Form FWP CANADIAN IMPERIAL BANK Filed by: CANADIAN IMPERIAL BANK OF COMMERCE /CAN/

·          [100.00% to 110.00%] upside exposure to increases in the Market Measure

·          A positive return equal to the absolute value of the percentage decline in the price of the Market Measure only if the Market Measure does not decline by more than 15.00% (e.g., if the negative return of the Market Measure is -5%, you will receive a positive return of +5%)

·          1-to-1 downside exposure to decreases in the Market Measure beyond a 15.00% decline, with up to 85.00% of your principal at risk

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 lose up to 85.00% of the principal amount.

·          Any positive return on the notes based on the depreciation of the Market Measure is limited. The notes provide for a positive return if the price of the Market Measure increases or does not decrease by more than 15.00%. The absolute value return feature applies only if the Ending Value is less than the Starting Value but greater than or equal to the Threshold Value. Because the Threshold Value is 85.00% of the Starting Value, any positive return due to the depreciation of the Market Measure will be limited to 15.00%. Any decline in the Ending Value from the Starting Value by more than 15.00% will result in a loss, rather than a positive return, on the notes.

·          Your investment return may be less than a comparable investment directly in the Market Measure.

·          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 the Market Measure or any related futures contracts.

·          Suspensions or disruptions of trading in the Market Measure or any related futures contracts may adversely affect the value of the notes.

·          Legal and regulatory changes could adversely affect the return on and value of your notes.

·          Changes in the exchange methodology related to the Market Measure may adversely affect the value of the notes prior to maturity.

·          The notes will not be regulated by the U.S. Commodity Futures Trading Commission.

·          Single commodity prices tend to be more volatile than, and may not correlate with, the prices of commodities generally.

·          The price movements in the Market Measure may not correlate with changes in WTI crude oil’s spot price.

·          The market value of the notes may be affected by price movements in distant-delivery futures contracts associated with the Market Measure.

·          Crude oil prices can be volatile as a result of various factors that we cannot control, and this volatility may reduce the market 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.