Filed Pursuant to Rule 433

Registration No. 333-202584

Capped LIRNs^® Linked to the S&P 500^® Index

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 14 months

  Market Measure

The S&P 500^® Index (Bloomberg symbol: “SPX”)

  Payout Profile at

  Maturity

●    2-to-1 upside exposure to increases in the Market Measure, subject to the Capped Value

●    1-to-1 downside exposure to decreases in the Market Measure beyond a 5% decline, with up to 95% of your principal at risk

  Capped Value

[$10.80 to $11.20] per unit, a [8% to 12%] return over the principal amount, to be determined on the pricing date.

  Threshold Value

95% of the Starting Value of the Market Measure

  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 accept a capped return, take downside risk below a threshold and forgo interim interest payments.

  Preliminary Offering   Documents

http://www.sec.gov/Archives/edgar/data/1045520/000119312516727730/d457307dfwp.htm

  Exchange Listing

No

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.

Your investment return is limited to the return represented by the Capped Value and may be less than a comparable investment directly in the stocks included in the Market Measure.

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.