<SEC-DOCUMENT>0001104659-25-118379.txt : 20251204
<SEC-HEADER>0001104659-25-118379.hdr.sgml : 20251204
<ACCEPTANCE-DATETIME>20251204131025
ACCESSION NUMBER:		0001104659-25-118379
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251204
DATE AS OF CHANGE:		20251204

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:		251548852

	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>tm2532404d9_fwp.htm
<DESCRIPTION>FWP
<TEXT>
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<P STYLE="margin: 0pt">&nbsp;<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font-family: Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top"><TD STYLE="white-space: nowrap; width: 85%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Filed Pursuant to Rule 433<BR>
Registration Statement No. 333-272447</B></FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="width: 76%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 14pt; color: #012169">ACCELERATED RETURN NOTES<SUP>&reg;</SUP> (ARNs<SUP>&reg;</SUP>)</TD>
    <TD STYLE="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="margin: 0pt">&nbsp;</P>
<DIV STYLE="float: left; width: 60%">




<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: white 1pt solid; padding: 2pt 5.4pt; font-size: 10pt; color: #156082"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: rgb(1,33,105)">Accelerated
    Return Notes<SUP>&reg;</SUP> Linked to an International Equity Basket</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding: 2pt 5.4pt; width: 15%; border-bottom: white 1pt solid; font-size: 12pt"><FONT STYLE="font-size: 6.5pt"><B>Issuer</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; width: 85%; padding: 2pt 5.4pt; font-size: 6.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Canadian Imperial Bank of Commerce (&ldquo;CIBC&rdquo;)</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding: 2pt 5.4pt; border-bottom: white 1pt solid; font-size: 12pt"><FONT STYLE="font-size: 6.5pt"><B>Principal Amount</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding: 2pt 5.4pt; font-size: 6.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$10.00 per unit</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding: 2pt 5.4pt; border-bottom: white 1pt solid; font-size: 12pt"><FONT STYLE="font-size: 6.5pt"><B>Term</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding: 2pt 5.4pt; font-size: 6.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Approximately 14 months</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding: 2pt 5.4pt; border-bottom: white 1pt solid; font-size: 12pt"><FONT STYLE="font-size: 6.5pt"><B>Market Measure</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding: 2pt 5.4pt; font-size: 6.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">An
    international equity index basket comprised of the EURO STOXX 50<SUP>&reg;</SUP> Index (Bloomberg symbol: &ldquo;SX5E&rdquo;), the
    FTSE<SUP>&reg;</SUP> 100 Index (Bloomberg symbol: &ldquo;UKX&rdquo;), the Nikkei Stock Average Index (Bloomberg symbol: &ldquo;NKY&rdquo;),
    the Swiss Market Index<SUP>&reg;</SUP> (Bloomberg symbol: &ldquo;SMI&rdquo;), the S&amp;P<SUP>&reg;</SUP>/ASX 200 Index (Bloomberg
    symbol: &ldquo;AS51&rdquo;), and the FTSE<SUP>&reg;</SUP> China 50 Index (Bloomberg symbol: &ldquo;XIN0I&rdquo;) (each, a &ldquo;Basket
    Component&rdquo;). The EURO STOXX 50<SUP>&reg;</SUP> Index will be given an initial weight of 40.00%, each of the FTSE<SUP>&reg;</SUP>
    100 Index and the Nikkei Stock Average Index will be given an initial weight of 20.00%, each of the Swiss Market Index<SUP>&reg;</SUP>
    and the S&amp;P<SUP>&reg;</SUP>/ASX 200 Index will be given an initial weight of 7.50%, and the FTSE<SUP>&reg;</SUP> China 50 Index
    will be given an initial weight of 5.00%.</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding: 2pt 5.4pt; border-bottom: white 1pt solid; font-size: 12pt"><FONT STYLE="font-size: 6.5pt"><B>Payout Profile at Maturity</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding: 2pt 5.4pt">
    <P STYLE="font: 6.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3-to-1 upside exposure to increases in the Market Measure, subject to the
    Capped Value </FONT></P>
    <P STYLE="font: 6.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1-to-1 downside exposure to decreases in the Market Measure, with up to
    100% of your investment at risk</FONT></P></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding: 2pt 5.4pt; border-bottom: white 1pt solid; font-size: 12pt"><FONT STYLE="font-size: 6.5pt"><B>Participation Rate</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding: 2pt 5.4pt; font-size: 6.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">300.00%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding: 2pt 5.4pt; border-bottom: white 1pt solid; font-size: 12pt"><FONT STYLE="font-size: 6.5pt"><B>Capped Value</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding: 2pt 5.4pt; font-size: 6.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">[$11.20 to $11.60] per unit, a [12.00% to 16.00%] return over the principal amount, to be determined on the pricing date.</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding: 2pt 5.4pt; border-bottom: white 1pt solid; font-size: 12pt"><FONT STYLE="font-size: 6.5pt"><B>Investment Considerations</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding: 2pt 5.4pt; font-size: 6.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">This investment is designed for investors who anticipate that the Market Measure will increase moderately over the term of the notes, and are willing to accept a capped return, take full downside risk and forgo interim interest payments.</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding: 2pt 5.4pt; border-bottom: white 1pt solid; font-size: 12pt"><FONT STYLE="font-size: 6.5pt"><B>Preliminary Offering Documents</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding: 2pt 5.4pt; font-size: 6.5pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1045520/000110465925117783/tm2532404d8_fwp.htm" STYLE="-sec-extract: exhibit">https://www.sec.gov/Archives/edgar/data/1045520/000110465925117783/tm2532404d8_fwp.htm</A></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding: 2pt 5.4pt; border-bottom: white 1pt solid; font-size: 12pt"><FONT STYLE="font-size: 6.5pt"><B>Exchange Listing</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding: 2pt 5.4pt; font-size: 6.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">No</FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 6.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>You should read the relevant Preliminary Offering Documents before
you invest. Click on the Preliminary Offering Documents hyperlink above or call your Financial Advisor for a hard copy. </I></B></P>

<P STYLE="font: 6.5pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0pt"><B>Risk Factors</B></P>

<P STYLE="font: 6.5pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0pt"><B>Please see the Preliminary Offering Documents for a description
of certain risks related to this investment, including, but not limited to, the following:</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0pt 21.5pt; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 6.5pt">&middot;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">Depending
on the performance of the Market Measure as measured shortly before the maturity date, you may lose up to 100% of the principal amount.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0pt 21.5pt; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 6.5pt">&middot;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">Your investment return is limited to the return represented
by the Capped Value and may be less than a comparable investment directly in the stocks included in the Basket Components.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0pt 21.5pt; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 6.5pt">&middot;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">Changes in the level of one of the Basket Components
may be offset by changes in the levels of the other Basket Components.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0pt 21.5pt; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 6.5pt">&middot;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">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></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0pt 21.5pt; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 6.5pt">&middot;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">The initial estimated value of the notes on the pricing
date will be less than their public offering price.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0pt 21.5pt; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 6.5pt">&middot;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">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></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0pt 21.5pt; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 6.5pt">&middot;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">As a noteholder, you will have no rights of a holder
of the securities represented by the Basket Components, and you will not be entitled to receive securities, dividends or other distributions
by the issuers of those securities.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0pt 21.5pt; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 6.5pt">&middot;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">Your return on the notes may be affected by factors affecting
the international securities markets, specifically markets in the countries represented by the Basket Components. In addition, you will
not obtain the benefit of any increase in the value of the currencies in which the securities included in the Basket Components trade
against the U.S. dollar, which you would have received if you had owned the securities included in the Basket Components during the term
of your notes, although the value of the Market Measure may be adversely affected by general exchange rate movements in the market.</FONT></P>

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

<P STYLE="margin: 0pt 0; font: 6.5pt Arial, Helvetica, Sans-Serif"><B><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></B></P>



</DIV>

<DIV STYLE="float: right; width: 38%">



<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2532404d9_fwpimg001.jpg" ALT=""></P>

<P STYLE="margin: 0pt">&nbsp;</P>

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

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white"><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>
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: 38%; 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">$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">-100.00%</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">$5.00</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">-50.00%</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">$8.00</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">-20.00%</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">-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">$9.00</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">-10.00%</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">-6.00%</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">$9.40</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">-6.00%</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">-3.00%</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">$9.70</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">-3.00%</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">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">$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">0.00%</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">2.00%</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">$10.60</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">6.00%</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">3.00%</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">$10.90</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">9.00%</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">4.67%</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">&nbsp;&nbsp;&nbsp;&nbsp;$11.40</FONT><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></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">14.00%</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">$11.40</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">14.00%</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">$11.40</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">14.00%</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">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">$11.40</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">14.00%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 6pt">(1)</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 6pt">The Redemption Amount per unit cannot exceed the <B>hypothetical</B> Capped Value.</FONT></P>

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

</DIV>

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

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

</DIV>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><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></P>

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

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

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

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