Obligation CBIC 0% ( US136071AY30 ) en USD

CBIC

100 % ⇌

Canada

US136071AY30 ( en USD )

23/09/2021 - Obligation échue

Prospectus brochure de l'obligation CIBC US136071AY30 en USD 0%, échue

1 000 USD

411 000 USD

136071AY3

N/A

La Banque CIBC (Canadian Imperial Bank of Commerce) est une grande banque commerciale canadienne offrant une gamme complète de services financiers, y compris des services bancaires aux particuliers et aux entreprises, des services de gestion de patrimoine et des services de marchés des capitaux.

L'Obligation émise par CBIC ( Canada ) , en USD, avec le code ISIN US136071AY30, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 23/09/2021

424B2 1 a19-18205_25424b2.htm 424B2

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

Pricing Supplement dated September 20, 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
$411,000 Notes Linked to Raymond James Equity Securities Selections due September 23, 2021

·
The notes (the "notes") are linked to a basket of 16 common equity securities (each, a "Reference Stock" and together, the "Basket") of

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

equity securities of the following companies: The Allstate Corporation ("ALL"), Comcast Corporation ("CMCSA"), CSX Corporation
("CSX"), Cubic Corporation ("CUB"), Casella Waste Systems, Inc. ("CWST"), Fidelity National Information Services, Inc. ("FIS"), HD
Supply Holdings, Inc. ("HDS"), Healthcare Realty Trust Incorporated ("HR"), NexPoint Residential Trust, Inc. ("NXRT"), Oracle Corporation
("ORCL"), The Progressive Corporation ("PGR"), Construction Partners, Inc. ("ROAD"), Service Corporation International ("SCI"), AT&T
Inc. ("T"), Union Pacific Corporation ("UNP"), and Walmart Inc. ("WMT").
·
The Participation Rate is 96.60%. You may lose all or a portion of the principal amount of your notes at maturity if the value of the Basket

does not increase by at least approximately 3.52%, as described in more detail below.
·
The notes do not pay any interest.

·
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 and the dividends paid on the Reference Stocks over the term of the notes. We describe in more
detail below how the payment at maturity will be determined.
·
The notes will not be listed on any securities exchange.

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

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

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

Investing in the notes involves risks not associated with an investment in ordinary debt securities. See "Additional Risk Factors" beginning
on page PS-8 of this pricing supplement, and "Risk Factors" beginning on page S-1 of the accompanying underlying supplement, page S-1
of the prospectus supplement and page 1 of the prospectus.

Price to Public
Agent's Commission (1)
Proceeds to Issuer
(Initial Issue Price)
Per Note
$1,000.00
$20.00
$980.00
Total
$411,000.00
$8,220.00
$402,780.00

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

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

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

We will deliver the notes in book-entry form through the facilities of The Depository Trust Company ("DTC") on September 25, 2019 against
payment in immediately available funds.

CIBC World Markets

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ADDITIONAL TERMS OF THE NOTES

You should read this pricing supplement together with the prospectus dated March 28, 2017 (the "prospectus"), the prospectus supplement dated
November 6, 2018 (the "prospectus supplement") and the Stock-Linked Underlying Supplement dated November 6, 2018 (the "underlying
supplement"). Information in this pricing supplement supersedes information in the underlying supplement, the prospectus supplement and the
prospectus to the extent it is different from that information. Certain capitalized terms used but not defined herein have the meanings set forth in
the underlying supplement, the prospectus supplement or the prospectus.

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

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

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

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

·
Underlying supplement dated November 6, 2018:

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

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

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

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:
$411,000

Term:
Approximately two years

Trade Date/Pricing Date:
September 20, 2019

Original Issue Date:
September 25, 2019

Final Valuation Date:
September 20, 2021, subject to postponement as described under "Certain Terms of the Notes--Valuation
Dates--For Notes Where the Reference Asset Consists of Multiple Reference Stocks" in the underlying
supplement.

Maturity Date:
September 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.

Interest Payments:
None.
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Reference Asset:
A basket of 16 Reference Stocks. The Reference Stock Issuers are as follows:

Reference Stock Issuer
Bloomberg
Initial Price
Ticker
($)

The Allstate Corporation
ALL UN Equity
107.92

Comcast Corporation
CMCSA UW Equity
46.36

CSX Corporation
CSX UW Equity
68.62

Cubic Corporation
CUB UN Equity
72.08

Casella Waste Systems, Inc.
CWST UW Equity
44.92

Fidelity National Information Services, Inc.
FIS UN Equity
131.81

HD Supply Holdings, Inc.
HDS UW Equity
39.04

Healthcare Realty Trust Incorporated
HR UN Equity
33.16

NexPoint Residential Trust, Inc.
NXRT UN Equity
47.56

Oracle Corporation
ORCL UN Equity
53.47

The Progressive Corporation
PGR UN Equity
76.01

Construction Partners, Inc.
ROAD UW Equity
16.00

Service Corporation International
SCI UN Equity
46.92

AT&T Inc.
T UN Equity
37.91

Union Pacific Corporation
UNP UN Equity
166.38

Walmart Inc.
WMT UN Equity
116.98

The Reference Stocks are securities selected by the Equity Research Department of Raymond James. The
identity of the Reference Stocks will not change over the term of the notes, except in limited circumstances
relating to corporate events that may affect the Reference Stocks, as described in "Certain Terms of the
Notes--Anti-Dilution Adjustments" in the underlying supplement, provided that shares of a corporation
resident in Canada for purposes of the Income Tax Act (Canada) shall not be eligible for substitution as
described therein. There is

PS-3

no assurance that any Reference Stock Issuer will be successful or that the price of any Reference Stock
will increase. See "Information Regarding the Reference Stocks--Selection of the Composition of the
Basket" in this pricing supplement.

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

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

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

Participation Rate:
96.60%. Because the Participation Rate is less than 100%, the Basket Level Percentage must exceed
approximately 103.52% in order for you to receive a Redemption Amount that exceeds the principal
amount of the notes.

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

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

Reference Stock Weighting:
For each Reference Stock, 1/16 (6.25%).

Reference Stock Performance:
The Reference Stock Performance will measure the change in value of each Reference Stock over the term
of the notes, including the payment of certain dividends. For each Reference Stock, its Reference Stock
Performance will equal (a) its Final Price divided by (b) its Initial Price, expressed as a percentage.

Initial Price:
For each Reference Stock, its Closing Price on the Pricing Date, as set forth in the table above. The Initial
Price of each Reference Stock is subject to adjustment as described under "Certain Terms of the Notes--
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Anti-Dilution Adjustments" in the underlying supplement, provided that adjustments related to an
extraordinary dividend of a Reference Stock will not be made to its Initial Price because the extraordinary
dividend will be reflected in its Final Price.

Final Price:
For each Reference Stock, the sum of (a) its Closing Price on the Final Valuation Date, and (b) its
Dividend Amount.

Dividend Amount:
For each Reference Stock, an amount in U.S. dollars equal to 100% of the gross cash distributions
(including ordinary and extraordinary dividends), after withholding tax that would be imposed on CIBC
with respect to such dividends, if any, per share of the Reference Stock declared by the applicable
Reference Stock Issuer where the date that the Reference Stock has commenced trading ex-dividend on its
primary U.S. securities exchange as to each relevant distribution occurs from (and including) the Pricing
Date to (and including) the Final Valuation Date, as determined by the calculation agent. 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 the Redemption Amount will be reduced as a result of the
Participation Rate.

Calculation Agent:
Canadian Imperial Bank of Commerce

CUSIP / ISIN:
136071AY3 / US136071AY30

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

PS-4

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%.

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

140.00%
$1,352.40
35.24%

130.00%
$1,255.80
25.58%

120.00%
$1,159.20
15.92%

110.00%
$1,062.60
6.26%

105.00%
$1,014.30
1.43%

103.52%(1)
$1,000.00
0.00%

100.00%(2)
$966.00
-3.40%

95.00%
$917.70
-8.23%

90.00%
$869.40
-13.06%

80.00%
$772.80
-22.72%

70.00%
$676.20
-32.38%

60.00%
$579.60
-42.04%

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

Please see "Additional Risk Factors--Your Investment in the Notes May Result in a Loss" below.
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PS-6

INVESTOR SUITABILITY

The notes may be suitable for you if:

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

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

·
You are willing to accept the risk that you may lose up to 100% of the principal amount of the notes at maturity.

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

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

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

The notes may not be suitable for you if:

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

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

·
You are unwilling to accept the risk that you 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 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.

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 accompanying prospectus supplement and
page 1 of the accompanying prospectus.

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

Your Investment in the Notes May Result in a Loss.

The notes do not guarantee any return of principal. The amount payable on the notes at maturity will depend on the performance of the Reference
Stocks and the dividends declared on the Reference Stocks, and may be less, and possibly significantly less, than the principal amount. If the prices
of the Reference Stocks decrease and the applicable Dividend Amounts are 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."

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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.

No Periodic Interest Will Be Paid on the Notes.

No periodic interest will be paid on the notes. However, because it is possible that the notes may be classified for U.S. federal income tax purposes
as contingent payment debt instruments rather than prepaid cash-settled derivative contracts, you may be required to accrue interest income over
the term of your notes. See "Summary of U.S. Federal Income Tax Consequences" in this pricing supplement.

Payment on the Notes Is 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.

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
estimated value does not represent a minimum price at which the agent or any other party would be willing to buy the notes in any secondary
market (if any exists) at any time. See "The Bank's Estimated Value of the Notes" in this pricing supplement.

The Bank's Initial Estimated Value of the Notes Was Not Determined by Reference to Credit Spreads for Our Conventional Fixed-Rate
Debt.

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

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

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

The Final Price of Each Reference Stock Is Based on Its Closing Price on the Final Valuation Date and May Be Less Than the Closing
Price of That Reference Stock on Trading Days Other Than the Final Valuation Date.

The Final Price of each Reference Stock will be calculated based on the Closing Price of that Reference Stock on the Final Valuation Date. The
Reference Stock prices on Trading Days other than the Final Valuation Date will not be used to determine the Redemption Amount. Therefore, no
matter how high the prices of the relevant Reference Stocks may be during the term of the notes, only the Closing Prices of the Reference Stocks on
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the Final Valuation Date will be used to calculate the applicable Final Prices and the Redemption Amount payable to you at maturity.

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

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

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

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

PS-9

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, CIBCWM, Raymond James, and our respective 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 one of our 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,
CIBCWM, Raymond James, and our respective 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 or one or more of our 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 and our affiliates receive for the sale of the notes, which creates an additional incentive to sell the notes to you. We,
CIBCWM, Raymond James, and 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 your payment at maturity 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 Final
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. 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.

The Notes Are Subject to Risks Associated with Reference Stock(s) that Have a Limited Trading History.

The common stock of Construction Partners, Inc. began trading in May 2018. Accordingly, there is very limited trading history available for this
Reference Stock upon which you can evaluate its prior performance.

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.

There Will Be Limited Anti-Dilution Protection.

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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.

PS-10

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. 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.

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" in the prospectus.

PS-11

INFORMATION REGARDING THE REFERENCE STOCKS

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 pricing supplement 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
pricing supplement, 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 pricing
supplement 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 August 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

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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

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
Canada. The company primarily sells private passenger automobile and homeowners insurance through independent and specialized brokers. It
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 CIK number: 0000899051. This Reference Stock trades on the New York Stock Exchange (the "NYSE")
under the symbol "ALL."

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

CSX Corporation
CSX Corporation is an international freight transportation company. The company provides rail, intermodal, domestic container-shipping, barging,
and contract logistics services around the world. Its rail transportation services are provided principally throughout the Eastern United States.
Information filed by the company with the SEC under the Exchange Act can be located by reference to its SEC CIK number: 0000277948. This
Reference Stock trades on the Nasdaq under the symbol "CSX."

Cubic Corporation
Cubic Corporation, through its defense group, provides instrumented air and ground combat training systems, battle command training, and
simulation support for military forces. The company also produces avionics, data links, and communications products. Its transportation group
provides intermodal ticketing systems for public transit projects worldwide. Information filed by the company with the SEC under the Exchange
Act can be located by reference to its SEC CIK number: 0000026076. This Reference Stock trades on the NYSE under the symbol "CUB."

Casella Waste Systems, Inc.
Casella Waste Systems, Inc. provides integrated and non-hazardous solid waste services throughout the Eastern United States. The company offers
collection, transfer, disposal, and recycling services, generates steam, and manufactures finished products utilizing recyclable materials.
Information filed by the company with the SEC under the Exchange Act can be located by reference to its SEC CIK number: 0000911177. This
Reference Stock trades on the Nasdaq under the symbol "CWST."

Fidelity National Information Services, Inc.
Fidelity National Information Services, Inc. is a payment services provider. The company provides credit and debit card processing, electronic
banking services, check risk management, check cashing, and merchant card processing services to financial institutions and merchants.
Information filed by the company with the SEC under the Exchange Act can be located by reference to its SEC CIK number: 0001136893. This
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Reference Stock trades on the NYSE under the symbol "FIS."

HD Supply Holdings, Inc.
HD Supply Holdings, Inc. is a holding company. The company, through its subsidiaries, operates as an industrial distributor of products
specializing in maintenance, repair & operations, infrastructure & power, and specialty

PS-13

construction. Information filed by the company with the SEC under the Exchange Act can be located by reference to its SEC CIK number:
0001573097. This Reference Stock trades on the Nasdaq under the symbol "HDS."

Healthcare Realty Trust Incorporated
Healthcare Realty Trust Incorporated is a real estate investment trust ("REIT") that integrates owning, managing, financing, and developing
properties associated with the delivery of clinical and outpatient healthcare services throughout the United States. Information filed by the
company with the SEC under the Exchange Act can be located by reference to its SEC CIK number: 0000899749. This Reference Stock trades on
the NYSE under the symbol "HR."

NexPoint Residential Trust, Inc.
NexPoint Residential Trust, Inc. operates as a REIT. The company acquires, owns, and operates middle-income multifamily properties with value-
add potential throughout the Southeastern and Southwestern United States. Information filed by the company with the SEC under the Exchange Act
can be located by reference to its SEC CIK number: 0001620393. This Reference Stock trades on the NYSE under the symbol "NXRT."

Oracle Corporation
Oracle Corporation supplies software for enterprise information management. The company offers databases and relational servers, application
development and decision support tools, and enterprise business applications. Its software runs on network computers, personal digital assistants,
set-top devices, PCs, workstations, minicomputers, mainframes, and massively parallel computers. Information filed by the company with the SEC
under the Exchange Act can be located by reference to its SEC CIK number: 0001341439. This Reference Stock trades on the NYSE under the
symbol "ORCL."

The Progressive Corporation
The Progressive Corporation is an insurance holding company. The company, through its subsidiaries, provides personal and commercial
automobile insurance and other specialty property-casualty insurance and related services throughout the United States. Information filed by the
company with the SEC under the Exchange Act can be located by reference to its SEC CIK number: 0000080661. This Reference Stock trades on
the NYSE under the symbol "PGR."

Construction Partners, Inc.
Construction Partners, Inc. provides infrastructure construction services. The company offers services to public and private infrastructure projects
including highways, roads, bridges, airports, and commercial and residential sites. It serves customers in the United States. Information filed by the
company with the SEC under the Exchange Act can be located by reference to its SEC CIK number: 0001718227. This Reference Stock trades on
the Nasdaq under the symbol "ROAD."

Service Corporation International
Service Corporation International provides death care services worldwide. The company operates funeral service locations, cemeteries, and
crematoria. It also sells prearranged funeral services in most of its service markets. Information filed by the company with the SEC under the
Exchange Act can be located by reference to its SEC CIK number: 0000089089. This Reference Stock trades on the NYSE under the symbol
"SCI."

AT&T Inc.
AT&T Inc. is a communications holding company. The company, through its subsidiaries and affiliates, provides local and long-distance phone
service, wireless and data communications, Internet access and messaging, IP-based and satellite television, security services, telecommunications
equipment, and directory advertising and publishing. Information filed by the company with the SEC under the Exchange Act can be located by
reference to its SEC CIK number: 0000732717. This Reference Stock trades on the NYSE under the symbol "T."
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Document Outline

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