Nevis Brands Inc. — Capital/Financing Update 2021

Mar 31, 2021

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CIBC Canadian Banks Index (AR) Autocallable Coupon
Buffer Notes, Series 87
Principal At Risk Notes – Due April 17, 2028
(March 30, 2021)
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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 Banks Index (AR) Autocallable Coupon Buffer Notes, Series 87

3.00% Semi-annual Linked to Solactive Semi-Annual Autocall Contingent Coupon Variable Buffered Canada Bank 30 AR Feature (starting in Payments Downside Protection Index October 2021) (6.00% per annum)

Investment Highlights

Currency: CAD Denominated.

Reference Index:	Solactive Canada Bank 30 AR Index*. The Reference Index is an adjusted return index that aims to track the gross
	total return performance of the Solactive Canada Bank TR Index (the “Target Index”), subject to a reduction of a
	synthetic dividend of 30 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”).
Cash Flow:	The Notes offer the opportunity to obtain semi-annual Coupon Payments equal to the Coupon Amount of $3.00 per
	Note if the Reference Index Return on the immediately preceding Valuation Date is greater than or equal to -25.00%.
Call Feature:	The Notes will be automatically called by CIBC on a Call Date if the Reference Index Return on the Valuation Date
	immediately preceding such Call Date is greater than or equal to 5.00%.
Variable	If the Notes are not automatically called by CIBC and if the Reference Index Return at maturity is negative, the Notes
Buffered	provide principal protection at maturity if the Reference Index Return is greater than or equal to -25.00% on the final
Downside	Valuation Date. If, however, the Reference Index Return is less than -25.00% on the final Valuation Date, the Variable
Protection:	Amount will be equal to the product of (i) the Reference Index Return plus 25.00%; and (ii) 133.33% (which will be
	negative in these circumstances and will result in a loss of a portion of the Principal Amount at maturity), subject to
	aminimumMaturityAmount of$1.00 perNote.

Term Available Until Issue Date Maturity Date (if not called) Minimum Investment How to Buy	Term Available Until Issue Date Maturity Date (if not called) Minimum Investment How to Buy	Term Available Until Issue Date Maturity Date (if not called) Minimum Investment How to Buy	Term Available Until Issue Date Maturity Date (if not called) Minimum Investment How to Buy
7 years April 8, 2021 April 14, 2021 April 17, 2028 $5,000 Wood Gundy: SyndNET Third Party: Fundserv CBL11849 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
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 3.98% for the 12 months ended March 22, 2021, which would represent aggregate dividends of 27.86% over the seven year term of the Notes, assuming the dividend yield remains consistent and the dividends are not reinvested.

Hypothetical Examples

The following hypothetical examples show how the Coupon Payments and the Maturity Amount would be calculated under three 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 return that may be paid on the Notes. The actual performance of the Reference Index will be different from these hypothetical examples and the differences may be material.

Hypothetical Scenario #1 with no Coupon Payments payable and the Notes are not called prior to maturity

In this hypothetical scenario, the Reference Index Return was less than -25.00% on each Valuation Date. Accordingly, the Notes were not automatically called by CIBC prior to maturity and Investors would not be entitled to receive a Coupon Payment on any of the Coupon Payment Dates. The Variable Amount at maturity will be -$6.67 per Note, calculated as the product of $100.00 x (-30.00% + 25.00%) x 133.33%, as the Reference Index Return is less than -25.00% on the final Valuation Date. In this example the total cumulative return is -6.67% (which is equal to an annual compounded return of -0.98%).

Semi-Annual Valuation Date	Reference Index Return	Coupon Payment
Issue Date
1	-45.00%	$0.00
2	-44.00%	$0.00
3	-41.00%	$0.00
4	-45.00%	$0.00
5	-36.00%	$0.00
6	-36.00%	$0.00
7	-43.00%	$0.00
8	-43.00%	$0.00
9	-43.00%	$0.00
10	-31.00%	$0.00
11	-45.00%	$0.00
12	-35.00%	$0.00
13	-42.00%	$0.00
14	-30.00%	$0.00
Total Coupon Payments	$0.00
Variable Amount	= $100.00 x (-30.00% + 25.00%) x 133.33% = -$6.67
Maturity Amount	$93.33
Annual Compounded Return	-0.98%

Hypothetical Scenario #2 with Coupon Payments payable on eight Coupon Payment Dates and the Notes are not called prior to maturity

In this hypothetical scenario, the Reference Index Return was below 5.00% on each Valuation Date and the Reference Index Return was less than -25.00% on six Valuation Dates. Accordingly, the Notes were not automatically called by CIBC prior to maturity and Investors would be entitled to receive Coupon Payments on eight Coupon Payment Dates (aggregate Coupon Payments of $24.00 over the term of the Notes). The Variable Amount at maturity will be the product of $100.00 x 0.00%, as the Reference Index Return was greater than -25.00% on the final Valuation Date. In this example the total cumulative return is 24.00% (which is equal to an annual compounded return of 3.12%).

Semi-Annual Valuation Date	Reference Index Return	Coupon Payment
Issue Date
1	-26.00%	$0.00
2	-32.00%	$0.00
3	-31.00%	$0.00
4	-30.00%	$0.00
5	-28.00%	$0.00
6	-31.00%	$0.00
7	-2.00%	$3.00
8	-24.00%	$3.00
9	3.00%	$3.00
10	0.00%	$3.00
11	-13.00%	$3.00
12	-2.00%	$3.00
13	-24.00%	$3.00
14	-12.00%	$3.00

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2 | CIBC Canadian Banks Index (AR) Autocallable Coupon Buffer Notes, Series 87

Total Coupon Payments	$24.00
Variable Amount	$0.00
Maturity Amount	$100.00
Annual Compounded Return	3.12%

Hypothetical Scenario #3 with Coupon Payments payable on ten Coupon Payment Dates and the Notes are called prior to maturity

In this hypothetical scenario, the Reference Index Return was greater than 5.00% on the 10th Valuation Date and the Reference Index Return was greater than -25.00% on ten Valuation Dates. Accordingly, the Notes were automatically called by CIBC on the related Call Date following the 10th Valuation Date and Investors would be entitled to receive Coupon Payments on ten Coupon Payment Dates (aggregate Coupon Payments of $30.00 over the term of the Notes). Since the Reference Index Return on the 10th Valuation Date was greater than or equal to -25.00%, the Variable Amount will be equal to $0.00 per Note, calculated as the product of $100.00 x 0.00%. In this example the total cumulative return is 30.00% (which is equal to an annual compounded return of 5.39%).

Semi-Annual Valuation Date	Reference Index Return	Coupon Payment
Issue Date
1	-16.00%	$3.00
2	-24.00%	$3.00
3	-11.00%	$3.00
4	-10.00%	$3.00
5	-14.00%	$3.00
6	-23.00%	$3.00
7	-7.00%	$3.00
8	-8.00%	$3.00
9	-20.00%	$3.00
10	6.00%	$3.00
Total Coupon Payments	$30.00
Variable Amount	$0.00
Maturity Amount	$100.00
Annual Compounded Return	5.39%

Investment Details

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 Bank 30 AR Index. The Reference Index is an adjusted return index that aims
	to track the performance of the Solactive Canada Bank TR Index, subject to a reduction of a
	synthetic dividend of 30 index points per annum calculated daily in arrears on a 360 day basis at the
	time the Reference Index is calculated. The level of the Reference Index on March 22, 2021 was
	752.19. The Adjusted Return Factor divided by the level of the Reference Index was therefore equal
	to 3.99% on March 22, 2021. Over the term of the Notes, the sum of the Adjusted Return Factor of
	30 points per annum will be approximately 210 index points, representing 27.92% of the level of the
	Reference Index on March 22, 2021. 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:	April 14, 2021.

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3 | CIBC Canadian Banks Index (AR) Autocallable Coupon Buffer Notes, Series 87

Maturity Date / Term:	April 17, 2028 (7 years), provided that if such date is not a Business Day then the Maturity Date will
	be the immediately following Business Day, subject to the Notes being automatically called by CIBC
	on any Call Date and subject to the occurrence of a Market Disruption Event.
Coupon Payment Dates:	The dates specified below, provided that if any such day is not a Business Day, then the Coupon
	Payment Date will be the next Business Day, subject to the occurrence of a Market Disruption
	Event:
	October 14, 2021 April 14, 2022
	October 14, 2022 April 14, 2023
	October 16, 2023 April 15, 2024
	October 15, 2024 April 14, 2025
	October 14, 2025 April 14, 2026
	October 14, 2026 April 14, 2027
	October 14, 2027 April 17, 2028
Coupon Payments:	On each semi-annual Coupon Payment Date during the term of the Notes, Investors will be eligible
	to receive a Coupon Payment equal to $3.00 per Note (the “Coupon Amount”). Coupon Payments
	will be determined as follows:
	 if the Reference Index Return on the immediately preceding Valuation Date is greater than or
	equal to -25.00%, the Coupon Payment will equal the Coupon Amount; and
	 if the Reference Index Return on the immediately preceding Valuation Date is less than
	-25.00%, the Coupon Payment will be $0.00 per Note.
	The total Coupon Payments payable to Investors over the term of the Notes will not exceed $42.00
	per Note (based on $3.00 per Note payable on each Coupon Payment Date). No Coupon Payments
	will be paid on a Coupon Payment Date if the Reference Index Return on the immediately preceding
	Valuation Date is less than -25.00% or if the Notes have been automatically called by CIBC on a
	preceding Call Date. There is no guarantee that any Coupon Payments will be paid during the term
	of the Notes.
Call Feature:	The Notes will be automatically called by CIBC on a Call Date if the Reference Index Return on the
	Valuation Date immediately preceding such Call Date is greater than or equal to 5.00%.
Call Dates:	The dates specified below (based on an Issue Date of April 14, 2021), provided that if the Issue Date
	is postponed, each Call Date will be postponed by an equivalent number of days, and provided
	further that if any such date is not both a Business Day and at least five Business Days following the
	immediately preceding Valuation Date, the applicable Call Date will be postponed until the next
	Business Day that is at least five Business Days following such Valuation Date, in each case subject
	to the occurrence of a Market Disruption Event:
	October 14, 2021 April 14, 2022
	October 14, 2022 April 14, 2023
	October 16, 2023 April 15, 2024
	October 15, 2024 April 14, 2025
	October 14, 2025 April 14, 2026
	October 14, 2026 April 14, 2027
	October 14, 2027
Reference Index Return:	The Reference Index Return will be a number (positive or negative), expressed as a percentage,
	determined as follows:
	(Index LevelVD– Index LevelID) / Index LevelID, where
	 the “Index LevelVD” will be the Closing Level on the applicable 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.
Valuation Dates:	The dates specified below, provided that if any such day is not an Exchange Day, then the
	applicable Valuation Date will be the immediately preceding Exchange Day, subject to the
	occurrence of a Market Disruption Event:
	October 6, 2021 April 7, 2022
	October 6, 2022 April 6, 2023

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4 | CIBC Canadian Banks Index (AR) Autocallable Coupon Buffer Notes, Series 87

	October 6, 2023 April 8, 2024
	October 7, 2024 April 7, 2025
	October 6, 2025 April 7, 2026
	October 6, 2026 April 7, 2027
	October 6, 2027 April 7, 2028
Maturity Amount:	Investors will be entitled to receive on the later of (a) the fifth Business Day following the final
	Valuation Date and (b) the Maturity Date (the "Maturity Payment Date") (or on a Call Date, if the
	Notes are automatically called by CIBC prior to the Maturity Date) in respect of each Note held by
	such Investor, an amount (the “Maturity Amount”) equal to the sum of (i) the Principal Amount and
	(ii) the Variable Amount, which will either be nil or negative, subject to a minimum Maturity
	Amount of $1.00 per Note.
Variable Amount:	The Variable Amount for a Note is an amount equal to the product of $100.00 multiplied by the
	following:
	 0.00%, if the Reference Index Return is greater than or equal to -25.00% on the immediately
	preceding Valuation Date; or
	 the product of (i) the Reference Index Return plus 25.00%; and (ii) 133.33% (which will be
	negative in these circumstances and will result in a loss of a portion of the Principal Amount at
	maturity), if the Reference Index Return is less than -25.00% on the immediately preceding
	Valuation Date.
	If the Notes are called by CIBC, Investors will not be entitled to receive any further return that they
	would have otherwise been entitled to receive if the Notes had not been called by CIBC.
Secondary Market and Early	The Notes will not be listed on any securities exchange or quotation system.CIBC World Markets
Trading Amount:	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. Under no circumstances will CIBC WM provide a secondary market for the Notes on or
	following a Valuation Date for the Notes if the Notes will be called by CIBC on the applicable Call
	Date. 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 and will reflect the deduction of an early
	trading amount of 3.33% per Note initially, declining daily by 0.037% to 0.00% after 90 days. 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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5 | CIBC Canadian Banks Index (AR) Autocallable Coupon Buffer Notes, Series 87

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. 1,097 to the Prospectus dated March 30, 2021 (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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