MARKET-LINKED STEP UP NOTES

Market-Linked Step Up Notes Linked to the Dow Jones Industrial Average^SM

This graph reflects the hypothetical return on the notes, based on the mid-point of the range(s) set forth in the table to the left. This graph has been prepared for purposes of illustration only.

 Issuer

Canadian Imperial Bank of Commerce (CIBC)

 Principal Amount

$10.00 per unit

 Term

Approximately four years

 Market Measure

Dow Jones Industrial Average^SM (Bloomberg symbol: “INDU”)

 Payout Profile at

 Maturity

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

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

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

 Step Up Payment

[$3.00] to $3.60] per unit, a [30% to 36]% return over the principal amount, to be determined on the pricing date

 Threshold Value

100% of the Starting Value

 Investment

 Considerations

This investment is designed for investors who anticipate that the Market Measure will increase over the term of the notes and are willing to take full downside risk and forgo interim interest payments.

 Preliminary Offering

 Documents

http://www.sec.gov/Archives/edgar/data/1045520/000119312516643443/d220180dfwp.htm

 Exchange Listing

No

You should read the relevant Preliminary Offering Documents before you invest.

Click on the Preliminary Offering Documents hyperlink above or call your Financial Advisor for a hard copy.

Risk Factors

Please see the Preliminary Offering Documents for a description of certain risks related to this investment, including, but not limited to, the following:

●  Depending on the performance of the Market Measure as measured shortly before the maturity date, your investment may result in a loss; there is no guaranteed return of principal.

●   Payments on the notes, including repayment of principal, are subject to the credit risk of CIBC, and actual or perceived changes in the creditworthiness of CIBC are expected to affect the value of the notes. If CIBC becomes insolvent or is unable to pay its obligations, you may lose your entire investment.

●  The initial estimated value of the notes on the pricing date will be less than their public offering price.

●   If you attempt to sell the notes prior to maturity, their market value may be lower than both the public offering price and the initial estimated value of the notes on the pricing date.

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