<SEC-DOCUMENT>0001104659-25-111454.txt : 20251113
<SEC-HEADER>0001104659-25-111454.hdr.sgml : 20251113
<ACCEPTANCE-DATETIME>20251113165949
ACCESSION NUMBER:		0001104659-25-111454
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251113
DATE AS OF CHANGE:		20251113

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:		251479527

	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>tm2530021d31_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 5pt Times New Roman, Times, Serif">

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; width: 20%; vertical-align: top"><FONT STYLE="font-size: 8pt"><IMG SRC="tm2530021d31_fwpimg001.jpg" ALT=""></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; width: 80%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 8pt">Filed Pursuant
    to Rule 433<BR>
    Registration No. 333-272447<BR></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 8pt">Free Writing Prospectus
    dated November 13, 2025 to Preliminary Pricing Supplement dated November 13, 2025</FONT></P></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: rgb(41,109,193)">Contingent Income Auto-Callable Securities with Memory
Coupon due November 27, 2028</P>

<P STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Based on the Performance of the Common Stock of Advanced Micro
Devices, Inc.</P>

<P STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Principal at Risk Securities</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">This document provides a summary of the terms of the securities. Investors
must carefully review the accompanying preliminary pricing supplement referenced below, underlying supplement, prospectus supplement and
prospectus, and the &ldquo;Risk Considerations&rdquo; on the following page, prior to making an investment decision.</P>
<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>
<DIV STYLE="font: 7pt Arial, Helvetica, Sans-Serif; float: left; width: 49%">



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #296DC1">
    <TD COLSPAN="3" STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="color: white"><B>SUMMARY TERMS</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="color: #296DC1"><B>Issuer:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt">Canadian Imperial Bank of Commerce</TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #DDF0FF">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="color: #296DC1"><B>Underlying Stock:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt">The common stock of Advanced Micro Devices, Inc. (Bloomberg symbol: AMD UW)</TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="color: #296DC1"><B>Stated Principal Amount:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt">$1,000 per security</TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #DDF0FF">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="color: #296DC1"><B>Issue Price:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt">$1,000 per security</TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="color: #296DC1"><B>Pricing Date:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt">November 21, 2025</TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #DDF0FF">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="color: #296DC1"><B>Original Issue Date:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt">November 26, 2025 (3 Business Days after the Pricing Date)</TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="color: #296DC1"><B>Maturity Date:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt">November 27, 2028</TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #DDF0FF">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="color: #296DC1"><B>Early Redemption:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt">If, on any of the first eleven Determination Dates, the Determination Closing Price of the Underlying Stock is greater than or equal to the Initial Share Price, the securities will be automatically redeemed for an Early Redemption Payment on the related Contingent Payment Date. No further payments will be made on the securities once they have been redeemed.</TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="color: #296DC1"><B>Early Redemption Payment:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt">The Early Redemption Payment will be an amount equal to (i) the Stated Principal Amount plus (ii) the Contingent Quarterly Coupon with respect to the related Determination Date and any previously unpaid Contingent Quarterly Coupons from prior Determination Dates pursuant to the memory coupon feature.</TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #DDF0FF">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="color: #296DC1"><B>Determination Closing Price:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt">The Closing Price of the Underlying Stock on any Determination Date other than the Final Determination Date.</TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="color: #296DC1"><B>Contingent Quarterly Coupon with Memory Coupon Feature:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt">
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 6pt; text-indent: -6pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT>If, on any Determination Date, the Determination Closing Price or the Final Share Price, as applicable, is greater than or equal
    to the Downside Threshold Price, we will pay a Contingent Quarterly Coupon at an annual rate of at least 15.74% (corresponding to at least
    $39.35 per quarter per security, to be determined on the Pricing Date) plus any previously unpaid Contingent Quarterly Coupons with respect
    to any previous Determination Dates pursuant to the memory coupon feature, on the related Contingent Payment Date, <I>provided, however,</I>
    that in the case of any such payment of a previously unpaid Contingent Quarterly Coupon, no additional interest shall accrue or be payable
    in respect of such unpaid Contingent Quarterly Coupon from and after the end of the original interest period for such unpaid Contingent
    Quarterly Coupon.</P>
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 6pt; text-indent: -6pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT>If, on any Determination Date, the Determination Closing Price or the Final Share Price, as applicable, is less than the Downside
    Threshold Price, no Contingent Quarterly Coupon will be paid with respect to that Determination Date.</P></TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #DDF0FF">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="color: #296DC1"><B>Determination Dates:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt">Quarterly, on February 23, 2026, May 21, 2026, August 21, 2026, November 23, 2026, February 22, 2027, May 21, 2027, August 23, 2027, November 22, 2027, February 22, 2028, May 22, 2028, August 21, 2028, and November 21, 2028 (the &ldquo;Final Determination Date&rdquo;).</TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="color: #296DC1"><B>Contingent Payment Dates:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt">With respect to each Determination Date other than the Final Determination Date, the third Business Day after the related Determination Date. The payment of the Contingent Quarterly Coupon, if any, with respect to the Final Determination Date will be made on the Maturity Date.</TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #DDF0FF">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="color: #296DC1"><B>Payment at Maturity:</B></FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 37%; padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 6pt; text-indent: -6pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT>If the Final Share Price is <B>greater than or equal to</B> the Downside Threshold Price:</P>
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 6pt; text-indent: -6pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT>If the Final Share Price is <B>less than</B> the Downside Threshold Price:</P></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 38%; padding-right: 6pt">
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">(i) the Stated Principal Amount plus (ii) the Contingent Quarterly
    Coupon with respect to the Final Determination Date and any previously unpaid Contingent Quarterly Coupons from prior Determination Dates
    pursuant to the memory coupon feature</P>
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">(i) the Stated Principal Amount multiplied by (ii) the Share Performance
    Factor</P></TD></TR>
  </TABLE>
<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<DIV STYLE="font: 7pt Arial, Helvetica, Sans-Serif; float: right; width: 49%">

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



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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #DDF0FF">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="color: #296DC1"><B>Share Performance Factor:</B></FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 75%; padding-right: 6pt; padding-left: 6pt">The Final Share Price <I>divided </I>by the Initial Share Price</TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="color: #296DC1"><B>Downside Threshold Price:</B></FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt">50.00% of the Initial Share Price</TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #DDF0FF">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="color: #296DC1"><B>Initial Share Price:</B></FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt">The Closing Price of the Underlying Stock on the Pricing Date, subject to adjustment as described under &ldquo;Certain Terms of the Notes&mdash;Anti-Dilution Adjustments&rdquo; in the underlying supplement.</TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="color: #296DC1"><B>Final Share Price:</B></FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt">The Closing Price of the Underlying Stock on the Final Determination Date.</TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #DDF0FF">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="color: #296DC1"><B>CUSIP / ISIN:</B></FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt">13609FCL6 / US13609FCL67</TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="color: #296DC1"><B>Initial Estimated Value:</B></FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt">Between $947.80 and $967.80 per security, which is expected to be less than the price to public.</TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #DDF0FF">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="color: #296DC1"><B>Preliminary Pricing Supplement:</B></FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1045520/000110465925111330/tm2530021d30_424b2.htm" STYLE="-sec-extract: exhibit">https://www.sec.gov/Archives/edgar/data/1045520/000110465925111330/tm2530021d30_424b2.htm</A></FONT></P>
</TD></TR>
  </TABLE>
<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #296DC1">
    <TD COLSPAN="2" STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 8pt; font-weight: normal; color: white">Hypothetical
    Payment at Maturity</FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 8pt">The
    Securities Have <U>Not</U> Been Automatically Called</FONT></TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; width: 50%; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 6pt; text-align: center; color: #296DC1"><FONT STYLE="font-size: 8pt">Hypothetical
    Final Share Price (as Percentage of Initial Share Price)</FONT></TD>
    <TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; width: 50%; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 6pt; text-align: center; color: #296DC1"><FONT STYLE="font-size: 8pt">Hypothetical
    Payment at Maturity if the Securities Have Not Been Automatically Called (as Percentage of Principal Amount)</FONT></TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 8pt">175.00%</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 8pt">$1,000.00*</FONT></TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 8pt">150.00%</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 8pt">$1,000.00*</FONT></TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 8pt">125.00%</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 8pt">$1,000.00*</FONT></TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 8pt">110.00%</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 8pt">$1,000.00*</FONT></TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #BFBFBF">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 8pt">100.00%</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 8pt">$1,000.00*</FONT></TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 8pt">90.00%</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 8pt">$1,000.00*</FONT></TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 8pt">70.00%</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 8pt">$1,000.00*</FONT></TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 8pt">60.00%</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 8pt">$1,000.00*</FONT></TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #BFBFBF">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 8pt">50.00%</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 8pt">$1,000.00*</FONT></TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 8pt">49.00%</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 8pt">$490.00</FONT></TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 8pt">40.00%</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 8pt">$400.00</FONT></TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 8pt">25.00%</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 8pt">$250.00</FONT></TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #BFBFBF">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 8pt">0.00%</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 8pt">$0.00</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">* Does not include the final coupon</P>

</DIV>

<DIV STYLE="font: 7pt Arial, Helvetica, Sans-Serif; clear: both; width: 100%">

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

</DIV>

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

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We have filed a registration statement (including an underlying supplement,
a prospectus supplement and a prospectus) with the SEC for the offering to which this document relates. Before you invest, you should
read these documents and other documents that we have filed with the SEC for more complete information about us and this offering. You
may get these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, we, any agent or any dealer participating
in this offering will arrange to send you these documents if you so request by calling toll-free at 1-833-931-0275.</P>

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

<P STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Underlying Stock</P>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">For more information about the Underlying Stock, including historical
performance information, see the accompanying preliminary pricing supplement.</P>

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

<P STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Risk Considerations</P>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The risks set forth below are discussed in more detail in the &ldquo;Risk
Factors&rdquo; section in the accompanying preliminary pricing supplement. Please review those risk factors carefully prior to making
an investment decision.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Risks Relating to the Structure of the Securities</U></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Symbol; font-weight: normal">&middot;</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-weight: normal">The securities do not guarantee the return of any principal.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Symbol; font-weight: normal">&middot;</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-weight: normal">The securities do not provide for the payment of regular interest, and you may receive no Contingent
Quarterly Coupons on most or all of the Coupon Payment Dates.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Symbol; font-weight: normal">&middot;</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-weight: normal">The automatic early redemption feature limits your potential return.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Symbol; font-weight: normal">&middot;</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-weight: normal">Investors will not participate in any appreciation in the price of the Underlying Stock and the
return on the securities will be limited to any Contingent Quarterly Coupons paid on the securities.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Symbol; font-weight: normal">&middot;</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-weight: normal">Higher Contingent Quarterly Coupon or lower Downside Threshold Price are generally associated with
a reference asset with greater expected volatility and therefore can indicate a greater risk of loss.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Symbol; font-weight: normal">&middot;</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-weight: normal">The payments on the securities are based only on the Closing Prices of the Underlying Stock on the
Determination Dates.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Symbol; font-weight: normal">&middot;</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-weight: normal">Investing in the securities is not equivalent to investing in the Underlying Stock.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Risks Relating to the Underlying Stock</U></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Symbol; font-weight: normal">&middot;</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-weight: normal">The securities will be subject to single stock risk.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Symbol; font-weight: normal">&middot;</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-weight: normal">The antidilution adjustments that the calculation agent is required to make do not cover every event
that could affect the price of the Underlying Stock.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Symbol; font-weight: normal">&middot;</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-weight: normal">We have no affiliation with Advanced Micro Devices, Inc.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Symbol; font-weight: normal">&middot;</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-weight: normal">We may engage in business with or involving Advanced Micro Devices, Inc. without regard to your
interests.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Symbol; font-weight: normal">&middot;</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-weight: normal">Governmental regulatory actions, such as sanctions, could adversely affect your investment in the
securities.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Conflicts of Interest</U></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Symbol; font-weight: normal">&middot;</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-weight: normal">Certain business, trading and hedging activities of us and our affiliates may create conflicts with
your interests and could potentially adversely affect the value of the securities.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Symbol; font-weight: normal">&middot;</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-weight: normal">There are potential conflicts of interest between you and the calculation agent.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>General Risks</U></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Symbol; font-weight: normal">&middot;</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-weight: normal">Payments on the securities are subject to our credit risk, and actual or perceived changes in our
creditworthiness are expected to affect the value of the securities.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Symbol; font-weight: normal">&middot;</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-weight: normal">The Bank&rsquo;s initial estimated value of the securities will be lower than the initial issue
price (price to public) of the securities.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Symbol; font-weight: normal">&middot;</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-weight: normal">The Bank&rsquo;s initial estimated value does not represent future values of the securities and
may differ from others&rsquo; estimates.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Symbol; font-weight: normal">&middot;</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-weight: normal">The Bank&rsquo;s initial estimated value of the securities will not be determined by reference to
credit spreads for our conventional fixed-rate debt.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Symbol; font-weight: normal">&middot;</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-weight: normal">If CIBCWM were to repurchase your securities after the Original Issue Date, the price may be higher
than the then-current estimated value of the securities for a limited time period.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Symbol; font-weight: normal">&middot;</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-weight: normal">Economic and market factors may adversely affect the terms and market price of the securities prior
to maturity or early redemption.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Symbol; font-weight: normal">&middot;</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-weight: normal">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 Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Tax Considerations</P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">You should review carefully the discussion in &ldquo;Additional Information
About the Securities &mdash; United States Federal Income Tax Considerations&rdquo; and &ldquo;&mdash; Certain Canadian Federal Income
Tax Considerations&rdquo; in the accompanying pricing supplement, &ldquo;Material U.S. Federal Income Tax Consequences&rdquo; in the underlying
supplement and &ldquo;Material Income Tax Consequences&mdash;Canadian Taxation&rdquo; in the prospectus concerning the U.S. and the Canadian
federal income tax consequences of an investment in the securities, and you should consult your tax adviser.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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