<SEC-DOCUMENT>0001104659-25-086201.txt : 20250902
<SEC-HEADER>0001104659-25-086201.hdr.sgml : 20250902
<ACCEPTANCE-DATETIME>20250902124506
ACCESSION NUMBER:		0001104659-25-086201
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20250902
DATE AS OF CHANGE:		20250902

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:		251284135

	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>tm2522250d52_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&nbsp;433<BR>
Registration No.&nbsp;333-272447</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="padding-bottom: 3pt; vertical-align: top; width: 75%; border-bottom: Black 1pt solid; padding-left: 8pt; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt; color: #bb0826">Canadian Imperial Bank of Commerce</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><BR>
<FONT STYLE="color: #bb0826">Market Linked Securities</FONT></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-right: 8pt; border-bottom: Black 1pt solid; vertical-align: bottom; width: 25%; font-size: 12pt; text-align: right"><IMG SRC="tm2522250d52_fwp-img01.jpg" ALT=""></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="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: white"><B>Market Linked Securities&mdash;Auto-Callable with
    Contingent Coupon and Contingent Downside</B></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; color: white"><B>Principal at Risk Securities Linked to the Lowest Performing
    of the S&amp;P 500<SUP>&reg;</SUP> Index, the Russell 2000<SUP>&reg;</SUP> Index and the SPDR<SUP>&reg;</SUP> Dow Jones<SUP>&reg;</SUP>
    Industrial Average ETF Trust due September&nbsp;27, 2029</B></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; color: white"><B>Term Sheet to Preliminary Pricing Supplement dated
    September 2, 2025</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt; color: gray">Summary of Terms</FONT></TD></TR>
  <TR>
    <TD STYLE="border: gray 1pt solid; padding: 2pt 0.05in 2pt 8pt; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6.5pt">Issuer</FONT></TD>
    <TD STYLE="border-top: gray 1pt solid; padding: 2pt 0.05in; width: 75%; border-right: Black 1pt solid; border-bottom: gray 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6.5pt">Canadian Imperial Bank of Commerce (&ldquo;CIBC&rdquo;)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; padding: 2pt 0.05in 2pt 8pt; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6.5pt">Market Measure</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 0.05in; border-bottom: gray 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6.5pt">The lowest performing of the S&amp;P 500<SUP>&reg;</SUP> Index (Bloomberg ticker symbol &ldquo;SPX&rdquo;), the Russell 2000<SUP>&reg;</SUP> Index (Bloomberg ticker symbol &ldquo;RTY&rdquo;) and the SPDR<SUP>&reg;</SUP> Dow Jones<SUP>&reg;</SUP> Industrial Average ETF Trust&nbsp;&nbsp;(Bloomberg ticker symbol &ldquo;DIA&rdquo;) (each an &ldquo;Underlying&rdquo; and collectively the &ldquo;Underlyings&rdquo;)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; padding: 2pt 0.05in 2pt 8pt; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6.5pt">Face Amount (Original Offering Price)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 0.05in; border-bottom: gray 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6.5pt">The principal amount of $1,000 per security</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; padding: 2pt 0.05in 2pt 8pt; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6.5pt">Pricing Date*</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 0.05in; border-bottom: gray 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6.5pt">September&nbsp;30, 2025</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; padding: 2pt 0.05in 2pt 8pt; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6.5pt">Issue Date*</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 0.05in; border-bottom: gray 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6.5pt">October&nbsp;3, 2025</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; padding: 2pt 0.05in 2pt 8pt; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6.5pt">Final Calculation Day*</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 0.05in; border-bottom: gray 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6.5pt">September&nbsp;24, 2029</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; padding: 2pt 0.05in 2pt 8pt; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6.5pt">Stated Maturity Date*</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 0.05in; border-bottom: gray 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6.5pt">September&nbsp;27, 2029</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: gray 1pt solid; padding: 2pt 0.05in 2pt 8pt; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6.5pt">Contingent Coupon Payments</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 0.05in; border-bottom: gray 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6.5pt">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 Closing Value of the Lowest Performing Underlying on the related Coupon Determination Date is greater than or equal to its Coupon Threshold Value. 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="border-right: gray 1pt solid; padding: 2pt 0.05in 2pt 8pt; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6.5pt">Contingent Coupon Rate</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 0.05in; border-bottom: gray 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6.5pt">At least 8.00% per annum, to be determined on the Pricing Date</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; padding: 2pt 0.05in 2pt 8pt; 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="border-right: Black 1pt solid; padding: 2pt 0.05in; vertical-align: top; border-bottom: gray 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6.5pt">Quarterly, on the 24th of each March, June, September&nbsp;and December, commencing December&nbsp;2025 and ending on the Final Calculation Day, each subject to postponement.</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; padding: 2pt 0.05in 2pt 8pt; 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="border-right: Black 1pt solid; padding: 2pt 0.05in; vertical-align: top; border-bottom: gray 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6.5pt">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; padding: 2pt 0.05in 2pt 8pt; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Automatic Call</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6.5pt">If the Closing Value of the Lowest Performing Underlying on any Call Observation Date is greater than or equal to its Starting Value, 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="border: gray 1pt solid; padding: 2pt 0.05in 2pt 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Call Observation Dates*</FONT></TD>
    <TD STYLE="border-top: gray 1pt solid; padding: 2pt 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: 6.5pt">Quarterly, the Coupon Determination Dates beginning March&nbsp;2026 and ending June&nbsp;2029 (together with the Coupon Determination Dates, the &ldquo;Calculation Days&rdquo;)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; padding: 2pt 0.05in 2pt 8pt; 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="border-right: Black 1pt solid; padding: 2pt 0.05in; vertical-align: top; border-bottom: gray 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6.5pt">The third Business Day following the applicable Call Observation Date</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; padding: 2pt 0.05in 2pt 8pt; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Maturity Payment Amount<BR>
(per security)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-top: 2pt; padding-right: 0.05in; padding-bottom: 2pt">
    <P STYLE="font: 6.5pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.12in; text-align: justify; text-indent: -0.07in"><FONT STYLE="font-family: Symbol; font-size: 6.5pt">&middot;</FONT><FONT STYLE="font-size: 6pt">&nbsp;&nbsp;</FONT>if
    the Ending Value of the Lowest Performing Underlying on the Final Calculation Day is greater than or equal to its Downside Threshold
    Value: $1,000; or</P>
    <P STYLE="font: 6.5pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.12in; text-align: justify; text-indent: -0.07in"><FONT STYLE="font-family: Symbol; font-size: 6.5pt">&middot;</FONT><FONT STYLE="font-size: 6pt">&nbsp;&nbsp;</FONT>if
    the Ending Value of the Lowest Performing Underlying on the Final Calculation Day is less than its Downside Threshold Value:</P>
    <P STYLE="font: 6.5pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.12in; text-align: justify">$1,000 &times; Performance Factor
    of the Lowest Performing Underlying on the Final Calculation Day</P></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; padding: 2pt 0.05in 2pt 8pt; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6.5pt">Lowest Performing Underlying</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 0.05in; border-bottom: gray 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6.5pt">For any Calculation Day, the Underlying with the lowest Performance Factor on such Calculation Day.</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; padding: 2pt 0.05in 2pt 8pt; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6.5pt">Performance Factor</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 0.05in; border-bottom: gray 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6.5pt">With respect to an Underlying on any Calculation Day, its Closing Value on such Calculation Day divided by its Starting Value (expressed as a percentage).</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; padding: 2pt 0.05in 2pt 8pt; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6.5pt">Starting Value</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 0.05in; border-bottom: gray 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6.5pt">For each Underlying, its Closing Value on the Pricing Date</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; padding: 2pt 0.05in 2pt 8pt; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6.5pt">Ending Value</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 0.05in; border-bottom: gray 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6.5pt">For each Underlying, its Closing Value on the Final Calculation Day</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; padding: 2pt 0.05in 2pt 8pt; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6.5pt">Coupon Threshold Value</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 0.05in; border-bottom: gray 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6.5pt">For each Underlying, 75% of its Starting Value</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; padding: 2pt 0.05in 2pt 8pt; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6.5pt">Downside Threshold Value</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 0.05in; border-bottom: gray 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6.5pt">For each Underlying, 75% of its Starting Value</FONT></TD></TR>
  </TABLE>

<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">&nbsp;</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">*Subject to change</P>

</DIV>

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

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

<P STYLE="font: 13pt Times New Roman, Times, Serif; color: #8f8f8f; margin-top: 2pt; margin-bottom: 2pt; margin-left: 0in; text-indent: 0in; text-align: justify">Summary
of Terms (Continued)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="border: Black 1pt solid; padding: 2pt 0.05in 2pt 8pt; width: 27%"><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: 2pt 0.05in; width: 73%; 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; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 0.05in 2pt 8pt"><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: 2pt 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: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 0.05in 2pt 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: 2pt 0.05in; 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 may 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; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 0.05in 2pt 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: 2pt 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">13607XZV2/ US13607XZV27</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 0.05in 2pt 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: 2pt 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="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2522250d52_fwp-img02.jpg" ALT=""></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-indent: 0; text-align: justify"><B>If
the securities are not automatically called prior to maturity and the Ending Value of the Lowest Performing Underlying on the Final Calculation
Day is less than its Downside Threshold Value, you will have full downside exposure to the decrease in the value of the Lowest Performing
Underlying from its Starting Value and will lose more than 25%, and possibly all, of the face amount of your securities at maturity.</B></P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-indent: 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-indent: 0; 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, but you will have full downside exposure to the Lowest Performing Underlying on the Final Calculation
Day if the securities are not automatically called and the Ending Value of that Underlying is less than its Downside Threshold Value.</B></P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-indent: 0">&nbsp;</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; color: gray; text-indent: 0; text-align: justify">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 $929.50 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: 5pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-indent: 0">&nbsp;</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-indent: 0">&nbsp;</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-indent: 0; text-align: justify">Preliminary
Pricing Supplement:</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-indent: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-indent: 0; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1045520/000110465925085843/tm2522250d51_424b2.htm">https://www.sec.gov/Archives/edgar/data/1045520/000110465925085843/tm2522250d51_424b2.htm</A></P>

</DIV>

<DIV STYLE="clear: both">

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

</DIV>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt"><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&nbsp;PRS-9 of the accompanying preliminary
pricing supplement, and &ldquo;Risk Factors&rdquo; beginning on page&#8239;S-1&#8239;of the underlying supplements, page&nbsp;S-1 of the prospectus
supplement and page&nbsp;1 of the prospectus</B></FONT><B><FONT STYLE="font-size: 7pt">.</FONT></B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-size: 8pt"><B>Investors
should carefully review the accompanying preliminary pricing supplement, product supplement, underlying supplements, 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: 7pt">.</FONT></B></P>

<P STYLE="font: 2pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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">&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 supplements, prospectus supplement and prospectus. Please review those risk disclosures carefully.</P>

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

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

<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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 3pt; width: 0"></TD><TD STYLE="padding-top: 3pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="padding-top: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If The Securities Are Not Automatically Called
Prior To Maturity, <FONT STYLE="background-color: white">You May&nbsp;Lose A Significant Portion Or All Of The Face Amount Of Your Securities
At Maturity</FONT>.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 3pt; width: 0"></TD><TD STYLE="padding-top: 3pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="padding-top: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Securities Do Not Provide For Fixed Payments
Of Interest And You May&nbsp;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" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 3pt; width: 0"></TD><TD STYLE="padding-top: 3pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="padding-top: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Securities Are Subject To The Full Risks
Of Each Underlying And Will Be Negatively Affected If Any Underlying Performs Poorly, Even If The Other Underlyings Perform Favorably.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 3pt; width: 0"></TD><TD STYLE="padding-top: 3pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="padding-top: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Your Return On The Securities Will Depend Solely
On The Performance Of The Lowest Performing Underlying On Each Calculation Day, And You Will Not Benefit In Any Way From The Performance
Of The Better Performing Underlyings.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 3pt; width: 0"></TD><TD STYLE="padding-top: 3pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="padding-top: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">You Will Be Subject To Risks Resulting From The
Relationship Among The Underlyings.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 3pt; width: 0"></TD><TD STYLE="padding-top: 3pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="padding-top: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">You May&nbsp;Be Fully Exposed To The Decline
In The Lowest Performing Underlying On The Final Calculation Day From Its Starting Value, But Will Not Participate In Any Positive Performance
Of Any Underlying, 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" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 3pt; width: 0"></TD><TD STYLE="padding-top: 3pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="padding-top: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Higher Contingent Coupon Rates Are Associated
With Greater Risk.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 3pt; width: 0"></TD><TD STYLE="padding-top: 3pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="padding-top: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">You Will Be Subject To Reinvestment Risk.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 3pt; width: 0"></TD><TD STYLE="padding-top: 3pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="padding-top: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">A Coupon Payment Date, A Call Payment Date And
The Stated Maturity Date May&nbsp;Be Postponed If A Calculation Day Is Postponed.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; text-align: justify"><U>Risk Relating To The Credit Risk Of CIBC</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 3pt; width: 0"></TD><TD STYLE="padding-top: 3pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="padding-top: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Securities Are Subject To The Credit Risk
Of Canadian Imperial Bank of Commerce.</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: 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 3pt; width: 0"></TD><TD STYLE="padding-top: 3pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="padding-top: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 3pt; width: 0"></TD><TD STYLE="padding-top: 3pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="padding-top: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our Estimated Value Does Not Represent Future
Values Of The Securities And May&nbsp;Differ From Others&rsquo; Estimates.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 3pt; width: 0"></TD><TD STYLE="padding-top: 3pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="padding-top: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 3pt; width: 0"></TD><TD STYLE="padding-top: 3pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="padding-top: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Estimated Value Of The Securities Will Not
Be An Indication Of The Price,&nbsp;If Any, At Which Wells Fargo Securities Or Any Other Person May&nbsp;Be Willing To Buy The Securities
From You In The Secondary Market.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 3pt; width: 0"></TD><TD STYLE="padding-top: 3pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="padding-top: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">An Investment In The Securities Is Subject To
Risks Associated With Investing In Stocks With A Small Market Capitalization.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 3pt; width: 0"></TD><TD STYLE="padding-top: 3pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="padding-top: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Anti-dilution Adjustments Relating To The Shares
Of The Fund Do Not Address Every Event That Could Affect Such Shares.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 3pt; width: 0"></TD><TD STYLE="padding-top: 3pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="padding-top: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Performance Of The Fund May&nbsp;Not Correlate
With The Performance Of Its Underlying Index As Well As The Net Asset Value Per Share Of The Fund, Especially During Periods Of Market
Volatility.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; text-align: justify"><U>Risks Relating To Conflicts Of Interest</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 3pt; width: 0"></TD><TD STYLE="padding-top: 3pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="padding-top: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We Or One Of Our Affiliates Will Be The Calculation
Agent And, As A Result, Potential Conflicts Of Interest Could Arise.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 3pt; width: 0"></TD><TD STYLE="padding-top: 3pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="padding-top: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The U.S. Federal Tax Consequences Of An Investment
In The Securities Are Unclear.</FONT></TD></TR></TABLE>

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

</DIV>

<DIV STYLE="clear: both">

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

</DIV>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-size: 7.5pt">The
Issuer has filed a registration statement (including a prospectus, a prospectus supplement, the underlying supplements 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 supplements 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 supplements and the product supplement
if you request them by calling your financial advisor or by calling Wells Fargo Securities at 866-346-7732</FONT><FONT STYLE="font-size: 8pt">.</FONT></P>

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

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

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

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