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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.
Risk Factors
Please see the Preliminary Offering Documents for a description of
certain risks related to this investment, including, but not limited to, the following:
• Depending
on the performance of the Market Measure as measured shortly before the maturity date, you may not receive a positive return on your investment.
• Your
investment return is limited to the return represented by the Capped Value and may be less than a comparable investment directly in the
Market Measure or any related futures contract.
• 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.
• The
initial estimated value of the notes on the pricing date will be less than their public offering price.
• 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.
• Ownership
of the notes will not entitle you to any rights with respect to any commodities or futures contracts represented by or included in the
Market Measure.
• The
prices of commodities or futures contracts represented by or included in the Market Measure may change unpredictably, affecting the value
of your notes in unforeseeable ways.
• The
notes will not be regulated by the U.S. Commodity Futures Trading Commission.
• The
Market Measure includes futures contracts traded on foreign exchanges, which may be less regulated than U.S. markets and may involve different
and greater risks than trading on U.S. exchanges.
• The
Market Measure tracks commodity futures contracts and does not track the spot prices of the Index Commodities
• Higher
future prices of the components of the Market Measure relative to their current prices may have a negative effect on the level of the
Market Measure, and therefore the value of the notes.
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. | 
