<SEC-DOCUMENT>0001104659-25-095998.txt : 20251002
<SEC-HEADER>0001104659-25-095998.hdr.sgml : 20251002
<ACCEPTANCE-DATETIME>20251002135707
ACCESSION NUMBER:		0001104659-25-095998
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20251002
DATE AS OF CHANGE:		20251002

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:		251368044

	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>tm2524819d70_fwp.htm
<DESCRIPTION>FWP
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT><B>Filed
Pursuant to Rule&nbsp;433<BR>
Registration No.&nbsp;333-272447</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-bottom: 2pt; vertical-align: top; width: 81%; border-bottom: Black 1pt solid; padding-left: 8pt">
    <P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; color: #bb0826">Canadian Imperial Bank of Commerce</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt; color: #bb0826">Market Linked Securities</FONT><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P></TD>
    <TD STYLE="padding-bottom: 2pt; border-bottom: Black 1pt solid; font: 12pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 19%; text-align: right"><IMG SRC="tm2524819d70_fwpimg001.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"><FONT><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; margin: 0pt 0; color: white"><FONT><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
    EURO STOXX 50<SUP>&reg;</SUP> Index due October&nbsp;29, 2029</B></FONT></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; color: white"><FONT><B>Term Sheet
    to Preliminary Pricing Supplement dated October&nbsp;1, 2025</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="font: 1pt Calibri, Helvetica, Sans-Serif; float: left; width: 49%">

<P STYLE="font: 1pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding: 1pt 5.4pt; width: 25%; border: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Issuer</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt; width: 75%; 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: 1pt 5.4pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Market Measure</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt; 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 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 EURO STOXX 50<SUP>&reg;</SUP> Index (Bloomberg ticker symbol &ldquo;SX5E&rdquo;) (each an &ldquo;Index,&rdquo; and collectively the &ldquo;Indices&rdquo;)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 5.4pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid">
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">Face Amount (Original Offering Price)</P></TD>
    <TD STYLE="padding: 1pt 5.4pt; border-right: Black 1pt solid; border-bottom: gray 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">The principal amount of $1,000 per security </FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 5.4pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Pricing Date*</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt; 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">October 31, 2025</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 5.4pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Issue Date*</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt; 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">November 5, 2025</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 5.4pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Final Calculation Day*</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt; 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">October 24, 2029</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 5.4pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Stated Maturity Date*</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt; 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">October 29, 2029</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 5.4pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Contingent Coupon Payments</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt; border-right: Black 1pt solid; border-bottom: gray 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">On each Coupon Payment Date, you will receive a Contingent Coupon Payment at a per annum rate equal to the Contingent Coupon Rate if, <B>and only if</B>, the Closing Level of the Lowest Performing Index on the related Coupon Determination Date is greater than or equal to its Coupon Threshold Level. Each quarterly Contingent Coupon Payment, if any, will be calculated per security as follows: ($1,000 &times; Contingent Coupon Rate) / 4</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 5.4pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Contingent Coupon Rate</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt; 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 8.00% per annum, to be determined on the Pricing Date</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 5.4pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Coupon Determination Dates*</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt; 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 24th of each January, April, July and October, commencing January 2026 and ending on the Final Calculation Day, each subject to postponement</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 5.4pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Coupon Payment Dates</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt; 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: 1pt 5.4pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Automatic Call</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt; 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 Closing Level of the Lowest Performing Index on any Call Observation Date is greater than or equal to its Starting Level, the securities will be automatically called, and you will receive a cash payment per security equal to the face amount plus a final Contingent Coupon Payment on the related Call Payment Date. </FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 5.4pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Call Observation Dates*</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt; 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 April 2026 and ending July 2029 (together with the Coupon Determination Dates, the &ldquo;Calculation Days&rdquo;)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 5.4pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Call Payment Dates</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt; 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: 1pt 5.4pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid">
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">Maturity Payment Amount (per security)</P></TD>
    <TD STYLE="padding: 1pt 5.4pt; border-right: Black 1pt solid; border-bottom: gray 1pt solid">
    <P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0.05in 0pt 8.85pt; text-align: justify; text-indent: -4.5pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">if the Ending Level of the Lowest Performing Index on the Final Calculation
Day is greater than or equal to its Downside Threshold Level: $1,000; or </FONT></P>
    <P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0.05in 0pt 8.85pt; text-align: justify; text-indent: -4.5pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">if the Ending Level of the Lowest Performing Index on the Final Calculation
Day is less than its Downside Threshold Level: </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 Index on the Final Calculation Day</P></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 5.4pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Lowest Performing Index</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt; 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 Index with the lowest Performance Factor on such Calculation Day.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 5.4pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Performance Factor</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt; 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 Index on any Calculation Day, its Closing Level on such Calculation Day <I>divided</I> by its Starting Level (expressed as a percentage).</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 5.4pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Starting Level</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt; 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 Index, its Closing Level on the Pricing Date</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 5.4pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Ending Level</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt; 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 Index, its Closing Level on the Final Calculation Day</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 5.4pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Coupon Threshold Level</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt; 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 Index, 70% of its Starting Level</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 5.4pt; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Downside Threshold Level</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt; 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 Index, 70% of its Starting Level</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD COLSPAN="2" STYLE="padding: 1pt 5.4pt; font: 7pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="padding: 1pt 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 7.5pt">*Subject to change</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 1pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<DIV STYLE="font: 1pt Calibri, Helvetica, Sans-Serif; float: right; width: 49%">

<P STYLE="font: 1pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt; color: #8f8f8f">Summary of Terms (Continued)</FONT></P>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="padding: 1pt 5.4pt; width: 27%; border: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Calculation Agent</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt; width: 73%; border-top: Black 1pt solid; 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>
    <TD STYLE="padding: 1pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Denominations&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="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">$1,000 and integral multiples of $1,000 in excess thereof</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Agent&rsquo;s Underwriting Discount and Other Fees</FONT></TD>
    <TD STYLE="padding: 1pt 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>
    <TD STYLE="padding: 1pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">CUSIP / ISIN</FONT></TD>
    <TD STYLE="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">13609FAX2 / US13609FAX24</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 7pt">Material Tax Consequences:</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 7pt">See the preliminary pricing supplement.</FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 9pt; text-align: center; color: gray">Hypothetical Payout Profile
(Maturity Payment Amount)</P>

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

<P STYLE="text-align: center; font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2524819d70_fwpimg002.jpg" ALT=""></P>

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

<P STYLE="font: 8pt 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 Level of the Lowest Performing Index on the Final Calculation Day is less than its Downside Threshold
Level, you will have full downside exposure to the decrease in the level of the Lowest Performing Index from its Starting Level and will
lose more than 30%, and possibly all, of the face amount of your securities at maturity. </B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt 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 Index, but
you will have full downside exposure to the Lowest Performing Index on the Final Calculation Day if the securities are not automatically
called and the Ending Level of that Index is less than its Downside Threshold Level.</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.05pt; text-align: justify; color: gray"><FONT STYLE="font-family: Times New Roman, Times, Serif">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 $920.20 per security but less than the </FONT></FONT><FONT STYLE="background-color: white">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: 6pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="text-align: left; font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Preliminary Pricing Supplement: <A HREF="https://www.sec.gov/Archives/edgar/data/1045520/000110465925095736/tm2524819d69_424b2.htm" STYLE="-sec-extract: exhibit">https://www.sec.gov/Archives/edgar/data/1045520/000110465925095736/tm2524819d69_424b2.htm</A></P>

<P STYLE="font: 1pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<DIV STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; clear: both; width: 100%">

<P STYLE="font: 1pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<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.
</B></FONT><B><FONT STYLE="font-size: 7.5pt">See &ldquo;Selected Risk Considerations&rdquo; in this term sheet and beginning on page&nbsp;PRS-9
of the accompanying preliminary pricing supplement</FONT></B><FONT STYLE="font-size: 7.5pt">, <B>and &ldquo;Risk Factors&rdquo; beginning
on page&nbsp;S-1 of the underlying supplement, page&nbsp;S-1 of the prospectus supplement and page&nbsp;1 of the prospectus</B></FONT><B><FONT STYLE="font-size: 8pt">.</FONT></B></P>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&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: 4pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Calibri, Helvetica, Sans-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: 10pt Calibri, Helvetica, Sans-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 supplement, prospectus supplement and prospectus. Please review those risk disclosures carefully.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="font: 1pt Times New Roman, Times, Serif; float: left; width: 48%">

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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: 4pt 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: 2pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 9pt">If The Securities Are Not Automatically Called Prior To Maturity, <FONT STYLE="background-color: white">You
May Lose A Significant Portion Or All Of The Face Amount Of Your Securities At Maturity</FONT>.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 9pt">The Securities Do Not Provide For Fixed Payments Of Interest And You May
Receive No Coupon Payments On One Or More Coupon Payment Dates, Or Even Throughout The Entire Term Of The Securities.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 9pt">The Securities Are Subject To The Full Risks Of Each Index And Will Be Negatively
Affected If Any Index Performs Poorly, Even If The Other Indices Perform Favorably.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 9pt">Your Return On The Securities Will Depend Solely On The Performance Of The
Lowest Performing Index On Each Calculation Day, And You Will Not Benefit In Any Way From The Performance Of The Better Performing Indices.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 9pt">You Will Be Subject To Risks Resulting From The Relationship Among The Indices.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 9pt">You May Be Fully Exposed To The Decline In The Lowest Performing Index On
The Final Calculation Day From Its Starting Level, But Will Not Participate In Any Positive Performance Of Any Index, 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: 2pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="padding-bottom: 2pt; 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: 2pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 9pt">You Will Be Subject To Reinvestment Risk.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">A Coupon Payment Date, A Call Payment Date And The Stated Maturity Date May
Be Postponed If A Calculation Day Is Postponed.</FONT></TD></TR></TABLE>

<P STYLE="font: 4pt 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: 4pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">The Securities Are Subject To
The Credit Risk Of Canadian Imperial Bank of Commerce.</FONT></TD></TR></TABLE>

<P STYLE="font: 4pt 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: 4pt 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: 9pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="padding-bottom: 2pt; font: 9pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="padding-bottom: 2pt; font: 9pt Times New Roman, Times, Serif; 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="font: 9pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="padding-bottom: 2pt; font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="padding-bottom: 2pt; font: 9pt Times New Roman, Times, Serif; 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="font: 9pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="padding-bottom: 2pt; font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="padding-bottom: 2pt; font: 9pt Times New Roman, Times, Serif; 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="font: 9pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="padding-bottom: 2pt; font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="padding-bottom: 2pt; font: 9pt Times New Roman, Times, Serif; 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="font: 9pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="padding-bottom: 2pt; font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="padding-bottom: 2pt; font: 9pt Times New Roman, Times, Serif; 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="font: 9pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify">The Securities Will Not Be Listed On Any Securities Exchange And We
Do Not Expect A Trading Market For The Securities To Develop.</TD></TR>
                                                                                </TABLE>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

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

<DIV STYLE="font: 1pt Times New Roman, Times, Serif; float: right; width: 48%">

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 2pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">An Investment In The Securities
Is Subject To Risks Associated With Investing In Stocks With A Small Market Capitalization.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 2pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">An Investment In The Securities
Is Subject To Risks Associated With Foreign Securities Markets. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">The Securities Will Not Be Adjusted
For Changes In Exchange Rates.</FONT></TD></TR></TABLE>

<P STYLE="font: 4pt 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: 4pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 2pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">We Or One Of Our Affiliates Will
Be The Calculation Agent And, As A Result, Potential Conflicts Of Interest Could Arise.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Our Economic Interests And Those
Of Any Dealer Participating In The Offering Of Securities Will Potentially Be Adverse To Your Interests.</FONT></TD></TR></TABLE>

<P STYLE="font: 4pt 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: 4pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 9pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="padding-bottom: 2pt; font: 9pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="padding-bottom: 2pt; font: 9pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="padding-bottom: 2pt; font: 9pt Times New Roman, Times, Serif; 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: 9pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify">There Can Be No Assurance That The Canadian Federal Income Tax Consequences
Of An Investment In The Securities Will Not Change In The Future.</TD></TR>
                                                                </TABLE>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

</DIV>

<DIV STYLE="font-size: 7pt; clear: both; width: 100%">

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

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

<P STYLE="font: 7.5pt 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="margin: 0pt 0; font-size: 7pt">&nbsp;</P>

<P STYLE="font: 7.5pt 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 Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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