<SEC-DOCUMENT>0001104659-25-082538.txt : 20250825
<SEC-HEADER>0001104659-25-082538.hdr.sgml : 20250825
<ACCEPTANCE-DATETIME>20250825162312
ACCESSION NUMBER:		0001104659-25-082538
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20250825
DATE AS OF CHANGE:		20250825

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:		251251199

	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>tm2522250d50_fwp.htm
<DESCRIPTION>FWP
<TEXT>
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     <TITLE></TITLE>
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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="font-size: 5pt; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="padding-bottom: 2pt; vertical-align: top; width: 75%; border-bottom: Black 1pt solid; padding-left: 8pt">
    <P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; color: #bb0826"><FONT STYLE="font-size: 18pt">Canadian Imperial
    Bank of Commerce</FONT></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; padding-bottom: 2pt; vertical-align: bottom; width: 25%; text-align: right; font-size: 11pt"><IMG SRC="tm2522250d50_fwpimg001.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="padding: 1pt 8pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="color: white; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"><B>Market Linked Securities&mdash;Auto-Callable
    with Contingent Coupon and Contingent Downside</B></FONT></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; color: white; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><B>Principal at Risk
    Securities Linked to the Lowest Performing of the Common Stock of The Goldman Sachs Group, Inc., the Common Stock of Exxon Mobil
    Corporation, and the Class A Common Stock of Meta Platforms, Inc. due September 21, 2028</B></FONT></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; color: white; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: white"><B>Term
Sheet to Preliminary Pricing Supplement dated August 25</B></FONT><B><FONT STYLE="font-size: 9pt">, 2025</FONT></B></P></TD></TR>
  </TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 13pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt; color: gray">Summary
    of Terms</FONT></TD>
    </TR>
  </TABLE>

<P STYLE="font-size: 3pt; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-top: 1pt; width: 23%; border: gray 1pt solid; padding-left: 8pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Issuer</FONT></TD>
    <TD STYLE="padding: 1pt 0.05in; width: 77%; border-top: gray 1pt solid; 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">Canadian Imperial Bank of Commerce (&ldquo;CIBC&rdquo;)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-left: 8pt; padding-bottom: 1pt"><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 common stock of The Goldman Sachs Group, Inc. (Bloomberg ticker symbol &ldquo;GS&rdquo;) (the &ldquo;GS&rdquo;),
the common stock of Exxon Mobil Corporation (Bloomberg ticker symbol &ldquo;XOM&rdquo;) (the &ldquo;XOM&rdquo;), and the Class A common
stock of Meta Platforms, Inc. (Bloomberg ticker symbol &ldquo;META&rdquo;) (the &ldquo;META&rdquo;) (each, an &ldquo;Underlying Stock&rdquo;
and together, the &ldquo;Underlying Stocks&rdquo;)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-left: 8pt; padding-bottom: 1pt">
    <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-top: 1pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-left: 8pt; padding-bottom: 1pt"><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">September
16, 2025</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-left: 8pt; padding-bottom: 1pt"><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
19, 2025</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-left: 8pt; padding-bottom: 1pt"><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">September
18, 2028</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-left: 8pt; padding-bottom: 1pt"><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">September
21, 2028</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-left: 8pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Contingent Coupon Payments </FONT></TD>
    <TD STYLE="padding-top: 1pt; border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0.05in; text-align: justify">On each Coupon Payment Date, 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. 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="padding-top: 1pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-left: 8pt; padding-bottom: 1pt"><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 17.00% per annum, to be determined on the Pricing Date</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-left: 8pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Coupon Determination Dates*</FONT></TD>
    <TD STYLE="padding: 1pt 0.05in; vertical-align: top; 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">Quarterly, on the 16th of each March, June, September and December,
commencing December 2025 and ending on the Final Calculation Day, each subject to postponement</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-left: 8pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Coupon Payment Dates</FONT></TD>
    <TD STYLE="padding: 1pt 0.05in; vertical-align: top; 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">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-top: 1pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-left: 8pt; padding-bottom: 1pt"><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 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 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-top: 1pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-left: 8pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Call Observation Dates*</FONT></TD>
    <TD STYLE="padding: 1pt 0.05in; vertical-align: top; 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">Quarterly, the Coupon Determination Dates beginning March 2026 and
ending June 2028 (together with the Coupon Determination Dates, the &ldquo;Calculation Days&rdquo;)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-left: 8pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Call Payment Dates</FONT></TD>
    <TD STYLE="padding: 1pt 0.05in; vertical-align: top; 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 third Business Day following the applicable Call Observation Date </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-left: 8pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Maturity Payment Amount (per security)</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 8.85pt; text-align: justify; text-indent: -4.5pt"><FONT STYLE="font-family: Symbol">&middot;</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 Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 8.85pt; text-align: justify; text-indent: -4.5pt"><FONT STYLE="font-family: Symbol">&middot;</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="padding-top: 1pt; vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-left: 8pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Lowest Performing Stock</FONT></TD>
    <TD STYLE="padding: 1pt 0.05in; vertical-align: bottom; 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 Underlying Stock with the lowest Performance Factor on such Calculation Day.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-left: 8pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Performance Factor:</FONT></TD>
    <TD STYLE="padding: 1pt 0.05in; vertical-align: bottom; 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 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="padding-top: 1pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-left: 8pt; padding-bottom: 1pt"><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 Underlying Stock, its Stock Closing Price on the Pricing Date</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-left: 8pt; padding-bottom: 1pt"><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 Underlying Stock, its Stock Closing Price on the Final Calculation Day</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-left: 8pt; font-size: 12pt; text-align: justify; padding-bottom: 1pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">*Subject to change</FONT></P></TD></TR>
  </TABLE>

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

</DIV>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
  <TR STYLE="font-size: 13pt; vertical-align: top">
    <TD STYLE="width: 100%; font-size: 13pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt; color: rgb(143,143,143)">Summary
    of Terms (Continued)</FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 3pt; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; border: Black 1pt solid; padding-top: 1pt; padding-left: 5.4pt; padding-bottom: 1pt; width: 23%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Coupon
    Threshold Price</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt 0.05in 1pt 0.125in; text-align: justify; width: 77%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">For
    each Underlying Stock, 70% of its Starting Price</FONT></TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-top: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.4pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Downside
    Threshold Price</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; padding: 1pt 0.05in 1pt 0.125in; 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">For
    each Underlying Stock, 70% of its Starting Price</FONT></TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-top: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.4pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Calculation
    Agent</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; padding: 1pt 0.05in 1pt 0.125in; 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">CIBC</FONT></TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-top: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.4pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Denominations&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; padding: 1pt 0.05in 1pt 0.125in; 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">$1,000
    and integral multiples of $1,000 in excess thereof</FONT></TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-top: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.4pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Agent&rsquo;s
    Underwriting Discount and Other Fees</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; padding: 1pt 5.4pt; 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 STYLE="font: 7pt Times New Roman, Times, Serif">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-top: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.4pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">CUSIP
    / ISIN</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; padding: 1pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">13607XZU4
    / US13607XZU44</FONT></TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-top: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.4pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Material
    Tax Consequences:</FONT></TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; padding: 1pt 5.4pt; 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">See
    the preliminary pricing supplement.</FONT></TD></TR>
  </TABLE>

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

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><IMG SRC="tm2522250d50_fwpimg002.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; color: gray"><FONT STYLE="font-size: 11pt">Hypothetical
Payout Profile (Maturity Payment Amount)</FONT></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 9pt; text-align: center">&nbsp;</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0.25in; 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 30%, and possibly all, of the face amount of your securities at maturity.</B> </P>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.5pt; 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: 3pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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 $906.30 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; margin: 0pt 0 0pt 18.05pt">Preliminary Pricing Supplement:</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.05pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1045520/000110465925082448/tm2522250d49_424b2.htm">https://www.sec.gov/Archives/edgar/data/1045520/000110465925082448/tm2522250d49_424b2.htm</A>&nbsp;<FONT STYLE="color: Blue"></FONT></P>

</DIV>

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

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

</DIV>

<P STYLE="margin-top: 0; margin-bottom: 0"></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: 3pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: rgb(187,8,38)">&nbsp;</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: 3pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: rgb(187,8,38)">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="color: rgb(187,8,38); margin: 0pt 0; font: 3pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><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-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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: 3pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify"><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-bottom: 3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify"><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-bottom: 3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify"><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 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>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">You
                                            Will Be Subject To Risks Resulting From The Relationship Among The Underlying Stocks.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 9pt">Higher Contingent Coupon Rates Are Associated With Greater Risk. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 9pt">You Will Be Subject To Reinvestment Risk.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="padding-bottom: 3pt; 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: 3pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<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: 3pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt 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">&middot;</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: 3pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<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: 3pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="padding-bottom: 3pt; 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>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="padding-bottom: 3pt; 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>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="padding-bottom: 3pt; 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>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="padding-bottom: 3pt; 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>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="padding-bottom: 3pt; 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><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt"><FONT STYLE="font-size: 9pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></FONT></TD><TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="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: 0pt 0; font: 9pt Times New Roman, Times, Serif"></P>

</DIV>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 3pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 9pt; vertical-align: top">
    <TD STYLE="font-size: 9pt; width: 0.25in">&nbsp;</TD>
<TD STYLE="font-size: 9pt; padding-bottom: 3pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="font-size: 9pt; padding-bottom: 3pt; 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="font-size: 9pt; vertical-align: top">
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
<TD STYLE="font-size: 9pt; padding-bottom: 3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="font-size: 9pt; padding-bottom: 3pt; 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="font-size: 9pt; vertical-align: top">
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
<TD STYLE="font-size: 9pt; padding-bottom: 3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="font-size: 9pt; padding-bottom: 3pt; 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="font: 3pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</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: 3pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 9pt; vertical-align: top">
    <TD STYLE="font-size: 9pt; width: 0.25in">&nbsp;</TD>
<TD STYLE="font-size: 9pt; padding-bottom: 3pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="font-size: 9pt; padding-bottom: 3pt; 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="font-size: 9pt; vertical-align: top">
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
<TD STYLE="font-size: 9pt; padding-bottom: 3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="font-size: 9pt; padding-bottom: 3pt; 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="font: 3pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</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: 3pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 9pt; vertical-align: top">
    <TD STYLE="font-size: 9pt; width: 0.25in">&nbsp;</TD>
<TD STYLE="font-size: 9pt; padding-bottom: 3pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="font-size: 9pt; padding-bottom: 3pt; 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><TR STYLE="font-size: 9pt; vertical-align: top">
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
<TD STYLE="font-size: 9pt; padding-bottom: 3pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="font-size: 9pt; padding-bottom: 3pt; text-align: justify"><FONT STYLE="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="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

</DIV>

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

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

</DIV>

<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-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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</DOCUMENT>
</SEC-DOCUMENT>
