Obligation CBIC 0% ( US13605WHK09 ) en USD

Société émettrice CBIC
Prix sur le marché 100 %  ⇌ 
Pays  Canada
Code ISIN  US13605WHK09 ( en USD )
Coupon 0%
Echéance 19/12/2022 - Obligation échue



Prospectus brochure de l'obligation CIBC US13605WHK09 en USD 0%, échue


Montant Minimal 1 000 USD
Montant de l'émission 2 975 000 USD
Cusip 13605WHK0
Notation Standard & Poor's ( S&P ) N/A
Notation Moody's N/A
Description détaillée La Banque CIBC (Canadian Imperial Bank of Commerce) est une grande banque commerciale canadienne offrant une gamme complète de services financiers, y compris des services bancaires aux particuliers et aux entreprises, des services de gestion de patrimoine et des services de marchés des capitaux.

L'Obligation émise par CBIC ( Canada ) , en USD, avec le code ISIN US13605WHK09, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 19/12/2022







424B2 1 a17-27902_19424b2.htm 424B2

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

Pricing Supplement dated December 12, 2017
(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)
$2,975,000 Buffered Enhanced Return Notes Linked to the Russell 2000® Index due December 19, 2022

Issuer:
Canadian Imperial Bank of Commerce
Pricing Date:
December 12, 2017
Issue Date:
December 19, 2017
Valuation Date:
December 12, 2022
Maturity Date:
December 19, 2022
Reference Index:
Russell 2000® Index (Bloomberg symbol "RTY <Index>")
Participation Rate:
250.00%
Threshold Value:
90.00% of the Index Start Level
Buffer Percentage:
10.00%
Capped Value:
$1,425.00 per Note (corresponding to a maximum return of 42.50%)
Payment at Maturity:
If you hold your Notes to maturity, you will receive (in each case, subject to our credit risk) a cash payment per $1,000 principal amount Note
that you hold calculated as follows:

· If the Index End Level is equal to or greater than the Index Start Level, you will receive a cash payment per $1,000 principal amount
Note calculated as follows:
$1,000 + [$1,000 x (Index Return x Participation Rate)], subject to a maximum return of $1,425.00 per Note

· If the Index End Level is less than the Index Start Level but the Index Return is equal to or greater than -10.00%, you will receive a cash
payment of $1,000 per $1,000 principal amount Note

· If the Index Return is less than -10.00%, you will receive a cash payment per $1,000 principal amount Note calculated as follows:

$1,000 + [$1,000 x (Index Return + Buffer Percentage)]

If the Index End Level declines by more than 10.00% from the Index Start Level, you will lose 1% of the principal amount of your Notes for every 1% that the Index
Return falls below -10.00%. You may lose up to 90.00% of the principal amount of your Notes.

[Terms of the Notes Continue on the Next Page]


Initial Issue Price(1)(2)
Price to Public(1)(2)
Agent's Commission(3)
Proceeds to Issuer(3)
Per Note
$1,000.00
100.00%
4.50%
95.50%
Total
$2,975,000.00
$2,975,000.00
$133,875.00
$2,841,125.00

(1) Certain dealers that purchase the Notes for sale to certain fee-based advisory accounts may forego some or all of their selling concessions, fees or commissions. The
price to public for investors purchasing the Notes in these accounts may be as low as $955.00 per $1,000 principal amount of the Notes.

(2) Our estimated value of the Notes on the Pricing Date, based on our internal pricing models, is $933.50 per Note. The estimated value is less than the principal
amount of the Notes. See "The Bank's Estimated Value of the Notes" in this Pricing Supplement.

(3) CIBC World Markets Corp. will receive commissions from the Issuer of up to 4.50% of the principal amount of the Notes, or up to $45.00 per $1,000 principal
amount. CIBC World Markets Corp. will use these commissions to pay variable selling concessions or fees (including custodial or clearing fees) to other dealers. The
actual commission received by CIBC World Markets Corp. will be equal to the selling concession paid to such dealers. Dealers who purchase the Notes for sale to
certain fee-based advisory accounts may forgo some or all selling concessions or fees or commissions, as described above. In such circumstances, CIBC World
Markets Corp. will also forgo some or all commissions paid to it by the Issuer.

Terms of the Notes, Continued

Index Return:
The performance of the Index from the Index Start Level to the Index End Level, calculated as follows:

Index End Level ­ Index Start Level
Index Start Level
Index Start Level:
1516.117, the Index Closing Level on the Pricing Date.
Index End Level:
The Index Closing Level on the Valuation Date.
Denominations:
Minimum denomination of $1,000, and integral multiples of $1,000 in excess thereof
Calculation Agent:
Canadian Imperial Bank of Commerce
CUSIP/ISIN:
13605WHK0 / US13605WHK09

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The Notes are unsecured obligations of Canadian Imperial Bank of Commerce and all payments on the Notes are subject to the credit risk of
Canadian Imperial Bank of Commerce. 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.

CIBC World Markets Corp. or one of our other affiliates may use this Pricing Supplement in a market-making transaction in a security after its
initial sale. Unless we or our agent informs the purchaser otherwise in the confirmation of sale, this Pricing Supplement is being used in a market-
making transaction.

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

We will deliver the Notes in book-entry form through the facilities of The Depository Trust Company ("DTC") on or about December 19, 2017 against
payment in immediately available funds.


CIBC World Markets


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, and 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 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 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 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 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
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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:
Buffered Enhanced Return Notes Linked to a the Russell 2000® Index due December 19, 2022
Reference Index:
Russell 2000® Index (Bloomberg symbol "RTY <Index>")
Principal Amount:
$1,000 per Note
Pricing Date:
December 12, 2017
Issue Date:
December 19, 2017
Valuation Date:
December 12, 2022. The Valuation Date may be delayed by the occurrence of a Market Disruption Event (as
defined below). See "Certain Terms of the Notes--Market Disruption Events."
Maturity Date:
December 19, 2022. The Maturity Date may be 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 delayed payment.
Payment at Maturity:
If you hold your Notes to maturity, you will receive (in each case, subject to our credit risk) a cash payment
per $1,000 principal amount Note that you hold equal to the product of:

·
If the Index End Level is equal to or greater than the Index Start Level, you will receive a cash payment per

$1,000 principal amount Note calculated as follows:

$1,000 + [$1,000 x (Index Return x Participation Rate)], subject to a maximum return of $1,425.00 per Note

·
If the Index End Level is less than the Index Start Level but the Index Return is equal to or greater than -

10.00%, you will receive a cash payment of $1,000 per $1,000 principal amount Note

·
If the Index Return is less than -10.00%, you will receive a cash payment per $1,000 principal amount Note

calculated as follows:
$1,000 + [$1,000 x (Index Return + Buffer Percentage)]
Index Start Level:
1516.117, the Index Closing Level on the Pricing Date.
Index End Level:
The Index Closing Level of the Reference Index on the Valuation Date.
Index Closing Level:
For any date, the official closing level of the Reference Index as reported by the Index sponsor on such date.
Index Return:
The performance of the Reference Index from the Index Start Level to the Index End Level, calculated as
follows:

Index End Level ­ Index Start Level
Index Start Level

PRS-2


For the avoidance of doubt, the Index Return may be a negative value.
Participation Rate:
250.00%
Threshold Value:
90.00% of the Index Start Level
Buffer Percentage:
10.00%
Capped Value:
$1,425.00 per Note (corresponding to a maximum return of 42.50%)
Calculation Agent:
Canadian Imperial Bank of Commerce. We may appoint a different calculation agent without your consent
and without notifying you.
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All determinations made by the Calculation Agent will be at the sole discretion of it, 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.
Trading Day:
A "Trading Day" means a day on which the principal trading market for futures and options on the Reference
Index is open for trading.
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.
No Listing:
The Notes will not be listed on any securities exchange or quotation system.
Clearance and Settlement:
The Depository Trust Company ("DTC")
Material U.S. Tax Consequences: By purchasing the Notes, each holder agrees to treat them as prepaid cash-settled derivative contracts for U.S.
federal income tax purposes. Assuming this treatment is respected, gain or loss recognized on the Notes
should be treated as long-term capital gain or loss if the holder has held the Notes for more than a year.
However, if the Internal Revenue Service were successful in asserting an alternative treatment of the Notes,
the tax consequences of the ownership and disposition of the Notes might be materially and adversely
affected. As described below under "Certain United States Federal Income Tax Considerations," the U.S.
Treasury Department and the Internal Revenue Service released a notice requesting comments on various
issues regarding the U.S. federal income tax treatment of "prepaid forward contracts" and similar instruments.
Any Treasury regulations or other guidance promulgated after consideration of these issues could materially
and adversely affect the tax consequences of an investment in the Notes, including the character and timing of
income or loss and the degree, if any, to which income realized by non-U.S. persons should be subject to
withholding tax, possibly with retroactive effect. Both U.S. and non-U.S. persons considering an investment
in the Notes should review carefully the section of this Pricing Supplement entitled "Certain United States
Federal Income Tax Considerations" and consult their tax advisers regarding the U.S. federal tax consequences
of an investment in the Notes (including possible alternative treatments and the issues presented by the
notice), as well as tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.
Certain Benefit Plan
For a discussion of benefit plan investor considerations, please see "Certain U.S.

PRS-3

Considerations:
Benefit Plan Investor Considerations" in the accompanying Prospectus.
Denominations:
$1,000 and integral multiples of $1,000 in excess thereof.
CUSIP/ISIN:
13605WHK0 / US13605WHK09

INVESTING IN THE NOTES INVOLVES SIGNIFICANT RISKS. YOU MAY LOSE UP TO 90.00% OF YOUR ENTIRE 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-4

INVESTOR SUITABILITY

The Notes may be suitable for you if:

· You fully understand the risks inherent in an investment in the Notes, including the risk of losing up to 90.00% of your initial investment.

· You can tolerate a loss of a substantial portion of your initial investment and are willing to make an investment that has downside market
risk to the extent that the Index Return is less than -10.00%.

· You do not believe that the value of the Reference Index will decline from the Index Start Level by more than the Buffer Percentage.

· You can tolerate fluctuations in the price of the Notes prior to maturity that may be similar to or exceed the downside fluctuations in the
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level of the Reference Index.

· You accept that there may be little or no secondary market for the Notes.

· You are willing to forgo interest payments that are paid on conventional interest bearing debt securities.

· You accept that the return on the Notes will be capped.

· 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 do not fully understand the risks inherent in an investment in the Notes, including the risk of losing up to 90.00% of your initial
investment.

· You require an investment designed to guarantee a full return of principal at maturity.

· You cannot tolerate a loss of a substantial portion of your initial investment and are not willing to make an investment that has downside
market risk to the extent that the Index Return is less than -10.00%.

· You believe that the level of the Reference Index will decline from the Index Start Level or that it will not increase sufficiently over the
term of the Notes to provide you with your desired return.

· You cannot tolerate fluctuations in the price of the Notes prior to maturity that may be similar to or exceed the downside fluctuations in
the level of the Reference Index.

· You seek current income from your investment.

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

· You seek an uncapped return on your investment.

· 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 an investment in the Notes.

PRS-5

ADDITIONAL TERMS OF THE NOTES

Canadian Imperial Bank of Commerce will issue the Notes as part of a series of senior unsecured debt securities entitled "Senior Global Medium-
Term Notes (Structured Notes)," which is more fully described in the accompanying Prospectus Supplement and Prospectus. Information included
in this Pricing Supplement supersedes information in the Prospectus Supplement and Prospectus to the extent that it is different from that
information.

Payment at Maturity

In the event that the stated Maturity Date is not a Business Day, then the relevant payment at maturity will be made on the next Business Day.

Market Disruption Events

If a Market Disruption Event in respect of the Reference Index occurs or is continuing on the Valuation Date, the Index Closing Level for the
Valuation Date will equal the Index Closing Level on the first Trading Day following the Valuation Date on which the Calculation Agent
determines that a Market Disruption Event in respect of the Reference Index is not continuing. If a Market Disruption Event in respect of the
Reference Index occurs or is continuing on each Trading Day to and including the seventh Trading Day following the Valuation Date, the Index
Closing Level 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 the Reference Index on that day. In such an event, the Calculation Agent will make a good faith estimate in its sole
discretion of the Index Closing Level that would have prevailed in the absence of the Market Disruption Event in respect of the Reference Index.
No interest will accrue as a result of delayed payment.

A "Market Disruption Event" in respect of the Reference Index 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 the Reference Index:
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·
a suspension, absence or limitation of trading in futures or options contracts relating to the Reference Index in the primary market for

those contracts, as determined by the Calculation Agent;

·
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 Index in its primary market;

·
the closure on any day of the primary market for futures or options contracts relating to the Reference Index 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 on the Reference

Index 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."

PRS-6

Adjustments to the Reference Index

If at any time a sponsor or publisher of the Reference Index (the "Index sponsor") makes a material change in the formula for or the method of
calculating the Reference Index, or in any other way materially modifies the Reference Index (other than a modification prescribed in that formula
or method to maintain the Reference Index 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 Index Closing Level is to be
calculated, calculate a substitute Index Closing Level in accordance with the formula for and method of calculating the Reference Index last in
effect prior to the change, but using only those securities that comprised the Reference Index immediately prior to that change. Accordingly, if the
method of calculating the Reference Index is modified so that the Index Closing Level 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 Index in order to arrive at an Index Closing Level as if it had not been
modified.

Discontinuance of the Reference Index

If the Index sponsor discontinues publication of the Reference Index, and such Index 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 Index (a "Successor Equity Index"),
then, upon the Calculation Agent's notification of that determination to the trustee and the Bank, the Calculation Agent will substitute the Successor
Equity Index as calculated by the relevant Index sponsor or any other entity and calculate the Index Closing Level as described above. Upon any
selection by the Calculation Agent of a Successor Equity Index, the Bank will cause notice to be given to holders of the Notes.

In the event that the Index sponsor discontinues publication of the Reference Index prior to, and the discontinuance is continuing on, the Valuation
Date and the Calculation Agent determines that no Successor Equity Index is available at such time, the Calculation Agent will calculate a
substitute Index Closing Level in accordance with the formula for and method of calculating the Reference Index last in effect prior to the
discontinuance, but using only those securities that comprised the Reference Index 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 Index, the Successor Equity Index or level will be used
as a substitute for the Reference Index for all purposes, including the purpose of determining whether a Market Disruption Event exists.

If on the Valuation Date the Index sponsor fails to calculate and announce the level of the Reference Index, the Calculation Agent will calculate a
substitute Index Closing Level in accordance with the formula for and method of calculating the Reference Index last in effect prior to the failure,
but using only those securities that comprised the Reference Index 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 the Index sponsor to calculate and announce
the level of the Reference Index may adversely affect the value of the Notes.

Calculation Agent

The Bank or one of its affiliates will act as Calculation Agent for the Notes and may appoint agents to assist it in the performance of its duties. See
"Risk Factors--There Are Potential Conflicts of Interest Between You and the Calculation Agent" in this Pricing Supplement. We may appoint a
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different calculation agent without your consent and without notifying you.

The Calculation Agent will determine the redemption amount you receive at stated maturity. In addition, the Calculation Agent will, among other
things:

· determine whether a Market Disruption Event has occurred;


PRS-7

· determine if adjustments are required to the Index Closing Level under various circumstances; and


· if publication of the Reference Index is discontinued, select a Successor Equity Index or, if no Successor Equity Index is available,

determine the Index Closing Level.

All determinations made by the Calculation Agent will be at the sole discretion of the Calculation Agent 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.

Appointment of Independent Calculation Experts

If a calculation or valuation described above under "--Market Disruption Events" or "--Discontinuance of the Reference Index" 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 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 futures or options contracts on the Reference Index 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 amount payable on the Notes 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 payments with respect to the
Notes in addition to the Payment at Maturity, calculated as set forth in the preceding paragraph. 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 we determine 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-8

HYPOTHETICAL PAYMENTS AT MATURITY ON THE NOTES

The following table illustrates the hypothetical total return on the Notes under various circumstances. The "total return" as used in this Pricing
Supplement is the number, expressed as a percentage, that results from comparing the payment at maturity per $1,000 principal amount Note to
$1,000. The hypothetical total returns set forth below are for illustrative purposes only and may not be the actual total returns applicable to a
purchaser of the Notes. The numbers appearing in the following table have been rounded for ease of analysis and do not take into account any tax
consequences of investing in the Notes. The hypothetical examples below are also based on the following:


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·
Index Start Level: 100.00

·
Buffer Percentage: 10.00%


·
Participation Rate: 250.00%


·
Capped Value: $1,425.00 per Note


The hypothetical Index Start Level of 100.00 has been chosen for illustrative purposes only and does not represent a likely actual Index Start
Level for the Reference Index. The Index Start Level will be equal to the Index Closing Level on the Trade Date. The Index Closing Level on
December 12, 2017 was 1516.117. For more information about recent levels of the Reference Index, please see "Information Regarding the
Reference Index" below.

Hypothetical
Hypothetical
Hypothetical
Hypothetical Total
Index End Level
Index Return
Payment at Maturity**
Return on Notes




160.00
60.00%
$1,425.00

42.25%
150.00
50.00%
$1,425.00

42.25%
140.00
40.00%
$1,425.00

42.25%
130.00
30.00%
$1,425.00

42.25%
125.00
25.00%
$1,425.00

42.25%
120.00
20.00%
$1,425.00(1)
42.25%
110.00
10.00%
$1,250.00

25.00%
105.00
5.00%
$1,125.00

12.50%
100.00(2)
0.00%
$1,000.00

0.00%
95.00
-5.00%
$1,000.00

0.00%
90.00(3)
-10.00%
$1,000.00

0.00%
85.00
-15.00%
$950.00

-5.00%
80.00
-20.00%
$900.00

-10.00%
75.00
-25.00%
$850.00

-15.00%
60.00
-40.00%
$700.00

-30.00%
50.00
-50.00%
$600.00

-40.00%
25.00
-75.00%
$350.00

-65.00%
0.00
-100.00%
$100.00

-90.00%

**per $1,000 principal amount Note
(1)
The Payment at Maturity cannot exceed the Capped Value.

(2)
The Index Start Level was set to 100.00 on the Pricing Date.

(3)
This is the Threshold Value.


The following hypothetical examples illustrate how the total returns set forth in the table above are calculated.

Example 1: The level of the Reference Index increases from an Index Start Level of 100.00 to an Index End Level of 110.00.

Because the Index End Level is not less than the Index Start Level, the investor receives a payment at maturity of $1,250.00 per $1,000 principal
amount Note calculated as follows:

$1,000 + [$1,000 x (Index Return x Participation Rate)]

$1,000 + [$1,000 x (Index Return x 250.00%)]

$1,000 + [$1,000 x (10.00% x 250.00%)] = $1,250.00

PRS-9

The total return on the investment of the Notes is 25.00%.

Example 2: The level of the Reference Index increases from an Index Start Level of 100.00 to an Index End Level of 140.00.

Because the Index End Level is not less than the Index Start Level, the investor receives a payment at maturity of $1,425.00 per $1,000 principal
amount Note calculated as follows:

$1,000 + [$1,000 x (Index Return x Participation Rate)]

$1,000 + [$1,000 x (Index Return x 250.00%)]

$1,000 + [$1,000 x (40.00% x 250.00%)] = $2,000.00

However, the payment at maturity is limited to $1,425.00 due to the Capped Value.
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The total return on the investment of the Notes is 42.50%.

Example 3: The level of the Reference Index decreases from an Index Start Level of 100.00 to an Index End Level of 90.00.

Because the Index End Level is less than the Index Start Level but the Index Return is not less than -10.00%, the investor will receive a payment at
maturity of $1,000.00 per $1,000 principal amount Note.

The total return on the investment of the Notes is 0.00%.

Example 4: The level of the Reference Index decreases from an Index Start Level of 100.00 to an Index End Level of 60.00.

Because the Index Return is less than -10.00%, the investor will receive a payment at maturity of $700.00 per $1,000 principal amount Note
calculated as follows:

$1,000 + [$1,000 x (Index Return + Buffer Percentage)]

$1,000 + [$1,000 x (-40.00% + 10.00%)] = $700.00

The total return on the investment of the Notes is -30.00%.

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-10

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 Prospectus Supplement and "Risk Factors" beginning on 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 Prospectus and Prospectus Supplement.

If The Index End Level Is Less Than The Threshold Value, You Will Receive At Maturity Less, And Up To 90.00% Less, Than The
Principal Amount Of Your Notes.

We will not repay you a fixed amount on the Notes on the Stated Maturity Date. The Payment at Maturity will depend on the direction of and
percentage change in the Index End Level of the Index relative to the Index Start Level, the Capped Value and the other terms of the Notes.
Because the value of the Index will be subject to market fluctuations, the Payment at Maturity you receive may be more or less, and possibly
significantly less, than the principal amount of your Notes.

If the Index End Level is less than the Threshold Value, the Payment at Maturity will be reduced by an amount equal to the decline in the value of
the Index to the extent it is below the Threshold Value (expressed as a percentage of the Index Start Level). The Threshold Value is 90.00% of the
Index Start Level. As a result, you may receive less, and up to 90.00% less, than the principal amount per Note at maturity even if the value of the
Reference Index is greater than or equal to the Index Start Level or the Threshold Value at certain times during the term of the Notes.

Even if the Index End Level is greater than the Index Start Level, the Payment at Maturity may only be slightly greater than the principal amount,
and your yield on the Notes may be less than the yield you would earn if you bought a traditional interest-bearing debt security of Canadian
Imperial Bank of Commerce or another issuer with a similar credit rating with the same stated maturity date.

Your Return Will Be Limited By The Capped Value.

The opportunity to participate in the possible increase in the level of the Reference Index through an investment in the Notes will be limited
because the Payment at Maturity will not exceed the Capped Value. Furthermore, the effect of the Participation Rate will be progressively reduced
for all Index End Levels exceeding the Index End Level at which the Capped Value is reached.

Your Return On The Notes Could Be Less Than If You Owned The Securities Included In The Reference Index.

Your return on the Notes will not reflect the return you would realize if you actually owned the securities included in the Reference Index. This is
in part because the Payment at Maturity will be determined by reference to the Index End Level, which will be calculated by reference to the Index
Closing Level of the Reference Index on the Valuation Date without taking into consideration the value of dividends and other payments paid on
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the securities included in the Reference Index. In addition, the Payment at Maturity will not be greater than the Capped Value.

If the Level of the Reference Index Changes, The Market Value Of Your Notes May Not Change In The Same Manner.

Your Notes may trade quite differently from the performance of the Reference Index. Changes in the level of the Reference Index may not result in
a comparable change in the market value of your Notes. We discuss some of the reasons for this disparity under "--The Price at Which the Notes
may be Sold prior to Maturity will Depend on a Number of Factors and May Be Substantially Less Than the Amount for Which They Were
Originally Purchased" below.

PRS-11

You Must Rely On Your Own Evaluation of the Merits of an Investment Linked to the Reference Index.

In the ordinary course of business, we or our affiliates may have expressed views on expected movements in the Reference Index or the securities
included in the Reference Index, and may do so in the future. These views or reports may be communicated to our clients and clients of our
affiliates. However, these views are subject to change from time to time. Moreover, other professionals who deal in markets relating to the
Reference Index may at any time have significantly different views from those of us or our affiliates. For these reasons, you are encouraged to
derive information concerning the Reference Index and its component securities from multiple sources, and you should not rely on our views or the
views expressed by our affiliates. For additional information, see "Information Regarding the Reference Index" in this Pricing Supplement.

The Historical Performance Of The Reference Index Should Not Be Taken As An Indication Of Its Future Performance.

The level of the Reference Index will determine the amount to be paid on the Notes at maturity. The historical performance of the Reference Index
does not necessarily give an indication of its future performance. As a result, it is impossible to predict whether the level of the Reference Index
will rise or fall during the term of the Notes. The level of the Reference Index will be influenced by complex and interrelated political, economic,
financial and other factors.

The Notes Are Not Ordinary Debt Securities.

The Notes have certain investment characteristics that differ from traditional fixed income securities. Specifically, the performance of the Notes
will not track the same price movements as traditional interest rate products. The return that you will receive on the Notes, which could be
negative, may be less than the return you could earn on other investments. Even if your return is positive, your return may be less than the return
you would earn if you bought a conventional senior interest bearing debt security of the Bank. A person should reach a decision to invest in the
Notes after carefully considering, with his or her advisors, the suitability of the Notes in light of his or her investment objectives and the
information set out in the above terms of the offering. The Issuer does not make any recommendation as to whether the Notes are a suitable
investment for any person.

No Periodic Interest Will Be Paid On The Notes.

No periodic interest will be paid on the Notes. However, because it is possible that the Notes may be classified for U.S. federal income tax
purposes as contingent payment debt instruments rather than prepaid forward contracts, you may be required to accrue interest income over the
term of your Notes. See "Certain U.S. Federal Income Tax Considerations" in this Pricing Supplement.

The Price At Which The Notes May Be Sold Prior To Maturity Will Depend On A Number Of Factors And May Be Substantially Less
Than The Amount For Which They Were Originally Purchased.

The price at which the Notes may be sold prior to maturity will depend on a number of factors. Some of these factors include, but are not limited
to: (i) actual or anticipated changes in the level of the Reference Index over the full term of the Notes, (ii) volatility of the level of the Reference
Index and the market's perception of future volatility of the level of the Reference Index, (iii) changes in interest rates generally, (iv) any actual or
anticipated changes in our credit ratings or credit spreads, (v) dividend yields on securities included in the Reference Index, (vi) events involving
companies included in the Reference Index, (vii) interest rates, (viii) time remaining to maturity and (ix) the Capped Value.

Depending on the actual or anticipated level of interest rates, the market value of the Notes may decrease and you may receive substantially less
than 100% of the original issue price if you sell your Notes prior to maturity.

PRS-12

The Inclusion Of Dealer Spread And Projected Profit From Hedging In The Original Issue Price Is Likely To Adversely Affect Secondary
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