# EDGAR Filing Document

**Accession Number:** 0001045520
**File Stem:** 0001104659-23-007975
**Filing Date:** 2023-1
**Character Count:** 29002
**Document Hash:** 2640e24fd24c9a9e6c4857bc53096cc4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-007975.hdr.sgml**: 20230130

**ACCESSION NUMBER**: 0001104659-23-007975

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230130

**DATE AS OF CHANGE**: 20230130

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CANADIAN IMPERIAL BANK OF COMMERCE /CAN/
- **CENTRAL INDEX KEY:** 0001045520
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-257113
- **FILM NUMBER:** 23568054

**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]
- **IRS NUMBER:** 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

**Filed Pursuant to Rule 433<br> Registration No. 333-257113**

---

| | |
|:---|:---|
|  Canadian Imperial Bank of Commerce<br> Market Linked Notes  | ![](tm231388d87img01.jpg) |
| &nbsp;&nbsp;&nbsp; **Market Linked Notes –Upside Participation to a Cap and Principal Return at Maturity**<br> **Notes Linked to the Dow Jones Industrial Average<sup>®</sup> due March 2, 2027**<br> **Term Sheet to Preliminary Pricing Supplement dated January 30, 2023**  | &nbsp;&nbsp;&nbsp; **Market Linked Notes –Upside Participation to a Cap and Principal Return at Maturity**<br> **Notes Linked to the Dow Jones Industrial Average<sup>®</sup> due March 2, 2027**<br> **Term Sheet to Preliminary Pricing Supplement dated January 30, 2023**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Summary of Terms | &nbsp;&nbsp;Summary of Terms | Hypothetical Payout Profile\*\* |
| &nbsp;&nbsp;&nbsp;Issuer | Canadian Imperial Bank of Commerce ("CIBC") | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](tm231388d87img02.jpg)\*\*assumes a Maximum Return equal to the lowest possible Maximum Return that will be determined on the Pricing Date<br> **If the Ending Level is less than or equal to the Starting Level, you will not receive any positive return on the notes.**<br>The Issuer's estimated value of the notes on the Pricing Date, based on the Issuer's internal pricing models, is expected to be at least $924.90 per note but less than the original offering price. The estimated value of the notes is not an indication of actual profit to the Issuer or to any of the Issuer's affiliates, nor is it an indication of the price, if any, at which Wells Fargo Securities, LLC ("Wells Fargo Securities") or any other person may be willing to buy the notes from you at any time after issuance. See "The Estimated Value of the Notes" in the accompanying preliminary pricing supplement.<br> Preliminary Pricing Supplement: <br> [https://www.sec.gov/Archives/edgar/data/1045520/000110465923007941/tm231388d86_424b2.htm](http://www.sec.gov/Archives/edgar/data/1045520/000110465923007941/tm231388d86_424b2.htm) |
| &nbsp;&nbsp;&nbsp;Market Measure | The Dow Jones Industrial Average<sup>®</sup> (Bloomberg ticker symbol "INDU") (the "Index") | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](tm231388d87img02.jpg)\*\*assumes a Maximum Return equal to the lowest possible Maximum Return that will be determined on the Pricing Date<br> **If the Ending Level is less than or equal to the Starting Level, you will not receive any positive return on the notes.**<br>The Issuer's estimated value of the notes on the Pricing Date, based on the Issuer's internal pricing models, is expected to be at least $924.90 per note but less than the original offering price. The estimated value of the notes is not an indication of actual profit to the Issuer or to any of the Issuer's affiliates, nor is it an indication of the price, if any, at which Wells Fargo Securities, LLC ("Wells Fargo Securities") or any other person may be willing to buy the notes from you at any time after issuance. See "The Estimated Value of the Notes" in the accompanying preliminary pricing supplement.<br> Preliminary Pricing Supplement: <br> [https://www.sec.gov/Archives/edgar/data/1045520/000110465923007941/tm231388d86_424b2.htm](http://www.sec.gov/Archives/edgar/data/1045520/000110465923007941/tm231388d86_424b2.htm) |
| &nbsp;&nbsp;&nbsp; Principal Amount (Original Offering Price)<br>| $1,000 per note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](tm231388d87img02.jpg)\*\*assumes a Maximum Return equal to the lowest possible Maximum Return that will be determined on the Pricing Date<br> **If the Ending Level is less than or equal to the Starting Level, you will not receive any positive return on the notes.**<br>The Issuer's estimated value of the notes on the Pricing Date, based on the Issuer's internal pricing models, is expected to be at least $924.90 per note but less than the original offering price. The estimated value of the notes is not an indication of actual profit to the Issuer or to any of the Issuer's affiliates, nor is it an indication of the price, if any, at which Wells Fargo Securities, LLC ("Wells Fargo Securities") or any other person may be willing to buy the notes from you at any time after issuance. See "The Estimated Value of the Notes" in the accompanying preliminary pricing supplement.<br> Preliminary Pricing Supplement: <br> [https://www.sec.gov/Archives/edgar/data/1045520/000110465923007941/tm231388d86_424b2.htm](http://www.sec.gov/Archives/edgar/data/1045520/000110465923007941/tm231388d86_424b2.htm) |
| &nbsp;&nbsp;&nbsp;Pricing Date\* | February 27, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](tm231388d87img02.jpg)\*\*assumes a Maximum Return equal to the lowest possible Maximum Return that will be determined on the Pricing Date<br> **If the Ending Level is less than or equal to the Starting Level, you will not receive any positive return on the notes.**<br>The Issuer's estimated value of the notes on the Pricing Date, based on the Issuer's internal pricing models, is expected to be at least $924.90 per note but less than the original offering price. The estimated value of the notes is not an indication of actual profit to the Issuer or to any of the Issuer's affiliates, nor is it an indication of the price, if any, at which Wells Fargo Securities, LLC ("Wells Fargo Securities") or any other person may be willing to buy the notes from you at any time after issuance. See "The Estimated Value of the Notes" in the accompanying preliminary pricing supplement.<br> Preliminary Pricing Supplement: <br> [https://www.sec.gov/Archives/edgar/data/1045520/000110465923007941/tm231388d86_424b2.htm](http://www.sec.gov/Archives/edgar/data/1045520/000110465923007941/tm231388d86_424b2.htm) |
| &nbsp;&nbsp;&nbsp;Issue Date\* | March 2, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](tm231388d87img02.jpg)\*\*assumes a Maximum Return equal to the lowest possible Maximum Return that will be determined on the Pricing Date<br> **If the Ending Level is less than or equal to the Starting Level, you will not receive any positive return on the notes.**<br>The Issuer's estimated value of the notes on the Pricing Date, based on the Issuer's internal pricing models, is expected to be at least $924.90 per note but less than the original offering price. The estimated value of the notes is not an indication of actual profit to the Issuer or to any of the Issuer's affiliates, nor is it an indication of the price, if any, at which Wells Fargo Securities, LLC ("Wells Fargo Securities") or any other person may be willing to buy the notes from you at any time after issuance. See "The Estimated Value of the Notes" in the accompanying preliminary pricing supplement.<br> Preliminary Pricing Supplement: <br> [https://www.sec.gov/Archives/edgar/data/1045520/000110465923007941/tm231388d86_424b2.htm](http://www.sec.gov/Archives/edgar/data/1045520/000110465923007941/tm231388d86_424b2.htm) |
| &nbsp;&nbsp;&nbsp;Calculation Day\* | February 23, 2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](tm231388d87img02.jpg)\*\*assumes a Maximum Return equal to the lowest possible Maximum Return that will be determined on the Pricing Date<br> **If the Ending Level is less than or equal to the Starting Level, you will not receive any positive return on the notes.**<br>The Issuer's estimated value of the notes on the Pricing Date, based on the Issuer's internal pricing models, is expected to be at least $924.90 per note but less than the original offering price. The estimated value of the notes is not an indication of actual profit to the Issuer or to any of the Issuer's affiliates, nor is it an indication of the price, if any, at which Wells Fargo Securities, LLC ("Wells Fargo Securities") or any other person may be willing to buy the notes from you at any time after issuance. See "The Estimated Value of the Notes" in the accompanying preliminary pricing supplement.<br> Preliminary Pricing Supplement: <br> [https://www.sec.gov/Archives/edgar/data/1045520/000110465923007941/tm231388d86_424b2.htm](http://www.sec.gov/Archives/edgar/data/1045520/000110465923007941/tm231388d86_424b2.htm) |
| &nbsp;&nbsp;&nbsp;Stated Maturity Date\* | March 2, 2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](tm231388d87img02.jpg)\*\*assumes a Maximum Return equal to the lowest possible Maximum Return that will be determined on the Pricing Date<br> **If the Ending Level is less than or equal to the Starting Level, you will not receive any positive return on the notes.**<br>The Issuer's estimated value of the notes on the Pricing Date, based on the Issuer's internal pricing models, is expected to be at least $924.90 per note but less than the original offering price. The estimated value of the notes is not an indication of actual profit to the Issuer or to any of the Issuer's affiliates, nor is it an indication of the price, if any, at which Wells Fargo Securities, LLC ("Wells Fargo Securities") or any other person may be willing to buy the notes from you at any time after issuance. See "The Estimated Value of the Notes" in the accompanying preliminary pricing supplement.<br> Preliminary Pricing Supplement: <br> [https://www.sec.gov/Archives/edgar/data/1045520/000110465923007941/tm231388d86_424b2.htm](http://www.sec.gov/Archives/edgar/data/1045520/000110465923007941/tm231388d86_424b2.htm) |
| &nbsp;&nbsp;&nbsp;Redemption Amount (per Note) | · if the Ending Level is greater than the Starting Level, $1,000 *plus* the lesser of: (i) $1,000 × Index Return × Participation Rate; and (ii) the Maximum Return; or <br> · if the Ending Level is less than or equal to the Starting Level: <br> $1,000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](tm231388d87img02.jpg)\*\*assumes a Maximum Return equal to the lowest possible Maximum Return that will be determined on the Pricing Date<br> **If the Ending Level is less than or equal to the Starting Level, you will not receive any positive return on the notes.**<br>The Issuer's estimated value of the notes on the Pricing Date, based on the Issuer's internal pricing models, is expected to be at least $924.90 per note but less than the original offering price. The estimated value of the notes is not an indication of actual profit to the Issuer or to any of the Issuer's affiliates, nor is it an indication of the price, if any, at which Wells Fargo Securities, LLC ("Wells Fargo Securities") or any other person may be willing to buy the notes from you at any time after issuance. See "The Estimated Value of the Notes" in the accompanying preliminary pricing supplement.<br> Preliminary Pricing Supplement: <br> [https://www.sec.gov/Archives/edgar/data/1045520/000110465923007941/tm231388d86_424b2.htm](http://www.sec.gov/Archives/edgar/data/1045520/000110465923007941/tm231388d86_424b2.htm) |
| &nbsp;&nbsp;&nbsp;Maximum Return | At least 30.00% of the principal amount (at least $300.00 per note), to be determined on the Pricing Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](tm231388d87img02.jpg)\*\*assumes a Maximum Return equal to the lowest possible Maximum Return that will be determined on the Pricing Date<br> **If the Ending Level is less than or equal to the Starting Level, you will not receive any positive return on the notes.**<br>The Issuer's estimated value of the notes on the Pricing Date, based on the Issuer's internal pricing models, is expected to be at least $924.90 per note but less than the original offering price. The estimated value of the notes is not an indication of actual profit to the Issuer or to any of the Issuer's affiliates, nor is it an indication of the price, if any, at which Wells Fargo Securities, LLC ("Wells Fargo Securities") or any other person may be willing to buy the notes from you at any time after issuance. See "The Estimated Value of the Notes" in the accompanying preliminary pricing supplement.<br> Preliminary Pricing Supplement: <br> [https://www.sec.gov/Archives/edgar/data/1045520/000110465923007941/tm231388d86_424b2.htm](http://www.sec.gov/Archives/edgar/data/1045520/000110465923007941/tm231388d86_424b2.htm) |
| &nbsp;&nbsp;&nbsp;Participation Rate | 100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](tm231388d87img02.jpg)\*\*assumes a Maximum Return equal to the lowest possible Maximum Return that will be determined on the Pricing Date<br> **If the Ending Level is less than or equal to the Starting Level, you will not receive any positive return on the notes.**<br>The Issuer's estimated value of the notes on the Pricing Date, based on the Issuer's internal pricing models, is expected to be at least $924.90 per note but less than the original offering price. The estimated value of the notes is not an indication of actual profit to the Issuer or to any of the Issuer's affiliates, nor is it an indication of the price, if any, at which Wells Fargo Securities, LLC ("Wells Fargo Securities") or any other person may be willing to buy the notes from you at any time after issuance. See "The Estimated Value of the Notes" in the accompanying preliminary pricing supplement.<br> Preliminary Pricing Supplement: <br> [https://www.sec.gov/Archives/edgar/data/1045520/000110465923007941/tm231388d86_424b2.htm](http://www.sec.gov/Archives/edgar/data/1045520/000110465923007941/tm231388d86_424b2.htm) |
| &nbsp;&nbsp;&nbsp;Index Return | (Ending Level – Starting Level) / Starting Level | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](tm231388d87img02.jpg)\*\*assumes a Maximum Return equal to the lowest possible Maximum Return that will be determined on the Pricing Date<br> **If the Ending Level is less than or equal to the Starting Level, you will not receive any positive return on the notes.**<br>The Issuer's estimated value of the notes on the Pricing Date, based on the Issuer's internal pricing models, is expected to be at least $924.90 per note but less than the original offering price. The estimated value of the notes is not an indication of actual profit to the Issuer or to any of the Issuer's affiliates, nor is it an indication of the price, if any, at which Wells Fargo Securities, LLC ("Wells Fargo Securities") or any other person may be willing to buy the notes from you at any time after issuance. See "The Estimated Value of the Notes" in the accompanying preliminary pricing supplement.<br> Preliminary Pricing Supplement: <br> [https://www.sec.gov/Archives/edgar/data/1045520/000110465923007941/tm231388d86_424b2.htm](http://www.sec.gov/Archives/edgar/data/1045520/000110465923007941/tm231388d86_424b2.htm) |
| &nbsp;&nbsp;&nbsp;Starting Level | The Closing Level of the Index on the Pricing Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](tm231388d87img02.jpg)\*\*assumes a Maximum Return equal to the lowest possible Maximum Return that will be determined on the Pricing Date<br> **If the Ending Level is less than or equal to the Starting Level, you will not receive any positive return on the notes.**<br>The Issuer's estimated value of the notes on the Pricing Date, based on the Issuer's internal pricing models, is expected to be at least $924.90 per note but less than the original offering price. The estimated value of the notes is not an indication of actual profit to the Issuer or to any of the Issuer's affiliates, nor is it an indication of the price, if any, at which Wells Fargo Securities, LLC ("Wells Fargo Securities") or any other person may be willing to buy the notes from you at any time after issuance. See "The Estimated Value of the Notes" in the accompanying preliminary pricing supplement.<br> Preliminary Pricing Supplement: <br> [https://www.sec.gov/Archives/edgar/data/1045520/000110465923007941/tm231388d86_424b2.htm](http://www.sec.gov/Archives/edgar/data/1045520/000110465923007941/tm231388d86_424b2.htm) |
| &nbsp;&nbsp;&nbsp;Ending Level | The Closing Level of the Index on the Calculation Day | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](tm231388d87img02.jpg)\*\*assumes a Maximum Return equal to the lowest possible Maximum Return that will be determined on the Pricing Date<br> **If the Ending Level is less than or equal to the Starting Level, you will not receive any positive return on the notes.**<br>The Issuer's estimated value of the notes on the Pricing Date, based on the Issuer's internal pricing models, is expected to be at least $924.90 per note but less than the original offering price. The estimated value of the notes is not an indication of actual profit to the Issuer or to any of the Issuer's affiliates, nor is it an indication of the price, if any, at which Wells Fargo Securities, LLC ("Wells Fargo Securities") or any other person may be willing to buy the notes from you at any time after issuance. See "The Estimated Value of the Notes" in the accompanying preliminary pricing supplement.<br> Preliminary Pricing Supplement: <br> [https://www.sec.gov/Archives/edgar/data/1045520/000110465923007941/tm231388d86_424b2.htm](http://www.sec.gov/Archives/edgar/data/1045520/000110465923007941/tm231388d86_424b2.htm) |
| &nbsp;&nbsp;&nbsp;Calculation Agent | CIBC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](tm231388d87img02.jpg)\*\*assumes a Maximum Return equal to the lowest possible Maximum Return that will be determined on the Pricing Date<br> **If the Ending Level is less than or equal to the Starting Level, you will not receive any positive return on the notes.**<br>The Issuer's estimated value of the notes on the Pricing Date, based on the Issuer's internal pricing models, is expected to be at least $924.90 per note but less than the original offering price. The estimated value of the notes is not an indication of actual profit to the Issuer or to any of the Issuer's affiliates, nor is it an indication of the price, if any, at which Wells Fargo Securities, LLC ("Wells Fargo Securities") or any other person may be willing to buy the notes from you at any time after issuance. See "The Estimated Value of the Notes" in the accompanying preliminary pricing supplement.<br> Preliminary Pricing Supplement: <br> [https://www.sec.gov/Archives/edgar/data/1045520/000110465923007941/tm231388d86_424b2.htm](http://www.sec.gov/Archives/edgar/data/1045520/000110465923007941/tm231388d86_424b2.htm) |
| &nbsp;&nbsp;&nbsp;Denominations | $1,000 and integral multiples of $1,000 in excess thereof | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](tm231388d87img02.jpg)\*\*assumes a Maximum Return equal to the lowest possible Maximum Return that will be determined on the Pricing Date<br> **If the Ending Level is less than or equal to the Starting Level, you will not receive any positive return on the notes.**<br>The Issuer's estimated value of the notes on the Pricing Date, based on the Issuer's internal pricing models, is expected to be at least $924.90 per note but less than the original offering price. The estimated value of the notes is not an indication of actual profit to the Issuer or to any of the Issuer's affiliates, nor is it an indication of the price, if any, at which Wells Fargo Securities, LLC ("Wells Fargo Securities") or any other person may be willing to buy the notes from you at any time after issuance. See "The Estimated Value of the Notes" in the accompanying preliminary pricing supplement.<br> Preliminary Pricing Supplement: <br> [https://www.sec.gov/Archives/edgar/data/1045520/000110465923007941/tm231388d86_424b2.htm](http://www.sec.gov/Archives/edgar/data/1045520/000110465923007941/tm231388d86_424b2.htm) |
| &nbsp;&nbsp;&nbsp;Agent's Underwriting Discount and Other Fees | Up to 4.00%; dealers, including those using the trade name Wells Fargo Advisors ("WFA"), may receive a selling concession of up to 2.25% and WFA may receive a distribution expense fee of 0.075%. In addition, in respect of certain notes sold in this offering, the Issuer may pay a fee of up to 0.10% per note to selected securities dealers in consideration for marketing and other services in connection with the distribution of the notes to other securities dealers. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](tm231388d87img02.jpg)\*\*assumes a Maximum Return equal to the lowest possible Maximum Return that will be determined on the Pricing Date<br> **If the Ending Level is less than or equal to the Starting Level, you will not receive any positive return on the notes.**<br>The Issuer's estimated value of the notes on the Pricing Date, based on the Issuer's internal pricing models, is expected to be at least $924.90 per note but less than the original offering price. The estimated value of the notes is not an indication of actual profit to the Issuer or to any of the Issuer's affiliates, nor is it an indication of the price, if any, at which Wells Fargo Securities, LLC ("Wells Fargo Securities") or any other person may be willing to buy the notes from you at any time after issuance. See "The Estimated Value of the Notes" in the accompanying preliminary pricing supplement.<br> Preliminary Pricing Supplement: <br> [https://www.sec.gov/Archives/edgar/data/1045520/000110465923007941/tm231388d86_424b2.htm](http://www.sec.gov/Archives/edgar/data/1045520/000110465923007941/tm231388d86_424b2.htm) |
| &nbsp;&nbsp;&nbsp;CUSIP / ISIN | 13607XFC6 / US13607XFC65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](tm231388d87img02.jpg)\*\*assumes a Maximum Return equal to the lowest possible Maximum Return that will be determined on the Pricing Date<br> **If the Ending Level is less than or equal to the Starting Level, you will not receive any positive return on the notes.**<br>The Issuer's estimated value of the notes on the Pricing Date, based on the Issuer's internal pricing models, is expected to be at least $924.90 per note but less than the original offering price. The estimated value of the notes is not an indication of actual profit to the Issuer or to any of the Issuer's affiliates, nor is it an indication of the price, if any, at which Wells Fargo Securities, LLC ("Wells Fargo Securities") or any other person may be willing to buy the notes from you at any time after issuance. See "The Estimated Value of the Notes" in the accompanying preliminary pricing supplement.<br> Preliminary Pricing Supplement: <br> [https://www.sec.gov/Archives/edgar/data/1045520/000110465923007941/tm231388d86_424b2.htm](http://www.sec.gov/Archives/edgar/data/1045520/000110465923007941/tm231388d86_424b2.htm) |
| &nbsp;&nbsp;&nbsp;Material Tax Consequences | See the preliminary pricing supplement |  |
| &nbsp;&nbsp;&nbsp;\*Subject to change | &nbsp;&nbsp;&nbsp;\*Subject to change |  |

---

**The notes have complex features and investing in the notes involves risks not associated with an investment in conventional debt securities. See "Selected Risk Considerations" in this term sheet and beginning on page PRS-7 of the accompanying preliminary pricing supplement, and "Risk Factors" beginning on page S-1 of the** **underlying supplement, page S-1 of the prospectus supplement and page 1 of the prospectus.**

**This introductory term sheet does not provide all of the information that an investor should consider prior to making an investment decision.**

**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 notes. 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.**

**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**

Selected Risk Considerations

The risks set forth below are discussed in detail in the "Selected Risk Considerations" section in the accompanying preliminary pricing supplement and the "Risk Factors" section in the accompanying underlying supplement, prospectus supplement and prospectus. Please review those risk disclosures carefully.

<u>Risks Relating To The Structure Of The Notes</u>

· You May Not Receive Any Positive Return On The
Notes.

· Your Return Will Be Limited To The Maximum Return
And May Be Lower Than The Return On A Direct Investment In The Securities Included In The Index.

· The Stated Maturity Date May Be Postponed If
The Calculation Day Is Postponed.

<u>Risk Relating To The Credit Risk Of CIBC</u>

· The Notes Are Subject To The Credit Risk Of Canadian
Imperial Bank of Commerce.

<u>Risks Relating To The Estimated Value Of The Notes And Any Secondary Market</u>

· Our Estimated Value Of The Notes Will Be Lower
Than The Original Offering Price Of The Notes.

· Our Estimated Value Does Not Represent Future
Values Of The Notes And May Differ From Others' Estimates.

· Our Estimated Value Is Not Determined By Reference
To Credit Spreads For Our Conventional Fixed-Rate Debt.

&nbsp;&nbsp;&nbsp;&nbsp;· The Estimated Value Of The Notes Will Not Be
An Indication Of The Price, If Any, At Which Wells Fargo Securities Or Any Other Person May Be Willing To Buy The Notes From You In The
Secondary Market.

&nbsp;&nbsp;&nbsp;&nbsp;· The Value Of The Notes Prior To Maturity Will
Be Affected By Numerous Factors, Some Of Which Are Related In Complex Ways.

&nbsp;&nbsp;&nbsp;&nbsp;· The Notes Will Not Be Listed On Any Securities
Exchange And We Do Not Expect A Trading Market For The Notes To Develop.

<u>Risks Relating To Conflicts Of Interest</u>

&nbsp;&nbsp;&nbsp;&nbsp;· We Or One Of Our Affiliates Will Be The Calculation
Agent And, As A Result, Potential Conflicts Of Interest Could Arise.

&nbsp;&nbsp;&nbsp;&nbsp;· Our Economic Interests And Those Of Any Dealer
Participating In The Offering Of Notes Will Potentially Be Adverse To Your Interests.

<u>Risks Relating To Tax</u>

&nbsp;&nbsp;&nbsp;&nbsp;· No Periodic Interest Will Be Paid On The Notes,
But You May Be Required To Recognize Taxable Income On The Notes Prior To Maturity.

&nbsp;&nbsp;&nbsp;&nbsp;· There Can Be No Assurance That The Canadian Federal
Income Tax Consequences Of An Investment In The Notes Will Not Change In The Future.

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 "SEC") 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.

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 & Company.