Roxmore Resources Inc. — Capital/Financing Update 2026

Mar 30, 2026

CIBC

PRICING SUPPLEMENT NO. 5,340

(To a Short Form Base Shelf Prospectus dated September 19, 2024)
March 30, 2026

This pricing supplement together with the short form base shelf prospectus dated September 19, 2024, to which it relates, as amended or supplemented, and each document incorporated by reference into the prospectus constitutes a public offering of securities only in the jurisdictions where they may be lawfully offered for sale and therein only by persons permitted to sell such securities. No securities regulatory authority has in any way passed upon the merits of securities offered hereunder and any representation to the contrary is an offence.

The Notes to be issued hereunder have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and, subject to certain exemptions, may not be offered, sold or delivered, directly or indirectly, in the United States of America, its territories, its possessions and other areas subject to its jurisdiction or to, or for the account or benefit of, a U.S. person (as defined in Regulation S under the U.S. Securities Act).

CIBC U.S. Big Banks Hedged to CAD Index (AR) Autocallable Coupon Notes, Series 375 (F-Class)

DUE APRIL 13, 2033

Maximum $50,000,000 (500,000 Notes)

(Principal at Risk Structured Notes)

This pricing supplement (the "Pricing Supplement") qualifies the distribution of up to $50,000,000 of CIBC U.S. Big Banks Hedged to CAD Index (AR) Autocallable Coupon Notes, Series 375 (F-Class) (the "Notes") issued by Canadian Imperial Bank of Commerce ("CIBC") and maturing seven years following the Issue Date. The Notes are principal at risk notes that offer a return linked to the performance of the Solactive United States Big Banks Hedged to CAD 60 AR Index (the "Reference Index"). The Reference Index is an adjusted return index that aims to track the gross total return performance of the Solactive United States Big Banks Hedged to CAD Index TR (the "Target Index"), subject to a reduction of a synthetic dividend of 60 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"). The Target Index tracks the performance of the Solactive United States Big Banks CAD Index TR (the "U.S. Index") and hedges its U.S. dollar currency exposure to the Canadian dollar on a one-month basis by using notional foreign exchange forward contracts.

Item	Price to Public	Selling Concession	Proceeds to CIBC
Per Note	$100.00	$0.00	$100.00
Total Notes	$50,000,000	$0.00	$50,000,000

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CIBC World Markets Inc. ("CIBC WM") and iA Private Wealth Inc. (each a "Dealer" and collectively the "Dealers") conditionally offer the Notes, subject to prior sale, if, as and when issued by CIBC and accepted by the Dealers in accordance with the conditions contained in a dealer agreement dated September 19, 2024, as amended or supplemented from time to time, between a syndicate of dealers (including the Dealers) and CIBC. CIBC WM, the lead Dealer, is a wholly-owned subsidiary of CIBC. By virtue of such ownership, CIBC is a "related issuer" and a "connected issuer" of CIBC WM under applicable securities legislation. See "Dealers" in this Pricing Supplement and "Plan of Distribution" in the Prospectus.

A fee of up to $0.15 (0.15%) per Note sold will be payable by CIBC to iA Private Wealth Inc. at closing for acting as the independent agent.

The proceeds to CIBC set out above reflects the maximum offering size for the Notes. There is no minimum amount of funds that must be raised under this offering of Notes. This means that CIBC could complete the offering of Notes after raising only a small proportion of the offering amount set out above.

CIBC expects that the estimated value of the Notes on the Issue Date will be $96.15 per Note, which is less than the issue price. The estimated value of the Notes is an estimate only, calculated on or about the date of this Pricing Supplement. The estimated value of the Notes is based on CIBC's proprietary valuation models. It is uncertain what the estimated value of the Notes will be on the Issue Date because it is uncertain what the value of the inputs to CIBC's proprietary valuation models will be on the Issue Date. The estimated value is not an indication of actual profit that CIBC or affiliates of CIBC will realize, nor is it an indication of the price, if any, at which CIBC WM or any other person may be willing to buy the Notes. See "Preparation of Estimated Value" and "Risk Factors" in the Prospectus.

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 Notes are not fixed income securities and are not designed to be alternatives to fixed income or money market instruments.

About this Pricing Supplement

This Pricing Supplement supplements the short form base shelf prospectus dated September 19, 2024 (the "Prospectus") relating to the issuance of Medium Term Notes (Principal at Risk Structured Notes) of CIBC. If the information in this Pricing Supplement differs from the information contained in the Prospectus, you should rely on the information in this Pricing Supplement. You should read both this Pricing Supplement and the Prospectus carefully to understand fully the terms of the Notes and other considerations that are important to your investment decision. The information in this Pricing Supplement and the accompanying Prospectus is current only as of the respective dates of each such document.

References in this Pricing Supplement to "CAD", "dollars", or "$" are to Canadian currency and references to "USD", "U.S. dollars" and "US$" are to U.S. currency. Certain capitalized terms used in this Pricing Supplement are defined in Appendix F – "Definitions". Capitalized terms not otherwise defined in this Pricing Supplement have the meanings ascribed to them in the Prospectus.

See Appendix E – “Additional Information” for information relating to this Pricing Supplement.

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Description of the Notes

Issuer

Canadian Imperial Bank of Commerce.

Dealers

CIBC World Markets Inc. and iA Private Wealth Inc.

iA Private Wealth Inc., as the independent agent, has performed due diligence in connection with the offering of the Notes. iA Private Wealth Inc. has not participated in the structuring or pricing of the Notes.

Principal Amount

$100.00 (Par) per Note (the "Principal Amount").

Issue Size

Maximum $50,000,000 (500,000 Notes).

Minimum Subscription

$5,000 (50 Notes).

Fundserv Order Code

CBL22370. Purchasers of Notes will not receive any cash credit for interest on funds deposited with a distributor on the Fundserv network pending closing of the offering. See "Fundserv — Notes Purchased Using the Fundserv Network" in the Prospectus.

CUSIP Number

13539ZUD5

Issue Date

April 13, 2026, or such other date as agreed upon by CIBC and the Dealers (the "Issue Date").

Reference Index

The Solactive United States Big Banks Hedged to CAD 60 AR Index. The Reference Index is an adjusted return index that aims to track the gross total return performance of the Solactive United States Big Banks Hedged to CAD Index TR, subject to a reduction of a synthetic dividend of 60 index points per annum calculated daily in arrears on a 360 day basis at the time the Reference Index is calculated. The Closing Level of the Reference Index on March 23, 2026 was 2,260.43. The Adjusted Return Factor divided by the level of the Reference Index was therefore equal to 2.65% on March 23, 2026. Over the term of the Notes, the sum of the Adjusted Return Factor of 60 points per annum will be approximately 420 index points, representing 18.58% of the level of the Reference Index on March 23, 2026.

The Target Index tracks the performance of the U.S. Index and hedges its U.S. dollar currency exposure to the Canadian dollar on a one-month basis by using notional foreign exchange forward contracts.

The U.S. 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 U.S. Index, any dividends or other distributions paid on the constituent securities of the U.S. Index are assumed to be reinvested across all the constituent securities of the U.S. Index. There is no assurance of the ability of issuers of the securities

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comprising the U.S. Index to declare and pay dividends or make distributions in respect of the constituent securities of the U.S. Index or to sustain or increase such dividends and distributions at or above historical levels.

See Appendix A – “The Reference Index” for information relating to the Reference Index.

Objective of the Notes

The objective of the Notes is to pay Investors the following amounts:

a) on each Coupon Payment Date during the term of the Notes, Investors may receive a coupon payment (a “Coupon Payment”), determined as follows:

i) if the Reference Index Return on the immediately preceding Valuation Date is greater than or equal to -20.00%, the Coupon Payment will equal the Coupon Amount; and
ii) if the Reference Index Return on the immediately preceding Valuation Date is less than -20.00%, the Coupon Payment will be $0.00 per Note.

b) if the Notes are automatically called by CIBC, Investors will be entitled to receive on the applicable Call Date, in addition to the final Coupon Payment, an amount per Note equal to the Principal Amount; or
c) if the Notes are not automatically called by CIBC, Investors will be entitled to receive on the Maturity Payment Date, in addition to any final Coupon Payment, an amount per Note equal to the sum of (A) the Principal Amount and (B) 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:

a) 0.00%, if the Reference Index Return is greater than or equal to -20.00% on the immediately preceding Valuation Date; or
b) the Reference Index Return (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 -20.00% 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.

Reference Index Return

The Reference Index Return will be a number (positive or negative), expressed as a percentage, determined as follows:

$$
\left(\frac{\text{Index Level}{\text{VD}} - \text{Index Level}{\text{ID}}}{\text{Index Level}_{\text{ID}}}
$$

where:

a) the “Index Level” will be the Closing Level on the applicable Valuation Date; and
b) the “Index Level” will be the Closing Level on the Issue Date, provided that if the Issue Date is not an Exchange Day, the Index Level shall be determined on the next following Exchange Day (in which case references in this Pricing Supplement 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.

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Coupon Payments

On each monthly Coupon Payment Date during the term of the Notes, Investors will be eligible to receive a Coupon Payment equal to $1.27 per Note (the "Coupon Amount"). Coupon Payments will be determined as follows:

a) if the Reference Index Return on the immediately preceding Valuation Date is greater than or equal to -20.00%, the Coupon Payment will equal the Coupon Amount; and
b) if the Reference Index Return on the immediately preceding Valuation Date is less than -20.00%, 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 $106.68 per Note (based on $1.27 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 -20.00% 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.

Coupon Payment Dates, Valuation Dates and Call Dates

Based on an Issue Date of April 13, 2026, the Coupon Payment Dates, Valuation Dates and Call Dates are as follows:

Valuation Dates	Coupon Payment Dates	Call Dates
May 6, 2026	May 13, 2026	-
June 8, 2026	June 15, 2026	-
July 6, 2026	July 13, 2026	-
August 6, 2026	August 13, 2026	-
September 4, 2026	September 14, 2026	-
October 5, 2026	October 13, 2026	October 13, 2026
November 5, 2026	November 13, 2026	-
December 7, 2026	December 14, 2026	-
January 6, 2027	January 13, 2027	-
February 8, 2027	February 16, 2027	-
March 8, 2027	March 15, 2027	-
April 6, 2027	April 13, 2027	April 13, 2027
May 6, 2027	May 13, 2027	-
June 7, 2027	June 14, 2027	-
July 6, 2027	July 13, 2027	-
August 6, 2027	August 13, 2027	-
September 3, 2027	September 13, 2027	-
October 5, 2027	October 13, 2027	October 13, 2027
November 5, 2027	November 15, 2027	-
December 6, 2027	December 13, 2027	-
January 6, 2028	January 13, 2028	-
February 7, 2028	February 14, 2028	-
March 6, 2028	March 13, 2028	-
April 6, 2028	April 13, 2028	April 13, 2028
May 8, 2028	May 15, 2028	-

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Valuation Dates	Coupon Payment Dates	Call Dates
June 6, 2028	June 13, 2028	-
July 6, 2028	July 13, 2028	-
August 4, 2028	August 14, 2028	-
September 6, 2028	September 13, 2028	-
October 5, 2028	October 13, 2028	October 13, 2028
November 6, 2028	November 14, 2028	-
December 6, 2028	December 13, 2028	-
January 8, 2029	January 15, 2029	-
February 6, 2029	February 13, 2029	-
March 6, 2029	March 13, 2029	-
April 6, 2029	April 13, 2029	April 13, 2029
May 7, 2029	May 14, 2029	-
June 6, 2029	June 13, 2029	-
July 6, 2029	July 13, 2029	-
August 3, 2029	August 13, 2029	-
September 6, 2029	September 13, 2029	-
October 5, 2029	October 15, 2029	October 15, 2029
November 5, 2029	November 13, 2029	-
December 6, 2029	December 13, 2029	-
January 7, 2030	January 14, 2030	-
February 6, 2030	February 13, 2030	-
March 6, 2030	March 13, 2030	-
April 8, 2030	April 15, 2030	April 15, 2030
May 6, 2030	May 13, 2030	-
June 6, 2030	June 13, 2030	-
July 8, 2030	July 15, 2030	-
August 6, 2030	August 13, 2030	-
September 6, 2030	September 13, 2030	-
October 7, 2030	October 15, 2030	October 15, 2030
November 5, 2030	November 13, 2030	-
December 6, 2030	December 13, 2030	-
January 6, 2031	January 13, 2031	-
February 6, 2031	February 13, 2031	-
March 6, 2031	March 13, 2031	-
April 4, 2031	April 14, 2031	April 14, 2031
May 6, 2031	May 13, 2031	-
June 6, 2031	June 13, 2031	-
July 7, 2031	July 14, 2031	-

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Valuation Dates	Coupon Payment Dates	Call Dates
August 6, 2031	August 13, 2031	-
September 8, 2031	September 15, 2031	-
October 6, 2031	October 14, 2031	October 14, 2031
November 5, 2031	November 13, 2031	-
December 8, 2031	December 15, 2031	-
January 6, 2032	January 13, 2032	-
February 6, 2032	February 13, 2032	-
March 8, 2032	March 15, 2032	-
April 6, 2032	April 13, 2032	April 13, 2032
May 6, 2032	May 13, 2032	-
June 7, 2032	June 14, 2032	-
July 6, 2032	July 13, 2032	-
August 6, 2032	August 13, 2032	-
September 3, 2032	September 13, 2032	-
October 5, 2032	October 13, 2032	October 13, 2032
November 5, 2032	November 15, 2032	-
December 6, 2032	December 13, 2032	-
January 6, 2033	January 13, 2033	-
February 7, 2033	February 14, 2033	-
March 7, 2033	March 14, 2033	-
April 6, 2033	April 13, 2033	-

Provided that (i) if any such Coupon Payment Date 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; (ii) 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 Call Date is not both a Business Day and at least five Business Days following the applicable Valuation Date, the applicable Call Date will be postponed until the next Business Day that is at least five Business Days following the immediately preceding Valuation Date, in each case subject to the occurrence of a Market Disruption Event; and (iii) if any such Valuation Date is not an Exchange Day, then the applicable Valuation Date will be the immediately following Exchange Day, subject to the occurrence of a Market Disruption Event.

Maturity Date

The Maturity Date will be April 13, 2033, 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 (i.e., redeemed) by CIBC on any Call Date during the term of the Notes and subject to the occurrence of a Market Disruption Event.

Subject to the Notes being automatically called by CIBC on a Call Date or upon the occurrence of certain Extraordinary Events as set forth in the Prospectus, the Notes are not redeemable by CIBC prior to the Maturity Date. See "Market Disruption Events, Adjustments and Substitutions and Extraordinary Events" in the Prospectus.

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 $0.00\%$.

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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, subject to a minimum Maturity Amount of $1.00 per Note.

The return on the Notes will not reflect the total return that an Investor would receive if such Investor owned the securities in the U.S. Index. An Investor will not have, and the Notes will not represent, any direct or indirect ownership or other interest in the securities in the U.S. Index. Investors will not have any right to receive any dividends or other distributions on any securities in the U.S. Index nor will Investors have the right to exercise any voting rights for such securities and will only have a right against CIBC to be paid the Coupon Payments on each Coupon Payment Date, if applicable, and the Maturity Amount at maturity (or on a Call Date, if the Notes are automatically called by CIBC prior to the Maturity Date). The Coupon Payments and the Maturity Amount will be a function of the performance of the Reference Index, an adjusted return index that aims to track the gross total return performance of the Target Index, subject to the Adjusted Return Factor, which in turn tracks the performance of the U.S. Index and hedges its U.S. dollar currency exposure to the Canadian dollar on a one-month basis by using notional foreign exchange forward contracts. See Appendix B – "Hypothetical Examples of the Calculation of the Coupon Payments and the Maturity Amount". The annual dividend yield of the securities included in the U.S. Index was 2.02% for the 12 months ended March 23, 2026, which would represent aggregate dividends of 14.14% over the seven year term of the Notes, assuming the dividend yield remains consistent and the dividends are not reinvested.

Ongoing Information about the Notes

Ongoing information about the performance of the Notes will be available to Investors at https://notes.cibc.com, including (a) the daily secondary market price offered by CIBC WM for the Notes, (b) the daily Closing Level, (c) the performance of the Reference Index to date, (d) the amount of each Coupon Payment to date, (e) any adjustments or substitutions made in connection with an Extraordinary Event to date and (f) notice to Investors if CIBC called the Notes on a Call Date.

Calculation Agent

CIBC WM.

Summary of Fees and Expenses

Dealer's Fee

There is no selling concession in respect of the Notes. A fee of up to $0.15 (0.15%) per Note sold will be payable by CIBC to iA Private Wealth Inc. at closing for acting as the independent agent.

Expenses of the Offering

The expenses of the offering (including the license fees payable by CIBC in connection with use of the Reference Index) will be borne by CIBC.

Use of Proceeds

The net proceeds to CIBC from the sale of the Notes, after deducting expenses of issue, will be added to the general funds of CIBC. CIBC and/or its affiliates or associates may use the proceeds in transactions intended to hedge CIBC's obligations under the Notes.

Listing and Secondary Market

The Notes will not be listed on any securities exchange or quotation system.

CIBC WM intends to provide a daily secondary market for the sale of Notes to CIBC WM but reserves the right not to do

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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. An Investor cannot elect to receive the Maturity Amount prior to the Maturity Payment Date. The sale of Fundserv-enabled Notes using the Fundserv network carries certain restrictions, including selling procedures that require that an irrevocable sale order be initiated at a bid price that will not be known prior to placing such sale order. CIBC will be the only CDS participant holding interests in the Fundserv-enabled Notes and CIBC will maintain the records of beneficial ownership of Investors or their nominee. CIBC will record in its records the beneficial ownership of Notes by Investors as instructed by an Investor's financial advisor using the Fundserv network. The sale of a Note to CIBC WM will be effected at a price equal to CIBC WM's bid price for the Note (which may be less than $100.00 per Note). See "Fundserv — Sale of Notes using the Fundserv Network" in the Prospectus.

Investors should not base their decision to purchase the Notes on the availability of a secondary market or, if a secondary market is available, on the expectation that the bid price for the Notes will be equal to or greater than the Principal Amount invested by the Investor. An Investor should be prepared to hold the Notes until the Maturity Date. Investors choosing to sell their Notes prior to the Maturity Date may be unable to sell their Notes and, if a sale is possible, may receive sales proceeds that do not reflect the performance of the Reference Index up to that time.

An Investor should consult his or her investment advisor on whether it would be more favourable in the circumstances at any time to sell the Notes (assuming the availability of a secondary market) or hold the Notes until the Maturity Date. An Investor should also consult his or her tax advisor as to the income tax consequences arising from a sale prior to the Maturity Date. See Appendix C – “Certain Canadian Federal Income Tax Considerations” in this Pricing Supplement.

Factors Affecting the Bid Price of the Notes

The bid price at which an Investor will be able to sell the Notes in the secondary market to CIBC WM prior to the Maturity Date may be at a discount, which could be substantial, from the Maturity Amount that would be payable if the Notes were maturing on such day. CIBC WM's bid price for the Notes in the secondary market will be affected by a number of complex and inter-related factors, and the effect of one factor may offset or magnify the effect of another factor, potentially resulting in adverse movements in the bid price of the Notes prior to the Maturity Date.

See Appendix D – “Certain Risk Factors” for a summary of some of the factors that may affect the bid price of the Notes.

Suitability for Investment

The Notes are not suitable for all investors. In determining whether the Notes are a suitable investment, an investor should consider that:

a) the aggregate payments received by an Investor over the term of the Notes, consisting of the Coupon Payments and the Maturity Amount, may be less than, and could be substantially less than, the Investor's original investment in the Notes, and Investors could lose substantially all of their investment in the Notes, subject to a minimum Maturity Amount of $1.00 per Note;

b) the Notes will be redeemed automatically prior to the Maturity Date if, on any applicable Valuation Date, the Reference Index Return is greater than or equal to 0.00%;

c) any positive Reference Index Return on a Valuation Date will not be reflected in the calculation of the Maturity Amount payable on the Maturity Payment Date (or the applicable Call Date if the Notes are automatically called by CIBC);

d) an investor's investment strategy should be consistent with the investment features of the Notes;

e) an investor's investment time horizon should correspond with the term of the Notes; and

f) the Notes are subject to the risk factors summarized in Appendix D - "Certain Risk Factors" in this Pricing Supplement and "Risk Factors" in the Prospectus.

Certain Canadian Federal Income Tax Considerations

See Appendix C – “Certain Canadian Federal Income Tax Considerations” and “Certain Canadian Federal Income Tax

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Considerations" in the Prospectus for a summary of the principal Canadian federal income tax considerations generally applicable to an investment in the Notes.

Certain Risk Factors

See Appendix D – "Certain Risk Factors" and "Risk Factors" in the Prospectus for a summary of some of the most significant risks relating to an investment in the Notes.

No Rating

The Notes will not be specifically rated by any rating agency. As of the date hereof, the unsubordinated indebtedness of CIBC with a term to maturity of one year or more (which would include CIBC's obligations under the Notes) are rated AA (stable outlook) by DBRS Limited, Aa2 (stable outlook) by Moody's Investors Service, AA (stable outlook) by Fitch Ratings and A+ (stable outlook) by Standard & Poor's Ratings Services. A rating is not a recommendation to buy, sell or hold investments, and may be subject to revision or withdrawal at any time by the relevant rating agency.

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Appendix A

The Reference Index

Public Information

Information contained in this Pricing Supplement with respect to the Reference Index, the Target Index and the securities in the U.S. Index was obtained from a number of public sources that CIBC believes to be reliable, including the website maintained by the Index Sponsor. CIBC, the Dealers and their respective affiliates and associates have not independently verified the accuracy or completeness of any such information, including the calculation, maintenance or publication of the Reference Index.

Reference Index – The Solactive United States Big Banks Hedged to CAD 60 AR Index

The Solactive United States Big Banks Hedged to CAD 60 AR Index is an adjusted return index that aims to track the gross total return performance of the Solactive United States Big Banks Hedged to CAD Index TR, subject to a reduction of a synthetic dividend of 60 index points per annum calculated daily in arrears on a 360 day basis at the time the Reference Index is calculated.

The only component of the Reference Index is the Target Index. The Reference Index was first launched and published on January 5, 2026. The Reference Index is calculated and published in Canadian dollars.

The Closing Level of the Reference Index as of March 23, 2026 was 2,260.43.

Target Index – The Solactive United States Big Banks Hedged to CAD Index TR

The Solactive United States Big Banks Hedged to CAD Index TR tracks the performance of the Solactive United States Big Banks CAD Index TR and hedges its U.S. dollar currency exposure to the Canadian dollar on a one-month basis by using notional foreign exchange forward contracts.

The only component of the Target Index is the U.S. Index. The Target Index was first launched on November 27, 2023. The Target Index is calculated and published in Canadian dollars.

U.S. Index – The Solactive United States Big Banks CAD Index TR

The Solactive United States Big Banks CAD Index TR is a free-float market capitalization weighted equity index. The methodology of the U.S. Index provides that constituent securities fulfill the following criteria: stocks must be part of the GBS Index Universe of the Solactive GBS United States 100 Index PR; security market capitalization of at least US$8 billion; stocks must be classified as one of the following industries according to NAICS primary industry classification – Securities Brokerage, Commercial Banking or Investment Banking and Securities Intermediation; and average daily traded value over the last one month and the last six months of at least US$20 million across all United States exchanges.

The U.S. Index is a gross total return index that seeks to replicate the overall return from holding a portfolio consisting of the constituent securities of the U.S. Index, including any dividends and distributions paid in respect of such securities. For the calculation of the level of the U.S. Index, any dividends or other distributions paid on the constituent securities of the U.S. Index are reinvested across all the constituent securities of the U.S. Index. The composition of the U.S. Index is ordinarily reviewed four times a year in February, May, August and November.

The U.S. Index was first launched on November 24, 2023. The U.S. Index is calculated and published in U.S. dollars.

The respective methodologies of the Reference Index, Target Index and U.S. Index are published on Solactive AG's website at www.solactive.com. Information on Solactive AG's website is not incorporated by reference into this Pricing Supplement.

Disclaimer

All information contained in this Pricing Supplement regarding the Reference Index, including, without limitation, its make-up, performance, method of calculation and changes in its constituents, has been derived from publicly available sources without independent verification. Such information reflects the policies of and is subject to change by Solactive AG. CIBC

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makes no representation or warranty as to the accuracy or completeness of such information. The Index Sponsor independently calculates, maintains and publishes the Reference Index. The Index Sponsor has no obligation to continue to publish, and may discontinue publication of, the Reference Index. The Index Sponsor has no obligation relating to the Notes or amounts to be paid to an Investor, including any obligation to take the needs of CIBC, CIBC WM or the beneficial owners of the Notes into consideration for any reason. The Index Sponsor will not receive any of the proceeds of the offering of the Notes, is not responsible for and has not participated in, the offering of the Notes nor is it responsible for, nor will it participate in, the determination or calculation of the amount receivable by beneficial owners of the Notes. The Index Sponsor makes no representation or warranty, express or implied, regarding the advisability of investing in securities generally or the Notes in particular. Neither the Index Sponsor nor any of its affiliates are involved in the operation or distribution of the Notes and neither the Index Sponsor 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 Index Sponsor is not related to CIBC or CIBC WM. The Index Sponsor and CIBC have entered into a license agreement providing CIBC, in exchange for a fee, with the right to use the Reference Index in connection with the Notes. The Index Sponsor does not guarantee the accuracy or completeness of the Reference Index, any data included therein, or any data from which it is derived, and the Index Sponsor has no liability for any errors, omissions, or interruptions therein. The Index Sponsor does not make any warranty, express or implied, as to results to be obtained from use of information provided by the Index Sponsor in respect of the Reference Index and the Index Sponsor expressly disclaims all warranties of suitability with respect thereto.

The Notes are not sponsored, promoted, sold or supported in any other manner by the Index Sponsor nor does the Index Sponsor offer any express or implicit guarantee or assurance either with regard to the results of using the Reference Index and/or Reference Index trademark or the Closing Level at any time or in any other respect. The Index Sponsor uses its best efforts to ensure that the Reference Index is calculated correctly. Irrespective of its obligations towards the Issuer, the Index Sponsor has no obligation to point out errors in the Reference Index to third parties including but not limited to investors and/or financial intermediaries of the Notes. Neither publication of the Reference Index by the Index Sponsor nor the licensing of the Reference Index or Reference Index trademark for the purpose of use in connection with the Notes constitutes a recommendation by the Index Sponsor to invest capital in the Notes nor does it in any way represent an assurance or opinion of the Index Sponsor with regard to any investment in the Notes.

CA13539ZUD54 | 12

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Appendix B

Hypothetical Examples of the Calculation of the Coupon Payments and the Maturity Amount

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 -20.00% 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 -$28.00 per Note, calculated as the product of $100.00 x -28.00%, as the Reference Index Return is less than -20.00% on the final Valuation Date. In this example the total cumulative return is -28.00% (which is equal to an annual compounded return of -4.58%).

Monthly Valuation Date	Reference Index Return	Coupon Payment
1	-33.00%	$0.00
2	-29.00%	$0.00
3	-25.00%	$0.00
4	-28.00%	$0.00
5	-38.00%	$0.00
6	-32.00%	$0.00
7	-27.00%	$0.00
8	-40.00%	$0.00
9	-32.00%	$0.00
10	-37.00%	$0.00
11	-33.00%	$0.00
12	-23.00%	$0.00
13	-30.00%	$0.00
14	-27.00%	$0.00
15	-26.00%	$0.00
16	-23.00%	$0.00
17	-38.00%	$0.00
18	-26.00%	$0.00
19	-26.00%	$0.00
20	-27.00%	$0.00
21	-25.00%	$0.00
22	-37.00%	$0.00

CA13539ZUD54 | 13

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Monthly Valuation Date	Reference Index Return	Coupon Payment
23	-28.00%	$0.00
24	-23.00%	$0.00
25	-32.00%	$0.00
26	-24.00%	$0.00
27	-28.00%	$0.00
28	-25.00%	$0.00
29	-34.00%	$0.00
30	-35.00%	$0.00
31	-39.00%	$0.00
32	-37.00%	$0.00
33	-32.00%	$0.00
34	-24.00%	$0.00
35	-32.00%	$0.00
36	-31.00%	$0.00
37	-26.00%	$0.00
38	-33.00%	$0.00
39	-23.00%	$0.00
40	-29.00%	$0.00
41	-29.00%	$0.00
42	-32.00%	$0.00
43	-28.00%	$0.00
44	-32.00%	$0.00
45	-26.00%	$0.00
46	-25.00%	$0.00
47	-32.00%	$0.00
48	-28.00%	$0.00
49	-33.00%	$0.00
50	-40.00%	$0.00
51	-40.00%	$0.00
52	-34.00%	$0.00
53	-28.00%	$0.00
54	-40.00%	$0.00
55	-31.00%	$0.00
56	-28.00%	$0.00
57	-32.00%	$0.00
58	-29.00%	$0.00
59	-39.00%	$0.00
60	-25.00%	$0.00

CA13539ZUD54 | 14

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Monthly Valuation Date	Reference Index Return	Coupon Payment
61	-31.00%	$0.00
62	-40.00%	$0.00
63	-30.00%	$0.00
64	-30.00%	$0.00
65	-27.00%	$0.00
66	-30.00%	$0.00
67	-23.00%	$0.00
68	-38.00%	$0.00
69	-38.00%	$0.00
70	-40.00%	$0.00
71	-39.00%	$0.00
72	-24.00%	$0.00
73	-29.00%	$0.00
74	-32.00%	$0.00
75	-29.00%	$0.00
76	-32.00%	$0.00
77	-37.00%	$0.00
78	-25.00%	$0.00
79	-23.00%	$0.00
80	-24.00%	$0.00
81	-32.00%	$0.00
82	-25.00%	$0.00
83	-37.00%	$0.00
84	-28.00%	$0.00

Total Coupon Payments: $0.00

Variable Amount: $100.00 x -28.00% = -$28.00

Maturity Amount: $72.00

Annual Compounded Return: -4.58%

CA13539ZUD54 | 15

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

In this hypothetical scenario, the Reference Index Return was below 0.00% on each Valuation Date and the Reference Index Return was less than -20.00% on forty-one Valuation Dates. Accordingly, the Notes were not automatically called by CIBC prior to maturity and Investors would be entitled to receive Coupon Payments on forty-three Coupon Payment Dates (aggregate Coupon Payments of $54.61 over the term of the Notes). The Variable Amount at maturity will be equal to $0.00 per Note, calculated as the product of $100.00 x 0.00%, as the Reference Index Return was greater than or equal to -20.00% on the final Valuation Date. In this example the total cumulative return is 54.61% (which is equal to an annual compounded return of 6.42%).

Monthly Valuation Date	Reference Index Return	Coupon Payment
1	-32.00%	$0.00
2	-34.00%	$0.00
3	-38.00%	$0.00
4	-36.00%	$0.00
5	-31.00%	$0.00
6	-38.00%	$0.00
7	-39.00%	$0.00
8	-24.00%	$0.00
9	-37.00%	$0.00
10	-39.00%	$0.00
11	-33.00%	$0.00
12	-38.00%	$0.00
13	-23.00%	$0.00
14	-40.00%	$0.00
15	-36.00%	$0.00
16	-33.00%	$0.00
17	-40.00%	$0.00
18	-33.00%	$0.00
19	-25.00%	$0.00
20	-39.00%	$0.00
21	-31.00%	$0.00
22	-35.00%	$0.00
23	-37.00%	$0.00
24	-30.00%	$0.00
25	-24.00%	$0.00
26	-32.00%	$0.00
27	-37.00%	$0.00
28	-32.00%	$0.00
29	-23.00%	$0.00
30	-34.00%	$0.00
31	-23.00%	$0.00

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Monthly Valuation Date	Reference Index Return	Coupon Payment
32	-24.00%	$0.00
33	-31.00%	$0.00
34	-36.00%	$0.00
35	-31.00%	$0.00
36	-30.00%	$0.00
37	-28.00%	$0.00
38	-31.00%	$0.00
39	-38.00%	$0.00
40	-27.00%	$0.00
41	-28.00%	$0.00
42	-13.00%	$1.27
43	-15.00%	$1.27
44	-16.00%	$1.27
45	-14.00%	$1.27
46	-14.00%	$1.27
47	-10.00%	$1.27
48	-15.00%	$1.27
49	-18.00%	$1.27
50	-16.00%	$1.27
51	-18.00%	$1.27
52	-15.00%	$1.27
53	-18.00%	$1.27
54	-10.00%	$1.27
55	-11.00%	$1.27
56	-16.00%	$1.27
57	-13.00%	$1.27
58	-13.00%	$1.27
59	-11.00%	$1.27
60	-16.00%	$1.27
61	-12.00%	$1.27
62	-15.00%	$1.27
63	-15.00%	$1.27
64	-10.00%	$1.27
65	-15.00%	$1.27
66	-10.00%	$1.27
67	-14.00%	$1.27
68	-16.00%	$1.27
69	-16.00%	$1.27

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Monthly Valuation Date	Reference Index Return	Coupon Payment
70	-13.00%	$1.27
71	-18.00%	$1.27
72	-16.00%	$1.27
73	-17.00%	$1.27
74	-10.00%	$1.27
75	-16.00%	$1.27
76	-13.00%	$1.27
77	-12.00%	$1.27
78	-16.00%	$1.27
79	-10.00%	$1.27
80	-11.00%	$1.27
81	-13.00%	$1.27
82	-16.00%	$1.27
83	-10.00%	$1.27
84	-16.00%	$1.27

Total Coupon Payments: $54.61
Variable Amount: $0.00
Maturity Amount: $100.00
Annual Compounded Return: 6.42%

CA13539ZUD54 | 18

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

In this hypothetical scenario, the Reference Index Return was greater than or equal to 0.00% on the 72nd Valuation Date and the Reference Index Return was greater than or equal to -20.00% on seventy-two Valuation Dates. Accordingly, the Notes were automatically called by CIBC on the related Call Date following the 72nd Valuation Date and Investors would be entitled to receive Coupon Payments on seventy-two Coupon Payment Dates (aggregate Coupon Payments of $91.44 over the term of the Notes). Since the Reference Index Return on the 72nd Valuation Date was greater than or equal to 0.00%, the Notes will be called prior to maturity and 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 91.44% (which is equal to an annual compounded return of 11.43%).

Monthly Valuation Date	Reference Index Return	Coupon Payment
1	-10.00%	$1.27
2	-12.00%	$1.27
3	-11.00%	$1.27
4	-10.00%	$1.27
5	-11.00%	$1.27
6	-16.00%	$1.27
7	-17.00%	$1.27
8	-10.00%	$1.27
9	-10.00%	$1.27
10	-14.00%	$1.27
11	-13.00%	$1.27
12	-12.00%	$1.27
13	-11.00%	$1.27
14	-18.00%	$1.27
15	-13.00%	$1.27
16	-14.00%	$1.27
17	-12.00%	$1.27
18	-17.00%	$1.27
19	-12.00%	$1.27
20	-15.00%	$1.27
21	-18.00%	$1.27
22	-14.00%	$1.27
23	-17.00%	$1.27
24	-13.00%	$1.27
25	-18.00%	$1.27
26	-17.00%	$1.27
27	-14.00%	$1.27
28	-13.00%	$1.27
29	-14.00%	$1.27
30	-10.00%	$1.27

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Monthly Valuation Date	Reference Index Return	Coupon Payment
31	-15.00%	$1.27
32	-10.00%	$1.27
33	-13.00%	$1.27
34	-10.00%	$1.27
35	-14.00%	$1.27
36	-11.00%	$1.27
37	-12.00%	$1.27
38	-15.00%	$1.27
39	-16.00%	$1.27
40	-13.00%	$1.27
41	-17.00%	$1.27
42	-17.00%	$1.27
43	-16.00%	$1.27
44	-14.00%	$1.27
45	-15.00%	$1.27
46	-15.00%	$1.27
47	-14.00%	$1.27
48	-18.00%	$1.27
49	-16.00%	$1.27
50	-13.00%	$1.27
51	-10.00%	$1.27
52	-15.00%	$1.27
53	-11.00%	$1.27
54	-16.00%	$1.27
55	-13.00%	$1.27
56	-14.00%	$1.27
57	-10.00%	$1.27
58	-17.00%	$1.27
59	-15.00%	$1.27
60	-15.00%	$1.27
61	-18.00%	$1.27
62	-15.00%	$1.27
63	-11.00%	$1.27
64	-17.00%	$1.27
65	-12.00%	$1.27
66	-15.00%	$1.27
67	-14.00%	$1.27
68	-13.00%	$1.27

CA13539ZUD54 | 20

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Monthly Valuation Date	Reference Index Return	Coupon Payment
69	-16.00%	$1.27
70	-16.00%	$1.27
71	-13.00%	$1.27
72	2.00%	$1.27

Total Coupon Payments: $91.44
Variable Amount: $0.00
Maturity Amount: $100.00
Annual Compounded Return: 11.43%

CA13539ZUD54 | 21

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Appendix C

Certain Canadian Federal Income Tax Considerations

The following summary describes certain Canadian federal income tax considerations under the Income Tax Act (Canada) (the "Tax Act") generally applicable as of the date hereof to the acquisition, holding and disposition of Notes by a Holder (as defined in the Prospectus under "Certain Canadian Federal Income Tax Considerations") who purchases Notes at the time of their issuance pursuant to this offering.

This summary is supplemental to and should be read together with the description of certain material Canadian federal income tax considerations relevant to a Holder under "Certain Canadian Federal Income Tax Considerations" in the Prospectus, noting that on March 21, 2025, the Government of Canada announced that it is not moving forward with the Capital Gains Amendments (as defined therein).

This summary is not exhaustive of all possible Canadian federal income tax considerations applicable to an investment in the Notes. Accordingly, this summary is of a general nature only and is not intended to be legal or tax advice to any Holder. Investors are urged to consult their own tax advisors for advice with respect to the potential income tax consequences to them of an investment in the Notes, having regard to their particular circumstances.

Coupon Payments

A Holder will be required to include in his or her income for a taxation year the full amount of any Coupon Payments received or receivable by the Holder in that taxation year, depending on the method normally used by the Holder for computing his or her income under the Tax Act.

Payment on the Maturity Payment Date, on a Call Date or as a Consequence of an Extraordinary Event

A Holder will not realize any gain or loss on a disposition of a Note resulting from a payment by or on behalf of CIBC on the Maturity Payment Date or a Call Date if the Maturity Amount payable in respect of such Note is equal to the Principal Amount of such Note.

If the Early Redemption Amount is paid to a Holder in respect of a Note as a consequence of an Extraordinary Event, the excess (if any) of such payment over the Principal Amount of such Note would be included in the Holder's income for the taxation year in which such payment is received or receivable by the Holder, depending on the method normally used by the Holder for computing his or her income under the Tax Act.

On a disposition of a Note resulting from the payment by or on behalf of CIBC, a Holder will generally realize a capital loss to the extent that the amount so paid is less than the Holder's adjusted cost base of the Note.

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Disposition of Notes Prior to Maturity

On any sale of a Note to CIBC WM in the secondary market or other assignment or transfer of a Note, a Holder will generally be required to include in income the amount of interest accrued (or deemed to have accrued) on the Note from the last Coupon Payment Date to the time of sale, assignment or transfer to the extent that such amount has not otherwise been included in the Holder's income. For these purposes, an amount of interest will be deemed to have accrued to the time of such a sale, assignment or transfer of a Note equal to the amount, if any, by which the price for which the Note was sold, assigned or otherwise transferred exceeds the Principal Amount of such Note. Holders should consult their own tax advisors as to the amount, if any, required to be so included, and whether or to what extent an offsetting deduction may be available to the extent that the portion of the consideration received or receivable by the Holder for the Note that can reasonably be considered to be in respect of such accrued interest is less than the amount of such inclusion.

The net amount, if any, required to be so included in computing income as described above will be excluded in computing the Holder's proceeds of disposition of the Note. On such a sale, assignment or transfer of a Note, a Holder should realize a capital loss to the extent that the proceeds of disposition (adjusted as described above), net of any reasonable costs of disposition, are less than the Holder's adjusted cost base of such Note.

Holders who dispose of a Note prior to maturity should consult their own tax advisors with respect to their particular circumstances.

CA13539ZUD54 | 23

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Appendix D

Certain Risk Factors

Risk Factors Related to the Offering of Notes

The Notes are principal at risk instruments and are riskier than ordinary unsecured debt securities. The Coupon Payments and the Maturity Amount are linked to the performance of the Reference Index. This section describes certain risks relating to an investment in the Notes, but additional significant risk factors are included in the Prospectus. Investors are urged to read the following information about these risks, and the other information in this Pricing Supplement and the Prospectus, before investing in the Notes.

Investors could lose substantially all of their investment in the Notes

The aggregate payments received by an Investor over the term of the Notes, consisting of the Coupon Payments and the Maturity Amount, may be less than, and could be substantially less than, the Investor's original investment in the Notes, and Investors could lose substantially all of their investment in the Notes, subject to a minimum Maturity Amount of $1.00 per Note. The Notes are not suitable for Investors who require a guaranteed return or who cannot withstand a loss of a substantial part of their investment.

The cumulative return on the Notes may be less than the Reference Index Return at maturity

It is possible that the cumulative return resulting from the Coupon Payments paid during the term of a Note and the Maturity Amount paid on 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 such Note will be less than the Reference Index Return at maturity. Investors could lose substantially all of their investment in the Notes and are only guaranteed to receive $1.00 per Note on the Maturity Payment Date.

The Maturity Amount will not reflect any positive Reference Index Return

If the Notes have not been called and the Reference Index Return on the final Valuation Date is greater than or equal to -20.00%, Investors will be entitled to receive a Maturity Amount on the Maturity Payment Date equal to the Principal Amount of the Notes. The Notes do not provide for any participation in any positive performance of the Reference Index, other than the right to receive Coupon Payments.

The Notes are subject to an automatic call feature

The Notes will be automatically called by CIBC on a Call Date if the Reference Index Return on the corresponding Valuation Date is greater than or equal to 0.00%. In such event, Investors will receive a Maturity Amount on the applicable Call Date equal to the Principal Amount, which will not reflect any appreciation of the Reference Index to the relevant 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.

An Investor will not be entitled to the benefit of any prior increase in the Closing Level during the term of the Notes

The Coupon Payments payable on the Coupon Payment Dates during the term of the Notes and the Variable Amount payable on the Maturity Payment Date (or on a Call Date, if the Notes are automatically called by CIBC prior to the Maturity Date) are linked to the Reference Index Return as of the applicable Valuation Date. The Reference Index Return on a Valuation Date may be lower than the Reference Index Return on other dates during the term of the Notes, which may result in no Coupon Payment being paid on a Coupon Payment Date, and/or a negative Variable Amount on the Maturity Payment Date. In determining whether a Coupon Payment is payable on a particular Coupon Payment Date and the Variable Amount payable on the Maturity Payment Date (or on a Call Date, if the Notes are automatically called by CIBC prior to the Maturity Date), an Investor will not be entitled to the benefit of any prior increase in the Closing Level during the term of the Notes.

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If the Reference Index Return on a Valuation Date is less than -20.00%, no Coupon Payment will be paid on the applicable Coupon Payment Date

Whether a Coupon Payment is payable on a Coupon Payment Date during the term of the Notes is linked to the Reference Index Return as of the applicable Valuation Date. If the Reference Index Return is less than -20.00% on a Valuation Date, no Coupon Payment will be paid on the applicable Coupon Payment Date. As such, no Coupon Payment may be payable in respect of one or more Coupon Payment Dates.

Income tax considerations

The full amount of each Coupon Payment received or receivable by an Investor and, in the event of a sale of a Note to CIBC WM in the secondary market, any interest accrued (or deemed to have accrued) on the Note from the last Coupon Payment Date to the time of disposition, will generally be included in the Investor's income, whereas an Investor who holds a Note as capital property will generally realize a capital loss to the extent that the Maturity Amount or proceeds of disposition in respect of a Note, as the case may be, is less than the Investor's adjusted cost base of such Note. As described under "Certain Canadian Federal Income Tax Considerations" in the Prospectus, a capital loss is only partially deductible; moreover, the deductible portion of a capital loss is only deductible against taxable capital gains.

The tax consequences to an Investor may be subject to changes in taxation laws, regulations or administrative practices. Any changes to the existing published administrative position of the CRA could result in changes to the tax consequences to an Investor as described herein.

U.S. Federal Income Tax Laws

The U.S. Treasury Department has issued various pieces of guidance under Section 871(m) of the U.S. Internal Revenue Code, including several sets of regulations and notices. The most recent notice amended the effective date of the Section 871(m) regulations. As a result of the effective date amendments, certain portions of the Section 871(m) regulations took effect on January 1, 2017 and other portions currently are scheduled to take effect after December 31, 2026. When effective, the Section 871(m) regulations make certain "dividend equivalent" payments to foreign persons subject to U.S. federal withholding tax. Although the Notes should not be subject to the new rules contained in the Section 871(m) regulations as they are currently drafted, the regulations raise a number of substantive and interpretive issues. If the regulations are amended or otherwise interpreted in a manner such that CIBC determines that an Extraordinary Event has occurred, then all of the outstanding Notes may be redeemed by CIBC. See "Market Disruption Events, Adjustments and Substitutions and Extraordinary Events" in the Prospectus. In addition, if the final regulations are amended or otherwise interpreted in a manner such that CIBC determines that an Extraordinary Event has occurred, then CIBC may take certain actions, including requesting that the Calculation Agent replace the Reference Index with another comparable reference index, or requesting the Calculation Agent to make adjustments to the terms of the Notes to reflect the occurrence of the Extraordinary Event, including to the methodology for calculating the Maturity Amount. See "Market Disruption Events, Adjustments and Substitutions and Extraordinary Events" in the Prospectus. Any such adjustments will be confirmed by the Calculation Expert. Such adjustments may adversely affect the Maturity Amount and the value of the Notes at or prior to maturity. The details of any adjustments to the terms of the Notes will be made available to investors at https://notes.cibc.com.

The bid price at which an Investor will be able to sell the Notes in the secondary market to CIBC WM prior to the Maturity Date may be at a discount, which could be substantial, from the Maturity Amount that would be payable if the Notes were maturing on such day

Many factors may affect the bid price of the Notes. These factors interrelate in complex ways and the effect of one factor may offset or magnify the effect of another factor, potentially resulting in adverse movements in the bid price of the Notes prior to the Maturity Date.

The following list, although not exhaustive, identifies some of the factors that may affect the bid price of the Notes and how each factor may affect the bid price of the Notes given a change in the factor, assuming all other factors affecting the bid price, or the Notes generally, remain unchanged.

CA13539ZUD54 | 25

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The performance of the Reference Index – The bid price of the Notes will be affected by the increase or decrease in the Closing Level since the Issue Date, the performance of the Reference Index relative to 0.00% on the date the bid price is determined and whether the Reference Index Return is less than -20.00% on such date. However, the bid price might have a non-linear sensitivity to the rise and fall in the Closing Level (i.e., the bid price of a Note might increase and decrease at a different rate compared to the respective increase and decrease in the Closing Level).

Changes in the level of interest rates – The bid price of the Notes may be affected by changes in Canadian interest rates. In general, if Canadian interest rates increase, it is expected that the bid price of the Notes will decrease. Conversely, if Canadian interest rates decrease, it is expected that the bid price of the Notes will increase.

CIBC's rating, financial condition and results of operations – Actual or anticipated changes in CIBC's current rating for its unsecured and unsubordinated debt, CIBC's financial conditions or results of operations may significantly affect the bid price of the Notes.

The "time value" associated with the Notes – There is "value" within the Notes associated with the passing of time. The magnitude of the time value within the Notes and whether it has a positive or negative impact on the bid price of the Notes will depend upon a number of related factors, including but not limited to, the increase or decrease in the Closing Level since the Issue Date, the performance of the Reference Index relative to 0.00% on the date the bid price is determined, whether the Reference Index Return is less than -20.00% on such date, the length of the remaining term of the Notes, the length of time remaining until the next Coupon Payment Date and the amount by which the Closing Level is expected to fluctuate over such remaining term.

Volatility in the Reference Index – Volatility is the term used to describe the magnitude of market fluctuations in a given time period. Expectations of the volatility of the Reference Index over the remaining term of the Notes will affect the bid price of the Notes. The magnitude of the impact and whether it is positive or negative will depend upon a number of related factors, including but not limited to, the increase or decrease in the Closing Level since the Issue Date, the performance of the Reference Index relative to 0.00% on the date the bid price is determined, whether the Reference Index Return is less than -20.00% on such date, the length of time remaining until the next Coupon Payment Date and the length of the remaining term of the Notes.

The Coupon Amounts payable on the Notes – Investors should be aware that the bid price of the Notes will be reduced by the Coupon Amount, if any, approximately two days prior to the applicable Coupon Payment Date.

CIBC's expected profit – CIBC's expected profit in relation to the Notes (which may or may not be realized) will depend on the amount it is obligated to pay under the Notes to Investors and the total costs incurred by CIBC in creating, issuing, maintaining and hedging the Notes, and on CIBC's ability to successfully hedge its obligations under the Notes over the term of the Notes. All or a portion of the profit that the CIBC group of companies expects to realize in consideration for creating, issuing and maintaining the Notes, and for assuming the risks associated with establishing and maintaining its hedge for the Notes, may be recovered by CIBC WM from any Investors who sell their Notes prior to the Maturity Date. A portion of such expected profit may be recovered by CIBC WM by amortizing such expected profit through a gradual reduction of the bid price of the Notes.

Additional risks relating to market conditions

Events such as health emergencies, war and occupation, terrorism and related geopolitical risks, natural disasters, disruptions to public infrastructure and other catastrophic events may lead to increased market volatility and may have adverse short-term and long-term effects on world economies and markets generally, including Canadian, U.S., European and other economies and securities markets. The effects of disruptive events could affect the economies and securities markets of countries in ways that cannot necessarily be foreseen at the present time. These events could also exacerbate other pre-existing political, social and economic risks. Such events could also cause substantial market volatility, exchange trading suspensions and closures and affect the performance of the Reference Index.

Risk Factors Related to the Reference Index

The Reference Index, Target Index and U.S. Index have a limited performance history

The Reference Index, Target Index and U.S. Index were first launched and published on January 5, 2026, November 27, 2023, and November 24, 2023, respectively. Accordingly, there is limited performance history for the Reference Index,

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Target Index and U.S. Index to evaluate the prior performance of the Reference Index, Target Index and U.S. Index, and as such, the Notes may perform in unexpected ways and may involve greater risk than Notes linked to one or more indices with a more established record of performance. This may make it more difficult for an investor to make an informed decision with respect to the Notes.

The notional foreign exchange forward contracts used by the Target Index may not fully hedge its U.S. dollar currency exposure

Since the Target Index seeks to hedge the U.S. dollar currency exposure of the U.S. Index by using a monthly rebalancing, some currency exposure may not be fully hedged owing to changes in the level of the U.S. Index. As a result, the performance of the Target Index may differ from the performance of the U.S. Index. Any such differing performance will impact the performance of the Reference Index, as it aims to track the performance of the Target Index. In addition, any difference between the Canadian dollar and the U.S. dollar interest rates will impact the effectiveness of the currency hedging of the Target Index.

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Appendix E

Additional Information

Documents Incorporated by Reference

This Pricing Supplement is deemed to be incorporated by reference into the Prospectus solely for the purpose of the Notes issued hereunder. The following documents, which have been filed by CIBC with the various securities commissions or similar authorities in Canada, are specifically incorporated by reference into, and form an integral part of, the Prospectus as of the date of this Pricing Supplement:

• CIBC's Annual Information Form dated December 3, 2025, which incorporates by reference portions of CIBC's Annual Report for the year ended October 31, 2025 ("CIBC's 2025 Annual Report");
• CIBC's comparative audited consolidated financial statements for the year ended October 31, 2025, together with the auditors' report for CIBC's 2025 fiscal year;
• CIBC's Management's Discussion and Analysis for the year ended October 31, 2025 contained in CIBC's 2025 Annual Report;
• CIBC's comparative unaudited consolidated financial statements for the three month period ended January 31, 2026 included in CIBC's Report to Shareholders for the First Quarter, 2026 ("CIBC's 2026 First Quarter Report");
• CIBC's Management's Discussion and Analysis for the three month period ended January 31, 2026 contained in CIBC's 2026 First Quarter Report; and
• CIBC's Management Proxy Circular dated February 25, 2026 regarding CIBC's annual meeting of shareholders to be held on April 16, 2026.

Marketing Materials

The template version of the marketing materials titled "CIBC U.S. Big Banks Hedged to CAD Index (AR) Autocallable Coupon Notes, Series 375 (F-Class)" filed with the securities commissions or similar regulatory authorities in each of the provinces and territories of Canada as "marketing materials" (as defined in National Instrument 41-101 – General Prospectus Requirements) as of the date hereof is deemed to be incorporated by reference into this Pricing Supplement. Any template version of "marketing materials" (as defined in National Instrument 41-101 – General Prospectus Requirements) filed with the securities commission or similar authority in each of the provinces and territories of Canada in connection with this offering after the date hereof but prior to the termination of the distribution of the Notes under this Pricing Supplement (including any amendments to, or an amended version of, the marketing materials) is deemed to be incorporated by reference herein and in the Prospectus. Any such marketing materials are not part of this Pricing Supplement or the Prospectus to the extent that the contents of the marketing materials have been modified or superseded by a statement contained in an amendment to this Pricing Supplement or the Prospectus.

Forward Looking Statements

This Pricing Supplement and the Prospectus, including the documents that are incorporated by reference in this Pricing Supplement and the Prospectus, contain forward-looking statements within the meaning of certain securities laws. All such statements are made pursuant to the "safe harbour" provisions of, and are intended to be forward-looking statements under applicable Canadian and U.S. securities legislation, including the U.S. Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements made about the operations, business lines, financial condition, risk management, priorities, targets and sustainability commitments (including with respect to CIBC's sustainability ambitions and related activities), ongoing objectives, strategies, the regulatory environment in which CIBC operates and outlook for calendar year 2026 and subsequent periods. Forward-looking statements are typically identified by the words "believe", "expect", "anticipate", "intend", "estimate", "forecast", "target", "predict", "commit", "ambition", "goal", "strive", "project", "objective" and other similar expressions or future or conditional verbs such as "will", "may", "should", "would" and "could". By their nature, these statements require CIBC to make assumptions, and are

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subject to inherent risks and uncertainties that may be general or specific. Given the potential negative economic impacts tied to the actual and proposed U.S. imposition of tariffs on Canada and other countries and their countermeasures, the softening labour market and uncertain political conditions in the U.S., the continuing impact of hybrid work arrangements and high interest rates on the U.S. real estate sector, and the war in Ukraine and conflict in the Middle East on the global economy, financial markets, and CIBC's business, results of operations, reputation and financial condition, there is inherently more uncertainty associated with CIBC's assumptions as compared to prior periods. A variety of factors, many of which are beyond CIBC's control, affect the operations, performance and results of CIBC, and could cause actual results to differ materially from the expectations expressed in any of CIBC's forward-looking statements. These factors include: trade policies and tensions, including tariffs and government tariff mitigation policies; inflationary pressures in the U.S.; global supply-chain disruptions; geopolitical risk, including from the war in Ukraine and conflict in the Middle East; the impact of post-pandemic hybrid work arrangements; credit, market, liquidity, strategic, insurance, operational, reputation, conduct and legal, regulatory and environmental risk; currency value and interest rate fluctuations, including as a result of market and oil price volatility; the effectiveness and adequacy of CIBC's risk management and valuation models and processes; legislative or regulatory developments in the jurisdictions where CIBC operates, including the Organisation for Economic Co-operation and Development Common Reporting Standard, and regulatory reforms in the United Kingdom and Europe, the Basel Committee on Banking Supervision's global standards for capital and liquidity reform, and those relating to bank recapitalization legislation, open banking and the payments system in Canada; amendments to, and interpretations of, risk-based capital guidelines and reporting instructions, and interest rate and liquidity regulatory guidance; exposure to, and the resolution of, significant litigation or regulatory matters, CIBC's ability to successfully appeal adverse outcomes of such matters and the timing, determination and recovery of amounts related to such matters; the effect of changes to accounting standards, rules and interpretations; changes in CIBC's estimates of reserves and allowances; changes in tax laws; changes to CIBC's credit ratings; political conditions and developments, including changes relating to economic matters; the possible effect on CIBC's business of international conflicts, such as the war in Ukraine and conflict in the Middle East, and terrorism; natural disasters, disruptions to public infrastructure and other catastrophic events; the occurrence of public health emergencies and any related government policies and actions; reliance on third parties to provide components of CIBC's business infrastructure; potential disruptions to CIBC's information technology systems and services; increasing cyber security risks, which may include theft or disclosure of assets, unauthorized access to sensitive information, or operational disruption; social media risk; losses incurred as a result of internal or external fraud; anti-money laundering; the accuracy and completeness of information provided to CIBC concerning clients and counterparties; the failure of third parties to comply with their obligations to CIBC and its affiliates or associates; intensifying competition from established competitors and new entrants in the financial services industry, including through internet and mobile banking; technological change, including the use of data and artificial intelligence (AI) in CIBC's business; the heavy reliance on AI-related capital spending for U.S. growth and the uncertain employment impacts from its adoption; global capital market activity; changes in monetary and economic policy; general business and economic conditions worldwide, as well as in Canada, the U.S. and other countries where CIBC has operations, including increasing Canadian household debt levels and global credit risks; environmental and social risks, including CIBC's ability to implement various sustainability-related initiatives internally and with its clients under expected time frames and CIBC's ability to scale its sustainable finance products and services; CIBC's success in developing and introducing new products and services, expanding existing distribution channels, developing new distribution channels and realizing increased revenue from these channels; changes in client spending and saving habits; CIBC's ability to attract and retain key employees and executives; CIBC's ability to successfully execute its strategies and complete and integrate acquisitions and joint ventures; the risk that expected benefits of an acquisition, merger or divestiture will not be realized within the expected time frame or at all; and CIBC's ability to anticipate and manage the risks associated with these factors.

This list is not exhaustive of the factors that may affect any of CIBC's forward-looking statements. Additional information about these factors can be found in the "Management of risk" section of CIBC's 2025 Annual Report. These and other factors should be considered carefully and readers should not place undue reliance on CIBC's forward-looking statements. CIBC does not undertake to update any forward-looking statement that is contained in this Pricing Supplement, the Prospectus or the documents incorporated by reference in this Pricing Supplement or the Prospectus except as required by law.

Capitalization

There have been no material changes in the consolidated capitalization of CIBC since January 31, 2026.

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Appendix F

Definitions

In addition to the terms defined in the Prospectus, in this Pricing Supplement, unless the context otherwise requires, terms not otherwise defined herein will have the meaning ascribed thereto hereunder:

"affiliate" and "associate" have the meanings ascribed thereto in the Securities Act (Ontario).

"Business Day" means any day, other than a Saturday, a Sunday or a day on which commercial banks in Toronto, Ontario are required or authorized by law to remain closed. Unless otherwise specified, if any day on which an action is specified to be taken in this Pricing Supplement in respect of the Notes falls on a day that is not a Business Day, such action will be postponed to the following Business Day.

"CDS" means CDS Clearing and Depository Services Inc., or its successor or nominee.

"Closing Level" means the official closing level or value (as the case may be) for the Reference Index as announced by the Index Sponsor, provided that, if on or after the Issue Date the Index Sponsor materially changes the time of day at which such official closing level or value is determined or no longer announces such official closing level or value, the Calculation Agent may thereafter deem the Closing Level to be the level or value of the Reference Index as of the time of day used by such Index Sponsor to determine the official closing level or value prior to such change or failure to announce, subject to the provisions set out under "Description of the Notes – Market Disruption Events, Adjustments and Substitutions and Extraordinary Events" in the Prospectus.

"Exchange" means the exchange or trading system from which prices of securities are used from time to time in the computation of the Closing Level, subject to the provisions set out under "Description of the Notes – Market Disruption Events, Adjustments and Substitutions and Extraordinary Events" in the Prospectus.

"Exchange Day" means any day on which the Exchange and / or Related Exchange are scheduled to be open for trading during their respective regular trading sessions, notwithstanding the Exchange or Related Exchange closing prior to its Scheduled Closing Time.

"Index Sponsor" means Solactive AG, which calculates and publishes the Reference Index on the Issue Date, or any entity that succeeds the Index Sponsor in respect of the Reference Index and continues calculation and publication of the Reference Index, provided that such successor is acceptable to CIBC.

"Investor" means an owner of record or beneficial owner of a Note, as the context requires.

"Related Exchange" means any exchange or trading system on which futures or options contracts on the Reference Index are listed from time to time.

"Scheduled Closing Time" means, in respect of the Exchange or any Related Exchange and a Scheduled Trading Day, the scheduled weekday closing time of the Exchange or Related Exchange on such Scheduled Trading Day, without regard to after hours or any other trading outside of the regular trading session hours.

"Scheduled Trading Day" means any day on which the Exchange and / or Related Exchange are scheduled to be open for trading for their regular trading sessions.

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