Obbligazione CBIC 8% ( US13605WHV63 ) in USD

Emittente CBIC
Prezzo di mercato 100 USD  ▲ 
Paese  Canada
Codice isin  US13605WHV63 ( in USD )
Tasso d'interesse 8% per anno ( pagato 2 volte l'anno)
Scadenza 29/01/2021 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione CIBC US13605WHV63 in USD 8%, scaduta


Importo minimo 1 000 USD
Importo totale 6 024 000 USD
Cusip 13605WHV6
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Descrizione dettagliata La CIBC (Canadian Imperial Bank of Commerce) è una delle maggiori banche del Canada, offrendo servizi di banca al dettaglio, investimenti e gestione patrimoniale a clienti individuali e aziende.

The Obbligazione issued by CBIC ( Canada ) , in USD, with the ISIN code US13605WHV63, pays a coupon of 8% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 29/01/2021







424B2 1 a18-2031_57424b2.htm 424B2

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

Pricing Supplement dated January 26, 2018
(To Prospectus Supplement dated March 28, 2017
and Prospectus dated March 28, 2017)

Canadian Imperial Bank of Commerce
Senior Global Medium-Term Notes (Structured Notes)
$ 6,024,000 Contingent Coupon Autocallable Index Linked Notes Linked to the Lowest Performing of the Russell 2000® Index and the EURO STOXX 50® Index
due January 29, 2021

We, Canadian Imperial Bank of Commerce (the "Bank" or "CIBC"), are offering $6,024,000 aggregate principal amount of our Contingent Coupon Autocallable Index
Linked Notes Linked to the Lowest Performing of the Russell 2000® Index and the EURO STOXX 50® Index due January 29, 2021 (CUSIP 13605WHV6 / ISIN
US13605WHV63) (the "Notes"). The Notes are senior unsecured debt securities of CIBC that do not pay interest at a specified rate, do not repay a fixed amount of
principal at maturity and are subject to potential automatic call upon the terms described in this pricing supplement. Whether the Notes pay a semi-annual contingent
coupon, whether the Notes are automatically called prior to maturity and, if they are not automatically called, whether you are repaid the principal amount of your Notes
at maturity will depend in each case upon the Closing Level of the Lowest Performing of the Russell 2000® Index and the EURO STOXX 50® Index (each a "Reference
Asset" and together the "Reference Assets") on the relevant Valuation Date. The Lowest Performing Reference Asset on any Valuation Date is the Reference Asset that
has the lowest Closing Level on that Valuation Date as a percentage of its Initial Level.

The Notes provide semi-annual Contingent Coupon Payments at a rate of 4.00% (8.00% per annum) until the earlier of maturity or automatic call if, and only if, the
Closing Level of the Lowest Performing Reference Asset on the applicable semi-annual Valuation Date is greater than or equal to its Coupon Barrier Level. However, if
the Closing Level of the Lowest Performing Reference Asset on a Valuation Date is less than its Coupon Barrier Level, you will not receive any Contingent Coupon
Payment for the relevant semi-annual period. If the Closing Level of the Lowest Performing Reference Asset is less than its Coupon Barrier Level on every Valuation
Date, you will not receive any Contingent Coupon Payments throughout the entire term of the Notes.

If the Notes have not been previously called, the amount that you will be paid on your Notes at maturity will depend on the performance of the Reference Assets and will
be calculated as follows:

· If the Final Level of the Lowest Performing Reference Asset on the Final Valuation Date is greater than or equal to its Principal Barrier Level: (i) the Principal
Amount plus (ii) the Contingent Coupon Payment.

· If the Final Level of the Lowest Performing Reference Asset on the Final Valuation Date is less than the Principal Barrier Level: (A) the Principal Amount plus
(B) the Principal Amount multiplied by the Percentage Change.

If the Closing Level of the Lowest Performing Reference Asset on any semi-annual Valuation Date other than the Final Valuation Date is greater than or equal to its
Initial Level, we will automatically call the Notes and pay you on the applicable Call Payment Date your initial investment plus the applicable Contingent Coupon
Payment for that Valuation Date and no further amounts will be owed to you. If, as of the Maturity Date, the Notes have not been called, investors may have downside
market exposure to the Reference Assets, subject to any return previously realized in the form of Contingent Coupon Payments. Your return on the Notes will depend
solely on the performance of the Reference Asset that is the Lowest Performing Reference Asset on each Valuation Date. You will not benefit in any way from
the performance of the better performing Reference Asset. Therefore, you will be adversely affected if any Reference Asset performs poorly, even if the other
Reference Asset performs favorably. Furthermore, you will not participate in any appreciation of any of the Reference Assets.The Notes will be issued in the
denomination of $1,000.00 and integral multiples of $1,000.00 in excess thereof.

The Notes are a new issue of securities with no established trading market. We do not intend to list the Notes on any securities exchange or automated quotation system.

The Notes are unsecured obligations of CIBC and all payments on the Notes are subject to the credit risk of CIBC. 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.

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 Prospectus Supplement and Prospectus is truthful or complete. Any representation to the contrary is
a criminal offense.

Investing in the Notes involves risks. See the "Risk Factors" sections in this pricing supplement and the accompanying Prospectus Supplement and Prospectus.

Per Note
Total





Price to public
100.00%
$6,024,000


Underwriting discounts and commissions
2.25%
$135,540


Proceeds to CIBC (1)
97.75%
$5,888,460

(1) Excludes profits from hedging. For additional considerations relating to hedging activities see "Additional Risk Factors--The Inclusion Of Dealer Spread And
Projected Profit From Hedging In The Original Issue Price Is Likely To Adversely Affect Secondary Market Prices" in this pricing supplement.

The estimated value of the Notes on the Trade Date as determined by the Bank is $948.00 per $1,000.00 Principal Amount of the Notes which is less than the original
issue price of the Notes. See "The Bank's Estimated Value of the Notes" in this pricing supplement for additional information. The difference between the estimated
values of your Notes and the original issue price reflects 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 Trade Date and you may lose all or a substantial
portion of your initial investment. The Bank's profit in relation to the Notes will vary based on the difference between (i) the amounts received by the Bank in connection
with the issuance and the reinvestment return received by the Bank in connection with those funds and (ii) the costs incurred by the Bank in connection with the issuance
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of the Notes and any hedging transactions. The Bank's affiliates may also realize a profit that will be based on (i) the payments received on the hedging transactions
minus (ii) the cost of creating and maintaining the hedging transactions.

We will deliver the Notes in book-entry form through the facilities of The Depository Trust Company ("DTC") on or about January 31, 2018 against payment in
immediately available funds.

Janney Montgomery Scott


ABOUT THIS PRICING SUPPLEMENT

You should read this pricing supplement together with the Prospectus dated March 28, 2017 (the "Prospectus") and the Prospectus Supplement
dated March 28, 2017 (the "Prospectus Supplement"), relating to our Senior Global Medium-Term Notes (Structured Notes), of which these Notes
are a part, for additional information about the Notes. Information in this pricing supplement supersedes information in the Prospectus Supplement
and 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 Prospectus Supplement or the Prospectus.

You should rely only on the information contained in or incorporated by reference in this pricing 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 Prospectus Supplement and the
accompanying Prospectus, in the documents referred to in this pricing supplement, the Prospectus Supplement and the Prospectus and which are
made available to the public. We have not, and Janney Montgomery Scott ("JMS") 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 JMS 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 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 Prospectus Supplement, nor the
accompanying Prospectus constitutes an offer, or an invitation on our behalf or on behalf of JMS, 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 Prospectus Supplement and 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):

·
Prospectus Supplement dated March 28, 2017 and Prospectus dated March 28, 2017 filed with the SEC on March 28, 2017:

https://www.sec.gov/Archives/edgar/data/1045520/000110465917019619/a17-8647_1424b3.htm

PRS-1

SUMMARY

The information in this "Summary" section is qualified by the more detailed information set forth in this pricing supplement, the Prospectus
Supplement dated March 28, 2017 and the Prospectus dated March 28, 2017, each filed with the SEC. See "About This Pricing Supplement" in
this pricing supplement.


Issuer:
Canadian Imperial Bank of Commerce (the "Issuer" or the "Bank")




Type of Note:
Contingent Coupon Autocallable Index Linked Notes Linked to the Lowest Performing of the Russell
2000® Index and the EURO STOXX 50® Index due January 29, 2021




Reference Assets:
Russell 2000® Index (ticker "RTY") and the EURO STOXX 50® Index (ticker "SX5E")




CUSIP/ISIN:
CUSIP: 13605WHV6 / ISIN: US13605WHV63




Minimum Investment:
$1,000.00 (one Note)




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Denominations:
$1,000.00 and integral multiples of $1,000.00 in excess thereof.




Principal Amount:
$1,000.00 per Note




Aggregate Principal Amount of
$6,024,000
Notes:




Currency:
U.S. Dollars




Trade Date:
January 26, 2018




Original Issue Date:
January 31, 2018 (the 3rd scheduled Business Day after the Trade Date)




Initial Level:
·
With respect to the Russell 2000® Index: 1,608.058, its Closing Level on the Trade Date.

·
With respect to the EURO STOXX 50® Index: 3,647.41, its Closing Level on the Trade Date.





Contingent Coupon Payment:
On each Contingent Coupon Payment Date, you will receive payment at a per annum rate equal to the
Contingent Coupon Rate (a "Contingent Coupon Payment") if, and only if, the Closing Level of the
Lowest Performing Reference Asset on the related Valuation Date is greater than or equal to its Coupon
Barrier Level.

If the Closing Level of the Lowest Performing Reference Asset on the related Valuation Date is
less than its Coupon Barrier Level, you will not receive any Contingent Coupon Payment on the
related Contingent Coupon Payment Date. If the Closing Level of the Lowest Performing
Reference Asset is less than its Coupon Barrier Level on all semi-annual Valuation Dates, you will
not receive any Contingent Coupon Payments over the term of the Notes.

Each semi-annual Contingent Coupon Payment, if any, will be calculated per Note as follows: $1,000.00
× Contingent Coupon Rate × (180/360). Any Contingent Coupon Payments will be rounded to the
nearest cent, with one-half cent rounded upward.

PRS-2


Coupon Barrier Level:
The "Coupon Barrier Level" for each Reference Asset is:
·
With respect to the Russell 2000® Index: 1,206.0435 (75% of its Initial Level).

·
With respect to the EURO STOXX 50® Index: 2,735.5575 (75% of its Initial Level).





Contingent Coupon Payment Dates:
Each January 31 and July 31, commencing on July 31, 2018 and ending on the Maturity Date (the
Maturity Date being the Contingent Coupon Payment Date with respect to the Final Valuation Date) or,
if such day is not a Business Day, the first following Business Day, unless the first following Business
Day is in the next calendar month, in which case the Contingent Coupon Payment will be made on the
first preceding Business Day.

The Contingent Coupon Payment Date will be postponed by the same number of Trading Days as the
applicable Valuation Date if a Market Disruption Event occurs or is continuing as described below under
"Certain Terms of the Notes--Market Disruption Events." No interest will accrue as a result of a
delayed payment.




Contingent Coupon Rate:
8.00% per annum (4.00% payable semi-annually in arrears).




Valuation Dates:
A "Valuation Date" means the date five scheduled Trading Days prior to the related Contingent Coupon
Payment Date; except that the Valuation Date immediately preceding the Maturity Date, which we refer
to as the "Final Valuation Date," shall be the fifth scheduled Trading Day prior to the Maturity Date.

The Valuation Dates may be delayed by the occurrence of a Market Disruption Event (as defined
below). See "Certain Terms of the Notes--Market Disruption Events" in this pricing supplement.




Trading Day:
A "Trading Day" means a day on which the principal trading market for each of the Reference Assets is
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open for trading.




Lowest Performing Reference Asset:
On any Valuation Date, the "Lowest Performing Reference Asset" is the Reference Asset that has the
lowest Closing Level on that date as a percentage of its Initial Level.




Call Feature:
If the Closing Level of the Lowest Performing Reference Asset on any Valuation Date other than the
Final Valuation Date is greater than or equal to its Initial Level, we will automatically call the Notes and
pay you on the applicable Call Payment Date your initial investment of $1,000.00 per Note plus the
applicable Contingent Coupon Payment for that Valuation Date and no further amounts will be owed to
you.

If the Notes are automatically called, they will cease to be outstanding on the related Call Payment Date
and you will have no further rights under the Notes after such Call Payment Date. You will not receive
any notice from us if the Notes are automatically called.




Call Payment Date:
A "Call Payment Date" means the Contingent Coupon Payment Date following the relevant Valuation
Date.

The Call Payment Date will be postponed by the same number of Trading Days as the applicable
Valuation Date if a Market Disruption Event occurs or is continuing as described below under "Certain
Terms of the Notes--Market Disruption Events." No interest will accrue as a result of a delayed
payment.




Maturity Date:
January 29, 2021. The Maturity Date is subject to the Call Feature and may be

PRS-3



postponed upon the occurrence of a Market Disruption Event as described below under "Certain Terms
of the Notes--Market Disruption Events." No interest will accrue as a result of a delayed payment.




Payment at Maturity:
If the Notes have not been previously called, the Payment at Maturity will be based on the performance
of the Lowest Performing Reference Asset on the Final Valuation Date and will be calculated as follows:

·
If the Final Level of the Lowest Performing Reference Asset on the Final Valuation Date is greater

than or equal to its Principal Barrier Level, then the Payment at Maturity will equal:

Principal Amount + Contingent Coupon Payment for the Maturity Date

·
If the Final Level of the Lowest Performing Reference Asset on the Final Valuation Date is less

than its Principal Barrier Level, then the Payment at Maturity will equal:

Principal Amount + (Principal Amount × Percentage Change)

If the Final Level is less than the Principal Barrier Level, you will suffer a loss of a portion of the
Principal Amount in an amount equal to the Percentage Change. Accordingly, you could lose up to
100% of your initial investment, subject to any return realized in the form of Contingent Coupon
Payments, if any.




Final Level:
The "Final Level" of each Reference Asset will be the Closing Level of such Reference Asset on the
Final Valuation Date.




Closing Level:
For any date of determination, the "Closing Level" of each Reference Asset will be the closing level of
such Reference Asset published on the applicable Bloomberg page or any successor page on Bloomberg
or any successor service, as applicable. In certain special circumstances, the Closing Level will be
determined by the Calculation Agent, in its discretion, and such determinations will, under certain
circumstances, be confirmed by an independent calculation expert. See "Certain Terms of the Notes--
Unavailability of the Level of the Reference Asset on a Valuation Date," "Certain Terms of the Notes--
Market Disruption Events" and "Appointment of Independent Calculation Experts" in this pricing
supplement.
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The applicable Bloomberg pages for the Reference Assets as of the date of this pricing supplement are:
·RTY <Index>; and
·SX5E <Index>.




Percentage Change:
The "Percentage Change", expressed as a percentage, with respect to the Payment at Maturity, is
calculated as follows for the Lowest Performing Reference Asset:

Final Level ­ Initial Level
Initial Level

For the avoidance of doubt, the Percentage Change may be a negative value.

PRS-4


Principal Barrier Level:
The "Principal Barrier Level" for each Reference Asset is:
·
With respect to the Russell 2000® Index: 1,206.0435 (75% of its Initial Level).

·
With respect to the EURO STOXX 50® Index: 2,735.5575 (75% of its Initial Level).





Principal at Risk:
You may lose all or a substantial portion of your initial investment at maturity if the Final Level of the
Lowest Performing Reference Asset on the Final Valuation Date is below its Principal Barrier Level.




Calculation Agent:
Canadian Imperial Bank of Commerce. We may appoint a different Calculation Agent without your
consent and without notifying you.

All determinations made by the Calculation Agent will be at its sole discretion, and, in the absence of
manifest error, will be conclusive for all purposes and binding on us and you. All percentages and other
amounts resulting from any calculation with respect to the Notes will be rounded at the Calculation
Agent's discretion. The Calculation Agent will have no liability for its determinations.




Status:
The Notes will constitute direct, unsubordinated and unsecured obligations of the Bank ranking pari
passu with all other direct, unsecured and unsubordinated indebtedness of the Bank 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.




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, as set forth above. 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 Trade Date. See "Additional Risks--The
Inclusion Of Dealer Spread And Projected Profit From Hedging In The Original Issue Price Is Likely To
Adversely Affect Secondary Market Prices" in this pricing supplement.




Business Day:
A Monday, Tuesday, Wednesday, Thursday or Friday that is neither a legal holiday nor a day on which
banking institutions are authorized or obligated by law, regulation or order to close in New York or
Toronto.




Listing:
The Notes will not be listed on any securities exchange or quotation system.




Use of Proceeds:
General corporate purposes.




Certain U.S. Benefit Plan Investor
For a discussion of benefit plan investor considerations, please see "Certain U.S. Benefit Plan Investor
Considerations:
Considerations" in the accompanying Prospectus.




Clearance and Settlement:
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 Supplement, owners of
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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-5


Terms Incorporated:
All of the terms appearing under the caption "Description of the Notes We May Offer" beginning on
page S-7 of the accompanying Prospectus Supplement, as modified by this pricing supplement.

INVESTING IN THE NOTES INVOLVES SIGNIFICANT RISKS. YOU MAY LOSE UP TO 100% OF YOUR PRINCIPAL AMOUNT.
ANY PAYMENT ON THE NOTES, INCLUDING ANY REPAYMENT OF PRINCIPAL, IS SUBJECT TO THE
CREDITWORTHINESS OF THE BANK. IF THE BANK WERE TO DEFAULT ON ITS PAYMENT OBLIGATIONS YOU MAY NOT
RECEIVE ANY AMOUNTS OWED TO YOU UNDER THE NOTES AND YOU COULD LOSE YOUR ENTIRE INVESTMENT.

PRS-6

INVESTOR SUITABILITY

The Notes may be suitable for you if:

·
You seek an investment with semi-annual Contingent Coupon Payments at a rate of 4.00% (8.00% per annum) until the earlier of

maturity or automatic call, if, and only if, the Closing Level of the Lowest Performing Reference Asset on the applicable Valuation Date
is greater than or equal to its Coupon Barrier Level.
·
You understand that if the Closing Level of the Lowest Performing Reference Asset on the Final Valuation Date has declined below its

Principal Barrier Level, you will be fully exposed to the decline in such Lowest Performing Reference Asset from its Initial Level and
will lose more than 25%, and possibly up to 100%, of the Principal Amount at maturity.
·
You are willing to accept the risk that you may not receive any Contingent Coupon Payment on one or more, or any, semi-annual

Contingent Coupon Payment Dates over the term of the Notes and may lose up to 100% of the Principal Amount of the Notes at maturity.
·
You understand that the Notes may be automatically called prior to maturity and that the term of the Notes may be as short as

approximately six months.
·
You understand that the return on the Notes will depend solely on the performance of the Reference Asset that is the Lowest Performing

Reference Asset on each Valuation Date and that you will not benefit in any way from the performance of the better performing Reference
Asset.
·
You understand that the Notes are riskier than alternative investments linked to only one of the Reference Assets or linked to a basket

composed of each Reference Asset.
·
You understand and are willing to accept the full downside risks of each Reference Asset.

·
You are willing to forgo participation in any appreciation of any Reference Asset.

·
You are willing to assume the credit risk of the Bank for all payments under the Notes, and understand that if the Bank defaults on its

obligations you may not receive any amounts due to you including any repayment of principal.

The Notes may not be suitable for you if:

·
You seek a liquid investment or are unable or unwilling to hold the Notes to maturity.

·
You are unwilling to accept the risk that the Closing Level of the Lowest Performing Reference Asset on the Final Valuation Day may

decline by more than 25%, and possibly up to 100%, from its Initial Level.
·
You seek exposure to the upside performance of any or each Reference Asset.

·
You require full payment of the Principal Amount of the Notes at maturity.

·
You are unwilling to purchase Notes with an estimated value as of the Trade Date that is lower than the Principal Amount.

·
You seek certainty of current income over the term of the Notes.

·
You seek exposure to a basket composed of each Reference Asset or a similar investment in which the overall return is based on a blend

of the performances of the Reference Assets, rather than solely on the Lowest Performing Reference Asset.
·
You seek a security with a fixed term.

·
You do not fully understand the risks inherent in an investment in the Notes, including the risk of losing up to 100% of your initial

investment.
·
You are not willing to assume the credit risk of the Bank for all payments under the Notes.


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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

PRS-7

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 an investment in the Notes.


CERTAIN TERMS OF THE NOTES

Payments of Principal and Interest

In the event that the stated Maturity Date is not a Business Day, then relevant repayment of principal will be made on the first following Business
Day, unless the first following Business Day is in the next calendar month, in which case the relevant repayment of principal will be made on the
first preceding Business Day ("Modified Following Business Day Convention").

We describe payments as being based on a "day count fraction" of "30/360, unadjusted, Modified Following Business Day Convention." This
means that the number of days in each Contingent Coupon Payment period will be based on a 360-day year of twelve 30-day months ("30/360")
and that the number of days in each Contingent Coupon Payment period will not be adjusted if a Contingent Coupon Payment Date falls on a day
that is not a Business Day ("unadjusted"). We will pay any interest payable on any Contingent Coupon Payment Date other than the Maturity Date
to the persons in whose names the Notes are registered at the close of business one Business Day prior to such Contingent Coupon Payment Date.

If any Contingent Coupon Payment Date or Call Payment Date falls on a day that is not a Business Day (including any Contingent Coupon
Payment Date that is also the Maturity Date), the relevant Contingent Coupon Payment Date or Call Payment Date will be the first following
Business Day, unless the first following Business Day is in the next calendar month, in which case the Contingent Coupon Payment Date or Call
Payment Date will be the first preceding Business Day under the Modified Following Business Day Convention.

Market Disruption Events

If a Market Disruption Event in respect of any Reference Asset occurs or is continuing on any scheduled Valuation Date, then such Valuation Date
will be postponed for each Reference Asset to the first succeeding day that is a Trading Day for each Reference Asset and on which a Market
Disruption Event has not occurred and is not continuing for any Reference Asset. If a Market Disruption Event in respect of any Reference Asset
occurs or is continuing on each Trading Day to and including the seventh Trading Day following the Valuation Date, the Closing Level of each
Reference Asset will be determined (or, if not determinable, estimated by the Calculation Agent in a manner which is considered commercially
reasonable under the circumstances) by the Calculation Agent on that seventh Trading Day, regardless of the occurrence or continuation of a Market
Disruption Event in respect of one or more Reference Assets on that day. In such an event, the Calculation Agent will make a good faith estimate in
its sole discretion of the Closing Level of each affected Reference Asset that would have prevailed in the absence of the Market Disruption Event
in respect of such Reference Asset. No interest will accrue as a result of delayed payment. In the event the Final Valuation Date is postponed as a
result of a Market Disruption Event, the Maturity Date shall be five Business Days after the Final Valuation Date, as so postponed.

A "Market Disruption Event" means any event, circumstance or cause which the Bank determines, and the Calculation Agent confirms, has or will
have a material adverse effect on the ability of the Bank to perform its obligations under the Notes or to hedge its position in respect of its
obligations to make payment of amounts owing thereunder and more specifically includes the following events to the extent that they have such
effect with respect to any of the Reference Assets:

·
a suspension, absence or limitation of trading by the primary market or otherwise relating to the securities which then comprise 20% or

more of the level of such Reference Asset, as determined by the Calculation Agent;

·
a suspension, absence or limitation of trading in futures or options contracts relating to that Reference Asset in the primary market for

those contracts, as determined by the Calculation Agent;

PRS-8

·
any event that disrupts or impairs, as determined by the Calculation Agent, the ability of market participants to effect transactions in, or

obtain market values for, futures or options contracts relating to the Reference Asset in its primary market;

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·
the closure on any day of the primary market for futures or options contracts relating to the Reference Asset on a scheduled Trading Day

prior to the scheduled weekday closing time of that market (without regard to after hours or any other trading outside of the regular
trading session hours) unless such earlier closing time is announced by the primary market at least one hour prior to the earlier of (i) the
actual closing time for the regular trading session on such primary market on such scheduled Trading Day for such primary market and
(ii) the submission deadline for orders to be entered into the relevant exchange system for execution at the close of trading on such
scheduled Trading Day for such primary market;

·
any scheduled Trading Day on which the exchanges or quotation systems, if any, on which futures or options contracts relating to the

Reference Asset are traded, fails to open for trading during its regular trading session; or

·
any other event, if the Calculation Agent determines that the event interferes with our ability or the ability of any of our affiliates to

unwind all or a portion of a hedge with respect to the Notes that we or our affiliates have effected or may effect as described below under
"Use of Proceeds and Hedging" below.

Adjustments to a Reference Asset

If at any time the sponsor or publisher of any Reference Asset (each, a "Sponsor") makes a material change in the formula for or the method of
calculating the Reference Asset, or in any other way materially modifies the Reference Asset (other than a modification prescribed in that formula
or method to maintain the Reference Asset in the event of changes in constituent stock and capitalization and other routine events), then, from and
after that time, the Calculation Agent will, at the close of business in New York, New York, on each date that the Closing Level of the Reference
Asset is to be calculated, calculate a substitute Closing Level of the Reference Asset in accordance with the formula for and method of calculating
the Reference Asset last in effect prior to the change, but using only those securities that comprised the Reference Asset immediately prior to that
change. Accordingly, if the method of calculating the Reference Asset is modified so that the level of the Reference Asset is a fraction or a multiple
of what it would have been if it had not been modified, then the Calculation Agent will adjust the Reference Asset in order to arrive at a level of
the Reference Asset as if it had not been modified. Under certain circumstances, the determinations of the Calculation Agent will be confirmed by
one or more independent calculation experts. See "Appointment of Independent Calculation Experts."

Discontinuance of a Reference Asset

If a Sponsor discontinues publication of a Reference Asset, and such Sponsor or another entity publishes a successor or substitute equity index that
the Calculation Agent determines, in its sole discretion, to be comparable to the Reference Asset (a "successor equity index"), then, upon the
Calculation Agent's notification of that determination to the trustee and Canadian Imperial Bank of Commerce, the Calculation Agent will
substitute the successor equity index as calculated by the relevant Sponsor or any other entity to calculate the Closing Level on any future Valuation
Date. Upon any selection by the Calculation Agent of a successor equity index, Canadian Imperial Bank of Commerce will cause notice to be given
to holders of the Notes.

In the event that a Sponsor discontinues publication of a Reference Asset prior to, and the discontinuance is continuing on, any Valuation Date and
the Calculation Agent determines that no successor equity index is available at such time, the Calculation Agent will calculate a substitute closing
level for the affected Reference Asset in accordance with the formula for and method of calculating the Reference Asset last in effect prior to the
discontinuance, but using only those securities that comprised the Reference Asset immediately prior to that discontinuance. If a successor equity
index is selected or the Calculation Agent calculates a level as a substitute for the Reference Asset, the successor equity index or level will be used
as a substitute for the Reference Asset for all purposes, including the purpose of determining whether a market disruption event exists.

PRS-9

If on any Valuation Date a Sponsor fails to calculate and announce the level of the Reference Asset, the Calculation Agent will calculate a
substitute Closing Level of the Reference Asset in accordance with the formula for and method of calculating the Reference Asset last in effect
prior to the failure, but using only those securities that comprised the Reference Asset immediately prior to that failure; provided that, if a market
disruption event occurs or is continuing on such day, then the provisions set forth above under "--Market Disruption Events" shall apply in lieu of
the foregoing.

Notwithstanding these alternative arrangements, discontinuance of the publication of, or the failure by any Sponsor to calculate and announce the
level of, the applicable Reference Asset may adversely affect the value of the Notes.

Appointment of Independent Calculation Experts

If a calculation or valuation described above under "--Market Disruption Events," "--Adjustments to a Reference Asset," or "Discontinuance of a
Reference Asset" contemplated to be made by the Calculation Agent involves the application of material discretion and is not based on information
or calculation methodologies compiled or utilized by, or derived from, independent third party sources, the Bank will appoint one or more
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calculation experts to confirm such calculation or valuation. Such calculation experts will be independent from the Bank and active participants in
the financial markets in the relevant jurisdiction in which the securities included in the affected Reference Asset are traded. Calculation experts will
not assume any obligation or duty to, or any relationship of agency or trust for or with, the holders of the Notes or the Bank. Holders of the Notes
will be entitled to rely on any valuation or calculations made by such calculation experts and such valuations or calculations will (except in the
case of manifest error) be final and binding on the Bank, the Calculation Agent and the holders of the Notes. Calculation experts will not be
responsible for good faith errors or omissions in the making of any such valuations or calculations. Calculation experts may, with the consent of the
Bank, delegate any of their obligations and functions to a third party as they deem appropriate, but acting honestly and reasonably at all times. The
valuations and calculations of calculation experts will be made available to the holders of the Notes upon request.

Events of Default and Acceleration

If the Notes have become immediately due and payable following an Event of Default (as defined in the section "Description of Senior Debt
Securities--Events of Default" in the accompanying Prospectus) with respect to the Notes, the default amount payable will be equal to the
Payment at Maturity, calculated as though the date of acceleration were the Maturity Date.

If the Notes have become immediately due and payable following an Event of Default, you will not be entitled to any additional payments with
respect to the Notes. For more information, see "Description of Senior Debt Securities--Events of Default" beginning on page 7 of the
accompanying Prospectus.

Withholding

The Bank or the applicable paying agent will deduct or withhold from a payment on a Note any present or future tax, duty, assessment or other
governmental charge that the Bank determines is required by law or the interpretation or administration thereof to be deducted or withheld.
Payments on a Note will not be increased by any amount to offset such deduction or withholding.

PRS-10


HYPOTHETICAL CONTINGENT COUPON PAYMENTS

Set forth below are three examples that illustrate how to determine whether a Contingent Coupon Payment will be paid and whether the Notes will
be automatically called on a semi-annual Contingent Coupon Payment Date prior to the Maturity Date. The examples do not reflect any specific
semi-annual Contingent Coupon Payment Date. The following examples reflect a Contingent Coupon Rate of 8.00% per annum and assume the
hypothetical Initial Levels, Coupon Barrier Levels and Closing Levels for each of the Reference Assets indicated in the examples. These examples
are for purposes of illustration only and the values used in the examples may have been rounded for ease of analysis.

Example 1. The Closing Level of the Lowest Performing Reference Asset on the relevant Valuation Day is greater than or equal to the
Coupon Barrier Level and less than the Initial Level. As a result, investors receive a Contingent Coupon Payment on the applicable semi-
annual Contingent Coupon Payment Date and the Notes are not automatically called:


Russell 2000® Index
EURO STOXX 50® Index
(RTY)
(SX5E)
Hypothetical
1000.00
2000.00
Initial Level
Hypothetical
1000.00
1500.00
Closing Level
Hypothetical
750.00
1500.00
Coupon Barrier Level

Step 1: Determine which of the Reference Assets is the Lowest Performing Reference Asset on the relevant Valuation Date.

In this example, SX5E has the lowest hypothetical Closing Level as a percentage of its hypothetical Initial Level and is, therefore, the Lowest
Performing Reference Asset on the relevant Valuation Date.

Step 2: Determine whether a Contingent Coupon Payment will be paid and whether the Notes will be automatically called on the applicable semi-
annual Contingent Coupon Payment Date.

Since the hypothetical Closing Level of the Lowest Performing Reference Asset on the relevant Valuation Date is greater than or equal to its
hypothetical Coupon Barrier Level, but less than its hypothetical Initial Level, you would receive a Contingent Coupon Payment on the applicable
https://www.sec.gov/Archives/edgar/data/1045520/000110465918005062/a18-2031_57424b2.htm[1/31/2018 12:57:33 PM]


Contingent Coupon Payment Date and the Notes would not be automatically called. The Contingent Coupon Payment would be equal to $40.00
per security, which is the product of $1,000 × 8.00% per annum × (180/360).

Example 2. The Closing Level of the Lowest Performing Reference Asset on the relevant Valuation Day is less than its Coupon Barrier
Level. As a result, investors do not receive a Contingent Coupon Payment on the applicable semi-annual Contingent Coupon Payment
Date and the Notes are not automatically called:


Russell 2000® Index
EURO STOXX 50® Index
(RTY)
(SX5E)
Hypothetical
1000.00
2000.00
Initial Level
Hypothetical
500.00
2500.00
Closing Level
Hypothetical
750.00
1500.00
Coupon Barrier Level

Step 1: Determine which of the Reference Assets is the Lowest Performing Reference Asset on the relevant Valuation Date.

PRS-11

In this example, RTY has the lowest hypothetical Closing Level as a percentage of its hypothetical Initial Level and is, therefore, the Lowest
Performing Reference Asset on the relevant Valuation Date.

Step 2: Determine whether a Contingent Coupon Payment will be paid and whether the Notes will be automatically called on the applicable semi-
annual Contingent Coupon Payment Date.

Since the hypothetical Closing Level of the Lowest Performing Reference Asset on the relevant Valuation Date is less than its hypothetical Coupon
Barrier Level, you would not receive a Contingent Coupon Payment on the applicable Contingent Coupon Payment Date. In addition, the Notes
would not be automatically called, even though the hypothetical Closing Level of the better performing Reference Asset on the relevant Valuation
Date is greater than its hypothetical Initial Level. As this example illustrates, whether you receive a Contingent Coupon Payment and whether the
Notes are automatically called on a semi-annual Contingent Coupon Payment Date depends solely on the Closing Level of the Lowest Performing
Reference Asset on the relevant Valuation Date. The performance of the better performing Reference Asset is not relevant to your return on the
Notes.

Example 3. The Closing Level of the Lowest Performing Reference Asset on the relevant Valuation Date is greater than or equal to its
Initial Level. As a result, the Notes are automatically called on the applicable semi-annual Contingent Coupon Payment Date for the
principal amount plus a final Contingent Coupon Payment:


Russell 2000® Index
EURO STOXX 50®
(RTY)
Index (SX5E)
Hypothetical
1000.00
2000.00
Initial Level
Hypothetical
1500.00
2050.00
Closing Level
Hypothetical
750.00
1500.00
Coupon Barrier Level

Step 1: Determine which of the Reference Assets is the Lowest Performing Reference Asset on the relevant Valuation Date.

In this example, SX5E has the lowest hypothetical Closing Level as a percentage of its hypothetical Initial Level and is, therefore, the Lowest
Performing Reference Asset on the relevant Valuation Date.

Step 2: Determine whether a Contingent Coupon Payment will be paid and whether the Notes will be automatically called on the applicable semi-
annual Contingent Coupon Payment Date.

Since the hypothetical Closing Level of the Lowest Performing Reference Asset on the relevant Valuation Date is greater than or equal to its
hypothetical Initial Level, the Notes would be automatically called and you would receive the principal amount plus a final Contingent Coupon
Payment on the applicable Contingent Coupon Payment Date, which is also referred to as the Call Payment Date. On the Call Payment Date, you
would receive $1,040.00 per Note.
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