Lithos Group — Capital/Financing Update 2020

Oct 27, 2020

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CIBC Canadian Pipelines Index (AR) Boosted
Return Buffer Notes, Series 1 (F-Class)
Principal At Risk Notes – Due May 13, 2026
(October 27, 2020)
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A final base shelf prospectus containing important information relating to the securities described in this document has been filed with the securities regulatory authorities in each of the provinces and territories of Canada. A copy of the final base shelf prospectus, any amendment to the final base shelf prospectus and any applicable shelf prospectus supplement that has been filed, is required to be delivered with this document. This document does not provide full disclosure of all material facts relating to the securities offered. Investors should read the final base shelf prospectus, any amendment and any applicable shelf prospectus supplement for disclosure of those facts, especially risk factors relating to the securities offered, before making an investment decision.

CIBC Canadian Pipelines Index (AR) Boosted Return Buffer Notes, Series 1 (F-Class)

Linked to Booster Level Variable Buffered Solactive Canada 60.00% Downside Protection Pipelines AR Index

Investment Highlights

Currency:	CAD Denominated.
Reference Index:	Solactive Canada Pipelines AR Index*. The Reference Index aims to track the gross total return performance of the
	Solactive Canada Pipelines Index TR (the “Target Index”), subject to a reduction of a synthetic dividend of 95 index
	points per annum calculated daily in arrears on a 360 day basis at the time the Reference Index is calculated (the
	“Adjusted Return Factor”).
Outperformance	At maturity, if the Reference Index Return is less than or equal to 60.00% and is greater than or equal to -30.00%, the
Potential:	Variable Return will be equal to 60.00%. If the Reference Index Return is greater than 60.00%, the Variable Return will
	be equal to 60.00% plus 150.00% of the Reference Index Return in excess of 60.00%.
Variable Buffered	If the Reference Index Return at maturity is negative, the Notes provide principal protection at maturity if the
Downside	Reference Index Return is greater than or equal to -30.00% on the final Valuation Date. If, however, the Reference
Protection:	Index Return is less than -30.00% on the final Valuation Date, the Variable Amount will be equal to the product of (i)
	the Reference Index Return plus 30.00%; and (ii) 142.85% (which will be negative in these circumstances and will result
	in a loss of a portion of the Principal Amount at maturity), subject to a minimum Maturity Amount of $1.00 per Note.

Term Available Until Issue Date Maturity Date Minimum Investment How to Buy 5.5 Years November 6, 2020 November 13, 2020 May 13, 2026 $5,000.00 Wood Gundy: SyndNET Third Party: Fundserv CBL11409	Term Available Until Issue Date Maturity Date Minimum Investment How to Buy 5.5 Years November 6, 2020 November 13, 2020 May 13, 2026 $5,000.00 Wood Gundy: SyndNET Third Party: Fundserv CBL11409	Term Available Until Issue Date Maturity Date Minimum Investment How to Buy 5.5 Years November 6, 2020 November 13, 2020 May 13, 2026 $5,000.00 Wood Gundy: SyndNET Third Party: Fundserv CBL11409	Term Available Until Issue Date Maturity Date Minimum Investment How to Buy 5.5 Years November 6, 2020 November 13, 2020 May 13, 2026 $5,000.00 Wood Gundy: SyndNET Third Party: Fundserv CBL11409
Distribution Group
British Columbia	877 858-9332	Québec	855 847-6696
Ontario	866 474-4166	Atlantic Canada	888 847-6407
Prairies	866 391-8633	Fundserv Client Services	866 474-0142

• The performance of the Reference Index reflects the gross total return performance of the Target Index as reduced by the Adjusted Return Factor. Investors will not have any right to receive any dividends or other distributions on any securities included in the Target Index. The annual dividend yield of the securities included in the Target Index was 7.53% for the 12 months ended October 15, 2020, which would represent aggregate dividends of 41.42% over the 5.5 year term of the Notes, assuming the dividend yield remains consistent and the dividends are not reinvested.

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1 | CIBC Canadian Pipelines Index (AR) Boosted Return Buffer Notes, Series 1 (F-Class)

Hypothetical Examples

		Reference		Maturity Amount per Note =	Annual Compounded
		Index Return	Variable Return	$100.00 x (100.00% + Variable Return)	Return
Example	1	-100.00%	-100.00%	$1.00	-56.71%
Example	2	-50.00%	-28.57%	$71.43	-5.93%
Example	3	-30.00%	60.00%	$160.00	8.92%
Example	4	-10.00%	60.00%	$160.00	8.92%
Example	5	0.00%	60.00%	$160.00	8.92%
Example	6	20.00%	60.00%	$160.00	8.92%
Example	7	60.00%	60.00%	$160.00	8.92%
Example	8	80.00%	90.00%	$190.00	12.38%
Example	9	100.00%	120.00%	$220.00	15.41%

The above hypothetical examples show how the Maturity Amount would be calculated under nine different scenarios. The Reference Index Return will be calculated based on the performance of the Reference Index, which reflects the gross total return performance of the Target Index as reduced by the Adjusted Return Factor. These examples are for illustrative purposes only and should not be construed as an estimate or forecast of the performance of the Reference Index at any time during the term of the Notes or the amount of the Variable Return to be determined on the Valuation Date. The actual performance of the Reference Index will be different from these hypothetical examples and the differences may be material.

Investment Details

Issuer:	Canadian Imperial Bank of Commerce (“CIBC”).
Principal Amount:	$100.00 (Par) per Note.
Issue Size:	Maximum $50,000,000 (500,000 Notes).
Minimum Subscription:	$5,000 (50 Notes).
Reference Index:	The Solactive Canada Pipelines AR Index. The Reference Index aims to track the performance of the Solactive
	Canada Pipelines Index TR, subject to a reduction of a synthetic dividend of 95 index points per annum
	calculated daily in arrears on a 360 day basis at the time the Reference Index is calculated. The Target Index is a
	gross total return index that reflects the applicable price changes of its constituent securities and any dividends
	and distributions paid in respect of such securities. For the calculation of the level of the Target Index, any
	dividends or other distributions paid on the constituent securities of the Target Index are assumed to be
	reinvested across all the constituent securities of the Target Index.There is no assurance of the ability of
	issuers of the securities comprising the Target Index to declare and pay dividends or make distributions in
	respect of the constituent securities of the Target Index or to sustain or increase such dividends and
	distributions at or above historical levels.
Issue Date:	November 13, 2020.
Maturity Date / Term:	May 13, 2026 (5.5 years, subject to the occurrence of a Market Disruption Event).
Valuation Date:	May 6, 2026 provided that if such day is not an Exchange Day, then the Valuation Date will be the immediately
	preceding Exchange Day, subject to the occurrence of a Market Disruption Event.
Reference Index	The Reference Index Return will be a number (positive or negative), expressed as a percentage, determined as
Return:	follows:
	(Index LevelVD– Index LevelID) / Index LevelID
	where:
	the “Index LevelVD” will be the Closing Level on the Valuation Date; and
	the “Index LevelID” will be the Closing Level on the Issue Date, provided that if the Issue Date is not an
	Exchange Day, the Index LevelIDshall be determined on the next following Exchange Day (in which case
	references to the Closing Level on the Issue Date shall be deemed to refer to the Closing Level on such next
	following Exchange Day),
	subject in each case to the provisions set out under “Market Disruption Events, Adjustments and Substitutions
	and Extraordinary Events” in the Prospectus.
Maturity Amount:	Investors will be entitled to receive on the later of (a) the fifth Business Day following the Valuation Date and (b)
	the Maturity Date in respect of each Note held by such Investor, an amount (the “Maturity Amount”) equal to the
	product of:
	(a) $100.00; and
	(b) 100.00% plus the Variable Return,
	subject to a minimum Maturity Amount of $1.00 per Note.

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2 | CIBC Canadian Pipelines Index (AR) Boosted Return Buffer Notes, Series 1 (F-Class)

Variable Return:	The Variable Return will be calculated as follows:	The Variable Return will be calculated as follows:
	(i)	where the Reference Index Return is greater than 60.00%, the Variable Return will be equal to 60.00%
		plus 150.00% of the Reference Index Return in excess of 60.00%;

Variable Return:	The Variable Return will be calculated as follows: (i) where the Reference Index Return is greater than 60.00%, the Variable Return will be equal to 60.00% plus 150.00% of the Reference Index Return in excess of 60.00%;
	(ii) where the Reference Index Return is less than or equal to 60.00% and greater than or equal to -30.00%,
	the Variable Return will be equal to 60.00%;
	(iii) where the Reference Index Return is less than -30.00%, the Variable Return will be equal to the product
	of (i) the Reference Index Return plus 30.00%; and (ii) 142.85% (which will be negative in these
	circumstances and will result in a loss of a portion of the Principal Amount at maturity).
Secondary Market:	The Notes will not be listed on any securities exchange or quotation system.CIBC World Markets Inc. (“CIBC
	WM”) intends to provide a daily secondary market for the sale of Notes to CIBC WM, but reserves the right not to
	do so, in its sole discretion, at any time without any prior notice to Investors. No other secondary market for the
	Notes will be available. Any sale in the secondary market may be made at a price less than the Principal Amount.
	A sale of Notes originally purchased using the Fundserv network will be subject to certain additional procedures
	and limitations established by the Fundserv network.
	An Investor who disposes of a Note to CIBC WM in the secondary market will generally be required to include in
	income as interest the amount, if any, by which the sale price exceeds the Principal Amount of such Note.
	Investors who dispose of a Note prior to maturity should consult their own tax advisors. See “Certain Canadian
	Federal Income Tax Considerations” in the Pricing Supplement.
Calculation Agent:	CIBC WM.
Registered Account Eligibility:	RRSPs, RRIFs, RESPs, RDSPs, certain DPSPs, and TFSAs.

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3 | CIBC Canadian Pipelines Index (AR) Boosted Return Buffer Notes, Series 1 (F-Class)

Fundserv is a registered trademark of Fundserv Inc.

Disclaimer

This document should be read in conjunction with the short form base shelf prospectus dated November 5, 2019 (the “Prospectus”) and the CIBC Pricing Supplement No. 657 to the Prospectus dated October 27, 2020 (the “Pricing Supplement”).

An investment in the Notes involves risks not associated with conventional fixed rate or floating rate debt securities. None of CIBC, the Dealers or any of their respective affiliates, associates, or any other person or entity guarantees that holders of Notes will receive an amount equal to their original investment in the Notes or guarantees that any return will be paid on the Notes (subject to the minimum Maturity Amount of $1.00 per Note) at or prior to maturity of the Notes. Amounts paid to holders of the Notes will depend on the performance of the Reference Index. An investment in Notes is not suitable for a purchaser who does not understand (either on his or her own or with the help of a financial advisor) the terms of the Notes or the risks associated with the Notes and with structured products, options or similar financial instruments generally. See “Risk Factors” in the Prospectus and “Certain Risk Factors” in the Pricing Supplement. “Solactive” is a registered trademark of Solactive AG and has been licensed for use. Solactive AG makes no representation or warranty, express or implied, regarding the advisability of investing in securities generally or the Notes in particular. Neither Solactive AG nor any of its affiliates are involved in the operation or distribution of the Notes and neither Solactive AG nor its affiliates shall have any liability for operation or distribution of the Notes or the failure of the Notes to achieve their investment objective.

The Notes will not constitute deposits that are insured under the Canada Deposit Insurance Corporation Act or any other deposit insurance regime designed to ensure the payment of all or a portion of a deposit upon the insolvency of the deposit taking institution.

The principal amount of the Notes will not be fully guaranteed and, subject to the minimum Maturity Amount of $1.00 per Note, will be at risk. As a result, Investors could lose substantially all of their original investment in the Notes.

CIBC WM intends to provide a secondary market for the sale of Notes to CIBC WM but reserves the right not to do so, in its sole discretion, at any time without any prior notice to holders of Notes. There is no other market through which the Notes may be sold and purchasers may not be able to re-sell Notes.

CIBC WM is a wholly-owned subsidiary of CIBC. By virtue of such ownership, CIBC is a “related issuer” and a “connected issuer” of CIBC WM within the meaning of applicable securities legislation. See “Plan of Distribution” in the Prospectus.

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