Autocallable Market-Linked Step Up Notes Linked to the Nasdaq-100 Index®

The graph above and the table below assume that the notes are not called on any Observation Date and reflect the hypothetical return on the notes at maturity, based on the terms contained in the table to the left.  The graph and the table have been prepared for purposes of illustration only and do not take into account any tax consequences from investing in the notes.

Issuer

Canadian Imperial Bank of Commerce (“CIBC”)

Principal Amount

$10.00 per unit

Term

Approximately two years, if not called

Market Measure

The Nasdaq-100 Index® (Bloomberg symbol: “NDX”)

Automatic Call

The notes will be called automatically if the closing level of the Market Measure on the Observation Date is equal to or greater than the Call Level

Call Level

100.00% of the Starting Value

Observation Date

Approximately one year from the pricing date

Call Amount (per Unit)

[$11.025 to $11.125], to be determined on the pricing date

Payout Profile at Maturity

●If the Market Measure is flat or increases up to the Step Up Value, a return equal to the Step Up Payment

●If the Market Measure increases above the Step Up Value, a return equal to the percentage increase in the Market Measure

●1-to-1 downside exposure to decreases in the Market Measure, with up to 100% of your principal at risk

Step Up Value

120.00% of the Starting Value

Step Up Payment

$2.00 per unit, a 20.00% return over the principal amount

Threshold Value

100.00% of the Starting Value

Investment Considerations

This investment is designed for investors who anticipate that the Market Measure will not decrease over the term of the notes, are willing to take full downside risk and forgo interim interest payments, and are willing to have their notes called prior to maturity.

Preliminary Offering Documents

https://www.sec.gov/Archives/edgar/data/1045520/000191870426011434/formfwp.htm

Exchange Listing

No

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:

●If the notes are not automatically called, depending on the performance of the Market Measure as measured shortly before the maturity date, you may lose up to 100% of the principal amount.

●If the notes are called, your investment return is limited to the return represented by the Call Premium.

●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.

●You will have no rights of a holder of the securities represented by the Market Measure, and you will not be entitled to receive securities or dividends or other distributions by the issuers of those securities.

●The notes are subject to risks associated with investments in securities linked to the value of non-U.S. equity securities.

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.