You
should read the relevant Preliminary Offering Documents before you invest.
Click
on the Preliminary Offering Documents hyperlink above or call your Financial Advisor for a hard copy.
Risk
Factors
Please
see the Preliminary Offering Documents for a description of certain risks related to this investment, including, but not limited
to, the following:
·
Depending on the performance of the Market Measure as measured shortly before the maturity date, you may lose up to 90.00% of the
principal amount.
·
Your investment return is limited to the return represented by the Step Up Payment and may be less than a comparable investment directly
in the Market Measure or the related commodity.
·
Payments on the notes, including any repayment of principal, are subject to the credit risk of CIBC, and actual or perceived changes
in the creditworthiness of CIBC are expected to affect the value of the notes. If CIBC becomes insolvent or is unable to pay its
obligations, you may lose your entire investment.
·
The initial estimated value of the notes on the pricing date will be less than their public offering price.
·
If you attempt to sell the notes prior to maturity, their market value may be lower than both the public offering price and the initial
estimated value of the notes on the pricing date.
·
Ownership of the notes will not entitle you to any rights with respect to the Market Measure or the related commodity.
·
The price of the Market Measure may change unpredictably, affecting the value of your notes in unforeseeable ways
·
Suspensions or disruptions of trading in the Market Measure or any related futures contracts may adversely affect the value of the
notes.
·
Changes in the exchange methodology related to the Market Measure may adversely affect the value of the notes prior to maturity.
·
Legal and regulatory changes could adversely affect the return on and value of your notes.
·
The notes will not be regulated by the U.S. Commodity Futures Trading Commission.
·
An investment linked to commodity futures contracts is not equivalent to an investment linked to the spot prices of physical commodities.
·
Single commodity prices tend to be more volatile than, and may not correlate with, the prices of commodities generally.
·
The market value of the notes may be affected by price movements in distant-delivery futures contracts associated with the Market
Measure.
·
Crude oil prices can be volatile as a result of various factors that we cannot control, and this volatility may reduce the market
value of the notes.
Final
terms will be set on the pricing date within the given range for the specified Market-Linked Investment. Please see the Preliminary
Offering Documents for complete product disclosure, including related risks and tax disclosure. | 
