<SEC-DOCUMENT>0001104659-25-117593.txt : 20251202
<SEC-HEADER>0001104659-25-117593.hdr.sgml : 20251202
<ACCEPTANCE-DATETIME>20251202122325
ACCESSION NUMBER:		0001104659-25-117593
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		4
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:		251542239

	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>tm2530021d56_fwp.htm
<DESCRIPTION>FWP
<TEXT>
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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="padding-left: 5pt; border-left: white 1pt solid; vertical-align: top; width: 70%">
    <P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0; color: #bb0826">Canadian Imperial Bank of Commerce</P>
    <P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0; color: #bb0826">Market Linked Securities</P></TD>
    <TD STYLE="text-align: right; vertical-align: top; font-size: 12pt; width: 30%"><IMG SRC="tm2530021d56_fwp-img01.jpg" ALT=""></TD>
    </TR>
  </TABLE>
<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="border: black 1pt solid; padding-left: 5pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; color: white"><B>Market Linked Securities &ndash; Auto-Callable with
    Fixed Percentage Buffered Downside</B></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; color: white"><B>Principal at Risk Securities Linked to the Nasdaq-100
    Index<SUP>&reg;</SUP> due January&nbsp;4, 2030</B></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; color: white"><B>Term Sheet to Preliminary Pricing Supplement dated
    December 2, 2025</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="float: left; width: 48%">

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

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  <TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="padding: 1.5pt 5pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt; color: gray">Summary of Terms</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; padding: 1.5pt 5pt; 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">Issuer</FONT></TD>
    <TD COLSPAN="4" STYLE="font-size: 7pt; padding: 1.5pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Canadian
    Imperial Bank of Commerce (&ldquo;CIBC&rdquo;)</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; padding: 1.5pt 5pt; 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">Market
    Measure</FONT></TD>
    <TD COLSPAN="4" STYLE="font-size: 7pt; padding: 1.5pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">The
    Nasdaq-100 Index<SUP>&reg;</SUP> (Bloomberg ticker symbol &ldquo;NDX&rdquo;) (the &ldquo;Index&rdquo;)</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; padding: 1.5pt 5pt; 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">Face
    Amount (Original Offering Price)</FONT></TD>
    <TD COLSPAN="4" STYLE="font-size: 7pt; padding: 1.5pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">The
    principal amount of $1,000 per security </FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; padding: 1.5pt 5pt; 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">Pricing
    Date*</FONT></TD>
    <TD COLSPAN="4" STYLE="font-size: 7pt; padding: 1.5pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">December&nbsp;29,
    2025</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; padding: 1.5pt 5pt; 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">Issue
    Date*</FONT></TD>
    <TD COLSPAN="4" STYLE="font-size: 7pt; padding: 1.5pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">January&nbsp;2,
    2026</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; padding: 1.5pt 5pt; 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">Stated
    Maturity Date* </FONT></TD>
    <TD COLSPAN="4" STYLE="font-size: 7pt; padding: 1.5pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">January&nbsp;4,
    2030</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; padding: 1.5pt 5pt; 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">Automatic
    Call</FONT></TD>
    <TD COLSPAN="4" STYLE="font-size: 7pt; padding: 1.5pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">If
    the Closing Level of the Index on any Call Observation Date (including the Final Valuation Date) is greater than or equal to the
    Starting Level, the securities will be automatically called for the face amount plus the Call Premium applicable to that Call Observation
    Date. </FONT></TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font-size: 1pt; padding-right: 5pt; padding-left: 5pt; width: 25%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 1pt; width: 2%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 1pt; padding-right: 5pt; padding-left: 5pt; width: 35%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 1pt; padding-right: 5pt; padding-left: 5pt; width: 35%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 1pt; width: 3%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD ROWSPAN="4" STYLE="font-size: 7pt; padding: 1.5pt 5pt; vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Call
    Observation Dates and Call Premiums</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 7pt; padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; padding: 1.5pt 5pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"><B>Call
    Observation Dates*</B></FONT></TD>
    <TD STYLE="font-size: 7pt; padding: 1.5pt 5pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"><B>Call
    Premiums**</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 7pt; padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="border-right: Black 1pt solid; font-size: 7pt; padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; padding: 1.5pt 5pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">January&nbsp;4,
    2027</FONT></TD>
    <TD STYLE="font-size: 7pt; padding: 1.5pt 5pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">at
    least 9.00 % of the face amount</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 7pt; padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="border-right: Black 1pt solid; font-size: 7pt; padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; padding: 1.5pt 5pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">January&nbsp;3,
    2028</FONT></TD>
    <TD STYLE="font-size: 7pt; padding: 1.5pt 5pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">at
    least 18.00 % of the face amount</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 7pt; padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="border-right: Black 1pt solid; font-size: 7pt; padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; padding: 1.5pt 5pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">January&nbsp;2,
    2029</FONT></TD>
    <TD STYLE="font-size: 7pt; padding: 1.5pt 5pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">at
    least 27.00 % of the face amount</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 7pt; padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; padding: 1.5pt 5pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 7pt; padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; padding: 1.5pt 5pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">December&nbsp;31,
    2029 (the &ldquo;Final Valuation Date&rdquo;)</FONT></TD>
    <TD STYLE="font-size: 7pt; padding: 1.5pt 5pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">at
    least 36.00 % of the face amount</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 7pt; padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font-size: 1pt; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 1pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 1pt; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 1pt; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 1pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; padding: 1.5pt 5pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 7pt; padding-top: 1.5pt; padding-right: 5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">** to be determined
    on the Pricing Date.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 7pt; padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; padding: 1.5pt 5pt; border: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Call
    Payment Date</FONT></TD>
    <TD COLSPAN="4" STYLE="font-size: 7pt; padding: 1.5pt 5pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Three
    business days after the applicable Call Observation Date (if the securities are called on the last Call Observation Date, the Call
    Payment Date will be the Stated Maturity Date)</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; padding: 1.5pt 5pt; 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">Maturity
    Payment Amount (per security)</FONT></TD>
    <TD COLSPAN="4" STYLE="font-size: 7pt; padding: 1.5pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.45pt; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">if
    the Ending Level is less than the Starting Level but greater than or equal to the Threshold Level:</FONT></P>
                                                                                                                              <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 2pt 0 0pt 20.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">$1,000; or</FONT></P>
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 2pt 0 0pt 20.45pt; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">if
    the Ending Level is less than the Threshold Level:</FONT></P>
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 2pt 0 0pt 20.45pt"><FONT STYLE="font-size: 7pt">$1,000 <I>minus</I>:</FONT></P>
    <P STYLE="font: 7pt Times New Roman, Times, Serif; text-align: center; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"><IMG SRC="tm2530021d56_fwp-img02.jpg" ALT="" STYLE="height: 23px; width: 174px"></FONT></P></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; padding: 1.5pt 5pt; 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">Starting
    Level</FONT></TD>
    <TD COLSPAN="4" STYLE="font-size: 7pt; padding: 1.5pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">The
    Closing Level of the Index on the Pricing Date</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; padding: 1.5pt 5pt; 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">Ending
    Level</FONT></TD>
    <TD COLSPAN="4" STYLE="font-size: 7pt; padding: 1.5pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">The
    Closing Level of the Index on the Final Valuation Date</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; padding: 1.5pt 5pt; 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">Threshold
    Level</FONT></TD>
    <TD COLSPAN="4" STYLE="font-size: 7pt; padding: 1.5pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">90.00%
    of the Starting Level</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; padding: 1.5pt 5pt; 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">Calculation
    Agent</FONT></TD>
    <TD COLSPAN="4" STYLE="font-size: 7pt; padding: 1.5pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">CIBC</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; padding: 1.5pt 5pt; 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</FONT></TD>
    <TD COLSPAN="4" STYLE="font-size: 7pt; padding: 1.5pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><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 STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; padding: 1.5pt 5pt; 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 COLSPAN="4" STYLE="font-size: 7pt; padding: 1.5pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Up
    to 2.825%; dealers, including those using the trade name Wells Fargo Advisors (&ldquo;WFA&rdquo;), may receive a selling concession
    of up to 2.00% and WFA may 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 STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; padding: 1.5pt 5pt; 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 COLSPAN="4" STYLE="font-size: 7pt; padding: 1.5pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">13609FCS1
    / US13609FCS11</FONT></TD></TR>
  <TR STYLE="font-size: 7pt; vertical-align: top">
    <TD STYLE="font-size: 7pt; padding: 1.5pt 5pt; 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 COLSPAN="4" STYLE="font-size: 7pt; padding: 1.5pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">See
    the preliminary pricing supplement</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD COLSPAN="5" STYLE="padding: 10pt 5pt 1.5pt; font-size: 7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">*Subject to change</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

</DIV>

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

<DIV STYLE="float: right; width: 48%">

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; color: gray">Hypothetical Payout Profile***</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tm2530021d56_fwp-img03.jpg" ALT=""></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">***assumes a Call Premium equal to the lowest possible Call Premium
that will be determined on the Pricing Date.</P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><B>If the securities are not automatically called and the Ending Level
is less than the Threshold Level, you will have 1-to-1 downside exposure to the decrease in the level of the Index in excess of 10% and
will lose some, and possibly up to 90%, of the face amount of your securities at maturity.</B></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Any positive return on the securities will be limited to the applicable
Call Premium, even if the Closing Level of the Index on the applicable Call Observation Date significantly exceeds the Starting Level.
You will not participate in any appreciation of the Index beyond the applicable Call Premium.</B></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; color: gray">The Issuer&rsquo;s estimated value of the securities on
the Pricing Date, based on the Issuer&rsquo;s internal pricing models, is expected to be at least $927.80 per security but less than the
original offering price. 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">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">Preliminary Pricing Supplement:</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"><A HREF="https://www.sec.gov/Archives/edgar/data/1045520/000110465925117552/tm2530021d55_424b2.htm">https://www.sec.gov/Archives/edgar/data/1045520/000110465925117552/tm2530021d55_424b2.htm</A></P>

</DIV>

<DIV STYLE="clear: both">

<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>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><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-8 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></P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 2pt 0 0pt; 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: 7.5pt Times New Roman, Times, Serif; margin: 2pt 0 0pt; 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. <FONT STYLE="background-color: white">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></B></P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 2pt 0 0pt"><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>


<!-- Field: Page; Sequence: 1 -->
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    <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: 5pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<DIV STYLE="float: left; width: 48%">

<P STYLE="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 2pt; width: 0"></TD><TD STYLE="padding-top: 2pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="padding-top: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">If The Securities Are Not Automatically Called And The Ending Level Is Less
Than The Threshold Level, You Will Receive Less, And Up To 90.00% Less, Than The Face Amount Of Your Securities At Maturity.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 2pt; width: 0"></TD><TD STYLE="padding-top: 2pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="padding-top: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Potential Return On The Securities Is Limited To The Call Premium.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 2pt; width: 0"></TD><TD STYLE="padding-top: 2pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="padding-top: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">You Will Be Subject To Reinvestment Risk.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 2pt; width: 0"></TD><TD STYLE="padding-top: 2pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="padding-top: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">No Periodic Interest Will Be Paid On The Securities.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 2pt; width: 0"></TD><TD STYLE="padding-top: 2pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="padding-top: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">A Call Payment Date Or The Stated Maturity Date May&nbsp;Be Postponed If
A Calculation Day Is Postponed.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0pt; text-align: justify"><U>Risk Relating To The Credit Risk Of CIBC</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 2pt; width: 0"></TD><TD STYLE="padding-top: 2pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="padding-top: 2pt"><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: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0pt; 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: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 2pt; width: 0"></TD><TD STYLE="padding-top: 2pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="padding-top: 2pt"><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></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 2pt; width: 0"></TD><TD STYLE="padding-top: 2pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="padding-top: 2pt"><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></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 2pt; width: 0"></TD><TD STYLE="padding-top: 2pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="padding-top: 2pt"><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></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 2pt; width: 0"></TD><TD STYLE="padding-top: 2pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="padding-top: 2pt"><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></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 2pt; width: 0"></TD><TD STYLE="padding-top: 2pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="padding-top: 2pt"><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></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 2pt; width: 0"></TD><TD STYLE="padding-top: 2pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="padding-top: 2pt"><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>

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

<DIV STYLE="float: right; width: 48%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Risk Relating To The Index</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 2pt; width: 0pt"></TD><TD STYLE="padding-top: 2pt; width: 17.5pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="padding-top: 2pt; 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: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0pt; text-align: justify"><U>Risks Relating To Conflicts Of Interest</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 2pt; width: 0"></TD><TD STYLE="padding-top: 2pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="padding-top: 2pt"><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></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 2pt; width: 0"></TD><TD STYLE="padding-top: 2pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="padding-top: 2pt"><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: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0pt; text-align: justify"><U>Risks Relating To Tax</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 2pt; width: 0"></TD><TD STYLE="padding-top: 2pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="padding-top: 2pt"><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></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 2pt; width: 0"></TD><TD STYLE="padding-top: 2pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="padding-top: 2pt"><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: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

</DIV>

<DIV STYLE="font-size: 5pt; clear: both">

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

</DIV>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 8pt Times New Roman, Times, Serif; margin: 0pt 0; 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>
