimated Value of the Securities&rdquo; in the accompanying preliminary pricing supplement.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Preliminary Pricing Supplement:</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1045520/000110465925063474/tm2516701d46_424b2.htm" STYLE="-sec-extract: exhibit">https://www.sec.gov/Archives/edgar/data/1045520/000110465925063474/tm2516701d46_424b2.htm</A></P>

</DIV>

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

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

</DIV>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The securities have complex features and investing
in the securities involves risks not associated with an investment in conventional debt securities. See &ldquo;Selected Risk Considerations&rdquo;
in this term sheet and beginning on page PRS-9 of the accompanying preliminary pricing supplement, and &ldquo;Risk Factors&rdquo; beginning
on page S-1 of the underlying supplement, page S-1 of the prospectus supplement and page 1 of the prospectus.</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #BB0826"><B>This introductory term sheet
does not provide all of the information that an investor should consider prior to making an investment decision.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-size: 7pt"><B>Investors
should carefully review the accompanying preliminary pricing supplement, product supplement, underlying supplement, prospectus supplement
and prospectus before making a decision to invest in the securities. If the terms described in the preliminary pricing supplement are
inconsistent with those described herein, the terms described in the preliminary pricing supplement will control</B></FONT><B><FONT STYLE="font-size: 8pt">.
</FONT></B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOT A BANK DEPOSIT AND NOT INSURED BY THE CANADA
DEPOSIT INSURANCE CORPORATION, THE U.S. FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY</B></P>




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

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

<!-- Field: Page; Sequence: 1 -->
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; color: gray">Selected Risk Considerations</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The risks set forth below are discussed in detail in the &ldquo;Selected
Risk Considerations&rdquo; in the accompanying preliminary pricing supplement, and the &ldquo;Risk Factors&rdquo; in the accompanying
underlying supplement, prospectus supplement and prospectus. Please review those risk disclosures carefully.</P>

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

<DIV STYLE="float: left; width: 48%">

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Risks Relating To The Structure Of The Securities</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">If The Securities Are Not Automatically
Called Prior To Maturity, You May Lose A Significant Portion Or All Of The Face Amount Of Your Securities At Maturity.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">The Securities Do Not Provide For
Fixed Payments Of Interest And You May Receive No Coupon Payments On One Or More Coupon Payment Dates, Or Even Throughout The Entire
Term Of The Securities.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">You May Be Fully Exposed To The
Decline In The Lowest Performing Stock On The Final Calculation Day From Its Starting Price, But Will Not Participate In Any Positive
Performance Of Any Underlying Stock, And Your Maximum Possible Return On The Securities Will Be Limited To The Sum Of Any Contingent
Coupon Payments.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">The Securities Are Subject To The
Full Risks Of Each Underlying Stock And Will Be Negatively Affected If Any Underlying Stock Performs Poorly, Even If The Other Underlying
Stocks Perform Favorably.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">Your Return On The Securities Will
Depend Solely On The Performance Of The Lowest Performing Stock On Each Calculation Day, And You Will Not Benefit In Any Way From The
Performance Of The Better Performing Underlying Stocks.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">You Will Be Subject To Risks Resulting
From The Relationship Among The Underlying Stocks.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">Higher Contingent Coupon Rates
Are Associated With Greater Risk.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">You Will Be Subject To Reinvestment
Risk.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt 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"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">A Coupon Payment Date, A Call Payment Date And The Stated Maturity Date May
Be Postponed If A Calculation Day Is Postponed.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Risk Relating To The Credit Risk Of CIBC </U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">The Securities Are Subject To
The Credit Risk Of Canadian Imperial Bank of Commerce.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Risks Relating To The Estimated Value Of The
Securities And Any Secondary Market</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Our Estimated Value Of The Securities
Will Be Lower Than The Original Offering Price Of The Securities.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Our Estimated Value Does Not
Represent Future Values Of The Securities And May Differ From Others&rsquo; Estimates.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Our Estimated Value Is Not Determined
By Reference To Credit Spreads For Our Conventional Fixed-Rate Debt.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">The Estimated Value Of The Securities
Will Not Be An Indication Of The Price, If Any, At Which Wells Fargo Securities Or Any Other Person May Be Willing To Buy The Securities
From You In The Secondary Market.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">The Value Of The Securities Prior
To Maturity Or Automatic Call Will Be Affected By Numerous Factors, Some Of Which Are Related In Complex Ways.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">The Securities Will Not Be Listed On Any Securities Exchange
And We Do Not Expect A Trading Market For The Securities To Develop.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></P>

</DIV>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></P>

<DIV STYLE="float: right; width: 48%">

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Risks Relating To The Underlying Stocks</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-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; font-size: 9pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">The Securities Will Be Subject
To Single Stock Risk.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">You Have Limited Anti-dilution
Protection.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">The Securities May Become Linked
To The Common Stock Of A Company Other Than An Original Underlying Stock Issuer.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Risks Relating To Conflicts Of Interest</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-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; font-size: 9pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">We Or One Of Our Affiliates Will
Be The Calculation Agent And, As A Result, Potential Conflicts Of Interest Could Arise.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Our Economic Interests And Those
Of Any Dealer Participating In The Offering Of Securities Will Potentially Be Adverse To Your Interests.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Risks Relating To Tax</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-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; font-size: 9pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">The U.S. Federal Tax Consequences
Of An Investment In The Securities Are Unclear.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font: 9pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify">There Can Be No Assurance That The Canadian Federal Income Tax
Consequences Of An Investment In The Securities Will Not Change In The Future.</TD>
</TR></TABLE>

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

</DIV>

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

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

</DIV>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: gray">The Issuer has filed a registration
statement (including a prospectus, a prospectus supplement, an underlying supplement and a product supplement) with the Securities and
Exchange Commission (the &ldquo;SEC&rdquo;) for the offering to which this communication relates. Before you invest, you should read the
prospectus, the prospectus supplement, the underlying supplement and the product supplement in that registration statement and other documents
the Issuer has filed with the SEC for more complete information about the Issuer and this offering. You may get these documents for free
by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, any agent or any dealer participating in the offering will arrange
to send you the prospectus, the prospectus supplement, the underlying supplement and the product supplement if you request them by calling
your financial advisor or by calling Wells Fargo Securities at 866-346-7732.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: gray">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: gray">Wells Fargo Advisors is a trade name
used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, members SIPC, separate registered broker-dealers
and non-bank affiliates of Wells Fargo &amp; Company.</P>
<P STYLE="margin: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

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

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