<SEC-DOCUMENT>0001104659-25-117428.txt : 20251202
<SEC-HEADER>0001104659-25-117428.hdr.sgml : 20251202
<ACCEPTANCE-DATETIME>20251201181953
ACCESSION NUMBER:		0001104659-25-117428
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20251202
DATE AS OF CHANGE:		20251201

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:		251541086

	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>tm2530021d52_fwp.htm
<DESCRIPTION>FWP
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<P STYLE="margin: 0">&nbsp;</P>

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

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

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    <TD STYLE="vertical-align: top; width: 76%">
    <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="vertical-align: bottom; width: 24%; font-size: 12pt; text-align: right"><IMG SRC="tm2530021d52_fwpimg002.jpg" ALT=""><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
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    <TD STYLE="border: Black 1pt solid; padding-right: 8pt; padding-left: 8pt"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: white"><FONT STYLE="color: White"><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 STYLE="color: White"><B>Principal at Risk Securities
    Linked to the Lowest Performing of the S&amp;P 500<SUP>&reg;</SUP> Index, the Russell 2000<SUP>&reg;</SUP> Index and the Nasdaq-100
    Index<SUP>&reg;</SUP> due December&nbsp;28, 2029</B></FONT></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; color: white"><FONT STYLE="color: White"><B>Term Sheet to Preliminary
    Pricing Supplement dated December 1, 2025</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="float: left; width: 49%">
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  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-top: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt; color: gray">Summary of Terms</FONT></TD></TR>
  <TR>
    <TD STYLE="border: gray 1pt solid; padding-top: 1pt; padding-right: 4pt; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Issuer</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: gray 1pt solid; border-right: black 1pt solid; border-bottom: gray 1pt solid; padding-top: 1pt; padding-right: 4pt; padding-left: 4pt; 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="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-top: 1pt; padding-right: 4pt; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Market Measure</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: gray 1pt solid; border-right: black 1pt solid; padding-top: 1pt; padding-right: 4pt; padding-left: 4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">The lowest performing of the </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6.5pt">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 Nasdaq-100 Index<SUP>&reg;</SUP>&nbsp;&nbsp;(Bloomberg ticker symbol &ldquo;NDX&rdquo;) (each an &ldquo;Index,&rdquo; and collectively the &ldquo;Indices&rdquo;)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-top: 1pt; padding-right: 4pt; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Face Amount (Original Offering Price)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: gray 1pt solid; border-right: black 1pt solid; padding-top: 1pt; padding-right: 4pt; padding-left: 4pt; 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="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-top: 1pt; padding-right: 4pt; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Pricing Date*</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: gray 1pt solid; border-right: black 1pt solid; padding-top: 1pt; padding-right: 4pt; padding-left: 4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">December&nbsp;30, 2025</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-top: 1pt; padding-right: 4pt; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Issue Date*</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: gray 1pt solid; border-right: black 1pt solid; padding-top: 1pt; padding-right: 4pt; padding-left: 4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">January&nbsp;5, 2026</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-top: 1pt; padding-right: 4pt; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Final Calculation Day*</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: gray 1pt solid; border-right: black 1pt solid; padding-top: 1pt; padding-right: 4pt; padding-left: 4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">December&nbsp;24, 2029</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-top: 1pt; padding-right: 4pt; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Stated Maturity Date*</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: gray 1pt solid; border-right: black 1pt solid; padding-top: 1pt; padding-right: 4pt; padding-left: 4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">December&nbsp;28, 2029</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-top: 1pt; padding-right: 4pt; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Contingent Coupon Payments</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: gray 1pt solid; border-right: black 1pt solid; padding-top: 1pt; padding-right: 4pt; padding-left: 4pt; 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="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-top: 1pt; padding-right: 4pt; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Contingent Coupon Rate</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: gray 1pt solid; border-right: black 1pt solid; padding-top: 1pt; padding-right: 4pt; padding-left: 4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">At least 9.00% per annum, to be determined on the Pricing Date</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-top: 1pt; padding-right: 4pt; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Coupon Determination Dates*</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: gray 1pt solid; border-right: black 1pt solid; padding-top: 1pt; padding-right: 4pt; padding-left: 4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Quarterly, on the 24th of each March, June, September&nbsp;and December, commencing March&nbsp;2026 and ending on the Final Calculation Day, each subject to postponement</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-top: 1pt; padding-right: 4pt; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Coupon Payment Dates</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: gray 1pt solid; border-right: black 1pt solid; padding-top: 1pt; padding-right: 4pt; padding-left: 4pt; 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="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-top: 1pt; padding-right: 4pt; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Automatic Call</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: gray 1pt solid; border-right: black 1pt solid; padding-top: 1pt; padding-right: 4pt; padding-left: 4pt; 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="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-top: 1pt; padding-right: 4pt; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Call Observation Dates*</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: gray 1pt solid; border-right: black 1pt solid; padding-top: 1pt; padding-right: 4pt; padding-left: 4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Quarterly, the Coupon Determination Dates beginning June&nbsp;2026 and ending September&nbsp;2029 (together with the Coupon Determination Dates, the &ldquo;Calculation Days&rdquo;)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-top: 1pt; padding-right: 4pt; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Call Payment Dates</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: gray 1pt solid; border-right: black 1pt solid; padding-top: 1pt; padding-right: 4pt; padding-left: 4pt; 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 ROWSPAN="3" STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-top: 1pt; padding-right: 4pt; padding-left: 8pt; width: 23%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Maturity Payment Amount&#8239;(per security)</FONT></TD>
    <TD STYLE="padding-left: 2pt; vertical-align: top; padding-top: 1pt; text-align: left; width: 2%"><FONT STYLE="font-family: Symbol; font-size: 7pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#8239;&#8239;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 1pt; padding-right: 4pt; text-align: justify; width: 75%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">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></TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; vertical-align: top; padding-top: 1pt; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 7pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#8239;&#8239;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 1pt; padding-right: 4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">if the Ending Level of the Lowest Performing Index on the Final
Calculation Day is less than its Downside Threshold Level:</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Gray 1pt solid; padding-top: 1pt; padding-left: 2pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-top: 1pt; padding-right: 4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">$1,000 &times; Performance Factor of the Lowest Performing Index
on the Final Calculation Day</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-top: 1pt; padding-right: 4pt; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Lowest Performing Index</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: gray 1pt solid; border-right: black 1pt solid; padding-top: 1pt; padding-right: 4pt; padding-left: 4pt; 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="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-top: 1pt; padding-right: 4pt; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Performance Factor</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: gray 1pt solid; border-right: black 1pt solid; padding-top: 1pt; padding-right: 4pt; padding-left: 4pt; 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="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-top: 1pt; padding-right: 4pt; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Starting Level</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: gray 1pt solid; border-right: black 1pt solid; padding-top: 1pt; padding-right: 4pt; padding-left: 4pt; 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="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-top: 1pt; padding-right: 4pt; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Ending Level</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: gray 1pt solid; border-right: black 1pt solid; padding-top: 1pt; padding-right: 4pt; padding-left: 4pt; 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="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-top: 1pt; padding-right: 4pt; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Coupon Threshold Level</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: gray 1pt solid; border-right: black 1pt solid; padding-top: 1pt; padding-right: 4pt; padding-left: 4pt; 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="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-top: 1pt; padding-right: 4pt; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Downside Threshold Level</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: gray 1pt solid; border-right: black 1pt solid; padding-top: 1pt; padding-right: 4pt; padding-left: 4pt; 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-top: 1pt; padding-right: 4pt; padding-left: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-right: 4pt; padding-left: 4pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 1pt; padding-left: 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">*Subject to change</FONT></TD></TR>
  </TABLE></DIV>

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

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; color: #8f8f8f">Summary of Terms (Continued)</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="padding: 1pt 5.4pt; width: 25%; border: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Calculation Agent</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt 4pt 1pt 5.4pt; width: 75%; 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="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt 4pt 1pt 5.4pt; 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 4pt 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 4pt 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">13609FCU6 / US13609FCU66</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: Times New Roman, Times, Serif; font-size: 7pt">Material Tax Consequences:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt 4pt 1pt 5.4pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">See the preliminary pricing supplement.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in"><IMG SRC="tm2530021d52_fwpimg001.jpg" ALT=""></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt; color: gray"></FONT></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; 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: 5pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; 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: 5pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-align: justify; color: gray">The Issuer&rsquo;s estimated
value of the securities on the Pricing Date, <FONT STYLE="background-color: white">based on the Issuer&rsquo;s internal pricing models,
is expected to be at least $915.80 per security but less than the original offering price</FONT>. The estimated value of the securities
is not an indication of actual profit to the Issuer or to any of the Issuer&rsquo;s affiliates, nor is it an indication of the price,
if any, at which Wells Fargo Securities, LLC (&ldquo;Wells Fargo Securities&rdquo;) or any other person may be willing to buy the securities
from you at any time after issuance. See &ldquo;The Estimated Value of the Securities&rdquo; in the accompanying preliminary pricing supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in"><FONT STYLE="font-size: 6pt">Preliminary Pricing Supplement:
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1045520/000110465925117405/tm2530021d51_424b2.htm" STYLE="-sec-extract: exhibit">https://www.sec.gov/Archives/edgar/data/1045520/000110465925117405/tm2530021d51_424b2.htm</A></FONT></P>

</DIV>

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

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

</DIV>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt"><B>The securities
have complex features and investing in the securities involves risks not associated with an investment in conventional debt securities.
</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: 5pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #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: 5pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: gray"><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: 5pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The risks set forth below are discussed in detail
in the &ldquo;Selected Risk Considerations&rdquo; in the accompanying preliminary pricing supplement, and the &ldquo;Risk Factors&rdquo;
in the accompanying underlying supplement, prospectus supplement and prospectus. Please review those risk disclosures carefully.</P>

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

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

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



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If The Securities Are Not Automatically Called
Prior To Maturity, <FONT STYLE="background-color: white">You May&nbsp;Lose A Significant Portion Or All Of The Face Amount Of Your Securities
At Maturity</FONT>.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Securities Do Not Provide For Fixed Payments
Of Interest And You May&nbsp;Receive No Coupon Payments On One Or More Coupon Payment Dates, Or Even Throughout The Entire Term Of The
Securities.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Your Return On The Securities Will Depend Solely
On The Performance Of The Lowest Performing 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="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">You Will Be Subject To Risks Resulting From The
Relationship Among The Indices.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">You May&nbsp;Be Fully Exposed To The Decline
In The Lowest Performing 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="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Higher Contingent Coupon Rates Are Associated
With Greater Risk.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">You Will Be Subject To Reinvestment Risk.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">A Coupon Payment Date, A Call Payment Date And
The Stated Maturity Date May&nbsp;Be Postponed If A Calculation Day Is Postponed.</FONT></TD></TR></TABLE>



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



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



<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Risks Relating To The Estimated Value Of The
Securities And Any Secondary Market</U></P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our Estimated Value Of The Securities Will Be
Lower Than The Original Offering Price Of The Securities.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our Estimated Value Does Not Represent Future
Values Of The Securities And May&nbsp;Differ From Others&rsquo; Estimates.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our Estimated Value Is Not Determined By Reference
To Credit Spreads For Our Conventional Fixed-Rate Debt.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Estimated Value Of The Securities Will Not
Be An Indication Of The Price,&nbsp;If Any, At Which Wells Fargo Securities Or Any Other Person May&nbsp;Be Willing To Buy The Securities
From You In The Secondary Market.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Value Of The Securities Prior To Maturity
Or Automatic Call Will Be Affected By Numerous Factors, Some Of Which Are Related In Complex Ways.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The Securities Will Not Be Listed On Any Securities Exchange And We Do Not
Expect A Trading Market For The Securities To Develop.</FONT></TD></TR></TABLE>


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

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

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



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



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



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



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



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



<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: gray"></P>

</DIV>

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

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

</DIV>

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

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: gray">Wells Fargo Advisors is a trade
name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, members SIPC, separate registered broker-dealers
and non-bank affiliates of Wells Fargo&nbsp;&amp; Company.</P>

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

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

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