# EDGAR Filing Document

**Accession Number:** 0001045520
**File Stem:** 0001104659-23-005918
**Filing Date:** 2023-1
**Character Count:** 61989
**Document Hash:** 93cbe28e0fd006e69a88f32fdb00ba14
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-005918.hdr.sgml**: 20230123

**ACCESSION NUMBER**: 0001104659-23-005918

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 12

**FILED AS OF DATE**: 20230123

**DATE AS OF CHANGE**: 20230123

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CANADIAN IMPERIAL BANK OF COMMERCE /CAN/
- **CENTRAL INDEX KEY:** 0001045520
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-257113
- **FILM NUMBER:** 23545340

**BUSINESS ADDRESS:**
- **STREET 1:** 81 BAY STREET
- **STREET 2:** CIBC SQUARE
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5J 0E7
- **BUSINESS PHONE:** 4169803096

**MAIL ADDRESS:**
- **STREET 1:** 81 BAY STREET
- **STREET 2:** CIBC SQUARE
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5J 0E7

&nbsp;&nbsp;&nbsp;**Filed Pursuant to Rule 424(b)(2)<br> Registration Statement No. 333-257113<br> (To Prospectus dated September 2, 2021,<br> Prospectus Supplement dated September 2, 2021 and<br> Product Supplement STOCK ARN-1 dated September 24, 2021)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;104,905 Units<br> $10 principal amount per unit<br> CUSIP No. 13607Y501<br> ![](tm231388d53_424aimg01.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;Pricing Date<br> Settlement Date<br> Maturity Date | &nbsp;&nbsp;January 19, 2023<br> January 26, 2023<br> March 28, 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;104,905 Units<br> $10 principal amount per unit<br> CUSIP No. 13607Y501<br> ![](tm231388d53_424aimg01.jpg) |  |  |
| &nbsp;&nbsp;&nbsp;**Accelerated Return Notes<sup>®</sup> Linked to a Basket of Three Health Care Sector Stocks**<br> ▪ Maturity of approximately 14 months<br> ▪ 3-to-1 upside exposure to increases in the Basket, subject to a capped return of 20.40%<br> ▪ 1-to-1 downside exposure to decreases in the Basket, with up to 100% of your investment at risk<br> ▪ The Basket is comprised of the common stock of each of Merck & Co., Inc., Boston Scientific Corporation, and Bristol-Myers Squibb Company (the "Basket Stocks"). Each Basket Stock was given an approximately equal weight<br> ▪ All payments occur at maturity and are subject to the credit risk of Canadian Imperial Bank of Commerce<br> ▪ No periodic interest payments<br> ▪ In addition to the underwriting discount set forth below, the notes include a hedging-related charge of $0.05 per unit. See "Structuring the Notes"<br> ▪ Limited secondary market liquidity, with no exchange listing<br> ▪ The notes are unsecured debt securities and are not savings accounts or insured deposits of a bank. The notes are not insured or guaranteed by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other governmental agency of the United States, Canada, or any other jurisdiction | &nbsp;&nbsp;&nbsp;**Accelerated Return Notes<sup>®</sup> Linked to a Basket of Three Health Care Sector Stocks**<br> ▪ Maturity of approximately 14 months<br> ▪ 3-to-1 upside exposure to increases in the Basket, subject to a capped return of 20.40%<br> ▪ 1-to-1 downside exposure to decreases in the Basket, with up to 100% of your investment at risk<br> ▪ The Basket is comprised of the common stock of each of Merck & Co., Inc., Boston Scientific Corporation, and Bristol-Myers Squibb Company (the "Basket Stocks"). Each Basket Stock was given an approximately equal weight<br> ▪ All payments occur at maturity and are subject to the credit risk of Canadian Imperial Bank of Commerce<br> ▪ No periodic interest payments<br> ▪ In addition to the underwriting discount set forth below, the notes include a hedging-related charge of $0.05 per unit. See "Structuring the Notes"<br> ▪ Limited secondary market liquidity, with no exchange listing<br> ▪ The notes are unsecured debt securities and are not savings accounts or insured deposits of a bank. The notes are not insured or guaranteed by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other governmental agency of the United States, Canada, or any other jurisdiction | &nbsp;&nbsp;&nbsp;**Accelerated Return Notes<sup>®</sup> Linked to a Basket of Three Health Care Sector Stocks**<br> ▪ Maturity of approximately 14 months<br> ▪ 3-to-1 upside exposure to increases in the Basket, subject to a capped return of 20.40%<br> ▪ 1-to-1 downside exposure to decreases in the Basket, with up to 100% of your investment at risk<br> ▪ The Basket is comprised of the common stock of each of Merck & Co., Inc., Boston Scientific Corporation, and Bristol-Myers Squibb Company (the "Basket Stocks"). Each Basket Stock was given an approximately equal weight<br> ▪ All payments occur at maturity and are subject to the credit risk of Canadian Imperial Bank of Commerce<br> ▪ No periodic interest payments<br> ▪ In addition to the underwriting discount set forth below, the notes include a hedging-related charge of $0.05 per unit. See "Structuring the Notes"<br> ▪ Limited secondary market liquidity, with no exchange listing<br> ▪ The notes are unsecured debt securities and are not savings accounts or insured deposits of a bank. The notes are not insured or guaranteed by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other governmental agency of the United States, Canada, or any other jurisdiction |

---

**The notes are being issued by Canadian Imperial Bank of Commerce ("CIBC"). There are important differences between the notes and a conventional debt security, including different investment risks and certain additional costs. See "Risk Factors" and "Additional Risk Factors" beginning on page TS-6 of this term sheet and "Risk Factors" beginning on page PS-6 of product supplement STOCK ARN-1.**

**The initial estimated value of the notes as of the pricing date is $9.659 per unit, which is less than the public offering price listed below.** See "Summary" on the following page, "Risk Factors" beginning on page TS-6 of this term sheet and "Structuring the Notes" on page TS-15 of this term sheet for additional information. The actual value of your notes at any time will reflect many factors and cannot be predicted with accuracy.

**_________________________**

None of the Securities and Exchange Commission (the "SEC"), any state securities commission, or any other regulatory body has approved or disapproved of these securities or determined if this Note Prospectus (as defined below) is truthful or complete. Any representation to the contrary is a criminal offense.

**_________________________**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;<u>Per Unit</u> | &nbsp;&nbsp;<u>Total</u> |
| &nbsp;&nbsp;Public offering price | &nbsp;&nbsp;$10.000 | &nbsp;&nbsp;$1049050.00 |
| &nbsp;&nbsp;Underwriting discount | &nbsp;&nbsp;$0.175 | &nbsp;&nbsp;$18358.37 |
| &nbsp;&nbsp;Proceeds, before expenses, to CIBC | &nbsp;&nbsp;$9.825 | &nbsp;&nbsp;$1030691.63 |

---

**The notes:**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Are Not FDIC Insured** | &nbsp;&nbsp;**Are Not Bank Guaranteed** | &nbsp;&nbsp;**May Lose Value** |

---

**BofA Securities**

January 19, 2023

<u>Accelerated Return Notes<sup>®</sup><br> Linked to a Basket of Three Health Care Sector Stocks, due March 28, 2024</u>  

Summary

The Accelerated Return Notes<sup>®</sup> Linked to a Basket of Three Health Care Sector Stocks, due March 28, 2024 (the "notes") are our senior unsecured debt securities. The notes are not guaranteed or insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other governmental agency of the United States, Canada or any other jurisdiction or secured by collateral. The notes are not bail-inable debt securities (as defined on page 6 of the prospectus). **The notes will rank equally with all of our other unsecured and unsubordinated debt. Any payments due on the notes, including any repayment of principal, will be subject to the credit risk of CIBC.** The notes provide you a leveraged return, subject to a cap, if the Ending Value of the Market Measure, which is the basket of three health care sector stocks described below (the "Basket"), is greater than the Starting Value. If the Ending Value is less than the Starting Value, you will lose all or a portion of the principal amount of your notes. Any payments on the notes will be calculated based on the $10 principal amount per unit and will depend on the performance of the Basket, subject to our credit risk. See "Terms of the Notes" below.

The Basket is comprised of the common stocks of Merck & Co., Inc., Boston Scientific Corporation, and Bristol-Myers Squibb Company (the "Underlying Companies"). On the pricing date, the common stock of Merck & Co., Inc. was given an initial weight of 33.34%, and the common stock of each of Boston Scientific Corporation and Bristol-Myers Squibb Company was given an initial weight of 33.33%.

The economic terms of the notes (including the Capped Value) are based on our internal funding rate, which is the rate we would pay to borrow funds through the issuance of market-linked notes, and the economic terms of certain related hedging arrangements. Our internal funding rate is typically lower than the rate we would pay when we issue conventional fixed rate debt securities. This difference in funding rate, as well as the underwriting discount and the hedging-related charge described below, reduced the economic terms of the notes to you and the initial estimated value of the notes on the pricing date. Due to these factors, the public offering price you pay to purchase the notes is greater than the initial estimated value of the notes.

On the cover page of this term sheet, we have provided the initial estimated value for the notes. This initial estimated value was determined based on our pricing models, and was based on our internal funding rate on the pricing date, market conditions and other relevant factors existing at that time, and our assumptions about market parameters. For more information about the initial estimated value and the structuring of the notes, see "Structuring the Notes" on page TS- 15.

---

| | | |
|:---|:---|:---|
| Terms of the Notes | Terms of the Notes | Redemption Amount Determination |
| &nbsp;&nbsp;**Issuer:** | &nbsp;&nbsp;Canadian Imperial Bank of Commerce ("CIBC") | &nbsp;&nbsp;On the maturity date, you will receive a cash payment per unit determined as follows: |
| &nbsp;&nbsp;**Principal Amount**:** | &nbsp;&nbsp;$10.00 per unit | &nbsp;&nbsp;<br> ![](tm231388d53_424aimg02.jpg) |
| &nbsp;&nbsp;**Term:** | &nbsp;&nbsp;Approximately 14 months | &nbsp;&nbsp;<br> ![](tm231388d53_424aimg02.jpg) |
| &nbsp;&nbsp;**Market Measure:** | &nbsp;&nbsp;An approximately equally weighted basket of three health care sector stocks comprised of the common stock of each of Merck & Co., Inc. (NYSE symbol: "MRK"), Boston Scientific Corporation (NYSE symbol: "BSX"), and Bristol-Myers Squibb Company (NYSE symbol: "BMY) (each, a "Basket Stock"). | &nbsp;&nbsp;<br> ![](tm231388d53_424aimg02.jpg) |
| &nbsp;&nbsp;**Starting Value:** | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;<br> ![](tm231388d53_424aimg02.jpg) |
| &nbsp;&nbsp;**Ending Value:** | &nbsp;&nbsp;The value of the Basket on the calculation day, calculated as specified in "The Basket" on page TS-8 and "Description of ARNs—Basket Market Measures—Ending Value of the Basket" beginning on page PS-25 of product supplement STOCK ARN-1. The scheduled calculation day is subject to postponement in the event of Market Disruption Events, as described beginning on page PS-25 of product supplement STOCK ARN-1. | &nbsp;&nbsp;<br> ![](tm231388d53_424aimg02.jpg) |
| &nbsp;&nbsp;**Participation Rate:** | &nbsp;&nbsp;300% | &nbsp;&nbsp;<br> ![](tm231388d53_424aimg02.jpg) |
| &nbsp;&nbsp;**Capped Value:** | &nbsp;&nbsp;$12.04 per unit, which represents a return of 20.40% over the principal amount. | &nbsp;&nbsp;<br> ![](tm231388d53_424aimg02.jpg) |
| &nbsp;&nbsp;**Calculation Day**:** | &nbsp;&nbsp;March 21, 2024 | &nbsp;&nbsp;<br> ![](tm231388d53_424aimg02.jpg) |
| &nbsp;&nbsp;**Price Multiplier:** | &nbsp;&nbsp;1, for each Basket Stock, subject to adjustment for certain corporate events relating to the Basket Stocks described beginning on page PS-18 of product supplement STOCK ARN-1. | &nbsp;&nbsp;<br> ![](tm231388d53_424aimg02.jpg) |
| &nbsp;&nbsp;**Fees and Charges**:** | &nbsp;&nbsp;The underwriting discount of $0.175 per unit listed on the cover page and the hedging-related charge of $0.05 per unit described in "Structuring the Notes" on page TS-15. | &nbsp;&nbsp;<br> ![](tm231388d53_424aimg02.jpg) |
| &nbsp;&nbsp;**Calculation Agent**:** | &nbsp;&nbsp;BofA Securities, Inc. ("BofAS"). | &nbsp;&nbsp;<br> ![](tm231388d53_424aimg02.jpg) |

---

Accelerated Return Notes<sup>®</sup> TS-2

<u>Accelerated Return Notes<sup>®</sup><br> Linked to a Basket of Three Health Care Sector Stocks, due March 28, 2024</u>  

The terms and risks of the notes are contained in this term sheet and in the following:

---

| | |
|:---|:---|
| ▪ | Product supplement STOCK ARN-1 dated September 24, 2021:<br> [https://www.sec.gov/Archives/edgar/data/1045520/000110465921119225/tm2126716d46_424b5.htm](https://www.sec.gov/Archives/edgar/data/1045520/000110465921119225/tm2126716d46_424b5.htm) |
| ▪ | Prospectus supplement dated September 2, 2021:<br> [https://www.sec.gov/Archives/edgar/data/1045520/000110465921112440/tm2123981d29_424b5.htm](https://www.sec.gov/Archives/edgar/data/1045520/000110465921112440/tm2123981d29_424b5.htm) |
| ▪ | Prospectus dated September 2, 2021: |
|  | [https://www.sec.gov/Archives/edgar/data/1045520/000110465921112558/tm2123981d24_424b3.htm](https://www.sec.gov/Archives/edgar/data/1045520/000110465921112558/tm2123981d24_424b3.htm) |

---

These documents (together, the "Note Prospectus") have been filed as part of a registration statement with the SEC, which may, without cost, be accessed on the SEC website as indicated above or obtained from Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S") or BofAS by calling 1-800-294-1322. Before you invest, you should read the Note Prospectus, including this term sheet, for information about us and this offering. Any prior or contemporaneous oral statements and any other written materials you may have received are superseded by the Note Prospectus. Capitalized terms used but not defined in this term sheet have the meanings set forth in product supplement STOCK ARN-1. Unless otherwise indicated or unless the context requires otherwise, all references in this document to "we," "us," "our," or similar references are to CIBC.

Investor Considerations

**You may wish to consider an investment in the notes if:**

▪ You anticipate that the value of the Basket will increase moderately from the Starting Value to the Ending Value.

▪ You are willing to risk a loss of principal if the value of the Basket decreases from the Starting Value to the Ending Value.

▪ You accept that the return on the notes will be capped.

▪ You are willing to forgo the interest payments that are paid on conventional interest bearing debt securities.

▪ You are willing to forgo dividends or other benefits of owning the Basket Stocks.

▪ You are willing to accept a limited or no market for sales prior to maturity, and understand that the market prices for the notes,
if any, will be affected by various factors, including our actual and perceived creditworthiness, our internal funding rate and fees and
charges on the notes.

▪ You are willing to assume our credit risk, as issuer of the notes, for
all payments under the notes, including the Redemption Amount.

**The notes may not be an appropriate investment for you if:**

▪ You believe that the value of the Basket will decrease from the Starting Value to the Ending Value or that it will not increase sufficiently
over the term of the notes to provide you with your desired return.

▪ You seek principal repayment or preservation of capital.

▪ You seek an uncapped return on your investment.

▪ You seek interest payments or other current income on your investment.

▪ You want to receive dividends or other distributions paid on the Basket Stocks.

▪ You seek an investment for which there will be a liquid secondary market.

▪ You are unwilling or are unable to take market risk on the notes or to
take our credit risk as issuer of the notes.

We urge you to consult your investment, legal, tax, accounting, and other advisors before you invest in the notes.

Accelerated Return Notes<sup>®</sup> TS-3

<u>Accelerated Return Notes<sup>®</sup><br> Linked to a Basket of Three Health Care Sector Stocks, due March 28, 2024</u>  

Hypothetical Payout Profile and Examples of Payments at Maturity

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Accelerated Return Notes<sup>®</sup>**<br> ![](tm231388d53_424aimg03.jpg) | &nbsp;&nbsp;This graph reflects the returns on the notes, based on the Participation Rate of 300% and the Capped Value of $12.04 per unit. The green line reflects the returns on the notes, while the dotted gray line reflects the returns of a direct investment in the Basket Stocks, excluding dividends.<br>This graph has been prepared for purposes of illustration only. |

---

The following table and examples are for purposes of illustration only. They are based on **hypothetical** values and show **hypothetical** returns on the notes. They illustrate the calculation of the Redemption Amount and total rate of return based on the Starting Value of 100.00, the Participation Rate of 300%, the Capped Value of $12.04 per unit and a range of hypothetical Ending Values. **The actual amount you receive and the resulting total rate of return will depend on the actual Ending Value and whether you hold the notes to maturity.** The following examples do not take into account any tax consequences from investing in the notes.

For **hypothetical** historical values of the Basket, see "The Basket" section below. For recent actual prices of the Basket Stocks, see "The Basket Stocks" section below. The Ending Value will not include any income generated by dividends paid on the Basket Stocks, which you would otherwise be entitled to receive if you invested in those stocks directly. In addition, all payments on the notes are subject to issuer credit risk.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Ending Value** | &nbsp;&nbsp; **Percentage Change from the <br> Starting Value to the Ending Value** | &nbsp;&nbsp; **Redemption Amount <br> per Unit** | &nbsp;&nbsp; **Total Rate of Return on the <br> Notes** |
| &nbsp;&nbsp;0.00 | &nbsp;&nbsp;-100.00% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;-100.00% |
| &nbsp;&nbsp;50.00 | &nbsp;&nbsp;-50.00% | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;-50.00% |
| &nbsp;&nbsp;80.00 | &nbsp;&nbsp;-20.00% | &nbsp;&nbsp;$8.00 | &nbsp;&nbsp;-20.00% |
| &nbsp;&nbsp;90.00 | &nbsp;&nbsp;-10.00% | &nbsp;&nbsp;$9.00 | &nbsp;&nbsp;-10.00% |
| &nbsp;&nbsp;94.00 | &nbsp;&nbsp;-6.00% | &nbsp;&nbsp;$9.40 | &nbsp;&nbsp;-6.00% |
| &nbsp;&nbsp;97.00 | &nbsp;&nbsp;-3.00% | &nbsp;&nbsp;$9.70 | &nbsp;&nbsp;-3.00% |
| &nbsp;&nbsp; 100.00<sup>(1)</sup> | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;102.00 | &nbsp;&nbsp;2.00% | &nbsp;&nbsp;$10.60 | &nbsp;&nbsp;6.00% |
| &nbsp;&nbsp;103.00 | &nbsp;&nbsp;3.00% | &nbsp;&nbsp;$10.90 | &nbsp;&nbsp;9.00% |
| &nbsp;&nbsp;105.00 | &nbsp;&nbsp;5.00% | &nbsp;&nbsp;$11.50 | &nbsp;&nbsp;15.00% |
| &nbsp;&nbsp;106.80 | &nbsp;&nbsp;6.80% | &nbsp;&nbsp; $12.04 <sup>(2)</sup> | &nbsp;&nbsp;20.40% |
| &nbsp;&nbsp;110.00 | &nbsp;&nbsp;10.00% | &nbsp;&nbsp;$12.04 | &nbsp;&nbsp;20.40% |
| &nbsp;&nbsp;120.00 | &nbsp;&nbsp;20.00% | &nbsp;&nbsp;$12.04 | &nbsp;&nbsp;20.40% |
| &nbsp;&nbsp;150.00 | &nbsp;&nbsp;50.00% | &nbsp;&nbsp;$12.04 | &nbsp;&nbsp;20.40% |
| &nbsp;&nbsp;200.00 | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;$12.04 | &nbsp;&nbsp;20.40% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Starting Value was set to 100.00 on the pricing date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Redemption Amount per unit cannot exceed the Capped Value.

Accelerated Return Notes<sup>®</sup> TS-4

<u>Accelerated Return Notes<sup>®</sup><br> Linked to a Basket of Three Health Care Sector Stocks, due March 28, 2024</u>  

**Redemption Amount Calculation Examples**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Example 1** | &nbsp;&nbsp;**Example 1** |
| &nbsp;&nbsp;The Ending Value is 50.00, or 50.00% of the Starting Value: | &nbsp;&nbsp;The Ending Value is 50.00, or 50.00% of the Starting Value: |
| &nbsp;&nbsp;Starting Value: | 100.00 |
| &nbsp;&nbsp;Ending Value: | 50.00 |
| &nbsp;&nbsp;![](tm231388d53_424aimg04.jpg) | **= $5.00** Redemption Amount per unit |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Example 2** | &nbsp;&nbsp;**Example 2** |
| &nbsp;&nbsp;The Ending Value is 103.00, or 103.00% of the Starting Value: | &nbsp;&nbsp;The Ending Value is 103.00, or 103.00% of the Starting Value: |
| &nbsp;&nbsp;Starting Value: | 100.00 |
| &nbsp;&nbsp;Ending Value: | 103.00 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![](tm231388d53_424aimg05.jpg) | &nbsp;&nbsp;**= $10.90** Redemption Amount per unit |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Example 3** | &nbsp;&nbsp;**Example 3** |
| &nbsp;&nbsp;The Ending Value is 130.00, or 130.00% of the Starting Value: | &nbsp;&nbsp;The Ending Value is 130.00, or 130.00% of the Starting Value: |
| &nbsp;&nbsp;Starting Value: | &nbsp;&nbsp;100.00 |
| &nbsp;&nbsp;Ending Value: | &nbsp;&nbsp;130.00 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![](tm231388d53_424aimg06.jpg) | &nbsp;&nbsp;**= **$19.00, however, because the Redemption Amount for the notes cannot exceed the Capped Value, the Redemption Amount will be $12.04 per unit** |

---

Accelerated Return Notes<sup>®</sup> TS-5

<u>Accelerated Return Notes<sup>®</sup><br> Linked to a Basket of Three Health Care Sector Stocks, due March 28, 2024</u>  

Risk Factors

*There are important differences between the notes and a conventional debt security. An investment in the notes involves significant risks, including those listed below. You should carefully review the more detailed explanation of risks relating to the notes in the "Risk Factors" sections beginning on page PS-6 of product supplement STOCK ARN-1, page S-1 of the prospectus supplement, and page 1 of the prospectus identified above. We also urge you to consult your investment, legal, tax, accounting, and other advisors before you invest in the notes.*

**<u>Structure-related Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;▪ Depending
 on the performance of the Basket as measured shortly before the maturity date, you may lose
 up to 100% of the principal amount.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Your
 investment return is limited to the return represented by the Capped Value and may be less
 than a comparable investment directly in the Basket Stocks.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Changes
 in the prices of one or more of the Basket Stocks may be offset by changes in the prices
 of one or more of the other Basket Stocks.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Your
 return on the notes may be less than the yield you could earn by owning a conventional fixed
 or floating rate debt security of comparable maturity.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Payments
 on the notes are subject to our credit risk, and actual or perceived changes in our creditworthiness
 are expected to affect the value of the notes. If we become insolvent or are unable to pay
 our obligations, you may lose your entire investment.

**<u>Valuation- and Market-related Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;▪ Our
 initial estimated value of the notes is lower than the public offering price of the notes.
 The public offering price of the notes exceeds our initial estimated value because costs
 associated with selling and structuring the notes, as well as hedging the notes, all as further
 described in "Structuring the Notes" on page TS-15, are included in the public
 offering price of the notes.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Our
 initial estimated value does not represent future values of the notes and may differ from
 others' estimates. Our initial estimated value is only an estimate, which was determined
 by reference to our internal pricing models when the terms of the notes were set. This estimated
 value was based on market conditions and other relevant factors existing at that time, our
 internal funding rate on the pricing date and our assumptions about market parameters, which
 can include volatility, dividend rates, interest rates and other factors. Different pricing
 models and assumptions could provide valuations for the notes that are greater or less than
 our initial estimated value. In addition, market conditions and other relevant factors in
 the future may change, and any assumptions may prove to be incorrect. On future dates, the
 market value of the notes could change significantly based on, among other things, changes
 in market conditions, including the value of the Market Measure, our creditworthiness, interest
 rate movements and other relevant factors, which may impact the price at which MLPF&S,
 BofAS or any other party would be willing to buy notes from you in any secondary market transactions.
 Our estimated value does not represent a minimum price at which MLPF&S, BofAS or any
 other party would be willing to buy your notes in any secondary market (if any exists) at
 any time.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Our
 initial estimated value of the notes was not determined by reference to credit spreads for
 our conventional fixed-rate debt. The internal funding rate that was used in the determination
 of our initial estimated value of the notes generally represents a discount from the credit
 spreads for our conventional fixed-rate debt. The discount is based on, among other things,
 our view of the funding value of the notes as well as the higher issuance, operational and
 ongoing liability management costs of the notes in comparison to those costs for our conventional
 fixed-rate debt. If we were to have used the interest rate implied by our conventional fixed-rate
 debt, we would expect the economic terms of the notes to be more favorable to you. Consequently,
 our use of an internal funding rate for market-linked notes had an adverse effect on the
 economic terms of the notes and the initial estimated value of the notes on the pricing date,
 and could have an adverse effect on any secondary market prices of the notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ A
 trading market is not expected to develop for the notes. None of us, MLPF&S or BofAS
 is obligated to make a market for, or to repurchase, the notes. There is no assurance that
 any party will be willing to purchase your notes at any price in any secondary market.

**<u>Conflict-related Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Our
 business, hedging and trading activities, and those of MLPF&S, BofAS and our respective
 affiliates (including trading in shares of the Basket Stocks), and any hedging and trading
 activities we, MLPF&S, BofAS or our respective affiliates engage in for our clients'
 accounts, may affect the market value and return of the notes and may create conflicts of
 interest with you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ There
 may be potential conflicts of interest involving the calculation agent, which is BofAS. We
 have the right to appoint and remove the calculation agent.

**<u>Market Measure-related Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ An
 Underlying Company will have no obligations relating to the notes, and none of us, MLPF&S
 or BofAS will perform any due diligence procedures with respect to any Underlying Company
 in connection with this offering.

Accelerated Return Notes<sup>®</sup> TS-6

<u>Accelerated Return Notes<sup>®</sup><br> Linked to a Basket of Three Health Care Sector Stocks, due March 28, 2024</u>  

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ As
 a noteholder, you will have no rights to receive any shares of any Basket Stock, and you
 will not be entitled to receive dividends or other distributions by any Underlying Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ While
 we, MLPF&S, BofAS or our respective affiliates may from time to time own securities of
 the Underlying Companies, we, MLPF&S, BofAS and our respective affiliates do not control
 any Underlying Company, and have not verified any disclosure made by any Underlying Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The
 Redemption Amount will not be adjusted for all corporate events that could affect a Basket
 Stock. See "Description of ARNs—Anti-Dilution Adjustments" beginning on
 page PS-18 of product supplement STOCK ARN-1.

**<u>Tax-related Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;▪ The
 U.S. federal income tax consequences of the notes are uncertain, and may be adverse to a
 holder of the notes. See "Summary of U.S. Federal Income Tax Consequences" below
 and "U.S. Federal Income Tax Summary" beginning on page PS-30 of product supplement
 STOCK ARN-1. For a discussion of the Canadian federal income tax consequences of investing
 in the notes, see "Material Income Tax Consequences—Canadian Taxation"
 in the prospectus, as supplemented by the discussion under "Summary of Canadian Federal
 Income Tax Considerations" herein.

Additional Risk Factors

**The Basket Stocks are concentrated in one sector.** All of the Basket Stocks are issued by companies in the health care sector. Although an investment in the notes will not give holders any ownership or other direct interests in the Basket Stocks, the return on an investment in the notes will be subject to certain risks associated with a direct equity investment in companies in the health care sector, including those discussed below. Accordingly, by investing in the notes, you will not benefit from the diversification which could result from an investment linked to companies that operate in multiple sectors. In addition, because the Basket Stocks are concentrated in one sector, they may be more susceptible to economic, market, political or regulatory occurrences affecting their relevant industrial sector. As a result, their prices may increase or decrease at similar times and by similar magnitudes, and they may perform similarly over the term of the notes.

**Adverse conditions in the health care sector may reduce your return on the notes.** All of the Basket Stocks are issued by companies whose primary lines of business are directly associated with the health care sector. The health care sector may be affected by government regulations and government health care programs, restrictions on government reimbursement for medical expenses, increases or decreases in the cost of medical products and services and product liability claims, among other factors. Many health care companies are: (i) heavily dependent on patent protection and intellectual property rights, and therefore the expiration of a patent may adversely affect their profitability; (ii) subject to extensive litigation based on product liability and similar claims; and (iii) subject to competitive forces that may make it difficult to raise prices and, in fact, may result in price discounting. Many health care products and services may be subject to regulatory approvals. The process of obtaining these approvals may be long and costly, and delays or failure to receive these approvals may negatively impact the business of these companies. Additional or more stringent laws and regulations enacted in the future could have a material adverse effect on companies in the health care sector. As a result of these factors, the value of the notes may be subject to greater volatility and be more adversely affected by economic, political, or regulatory events relating to the health care sector.

Accelerated Return Notes<sup>®</sup> TS-7

<u>Accelerated Return Notes<sup>®</sup><br> Linked to a Basket of Three Health Care Sector Stocks, due March 28, 2024</u>  

The Basket

The Basket is designed to allow investors to participate in the percentage changes of the Basket from the Starting Value to the Ending Value. The Basket Stocks are described in the section entitled "The Basket Stocks" below. Each Basket Stock was assigned an initial weight on the pricing date, as set forth in the table below.

For more information on the calculation of the value of the Basket, please see the section entitled "Description of ARNs—Basket Market Measures" beginning on page PS-24 of product supplement STOCK ARN-1.

On the pricing date, for each Basket Stock, the Initial Component Weight, the Closing Market Price, the Component Ratio and the initial contribution to the Basket value were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Basket Stock** | &nbsp;&nbsp;**Bloomberg<br> Symbol** | &nbsp;&nbsp;**Initial <br> Component <br> Weight** | &nbsp;&nbsp;**Closing <br> Market <br> Price<sup>(1)</sup>** | &nbsp;&nbsp;**Component <br> Ratio<sup>(2)</sup>** | &nbsp;&nbsp;**Initial Basket <br> Value <br> Contribution** |
| &nbsp;&nbsp;**Merck & Co., Inc.** | &nbsp;&nbsp;**MRK** | &nbsp;&nbsp;**33.34%** | &nbsp;&nbsp;**109.90** | &nbsp;&nbsp;**0.30336670** | &nbsp;&nbsp;**33.34** |
| &nbsp;&nbsp;**Boston Scientific Corporation** | &nbsp;&nbsp;**BSX** | &nbsp;&nbsp;**33.33%** | &nbsp;&nbsp;**45.46** | &nbsp;&nbsp;**0.73317202** | &nbsp;&nbsp;**33.33** |
| &nbsp;&nbsp;**Bristol-Myers Squibb Company** | &nbsp;&nbsp;**BMY** | &nbsp;&nbsp;**33.33%** | &nbsp;&nbsp;**73.75** | &nbsp;&nbsp;**0.45193220** | &nbsp;&nbsp;**33.33** |
|  |  |  |  | &nbsp;&nbsp;**Starting <br> Value** | &nbsp;&nbsp;**100.00** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) These
 were the Closing Market Prices of the Basket Stocks on the pricing date.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Each
 Component Ratio equals the Initial Component Weight of the relevant Basket Stock (as a percentage)
 multiplied by 100, and then divided by the Closing Market Price of that Basket Stock on the
 pricing date and rounded to eight decimal places.

The calculation agent will calculate the Ending Value of the Basket by summing the products of the Closing Market Price for each Basket Stock (multiplied by its Price Multiplier) on the calculation day and the Component Ratio applicable to that Basket Stock. The Price Multiplier for each Basket Stock will initially be 1, and is subject to adjustment as described in product supplement STOCK ARN-1. If a Market Disruption Event occurs as to any Basket Stock on the scheduled calculation day, the Closing Market Price of that Basket Stock will be determined as more fully described in the section entitled "Description of ARNs–Basket Market Measures—Ending Value of the Basket" beginning on page PS-25 of product supplement STOCK ARN-1.

Accelerated Return Notes<sup>®</sup> TS-8

<u>Accelerated Return Notes<sup>®</sup><br> Linked to a Basket of Three Health Care Sector Stocks, due March 28, 2024</u>  

***While actual historical information on the Basket did not exist before the pricing date, the following graph sets forth the hypothetical historical daily performance of the Basket from January 1, 2013 through January 19, 2023. The graph is based upon actual daily historical prices of the Basket Stocks, hypothetical Component Ratios based on the closing prices of the Basket Stocks as of December 31, 2012, and a Basket value of 100.00 as of that date. This hypothetical historical data on the Basket is not necessarily indicative of the future performance of the Basket or what the value of the notes may be. Any hypothetical historical upward or downward trend in the value of the Basket during any period set forth below is not an indication that the value of the Basket is more or less likely to increase or decrease at any time over the term of the notes.***

**Hypothetical Historical Performance of the Basket**

![](tm231388d53_424aimg07.jpg)

Accelerated Return Notes<sup>®</sup> TS-9

<u>Accelerated Return Notes<sup>®</sup><br> Linked to a Basket of Three Health Care Sector Stocks, due March 28, 2024</u>  

The Basket Stocks

We have derived the following information about the Underlying Companies from publicly available documents. We have not independently verified the accuracy or completeness of the following information.

Because each Basket Stock is registered under the Securities Exchange Act of 1934, each Underlying Company is required to file periodically certain financial and other information specified by the SEC. Information provided to or filed with the SEC by the Underlying Companies can be located at the Public Reference Section of the SEC, 100 F Street, N.E., Room 1580, Washington, D.C. 20549 or through the SEC's website at http://www.sec.gov by reference to the applicable CIK number set forth below.

This term sheet relates only to the notes and does not relate to any securities of the Underlying Companies. None of us, MLPF&S, BofAS or any of our respective affiliates has participated or will participate in the preparation of the Underlying Companies' publicly available documents. None of us, MLPF&S, BofAS or any of our respective affiliates have made any due diligence inquiry with respect to the Underlying Companies in connection with the offering of the notes. None of us, MLPF&S, BofAS or any of our respective affiliates makes any representation that the publicly available documents or any other publicly available information regarding the Underlying Companies are accurate or complete. Furthermore, there can be no assurance that all events occurring prior to the date of this term sheet, including events that would affect the accuracy or completeness of these publicly available documents that would affect the trading price of the Basket Stocks, have been or will be publicly disclosed. Subsequent disclosure of any events or the disclosure of or failure to disclose material future events concerning the Underlying Companies could affect the value of the Basket Stocks and therefore could affect your return on the notes. Information from outside sources is not incorporated by reference in, and should not be considered part of, this term sheet or any accompanying prospectus, prospectus supplement or product supplement. The selection of the Basket Stocks is not a recommendation to buy or sell shares of the Basket Stocks.

Accelerated Return Notes<sup>®</sup> TS-10

<u>Accelerated Return Notes<sup>®</sup><br> Linked to a Basket of Three Health Care Sector Stocks, due March 28, 2024</u>  

**Merck & Co., Inc.**

Merck & Co., Inc. is a global health care company that delivers health solutions through its prescription medicines, vaccines, biologic therapies, animal health, and consumer care products, which it markets directly and through its joint ventures. The company has operations in pharmaceutical, animal health, and consumer care. This Basket Stock trades on the New York Stock Exchange (the "NYSE") under the symbol "MRK." The company's CIK number is 310158.

***The following graph shows the daily historical performance of MRK on its primary exchange in the period from January 1, 2013 through January 19, 2023. We obtained this historical data from Bloomberg L.P. We have not independently verified the accuracy or completeness of the information obtained from Bloomberg L.P. On the pricing date, the Closing Market Price of MRK was $109.90. The graph below may have been adjusted to reflect certain corporate actions such as stock splits and reverse stock splits.***

**Historical Performance of MRK**![](tm231388d53_424aimg08.jpg)

***This historical data on MRK is not necessarily indicative of the future performance of MRK or what the value of the notes may be. Any historical upward or downward trend in the price per share of MRK during any period set forth above is not an indication that the price per share of MRK is more or less likely to increase or decrease at any time over the term of the notes.***

Before investing in the notes, you should consult publicly available sources for the prices and trading pattern of MRK.

Accelerated Return Notes<sup>®</sup> TS-11

<u>Accelerated Return Notes<sup>®</sup><br> Linked to a Basket of Three Health Care Sector Stocks, due March 28, 2024</u>  

**Boston Scientific Corporation**

Boston Scientific Corporation develops, manufactures, and markets minimally invasive medical devices. The Company's products are used in interventional cardiology, cardiac rhythm management, peripheral interventions, electrophysiology, neurovascular intervention, endoscopy, urology, gynecology, and neuromodulation. This Basket Stock trades on the NYSE under the symbol "BSX." The company's CIK number is 885725.

***The following graph shows the daily historical performance of BSX on its primary exchange in the period from January 1, 2013 through January 19, 2023. We obtained this historical data from Bloomberg L.P. We have not independently verified the accuracy or completeness of the information obtained from Bloomberg L.P. On the pricing date, the Closing Market Price of BSX was $45.46. The graph below may have been adjusted to reflect certain corporate actions such as stock splits and reverse stock splits.***

**Historical Performance of BSX**![](tm231388d53_424aimg09.jpg)

***This historical data on BSX is not necessarily indicative of the future performance of BSX or what the value of the notes may be. Any historical upward or downward trend in the price per share of BSX during any period set forth above is not an indication that the price per share of BSX is more or less likely to increase or decrease at any time over the term of the notes.***

Before investing in the notes, you should consult publicly available sources for the prices and trading pattern of BSX.

Accelerated Return Notes<sup>®</sup> TS-12

<u>Accelerated Return Notes<sup>®</sup><br> Linked to a Basket of Three Health Care Sector Stocks, due March 28, 2024</u>  

**Bristol-Myers Squibb Company**

Bristol-Myers Squibb Company is a global biopharmaceutical company. The company develops, licenses, manufactures, markets, and sell pharmaceutical and nutritional products. Its products and experimental therapies address cancer, heart disease, HIV and AIDS, diabetes, rheumatoid arthritis, hepatitis, organ transplant rejection, and psychiatric disorders.This Basket Stock trades on the NYSE under the symbol "BMY." The company's CIK number is 14272.

***The following graph shows the daily historical performance of BMY on its primary exchange in the period from January 1, 2013 through January 19, 2023. We obtained this historical data from Bloomberg L.P. We have not independently verified the accuracy or completeness of the information obtained from Bloomberg L.P. On the pricing date, the Closing Market Price of BMY was $73.75. The graph below may have been adjusted to reflect certain corporate actions such as stock splits and reverse stock splits.***

**Historical Performance of BMY**![](tm231388d53_424aimg010.jpg)

***This historical data on BMY is not necessarily indicative of the future performance of BMY or what the value of the notes may be. Any historical upward or downward trend in the price per share of BMY during any period set forth above is not an indication that the price per share of BMY is more or less likely to increase or decrease at any time over the term of the notes.***

Before investing in the notes, you should consult publicly available sources for the prices and trading pattern of BMY.

Accelerated Return Notes<sup>®</sup> TS-13

<u>Accelerated Return Notes<sup>®</sup><br> Linked to a Basket of Three Health Care Sector Stocks, due March 28, 2024</u>  

Supplement to the Plan of Distribution

Under our distribution agreement with BofAS, BofAS will purchase the notes from us as principal at the public offering price indicated on the cover of this term sheet, less the indicated underwriting discount. MLPF&S will in turn purchase the notes from BofAS for resale, and it will receive a selling concession in connection with the sale of the notes in an amount up to the full amount of the underwriting discount set forth on the cover of this term sheet.

We will deliver the notes against payment therefor in New York, New York on a date that is greater than two business days following the pricing date. Under Rule 15c6-1 of the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes more than two business days prior to the original issue date will be required to specify alternative settlement arrangements to prevent a failed settlement.

The notes will not be listed on any securities exchange. In the original offering of the notes, the notes will be sold in minimum investment amounts of 100 units. If you place an order to purchase the notes, you are consenting to MLPF&S and/or one of its affiliates acting as a principal in effecting the transaction for your account.

MLPF&S and BofAS may repurchase and resell the notes, with repurchases and resales being made at prices related to then-prevailing market prices or at negotiated prices, and these prices will include MLPF&S's and BofAS's trading commissions and mark-ups or mark-downs. MLPF&S and BofAS may act as principal or agent in these market-making transactions; however, neither is obligated to engage in any such transactions. At their discretion, for a short, undetermined initial period after the issuance of the notes, MLPF&S and BofAS may offer to buy the notes in the secondary market at a price that may exceed the initial estimated value of the notes. Any price offered by MLPF&S or BofAS for the notes will be based on then-prevailing market conditions and other considerations, including the performance of the Basket and the remaining term of the notes. However, none of us, MLPF&S, BofAS or any of our respective affiliates is obligated to purchase your notes at any price or at any time, and we cannot assure you that we, MLPF&S, BofAS or any of our respective affiliates will purchase your notes at a price that equals or exceeds the initial estimated value of the notes.

The value of the notes shown on your account statement will be based on BofAS's estimate of the value of the notes if BofAS or another of its affiliates were to make a market in the notes, which it is not obligated to do. That estimate will be based upon the price that BofAS may pay for the notes in light of then-prevailing market conditions, and other considerations, as mentioned above, and will include transaction costs. At certain times, this price may be higher than or lower than the initial estimated value of the notes.

The distribution of the Note Prospectus in connection with these offers or sales will be solely for the purpose of providing investors with the description of the terms of the notes that was made available to investors in connection with their initial offering. Secondary market investors should not, and will not be authorized to, rely on the Note Prospectus for information regarding CIBC or for any purpose other than that described in the immediately preceding sentence.

Accelerated Return Notes<sup>®</sup> TS-14

<u>Accelerated Return Notes<sup>®</sup><br> Linked to a Basket of Three Health Care Sector Stocks, due March 28, 2024</u>  

Structuring the Notes

The notes are our debt securities, the return on which is linked to the performance of the Basket. As is the case for all of our debt securities, including our market-linked notes, the economic terms of the notes reflect our actual or perceived creditworthiness at the time of pricing. The internal funding rate we use in pricing the market-linked notes is typically lower than the rate we would pay when we issue conventional fixed-rate debt securities of comparable maturity. This difference is based on, among other things, our view of the funding value of the notes as well as the higher issuance, operational and ongoing liability management costs of the notes in comparison to those costs for our conventional fixed-rate debt. This generally relatively lower internal funding rate, which is reflected in the economic terms of the notes, along with the fees and charges associated with market-linked notes, resulted in the initial estimated value of the notes on the pricing date being less than their public offering price.

At maturity, we are required to pay the Redemption Amount to holders of the notes, which will be calculated based on the performance of the Basket and the $10 per unit principal amount. In order to meet these payment obligations, at the time we issue the notes, we may choose to enter into certain hedging arrangements (which may include call options, put options or other derivatives) with BofAS or one of its affiliates. The terms of these hedging arrangements are determined by seeking bids from market participants, including BofAS and its affiliates, and take into account a number of factors, including our creditworthiness, interest rate movements, the volatility of the Basket Stocks, the tenor of the notes and the tenor of the hedging arrangements. The economic terms of the notes and their initial estimated value depend in part on the terms of these hedging arrangements.

BofAS has advised us that the hedging arrangements will include a hedging-related charge of approximately $0.05 per unit, reflecting an estimated profit to be credited to BofAS from these transactions. Since hedging entails risk and may be influenced by unpredictable market forces, additional profits and losses from these hedging arrangements may be realized by BofAS or any third party hedge providers.

For further information, see "Risk Factors—Valuation- and Market-related Risks" beginning on page PS-7 of product supplement STOCK ARN-1 and "Use of Proceeds" on page S-16 of prospectus supplement.

Accelerated Return Notes<sup>®</sup> TS-15

<u>Accelerated Return Notes<sup>®</sup><br> Linked to a Basket of Three Health Care Sector Stocks, due March 28, 2024</u>  

Summary of Canadian Federal Income Tax Considerations

In the opinion of Blake, Cassels & Graydon LLP, our Canadian tax counsel, the following summary describes the principal Canadian federal income tax considerations under the *Income Tax Act* (Canada) and the regulations thereto (the "Canadian Tax Act") generally applicable at the date hereof to a purchaser who acquires beneficial ownership of a note pursuant to this term sheet and who for the purposes of the Canadian Tax Act and at all relevant times: (a) is neither resident nor deemed to be resident in Canada; (b) deals at arm's length with CIBC and any transferee resident (or deemed to be resident) in Canada to whom the purchaser disposes of the note; (c) does not use or hold and is not deemed to use or hold the note in, or in the course of, carrying on a business in Canada; (d) is entitled to receive all payments (including any interest and principal) made on the note; (e) is not a, and deals at arm's length with any, "specified shareholder" of CIBC for purposes of the thin capitalization rules in the Canadian Tax Act; and (f) is not an entity in respect of which CIBC is a "specified entity" for purposes of the Hybrid Mismatch Proposals, as defined below (a "Non-Resident Holder"). For these purposes, a "specified shareholder" generally includes a person who (either alone or together with persons with whom that person is not dealing at arm's length for the purposes of the Canadian Tax Act) owns or has the right to acquire or control or is otherwise deemed to own 25% or more of CIBC's shares determined on a votes or fair market value basis, and an entity in respect of which CIBC is a "specified entity" generally includes (i) an entity that is a specified shareholder of CIBC (as defined above), (ii) an entity in which CIBC (either alone or together with entities with whom CIBC is not dealing at arm's length for purposes of the Canadian Tax Act) owns or has the right to acquire or control or is otherwise deemed to own a 25% or greater equity interest, and (iii) an entity in which an entity described in (i) (either alone or together with entities with whom such entity is not dealing at arm's length for purposes of the Canadian Tax Act) owns or has the right to acquire or control or is otherwise deemed to own a 25% or greater equity interest. Special rules which apply to non-resident insurers carrying on business in Canada and elsewhere are not discussed in this summary.

For greater certainty, this summary takes into account all specific proposals to amend the Canadian Tax Act publicly announced by or on behalf of the Minister of Finance (Canada) prior to the date hereof, including the proposals released on April 29, 2022 with respect to "hybrid mismatch arrangements" (the "Hybrid Mismatch Proposals"). This summary assumes that no amount paid or payable to a holder described herein will be the deduction component of a "hybrid mismatch arrangement" under which the payment arises within the meaning of proposed paragraph 18.4(3)(b) of the Canadian Tax Act contained in the Hybrid Mismatch Proposals. Investors should note that the Hybrid Mismatch Proposals are in consultation form, are highly complex, and there remains significant uncertainty as to their interpretation and application. There can be no assurance that the Hybrid Mismatch Proposals will be enacted in their current form, or at all.

This summary is supplemental to and should be read together with the description of material Canadian federal income tax considerations relevant to a Non-Resident Holder owning notes under "Material Income Tax Consequences—Canadian Taxation" in the accompanying prospectus and a Non-Resident Holder should carefully read that description as well.

**This summary is of a general nature only and is not intended to be, nor should it be construed to be, legal or tax advice to any particular Non-Resident Holder. Non-Resident Holders are advised to consult with their own tax advisors with respect to their particular circumstances.**

Based on Canadian tax counsel's understanding of the Canada Revenue Agency's administrative policies and having regard to the terms of the notes, interest payable on the notes should not be considered to be "participating debt interest" as defined in the Canadian Tax Act and accordingly, a Non-Resident Holder should not be subject to Canadian non-resident withholding tax in respect of amounts paid or credited or deemed to have been paid or credited by CIBC on a note as, on account of or in lieu of payment of, or in satisfaction of, interest.

Non-Resident Holders should consult their own advisors regarding the consequences to them of a disposition of the notes to a person with whom they are not dealing at arm's length for purposes of the Canadian Tax Act.

Accelerated Return Notes<sup>®</sup> TS-16

<u>Accelerated Return Notes<sup>®</sup><br> Linked to a Basket of Three Health Care Sector Stocks, due March 28, 2024</u>  

Summary of U.S. Federal Income Tax Consequences

The following discussion is a brief summary of the material U.S. federal income tax considerations relating to an investment in the notes. The following summary is not complete and is both qualified and supplemented by, or in some cases supplements, the discussion entitled "U.S. Federal Income Tax Summary" in product supplement STOCK ARN-1, which you should carefully review prior to investing in the notes.

The U.S. federal income tax considerations of your investment in the notes are uncertain. No statutory, judicial or administrative authority directly discusses how the notes should be treated for U.S. federal income tax purposes. In the opinion of our tax counsel, Mayer Brown LLP, it would generally be reasonable to treat the notes as prepaid cash-settled derivative contracts. Pursuant to the terms of the notes, you agree to treat the notes in this manner for all U.S. federal income tax purposes. If this treatment is respected, you should generally recognize capital gain or loss upon the sale, exchange, redemption or payment on maturity in an amount equal to the difference between the amount you receive at such time and the amount that you paid for your notes. Such gain or loss should generally be long-term capital gain or loss if you have held your notes for more than one year. Non-U.S. holders should consult the section entitled "U.S. Federal Income Tax Summary – Non-U.S. Holders" in product supplement STOCK ARN-1.

The expected characterization of the notes is not binding on the U.S. Internal Revenue Service (the "IRS") or the courts. Thus, it is possible that the IRS would seek to characterize your notes in a manner that results in tax consequences to you that are different from those described above or in the accompanying product supplement. Such alternate treatments could include a requirement that a holder accrue ordinary income over the life of the notes or treat all gain or loss at maturity as ordinary gain or loss. For a more detailed discussion of certain alternative characterizations with respect to your notes and certain other considerations with respect to your investment in the notes, you should consider the discussion set forth in "U.S. Federal Income Tax Summary" of the product supplement. We are not responsible for any adverse consequences that you may experience as a result of any alternative characterization of the notes for U.S. federal income tax or other tax purposes.

**You should consult your tax advisor as to the tax consequences of such characterization and any possible alternative characterizations of the notes for U.S. federal income tax purposes. You should also consult your tax advisor concerning the U.S. federal income tax and other tax consequences of your investment in the notes in your particular circumstances, including the application of state, local or other tax laws and the possible effects of changes in federal or other tax laws.**

Validity of the Notes

In the opinion of Blake, Cassels & Graydon LLP, as Canadian counsel to CIBC, the issue and sale of the notes has been duly authorized by all necessary corporate action of CIBC in conformity with the indenture, and when the notes have been duly executed, authenticated and issued in accordance with the indenture, the notes will be validly issued and, to the extent validity of the notes is a matter governed by the laws of the Province of Ontario or the federal laws of Canada applicable therein, will be valid obligations of CIBC, subject to applicable bankruptcy, insolvency and other laws of general application affecting creditors' rights, equitable principles, and subject to limitations as to the currency in which judgments in Canada may be rendered, as prescribed by the *Currency Act* (Canada). This opinion is given as of the date hereof and is limited to the laws of the Province of Ontario and the federal laws of Canada applicable therein. In addition, this opinion is subject to customary assumptions about the trustee's authorization, execution and delivery of the indenture and the genuineness of signature, and to such counsel's reliance on CIBC and other sources as to certain factual matters, all as stated in the opinion letter of such counsel dated June 15, 2021, which has been filed as Exhibit 5.2 to CIBC's Registration Statement on Form F-3 filed with the SEC on June 15, 2021.

In the opinion of Mayer Brown LLP, when the notes have been duly completed in accordance with the indenture and issued and sold as contemplated by this term sheet and the accompanying product supplement, prospectus supplement and prospectus, the notes will constitute valid and binding obligations of CIBC, entitled to the benefits of the indenture, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors' rights and to general equity principles. This opinion is given as of the date hereof and is limited to the laws of the State of New York. This opinion is subject to customary assumptions about the trustee's authorization, execution and delivery of the indenture and such counsel's reliance on CIBC and other sources as to certain factual matters, all as stated in the legal opinion dated June 15, 2021, which has been filed as Exhibit 5.1 to CIBC's Registration Statement on Form F-3 filed with the SEC on June 15, 2021.

Where You Can Find More Information

We have filed a registration statement (including a product supplement, a prospectus supplement, and a prospectus) with the SEC for the offering to which this term sheet relates. Before you invest, you should read the Note Prospectus, including this term sheet, and the other documents that we have filed with the SEC, for more complete information about us and this offering. You may get these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, we, any agent, or any dealer participating in this offering will arrange to send you these documents if you so request by calling MLPF&S or BofAS toll-free at 1-800-294-1322.

"Accelerated Return Notes<sup>®</sup>" and "ARNs<sup>®</sup>" are registered service marks of Bank of America Corporation, the parent company of MLPF&S and BofAS.

Accelerated Return Notes<sup>®</sup> TS-17

## Ex-Filing

**Exhibit 107.1**

The pricing supplement to which this Exhibit is attached is a final prospectus for the related offering(s). The maximum aggregate offering price of the related offering(s) is $1,049,050.00.