<SEC-DOCUMENT>0001104659-25-118442.txt : 20251204
<SEC-HEADER>0001104659-25-118442.hdr.sgml : 20251204
<ACCEPTANCE-DATETIME>20251204154421
ACCESSION NUMBER:		0001104659-25-118442
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		3
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:		251549286

	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>tm2532404d22_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="margin: 0pt">&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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 81%; padding-left: 8pt"><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; color: #BB0826">Canadian Imperial Bank of Commerce</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 16pt; color: #BB0826">Market Linked Securities</FONT><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 19%; font-size: 12pt; text-align: right"><IMG SRC="tm2532404d22_fwpimg001.jpg" ALT=""><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: gray">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 8pt; padding-left: 8pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: white"><FONT STYLE="font-size: 11pt"><B>Market
                                            Linked Securities&mdash;Auto-Callable with Contingent Coupon and Contingent Downside</B></FONT></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; color: white"><B>Principal at Risk Securities Linked to the Lowest
    Performing of the S&amp;P 500<SUP>&reg;</SUP> Index, the Russell 2000<SUP>&reg;</SUP> Index and the EURO STOXX 50<SUP>&reg;</SUP>
    Index due January 2, 2030</B></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; color: white"><B>Amendment No. 1 Term Sheet to Amendment No.1 Preliminary Pricing Supplement dated December 4, 2025</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<DIV STYLE="float: left; width: 47%">

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: gray">Summary of Terms</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border: gray 1pt solid; padding-right: 5.4pt; width: 23%; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Issuer</FONT></TD>
    <TD STYLE="border-top: gray 1pt solid; border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; width: 77%; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Canadian
    Imperial Bank of Commerce (&ldquo;CIBC&rdquo;)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Market
    Measure</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">The
    lowest performing of the S&amp;P 500<SUP>&reg;</SUP> Index (Bloomberg ticker symbol &ldquo;SPX&rdquo;), the Russell 2000<SUP>&reg;</SUP>
    Index (Bloomberg ticker symbol &ldquo;RTY&rdquo;) and the EURO STOXX 50<SUP>&reg;</SUP> Index (Bloomberg ticker symbol &ldquo;SX5E&rdquo;)
    (each an &ldquo;Index,&rdquo; and collectively the &ldquo;Indices&rdquo;)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 8pt"><P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Face Amount
(Original Offering Price)</FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">The
    principal amount of $1,000 per security </FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Pricing
    Date*</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">December
    30, 2025</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Issue
    Date*</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">January
    5, 2026</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Final
    Calculation Day*</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">December
    27, 2029</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Stated
    Maturity Date*</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">January
    2, 2030</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Contingent
    Coupon Payments </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-left: 0.03in; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">On
    each Coupon Payment Date, you will receive a Contingent Coupon Payment at a per annum rate equal to the Contingent Coupon Rate if,
    <B>and only</B> <B>if</B>, the Closing Level of the Lowest Performing Index on the related Coupon Determination Date is greater than
    or equal to its Coupon Threshold Level. Each quarterly Contingent Coupon Payment, if any, will be calculated per security as follows:
    ($1,000 &times; Contingent Coupon Rate) / 4</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Contingent
    Coupon Rate</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">At
    least 8.50% per annum, to be determined on the Pricing Date</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Coupon
    Determination Dates*</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; vertical-align: top; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Quarterly,
    on the 24th of each March, June, September and December, commencing March 2026 and ending on the Final Calculation Day, each subject
    to postponement</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Coupon
    Payment Dates</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; vertical-align: top; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Quarterly,
    on the third Business Day following each Coupon Determination Date, provided that the Coupon Payment Date with respect to the Final
    Calculation Day will be the Stated Maturity Date</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Automatic
    Call</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">If
    the Closing Level of the Lowest Performing Index on any Call Observation Date is greater than or equal to its Starting Level, the
    securities will be automatically called, and you will receive a cash payment per security equal to the face amount plus a final Contingent
    Coupon Payment on the related Call Payment Date.</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Call
    Observation Dates*</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; vertical-align: top; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Quarterly,
    the Coupon Determination Dates beginning June 2026 and ending September 2029 (together with the Coupon Determination Dates, the &ldquo;Calculation
    Days&rdquo;)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Call
    Payment Dates</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; vertical-align: top; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">The
    third Business Day following the applicable Call Observation Date </FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Maturity
    Payment Amount (per security)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-left: 0.05in; padding-right: 5.4pt"><P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.85pt; text-align: justify; text-indent: -4.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;if
the Ending Level of the Lowest Performing Index on the Final Calculation Day is greater than or equal to its Downside Threshold Level:
$1,000; or</FONT></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.85pt; text-align: justify; text-indent: -4.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;if
the Ending Level of the Lowest Performing Index on the Final Calculation Day is less than its Downside Threshold Level:</FONT></P>
<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.85pt; text-align: justify; text-indent: -3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">$1,000
 &times; Performance Factor of the Lowest Performing Index on the Final Calculation Day</FONT></P></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; vertical-align: top; padding-left: 8pt"><FONT STYLE="font-size: 7pt">Lowest
    Performing Index</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; vertical-align: bottom; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">For
    any Calculation Day, the Index with the lowest Performance Factor on such Calculation Day.</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; vertical-align: top; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Performance
    Factor</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; vertical-align: bottom; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">For
    an Index on any Calculation Day, its Closing Level on such Calculation Day <I>divided</I> by its Starting Level (expressed as a percentage).</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Starting
    Level</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">For
    each Index, its Closing Level on the Pricing Date</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Ending
    Level</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">For
    each Index, its Closing Level on the Final Calculation Day</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Coupon
    Threshold Level</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">For
    each Index, 70% of its Starting Level</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Downside
    Threshold Level</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">For
    each Index, 70% of its Starting Level</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">*Subject
    to change</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 3pt 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: 4pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: gray">Summary of Terms (Continued)</FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 23%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Calculation
    Agent</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: justify; width: 77%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">CIBC</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Denominations&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">$1,000
    and integral multiples of $1,000 in excess thereof</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Agent&rsquo;s
    Underwriting Discount and Other Fees</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-size: 7pt">Up
    to 2.575%; dealers, including those using the trade name Wells Fargo Advisors (&ldquo;WFA&rdquo;), may receive a selling concession
    of up to 1.75% and WFA will receive a distribution expense fee of 0.075%. In addition, in respect of certain securities sold in this
    offering, the Issuer may pay a fee of up to 0.20% per security to selected securities dealers in consideration for marketing and
    other services in connection with the distribution of the securities to other securities dealers.</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">CUSIP
    / ISIN</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0.05in"><FONT STYLE="font-size: 7pt">13609FCV4/
US13609FCV40</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Material
    Tax Consequences:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">See
    the preliminary pricing supplement.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; color: Gray">Hypothetical Payout Profile (Maturity Payment
Amount)</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="tm2532404d22_fwpimg002.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>If the securities are not automatically called prior to maturity and the Ending Level of the Lowest Performing Index on the Final Calculation
Day is less than its Downside Threshold Level, you will have full downside exposure to the decrease in the level of the Lowest Performing
Index from its Starting Level and will lose more than 30%, and possibly all, of the face amount of your securities at maturity.</B></P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>Any positive return on the securities
will be limited to the sum of your Contingent Coupon Payments, if any. You will not participate in any appreciation of any Index, but
you will have full downside exposure to the Lowest Performing Index on the Final Calculation Day if the securities are not automatically
called and the Ending Level of that Index is less than its Downside Threshold Level.</B></P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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 $900.00 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: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: gray">&nbsp;</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.05pt">Preliminary Pricing Supplement:</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.05pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1045520/000110465925118422/tm2532404d21_424b3.htm">https://www.sec.gov/Archives/edgar/data/1045520/000110465925118422/tm2532404d21_424b3.htm</A></P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.05pt"></P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.05pt"></P>

</DIV>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.13in; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.13in; text-align: justify"><B>The securities have complex features and investing in the securities involves risks not associated with an investment in conventional
debt securities. See &ldquo;Selected Risk Considerations&rdquo; in this term sheet and beginning on page PRS-9 of the accompanying preliminary
pricing supplement, and &ldquo;Risk Factors&rdquo; beginning on page S-1 of the underlying supplement, page S-1 of the prospectus supplement
and page 1 of the prospectus.</B></P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.13in; text-align: justify; color: #BB0826"><B>This introductory term sheet
does not provide all of the information that an investor should consider prior to making an investment decision.</B></P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.13in; text-align: justify; color: gray"><FONT STYLE="font-size: 8pt"><B>Investors
should carefully review the accompanying preliminary pricing supplement, product supplement, underlying supplement, prospectus supplement
and prospectus before making a decision to invest in the securities. If the terms described in the preliminary pricing supplement are
inconsistent with those described herein, the terms described in the preliminary pricing supplement will control.</B></FONT></P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.13in; text-align: justify"><B>NOT A BANK DEPOSIT AND NOT INSURED BY THE CANADA
DEPOSIT INSURANCE CORPORATION, THE U.S. FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY.</B></P>

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; color: Gray">Selected Risk Considerations</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">If The Securities Are Not Automatically Called Prior To Maturity, You May Lose A Significant Portion Or All Of The Face Amount Of Your
Securities At Maturity.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">The Securities Do Not Provide For Fixed Payments Of Interest And You May Receive No Coupon Payments On One Or More Coupon Payment Dates,
Or Even Throughout The Entire Term Of The Securities.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">The Securities Are Subject To The Full Risks Of Each Index And Will Be Negatively Affected If Any Index Performs Poorly, Even If The Other
Indices Perform Favorably.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Your Return On The Securities Will Depend Solely On The Performance Of The Lowest Performing Index On Each Calculation Day, And You Will
Not Benefit In Any Way From The Performance Of The Better Performing Indices.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">You Will Be Subject To Risks Resulting From The Relationship Among The Indices.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">You May Be Fully Exposed To The Decline In The Lowest Performing Index On The Final Calculation Day From Its Starting Level, But Will
Not Participate In Any Positive Performance Of Any Index, And Your Maximum Possible Return On The Securities Will Be Limited To The Sum
Of Any Contingent Coupon Payments.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Higher Contingent Coupon Rates Are Associated With Greater Risk.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">You Will Be Subject To Reinvestment Risk.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">A Coupon Payment Date, A Call Payment Date And
The Stated Maturity Date May&nbsp;Be Postponed If A Calculation Day Is Postponed.</FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our Estimated Value Of The Securities Will Be
Lower Than The Original Offering Price Of The Securities.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our Estimated Value 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: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our Estimated Value 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: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The 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: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The 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" STYLE="font: 9pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Securities 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: 5pt 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: 48%">

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">An Investment In The Securities Is Subject To Risks Associated With Foreign Securities Markets.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The Securities Will Not Be Adjusted For Changes In Exchange Rates.</TD></TR>
                                                                                                                                                                                                                                                                                                                        </TABLE>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">The U.S. Federal Tax Consequences Of An Investment In The Securities Are Unclear.</TD></TR></TABLE>

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

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

</DIV>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: gray">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: 6pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

<!-- Field: Page; Sequence: 2; Options: NewSection Last; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

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



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



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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>tm2532404d22_fwpimg001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2532404d22_fwpimg001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  W +4# 2(  A$! Q$!_\0
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MNX9!_"GZK\CW[_A8_A6&W4G4]Q"_=6%R2<?2O%?$.J_V[XAO-16(H+B3*)W
M  &?? %=(WPI\2"#S4^QR'&0BS'<?S 'ZUSECJ&I>%M7=HXTBO(6V.LT*N5(
M/3D<?48I2;>YTX'#X:DY2PTN:7K_ , ]T\#Z--H7A.TL[E0MP=TDB@_=+'./
MJ!@?6O!]?OFU+Q!J%X6+"6X=E)_NY.!^6*]\\(>)8_%&AI>!1'.A\N>,'A7
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M5CYFG7J0JJK%^]<^5W1D=D=2K*<$'J#7H/PQ\6'3-1&C7DF+.Z?]R2,[)3@
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/%%4<4I.3N]PHHHH$?__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>tm2532404d22_fwpimg002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2532404d22_fwpimg002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" #) 3X# 2(  A$! Q$!_\0
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M&*X8< [@O'<9[XJE;ZOKD6^6ZLC-;&4+#Y43!RFYAN8'H6 !]LC.* -77/\
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M#$\D"@1>LL?8+;'3REQ\P;L.XX/U%3TR%#'!&C$%E4 E1@9 [#M3Z "BBB@
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MAIOA232[@?;I4M&0;R0HVIM3'\.5X ZX)YSG'$]U_8\CZ?9S)?/Y]S=+&P*
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MP/:(8D=I%7)X8MN)'/\ >YII\/:4UHMK]D @5_,5%=AAMNW(P?0G\SZUIT4
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JZ):07T-S!$D>PLS#;DLQW8.3TQO?_OHUI444 %%%% !1110 4444 ?_9

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