<SEC-DOCUMENT>0001104659-25-095124.txt : 20250930
<SEC-HEADER>0001104659-25-095124.hdr.sgml : 20250930
<ACCEPTANCE-DATETIME>20250930171141
ACCESSION NUMBER:		0001104659-25-095124
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250930
DATE AS OF CHANGE:		20250930

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:		251361441

	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>tm2524819d75_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0"><B>Filed Pursuant to Rule 433</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Registration Statement No. 333-272447</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding: 3pt 5.4pt; width: 100%; font-size: 14pt; color: #012169">CAPPED NOTES WITH ABSOLUTE RETURN BUFFER</TD>
    </TR>
  </TABLE>

<DIV STYLE="float: left; width: 52%">

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: white 1pt solid; padding: 2pt 5.4pt; font-size: 10pt; color: rgb(1,33,105)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Capped Notes with Absolute Return Buffer Linked to the S&amp;P 500<SUP>&reg; </SUP>Index</FONT></TD></TR>
  <TR STYLE="font-size: 7.5pt; background-color: #F2F2F2">
    <TD STYLE="font-size: 7.5pt; padding: 2pt 5.4pt; width: 20%; border-bottom: white 1pt solid"><FONT STYLE="font-size: 7.5pt"><B>Issuer</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding: 2pt 5.4pt; width: 80%; text-align: justify; font-size: 7.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Canadian Imperial Bank of Commerce (&ldquo;CIBC&rdquo;)</FONT></TD></TR>
  <TR STYLE="font-size: 7.5pt; background-color: #F2F2F2">
    <TD STYLE="font-size: 7.5pt; padding: 2pt 5.4pt; border-bottom: white 1pt solid"><FONT STYLE="font-size: 7.5pt"><B>Principal Amount</B></FONT></TD>
    <TD STYLE="font-size: 7.5pt; padding: 2pt 5.4pt; border-bottom: white 1pt solid; text-align: justify"><FONT STYLE="font-size: 7.5pt">$10.00 per unit</FONT></TD></TR>
  <TR STYLE="font-size: 7.5pt; background-color: #F2F2F2">
    <TD STYLE="font-size: 7.5pt; padding: 2pt 5.4pt; border-bottom: white 1pt solid"><FONT STYLE="font-size: 7.5pt"><B>Term</B></FONT></TD>
    <TD STYLE="font-size: 7.5pt; padding: 2pt 5.4pt; border-bottom: white 1pt solid; text-align: justify"><FONT STYLE="font-size: 7.5pt">Approximately 14 months</FONT></TD></TR>
  <TR STYLE="font-size: 7.5pt; background-color: #F2F2F2">
    <TD STYLE="font-size: 7.5pt; padding: 2pt 5.4pt; border-bottom: white 1pt solid"><FONT STYLE="font-size: 7.5pt"><B>Market Measure</B></FONT></TD>
    <TD STYLE="font-size: 7.5pt; padding: 2pt 5.4pt; border-bottom: white 1pt solid; text-align: justify"><FONT STYLE="font-size: 7.5pt">The
    S&amp;P 500<SUP>&reg;</SUP> Index (Bloomberg symbol: &ldquo;SPX&rdquo;)</FONT></TD></TR>
  <TR STYLE="font-size: 7.5pt; background-color: #F2F2F2">
    <TD STYLE="font-size: 7.5pt; padding: 2pt 5.4pt; border-bottom: white 1pt solid"><FONT STYLE="font-size: 7.5pt"><B>Payout Profile at Maturity</B></FONT></TD>
    <TD STYLE="font-size: 7.5pt; border-bottom: white 1pt solid; padding: 2pt 5.4pt">
    <P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#8239;&#8239;&#8239;1-to-1 upside exposure to increases in the Market Measure, subject to
the Capped Value </FONT></P>
    <P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#8239;&#8239;&#8239;A
positive return equal to the absolute value of the percentage decline in the level of the Market Measure only if the Market Measure does
not decline by more than [5.00% to 10.00%] (e.g., if the negative return of the Market Measure is -5.00%, you will receive a positive
return of +5.00%)</FONT></P>
    <P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#8239;&#8239;&#8239;1-to-1
downside exposure to decreases in the Market Measure beyond a [5.00% to 10.00%] decline, with up to [95.00% to 90.00%] of your principal
at risk</FONT></P></TD></TR>
  <TR STYLE="font-size: 7.5pt; background-color: #F2F2F2">
    <TD STYLE="font-size: 7.5pt; padding: 2pt 5.4pt; border-bottom: white 1pt solid"><FONT STYLE="font-size: 7.5pt"><B>Participation Rate</B></FONT></TD>
    <TD STYLE="font-size: 7.5pt; padding: 2pt 5.4pt; border-bottom: white 1pt solid; text-align: justify"><FONT STYLE="font-size: 7.5pt">100.00%</FONT></TD></TR>
  <TR STYLE="font-size: 7.5pt; background-color: #F2F2F2">
    <TD STYLE="font-size: 7.5pt; padding: 2pt 5.4pt; border-bottom: white 1pt solid"><FONT STYLE="font-size: 7.5pt"><B>Threshold Value</B></FONT></TD>
    <TD STYLE="font-size: 7.5pt; padding: 2pt 5.4pt; border-bottom: white 1pt solid; text-align: justify"><FONT STYLE="font-size: 7.5pt">[95.00% to 90.00%] of the Starting Value, to be determined on the pricing date.</FONT></TD></TR>
  <TR STYLE="font-size: 7.5pt; background-color: #F2F2F2">
    <TD STYLE="font-size: 7.5pt; padding: 2pt 5.4pt; border-bottom: white 1pt solid"><FONT STYLE="font-size: 7.5pt"><B>Capped Value</B></FONT></TD>
    <TD STYLE="font-size: 7.5pt; padding: 2pt 5.4pt; border-bottom: white 1pt solid; text-align: justify"><FONT STYLE="font-size: 7.5pt">$11.00 per unit, a 10.00% return over the principal amount.</FONT></TD></TR>
  <TR STYLE="font-size: 7.5pt; background-color: #F2F2F2">
    <TD STYLE="font-size: 7.5pt; padding: 2pt 5.4pt; border-bottom: white 1pt solid"><FONT STYLE="font-size: 7.5pt"><B>Investment Considerations</B></FONT></TD>
    <TD STYLE="font-size: 7.5pt; padding: 2pt 5.4pt; border-bottom: white 1pt solid; text-align: justify"><FONT STYLE="font-size: 7.5pt">This investment is designed for investors who anticipate that the Market Measure will either increase moderately over the term of the notes or decrease to a level which is not below the threshold, and are willing to accept a capped return, take downside risk below a threshold and forgo interim interest payments.</FONT></TD></TR>
  <TR STYLE="font-size: 7.5pt; background-color: #F2F2F2">
    <TD STYLE="font-size: 7.5pt; padding: 2pt 5.4pt; border-bottom: white 1pt solid"><FONT STYLE="font-size: 7.5pt"><B>Preliminary Offering Documents</B></FONT></TD>
    <TD STYLE="font-size: 7.5pt; padding: 2pt 5.4pt; border-bottom: white 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><A HREF="https://www.sec.gov/Archives/edgar/data/1045520/000110465925095038/tm2524819d52_fwp.htm">https://www.sec.gov/Archives/edgar/data/1045520/000110465925095038/tm2524819d52_fwp.htm</A></B></FONT></TD></TR>
  <TR STYLE="font-size: 7.5pt; background-color: #F2F2F2">
    <TD STYLE="font-size: 7.5pt; padding: 2pt 5.4pt; border-bottom: white 1pt solid"><FONT STYLE="font-size: 7.5pt"><B>Exchange Listing</B></FONT></TD>
    <TD STYLE="font-size: 7.5pt; padding: 2pt 5.4pt; border-bottom: white 1pt solid; text-align: justify"><FONT STYLE="font-size: 7.5pt">No</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 7.5pt"><B><I>You </I></B></FONT><B><I><FONT STYLE="font-size: 7pt">should
read the relevant Preliminary Offering Documents before you invest. </FONT></I></B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Click on the Preliminary Offering Documents hyperlink above or
call your Financial Advisor for a hard copy.</I></B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><U>Risk Factors</U></B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Please see the Preliminary Offering Documents for a description of
certain risks related to this investment, including, but not limited to, the following:</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 6.5pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-size: 6.5pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 6.5pt; width: 0.25in"></TD><TD STYLE="font-size: 6.5pt; width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 6.5pt">&middot;</FONT></TD><TD STYLE="font-size: 6.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">Depending
on the performance of the Market Measure as measured shortly before the maturity date, you may lose up to [95.00% to 90.00%] of the principal
amount.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-size: 6.5pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 6.5pt; text-align: left; width: 0.25in"></TD><TD STYLE="font-size: 6.5pt; width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 6.5pt">&middot;</FONT></TD><TD STYLE="font-size: 6.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">Any
positive return on the notes is limited. The notes provide for a positive return if the level of the Market Measure increases or does
not decrease by more than [5.00% to 10.00%]. However, any positive return on the notes based on the appreciation of the Market Measure
will be limited to the return represented by the Capped Value. In addition, the absolute value return feature applies only if the Ending
Value is less than the Starting Value but greater than or equal to the Threshold Value. Because the Threshold Value will be [95.00% to
90.00%] of the Starting Value, any positive return due to the depreciation of the Market Measure will be limited to [5.00% to 10.00%].
The actual Threshold Value and, by extension, the cap on the positive return due to the depreciation of the Market Measure , will be
determined on the pricing date. Any decline in the Ending Value from the Starting Value by more than [5.00% to 10.00%] will result in
a loss, rather than a positive return, on the notes.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-size: 6.5pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 6.5pt; text-align: left; width: 0.25in"></TD><TD STYLE="font-size: 6.5pt; width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 6.5pt">&middot;</FONT></TD><TD STYLE="font-size: 6.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">Your
investment return may be less than a comparable investment directly in the stocks included in the Market Measure.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-size: 6.5pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 6.5pt; text-align: left; width: 0.25in"></TD><TD STYLE="font-size: 6.5pt; width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 6.5pt">&middot;</FONT></TD><TD STYLE="font-size: 6.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">Payments
on the notes, including any repayment of principal, are subject to the credit risk of CIBC, and actual or perceived changes in the creditworthiness
of CIBC are expected to affect the value of the notes. If CIBC becomes insolvent or is unable to pay its obligations, you may lose your
entire investment. The initial estimated value of the notes on the pricing date will be less than their public offering price.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-size: 6.5pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 6.5pt; text-align: left; width: 0.25in"></TD><TD STYLE="font-size: 6.5pt; width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 6.5pt">&middot;</FONT></TD><TD STYLE="font-size: 6.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">If
you attempt to sell the notes prior to maturity, their market value may be lower than both the public offering price and the initial
estimated value of the notes on the pricing date.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-size: 6.5pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 6.5pt; text-align: left; width: 0.25in"></TD><TD STYLE="font-size: 6.5pt; width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 6.5pt">&middot;</FONT></TD><TD STYLE="font-size: 6.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">As
a noteholder, you will have no rights of a holder of the securities represented by the Market Measure, and you will not be entitled to
receive securities, dividends or other distributions by the issuers of those securities.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>Final terms will be set on the pricing date within the given range
for the specified Market-Linked Investment. Please see the Preliminary Offering Documents for complete product disclosure, including
related risks and tax disclosure.</I></P>

</DIV>

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

<DIV STYLE="float: right; width: 46%">

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

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

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><IMG SRC="tm2524819d75_fwpimg001.jpg" ALT=""></P>

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

<P STYLE="text-align: justify; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt"><I>The graph above and the table below reflect the hypothetical return on the notes, based on the terms contained in the table to the left (using the mid-point for any range(s)).&nbsp;&nbsp;The graph and the table have been prepared for purposes of illustration only and do not take into account any tax consequences from investing in the notes.</I></FONT></P>



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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 33%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #012169"><B>Hypothetical<BR>
 Percentage Change<BR>
 from the Starting Value<BR>
 to the Ending Value</B></FONT></TD>
    <TD STYLE="width: 34%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #012169"><B>Hypothetical<BR>
 Redemption Amount<BR>
 per Unit</B></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #012169"><B>Hypothetical Total Rate of<BR>
 Return on the Notes</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-100.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$0.75</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-92.50%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-50.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$5.75</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-42.50%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-30.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$7.75</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-22.50%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-20.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$8.75</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-12.50%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;-7.50%<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;$10.75<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.50%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-5.00%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$10.50</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.00%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-3.00%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$10.30</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.00%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.00%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$10.00</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.00%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.00%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$10.50</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.00%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.00%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;$11.00<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.00%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20.00%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$11.00</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.00%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">40.00%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$11.00</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.00%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">60.00%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$11.00</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.00%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">80.00%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$11.00</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.00%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100.00%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$11.00</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.00%</FONT></TD></TR>
  </TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.15in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: left">This hypothetical percentage change corresponds to the hypothetical
Threshold Value.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.15in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: left">Any positive return based on the depreciation of the Market
Measure cannot exceed the return provided by the hypothetical Threshold Value.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.15in"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD STYLE="text-align: left">Any positive return based on the appreciation of the Market
Measure cannot exceed the return represented by the Capped Value.</TD>
</TR></TABLE>

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

</DIV>

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

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

</DIV>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Canadian Imperial Bank of Commerce (CIBC) has filed a registration statement (including a product supplement,
a prospectus supplement, and a prospectus) with the U.S. Securities and Exchange Commission (SEC) for the offering to which this document
relates. Before you invest, you should carefully read these documents and other documents that CIBC has filed with the SEC for more complete
information about CIBC and this offering. You may get these documents without cost by visiting EDGAR on the SEC Website at www.sec.gov.
CIBC's Central Index Key, or ClK, on the SEC website is 1045520. Alternatively, MLPF&amp;S or BofAS will arrange to send you these documents
if you so request by calling toll-free at 1-800-294-1322.</B></P>

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

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