Bond CBIC 0% ( US13605WPJ44 ) in USD

Issuer CBIC
Market price 100 %  ⇌ 
Country  Canada
ISIN code  US13605WPJ44 ( in USD )
Interest rate 0%
Maturity 29/01/2021 - Bond has expired



Prospectus brochure of the bond CIBC US13605WPJ44 in USD 0%, expired


Minimal amount 1 000 USD
Total amount 965 000 USD
Cusip 13605WPJ4
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Detailed description CIBC is a leading North American financial institution offering a wide range of financial products and services to personal and business clients, including banking, wealth management, and capital markets.

The Bond issued by CBIC ( Canada ) , in USD, with the ISIN code US13605WPJ44, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Bond maturity is 29/01/2021







424B2 1 a19-1202_20424b2.htm 424B2

Filed Pursuant to Rule 424(b)(2)
Registration No. 333-216286

Pricing Supplement dated January 25, 2019
(To Equity Index Underlying Supplement dated November 6, 2018,
Prospectus Supplement dated November 6, 2018, and Prospectus dated March 28, 2017)

Canadian Imperial Bank of Commerce
Senior Global Medium-Term Notes
$965,000 Bearish Buffered Digital Return Notes Linked to the S&P 500® Index due January 29, 2021

·
The Bearish Buffered Digital Return Notes (the "notes") provide bearish exposure to the S&P 500® Index (the "Index"). If the level of the

Index does not change or decreases, investors will receive a fixed return of 20.32%. If the level of the Index increases by no more than 20%,
investors will receive the principal amount at maturity. However, investors will be subject to 1-to-1 downside exposure to any increase in the
level of the Index beyond a 20% increase, subject to a Minimum Redemption Amount of $200 per $1,000 in principal amount.
·
The notes do not pay interest.

·
The notes will not be listed on any securities exchange.

·
The notes will be issued in minimum denomination of $1,000 and integral multiples of $1,000.


The notes are unsecured obligations of the Bank and any payment on the notes is subject to the credit risk of the Bank. The notes will not
constitute deposits insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation, or any other
government agency or instrumentality of Canada, the United States or any other jurisdiction. The notes are not bail-inable notes (as
defined on page S-2 of the prospectus supplement).

Neither the Securities and Exchange Commission (the "SEC") nor any state or provincial securities commission has approved or
disapproved of these notes or determined if this pricing supplement or the accompanying underlying supplement, prospectus supplement
or prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

Investing in the notes involves risks not associated with an investment in ordinary debt securities. See "Additional Risk Factors" beginning
on page PS-7 of this pricing supplement, and "Risk Factors" beginning on page S-1 of the accompanying underlying supplement, page S-1
of the prospectus supplement and page 1 of the prospectus.


Price to Public (Initial Issue Price)
Agent's Commission(1)
Proceeds to Issuer
Per Note
$1,000
$5
$995
Total
$965,000
$4,825
$960,175

(1) CIBC World Markets Corp. ("CIBCWM") will receive commissions from the Issuer of 0.50% of the principal amount of the notes, or $5.00

per $1,000 principal amount. CIBCWM will use these commissions to pay variable selling concessions or fees (including custodial or
clearing fees) to other dealers. The commission received by CIBCWM will be equal to the selling concession paid to such dealers.

The initial estimated value of the notes on the Trade Date as determined by the Bank is $994.50 per $1,000 principal amount of the notes, which is
less than the price to public. See "The Bank's Estimated Value of the Notes" in this pricing supplement.

We will deliver the notes in book-entry form through the facilities of The Depository Trust Company ("DTC") on January 30, 2019 against
payment in immediately available funds.

CIBC World Markets


ADDITIONAL TERMS OF THE NOTES

You should read this pricing supplement together with the prospectus dated March 28, 2017 (the "prospectus"), the prospectus supplement dated
November 6, 2018 (the "prospectus supplement") and the Equity Index Underlying Supplement dated November 6, 2018 (the "underlying
supplement"). Information in this pricing supplement supersedes information in the underlying supplement, the prospectus supplement and the
prospectus to the extent it is different from that information. Certain capitalized terms used but not defined herein will have the meanings set forth
in the underlying supplement, the prospectus supplement or the prospectus.

You should rely only on the information contained in or incorporated by reference in this pricing supplement and the accompanying underlying
supplement, the prospectus supplement and the prospectus. This pricing supplement may be used only for the purpose for which it has been
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prepared. No one is authorized to give information other than that contained in this pricing supplement and the accompanying underlying
supplement, the prospectus supplement and the prospectus, and in the documents referred to in those documents and which are made available to
the public. We, CIBCWM and our other affiliates have not authorized any other person to provide you with different or additional information. If
anyone provides you with different or additional information, you should not rely on it.

We and CIBCWM are not making an offer to sell the notes in any jurisdiction where the offer or sale is not permitted. You should not assume that
the information contained in or incorporated by reference in this pricing supplement or the accompanying underlying supplement, the prospectus
supplement or the prospectus is accurate as of any date other than the date of the applicable document. Our business, financial condition, results of
operations and prospects may have changed since that date. Neither this pricing supplement nor the accompanying underlying supplement, the
prospectus supplement or the prospectus constitutes an offer, or an invitation on behalf of us or CIBCWM, to subscribe for and purchase any of the
notes and may not be used for or in connection with an offer or solicitation by anyone in any jurisdiction in which such an offer or solicitation is
not authorized or to any person to whom it is unlawful to make such an offer or solicitation.

References to "CIBC," "the Issuer," "the Bank," "we," "us" and "our" in this pricing supplement are references to Canadian Imperial Bank of
Commerce and not to any of our subsidiaries, unless we state otherwise or the context otherwise requires.

You may access the underlying supplement, the prospectus supplement and the prospectus on the SEC website www.sec.gov as follows (or if such
address has changed, by reviewing our filing for the relevant date on the SEC website):

·
Underlying supplement dated November 6, 2018:

https://www.sec.gov/Archives/edgar/data/1045520/000110465918066561/a18-39408_13424b2.htm

·
Prospectus supplement dated November 6, 2018 and prospectus dated March 28, 2017:

https://www.sec.gov/Archives/edgar/data/1045520/000110465918066166/a18-37094_1424b2.htm

PS-1

SUMMARY

The information in this "Summary" section is qualified by the more detailed information set forth in the underlying supplement, the prospectus
supplement and the prospectus. See "Additional Terms of the Notes" in this pricing supplement.

Issuer:
Canadian Imperial Bank of Commerce
Reference Asset:
The S&P 500® Index (Bloomberg ticker "SPX <Index>")
Principal Amount:
$1,000 per note
Aggregate Principal Amount: $965,000
Term:
Approximately 2 years
Trade Date:
January 25, 2019
Original Issue Date:
January 30, 2019
Final Valuation Date:
January 26, 2021, subject to postponement as described under "Certain Terms of the Notes--Valuation Dates--
For Notes Where the Reference Asset Is a Single Index" in the underlying supplement.
Maturity Date:
January 29, 2021, subject to postponement as described under "Certain Terms of the Notes-- Valuation Dates--
For Notes Where the Reference Asset Is a Single Index" in the underlying supplement.
Payment at Maturity:
For each $1,000 in principal amount of the notes, the Payment at Maturity will be a cash amount equal to:
·
If the Final Level is less than or equal to the Initial Level:

$1,000 + ($1,000 x Digital Return)

·
If the Final Level is greater than the Initial Level but less than or equal to the Buffer Level:


$1,000

·
If the Final Level is greater than the Buffer Level, the greater of:

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(1) $1,000 + [$1,000 x (Bearish Return + Buffer Amount)]; and

(2) Minimum Redemption Amount.

If the Final Level is greater than the Buffer Level, you will lose 1% of the principal amount for each 1%
increase in the level of the Index by more than 20%, subject to the Minimum Redemption Amount.
Accordingly, you may lose up to 80% of the principal amount.
Digital Return:
20.32%
Buffer Amount:
20%
Buffer Level:
3,197.71, which is 120% of the Initial Level (rounded to two decimal places).

PS-2

Minimum Redemption
$200 per $1,000 in principal amount
Amount:
Bearish Return:
Initial Level ­ Final Level, expressed as a percentage.
Initial Level
Initial Level:
2,664.76, which was the Closing Level of the Index on the Trade Date.
Final Level:
The Closing Level of the Index on the Final Valuation Date.
Calculation Agent:
Canadian Imperial Bank of Commerce.
CUSIP/ISIN:
CUSIP: 13605WPJ4 / ISIN: US13605WPJ44
Fees and Expenses:
The price at which you purchase the notes includes costs that the Bank or its affiliates expect to incur and profits
that the Bank or its affiliates expect to realize in connection with hedging activities related to the notes.




PS-3

HYPOTHETICAL PAYMENT AT MATURITY

The following table and examples are provided for illustrative purposes only and are hypothetical. They do not purport to be representative of
every possible scenario concerning increases or decreases in the Final Level of the Index relative to the Initial Level. We cannot predict the Closing
Level of the Index at any time during the term of the notes, including the Final Valuation Date. The assumptions we have made in connection with
the illustrations set forth below may not reflect actual events. You should not take this illustration or these examples as an indication or assurance
of the expected performance of the Index or return on the notes. The numbers appearing in the table below and following examples have been
rounded for ease of analysis.

The table below illustrates the Payment at Maturity on a $1,000 investment in the notes for a hypothetical range of Bearish Returns of the Index
from -200% to +100%. The following results are based solely on the assumptions outlined below. The "Hypothetical Return on the Notes" as used
below is the number, expressed as a percentage, that results from comparing the Payment at Maturity per $1,000 principal amount to $1,000. The
potential returns described here assume that the notes are held to maturity. The following table and examples are based on the following terms:

Principal Amount:
$1,000
Digital Return:
20.32%
Buffer Amount:
20%
Minimum Redemption Amount:
$200 per $1,000 in principal amount
Hypothetical Initial Level:
1,000
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Hypothetical Buffer Level:
1,200 (120% of the Initial Level)

Hypothetical Final
Hypothetical Bearish
Hypothetical Payment at
Hypothetical Return on
Level of the Index
Return of the Index
Maturity
the Notes
3,000.00
-200.00%
$200.00
-80.00%
2,500.00
-150.00%
$200.00
-80.00%
2,000.00
-100.00%
$200.00(1)
-80.00%
1,750.00
-75.00%
$450.00
-55.00%
1,500.00
-50.00%
$700.00
-30.00%
1,200.00(2)
-20.00%
$1,000.00
0.00%
1,150.00
-15.00%
$1,000.00
0.00%
1,100.00
-10.00%
$1,000.00
0.00%
1,000.00(3)
0.00%
$1,203.20
20.32%(4)
950.00
5.00%
$1,203.20
20.32%
900.00
10.00%
$1,203.20
20.32%
800.00
20.00%
$1,203.20
20.32%
700.00
30.00%
$1,203.20
20.32%
600.00
40.00%
$1,203.20
20.32%
500.00
50.00%
$1,203.20
20.32%
250.00
75.00%
$1,203.20
20.32%
100.00
90.00%
$1,203.20
20.32%
0.00
100.00%
$1,203.20
20.32%

(1)
The Payment at Maturity will not be less than the Minimum Redemption Amount.

(2)
This is the hypothetical Buffer Level.

(3)
The hypothetical Initial Level of 1,000 used in these examples has been chosen for illustrative purposes only. The actual Initial

Level of the Index is 2,664.76, which was the Closing Level of the Index on the Trade Date.
(4)
The return on the notes will not exceed the Digital Return.


PS-4

The following examples indicate how the Payment at Maturity would be calculated with respect to a hypothetical $1,000 investment in the notes.

Example 1: The Bearish Return of the Index Is 75.00%.

Because the Final Level is less than the Initial Level, the Payment at Maturity would be $1,203.20 per $1,000 principal amount, calculated as
follows:

$1,000 + [$1,000 × Digital Return]

= $1,000 + [$1,000 × 20.32%]

= $1,203.20

Example 1 shows that investors will receive the Digital Return when the Final level is less than or equal to the Initial Level.

Example 2: The Bearish Return of the Index Is -10.00%.

Because the Final Level is greater than the Initial Level but less than the Buffer Level, the Payment at Maturity would be $1,000.00 per $1,000
principal amount.

Example 2 shows that the Payment at Maturity will equal the principal amount if the Final Level is at or below the Buffer Level, although the level
of the Index has increased.

Example 3: The Bearish Return of the Index Is -50.00%.

Because the Final Level is greater than the Buffer Level, the Payment at Maturity would be the greater of:

(1) $1,000 + [$1,000 × (Bearish Return + Buffer Amount)]


= $1,000 + [$,1000 × (-50.00% + 20.00%)]

= $1,000 + ($1,000 × -30.00%)

= $700.00; and


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(2) Minimum Redemption Amount of $200.

Therefore, the Payment at Maturity would be $700.00 per $1,000 principal amount.

Example 3 shows that you are exposed on a 1-to-1 basis to any increase in the level of the Index by more than 20%%, subject to the Minimum
Redemption Amount. You may lose up to 80% of the principal amount.

PS-5

INVESTOR SUITABILITY


The notes may be suitable for you if:

·
You believe that the level of the Index will not increase from the Initial Level to the Final Level.


·
You are willing to make an investment that is negatively exposed to the positive performance of the Index on a 1-to-1 basis for each

percentage point that the Final Level is greater than the Buffer Level, subject to the Minimum Redemption Amount.

·
You are willing to accept that the return on the notes will be limited to the Digital Return.


·
You do not seek current income over the term of the notes.


·
You are willing to forgo dividends or other distributions paid on the securities included in the Index.


·
You are willing to hold the notes to maturity and you do not seek an investment for which there will be an active secondary market.


·
You are willing to assume the credit risk of the Bank for any payment under the notes.


The notes may not be suitable for you if:

·
You believe that the level of the Index will increase from the Initial Level to the Final Level.


·
You are unwilling to make an investment that is negatively exposed to the positive performance of the Index on a 1-to-1 basis for each

percentage point that the Final Level is greater than the Buffer Level.

·
You seek full payment of the principal amount of the notes at maturity.


·
You seek an uncapped return on your investment.


·
You seek current income over the term of the notes.


·
You want to receive dividends or other distributions paid on the securities included in the Index.


·
You are unable or unwilling to hold the notes to maturity or you seek an investment for which there will be an active secondary market.


·
You are not willing to assume the credit risk of the Bank for any payment under the notes.


The investor suitability considerations identified above are not exhaustive. Whether or not the notes are a suitable investment for you will
depend on your individual circumstances and you should reach an investment decision only after you and your investment, legal, tax,
accounting and other advisors have carefully considered the suitability of an investment in the notes in light of your particular
circumstances. You should also review ``Additional Risk Factors'' below for risks related to the notes.

PS-6

ADDITIONAL RISK FACTORS

An investment in the notes involves significant risks. In addition to the following risks included in this pricing supplement, we urge you to read
"Risk Factors" beginning on page S-1 of the accompanying underlying supplement, page S-1 of the prospectus supplement and page 1 of the
prospectus.

You should understand the risks of investing in the notes and should reach an investment decision only after careful consideration, with your
advisers, of the suitability of the notes in light of your particular financial circumstances and the information set forth in this pricing supplement and
the accompanying underlying supplement, the prospectus supplement and the prospectus.

You may lose some or a substantial portion of the principal amount of your notes.

The notes do not guarantee full return of principal. The repayment of any principal on the notes at maturity depends on the Final Level of the
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Index. The Bank will only repay you the full principal amount of your notes if the Final Level is equal to or less than the Buffer Level. If the Final
Level is greater than the Buffer Level, you will be negatively exposed on a 1-to-1 basis to any increase in the level of the Index by more than 20%,
subject to the Minimum Redemption Amount. You may lose up to 80% of your principal amount.

The potential return on your notes will be limited by the Digital Return.

You will not participate in any decrease in the level of the Index. If the level of the Index does not change or decreases, you will receive a fixed
return equal to the Digital Return. The Digital Return will limit the payment you may receive at maturity, no matter how much the level of the
Index may decrease over the term of the notes.

The notes are bearish on the Index.

Because the notes are bearish on the Index, your return on the notes will not benefit from any increase in the level of the Index over the term of the
notes.

The payment on the notes is not linked to the level of the Index at any time other than the Final Valuation Date.

The payment on the notes will be based on the Closing Level of the Index on the Final Valuation Date. Therefore, if the Closing Level of the Index
increased substantially as of the Final Valuation Date compared to the Initial Level, the Payment at Maturity may be significantly less than it
would otherwise have been had the Payment at Maturity been linked to the Closing Level of the Index on a date other than the Final Valuation
Date. Although the actual level of the Index at other times during the term of the notes may be less than its Closing Level on the Final Valuation
Date, the payment on the notes will not benefit from the Closing Level of the Index at any time other than the Final Valuation Date.

Payment on the notes is subject to our credit risk, and actual or perceived changes in our creditworthiness are expected to affect the value
of the notes.

The notes are our senior unsecured debt obligations and are not, either directly or indirectly, an obligation of any third party. As further described
in the accompanying prospectus and prospectus supplement, the notes will rank on par with all of our other unsecured and unsubordinated debt
obligations, except such obligations as may be preferred by operation of law. Any payment to be made on the notes depends on our ability to
satisfy our obligations as they come due. As a result, the actual and perceived creditworthiness of us may affect the market value of the notes and,
in the event we were to default on our obligations, you may not receive the amounts owed to you under the terms of the notes. If we default on our
obligations under the notes, your investment would be at risk and you could lose some or all of your investment. See "Description of the Notes We
May Offer--Events of Default" in the accompanying prospectus supplement.

The Bank's initial estimated value of the notes is lower than the initial issue price (price to public) of the notes.

The initial issue price of the notes exceeds the Bank's initial estimated value because costs associated with selling and structuring the notes, as well
as hedging the notes, are included in the initial issue price of the notes. See "The Bank's Estimated Value of the Notes" in this pricing supplement.

PS-7


The Bank's initial estimated value does not represent future values of the notes and may differ from others' estimates.

The Bank's initial estimated value of the notes is only an estimate, which was determined by reference to the Bank's internal pricing models when
the terms of the notes were set. This estimated value was based on market conditions and other relevant factors existing at that time, the Bank's
internal funding rate on the Trade Date and the Bank's assumptions about market parameters, which can include volatility, dividend rates, interest
rates and other factors. Different pricing models and assumptions could provide valuations for the notes that are greater or less than the Bank's
initial estimated value. In addition, market conditions and other relevant factors in the future may change, and any assumptions may prove to be
incorrect. On future dates, the market value of the notes could change significantly based on, among other things, changes in market conditions,
including the level of the Index, the Bank's creditworthiness, interest rate movements and other relevant factors, which may impact the price at
which the agent or any other party would be willing to buy the notes from you in any secondary market transactions. The Bank's initial estimated
value does not represent a minimum price at which the agent or any other party would be willing to buy the notes in any secondary market (if any
exists) at any time. See "The Bank's Estimated Value of the Notes" in this pricing supplement.

The Bank's initial estimated value of the notes was not determined by reference to credit spreads for our conventional fixed-rate debt.

The internal funding rate used in the determination of the Bank's initial estimated value of the notes generally represents a discount from the credit
spreads for our conventional fixed-rate debt. The discount is based on, among other things, our view of the funding value of the notes as well as
the higher issuance, operational and ongoing liability management costs of the notes in comparison to those costs for our conventional fixed-rate
debt. If the Bank were to have used the interest rate implied by our conventional fixed-rate debt, we would expect the economic terms of the notes
to be more favorable to you. Consequently, our use of an internal funding rate for market-linked notes had an adverse effect on the economic terms
of the notes and the initial estimated value of the notes on the Trade Date, and could have an adverse effect on any secondary market prices of the
notes. See "The Bank's Estimated Value of the Notes" in this pricing supplement.

Certain business, trading and hedging activities of us, the agent, and our other affiliates may create conflicts with your interests and could
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potentially adversely affect the value of the notes.

We, the agent, and our other affiliates may engage in trading and other business activities related to the Index or any securities included in the
Index that are not for your account or on your behalf. We, the agent, and our other affiliates also may issue or underwrite other financial
instruments with returns based upon the Index. These activities may present a conflict of interest between your interest in the notes and the interests
that we, the agent, and our other affiliates may have in our or their proprietary accounts, in facilitating transactions, including block trades, for our
or their other customers, and in accounts under our or their management. These trading and other business activities, if they influence the level of
the Index or secondary trading in your notes, could be adverse to your interests as a beneficial owner of the notes.

Moreover, we and our affiliates play a variety of roles in connection with the issuance of the notes, including hedging our obligations under the
notes and making the assumptions and inputs used to determine the pricing of the notes and the initial estimated value of the notes when the terms
of the notes are set. We expect to hedge our obligations under the notes through the agent, one of our other affiliates, and/or another unaffiliated
counterparty. Any of these hedging activities may adversely affect the level of the Index and therefore the market value of the notes and the amount
you will receive, if any, on the notes. In connection with such activities, the economic interests of us, the agent, and our other affiliates may be
adverse to your interests as an investor in the notes. Any of these activities may adversely affect the value of the notes. In addition, because hedging
our obligations entails risk and may be influenced by market forces beyond our control, this hedging activity may result in a profit that is more or
less than expected, or it may result in a loss. We, the agent, or one or more of our other affiliates will retain any profits realized in hedging our
obligations under the notes even if investors do not receive a favorable investment return under the terms of the notes or in any secondary market
transaction. Any profit in connection with such hedging activities will be in addition to any other compensation that we, the agent, and our other
affiliates receive for the sale of the notes, which creates an additional incentive to sell the notes to you. We, the agent, and our other affiliates will
have no obligation to take, refrain from taking or cease taking any action with respect to these transactions based on the potential effect on an
investor in the notes.

PS-8

There are potential conflicts of interest between you and the calculation agent.

The calculation agent will determine, among other things, the amount of payment on the notes. The calculation agent will exercise its judgment
when performing its functions. For example, the calculation agent will determine whether a Market Disruption Event has occurred and determine
the Final Level if the Final Valuation Date is postponed to the last possible day. See "Certain Terms of the Notes--Valuation Dates" in the
underlying supplement. This determination may, in turn, depend on the calculation agent's judgment as to whether the event has materially
interfered with our ability or the ability of one of our affiliates to unwind our hedge positions. The calculation agent will be required to carry out
its duties in good faith and use its reasonable judgment. However, because we will be the calculation agent, potential conflicts of interest could
arise. Neither we nor any of our affiliates will have any obligation to consider your interests as a holder of the notes in taking any action that might
affect the value of your notes.

The notes will not be listed on any securities exchange or any inter-dealer quotation system, and there may be no secondary market for the
notes.

The notes are most suitable for purchasing and holding to maturity. The notes will be new securities for which there is no trading market. The
notes will not be listed on any securities exchange or any inter-dealer quotation system. We cannot assure you as to whether there will be a trading
or secondary market for the notes or, if there were to be such a trading or secondary market, that it would be liquid.

Under ordinary market conditions, CIBCWM or any of our other affiliates may (but are not obligated to) make a secondary market for the notes.
However, they may cease doing so at any time. Because we do not expect other broker-dealers to participate in the secondary market for the notes,
the price at which you may be able to trade your notes is likely to depend on the price, if any, at which CIBCWM or any of our other affiliates are
willing to transact. If none of CIBCWM or any of our other affiliates makes a market for the notes, there will not be a secondary market for the
notes. Accordingly, we cannot assure you as to the development or liquidity of any secondary market for the notes. If a secondary market in the
notes is not developed or maintained, you may not be able to sell your notes easily or at prices that will provide you with a yield comparable to
that of similar securities that have a liquid secondary market.

The tax treatment of the notes is uncertain.

Significant aspects of the tax treatment of the notes are uncertain. You should consult your tax advisor about your own tax situation. See "Summary
of U.S. Federal Income Tax Consequences" and "Certain Canadian Federal Income Tax Considerations" in this pricing supplement, "Certain U.S.
Federal Income Tax Consequences" in the underlying supplement and "Material Income Tax Consequences ­ Canadian Taxation" in the
prospectus.

PS-9

INFORMATION REGARDING THE REFERENCE ASSET

The S&P 500® Index (Bloomberg ticker: "SPX <Index>") is calculated, maintained and published by S&P Dow Jones Indices LLC (the "Index
sponsor"). The Index consists of stocks of 500 companies selected to provide a performance benchmark for the U.S. equity markets. The top 5
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industry groups by market capitalization as of December 31, 2018 were: Information Technology, Health Care, Financials, Communication
Services and Consumer Discretionary. See "Index Descriptions--The S&P 500® Index" beginning on page S-44 of the accompanying underlying
supplement for additional information about the Index.

In addition, information about the Index may be obtained from other sources including, but not limited to, the Index sponsor's website (including
information regarding the Index's sector weightings). We are not incorporating by reference into this pricing supplement the website or any
material it includes. Neither we nor the agent makes any representation that such publicly available information regarding the Index is accurate or
complete.

Historical Performance of the Index

The following graphs set forth daily Closing Levels of the Index for the period from January 1, 2014 to January 25, 2019. We obtained the Closing
Levels below from Bloomberg Professional® Service ("Bloomberg") without independent verification. The historical performance of the Index
should not be taken as an indication of its future performance, and no assurances can be given as to the level of the Index at any time during the
term of the notes, including the Final Valuation Date. We cannot give you assurance that the performance of the Index will result in any positive
return on your investment.


PS-10

SUMMARY OF U.S. FEDERAL INCOME TAX CONSEQUENCES

The following discussion is a brief summary of the material U.S. federal income consequences relating to an investment in the notes. The
following summary is not complete and is both qualified and supplemented by, or in some cases supplements, the discussion entitled "Certain U.S.
Federal Income Tax Consequences" beginning on page S-59 of the underlying supplement, which you should carefully review prior to investing in
the notes.

The U.S. federal income tax consequences of your investment in the notes are uncertain. No statutory, judicial or administrative authority directly
discusses how the notes should be treated for U.S. federal income tax purposes. In the opinion of our tax counsel, Mayer Brown LLP, it would
generally be reasonable to treat the notes as prepaid cash-settled derivative contracts. Pursuant to the terms of the notes, you agree to treat the notes
in this manner for all U.S. federal income tax purposes. If your notes are so treated, you should generally recognize capital gain or loss upon the
sale, exchange, redemption or payment on maturity in an amount equal to the difference between the amount you receive at such time and the
amount that you paid for your notes. Such gain or loss should generally be long-term capital gain or loss if you have held your notes for more than
one year.

The characterization described above is not binding on the U.S. Internal Revenue Service (the "IRS") or the courts. Thus, it is possible that the IRS
would seek to characterize your notes in a manner that results in tax consequences to you that are different from those described above or in the
accompanying underlying supplement. For a more detailed discussion of certain alternative characterizations with respect to your notes and certain
other considerations with respect to your investment in the notes, you should consider the discussion set forth in "Certain U.S. Federal Income Tax
Consequences" of the underlying supplement. We are not responsible for any adverse consequences that you may experience as a result of any
alternative characterization of the notes for U.S. federal income tax or other tax purposes.

Regarding the discussion in the underlying supplement with respect to a dividend equivalent payment made with respect to a U.S. stock or equity-
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linked debt instrument under the section entitled Tax Consequences to Non-U.S. Holders, the IRS has issued a Notice that excludes financial
products issued prior to 2021 that are not "delta-one" with respect to underlying securities that could pay withholdable dividend equivalent
payments. Even if the notes should be treated as equity-linked instruments, since the notes provide bearish exposure, the notes should be exempt
from the withholding tax rules specified for dividend equivalents.

You should consult your tax advisor as to the tax consequences of such characterization and any possible alternative characterizations of
the notes for U.S. federal income tax purposes. You should also consult your tax advisor concerning the U.S. federal income tax and other
tax consequences of your investment in the notes in your particular circumstances, including the application of state, local or other tax
laws and the possible effects of changes in federal or other tax laws.

PS-11

CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS

In the opinion of Blake, Cassels & Graydon LLP, our Canadian tax counsel, the following summary describes the principal Canadian federal
income tax considerations under the Income Tax Act (Canada) and the regulations thereto (the "Canadian Tax Act") generally applicable at the date
hereof to a purchaser who acquires beneficial ownership of a note pursuant to this pricing supplement and who for the purposes of the Canadian
Tax Act and at all relevant times: (a) is neither resident nor deemed to be resident in Canada; (b) deals at arm's length with the Issuer and any
transferee resident (or deemed to be resident) in Canada to whom the purchaser disposes of the notes; (c) does not use or hold and is not deemed to
use or hold the note in, or in the course of, carrying on a business in Canada; (d) is entitled to receive all payments (including any interest and
principal) made on the notes, and (e) is not a, and deals at arm's length with any, "specified shareholder" of the Issuer for purposes of the thin
capitalization rules in the Canadian Tax Act (a "Non-Resident Holder"). A "specified shareholder" for these purposes generally includes a person
who (either alone or together with persons with whom that person is not dealing at arm's length for the purposes of the Canadian Tax Act) owns or
has the right to acquire or control or is otherwise deemed to own 25% or more of the Issuer's shares determined on a votes or fair market value
basis. Special rules which apply to non-resident insurers carrying on business in Canada and elsewhere are not discussed in this summary.

This summary is supplemental to and should be read together with the description of material Canadian federal income tax considerations relevant
to a Non-Resident Holder owning notes under "Material Income Tax Consequences--Canadian Taxation" in the accompanying prospectus and a
Non-Resident Holder should carefully read that description as well.

This summary is of a general nature only and is not intended to be, nor should it be construed to be, legal or tax advice to any particular
Non-Resident Holder. Non-Resident Holders are advised to consult with their own tax advisors with respect to their particular
circumstances.

Based on Canadian tax counsel's understanding of the Canada Revenue Agency's administrative policies, and having regard to the terms of the
notes, interest payable on the notes should not be considered to be "participating debt interest" as defined in the Canadian Tax Act and
accordingly, a Non-Resident Holder should not be subject to Canadian non-resident withholding tax in respect of amounts paid or credited or
deemed to have been paid or credited by the Issuer on a note as, on account of or in lieu of payment of, or in satisfaction of, interest.

Non-Resident Holders should consult their own advisors regarding the consequences to them of a disposition of notes to a person with whom they
are not dealing at arm's length for purposes of the Canadian Tax Act.

PS-12

SUPPLEMENTAL PLAN OF DISTRIBUTION (CONFLICTS OF INTEREST)

Pursuant to the terms of a distribution agreement, CIBCWM will purchase the notes from the Bank for distribution to other affiliated or unaffiliated
dealers.

The notes sold by CIBCWM to the public will initially be offered at the price to public set forth on the cover page of this pricing supplement.
CIBCWM will purchase each of the notes from the Bank at a purchase price equal to the price to public net of a commission of 0.50% of the
principal amount of such notes. Any notes sold by CIBCWM to securities dealers may be sold at an agreed discount to the price to public. If all of
the offered notes are not sold at the price to public, CIBCWM may change the offering price and other selling terms. In addition to offers and sales
at the price to public, CIBCWM may offer the notes from time to time for sale in one or more transactions at market prices prevailing at the time
of sale, at prices related to market prices or at negotiated prices.

We will deliver the notes against payment therefor in New York, New York on a date that is more than two Business Days following the Trade
Date. Under Rule 15c6-1 of the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in two Business
Days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes on any date prior to two
Business Days before delivery will be required to specify alternative settlement arrangements to prevent a failed settlement.

The Bank owns, directly or indirectly, all of the outstanding equity securities of CIBCWM. In accordance with FINRA Rule 5121, CIBCWM may
not make sales in this offering to any of its discretionary accounts without the prior written approval of the customer.

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The Bank may use this pricing supplement in the initial sale of the notes. In addition, CIBCWM or another of the Bank's affiliates may use this
pricing supplement in market-making transactions in any notes after their initial sale. Unless CIBCWM or we inform you otherwise in the
confirmation of sale, this pricing supplement is being used by CIBCWM in a market-making transaction.

While CIBCWM may make markets in the notes, it is under no obligation to do so and may discontinue any market-making activities at any time
without notice. See the section titled "Supplemental Plan of Distribution (Conflicts of Interest)" in the accompanying prospectus supplement.

The price at which you purchase the notes includes costs that the Bank or its affiliates expect to incur and profits that the Bank or its affiliates
expect to realize in connection with hedging activities related to the notes. These costs and profits will likely reduce the secondary market price, if
any secondary market develops, for the notes. As a result, you may experience an immediate and substantial decline in the market value of your
notes on the Original Issue Date.

PS-13

THE BANK'S ESTIMATED VALUE OF THE NOTES

The Bank's initial estimated value of the notes set forth on the cover of this pricing supplement is equal to the sum of the values of the following
hypothetical components: (1) a fixed-income debt component with the same maturity as the notes, valued using our internal funding rate for
structured debt described below, and (2) the derivative or derivatives underlying the economic terms of the notes. The Bank's initial estimated
value does not represent a minimum price at which CIBCWM or any other person would be willing to buy your notes in any secondary market (if
any exists) at any time. The internal funding rate used in the determination of the Bank's initial estimated value generally represents a discount
from the credit spreads for our conventional fixed-rate debt. The discount is based on, among other things, our view of the funding value of the
notes as well as the higher issuance, operational and ongoing liability management costs of the notes in comparison to those costs for our
conventional fixed-rate debt. For additional information, see "Additional Risk Factors--The Bank's initial estimated value of the notes was not
determined by reference to credit spreads for our conventional fixed-rate debt" in this pricing supplement. The value of the derivative or
derivatives underlying the economic terms of the notes is derived from the Bank's or a third party hedge provider's internal pricing models. These
models are dependent on inputs such as the traded market prices of comparable derivative instruments and on various other inputs, some of which
are market-observable, and which can include volatility, dividend rates, interest rates and other factors, as well as assumptions about future market
events and/or environments. Accordingly, the Bank's initial estimated value of the notes was determined when the terms of the notes were set
based on market conditions and other relevant factors and assumptions existing at that time. See "Additional Risk Factors--The Bank's initial
estimated value does not represent future values of the notes and may differ from others' estimates" in this pricing supplement.

The Bank's initial estimated value of the notes is lower than the initial issue price of the notes because costs associated with selling, structuring and
hedging the notes are included in the initial issue price of the notes. These costs include the selling commissions paid to the Bank and other
affiliated or unaffiliated dealers, the projected profits that our hedge counterparties, which may include our affiliates, expect to realize for assuming
risks inherent in hedging our obligations under the notes and the estimated cost of hedging our obligations under the notes. Because hedging our
obligations entails risk and may be influenced by market forces beyond our control, this hedging may result in a profit that is more or less than
expected, or it may result in a loss. We or one or more of our affiliates will retain any profits realized in hedging our obligations under the notes.
See "Additional Risk Factors--The Bank's initial estimated value of the notes is lower than the initial issue price (price to public) of the notes" in
this pricing supplement.

PS-14

VALIDITY OF THE NOTES

In the opinion of Blake, Cassels & Graydon LLP, as Canadian counsel to the Bank, the issue and sale of the notes has been duly authorized by all
necessary corporate action of the Bank in conformity with the indenture, and when the notes have been duly executed, authenticated and issued in
accordance with the indenture, the notes will be validly issued and, to the extent validity of the notes is a matter governed by the laws of the
Province of Ontario or the federal laws of Canada applicable therein, will be valid obligations of the Bank, subject to applicable bankruptcy,
insolvency and other laws of general application affecting creditors' rights, equitable principles, and subject to limitations as to the currency in
which judgments in Canada may be rendered, as prescribed by the Currency Act (Canada). This opinion is given as of the date hereof and is limited
to the laws of the Province of Ontario and the federal laws of Canada applicable therein. In addition, this opinion is subject to customary
assumptions about the trustee's authorization, execution and delivery of the indenture and the genuineness of signature, and to such counsel's
reliance on the Bank and other sources as to certain factual matters, all as stated in the opinion letter of such counsel dated February 27, 2017,
which has been filed as Exhibit 5.2 to the Bank's Registration Statement on Form F-3 filed with the SEC on February 27, 2017.

In the opinion of Mayer Brown LLP, when the notes have been duly completed in accordance with the indenture and issued and sold as
contemplated by the Prospectus Supplement and the Prospectus, the notes will constitute valid and binding obligations of the Bank, entitled to the
benefits of the indenture, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general
applicability relating to or affecting creditors' rights and to general equity principles. This opinion is given as of the date hereof and is limited to
the laws of the State of New York. This opinion is subject to customary assumptions about the trustee's authorization, execution and delivery of the
indenture and such counsel's reliance on the Bank and other sources as to certain factual matters, all as stated in the legal opinion dated
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