<SEC-DOCUMENT>0001104659-25-071256.txt : 20250729
<SEC-HEADER>0001104659-25-071256.hdr.sgml : 20250729
<ACCEPTANCE-DATETIME>20250728174909
ACCESSION NUMBER:		0001104659-25-071256
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20250729
DATE AS OF CHANGE:		20250728

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:		251156866

	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>tm2519500d87_fwp.htm
<DESCRIPTION>FWP
<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 433<BR>
Registration No. 333-272447</B></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-bottom: 2pt; vertical-align: top; width: 81%; border-bottom: Black 1pt solid; padding-left: 8pt">
    <P STYLE="font: 18pt 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: 18pt; color: #BB0826">Market Linked Securities</FONT>&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-bottom: 3pt; vertical-align: bottom; width: 19%; text-align: right"><IMG SRC="tm2519500d87_fwpimg002.jpg" ALT=""><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></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: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Market Linked Securities&mdash;Auto-Callable with
    Contingent Coupon 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 Technology Select Sector SPDR<SUP>&reg; </SUP>Fund, the Energy Select Sector SPDR<SUP>&reg;</SUP> Fund and the Health Care Select
    Sector SPDR<SUP>&reg;</SUP> Fund due August 29, 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
    July 28, 2025</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 2pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="float: left; width: 49%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt; color: gray">Summary of Terms</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding: 1pt 0.05in 1pt 8pt; width: 25%; border: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Issuer</FONT></TD>
    <TD STYLE="padding: 1pt 0.05in; border-top: gray 1pt solid; border-right: Black 1pt solid; border-bottom: gray 1pt solid; width: 75%; 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="padding: 1pt 0.05in 1pt 8pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Market Measure</FONT></TD>
    <TD STYLE="padding: 1pt 0.05in; border-right: Black 1pt solid; border-bottom: gray 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">The lowest performing of the Technology Select Sector SPDR<SUP>&reg;</SUP> Fund (Bloomberg ticker symbol &ldquo;XLK&rdquo;), the Energy Select Sector SPDR<SUP>&reg;</SUP> Fund (Bloomberg ticker symbol &ldquo;XLE&rdquo;) and the Health Care Select Sector SPDR<SUP>&reg;</SUP> Fund&nbsp;&nbsp;(Bloomberg ticker symbol &ldquo;XLV&rdquo;) (each a &ldquo;Fund,&rdquo; and collectively the &ldquo;Funds&rdquo;)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 0.05in 1pt 8pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid">
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">Face Amount (Original Offering Price)</P></TD>
    <TD STYLE="padding: 1pt 0.05in; border-right: Black 1pt solid; border-bottom: gray 1pt solid; 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="padding: 1pt 0.05in 1pt 8pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Pricing Date*</FONT></TD>
    <TD STYLE="padding: 1pt 0.05in; border-right: Black 1pt solid; border-bottom: gray 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">August 29, 2025</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 0.05in 1pt 8pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Issue Date*</FONT></TD>
    <TD STYLE="padding: 1pt 0.05in; border-right: Black 1pt solid; border-bottom: gray 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">September 4, 2025</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 0.05in 1pt 8pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Final Calculation Day*</FONT></TD>
    <TD STYLE="padding: 1pt 0.05in; border-right: Black 1pt solid; border-bottom: gray 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">August 24, 2028</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 0.05in 1pt 8pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Stated Maturity Date*</FONT></TD>
    <TD STYLE="padding: 1pt 0.05in; border-right: Black 1pt solid; border-bottom: gray 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">August 29, 2028</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 0.05in 1pt 8pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Contingent Coupon Payments</FONT></TD>
    <TD STYLE="padding: 1pt 0.05in; border-right: Black 1pt solid; border-bottom: gray 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">On each Coupon Payment Date, you will receive a Contingent Coupon Payment at a per annum rate equal to the Contingent Coupon Rate if, <B>and only if</B>, the Fund Closing Price of the Lowest Performing Fund on the related Coupon Determination Date is greater than or equal to its Coupon Threshold Price. Each quarterly Contingent Coupon Payment, if any, will be calculated per security as follows: ($1,000 &times; Contingent Coupon Rate) / 4</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 0.05in 1pt 8pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Contingent Coupon Rate</FONT></TD>
    <TD STYLE="padding: 1pt 0.05in; border-right: Black 1pt solid; border-bottom: gray 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">At least 11.25% per annum, to be determined on the Pricing Date</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 0.05in 1pt 8pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Coupon Determination Dates*</FONT></TD>
    <TD STYLE="padding: 1pt 0.05in; border-right: Black 1pt solid; border-bottom: gray 1pt solid; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Quarterly, on the 24th of each February, May, August and November,
commencing November 2025 and ending on the Final Calculation Day, each subject to postponement</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 0.05in 1pt 8pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Coupon Payment Dates</FONT></TD>
    <TD STYLE="padding: 1pt 0.05in; border-right: Black 1pt solid; border-bottom: gray 1pt solid; vertical-align: top; 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="padding: 1pt 0.05in 1pt 8pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Automatic Call</FONT></TD>
    <TD STYLE="padding: 1pt 0.05in; border-right: Black 1pt solid; border-bottom: gray 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">If the Fund Closing Price of the Lowest Performing Fund on any Call Observation Date is greater than or equal to its Starting Price, the securities will be automatically called, and you will receive a cash payment per security equal to the face amount plus a final Contingent Coupon Payment on the related Call Payment Date. </FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 0.05in 1pt 8pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Call Observation Dates*</FONT></TD>
    <TD STYLE="padding: 1pt 0.05in; border-right: Black 1pt solid; border-bottom: gray 1pt solid; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Quarterly, the Coupon Determination
Dates beginning February 2026 and</FONT> ending May 2028 (together with the Coupon Determination Dates, the &ldquo;Calculation Days&rdquo;)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 0.05in 1pt 8pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Call Payment Dates</FONT></TD>
    <TD STYLE="padding: 1pt 0.05in; border-right: Black 1pt solid; border-bottom: gray 1pt solid; vertical-align: top; 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="padding: 1pt 0.05in 1pt 8pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid">
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">Maturity Payment Amount (per security)</P></TD>
    <TD STYLE="padding: 1pt 0.05in; border-right: Black 1pt solid; border-bottom: gray 1pt solid">
    <P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-family: Symbol">&#183;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;if the Ending Price of the Lowest Performing Fund 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 0pt 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-family: Symbol">&#183;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;if the Ending Price of the Lowest Performing Fund 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 0.11in; text-align: justify">$1,000 &times; Performance
Factor of the Lowest Performing Fund on the Final Calculation Day</P></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 0.05in 1pt 8pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Lowest Performing Fund</FONT></TD>
    <TD STYLE="padding: 1pt 0.05in; border-right: Black 1pt solid; border-bottom: gray 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">For any Calculation Day, the Fund with the lowest Performance Factor on such Calculation Day.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 0.05in 1pt 8pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Performance Factor</FONT></TD>
    <TD STYLE="padding: 1pt 0.05in; border-right: Black 1pt solid; border-bottom: gray 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">For a Fund on any Calculation Day, its Fund Closing Price on such Calculation Day <I>divided</I> by its Starting Price (expressed as a percentage).</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 0.05in 1pt 8pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Starting Price</FONT></TD>
    <TD STYLE="padding: 1pt 0.05in; border-right: Black 1pt solid; border-bottom: gray 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">For
each Fund, its Fund Closing Price on the Pricing Date</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 0.05in 1pt 8pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Ending Price</FONT></TD>
    <TD STYLE="padding: 1pt 0.05in; border-right: Black 1pt solid; border-bottom: gray 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">For
each Fund, its Fund Closing Price on the Final Calculation Day</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 0.05in 1pt 8pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Coupon Threshold Price</FONT></TD>
    <TD STYLE="padding: 1pt 0.05in; border-right: Black 1pt solid; border-bottom: gray 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">For each Fund, 75% of its Starting Price</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 0.05in 1pt 8pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Downside Threshold Price</FONT></TD>
    <TD STYLE="padding: 1pt 0.05in; border-right: Black 1pt solid; border-bottom: gray 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">For each Fund, 70% of its Starting Price</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 8pt; padding-top: 8pt; text-align: justify"><FONT STYLE="font-size: 7.5pt">*Subject to change</FONT></TD></TR>
  </TABLE>

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

</DIV>

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

<DIV STYLE="float: right; width: 49%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt; color: #8F8F8F">Summary of Terms (Continued)</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border: Black 1pt solid; padding: 1pt 0.05in 1pt 8pt; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Calculation Agent</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt 0.05in; width: 75%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">CIBC</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; padding: 1pt 0.05in 1pt 8pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Denominations</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt 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="padding: 1pt 0.05in 1pt 8pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Agent&rsquo;s Underwriting Discount and Other Fees</FONT></TD>
    <TD STYLE="padding: 1pt 0.05in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Up to 2.575%; 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: Black 1pt solid; padding: 1pt 0.05in 1pt 8pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><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: 1pt 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">13607XYT8 / US13607XYT89</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 0.05in 1pt 8pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 7pt">Material Tax Consequences:</FONT></TD>
    <TD STYLE="padding: 1pt 0.05in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 7pt">See the preliminary pricing supplement.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: gray">Hypothetical
Payout Profile (Maturity Payment Amount)</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><IMG SRC="tm2519500d87_fwpimg001.jpg" ALT=""><FONT STYLE="font-size: 8pt"></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in; text-align: justify"><B>If the securities are not automatically
called prior to maturity and the Ending Price of the Lowest Performing Fund 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 Fund from its Starting Price and will
lose more than 30%, and possibly all, of the face amount of your securities at maturity.</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in; 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 Fund, but you
will have full downside exposure to the Lowest Performing Fund on the Final Calculation Day if the securities are not automatically called
and the Ending Price of that Fund is less than its Downside Threshold Price.</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in; 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 $936.10 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: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: gray">&nbsp;</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in">Preliminary Pricing Supplement:</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in">&nbsp;</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in"><A HREF="https://www.sec.gov/Archives/edgar/data/1045520/000110465925071194/tm2519500d88_424b2.htm" STYLE="-sec-extract: exhibit">https://www.sec.gov/Archives/edgar/data/1045520/000110465925071194/tm2519500d88_424b2.htm</A></P>

</DIV>

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

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

</DIV>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt; background-color: white"><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></FONT><B><FONT STYLE="font-size: 7pt">.</FONT></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>

<P STYLE="font: 7pt 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: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #BB0826"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: gray"><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></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>

<P STYLE="font: 7pt 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="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 1; Options: NewSection -->
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<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>




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

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; color: gray"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<DIV STYLE="float: left; width: 49%">

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><U>Risks Relating To The Structure Of The Securities</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; text-align: justify; width: 0.25in; padding-bottom: 2pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">The Securities Are Subject To The Full Risks Of Each Fund And Will Be Negatively Affected If Any Fund Performs Poorly, Even If The Other Funds Perform Favorably.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Your Return On The Securities Will Depend Solely On The Performance Of The Lowest Performing Fund On Each Calculation Day, And You Will Not Benefit In Any Way From The Performance Of The Better Performing Funds.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">You Will Be Subject To Risks Resulting From The Relationship Among The Funds.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">You May Be Fully Exposed To The Decline In The Lowest Performing Fund On The Final Calculation Day From Its Starting Price, But Will Not Participate In Any Positive Performance Of Any Fund, And Your Maximum Possible Return On The Securities Will Be Limited To The Sum Of Any Contingent Coupon Payments.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Higher Contingent Coupon Rates Are Associated With Greater Risk. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">You Will Be Subject To Reinvestment Risk.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><U>Risk Relating To The Credit Risk Of CIBC</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><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>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><U>Risks Relating To The Estimated Value Of The Securities And Any Secondary Market</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><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>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><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>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><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>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><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>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

</DIV>

<DIV STYLE="float: right; width: 49%">

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><U>Risks Relating To The Funds</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-top: 2pt; text-align: justify; padding-bottom: 2pt; width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">An Investment In The Securities Is Subject To Risks Associated With Investing In Stocks In The Relevant Sectors.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Each Fund May Not Be Representative Of An Investment In Its Sector.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Anti-dilution Adjustments Relating To The Shares Of A Fund Do Not Address Every Event That Could Affect Such Shares.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">The Performance Of A Fund May Not Correlate With The Performance Of Its Underlying Index As Well As The Net Asset Value Per Share Of That Fund, Especially During Periods Of Market Volatility.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><U>Risks Relating To Conflicts Of Interest</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><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="padding-left: 0.25in; padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><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>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><U>Risks Relating To Tax</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><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>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">There Can Be No Assurance That The Canadian Federal Income Tax Consequences Of An Investment In The Securities Will Not Change In The Future.</FONT></TD></TR>
  </TABLE>

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

</DIV>

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

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

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></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: 7pt 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="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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