$9,250,000 Canadian Imperial Bank of Commerce Senior Global Medium-Term Notes Market Linked Securities -- Auto-Callable with Contingent Coupon and Contingent Downside Principal at Risk Securities Linked to the ARK Innovation ETF due October 27, 2022, priced on April 29, 2021, were issued by Canadian Imperial Bank of Commerce. The pricing supplement for this note (CUSIP: 13605W2V2) can be found here.

The notes had a $10 face value and paid a quarterly coupon of $0.325, so long as the notes had not been called and and ARK Innovation ETF all closed above 60% of their April 29, 2021 closing prices on a determination date. If and ARK Innovation ETF closed below 60% of their April 29, 2021 closing prices on a determination date, the notes did not pay a coupon.

If not previously called, at maturity, the notes returned $10 in principal if and ARK Innovation ETF all closed on the final determination date on October 24, 2022 and above 60% of their April 29, 2021 closing prices. If on October 24, 2022 and ARK Innovation ETF closed below 60% of their April 29, 2021 closing prices, the notes paid reduced principal euqal to $10 multiplied by the lowest ratio of and ARK Innovation ETF October 24, 2022 closing prices to their April 29, 2021 closing prices.

The notes have matured. They paid three coupons totaling $0.975 and $2.91 repayment per $10 note. Investors thus suffered capital losses of $7.09 and net losses of $6.12.^† In the aggregate, investors in this note suffered $6,558,414 in capital losses and $5,656,539 in net losses. See Table 1 and Figure 1.

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† SLCG estimated these losses based on publicly available information. The issuer ultimately determines the amounts paid which may differ from our estimates. Our reference to capital loss and net loss does not imply SLCG's view of how these losses are treated for tax purposes.

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