Bond CBIC 0% ( US13605WPP04 ) in USD

CBIC

100 % ⇌

Canada

US13605WPP04 ( in USD )

07/04/2021 - Bond has expired

Prospectus brochure of the bond CIBC US13605WPP04 in USD 0%, expired

1 000 USD

311 000 USD

13605WPP0

N/A

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.

CIBC's USD 0% bond (ISIN: US13605WPP04, CUSIP: 13605WPP0), a CAD-issued security with a total issuance size of 311,000 units and a minimum purchase size of 1,000 units, matured on July 4, 2021, at 100% of face value, with a semi-annual coupon payment frequency.

424B2 1 a19-3920_11424b2.htm 424B2

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

PRICING SUPPLEMENT No. PS-499 dated February 5, 2019
(To Prospectus Supplement dated November 6, 2018
and Prospectus dated March 28, 2017)

Ca na dia n I m pe ria l Ba nk of Com m e rc e
$ 3 1 1 ,0 0 0
Se nior Globa l M e dium -T e rm N ot e s
Ca ppe d Le ve ra ge d S& P 5 0 0 ® I nde x -Link e d N ot e s due
April 7 , 2 0 2 1

T he not e s do not be a r int e re st . The amount that you will be paid on your notes on the stated maturity date (April 7, 2021,
subject to adjustment) is based on the performance of the S&P 500® Index (the "underlier") as measured from the trade date to and
including the determination date (April 5, 2021, subject to adjustment). If the final underlier level on the determination date is
greater than the initial underlier level (2,737.70, which was the closing level of the underlier on the trade date), the return on your
notes will be positive, subject to the maximum settlement amount ($1,310.50 for each $1,000 face amount of your notes). I f t he
fina l unde rlie r le ve l is le ss t ha n t he init ia l unde rlie r le ve l, t he re t urn on your not e s w ill be ne ga t ive .

To determine your payment at maturity, we will calculate the underlier return, which is the percentage increase or decrease in the
final underlier level from the initial underlier level. On the stated maturity date, for each $1,000 face amount of your notes, you will
receive an amount in cash equal to:

·
if the underlier return is positive (i.e. the final underlier level is greater than the initial underlier level), the sum of (i) $1,000

plus (ii) the product of (a) $1,000 times (b) 3.0 times (c) the underlier return, subject to the maximum settlement amount; or

·
if the underlier return is zero or negative (i.e. the final underlier level is equal to the initial underlier level or is less than the

initial underlier level), the sum of (i) $1,000 plus (ii) the product of (a) the underlier return times (b) $1,000.

T he not e s ha ve c om ple x fe a t ure s a nd inve st ing in t he not e s involve s risk s not a ssoc ia t e d w it h a n
inve st m e nt in c onve nt iona l de bt se c urit ie s. Se e "Addit iona l Risk Fa c t ors Spe c ific t o Y our N ot e s" he re in on
pa ge PRS-1 0 .

Our estimated value of the notes on the trade date, based on our internal pricing models, is $992.40 per note. The estimated value
is less than the initial issue price of the notes. See "The Bank's Estimated Value of the Notes" in this Pricing Supplement.

Initial Issue Price
Price to Public
Agent's Commission
Proceeds to Issuer
Per Note
$1,000.00
100.00%
0.00%
100.00%
Total
$311,000.00
$311,000.00
$0.00
$311,000.00

T he not e s a re unse c ure d obliga t ions of Ca na dia n I m pe ria l Ba nk of Com m e rc e a nd a ll pa ym e nt s on t he
not e s a re subje c t t o t he c re dit risk of Ca na dia n I m pe ria l Ba nk of Com m e rc e . T he not e s w ill not c onst it ut e
de posit s insure d by t he Ca na da De posit I nsura nc e Corpora t ion, t he U .S. Fe de ra l De posit I nsura nc e
Corpora t ion or a ny ot he r gove rnm e nt a ge nc y or inst rum e nt a lit y of Ca na da , t he U nit e d St a t e s or a ny ot he r
jurisdic t ion. T he not e s a re not ba il-ina ble not e s (a s de fine d on pa ge S -2 of t he prospe c t us supple m e nt ).

N e it he r t he U nit e d St a t e s Se c urit ie s a nd Ex c ha nge Com m ission (t he "SEC") nor a ny st a t e or provinc ia l
se c urit ie s c om m ission ha s a pprove d or disa pprove d of t he se se c urit ie s or de t e rm ine d if t his Pric ing
Supple m e nt or t he a c c om pa nying Produc t Supple m e nt N o. 6 , a c c om pa nying Ge ne ra l T e rm s Supple m e nt
N o. 1 , a c c om pa nying Prospe c t us Supple m e nt a nd a c c om pa nying Prospe c t us is t rut hful or c om ple t e . Any
re pre se nt a t ion t o t he c ont ra ry is a c rim ina l offe nse .

The issue price, agent's commission and net proceeds listed above relate to the notes we will sell initially. We may decide to sell
additional notes after the date of this Pricing Supplement, at issue prices and with agent's commissions and net proceeds that differ
from the amounts set forth above. The return (whether positive or negative) on your investment will depend in part on the issue
price you pay for your notes.

CI BC World M a rk e t s Corp. or one of our ot he r a ffilia t e s m a y use t his Pric ing Supple m e nt in a m a rk e t -m a k ing
t ra nsa c t ion in a not e a ft e r it s init ia l sa le . U nle ss w e or our a ge nt inform s t he purc ha se r ot he rw ise in t he
c onfirm a t ion of sa le , t his Pric ing Supple m e nt is be ing use d in a m a rk e t -m a k ing t ra nsa c t ion.

We w ill de live r t he not e s in book -e nt ry form t hrough t he fa c ilit ie s of T he De posit ory T rust Com pa ny ("DT C")
on Fe brua ry 1 2 , 2 0 1 9 a ga inst pa ym e nt in im m e dia t e ly a va ila ble funds.

CI BC World M a rk e t s
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Ca ppe d Le ve ra ge d S& P 5 0 0 ® I nde x -Link e d N ot e s due April 7 , 2 0 2 1

ABOU T T H I S PRI CI N G SU PPLEM EN T

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"), the General Terms Supplement No. 1, dated May 1, 2017
(the "General Terms Supplement"), and the Product Supplement No. 6 (the "Product Supplement No. 6"), dated May 1, 2017, each
relating to our Senior Global Medium-Term Notes, for additional information about the notes. When you read the accompanying
General Terms Supplement and the Product Supplement No. 6, please note that all references in such supplements to the
Prospectus Supplement dated March 28, 2017, or to any sections therein, should refer instead to the accompanying Prospectus
Supplement dated November 6, 2018 or to the corresponding sections of such Prospectus Supplement, as applicable, unless
otherwise specified or the context otherwise requires. Information in this Pricing Supplement supersedes information in the Product
Supplement No. 6, the General Terms Supplement, the Prospectus Supplement and the Prospectus to the extent it is different from
that information. Certain defined terms used but not defined herein have the meanings set forth in the Product Supplement No. 6,
the General Terms Supplement, the Prospectus Supplement or the Prospectus.

You should rely only on the information contained in or incorporated by reference in this Pricing Supplement, the accompanying
Product Supplement No. 6, the accompanying General Terms Supplement, the accompanying Prospectus Supplement and the
accompanying Prospectus. This Pricing Supplement may be used only for the purpose for which it has been prepared. No one is
authorized to give information other than that contained in this Pricing Supplement, the accompanying Product Supplement No. 6,
the accompanying General Terms Supplement, the accompanying Prospectus Supplement and the accompanying Prospectus, and
in the documents referred to in this Pricing Supplement, the Product Supplement No. 6, the General Terms Supplement, the
Prospectus Supplement and the Prospectus and which are made available to the public. We have not, and CIBC World Markets
Corp. ("CIBCWM") has 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 are not, and CIBCWM is 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, the accompanying
Product Supplement No. 6, the accompanying General Terms Supplement, the accompanying Prospectus Supplement or the
accompanying 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 Product Supplement No. 6, nor the accompanying General Terms Supplement, nor the accompanying Prospectus
Supplement, nor the accompanying Prospectus constitutes an offer, or an invitation on our behalf or on behalf of 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 Product Supplement No. 6, the General Terms 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):

· Product Supplement No. 6, dated May 1, 2017: https://www.sec.gov/Archives/edgar/data/1045520/000110465917028390/a17-

10322_19424b2.htm

· General Terms Supplement No. 1, dated May 1, 2017:

https://www.sec.gov/Archives/edgar/data/1045520/000110465917028383/a17-10322_18424b2.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

PRS-1

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I N V EST M EN T T H ESI S

You should be willing to forgo:

·
gains greater than a maximum settlement amount of 131.05% of the face amount in exchange for 3.0x leveraged upside

participation if the underlier return is positive.

·
interest payments and be willing to risk losing your entire investment for the potential to earn 300.00% of any positive

underlier return up to a maximum settlement amount of 131.05% of the face amount.

Your maximum return on your notes will not be greater than 31.05%, and you could lose all or a substantial portion of your
investment.

DET ERM I N I N G T H E CASH SET T LEM EN T AM OU N T

At maturity, for each $1,000 face amount, the investor will receive (in each case as a percentage of the face amount):

·
if the final underlier level is greater than 100.00% of the initial underlier level, 100.00% plus 300.00% times the underlier

return, subject to a maximum settlement amount of 131.05%; or

·
if the final underlier level is equal to or less than 100.00% of the initial underlier level, 100.00% minus 1.00% for every

1.00% that the final underlier level has declined below the initial underlier level.

I f t he fina l unde rlie r le ve l is le ss t ha n t he init ia l unde rlie r le ve l, t he re t urn on t he not e s w ill be ne ga t ive a nd
t he inve st or c ould lose t he ir e nt ire inve st m e nt in t he not e s.

K EY T ERM S

I ssue r:
Canadian Imperial Bank of Commerce
U nde rlie r:
The S&P 500® Index (Bloomberg symbol, "SPX Index")

Fa c e Am ount :
$311,000 in the aggregate; each note will have a face amount equal to $1,000
T ra de Da t e :
February 5, 2019
Se t t le m e nt Da t e :
February 12, 2019
De t e rm ina t ion Da t e :
April 5, 2021, subject to adjustment
St a t e d M a t urit y Da t e :
April 7, 2021, subject to adjustment
I nit ia l U nde rlie r Le ve l:
2,737.70
Fina l U nde rlie r Le ve l:
The closing level of the underlier on the determination date
U nde rlie r Re t urn:
The quotient of (i) the final underlier level minus the initial underlier level divided
by (ii) the initial underlier level, expressed as a positive or negative percentage
U pside Pa rt ic ipa t ion Ra t e :
300.00%
M a x im um Se t t le m e nt Am ount :
$1,310.50
Ca p Le ve l:
110.35% of the initial underlier level
CU SI P/I SI N :
13605WPP0 / US13605WPP04

PRS-2

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H Y POT H ET I CAL PAY M EN T AT M AT U RI T Y

H ypot he t ic a l Fina l
H ypot he t ic a l Ca sh
U nde rlie r Le ve l (a s
Se t t le m e nt Am ount (a s
Pe rc e nt a ge of
Pe rc e nt a ge of Fa c e
I nit ia l U nde rlie r Le ve l)
Am ount )

150.000%
131.050%

140.000%
131.050%

130.000%
131.050%

https://www.sec.gov/Archives/edgar/data/1045520/000110465919006299/a19-3920_11424b2.htm[2/7/2019 1:06:25 PM]

120.000%
131.050%

115.000%
131.050%

1 1 0 .3 5 0 %
1 3 1 .0 5 0 %

105.000%
115.000%

103.000%
109.000%

101.000%
103.000%

1 0 0 .0 0 0 %
1 0 0 .0 0 0 %

95.000%
95.000%

90.000%
90.000%

75.000%
75.000%

50.000%
50.000%

25.000%
25.000%

0 .0 0 0 %
0 .0 0 0 %

RI SK S

Investing in the notes involves significant risks. Please read the section entitled "Additional Risk Factors Specific to Your Notes" in
this Pricing Supplement as well as the risks and considerations described under "Additional Risk Factors Specific to the Underlier-
Linked Notes" in the accompanying Product Supplement No. 6, under "Additional Risk Factors Specific to the Notes" in the
accompanying General Terms Supplement, under "Risk Factors" in the accompanying Prospectus Supplement, and under "Risk
Factors" in the accompanying Prospectus.

PRS-3

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SU M M ARY I N FORM AT I ON

We refer to the notes we are offering by this Pricing Supplement as the "offered notes" or the "notes". Each of the offered
notes has the terms described below. The notes will be issued under the indenture, dated as of September 15, 2012, between
the Bank and Deutsche Bank Trust Company Americas, as trustee, which we refer to herein as the indenture. This section is
meant as a summary and should be read in conjunction with the section entitled "General Terms of the Underlier-Linked
Notes" in the accompanying Product Supplement No. 6 and "Supplemental Terms of the Notes" in the accompanying General
Terms Supplement. Please note that certain features, as noted below, described in the accompanying Product Supplement
No. 6 and General Terms Supplement are not applicable to the notes. This Pricing Supplement supersedes any conflicting
provisions of the accompanying Product Supplement No. 6 or the accompanying General Terms Supplement.

K e y T e rm s

I ssue r: Canadian Imperial Bank of Commerce

U nde rlie r: the S&P 500® Index (Bloomberg symbol, "SPX Index"), as published by S&P Dow Jones Indices LLC ("S&P")

Spe c ifie d c urre nc y: U.S. dollars ("$")

T e rm s t o be spe c ifie d in a c c orda nc e w it h t he a c c om pa nying Produc t Supple m e nt N o. 6 :

·
type of notes: notes linked to a single underlier

·
exchange rates: not applicable

·
averaging dates: not applicable

·
redemption right or price dependent redemption right: not applicable

·
cap level: yes, as described below

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·
buffer level: not applicable

·
interest: not applicable

Fa c e a m ount : each note will have a face amount of $1,000; $311,000 in the aggregate for all the offered notes; the aggregate
face amount of the offered notes may be increased if the Issuer, at its sole option, decides to sell an additional amount of the
offered notes on a date subsequent to the date of this Pricing Supplement

M inim um I nve st m e nt : $1,000 (one note)

De nom ina t ions: $1,000 and integral multiples of $1,000 in excess thereof

Purc ha se a t a m ount ot he r t ha n fa c e a m ount : the amount we will pay you on the stated maturity date for your notes will
not be adjusted based on the issue price you pay for your notes, so if you acquire notes at a premium (or a discount) to face
amount and hold them to the stated maturity date, it could affect your investment in a number of ways. The return on your
investment in such notes will be lower (or higher) than it would have been had you purchased the notes at face amount.
Additionally, the cap level would be triggered at a lower (or higher) percentage return than indicated below, relative to your initial
investment. See "Additional Risk Factors Specific to Your Notes -- If You Purchase Your Notes at a Premium to Face Amount, the
Return on Your Investment Will Be Lower Than the Return on Notes Purchased at Face Amount and the Impact of Certain Key
Terms of the Notes Will Be Negatively Affected" in this Pricing Supplement.

Ca sh se t t le m e nt a m ount (on t he st a t e d m a t urit y da t e ): for each $1,000 face amount of your notes, we will pay you on
the stated maturity date an amount in cash equal to:

·
if the final underlier level is greater than or equal to the cap level, the maximum settlement amount;

·
if the final underlier level is greater than the initial underlier level but less than the cap level, the sum of (i) $1,000 plus

(ii) the product of (a) $1,000 times (b) the upside participation rate times (c) the underlier return; or

·
if the final underlier level is equal to or less than the initial underlier level, the sum of (i) $1,000 plus (ii) the product of

(a) the underlier return times (b) $1,000.

PRS-4

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I nit ia l unde rlie r le ve l: 2,737.70, which was the closing level of the underlier on the trade date

Fina l unde rlie r le ve l: the closing level of the underlier on the determination date, except in the limited circumstances described
under "Supplemental Terms of the Notes -- Consequences of a Market Disruption Event or a Non-Trading Day" in the
accompanying General Terms Supplement and subject to adjustment as provided under "Supplemental Terms of the Notes --
Discontinuance or Modification of an Underlier" in the accompanying General Terms Supplement

U nde rlie r re t urn: the quotient of (1) the final underlier level minus the initial underlier level divided by (2) the initial underlier
level, expressed as a positive or negative percentage

U pside pa rt ic ipa t ion ra t e : 300.00%

Ca p le ve l: 110.35% of the initial underlier level

M a x im um se t t le m e nt a m ount : $1,310.50

T ra de da t e : February 5, 2019

Origina l issue da t e (se t t le m e nt da t e ): February 12, 2019

De t e rm ina t ion da t e : April 5, 2021, subject to adjustment as described under "Supplemental Terms of the Notes --
Determination Date" in the accompanying General Terms Supplement. Notwithstanding anything to the contrary in the
accompanying General Terms Supplement, if the determination date is adjusted as provided under "Supplemental Terms of the
Notes -- Determination Date" in the accompanying General Terms Supplement, the determination date will not be postponed to a
date later than the originally scheduled stated maturity date or, if the originally scheduled stated maturity date is not a business
day, later than the first business day after the originally scheduled stated maturity date

St a t e d m a t urit y da t e : April 7, 2021, subject to adjustment as described under "Supplemental Terms of the Notes -- Stated
Maturity Date" in the accompanying General Terms Supplement. Notwithstanding anything to the contrary in the accompanying
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General Terms Supplement, if the determination date is postponed as provided under "Determination date" above, the stated
maturity date will be postponed by the same number of business day(s) from but excluding the originally scheduled determination
date to and including the actual determination date

Lim it e d e ve nt s of de fa ult : The only events of default for the notes are (i) default in the payment of the principal of, or interest
on, the notes and, in each case, the default continues for a period of 30 business days and (ii) certain bankruptcy, insolvency or
reorganization events. No other breach or default under our indenture or the notes will result in an event of default for the notes or
permit the trustee or holders to accelerate the maturity of any debt securities that is, they will not be entitled to declare the
principal amount of any notes to be immediately due and payable. See "Additional Risk Factors Specific To Your Notes -- The
Indenture Provides Only Limited Acceleration and Enforcement Rights for the Notes" below

N o int e re st : the offered notes do not bear interest

N o list ing: the offered notes will not be listed on any securities exchange or interdealer quotation system

N o re de m pt ion: the offered notes will not be subject to redemption right or price dependent redemption right

Closing le ve l: as described under "Supplemental Terms of the Notes -- Special Calculation Provisions -- Closing Level" in the
accompanying General Terms Supplement

Busine ss da y: as described under "Supplemental Terms of the Notes -- Special Calculation Provisions -- Business Day" in the
accompanying General Terms Supplement

T ra ding da y: as described under "Supplemental Terms of the Notes -- Special Calculation Provisions -- Trading Day" in the
accompanying General Terms Supplement

U se of proc e e ds a nd he dging: as described under "Use of Proceeds" and "Hedging" in the accompanying Product
Supplement No. 6

ERI SA: as described under "Certain U.S. Benefit Plan Investor Considerations" in the accompanying Product Supplement No. 6

Ca lc ula t ion a ge nt : Canadian Imperial Bank of Commerce. We may appoint a different calculation agent without

PRS-5

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your consent and without notifying you

CU SI P no.: 13605WPP0

I SI N no.: US13605WPP04

St a t us: The notes will constitute direct, unsubordinated and unsecured obligations of CIBC ranking equally with all other direct,
unsecured and unsubordinated indebtedness of CIBC from time to time outstanding (except as otherwise prescribed by law). 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

Cle a ra nc e a nd Se t t le m e nt : We will issue the notes in the form of a fully registered global note registered in the name of the
nominee of DTC. Beneficial interests in the notes will be represented through book-entry accounts of financial institutions acting on
behalf of beneficial owners as direct and indirect participants in DTC. Except in the limited circumstances described in the
accompanying Prospectus, owners of beneficial interests in the notes will not be entitled to have notes registered in their names,
will not receive or be entitled to receive notes in definitive form and will not be considered holders of notes under the indenture

PRS-6

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H Y POT H ET I CAL EX AM PLES

The following table and chart are provided for purposes of illustration only. They should not be taken as an indication or prediction
of future investment results and merely are intended to illustrate the impact that the various hypothetical underlier levels on the
determination date could have on the cash settlement amount at maturity assuming all other variables remain constant.
https://www.sec.gov/Archives/edgar/data/1045520/000110465919006299/a19-3920_11424b2.htm[2/7/2019 1:06:25 PM]

The examples below are based on a range of final underlier levels that are entirely hypothetical; the underlier level on any day
throughout the life of the notes, including the final underlier level on the determination date, cannot be predicted. The underlier has
been highly volatile in the past -- meaning that the underlier level has changed considerably in relatively short periods -- and its
performance cannot be predicted for any future period.

The information in the following examples reflects hypothetical rates of return on the offered notes assuming that they are
purchased on the original issue date at the face amount and held to the stated maturity date. If you sell your notes in a secondary
market prior to the stated maturity date, your return will depend upon the market value of your notes at the time of sale, which may
be affected by a number of factors that are not reflected in the table below, such as interest rates, the volatility of the underlier and
the creditworthiness of CIBC. In addition, the estimated value of your notes at the time the terms of your notes were set on the
trade date (as determined by reference to pricing models used by CIBC) is less than the original issue price of your notes. For
more information on the estimated value of your notes, see "Additional Risk Factors Specific to Your Notes -- The Bank's
Estimated Value of the Notes Is Lower Than the Original Issue Price (Price to Public) of the Notes" in this Pricing Supplement and
"The Bank's Estimated Value of the Notes" in this Pricing Supplement. The information in the following hypothetical examples also
reflects the key terms and assumptions in the box below.

K e y T e rm s a nd Assum pt ions
Face amount
$1,000
Upside participation rate
300.00%
Cap level
110.35% of the initial underlier level
Maximum settlement
$1,310.50
amount
·
Neither a market disruption event nor a non-trading day occurs on the originally scheduled determination date

·
No change in or affecting any of the underlier stocks or the method by which the underlier sponsor calculates

the underlier
·
Notes purchased on original issue date at the face amount and held to the stated maturity date

The actual performance of the underlier over the life of your notes, as well as the cash settlement amount payable at maturity, if
any, may bear little relation to the hypothetical examples shown below or to the historical underlier levels shown elsewhere in this
Pricing Supplement. For information about the historical levels of the underlier during recent periods, see "The Underlier --
Historical Closing Levels of the Underlier" below. Before investing in the offered notes, you should consult publicly available
information to determine the levels of the underlier between the date of this Pricing Supplement and the date of your purchase of
the offered notes.

Also, the hypothetical examples shown below do not take into account the effects of applicable taxes. Because of the U.S. tax
treatment applicable to your notes, tax liabilities could affect the after-tax rate of return on your notes to a comparatively greater
extent than the after-tax return on the underlier stocks.

PRS-7

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The levels in the left column of the table below represent hypothetical final underlier levels and are expressed as percentages of
the initial underlier level. The amounts in the right column represent the hypothetical cash settlement amounts, based on the
corresponding hypothetical final underlier level, and are expressed as percentages of the face amount of a note (rounded to the
nearest one-thousandth of a percent). Thus, a hypothetical cash settlement amount of 100.000% means that the value of the cash
payment that we would deliver for each $1,000 of the outstanding face amount of the offered notes on the stated maturity date
would equal 100.000% of the face amount of a note, based on the corresponding hypothetical final underlier level and the
assumptions noted above.

H ypot he t ic a l Fina l U nde rlie r Le ve l
H ypot he t ic a l Ca sh Se t t le m e nt Am ount

(a s Pe rc e nt a ge of I nit ia l U nde rlie r Le ve l)
(a s Pe rc e nt a ge of Fa c e Am ount )

150.000%
131.050%
140.000%
131.050%
130.000%
131.050%
120.000%
131.050%
115.000%
131.050%
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1 1 0 .3 5 0 %
1 3 1 .0 5 0 %
105.000%
115.000%
103.000%
109.000%
101.000%
103.000%
1 0 0 .0 0 0 %
1 0 0 .0 0 0 %
95.000%
95.000%
90.000%
90.000%
75.000%
75.000%
50.000%
50.000%
25.000%
25.000%
0 .0 0 0 %
0 .0 0 0 %

If, for example, the final underlier level were determined to be 25.000% of the initial underlier level, the cash settlement amount that
we would deliver on your notes at maturity would be 25.000% of the face amount of your notes, as shown in the table above. As a
result, if you purchased your notes on the original issue date at the face amount and held them to the stated maturity date, you
would lose 75.000% of your investment (if you purchased your notes at a premium to face amount you would lose a
correspondingly higher percentage of your investment). If the final underlier level were determined to be 0.000% of the initial
underlier level, you would lose your entire investment in the notes. In addition, if the final underlier level were determined to be
150.000% of the initial underlier level, the cash settlement amount that we would deliver on your notes at maturity would be capped
at the maximum settlement amount, or 131.050% of each $1,000 face amount of your notes, as shown in the table above. As a
result, if you held your notes to the stated maturity date, you would not benefit from any increase in the final underlier level over
110.350% of the initial underlier level.

The following chart shows a graphical illustration of the hypothetical cash settlement amounts that we would pay on your notes on
the stated maturity date, if the final underlier level were any of the hypothetical levels shown on the horizontal axis. The
hypothetical cash settlement amounts in the chart are expressed as percentages of the face amount of your notes and the
hypothetical final underlier levels are expressed as percentages of the initial underlier level. The chart shows that any hypothetical
final underlier level of less than 100.000% (the section left of the 100.000% marker on the horizontal axis) would result in a
hypothetical cash settlement amount of less than 100.000% of the face amount of your notes (the section below the 100.000%
marker on the vertical axis) and, accordingly, in a loss of principal to the holder of the notes. The chart also shows that any
hypothetical final underlier level of greater than or equal to 110.350% (the section right of the 110.350% marker on the horizontal
axis) would result in a capped return on your investment.

PRS-8

Ca ppe d Le ve ra ge d S& P 5 0 0 ® I nde x -Link e d N ot e s due April 7 , 2 0 2 1

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The cash settlement amounts shown above are entirely hypothetical; they are based on market prices for the underlier stocks that
may not be achieved on the determination date and on assumptions that may prove to be erroneous. The actual market value of
your notes on the stated maturity date or at any other time, including any time you may wish to sell your notes, may bear little
relation to the hypothetical cash settlement amounts shown above, and these amounts should not be viewed as an indication of the
financial return on an investment in the offered notes. The hypothetical cash settlement amounts on notes held to the stated
maturity date in the examples above assume you purchased your notes at their face amount and have not been adjusted to reflect
the actual issue price you pay for your notes. The return on your investment (whether positive or negative) in your notes will be
affected by the amount you pay for your notes. If you purchase your notes for a price other than the face amount, the return on
your investment will differ from, and may be significantly lower than, the hypothetical returns suggested by the above examples.
Please read "Additional Risk Factors Specific to the Underlier-Linked Notes -- The Market Value of Your Notes May Be Influenced
by Many Unpredictable Factors" in the accompanying Product Supplement No. 6.

Payments on the notes are economically equivalent to the amounts that would be paid on a combination of other instruments. For
example, payments on the notes are economically equivalent to a combination of an interest-bearing bond bought by the holder
and one or more options entered into between the holder and us (with one or more implicit option premiums paid over time). The
discussion in this paragraph does not modify or affect the terms of the notes or the U.S. federal income tax treatment of the notes,
as described elsewhere in this Pricing Supplement.

We cannot predict the actual final underlier level or what the market value of your notes will be on any particular trading day,
nor can we predict the relationship between the underlier level and the market value of your notes at any time prior to the
stated maturity date. The actual amount that you will receive, if any, at maturity and the rate of return on the offered notes will
depend on the actual final underlier level determined by the calculation agent as described above. Moreover, the assumptions
on which the hypothetical returns are based may turn out to be inaccurate. Consequently, the amount of cash to be paid in
respect of your notes, if any, on the stated maturity date may be very different from the information reflected in the table and
chart above.

PRS-9

Ca ppe d Le ve ra ge d S& P 5 0 0 ® I nde x -Link e d N ot e s due April 7 , 2 0 2 1

ADDI T I ON AL RI SK FACT ORS SPECI FI C T O Y OU R N OT ES

An investment in your notes is subject to the risks described below, as well as the risks and considerations described under
"Risk Factors" in the accompanying Prospectus, under "Risk Factors" in the accompanying Prospectus Supplement, under
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"Additional Risk Factors Specific to the Notes" in the accompanying General Terms Supplement, and under "Additional Risk
Factors Specific to the Underlier-Linked Notes" in the accompanying Product Supplement No. 6. You should carefully review
these risks and considerations as well as the terms of the notes described herein and in the accompanying Prospectus, the
accompanying Prospectus Supplement, the accompanying General Terms Supplement and the accompanying Product
Supplement No. 6. Your notes are a riskier investment than ordinary debt securities. Also, your notes are not equivalent to
investing directly in the underlier stocks, i.e., the stocks comprising the underlier to which your notes are linked. You should
carefully consider whether the offered notes are suited to your particular circumstances.

T he N ot e s Are Subje c t t o t he Cre dit Risk of t he Ba nk

Although the return on the notes will be based on the performance of the underlier, the payment of any amount due on the notes is
subject to the credit risk of the Bank, as issuer of the notes. The notes are our unsecured obligations. As further described in the
accompanying Prospectus and Prospectus Supplement, the notes will rank on par with all of the other unsecured and
unsubordinated debt obligations of the Bank, except such obligations as may be preferred by operation of law. Investors are
dependent on our ability to pay all amounts due on the notes, and therefore investors are subject to our credit risk and to changes
in the market's view of our creditworthiness. See "Description of Senior Debt Securities -- Ranking" on page 2 of the
accompanying Prospectus.

T he Am ount Pa ya ble on Y our N ot e s I s N ot Link e d t o t he Le ve l of t he U nde rlie r a t Any T im e Ot he r t ha n t he
De t e rm ina t ion Da t e

The final underlier level will be based on the closing level of the underlier on the determination date (subject to adjustment as
described elsewhere in this Pricing Supplement). Therefore, if the closing level of the underlier dropped precipitously on the
determination date, the cash settlement amount for your notes may be significantly less than it would have been had the cash
settlement amount been linked to the closing level of the underlier prior to such drop in the level of the underlier. Although the
actual level of the underlier on the stated maturity date or at other times during the life of your notes may be higher than the final
underlier level, you will not benefit from the closing level of the underlier at any time other than on the determination date.

Y ou M a y Lose Y our Ent ire I nve st m e nt in t he N ot e s

You may lose your entire investment in the notes. The cash payment on your notes, if any, on the stated maturity date will be
based on the performance of the underlier as measured from the initial underlier level to the closing level on the determination date.
If the final underlier level is less than the initial underlier level, you will lose, for each $1,000 of the face amount of your notes, an
amount equal to the product of (i) the underlier return times (ii) $1,000. Thus, you may lose your entire investment in the notes,
which would include any premium to face amount you paid when you purchased the notes.

Also, the market price of your notes prior to the stated maturity date may be significantly lower than the purchase price you pay for
your notes. Consequently, if you sell your notes before the stated maturity date, you may receive significantly less than the amount
of your investment in the notes.

Y our N ot e s Do N ot Be a r I nt e re st

You will not receive any interest payments on your notes. As a result, even if the cash settlement amount payable for your notes
on the stated maturity date exceeds the face amount of your notes, the overall return you earn on your notes may be less than you
would have earned by investing in a non-index-linked debt security of comparable maturity that bears interest at a prevailing market
rate.

T he Pot e nt ia l for t he V a lue of Y our N ot e s t o I nc re a se Will Be Lim it e d by t he M a x im um Se t t le m e nt Am ount

Your ability to participate in any change in the value of the underlier over the life of your notes will be limited because of the cap
level. The maximum settlement amount will limit the cash settlement amount you may receive for each of your notes at maturity, no
matter how much the level of the underlier may rise beyond the cap level over the life of your notes. Accordingly, the amount
payable for each of your notes may be significantly less than it would have been had you invested directly in the underlier.

PRS-10

Ca ppe d Le ve ra ge d S& P 5 0 0 ® I nde x -Link e d N ot e s due April 7 , 2 0 2 1

T he N ot e s Will N ot Be List e d on Any Se c urit ie s Ex c ha nge a nd We Do N ot Ex pe c t A T ra ding M a rk e t For t he
N ot e s t o De ve lop

The notes will not be listed or displayed on any securities exchange or any automated quotation system. Although CIBCWM and/or
its affiliates may purchase the notes from holders, they are not obligated to do so and are not required to make a market for the
notes. There can be no assurance that a secondary market will develop for the notes. Because we do not expect that any market
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