Obligation CBIC 12.4% ( US13605WPY11 ) en USD

Société émettrice CBIC
Prix sur le marché 100 %  ▲ 
Pays  Canada
Code ISIN  US13605WPY11 ( en USD )
Coupon 12.4% par an ( paiement semestriel )
Echéance 26/02/2021 - Obligation échue



Prospectus brochure de l'obligation CIBC US13605WPY11 en USD 12.4%, échue


Montant Minimal 1 000 USD
Montant de l'émission 3 234 000 USD
Cusip 13605WPY1
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 CIBC (ISIN : US13605WPY11, CUSIP : 13605WPY1), émise au Canada en USD, d'un montant total de 3 234 000 USD avec un prix actuel au marché de 100%, un taux d'intérêt de 12,4%, une taille minimale d'achat de 1 000 USD, une maturité le 26/02/2021 et une fréquence de paiement semestrielle, est arrivée à échéance et a été remboursée.







424B2 1 a19-3920_40424b2.htm 424B2

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

Pricing Supplement dated February 25, 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
$3,234,000 Contingent Coupon Autocallable Notes Linked to the Lowest Performing of the Common Stocks of Conagra Brands, Inc.,
Deere & Company, and International Paper Company due February 26, 2021

·
The Contingent Coupon Autocallable Notes (the "notes") will provide quarterly Contingent Coupon Payments at a rate of 3.10% (12.40% per annum)

until the earlier of maturity or automatic call if, and only if, the Closing Price of the Lowest Performing Reference Stock on the applicable quarterly
Coupon Determination Date is greater than or equal to its Coupon Barrier Price (60% of its Initial Price).
·
If the Closing Price of the Lowest Performing Reference Stock on any Call Observation Date is greater than or equal to its Initial Price, we will

automatically call the notes and pay you on the applicable Call Payment Date the principal amount plus the applicable Contingent Coupon Payment. No
further amounts will be owed to you.
·
If the notes have not been previously called, the Payment at Maturity will depend on the Closing Price of the Lowest Performing Reference Stock on the

Final Valuation Date (the "Final Price") and will be calculated as follows:
a.
If the Final Price of the Lowest Performing Reference Stock is greater than or equal to its Principal Barrier Price (60% of its Initial Price): (i) the

principal amount plus (ii) the final Contingent Coupon Payment.
b.
If the Final Price of the Lowest Performing Reference Stock is less than its Principal Barrier Price: the Physical Delivery Amount in shares of the

Lowest Performing Reference Stock, or, at our election, the cash value of those shares. In this case, you will lose some or all of the principal
amount at maturity. Even with any Contingent Coupon Payments, the return on the notes could be negative.
·
The notes will not be listed on any securities exchange.

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


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

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

Investing in the notes involves risks not associated with an investment in ordinary debt securities. See "Additional Risk Factors" beginning on
page PS-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 (Initial Issue Price)(1)
Agent's Commission(1)(2)
Proceeds to Issuer
Per Note
$1,000
$30
$970
Total
$3,234,000
$97,020
$3,136,980

(1) Because certain dealers who purchase the notes for sale to certain fee-based advisory accounts may forgo some or all of their commissions or selling

concessions, the public offering price for investors purchasing the notes in these accounts will be $970.00 per note.

(2) CIBC World Markets Corp. ("CIBCWM") will receive commissions from the Issuer of 3.00% of the principal amount of the notes, or $30.00 per

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

The initial estimated value of the notes on the Trade Date as determined by the Bank is $943.90 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 February 28, 2019 against payment in
immediately available funds.

CIBC World Markets


https://www.sec.gov/Archives/edgar/data/1045520/000110465919010682/a19-3920_40424b2.htm[2/26/2019 4:25:05 PM]


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 will have the meanings set forth
in the underlying supplement, the prospectus supplement or the prospectus.

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

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

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

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

·
Underlying supplement dated November 6, 2018: https://www.sec.gov/Archives/edgar/data/1045520/000110465918066559/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

PS-1


SUMMARY

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


Issuer:
Canadian Imperial Bank of Commerce



Reference Asset:
The common stocks of Conagra Brands, Inc. (Bloomberg ticker "CAG UN EQUITY"), Deere & Company
(Bloomberg ticker "DE UN EQUITY"), and International Paper Company (Bloomberg ticker "IP UN EQUITY")
(each, a "Reference Stock")



Principal Amount:
$1,000 per note



Aggregate Principal
$3,234,000
Amount:



Term:
Approximately two years, unless previously called



Trade Date/Pricing Date:
February 25, 2019



Original Issue Date:
February 28, 2019



Final Valuation Date:
February 23, 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.
https://www.sec.gov/Archives/edgar/data/1045520/000110465919010682/a19-3920_40424b2.htm[2/26/2019 4:25:05 PM]





Maturity Date:
February 26, 2021. The Maturity Date is subject to the Call Feature and may be postponed 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.



Contingent Coupon
On each Coupon Payment Date, you will receive payment at the Contingent Coupon Rate (a "Contingent Coupon
Payment:
Payment") if, and only if, the Closing Price of the Lowest Performing Reference Stock on the related Coupon

Determination Date is greater than or equal to its Coupon Barrier Price.

If the Closing Price of the Lowest Performing Reference Stock on any Coupon Determination Date is less than its
Coupon Barrier Price, you will not receive any Contingent Coupon Payment on the related Coupon Payment Date.
If the Closing Price of the Lowest Performing Reference Stock is less than its Coupon Barrier Price on all
quarterly Coupon Determination Dates, you will not receive any Contingent Coupon Payments over the term of
the notes.

Each quarterly Contingent Coupon Payment, if payable, will be calculated per note as follows: $1,000 ×
Contingent Coupon Rate × (90/360). Any Contingent Coupon Payments will be rounded to the nearest cent, with
one-half cent rounded upward.



Contingent Coupon Rate:
12.40% per annum (or 3.10% per quarter).



Coupon Barrier Price:
$13.99 with respect to the common stock of Conagra Brands, Inc., $98.92 with respect to the common stock of
Deere & Company and $28.55 with respect to the common stock of International Paper Company, each of which
is 60% of its Initial Price (rounded to two decimal places).

PS-2


Coupon Determination
May 22, 2019, August 21, 2019, November 21, 2019, February 21, 2020, May 20, 2020, August 21, 2020,
Dates:
November 23, 2020, and February 23, 2021, each 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 Payment Dates:
The third Business Day following the related Coupon Determination Date, provided that the final Coupon
Payment Date will be the Maturity Date.

Each Coupon Payment Date is 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.



Call Feature:
If the Closing Price of the Lowest Performing Reference Stock on any Call Observation Date is greater than or
equal to its Initial Price, we will automatically call the notes and pay you on the applicable Call Payment Date the
principal amount plus the applicable Contingent Coupon Payment otherwise due for that Call Observation Date.

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 Observation Dates:
The Coupon Determination Dates beginning on May 22, 2019 and ending on November 23, 2020.



Call Payment Dates:
The relevant Coupon Payment Date.



Payment at Maturity:
If the notes have not been previously called, the Payment at Maturity will be based on the Final Price of the
Lowest Performing Reference Stock and will be calculated as follows:

·If the Final Price of the Lowest Performing Reference Stock is greater than or equal to its Principal Barrier
Price:

Principal Amount + Final Contingent Coupon Payment

·If the Final Price of the Lowest Performing Reference Stock is less than its Principal Barrier Price: the
Physical Delivery Amount in shares of the Lowest Performing Reference Stock, or, at our election, the cash
value of those shares, which is equal to the Physical Delivery Amount of the Lowest Performing Reference
Stock multiplied by its Final Price. If we exercise our option to pay in cash, we will give notice of our
https://www.sec.gov/Archives/edgar/data/1045520/000110465919010682/a19-3920_40424b2.htm[2/26/2019 4:25:05 PM]


election at least one Business Day before the Final Valuation Date.

If the Final Price of the Lowest Performing Reference Stock is less than its Principal Barrier Price, you will
receive shares of the Lowest Performing Reference Stock or the cash value of those shares, which is expected to
be worth substantially less than the principal amount of the notes as of the Final Valuation Date, and you
could lose up to 100% of the principal amount. Even with any Contingent Coupon Payments, the return on the
notes could be negative.



Physical Delivery Amount:
A number of shares of the Lowest Performing Reference Stock calculated by dividing the principal amount by the
Initial Price of the Lowest Performing Reference Stock. Fractional shares will be paid in cash based on the Final
Price of the Lowest Performing Reference Stock.

PS-3


Principal Barrier Price:
$13.99 with respect to the common stock of Conagra Brands, Inc., $98.92 with respect to the common stock of
Deere & Company and $28.55 with respect to the common stock of International Paper Company, each of which
is 60% of its Initial Price (rounded to two decimal places).



Lowest Performing
On any Coupon Determination Date, including the Final Valuation Date, the "Lowest Performing Reference
Reference Stock:
Stock" is the Reference Stock that has the lowest Closing Price on that date as a percentage of its Initial Price.



Initial Price:
$23.31 with respect to the common stock of Conagra Brands, Inc., $164.86 with respect to the common stock of
Deere & Company and $47.59 with respect to the common stock of International Paper Company, each of which
was its Closing Price on the Trade Date, subject to adjustment as described under "Certain Terms of the Notes--
Anti-Dilution Adjustments" in the underlying supplement.



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



Calculation Agent:
Canadian Imperial Bank of Commerce.



CUSIP/ISIN:
CUSIP: 13605WPY1 / ISIN: US13605WPY11



Fees and Expenses:
The price at which you purchase the notes includes costs that the Bank or its affiliates expect to incur and profits
that the Bank or its affiliates expect to realize in connection with hedging activities related to the notes.


PS-4

HYPOTHETICAL PAYMENT AT MATURITY

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

The table below illustrates the Payment at Maturity on a $1,000 investment in the notes for a hypothetical range of percentage changes of the
Lowest Performing Reference Stock from -100% to +100%. The following results are based solely on the assumptions outlined below. The
"Hypothetical Return on the Notes" as used below is the number, expressed as a percentage, that results from comparing the Payment at Maturity
per $1,000 principal amount to $1,000. The potential returns described here assume that the notes have not been automatically called prior to
maturity and are held to maturity, and are calculated excluding any Contingent Coupon Payments paid prior to maturity. The following table and
examples are based on the following terms:

Principal Amount:
$1,000


Contingent Coupon Rate:
12.40% per annum (or 3.10% per quarter)


Hypothetical Initial Price of the Lowest Performing Reference Stock:
$100


Hypothetical Principal Barrier Price of the Lowest Performing Reference
Stock:
$60 (60% of its Initial Price)


https://www.sec.gov/Archives/edgar/data/1045520/000110465919010682/a19-3920_40424b2.htm[2/26/2019 4:25:05 PM]


Hypothetical Physical Delivery Amount:
10 shares

Hypothetical Return on
Hypothetical Final
Hypothetical
the Notes (Excluding Any
Price of the Lowest
Percentage Change of
Hypothetical Payment at
Contingent Coupon
Performing
the Lowest Performing
Maturity
Payments Paid Prior to
Reference Stock
Reference Stock
Maturity)
$200.00
100.00%
$1,031.00(1)
3.10%
$175.00
75.00%
$1,031.00
3.10%
$150.00
50.00%
$1,031.00
3.10%
$125.00
25.00%
$1,031.00
3.10%
$100.00(2)
0.00%
$1,031.00
3.10%
$90.00
-10.00%
$1,031.00
3.10%
$80.00
-20.00%
$1,031.00
3.10%
$70.00
-30.00%
$1,031.00
3.10%
$60.00(3)
-40.00%
$1,031.00
3.10%
$50.00
-50.00%
10 shares(4)
-50.00%*
$25.00
-75.00%
10 shares
-75.00%*
$10.00
-90.00%
10 shares
-90.00%*
$0.00
-100.00%
10 shares
-100.00%*

(1)
The Payment at Maturity cannot exceed the principal amount plus the final Contingent Coupon Payment.

(2)
The hypothetical Initial Price of $100 used in these examples has been chosen for illustrative purposes only. The actual Initial Prices of

the Reference Stocks are set forth on page PS-4 of this pricing supplement.
(3)
This is the hypothetical Principal Barrier Price of the Lowest Performing Reference Stock.

(4)
This is the hypothetical Physical Delivery Amount.


* Calculated based on the Final Price of the Lowest Performing Reference Stock.

PS-5

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

Example 1: The Percentage Change of the Lowest Performing Reference Stock Is 50.00%.

Because the Final Price of the Lowest Performing Reference Stock is greater than its Principal Barrier Price, the Payment at Maturity would be
$1,031.00 per $1,000 principal amount, calculated as follows:

$1,000 + Final Contingent Coupon Payment

= $1,000 + ($1,000 × 3.10%)

= $1,031.00

Example 1 shows that the Payment at Maturity will be fixed at the principal amount plus the final Contingent Coupon Payment when the Final
Price of the Lowest Performing Reference Stock is at or above its Principal Barrier Price, regardless the extent to which the price of the Lowest
Performing Reference Stock increases.

Example 2: The Percentage Change of the Lowest Performing Reference Stock Is -20.00%.

Because the Final Price of the Lowest Performing Reference Stock is greater than its Principal Barrier Price, the Payment at Maturity would be
$1,031.00 per $1,000 principal amount, calculated as follows:

$1,000 + Final Contingent Coupon Payment

= $1,000 + ($1,000 × 3.10%)

= $1,031.00

Example 2 shows that the Payment at Maturity will equal the principal amount plus the final Contingent Coupon Payment when the Final Price of
the Lowest Performing Reference Stock is at or above its Principal Barrier Price, although the price of the Lowest Performing Reference Stock has
decreased.

Example 3: The Percentage Change of the Lowest Performing Reference Stock Is -75.00%.

Because the Final Price of the Lowest Performing Reference Stock is less than its Principal Barrier Price, the Payment at Maturity would be the
https://www.sec.gov/Archives/edgar/data/1045520/000110465919010682/a19-3920_40424b2.htm[2/26/2019 4:25:05 PM]


Physical Delivery Amount, and you will receive 10 shares of the Lowest Performing Reference Stock.

At our election, you may receive the cash value of those shares based on the Final Price of the Lowest Performing Reference Stock, which equals
$250 per $1,000 principal amount (10 shares x $25).

In addition, on the Maturity Date, you will not receive the final Contingent Coupon Payment because the hypothetical Final Price of the Lowest
Performing Reference Stock is less than its hypothetical Coupon Barrier Price.

These examples illustrate that you will not participate in any appreciation of any Reference Stock, but will be fully exposed to a decrease
in the Lowest Performing Reference Stock if the Final Price of the Lowest Performing Reference Stock is less than its Principal Barrier
Price, even if the Final Prices of the other Reference Stocks have appreciated or have not declined below their respective Principal Barrier
Prices.

PS-6

INVESTOR SUITABILITY


The notes may be suitable for you if:

·
You believe that the Closing Price of each Reference Stock will be at or above its Coupon Barrier Price on most or all of the Coupon

Determination Dates, and the Final Price of the Lowest Performing Reference Stock will be at or above its Principal Barrier Price.
·
You seek an investment with quarterly Contingent Coupon Payments at a rate of 3.10% (12.40% per annum) until the earlier of maturity

or automatic call, if, and only if, the Closing Price of the Lowest Performing Reference Stock on the applicable Coupon Determination
Date is greater than or equal to its Coupon Barrier Price.
·
You are willing to receive shares of the Lowest Performing Reference Stock in a value that is substantially less than the principal amount

of the notes if the notes are not called and the Final Price of the Lowest Performing Reference Stock is less than its Principal Barrier Price.
·
You are willing to accept the risk that you may not receive any Contingent 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 are willing to invest in the notes based on the fact that your maximum potential return is the sum of any Contingent Coupon

Payments payable on the notes.
·
You are willing to forgo participation in any appreciation of any Reference Stock.

·
You understand that the return on the notes will depend solely on the performance of the Lowest Performing Reference Stock on each

Coupon Determination Date and consequently, the notes are riskier than alternative investments linked to only one of the Reference
Stocks or linked to a basket composed of the Reference Stocks.
·
You understand that the notes may be automatically called prior to maturity and that the term of the notes may be as short as three

months, or you are otherwise willing to hold the notes to maturity.
·
You do not seek certainty of current income over the term of the notes.

·
You are willing to forgo dividends or other distributions paid on the Reference Stocks.

·
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 Closing Price of at least one Reference Stock will be below its Coupon Barrier Price on most or all of the Coupon

Determination Dates, and the Final Price of the Lowest Performing Reference Stock will be below its Principal Barrier Price.
·
You believe that the Contingent Coupon Payments, if any, will not provide you with your desired return.

·
You are unwilling to receive shares of the Lowest Performing Reference Stock in a value that is substantially less than the principal

amount of the notes if the notes are not called and the Final Price of the Lowest Performing Reference Stock is less than its Principal
Barrier Price.
·
You are unwilling to accept the risk that you may not receive any Contingent 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 an uncapped return on your investment.

·
You seek exposure to the upside performance of any or each Reference Stock.

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

of the performances of the Reference Stocks, rather than solely on the Lowest Performing Reference Stock.
·
You are unable or unwilling to hold the notes that may be automatically called prior to maturity, or you are otherwise unable or unwilling

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

·
You want to receive dividends or other distributions paid on the Reference Stocks.

·
You seek an investment for which there will be an active secondary market.

https://www.sec.gov/Archives/edgar/data/1045520/000110465919010682/a19-3920_40424b2.htm[2/26/2019 4:25:05 PM]


·
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.

PS-7

ADDITIONAL RISK FACTORS

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

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

If the notes are not called, you may lose all or a substantial portion of the principal amount of your notes.

The notes do not guarantee any return of principal. The repayment of any principal on the notes at maturity depends on the Final Price of the
Lowest Performing Reference Stock. The Bank will only repay you the full principal amount of your notes if the Final Price of the Lowest
Performing Reference Stock is equal to or greater than its Principal Barrier Price. If the Final Price of the Lowest Performing Reference Stock is
less than its Principal Barrier Price, we will pay you the Physical Delivery Amount in shares of the Lowest Performing Reference Stock or, at our
election, the cash value of those shares. In that case, the Payment at Maturity is expected to be worth significantly less than the principal amount
and you could lose all of your principal amount if the Final Price of the Lowest Performing Reference Stock falls to zero. Even with any Contingent
Coupon Payments, the return on the notes could be negative.

The automatic call feature limits your potential return.

If the notes are called, the payment on the notes on any Call Payment Date is limited to the principal amount plus the applicable Contingent Coupon
Payment. In addition, if the notes are called, which may occur as early as the first Coupon Determination Date, the amount of coupon payable on
the notes will be less than the full amount of coupon that would have been payable if the notes had not been called prior to maturity. If the notes
are automatically called, you will lose the opportunity to continue to receive the Contingent Coupon Payments from the relevant Call Payment Date
to the scheduled Maturity Date, and the total return on the notes could be minimal. Because of the automatic call feature, the term of your
investment in the notes may be limited to a period that is shorter than the original term of the notes and may be as short as three months. There is
no guarantee that you would be able to reinvest the proceeds from an investment in the notes at a comparable return for a similar level of risk in
the event the notes are automatically called prior to the Maturity Date.

The notes do not provide for fixed payments of interest and you may receive no Contingent Coupon Payments on most or all of the
Coupon Payment Dates.

On each Coupon Payment Date, you will receive a Contingent Coupon Payment if, and only if, the Closing Price of the Lowest Performing
Reference Stock on the related Coupon Determination Date is greater than or equal to its Coupon Barrier Price. If the Closing Price of the Lowest
Performing Reference Stock on any Coupon Determination Date is less than its Coupon Barrier Price, you will not receive any Contingent Coupon
Payment on the related Coupon Payment Date, and if the Closing Price of the Lowest Performing Reference Stock is less than its Coupon Barrier
Price on each Coupon Determination Date over the term of the notes, you will not receive any Contingent Coupon Payments over the entire term of
the notes.

You will not participate in any appreciation of any Reference Stock and your return on the notes will be limited to the Contingent Coupon
Payments paid on the notes, if any.

The Payment at Maturity will not exceed the principal amount plus the final Contingent Coupon Payment and any positive return you receive on
the notes will be composed solely of the sum of any Contingent Coupon Payments received prior to and at maturity. You will not participate in any
appreciation of any Reference Stock. Therefore, if the appreciation of any Reference Stock exceeds the sum of the Contingent Coupon Payments
paid to you, if any, the notes will underperform an investment in securities linked to that Reference Stock providing full participation in the
appreciation. Accordingly, the return on the notes may be less than the return would be if you made an investment in securities directly linked to
the positive performance of the Reference Stocks.

PS-8

The notes are subject to the full risks of the Lowest Performing Reference Stock and will be negatively affected if any Reference Stock
performs poorly, even if the other Reference Stocks perform favorably.

https://www.sec.gov/Archives/edgar/data/1045520/000110465919010682/a19-3920_40424b2.htm[2/26/2019 4:25:05 PM]


You are subject to the full risks of the Lowest Performing Reference Stock. If the Lowest Performing Reference Stock performs poorly, you will
be negatively affected, even if the other Reference Stocks perform favorably. The notes are not linked to a basket composed of the Reference
Stocks, where the better performance of some Reference Stocks could offset the poor performance of others. Instead, you are subject to the full
risks of the Lowest Performing Reference Stock on each Coupon Determination Date. As a result, the notes are riskier than an alternative
investment linked to only one of the Reference Stocks or linked to a basket composed of the Reference Stocks. You should not invest in the notes
unless you understand and are willing to accept the full downside risks of the Lowest Performing Reference Stock.

The payments on the notes are not linked to the price of the Reference Stocks at any time other than the Coupon Determination Dates.

The payments on the notes will be based on the Closing Price of each Reference Stock on the Coupon Determination Dates. Therefore, for
example, if the Closing Price of a Reference Stock declined substantially as of a Coupon Determination Date compared to its Initial Price or
Coupon Barrier Price, as applicable, the notes will not be called and the relevant Contingent Coupon Payment will not be payable. Similarly, if the
Final Price of the Lowest Performing Reference Stock declined substantially as of the Final Valuation Date compared to its Principal Barrier Price,
the Payment at Maturity may be significantly less than it would otherwise have been had the Payment at Maturity been linked to the Closing Price
of the Lowest Performing Reference Stock prior to the Final Valuation Date. Although the actual price of a Reference Stock at other times during
the term of the notes may be higher than its Closing Price on a Coupon Determination Date, the payments on the notes will not benefit from the
Closing Price of such Reference Stock at any time other than the Coupon Determination Dates.

If the Physical Delivery Amount is paid on the notes, you will be subject to the price fluctuation of the Lowest Performing Reference Stock
after the Final Valuation Date.

If the notes are not called and the Final Price of the Lowest Performing Reference Stock is less than its Principal Barrier Price, we will deliver to
you at maturity the Physical Delivery Amount in shares of the Lowest Performing Reference Stock. The value of those shares may further decrease
between the Final Valuation Date and the Maturity Date, and you will incur additional losses to the extent of such decrease. In addition, there is no
assurance that an active trading market will continue for shares of the Lowest Performing Reference Stock or that there will be liquidity in that
trading market.

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.

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

The Bank's initial estimated value of the notes is only an estimate, which was determined by reference to the Bank's internal pricing models when
the terms of the notes were set. This estimated value was based on market conditions and other relevant factors existing at that time, the Bank's
internal funding rate on the Trade Date and the Bank's

PS-9

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
https://www.sec.gov/Archives/edgar/data/1045520/000110465919010682/a19-3920_40424b2.htm[2/26/2019 4:25:05 PM]


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, the initial estimated value of the notes on the Trade Date, and could have an adverse effect on any secondary market prices of the
notes. See "The Bank's Estimated Value of the Notes" in this pricing supplement.

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

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

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

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

The calculation agent will determine, among other things, the amount of payments on the notes. The calculation agent will exercise its judgment
when performing its functions. For example, the calculation agent will determine whether a Market Disruption Event affecting a Reference Stock
has occurred, and make a good faith estimate in its sole discretion of the Closing Price for an affected Reference Stock if the relevant Coupon
Determination Date is postponed

PS-10

to the last possible day, and make certain anti-dilution adjustments with respect to a Reference Stock if certain corporate events occur. See
"Certain Terms of the Notes--Valuation Dates" and "--Anti-Dilution Adjustments" in the underlying supplement. This determination may, in
turn, depend on the calculation agent's judgment as to whether the event has materially interfered with our ability or the ability of one of our
affiliates to unwind our hedge positions. The calculation agent will be required to carry out its duties in good faith and use its reasonable
judgment. However, because we will be the calculation agent, potential conflicts of interest could arise. Neither we nor any of our affiliates will
have any obligation to consider your interests as a holder of the notes in taking any action that might affect the value of your notes.

There will be limited anti-dilution protection.

For certain events affecting shares of a Reference Stock, such as stock splits or extraordinary dividends, the calculation agent may make
adjustments which may adversely affect any payments on the notes. However, the calculation agent is not required to make an adjustment for every
corporate action which affects the price of a Reference Stock. If an event occurs that does not require the calculation agent to adjust the price of a
Reference Stock, the market value of the notes and the amount due on the notes may be materially and adversely affected

Higher Contingent Coupon Rate or lower Principal Barrier Value are generally associated with Reference Stocks with greater expected
volatility and therefore can indicate a greater risk of loss.

"Volatility" refers to the frequency and magnitude of changes in the price of a Reference Stock. The greater the expected volatility with respect to a
Reference Stock on the Trade Date, the higher the expectation as of the Trade Date that the price of the Reference Stock could close below its
Principal Barrier Value on the Final Valuation Date, indicating a higher expected risk of loss on the notes. This greater expected risk will generally
be reflected in a higher Contingent Coupon Rate than the yield payable on our conventional debt securities with a similar maturity, or in more
favorable terms (such as a lower Coupon Barrier Price or a higher Contingent Coupon Rate) than for similar securities linked to the performance of
the Reference Stocks with a lower expected volatility as of the Trade Date. You should therefore understand that a relatively higher Contingent
Coupon Rate may indicate an increased risk of loss. Further, a relatively lower Principal Barrier Value may not necessarily indicate that the notes
have a greater likelihood of a repayment of principal at maturity. The volatility of a Reference Stock can change significantly over the term of the
notes. The price of a Reference Stock for your notes could fall sharply, which could result in a significant loss of principal. You should be willing
to accept the downside market risk of the Reference Stocks and the potential to lose some or all of your principal at maturity.

https://www.sec.gov/Archives/edgar/data/1045520/000110465919010682/a19-3920_40424b2.htm[2/26/2019 4:25:05 PM]


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

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

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

The tax treatment of the notes is uncertain.

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

PS-11

INFORMATION REGARDING THE REFERENCE STOCKS

We have derived the following information from publicly available documents. We have not independently verified the accuracy or completeness
of the following information.

Because each Reference Stock is registered under the Securities Exchange Act of 1934 (the "Exchange Act"), each Reference Stock Issuer is
required to file periodically certain financial and other information specified by the SEC. Information provided to or filed with the SEC by the
Reference Stock Issuers can be located at the Public Reference Section of the SEC, 100 F Street, N.E., Room 1580, Washington, D.C. 20549 or
through the SEC's website at http://www.sec.gov by reference to the applicable CIK number set forth below.

This document relates only to the notes and does not relate to the securities of any Reference Stock Issuer. Neither we nor any of our affiliates have
participated or will participate in the preparation of any Reference Stock Issuer's publicly available documents. Neither we nor any of our affiliates
have made any due diligence inquiry with respect to any Reference Stock Issuer in connection with the offering of the notes. None of us or any of
our affiliates makes any representation that the publicly available documents or any other publicly available information regarding the Reference
Stock Issuers are accurate or complete. Furthermore, there can be no assurance that all events occurring prior to the date of this document,
including events that would affect the accuracy or completeness of these publicly available documents that would affect the trading price of the
Reference Stocks, have been or will be publicly disclosed. Subsequent disclosure of any events or the disclosure of or failure to disclose material
future events concerning the Reference Stock Issuers could affect the prices of the Reference Stocks and therefore could affect your return on the
notes. Information from outside sources is not incorporated by reference in, and should not be considered part of, this document or the
accompanying prospectus, the prospectus supplement or the underlying supplement. The selection of the Reference Stocks is not a recommendation
to buy or sell shares of the Reference Stocks.

Conagra Brands, Inc.

Conagra Brands, Inc. manufactures and markets packaged foods for retail consumers, restaurants, and institutions. The company offers meals,
entrees, condiments, sides, snacks, specialty potatoes, milled grain ingredients, dehydrated vegetables and seasonings, and blends and flavors.
Information filed by the company with the SEC under the Exchange Act can be located by reference to its SEC file number: 001-07275, or its CIK
Code: 0000023217. This Reference Stock is listed on the New York Stock Exchange (the "NYSE") under the symbol "CAG."

Deere & Company

Deere & Company manufactures and distributes a range of agricultural, construction, forestry, and commercial and consumer equipment. The
company supplies replacement parts for its own products and for those of other manufacturers. The company also provides product and parts
financing services. Information filed by the company with the SEC under the Exchange Act can be located by reference to its SEC file number:
001-04121, or its CIK Code: 0000315189. This Reference Stock is listed on the NYSE under the symbol "DE."

International Paper Company

International Paper Company produces and distributes paper products. The company offers uncoated printing and writing papers, pulp, and fiber-
based packaging products. Information filed by the company with the SEC under the Exchange Act can be located by reference to its SEC file
number: 001-03157, or its CIK Code: 0000051434. This Reference Stock is listed on the NYSE under the symbol "IP."

https://www.sec.gov/Archives/edgar/data/1045520/000110465919010682/a19-3920_40424b2.htm[2/26/2019 4:25:05 PM]


Document Outline