Obbligazione CBIC 0% ( US136071BC01 ) in USD

Emittente CBIC
Prezzo di mercato 100 USD  ⇌ 
Paese  Canada
Codice isin  US136071BC01 ( in USD )
Tasso d'interesse 0%
Scadenza 21/10/2021 - Obbligazione č scaduto



Prospetto opuscolo dell'obbligazione CIBC US136071BC01 in USD 0%, scaduta


Importo minimo 1 000 USD
Importo totale 218 000 USD
Cusip 136071BC0
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Descrizione dettagliata La CIBC (Canadian Imperial Bank of Commerce) č una delle maggiori banche del Canada, offrendo servizi di banca al dettaglio, investimenti e gestione patrimoniale a clienti individuali e aziende.

L'obbligazione con codice ISIN US136071BC01 e codice CUSIP 136071BC0, emessa dalla Canadian Imperial Bank of Commerce (CIBC), una delle principali istituzioni finanziarie del Canada con una significativa presenza globale nei settori bancario, dei mercati dei capitali e della gestione patrimoniale, č giunta a scadenza ed č stata rimborsata. Questo strumento di debito, originariamente emesso in Canada e denominato in Dollari Statunitensi (USD), presentava un tasso di interesse dello 0% e un'emissione totale di 218.000 unitā nominali, con un taglio minimo di acquisto pari a 1.000 unitā. La sua data di scadenza era fissata per il 21 ottobre 2021, momento in cui il suo prezzo di mercato era pari al 100% del valore nominale. Sebbene la frequenza di pagamento fosse indicata come due volte all'anno, dato il tasso di interesse nullo, l'obbligazione ha completato il suo ciclo di vita finanziario con il rimborso del capitale alla data di scadenza.







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424B2 1 a19-19323_33424b2.htm 424B2

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


Pricing Supplement dated October 18, 2019
(To Stock-Linked 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

$218,000 Notes Linked to Raymond James Equity Securities Selections due October 21, 2021

·
The notes (the "notes") are linked to a basket of 26 common equity securities (each, a "Reference Stock" and together, the

"Basket") of entities that are not affiliated with us (each, a "Reference Stock Issuer").
·
The Reference Stocks, which were selected in September 2019 by Raymond James & Associates, Inc. ("Raymond James"), are the

common equity securities of the following companies: The Allstate Corporation ("ALL"), Avnet, Inc. ("AVT"), Comcast
Corporation ("CMCSA"), Cisco Systems, Inc. ("CSCO"), CVS Health Corporation ("CVS"), Delta Air Lines, Inc. ("DAL"),
Brinker International, Inc. ("EAT"), Johnson & Johnson ("JNJ"), M.D.C. Holdings, Inc. ("MDC"), Medtronic Public Limited
Company ("MDT"), Marathon Petroleum Corporation ("MPC"), NexPoint Residential Trust, Inc. ("NXRT"), Omega Healthcare
Investors, Inc. ("OHI"), Oracle Corporation ("ORCL"), Polaris Industries Inc. ("PII"), Phillips 66 ("PSX"), QUALCOMM
Incorporated ("QCOM"), Republic Services, Inc. ("RSG"), Skyworks Solutions, Inc. ("SWKS"), TCF Financial Corporation
("TCF"), Targa Resources Corp. ("TRGP"), UnitedHealth Group Incorporated ("UNH"), Union Pacific Corporation ("UNP"),
United Parcel Service, Inc. ("UPS"), Waste Management, Inc. ("WM") and Walmart Inc. ("WMT").
·
The Participation Rate is 96.60%. You may lose all or a portion of the principal amount of your notes at maturity if the value of the

Basket does not increase by at least approximately 3.52%, as described in more detail below.
·
The notes may pay a coupon on the quarterly Coupon Payment Dates. The amount of any coupons to be paid on the notes will not

be fixed, and will depend upon the total dividends or distributions paid on the Reference Stocks during the preceding quarter, as
described in more detail below.
·
On the Maturity Date, the amount that we will pay to you for each $1,000 in principal amount of the notes (the "Redemption

Amount") will depend upon the performance of the Basket over the term of the notes. We describe in more detail below how the
payment at maturity will be determined.
·
The notes will not be listed on any securities exchange.

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

The notes are unsecured obligations of CIBC and any 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. 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-8 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
Agent's Commission (1)
Proceeds to Issuer
(Initial Issue Price)
Per Note
$1,000.00
$20.00
$980.00
Total
$218,000.00
$4,360.00
$213,640.00

(1) CIBC World Markets Corp. ("CIBCWM") will receive commissions from the Issuer of 2.00% of the principal amount of the notes,

or $20.00 per $1,000.00 principal amount. CIBCWM will use these commissions to pay selling concessions or fees to Raymond
James of 2.00% of the principal amount of the notes, or $20.00 per $1,000.00 principal amount for its services in connection with
the distribution of the notes. Please see "Supplemental Plan of Distribution (Conflicts of Interest)" in this pricing supplement.

The initial estimated value of the notes on the Trade Date as determined by the Bank is $966.00 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 October 23, 2019
against payment in immediately available funds.

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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 Stock-Linked 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 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 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, Raymond James and our respective 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, CIBCWM and Raymond James 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, CIBCWM or Raymond James, 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/1045520/000110465918066559/a18-39408_12424b2.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

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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


Principal Amount:
$1,000 per note


Aggregate Principal Amount:
$218,000.00


Term:
Approximately two years


Trade Date/Pricing Date:
October 18, 2019


Original Issue Date:
October 23, 2019


Final Valuation Date:
October 18, 2021, subject to postponement as described under "Certain Terms of the Notes--
Valuation Dates--For Notes Where the Reference Asset Consists of Multiple Reference Stocks" in
the underlying supplement.


Maturity Date:
October 21, 2021, subject to postponement as described under "Certain Terms of the Notes--
Valuation Dates--For Notes Where the Reference Asset Consists of Multiple Reference Stocks" in
the underlying supplement.


Reference Asset:
A basket of 26 Reference Stocks. The Reference Stock Issuers are as follows:



Reference Stock Issuer
Bloomberg Ticker
Initial Price ($)

The Allstate Corporation
ALL UN Equity
108.41

Avnet, Inc.
AVT UW Equity
41.34

Comcast Corporation
CMCSA UW Equity
45.57

Cisco Systems, Inc.
CSCO UW Equity
46.71

CVS Health Corporation
CVS UN Equity
66.16

Delta Air Lines, Inc.
DAL UN Equity
53.83

Brinker International, Inc.
EAT UN Equity
40.21

Johnson & Johnson
JNJ UN Equity
127.70

M.D.C. Holdings, Inc.
MDC UN Equity
46.00

Medtronic Public Limited Company
MDT UN Equity
108.12

Marathon Petroleum Corporation
MPC UN Equity
65.14

NexPoint Residential Trust, Inc.
NXRT UN Equity
50.16

Omega Healthcare Investors, Inc.
OHI UN Equity
44.96

Oracle Corporation
ORCL UN Equity
54.55

Polaris Industries Inc.
PII UN Equity
90.58

Phillips 66
PSX UN Equity
107.20

QUALCOMM Incorporated
QCOM UW Equity
77.68

Republic Services, Inc.
RSG UN Equity
88.24

Skyworks Solutions, Inc.
SWKS UW Equity
87.77

TCF Financial Corporation
TCF UW Equity
36.75

Targa Resources Corp.
TRGP UN Equity
39.37

UnitedHealth Group Incorporated
UNH UN Equity
245.34

Union Pacific Corporation
UNP UN Equity
161.50

United Parcel Service, Inc.
UPS UN Equity
117.35

Waste Management, Inc.
WM UN Equity
117.05

Walmart Inc.
WMT UN Equity
119.14





The Reference Stocks are securities selected by the Equity Research Department of Raymond
James. The identity of the Reference Stocks will not change over the term of the notes, except in
limited circumstances relating to corporate

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events that may affect the Reference Stocks, as described in "Certain Terms of the Notes--Anti-
Dilution Adjustments" in the underlying supplement, provided that shares of a corporation resident
in Canada for purposes of the Income Tax Act (Canada) shall not be eligible for substitution as
described therein. There is no assurance that any Reference Stock Issuer will be successful or that
the price of any Reference Stock will increase. See "Information Regarding the Reference Stocks
--Selection of the Composition of the Basket" in this pricing supplement.


Redemption Amount:
The amount that you will receive at maturity for each $1,000 in principal amount of the notes will
depend upon the performance of the Basket. The Redemption Amount will equal:

$1,000 x the Basket Level Percentage x the Participation Rate.

As discussed in more detail below, the Basket Level Percentage must exceed approximately
103.52% in order for you to receive a Redemption Amount that exceeds the principal amount of
the notes. In addition, the Redemption Amount could be substantially less than the principal
amount of the notes.


Participation Rate:
96.60%. Because the Participation Rate is less than 100%, the Basket Level Percentage must
exceed approximately 103.52% in order for you to receive a Redemption Amount that exceeds the
principal amount of the notes. In addition, because the Participation Rate is less than 100%, the
coupon payments you may receive on the notes will be less than the applicable Dividend Amounts.


Basket Level Percentage:
The sum of the Weighted Reference Stock Performances.


Weighted Reference Stock
For each Reference Stock, the product of (a) its Reference Stock Performance and (b) its Reference
Performance:
Stock Weighting.


Reference Stock Weighting:
For each Reference Stock, 1/26 (approximately 3.8461%)


Reference Stock Performance:
For each Reference Stock, its Reference Stock Performance will equal (a) its Final Price divided
by (b) its Initial Price, expressed as a percentage.


Initial Price:
For each Reference Stock, its Closing Price on the Pricing Date, as set forth in the table above. The
Initial Price of each Reference Stock is subject to adjustment as described under "Certain Terms of
the Notes--Anti-Dilution Adjustments" in the underlying supplement, provided that "--
Extraordinary Dividends" does not apply to the notes.


Final Price:
For each Reference Stock, its Closing Price on the Final Valuation Date.


Coupon Payment Dates:
The third Business Day following the related Coupon Calculation Date, with the final coupon paid
on the Maturity Date.


Coupon Calculation Dates:
Quarterly, on the 18th day of each January, April, July and October, commencing on January 18,
2020 and ending on October 18, 2021, subject to postponement as described under "Certain Terms
of the Notes--Valuation Dates--For Notes Where the Reference Asset Consists of Multiple
Reference Stocks" in the underlying supplement.


Coupon Payments:
For each $1,000 in principal amount, the amount of coupon payments, if any, will depend upon the
amount of dividends paid on each Reference Stock during the Coupon Calculation Period
preceding each Coupon Payment Date, and will equal (a) the sum of the Dividend Amounts for
each of the Reference Stocks multiplied by (b) the Participation Rate.


Coupon Calculation Period:
The first Coupon Calculation Period will commence on the Pricing Date and end on the first
Coupon Calculation Date. Each subsequent Coupon Calculation

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Period will begin on the Trading Day following an Coupon Calculation Date and end on the next
Coupon Calculation Date.


Dividend Amount:
For each Reference Stock, an amount in U.S. dollars equal to (a) $1,000 divided by the applicable
Initial Price multiplied by (b) the applicable Reference Stock Weighting multiplied by (c) 100% of
the gross cash distributions (including ordinary and extraordinary dividends), after withholding tax
that would be imposed on CIBC with respect to such dividends, if any, per share or unit of the
Reference Stock declared by the Reference Stock Issuer where the date that the applicable
Reference Stock has commenced trading ex-dividend on its primary U.S. securities exchange as to
each relevant distribution occurs during the relevant Coupon Calculation Period. If any Dividend
Amount announced and/or declared by the relevant Reference Stock Issuer is not paid as so
announced or declared, or is paid in a smaller amount, the calculation agent shall make such
adjustments to the Basket as shall be necessary to reflect the actual amount received by holders of
the Reference Stocks. The positive effect of any Dividend Amounts on any coupon payments will
be reduced as a result of the Participation Rate set forth above.


Record Date:
The third Business Day immediately preceding the relevant Coupon Payment Date, provided the
final Coupon Payment will be paid to the holders entitled to the payment at maturity.


Calculation Agent:
Canadian Imperial Bank of Commerce


CUSIP / ISIN:
CUSIP: 136071BC0 / ISIN: US136071BC01


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.


Distribution:
The notes are not intended for purchase by any investor that is not a United States person, as that
term is defined for U.S. federal income tax purposes, and no dealer or agent may make offers of
the notes to any such investor.

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HYPOTHETICAL PAYMENT AT MATURITY

The following hypothetical examples are provided for illustrative purposes only. They do not purport to be representative of every
possible scenario concerning increases or decreases in the value of the Basket and the related effect on the Redemption Amount. The
following hypothetical examples illustrate the payment you would receive on the Maturity Date if you purchased $1,000 in principal
amount of the notes. Numbers appearing in the examples below have been rounded for ease of analysis. The examples below are based
on the Participation Rate of 96.60%. This table does not reflect any coupons that may be paid on the notes.

Redemption Amount
Percentage Gain (or Loss)
Basket Level Percentage
per $1,000 in Principal Amount
per $1,000 in Principal Amount




140.00%
$1,352.40
35.24%

130.00%



$1,255.80
25.58%

120.00%



$1,159.20
15.92%

110.00%



$1,062.60
6.26%

105.00%



$1,014.30
1.43%

103.52%

(1)
$1,000.00

0.00%

100.00%

(2)
$966.00

-3.40%

95.00%



$917.70
-8.23%

90.00%



$869.40
-13.06%

80.00%



$772.80
-22.72%

70.00%



$676.20
-32.38%

60.00%



$579.60
-42.04%


(1 )For you to receive a Redemption Amount greater than the principal amount of the notes, the Basket Level Percentage must be
greater than approximately 103.52%, because the Participation Rate is only 96.60%.
(2 )If the Basket Level Percentage is less than approximately 103.52%, you will lose some or all of the principal amount of the notes.

Please see "Additional Risk Factors--Your Investment in the Notes May Result in a Loss" below.

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INVESTOR SUITABILITY

The notes may be suitable for you if:

·
You believe that the Basket Level Percentage will be greater than approximately 103.52%.


·
You understand that the Participation Rate is less than 100%, which will negatively affect your return on the notes.


·
You seek an investment with quarterly Coupon Payments based on the amount of dividends paid on the Reference Stocks during the

term of the notes.

·
You are willing to accept the risk that you may not receive any Coupon Payments on most or all of the Coupon Payment Dates and

may lose up to 100% of the principal amount of the notes at maturity.

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


·
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 payments under the notes.


The notes may not be suitable for you if:

·
You believe that the Basket Level Percentage will be less than approximately 103.52%.


·
You are unwilling to accept that the Participation Rate is less than 100%, which will negatively affect your return on the notes.


·
You believe that the Coupon Payments, if any, will not provide you with your desired return.


·
You are unwilling to accept the risk that you may not receive any Coupon Payments on most or all of the Coupon Payment Dates and

may lose up to 100% of the principal amount of the notes at maturity.

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


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


·
You are unable or unwilling to hold the notes to maturity.


·
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 all payments 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.

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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 accompanying
prospectus supplement and page 1 of the accompanying 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.

Your Investment in the Notes May Result in a Loss.

The notes do not guarantee any return of principal. The amount payable on the notes at maturity will depend on the performance of the
Reference Stocks and the dividends declared on the Reference Stocks, and may be less, and possibly significantly less, than the
principal amount. If the prices of the Reference Stocks decrease and the final coupon payment, if any, is not sufficient to offset that
decrease, the payment at maturity will be less than the principal amount.

In addition, because the Participation Rate is only 96.60%, the Basket Level Percentage must exceed approximately 103.52% in order
for you to receive a Redemption Amount that exceeds the principal amount. You may lose all or a substantial portion of the amount
that you invested to purchase the notes. You may incur a loss, even if the Basket Level Percentage is positive (but less than
approximately 103.52%). Please also see "The Notes Will Not Reflect the Full Performance of the Reference Stocks, Which May
Negatively Impact Your Return."

The Notes May Not Pay Coupon.

There may be no periodic coupon payments on the notes, and any such payments may be less than there would be on a conventional
fixed-rate or floating-rate debt security having the same maturity. The amount of each coupon payment, if any, will depend upon the
amount of dividends paid on each Reference Stock during the Coupon Calculation Period preceding each Coupon Payment Date, as
adjusted by the Participation Rate.

The Notes Will Not Reflect the Full Performance of the Reference Stocks, Which May Negatively Impact Your Return.

Because the calculation of the Redemption Amount includes a Participation Rate of less than 100%, the return, if any, on the notes will
not reflect the full performance of the Reference Stocks. Therefore, the yield to maturity based on the methodology for calculating the
Redemption Amount will be less than the yield that would be produced if the Reference Stocks were purchased and held for a similar
period. In addition, because the Participation Rate is less than 100%, any coupon payments you receive on the notes will be less than
the applicable Dividend Amounts.

Payments on the Notes Are 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.

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The Bank's Initial Estimated Value of the Notes 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 prices of the Reference Stocks, 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.
Any Increase in the Price of One or More Reference Stocks May Be Offset by Decreases in the Price of One or More Other
Reference Stocks.
The price of one or more of the Reference Stocks may increase while the price of one or more of the other Reference Stocks decreases.
Therefore, in determining the value of the Basket at any time, increases in the price of one Reference Stock may be moderated, or
wholly offset, by decreases in the price of one or more other Reference Stocks.
The Redemption Amount Will Not Reflect Changes in the Price of Each Reference Stock Other than on the Final Valuation
Date.
Changes in the price of each Reference Stock during the term of the notes other than on the Final Valuation Date will not be reflected
in the calculation of the Redemption Amount. To calculate the Redemption Amount, the calculation agent will compare only the Final
Price of each Reference Stock to its Initial Price. No other prices of the Reference Stocks will be taken into account. As a result, even if
the price of each Reference Stock has increased at certain times during the term of the notes, you will receive a Redemption Amount
that is less than the principal amount if the Final Price of each Reference Stock is less than its Initial Price.
Correlation Among the Reference Stocks May Affect the Value of Your Notes.
The Reference Stocks may not represent a diversified portfolio of securities. To the extent that the Reference Stocks move in the same
direction (i.e., are highly correlated), you will lose some or all of the benefits that would ordinarily apply to a diversified portfolio of
securities.
Certain Business, Trading and Hedging Activities of Us, CIBCWM, Raymond James or Our Respective Affiliates May Create
Conflicts with Your Interests and Could Potentially Adversely Affect the Value of the Notes.

We, CIBCWM, Raymond James, and our respective affiliates may engage in trading and other business activities related to a Reference
Stock that are not for your account or on your behalf. We, CIBCWM, Raymond James, and our respective affiliates also may issue or
underwrite other financial instruments with returns based upon a Reference Stock. These activities may present a conflict of interest
between your interest in the notes and the

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