Obligation CBIC 2.852% ( US136071AA53 ) en USD

Société émettrice CBIC
Prix sur le marché 100 %  ⇌ 
Pays  Canada
Code ISIN  US136071AA53 ( en USD )
Coupon 2.852% par an ( paiement semestriel )
Echéance 24/03/2021 - Obligation échue



Prospectus brochure de l'obligation CIBC US136071AA53 en USD 2.852%, échue


Montant Minimal 1 000 USD
Montant de l'émission 3 718 000 USD
Cusip 136071AA5
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.

Cet article détaillé présente les caractéristiques d'une émission obligataire spécifique désormais arrivée à échéance, identifiée par le code ISIN US136071AA53 et le code CUSIP 136071AA5. L'émetteur de cette obligation était la Banque Canadienne Impériale de Commerce (CIBC), une institution financière de premier plan basée au Canada, reconnue pour son rôle majeur dans les services bancaires aux particuliers, aux entreprises et institutionnels, ainsi que dans la gestion de patrimoine. Émise depuis le Canada, cette obligation était libellée en dollars américains (USD) et offrait un taux d'intérêt fixe de 2.852%. La taille totale de l'émission s'élevait à 3 718 000 USD, avec une taille minimale d'achat fixée à 1 000 USD. Sa maturité était définie au 24 mars 2021, avec une fréquence de paiement des intérêts bi-annuelle. Au moment de son échéance, son prix sur le marché s'établissait à 100% de sa valeur nominale, et conformément à ses termes, cette obligation est arrivée à maturité à la date prévue et a été entièrement remboursée à ses porteurs.







424B2 1 a19-5732_18424b2.htm 424B2

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

Pricing Supplement dated March 22, 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

$3,718,000 Notes Linked to Raymond James Equity Securities Selections due March 24, 2021

·
The notes (the "notes") are linked to a basket of 20 common equity securities (each, a "Reference Stock" and together, the "Basket") of entities that are

not affiliated with us (each, a "Reference Stock Issuer").
·
The Reference Stocks, which were selected by Raymond James & Associates, Inc. ("Raymond James"), are the common stocks or ordinary shares of

Alaska Air Group, Inc. ("ALK"), The Allstate Corporation ("ALL"), Best Buy Co., Inc. ("BBY"), Comcast Corporation ("CMCSA"), CareTrust
REIT, Inc. ("CTRE"), CVS Health Corporation ("CVS"), Chevron Corporation ("CVX"), Delta Air Lines, Inc. ("DAL"), Fastenal Company ("FAST"),
Gilead Sciences, Inc. ("GILD"), Granite Point Mortgage Trust Inc. ("GPMT"), Hewlett Packard Enterprise Company ("HPE"), Medtronic Public Limited
Company ("MDT"), Marathon Petroleum Corporation ("MPC"), ONEOK, Inc. ("OKE"), Old Republic International Corporation ("ORI"), QUALCOMM
Incorporated ("QCOM"), Union Pacific Corporation ("UNP"), United Parcel Service, Inc. ("UPS") and Walmart Inc. ("WMT").
·
The Participation Rate is 96.60%. You may lose all or a portion of the principal amount of your notes at maturity if the value of the Basket does not

increase by approximately 3.52%, as described in more detail below.
·
The notes may pay interest on the quarterly Interest Payment Dates. The amount of any interest to be paid on the notes will not be fixed, and will depend

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

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

·
The notes will be issued in minimum 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)
Underwriting Discount (1)
Proceeds to Issuer
Per Note
100%
2%
98%
Total
$3,718,000
$74,360
$3,643,640

(1) CIBC World Markets Corp. ("CIBCWM") will receive commissions from the Issuer of 2.00% of the principal amount of the notes, or $20.00 per

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

The initial estimated value of the notes on the Trade Date as determined by the Bank is $966.00 per $1,000 principal amount of the notes, which is less than
the price to public. See "The Bank's Estimated Value of the Notes" in this pricing supplement.

We will deliver the notes in book-entry form through the facilities of The Depository Trust Company ("DTC") on March 29, 2019 against payment in
immediately available funds.


CIBC World Markets


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
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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, Raymond James and our respective affiliates have not authorized any other person to provide you with different or
additional information. If anyone provides you with different or additional information, you should not rely on it.

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

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

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

·
Underlying supplement dated November 6, 2018:

https://www.sec.gov/Archives/edgar/data/1045520/000110465918066559/a18-39408_12424b2.htm

·
Prospectus supplement dated November 6, 2018 and prospectus dated March 28, 2017:

https://www.sec.gov/Archives/edgar/data/1045520/000110465918066166/a18-37094_1424b2.htm

PS-2

SUMMARY

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

Issuer:
Canadian Imperial Bank of Commerce


Principal Amount:
$1,000 per note


Aggregate Principal Amount:
$3,718,000


Term:
Approximately two years


Trade Date/Pricing Date:
March 22, 2019


Original Issue Date:
March 29, 2019


Issue Price of the Notes:
$1,000 per $1,000 in principal amount of the notes.


Reference Asset:
The 20 Reference Stocks are:



Company Name
Ticker
Initial Share
Price ($)

Alaska Air Group, Inc.
ALK UN EQUITY
54.25

The Allstate Corporation
ALL UN EQUITY
94.17

Best Buy Co., Inc.
BBY UN EQUITY
70.11

Comcast Corporation
CMCSA UW EQUITY
39.46

CareTrust REIT, Inc.
CTRE UW EQUITY
23.43

CVS Health Corporation
CVS UN EQUITY
56.04

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Chevron Corporation
CVX UN EQUITY
123.09

Delta Air Lines, Inc.
DAL UN EQUITY
49.76

Fastenal Company
FAST UQ EQUITY
61.70

Gilead Sciences, Inc.
GILD UW EQUITY
63.77

Granite Point Mortgage Trust Inc.
GPMT UN EQUITY
18.59

Hewlett Packard Enterprise
HPE UN EQUITY
15.29
Company

Medtronic Public Limited Company
MDT UN EQUITY
90.39

Marathon Petroleum Corporation
MPC UN EQUITY
61.30

ONEOK, Inc.
OKE UN EQUITY
69.01

Old Republic International
ORI UN EQUITY
20.63
Corporation

QUALCOMM Incorporated
QCOM UQ EQUITY
56.82

Union Pacific Corporation
UNP UN EQUITY
160.62

United Parcel Service, Inc.
UPS UN EQUITY
107.35

Walmart Inc.
WMT UN EQUITY
98.28

The Reference Stocks are securities selected by the Equity Research Department of Raymond James.
There is no assurance that any Reference Stock Issuer will be successful or that the price of any
Reference Stock will increase. See "Information Regarding the Reference Stocks--Selection of the
Composition of the Basket" in this pricing supplement.

PS-3





Redemption Amount:
The amount that you will receive at maturity for each $1,000 in principal amount of the notes will
depend upon the performance of the Basket. The Redemption Amount will equal the product of
(a) $1,000, (b) the Basket Level Percentage, and (c) the Participation Rate.



As discussed in more detail below, the Basket Level Percentage must exceed approximately 103.52% in
order for you to receive a Redemption Amount per $1,000 in principal amount of the notes that exceeds
the principal amount. In addition, the Redemption Amount could be substantially less than the principal
amount of the notes.


Reference Stock Weighting:
For each Reference Stock, 5%


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


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


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


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


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


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


Valuation Date:
March 22, 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.


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Maturity Date:
March 24, 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.


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


Interest Calculation Dates:
Quarterly, on June 24, 2019, September 23, 2019, December 23, 2019, March 23, 2020, June 22, 2020,
September 22, 2020, December 22, 2020 and the Valuation Date.

PS-4





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


Interest Calculation Period:
The first Interest Calculation Period will commence on the Pricing Date and end on the first Interest
Calculation Date. Each subsequent Interest Calculation Period will begin on the Trading Day following an
Interest Calculation Date and end on the next Interest Calculation Date.


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


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


Calculation Agent:
Canadian Imperial Bank of Commerce


CUSIP / ISIN:
CUSIP: 136071AA5 / ISIN: US136071AA53


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


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

PS-5

HYPOTHETICAL PAYMENT AT MATURITY

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

Redemption Amount
Percentage Gain (or Loss)
Basket Level Percentage
per $1,000 in Principal Amount
per $1,000 in Principal Amount
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140.00%
$1,352.40
35.24%


130.00%
$1,255.80
25.58%


120.00%
$1,159.20
15.92%


110.00%
$1,062.60
6.26%


105.00%
$1,014.30
1.43%


103.52%(1)
$1,000.00
0.00%


100.00%(2)
$966.00
-3.40%


95.00%
$917.70
-8.23%


90.00%
$869.40
-13.06%


80.00%
$772.80
-22.72%


70.00%
$676.20
-32.38%


60.00%
$579.60
-42.04%



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

(2) If the Basket Level Percentage is less than approximately 103.52%, you will lose some or all of the principal amount of the notes.

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

PS-6

INVESTOR SUITABILITY

The notes may be suitable for you if:

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


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


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

of the notes.

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

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

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


·
You do not seek an investment for which there will be an active secondary market.


·
You are willing to assume the credit risk of the Bank for any payments under the notes.


The notes may not be suitable for you if:

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


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


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


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

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

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


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


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


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


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


The investor suitability considerations identified above are not exhaustive. Whether or not the notes are a suitable investment for you will
depend on your individual circumstances and you should reach an investment decision only after you and your investment, legal, tax,
accounting and other advisors have carefully considered the suitability of an investment in the notes in light of your particular
circumstances. You should also review ``Additional Risk Factors'' below for risks related to the notes.
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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.

Your Investment in the Notes May Result in a Loss.

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

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

The Notes May Not Pay Interest.

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

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

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

Payments on the Notes Are Subject to Our Credit Risk, and Actual or Perceived Changes in Our Creditworthiness Are Expected to Affect
the Value of the Notes.

The notes are our senior unsecured debt obligations and are not, either directly or indirectly, an obligation of any third party. As further described
in the accompanying prospectus and prospectus supplement, the notes will rank on par with all of our other unsecured and unsubordinated debt
obligations, except such obligations as may be preferred by operation of law. Any payment to be made on the notes depends on our ability to
satisfy our obligations as they come due. As a result, the actual and perceived creditworthiness of us may affect the market value of the notes and,
in the event we were to default on our obligations, you may not receive the amounts owed to you under the terms of the notes. If we default on our
obligations under the notes, your investment would be at risk and you could lose some or all of your investment. See "Description of the Notes We
May Offer--Events of Default" in the accompanying prospectus supplement.

The Bank's Initial Estimated Value of the Notes Is Lower than the Original 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.

PS-8

The Bank's Initial Estimated Value of the Notes Does Not Represent Future Values of the Notes and May Differ from Others' Estimates.

The Bank's initial estimated value of the notes is only an estimate, which was determined by reference to the Bank's internal pricing models when
the terms of the notes were set. This estimated value was based on market conditions and other relevant factors existing at that time, the Bank's
internal funding rate on the Trade Date and the Bank's assumptions about market parameters, which can include volatility, dividend rates, interest
rates and other factors. Different pricing models and assumptions could provide valuations for the notes that are greater or less than the Bank's
initial estimated value. In addition, market conditions and other relevant factors in the future may change, and any assumptions may prove to be
incorrect. On future dates, the market value of the notes could change significantly based on, among other things, changes in market conditions,
including the prices of the Reference Stocks, the Bank's creditworthiness, interest rate movements and other relevant factors, which may impact the
price at which the agent or any other party would be willing to buy the notes from you in any secondary market transactions. The Bank's initial
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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 Was Not Determined by Reference to Credit Spreads for Our Conventional Fixed-Rate Debt.

The internal funding rate used in the determination of the Bank's initial estimated value of the notes generally represents a discount from the credit
spreads for our conventional fixed-rate debt. The discount is based on, among other things, our view of the funding value of the notes as well as
the higher issuance, operational and ongoing liability management costs of the notes in comparison to those costs for our conventional fixed-rate
debt. If the Bank were to have used the interest rate implied by our conventional fixed-rate debt, we would expect the economic terms of the notes
to be more favorable to you. Consequently, our use of an internal funding rate for market-linked notes had an adverse effect on the economic terms
of the notes and the initial estimated value of the notes on the Trade Date, and could have an adverse effect on any secondary market prices of the
notes. See "The Bank's Estimated Value of the Notes" in this pricing supplement.

Any Increase in the Price of One or More Reference Stocks May Be Offset by Decreases in the Price of One or More Other Reference
Stocks.

The price of one or more of the Reference Stocks may increase while the price of one or more of the other Reference Stocks decreases. Therefore,
in determining the value of the Basket at any time, increases in the price of one Reference Stock may be moderated, or wholly offset, by decreases
in the price of one or more other Reference Stocks.

The Redemption Amount Will Not Reflect Changes in the Price of Each Reference Stock Other than on the Valuation Date.

Changes in the price of each Reference Stock during the term of the notes other than on the Valuation Date will not be reflected in the calculation
of the Redemption Amount. To calculate the Redemption Amount, the calculation agent will compare only the Final Stock Price of each Reference
Stock to its Initial Stock Price. No other prices of the Reference Stocks will be taken into account. As a result, even if the price of each Reference
Stock has increased at certain times during the term of the notes, you will receive a Redemption Amount that is less than the principal amount if the
Final Stock Price of each Reference Stock is less than its Initial Stock Price.

Correlation Among the Reference Stocks May Affect the Value of Your Notes.

The Reference Stocks may not represent a diversified portfolio of securities. To the extent that the Reference Stocks move in the same direction
(i.e., are highly correlated), you will lose some or all of the benefits that would ordinarily apply to a diversified portfolio of securities.

Certain Business, Trading and Hedging Activities of Us, CIBCWM, Raymond James or our respective affiliates May Create Conflicts with
Your Interests and Could Potentially Adversely Affect the Value of the Notes.

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

PS-9

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 were 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, CIBCWM,
Raymond James or our respective affiliates receive for the sale of the notes, which creates an additional incentive to sell the notes to you. We,
CIBCWM, Raymond James or our respective 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 Valuation Date is
postponed to the last possible day, and make certain anti-dilution adjustments with respect to a Reference Stock if certain corporate events occur.
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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 and stock 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.

The Notes May Be Subject to Non-U.S. Securities Markets Risk.

An investment in securities linked to the value of non-U.S. companies, such as Medtronic Public Limited Company, which is an Irish issuer,
involves risks associated with the home country of such non-U.S. companies. The prices of such non-U.S. companies' common equity securities
may be affected by political, economic, financial and social factors in the home country of such non-U.S. companies, including changes in such
country's government, economic and fiscal policies, currency exchange laws or other laws or restrictions, which could adversely affect the value of
the notes.

The Notes Are Subject to Risks Associated with Reference Stocks that Have a Limited Trading History.

The shares of Granite Point Mortgage Trust Inc. have been publicly traded for a limited period of time. Accordingly, there is only a limited trading
history available for this Reference Stock upon which you can evaluate their prior performance.

PS-10

The Inclusion of the Reference Stocks in the Basket Does Not Guarantee a Positive Return on the Notes.

The inclusion of the Reference Stocks in the Basket does not guarantee a positive return on the notes. There can be no assurance that any Reference
Stock, or the Basket in its entirety, will increase in value. The performance of the Reference Stocks may be less than the performance of the
equities markets generally, or less than the performance of other securities in which you may choose to invest. The Reference Stocks were selected
by the Equity Research Department at Raymond James, but any views expressed by such research department are separate and apart from the
offering of these notes and do not constitute investment advice. There is no assurance that any Reference Stock Issuer will be successful or that the
price of any Reference Stock will increase. Although dividends have been paid on the Reference Stocks in the past, there can be no assurance that
they will be paid in the future, or that any such dividends will be paid at the same rate as they have been in the past. Our offering of the notes does
not constitute our recommendation or the recommendation of Raymond James or any of our respective affiliates to invest in the notes or in the
Reference Stocks.

The Notes Will Not Be Listed on Any Securities Exchange or Any Inter-Dealer Quotation System; There May Be No Secondary Market
for the Notes; Potential Illiquidity of the Secondary Market.

The notes are most suitable for purchasing and holding to maturity. The notes will be new securities for which there is no trading market. The
notes will not be listed on any organized 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.

Significant Aspects of the Tax Treatment of The Notes Are 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
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General

Included in the pages that follow are brief descriptions of each of 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.

Selection of the Composition of the Basket

The composition of the Basket and the identity of the Reference Stocks were selected in February 2019 by the Equity Research Department at
Raymond James, which regularly publishes research regarding public companies. However, any views expressed by such research department are
separate and apart from the offering of these notes and do not constitute investment advice. There is no assurance that any Reference Stock Issuer
will be successful or that the price of any Reference Stock will increase. The business, results of operations and prospects of such companies are
subject to conditions outside the control of Raymond James and CIBC. Moreover, the composition of the Basket does not reflect any investment
recommendations from us, Raymond James or any of our respective affiliates. Nether we, Raymond James nor any of our respective affiliates
makes any representation as to the performance of the Basket or any Reference Stock therein or otherwise endorses those stocks.

License Agreement

We have entered into a license agreement with Raymond James, under which we obtained the right to use the stocks discussed herein in
connection with our issuance of the notes. Under the license agreement, we agreed to pay Raymond James a fee of up to 0.87% of the principal
amount of the notes.

The license agreement requires this section to state as follows:

Solely by participating in this offering, Raymond James makes no representation or warranty, express or implied, to the holders of the
notes or any member of the public regarding the advisability of investing in securities generally or in the notes particularly or the ability of
the Basket to track general or industry-specific stock market performance. Raymond James and its third party licensors have no obligation
to take the needs of CIBC or the holders of the notes into consideration in determining, composing or calculating the Basket. CIBC is the
calculation agent for the notes and will have discretion in making various determinations that affect the notes and Raymond James is not
responsible for any such calculations or determinations. Raymond James has no obligation or liability in connection with the
administration or trading of the notes.

Raymond James has licensed certain of its trademarks to us.

The mark "Raymond James" is a trademark of Raymond James & Associates, Inc. and/or its affiliates, and has been licensed for our use.

PS-12

THE REFERENCE STOCKS

Alaska Air Group, Inc.

Alaska Air Group, Inc. is an airline holding company. The company, through its subsidiaries, provides air services to passengers in multiple
destinations. It also provide freight and mail services, primarily to and within the state of Alaska and on the West Coast. Information filed by the
company with the SEC under the Exchange Act can be located by reference to its SEC file number: 001-08957, or its CIK Code: 0000766421.
This Reference Stock is listed on the New York Stock Exchange (the "NYSE") under the symbol "ALK."

The Allstate Corporation

The Allstate Corporation, through its subsidiaries, provides property-liability insurance as well as other types of insurance in the United States and
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Canada. Its primarily sells private passenger automobile and homeowners insurance through independent and specialized brokers. It also sells life
insurance, annuity, and group pension products through agents. Information filed by the company with the SEC under the Exchange Act can be
located by reference to its SEC file number: 001-11840, or its CIK Code: 0000899051. This Reference Stock is listed on the NYSE under the
symbol "ALL."

Best Buy Co., Inc.

Best Buy Co., Inc. retails consumer electronics, home office products, entertainment software, appliances, and related services through its retail
stores, as well as its web site. It also retails pre-recorded home entertainment products through retail stores. Information filed by the company with
the SEC under the Exchange Act can be located by reference to its SEC file number: 001-09595, or its CIK Code: 0000764478. This Reference
Stock is listed on the NYSE under the symbol "BBY."

Comcast Corporation

Comcast Corporation provides media and television broadcasting services. It offers video streaming, television programming, high-speed Internet,
cable television, and communication services. Information filed by the company with the SEC under the Exchange Act can be located by reference
to its SEC file number: 001-32871, or its CIK Code: 0001166691. This Reference Stock is listed on the Nasdaq Global Select Market (the
"Nasdaq") under the symbol "CMCSA."

CareTrust REIT, Inc.

CareTrust REIT, Inc. acquires, owns, and leases real estate properties related to the Healthcare sector and senior housing living situations.
Information filed by the company with the SEC under the Exchange Act can be located by reference to its SEC file number: 001-36181, or its CIK
Code: 0001590717. This Reference Stock is listed on the Nasdaq under the symbol "CTRE."

CVS Health Corporation

CVS Health Corporation is a pharmacy health care provider. Its offerings include pharmacy benefit management services, mail order, retail and
specialty pharmacy, disease management programs, and retail clinics. Information filed by the company with the SEC under the Exchange Act can
be located by reference to its SEC file number: 001-01011, or its CIK Code: 0000064803. This Reference Stock is listed on the NYSE under the
symbol "CVS."

Chevron Corporation

Chevron Corporation is an energy company with operations in countries located around the world. It produces and transports crude oil and natural
gas. It also refines, markets, and distributes fuels, as well as is involved in chemical and mining operations, power generation, and energy services.
Information filed by the company with the SEC under the Exchange Act can be located by reference to its SEC file number: 001-00368, or its CIK
Code: 0000093410. This Reference Stock is listed on the NYSE under the symbol "CVX."

Delta Air Lines, Inc.

Delta Air Lines, Inc. provides scheduled air transportation for passengers, freight, and mail over a network of routes. It offers flight status
information, bookings, baggage handling, and other related services. Information filed by the company with the SEC under the Exchange Act can
be located by reference to its SEC file number: 001-05424 or its CIK Code: 0000027904. This Reference Stock is listed on the NYSE under the
symbol "DAL."

PS-13

Fastenal Company

Fastenal Company sells industrial and construction supplies in a wholesale and retail fashion. It markets its products and services throughout the
United States, Canada, Mexico, Puerto Rico, Singapore, China, and the Netherlands. Information filed by the company with the SEC under the
Exchange Act can be located by reference to its SEC file number: 000-16125 or its CIK Code: 0000815556. This Reference Stock is listed on the
Nasdaq Stock Market under the symbol "FAST."

Gilead Sciences, Inc.

Gilead Sciences, Inc. is a research-based biopharmaceutical company that discovers, develops, and commercializes therapeutics to advance the care
of patients suffering from life-threatening diseases. Its primary areas of focus include HIV, AIDS, liver disease, and serious cardiovascular and
respiratory conditions. Information filed by the company with the SEC under the Exchange Act can be located by reference to its SEC file number:
000-19731 or its CIK Code: 0000882095. This Reference Stock is listed on the Nasdaq under the symbol "GILD."

Granite Point Mortgage Trust Inc.

Granite Point Mortgage Trust Inc. provides real estate investment services. It originates, manages, and invests in senior floating-rate commercial
mortgage loans and debt-like commercial real estate investments. Information filed by the company with the SEC under the Exchange Act can be
located by reference to its SEC file number: 001-38124 or its CIK Code: 0001703644. This Reference Stock is listed on the NYSE under the
symbol "GPMT."
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Document Outline