<SEC-DOCUMENT>0001104659-25-117654.txt : 20251202
<SEC-HEADER>0001104659-25-117654.hdr.sgml : 20251202
<ACCEPTANCE-DATETIME>20251202151041
ACCESSION NUMBER:		0001104659-25-117654
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251202
DATE AS OF CHANGE:		20251202

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:		251542816

	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>tm2532404d5_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Filed
Pursuant to Rule 433</B></FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding: 4pt 2pt; width: 100%; font-size: 14pt; color: #012169"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt; color: #012169">MARKET-LINKED
    ONE LOOK NOTES </FONT></TD>
    </TR>
  </TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: white 1pt solid; padding: 0.55pt 5.4pt; color: #012169"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Market-Linked
    One Look Notes Linked to the VanEck<SUP>&reg;</SUP> Gold Miners ETF</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="width: 13%; border-bottom: white 1pt solid; padding: 0.55pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Issuer</B></FONT></TD>
    <TD STYLE="width: 87%; border-bottom: white 1pt solid; padding: 0.55pt 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Canadian
    Imperial Bank of Commerce (&ldquo;CIBC&rdquo;)</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-bottom: white 1pt solid; padding: 0.55pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Principal
    Amount</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding: 0.55pt 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$10.00
    per unit</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-bottom: white 1pt solid; padding: 0.55pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Term</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding: 0.55pt 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Approximately
    14 months</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-bottom: white 1pt solid; padding: 0.55pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Market
    Measure</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding: 0.55pt 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">The
    VanEck<SUP>&reg;</SUP> Gold Miners ETF (Bloomberg symbol: &ldquo;GDX&rdquo;)&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-bottom: white 1pt solid; padding: 0.55pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Payout
    Profile at Maturity</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding: 0.55pt 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-indent: -7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;&#8239;&#8239;If the Market Measure is greater than or equal to the Threshold Value, a return equal to the return represented by the Step Up Payment</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;&#8239;&#8239;1-to-1 downside exposure to decreases in the Market Measure beyond a 10% decline, with up to 90.00% of your principal at risk</FONT></P></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-bottom: white 1pt solid; padding: 0.55pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Step
    Up Payment</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding: 0.55pt 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">[$1.525
to $2.125] per unit, a [15.25% to 21.25%] return over the principal amount, to be determined on the pricing date</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-bottom: white 1pt solid; padding: 0.55pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Threshold
    Value</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding: 0.55pt 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">90.00%
    of the Starting Value</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-bottom: white 1pt solid; padding: 0.55pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Investment
    Considerations</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding: 0.55pt 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">This
    investment is designed for investors who anticipate that the Market Measure will not decrease below the Threshold Value over the
    term of the notes, and are willing to accept a capped return, take downside risk below a threshold and forgo interim interest payments.</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-bottom: white 1pt solid; padding: 0.55pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Preliminary
    Offering Documents</B></FONT></TD>
    <TD STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; border-bottom: white 1pt solid; padding: 0.55pt 5.4pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1045520/000110465925117626/tm2532404d4_fwp.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">https://www.sec.gov/Archives/edgar/data/1045520/000110465925117626/tm2532404d4_fwp.htm&nbsp;</FONT></A></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-bottom: white 1pt solid; padding: 0.55pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Exchange
    Listing</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding: 0.55pt 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">No</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 5.4pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><I>You
should read the relevant Preliminary Offering Documents before you invest.</I></B></FONT></P>

<P STYLE="margin: 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="margin: 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><I>Click
on the Preliminary Offering Documents hyperlink above or call your Financial Advisor for a hard copy.</I></B></FONT></P>

<P STYLE="margin: 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="margin: 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Risk
Factors</B></FONT></P>

<P STYLE="margin: 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0pt 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Please
see the Preliminary Offering Documents for a description of certain risks related to this investment, including, but not limited to,
the following:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
  <TD STYLE="text-align: left; width: 4%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
  <TD STYLE="text-align: left; width: 92%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Depending on the
  performance of the Market Measure as measured shortly before the maturity date, you may lose up to 90.00% of the principal amount.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
  <TD STYLE="text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
  <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Your investment return is limited
  to the return represented by the Step Up Payment and may be less than a comparable investment directly in the Market Measure or the
  securities held by the Market Measure.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
  <TD STYLE="text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
  <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Payments on the notes, including
  any repayment of principal, are subject to the credit risk of CIBC, and actual or perceived changes in the creditworthiness of CIBC
  are expected to affect the value of the notes. If CIBC becomes insolvent or is unable to pay its obligations, you may lose your entire
  investment.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
  <TD STYLE="text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
  <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">The initial estimated value
  of the notes on the pricing date will be less than their public offering price.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
  <TD STYLE="text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
  <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">If you attempt to sell the notes
  prior to maturity, their market value may be lower than both the public offering price and the initial estimated value of the notes
  on the pricing date.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
  <TD STYLE="text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
  <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">As a noteholder, you will have
  no rights to receive shares of the Market Measure or the securities held by the Market Measure, and you will not be entitled to receive
  securities, dividends or other distributions by the issuers of those securities.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
  <TD STYLE="text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
  <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">The Market Measure holds the
  stocks of foreign companies. Therefore, your return on the notes may be affected by factors affecting the international securities
  markets, including emerging markets. In addition, exchange rate movements may adversely impact the value of notes.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
  <TD STYLE="text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
  <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">A limited number of securities
  may affect the price of the Market Measure, and the Underlying Index is not necessarily representative of the gold and silver mining
  industry.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
  <TD STYLE="text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
  <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">The notes will be subject to
  small-capitalization or mid-capitalization companies risk.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
  <TD STYLE="text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
  <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">The performance of the Market
  Measure may be adversely influenced by gold and silver prices, which may change unpredictably and adversely affect the value of the
  notes in unforeseeable ways. &nbsp;</FONT></TD></TR>
</TABLE>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><I>Final
terms will be set on the pricing date within the given range for the specified Market-Linked Investment. Please see the Preliminary Offering
Documents for complete product disclosure, including related risks and tax disclosure.</I></FONT></P>

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

</DIV>

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

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

<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">&nbsp;</P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2532404d5_fwpimg001.jpg" ALT="">&nbsp;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><I>The
graph above and the table below reflect the hypothetical return on the notes, based on the terms contained in the table to the left (using
the mid-point for any range(s)). The graph and the table have been prepared for purposes of illustration only and do not take into account
any tax consequences from investing in the notes.</I></FONT></P>



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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 32%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #012169"><B>Hypothetical<BR>

    Percentage Change<BR>
 from the Starting Value<BR>
 to the Ending Value</B></FONT></TD>
    <TD STYLE="width: 31%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #012169"><B>Hypothetical<BR>

    Redemption Amount<BR>
 per Unit</B></FONT></TD>
    <TD STYLE="width: 37%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #012169"><B>Hypothetical
    Total Rate of<BR>
 Return on the Notes</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-100.00%</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1.000</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-90.00%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-50.00%</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$6.000</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-40.00%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-20.00%</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$9.000</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-10.00%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-15.00%</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$9.500</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-5.00%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: center; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-10.00%<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;$11.825<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18.25%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-5.00%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$11.825</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18.25%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.00%</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$11.825</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18.25%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.00%</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$11.825</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18.25%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15.00%</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$11.825</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18.25%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20.00%</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$11.825</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18.25%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">40.00%</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$11.825</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18.25%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">50.00%</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$11.825</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18.25%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100.00%</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$11.825</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18.25%</FONT></TD></TR>
  </TABLE>

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

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

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(1) This hypothetical
percentage change corresponds to the Threshold Value.</FONT></P>

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

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(2) This amount represents
the sum of the principal amount and the <B>hypothetical</B> Step Up Payment of $1.825.</FONT></P>

</DIV>

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

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

</DIV>

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

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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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

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