# EDGAR Filing Document

**Accession Number:** 0001045520
**File Stem:** 0001918704-26-011850
**Filing Date:** 2026-5
**Character Count:** 62698
**Document Hash:** 33314bd59cbba5a1d6bd25cd733ebd6d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001918704-26-011850.hdr.sgml**: 20260504

**ACCESSION NUMBER**: 0001918704-26-011850

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 17

**FILED AS OF DATE**: 20260504

**DATE AS OF CHANGE**: 20260504

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CANADIAN IMPERIAL BANK OF COMMERCE /CAN/
- **CENTRAL INDEX KEY:** 0001045520
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-272447
- **FILM NUMBER:** 26934858

**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. 333-272447<br>(To Prospectus dated September 5, 2023,<br>Prospectus Supplement dated September 5, 2023 and<br>Product Supplement EQUITY LIRN-1 dated September 5, 2023)**<br>

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; <br>605,472 Units<br>$10 principal amount per unit<br>CUSIP No. 13609H753 <br> ![](image_001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; <br>Pricing Date<br>Settlement Date<br>Maturity Date | &nbsp;&nbsp; <br> April 30, 2026<br> May 7, 2026<br> January 14, 2028 |
| &nbsp;&nbsp;&nbsp; <br>605,472 Units<br>$10 principal amount per unit<br>CUSIP No. 13609H753 <br> ![](image_001.jpg) |  |  |
| &nbsp;&nbsp; **Capped Leveraged Index Return Notes<sup>®</sup> Linked to** <br> **the SPDR<sup>®</sup> Gold Shares**<br> ■Maturity of approximately 20 months<br> ■2-to-1 upside exposure to increases in the Underlying Fund, subject to a capped return of 23.66%<br> ■1-to-1 downside exposure to decreases in the Underlying Fund beyond a 10% decline, with up to 90% of your principal at risk<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; **Capped Leveraged Index Return Notes<sup>®</sup> Linked to** <br> **the SPDR<sup>®</sup> Gold Shares**<br> ■Maturity of approximately 20 months<br> ■2-to-1 upside exposure to increases in the Underlying Fund, subject to a capped return of 23.66%<br> ■1-to-1 downside exposure to decreases in the Underlying Fund beyond a 10% decline, with up to 90% of your principal at risk<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; **Capped Leveraged Index Return Notes<sup>®</sup> Linked to** <br> **the SPDR<sup>®</sup> Gold Shares**<br> ■Maturity of approximately 20 months<br> ■2-to-1 upside exposure to increases in the Underlying Fund, subject to a capped return of 23.66%<br> ■1-to-1 downside exposure to decreases in the Underlying Fund beyond a 10% decline, with up to 90% of your principal at risk<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 |

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**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-7 of product supplement EQUITY LIRN-1.**

**The initial estimated value of the notes as of the pricing date is $9.781 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-10 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.

**_________________________**

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; <u>Per Unit</u> | &nbsp;&nbsp; <u>Total</u> |
| &nbsp;&nbsp; Public offering price  | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $6054720.00 |
| &nbsp;&nbsp; Underwriting discount  | &nbsp;&nbsp; $0.175 | &nbsp;&nbsp; $105957.60 |
| &nbsp;&nbsp; Proceeds, before expenses, to CIBC  | &nbsp;&nbsp; $9.825 | &nbsp;&nbsp; $5948762.40 |

---

**The notes:**

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

---

**BofA Securities**

April 30, 2026

------

<u> Capped Leveraged Index Return Notes<sup>®</sup><br>Linked to the SPDR<sup>®</sup> Gold Shares, due January 14, 2028 </u>  

Summary

The Capped Leveraged Index Return Notes<sup>®</sup> Linked to the SPDR<sup>®</sup> Gold Shares, due January 14, 2028 (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 SPDR<sup>®</sup> Gold Shares (the "Underlying Fund"), is greater than the Starting Value. If the Ending Value is equal to or less than the Starting Value but greater than or equal to the Threshold Value, you will receive the principal amount of your notes. If the Ending Value is less than the Threshold Value, you will lose a portion, which could be significant, 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 Underlying Fund, subject to our credit risk. See "Terms of the Notes" below.

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 and certain service fee 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-10.

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| | | |
|:---|:---|:---|
| 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; ![](image_002.jpg) |
| &nbsp;&nbsp; **Term:** | &nbsp;&nbsp; Approximately 20 months | &nbsp;&nbsp; ![](image_002.jpg) |
| &nbsp;&nbsp; **Market Measure:** | &nbsp;&nbsp; The SPDR<sup>®</sup> Gold Shares (Bloomberg symbol: "GLD").  | &nbsp;&nbsp; ![](image_002.jpg) |
| &nbsp;&nbsp; **Starting Value:** | &nbsp;&nbsp; 423.66 | &nbsp;&nbsp; ![](image_002.jpg) |
| &nbsp;&nbsp; **Ending Value:** | &nbsp;&nbsp; The average of the products of (a) the Closing Market Price of the Underlying Fund on each calculation day during the Maturity Valuation Period and (b) the Price Multiplier as of that day. The scheduled calculation days are subject to postponement in the event of Market Disruption Events, as described beginning on page PS-23 of product supplement EQUITY LIRN-1. | &nbsp;&nbsp; ![](image_002.jpg) |
| &nbsp;&nbsp; **Threshold Value:** | &nbsp;&nbsp; 381.29 (90% of the Starting Value, rounded to two decimal places). | &nbsp;&nbsp; ![](image_002.jpg) |
| &nbsp;&nbsp; **Participation Rate:** | &nbsp;&nbsp; 200% | &nbsp;&nbsp; ![](image_002.jpg) |
| &nbsp;&nbsp; **Capped Value:** | &nbsp;&nbsp; $12.366 per unit, which represents a return of 23.66% over the principal amount. | &nbsp;&nbsp; ![](image_002.jpg) |
| &nbsp;&nbsp; **Maturity Valuation Period:** | &nbsp;&nbsp; January 5, 2028, January 6, 2028, January 7, 2028, January 10, 2028 and January 11, 2028 | &nbsp;&nbsp; ![](image_002.jpg) |
| &nbsp;&nbsp; **Price Multiplier:**  | &nbsp;&nbsp; 1, subject to adjustment for certain corporate events relating to the Underlying Fund, as described beginning on page PS-27 of product supplement EQUITY LIRN-1.  | &nbsp;&nbsp; ![](image_002.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-10. | &nbsp;&nbsp; ![](image_002.jpg) |
| &nbsp;&nbsp; **Calculation Agent:** | &nbsp;&nbsp; BofA Securities, Inc. ("BofAS") | &nbsp;&nbsp; ![](image_002.jpg) |

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<u> Capped Leveraged Index Return Notes<sup>®</sup><sup></sup> </u> <u> TS-2 </u>

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<u> Capped Leveraged Index Return Notes<sup>®</sup><br>Linked to the SPDR<sup>®</sup> Gold Shares, due January 14, 2028 </u>  

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

■Product supplement EQUITY LIRN-1 dated September 5, 2023<br>[<u>https://www.sec.gov/Archives/edgar/data/1045520/000110465923098267/tm2325339d2_424b5.htm</u>](https://www.sec.gov/Archives/edgar/data/1045520/000110465923098267/tm2325339d2_424b5.htm)

■Prospectus supplement dated September 5, 2023:

[<u>https://www.sec.gov/Archives/edgar/data/1045520/000110465923098166/tm2322483d94_424b5.htm</u>](https://www.sec.gov/Archives/edgar/data/1045520/000110465923098166/tm2322483d94_424b5.htm)<u> </u>

■Prospectus dated September 5, 2023:<br>[<u>https://www.sec.gov/Archives/edgar/data/1045520/000110465923098163/tm2325339d10_424b3.htm</u>](https://www.sec.gov/Archives/edgar/data/1045520/000110465923098163/tm2325339d10_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 EQUITY LIRN-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

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| | |
|:---|:---|
| &nbsp;&nbsp; **You may wish to consider an investment in the notes if:** | &nbsp;&nbsp; **The notes may not be an appropriate investment for you if:** |
| &nbsp;&nbsp; ■ You anticipate that the Underlying Fund will increase moderately from the Starting Value to the Ending Value.<br> ■ You are willing to risk a substantial loss of principal if the Underlying Fund decreases from the Starting Value to an Ending Value that is below the Threshold Value.<br> ■ You accept that the return on the notes will be capped.<br> ■ You are willing to forgo the interest payments that are paid on conventional interest bearing debt securities.<br> ■ You are willing to forgo dividends or other benefits of owning shares of the Underlying Fund or the assets held by the Underlying Fund.<br> ■ 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.<br> ■ You are willing to assume our credit risk, as issuer of the notes, for all payments under the notes, including the Redemption Amount. | &nbsp;&nbsp; ■ You believe that the Underlying Fund 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.<br> ■ You seek 100% principal repayment or preservation of capital.<br> ■ You seek an uncapped return on your investment.<br> ■ You seek interest payments or other current income on your investment.<br> ■ You want to receive dividends or other distributions paid on shares of the Underlying Fund or the assets held by the Underlying Fund.<br> ■ You seek an investment for which there will be a liquid secondary market.<br> ■ 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.

<u> Capped Leveraged Index Return Notes<sup>®</sup><sup></sup> </u> <u> TS-3 </u>

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<u> Capped Leveraged Index Return Notes<sup>®</sup><br>Linked to the SPDR<sup>®</sup> Gold Shares, due January 14, 2028 </u>  

Hypothetical Payout Profile and Examples of Payments at Maturity

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| | |
|:---|:---|
| &nbsp;&nbsp; **Capped Leveraged Index Return Notes<sup>®</sup>**<br> ![](image_003.jpg) | &nbsp;&nbsp; This graph reflects the returns on the notes, based on the Participation Rate of 200%, the Threshold Value of 90% of the Starting Value and the Capped Value of $12.366 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 Underlying Fund, excluding dividends.<br> This graph has been prepared for purposes of illustration only. |

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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 a hypothetical Starting Value of 100.00, a hypothetical Threshold Value of 90.00, the Participation Rate of 200%, the Capped Value of $12.366 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 Starting Value, Threshold Value and 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 recent actual prices of the Underlying Fund, see "The Underlying Fund" section below. All payments on the notes are subject to issuer credit risk.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Ending Value** | &nbsp;&nbsp; **Percentage Change from the Starting Value to the Ending Value** | &nbsp;&nbsp; **Redemption Amount per Unit** | &nbsp;&nbsp; **Total Rate of Return on the Notes** |
| &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; -100.00% | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; -90.00% |
| &nbsp;&nbsp; 50.00 | &nbsp;&nbsp; -50.00% | &nbsp;&nbsp; $6.000 | &nbsp;&nbsp; -40.00% |
| &nbsp;&nbsp; 80.00 | &nbsp;&nbsp; -20.00% | &nbsp;&nbsp; $9.000 | &nbsp;&nbsp; -10.00% |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;90.00<sup>(1)</sup> | &nbsp;&nbsp; -10.00% | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; 0.00% |
| &nbsp;&nbsp; 94.00 | &nbsp;&nbsp; -6.00% | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; 0.00% |
| &nbsp;&nbsp; 97.00 | &nbsp;&nbsp; -3.00% | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; 0.00% |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;100.00<sup>(2)</sup> | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; 0.00% |
| &nbsp;&nbsp; 102.00 | &nbsp;&nbsp; 2.00% | &nbsp;&nbsp; $10.400 | &nbsp;&nbsp; 4.00% |
| &nbsp;&nbsp; 103.00 | &nbsp;&nbsp; 3.00% | &nbsp;&nbsp; $10.600 | &nbsp;&nbsp; 6.00% |
| &nbsp;&nbsp; 111.83 | &nbsp;&nbsp; 11.83% | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;$12.366<sup>(3)</sup> | &nbsp;&nbsp; 23.66% |
| &nbsp;&nbsp; 130.00 | &nbsp;&nbsp; 30.00% | &nbsp;&nbsp; $12.366 | &nbsp;&nbsp; 23.66% |
| &nbsp;&nbsp; 150.00 | &nbsp;&nbsp; 50.00% | &nbsp;&nbsp; $12.366 | &nbsp;&nbsp; 23.66% |
| &nbsp;&nbsp; 200.00 | &nbsp;&nbsp; 100.00% | &nbsp;&nbsp; $12.366 | &nbsp;&nbsp; 23.66% |

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(1)This is the **hypothetical** Threshold Value.

(2)The **hypothetical** Starting Value of 100.00 used in these examples has been chosen for illustrative purposes only. The actual Starting Value is 423.66, which was the Closing Market Price of the Underlying Fund on the pricing date.

(3)The Redemption Amount per unit cannot exceed the Capped Value.

<u> Capped Leveraged Index Return Notes<sup>®</sup><sup></sup> </u> <u> TS-4 </u>

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<u> Capped Leveraged Index Return Notes<sup>®</sup><br>Linked to the SPDR<sup>®</sup> Gold Shares, due January 14, 2028 </u>  

**Redemption Amount Calculation Examples**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Example 1** | &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; The Ending Value is 50.00, or 50.00% of the Starting Value: |
| &nbsp;&nbsp; Starting Value:100.00 | &nbsp;&nbsp; Starting Value:100.00 | &nbsp;&nbsp; Starting Value:100.00 |
| &nbsp;&nbsp; Threshold Value:90.00 | &nbsp;&nbsp; Threshold Value:90.00 | &nbsp;&nbsp; Threshold Value:90.00 |
| &nbsp;&nbsp; Ending Value:50.00 | &nbsp;&nbsp; Ending Value:50.00 | &nbsp;&nbsp; Ending Value:50.00 |
| &nbsp;&nbsp; ![](image_004.jpg) | &nbsp;&nbsp; **= $6.000** Redemption Amount per unit | &nbsp;&nbsp; **= $6.000** Redemption Amount per unit |
| &nbsp;&nbsp; **Example 2** | &nbsp;&nbsp; **Example 2** | &nbsp;&nbsp; **Example 2** |
| &nbsp;&nbsp; The Ending Value is 97.00, or 97.00% of the Starting Value: | &nbsp;&nbsp; The Ending Value is 97.00, or 97.00% of the Starting Value: | &nbsp;&nbsp; The Ending Value is 97.00, or 97.00% of the Starting Value: |
| &nbsp;&nbsp; Starting Value:100.00 | &nbsp;&nbsp; Starting Value:100.00 | &nbsp;&nbsp; Starting Value:100.00 |
| &nbsp;&nbsp; Threshold Value:90.00 | &nbsp;&nbsp; Threshold Value:90.00 | &nbsp;&nbsp; Threshold Value:90.00 |
| &nbsp;&nbsp; Ending Value:97.00 | &nbsp;&nbsp; Ending Value:97.00 | &nbsp;&nbsp; Ending Value:97.00 |
| &nbsp;&nbsp; Redemption Amount (per unit) **= $10.000**, the principal amount, since the Ending Value is less than the Starting Value but equal to or greater than the Threshold Value. | &nbsp;&nbsp; Redemption Amount (per unit) **= $10.000**, the principal amount, since the Ending Value is less than the Starting Value but equal to or greater than the Threshold Value. | &nbsp;&nbsp; Redemption Amount (per unit) **= $10.000**, the principal amount, since the Ending Value is less than the Starting Value but equal to or greater than the Threshold Value. |
| &nbsp;&nbsp; <br> **Example 3** | &nbsp;&nbsp; <br> **Example 3** | &nbsp;&nbsp; <br> **Example 3** |
| &nbsp;&nbsp; The Ending Value is 102.00, or 102.00% of the Starting Value: | &nbsp;&nbsp; The Ending Value is 102.00, or 102.00% of the Starting Value: | &nbsp;&nbsp; The Ending Value is 102.00, or 102.00% of the Starting Value: |
| &nbsp;&nbsp; Starting Value:100.00 | &nbsp;&nbsp; Starting Value:100.00 | &nbsp;&nbsp; Starting Value:100.00 |
| &nbsp;&nbsp; Ending Value:102.00 | &nbsp;&nbsp; Ending Value:102.00 | &nbsp;&nbsp; Ending Value:102.00 |
| &nbsp;&nbsp; ![](image_005.jpg) | &nbsp;&nbsp; ![](image_005.jpg) | &nbsp;&nbsp; **= $10.400** Redemption Amount per unit |
| &nbsp;&nbsp; <br> **Example 4** | &nbsp;&nbsp; <br> **Example 4** | &nbsp;&nbsp; <br> **Example 4** |
| &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; The Ending Value is 130.00, or 130.00% of the Starting Value: |
| &nbsp;&nbsp; Starting Value:100.00 | &nbsp;&nbsp; Starting Value:100.00 | &nbsp;&nbsp; Starting Value:100.00 |
| &nbsp;&nbsp; Ending Value:130.00 | &nbsp;&nbsp; Ending Value:130.00 | &nbsp;&nbsp; Ending Value:130.00 |
| &nbsp;&nbsp; ![](image_006.jpg) | &nbsp;&nbsp; ![](image_006.jpg) | &nbsp;&nbsp; **= $16.000, however, because the Redemption Amount for the notes cannot exceed the Capped Value, the Redemption Amount will be $12.366 per unit** |

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<u> Capped Leveraged Index Return Notes<sup>®</sup><sup></sup> </u> <u> TS-5 </u>

------

<u> Capped Leveraged Index Return Notes<sup>®</sup><br>Linked to the SPDR<sup>®</sup> Gold Shares, due January 14, 2028 </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-7 of product supplement EQUITY LIRN-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>**

■Depending on the performance of the Underlying Fund as measured shortly before the maturity date, you may lose up to 90% of the principal amount.

■Your investment return is limited to the return represented by the Capped Value and may be less than a comparable investment directly in the Underlying Fund or the assets held by the Underlying Fund.

■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.

■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>**

■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-10, are included in the public offering price of the notes.

■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 price of the Underlying Fund, 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.

■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.

■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>**

■Our business, hedging and trading activities, and those of MLPF&S, BofAS and our respective affiliates (including trades in shares of the Underlying Fund or the assets held by the Underlying Fund), 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.

■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>**

■The sponsor and the investment advisor of the Underlying Fund may adjust the Underlying Fund in a way that could adversely affect the price of the Underlying Fund and consequently, the return on the notes, and have no obligation to consider your interests.

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<u> Capped Leveraged Index Return Notes<sup>®</sup><br>Linked to the SPDR<sup>®</sup> Gold Shares, due January 14, 2028 </u>  

■As a noteholder, you will have no rights to receive shares of the Underlying Fund or the assets held by the Underlying Fund, and you will not be entitled to receive dividends or other distributions on the Underlying Fund.

■There are liquidity and management risks associated with the Underlying Fund.

■The performance of the Underlying Fund may not correlate with the performance of the assets held by the Underlying Fund as well as the net asset value per share of the Underlying Fund, especially during periods of market volatility when the liquidity and the market price of shares of the Underlying Fund and/or the assets held by the Underlying Fund may be adversely affected, sometimes materially.

■Risks associated with the assets held by the Underlying Fund will affect the share price of the Underlying Fund and hence, the value of the notes.

■The payments on the notes will not be adjusted for all corporate events that could affect the Underlying Fund. See "Description of LIRNs—Anti-Dilution and Discontinuance Adjustments Relating to Underlying Funds" beginning on page PS-27 of product supplement EQUITY LIRN-1.

■The notes will not be regulated by the U.S. Commodity Futures Trading Commission.

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

■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-39 of product supplement EQUITY LIRN-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

**Single commodity prices tend to be more volatile than, and may not correlate with, the prices of commodities generally.** The Underlying Fund holds a single commodity and not diverse basket of commodities or components of a broad-based commodity index. The Underlying Fund's asset may not correlate to the price of commodities generally and may diverge significantly from the prices of commodities generally. As a result, the notes carry greater risk and may be more volatile than notes linked to the prices of more commodities or a broad-based commodity index.

**Gold prices are characterized by high and unpredictable volatility, which could lead to high and unpredictable volatility in the Underlying Fund.** The investment objective of the Underlying Fund is to reflect the performance of the price of gold bullion, less the Underlying Fund's expenses. The price of gold is primarily affected by the global demand for and supply of gold. The market for gold bullion is global, and gold prices are subject to volatile price movements over short periods of time and are affected by numerous factors, including macroeconomic factors, such as the structure of and confidence in the global monetary system, expectations regarding the future rate of inflation, the relative strength of, and confidence in, the U.S. dollar (the currency in which the price of gold is usually quoted), interest rates, gold borrowing and lending rates and global or regional economic, financial, political, regulatory, judicial or other events. Gold prices may be affected by industry factors, such as industrial and jewelry demand as well as lending, sales and purchases of gold by the official sector, including central banks and other governmental agencies and multilateral institutions that hold gold. Additionally, gold prices may be affected by levels of gold production, production costs and short-term changes in supply and demand due to trading activities in the gold market. From time to time, above-ground inventories of gold may also influence the market. It is not possible to predict the aggregate effect of all or any combination of these factors. The price of gold has recently been, and may continue to be, extremely volatile. Consequently, the performance of the Underlying Fund and the return on the notes could be adversely affected.

**The value of the Underlying Fund may not fully replicate the price of gold**. The performance of the Underlying Fund may not fully replicate the price of gold due to the fees and expenses charged by the Underlying Fund, restrictions on access to gold or other circumstances. The Underlying Fund does not generate any income and as the Underlying Fund regularly sells gold to pay for its ongoing expenses, the amount of gold represented by the Underlying Fund has gradually declined over time. The Underlying Fund sells gold to pay expenses on an ongoing basis irrespective of whether the trading price of the Underlying Fund rises or falls in response to changes in the price of gold. The sale of the Underlying Fund's gold to pay expenses at a time of low gold prices could adversely affect the value of the Underlying Fund. Additionally, there is a risk that part or all of the Underlying Fund's gold could be lost, damaged or stolen due to war, terrorism, theft, natural disaster or otherwise.

**There are risks relating to commodities trading on the London Bullion Market Association** – The value of the Underlying Fund is closely related to the price of gold. Gold is traded on the London Bullion Market Association (the "LBMA"). The LBMA is a self-regulated association of bullion market participants. Although all market-making members of the LBMA are supervised by the Bank of England and are required to satisfy a capital adequacy test, the LBMA itself is not a regulated entity. If the LBMA should cease operations, or if bullion trading should become subject to a value added tax or other tax or any other form of regulation currently not in place, the role of the LBMA gold prices as a global benchmark for the value of gold may be adversely affected. The LBMA is a principals' market which operates in a manner more closely analogous to over-the-counter physical commodity markets than regulated futures markets, and certain features of U.S. futures contracts are not present in the context of LBMA trading. For example, there are no daily price limits on the LBMA, which would otherwise restrict fluctuations in the prices of commodities trading on the LBMA. In a declining market, it is possible that prices would continue to decline without limitation within a trading day or over a period of trading days.

<u> Capped Leveraged Index Return Notes<sup>®</sup><sup></sup> </u> <u> TS-7 </u>

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<u> Capped Leveraged Index Return Notes<sup>®</sup><br>Linked to the SPDR<sup>®</sup> Gold Shares, due January 14, 2028 </u>  

The Underlying Fund

All disclosures contained in this term sheet regarding the Underlying Fund, including, without limitation, its make-up, method of calculation, and changes in its components, have been derived from publicly available sources, which we have not independently verified. The information reflects the policies of, and is subject to change by, World Gold Trust Services, LLC, the sponsor of the Underlying Fund. The consequences of any discontinuance of the Underlying Fund are discussed in the section entitled "Description of LIRNs—Anti-Dilution and Discontinuance Adjustments Relating to Underlying Funds—Discontinuance of or Material Change to an Underlying Fund" beginning on page PS-30 of product supplement EQUITY LIRN-1. None of us, the calculation agent, MLPF&S or BofAS accepts any responsibility for the calculation, maintenance or publication of the Underlying Fund, or any successor fund.

**General**

The Underlying Fund is an investment trust that seeks to reflect the performance of the price of gold bullion, less the expenses of the Trust's operations. Information provided to or filed with the SEC pursuant to the Securities Act can be located by reference to SEC CIK number 1222333 and file number 001-32356, through the SEC's website at http://www.sec.gov. The Underlying Fund trades on the NYSE Arca under the symbol "GLD."

The Underlying Fund issues SPDR<sup>®</sup> Gold Shares (the "Shares"), which represent units of fractional undivided beneficial interest in and ownership of the Underlying Fund. BNY Mellon Asset Servicing, a division of The Bank of New York Mellon, is the trustee of the Underlying Fund, or the Trustee, HSBC Bank plc is the custodian of the Underlying Fund (the "Custodian"), and State Street Global Advisors Funds Distributors, LLC (formerly State Street Global Markets, LLC) is the marketing agent of the Underlying Fund (the "Marketing Agent"). The Underlying Fund intends to issue additional Shares on a continuous basis through its Trustee. The Underlying Fund is not a commodity pool for purposes of the Commodity Exchange Act of 1936, as amended, and its sponsor is not subject to regulation by the Commodity Futures Trading Commission as a commodity pool operator, or a commodity trading advisor.

The Shares may be purchased from the Underlying Fund only in one or more blocks of 100,000 Shares (a block of 100,000 Shares is called a "Basket"). The Underlying Fund issues Shares in Baskets to certain authorized participants (the "Authorized Participants"), on an ongoing basis. Baskets are offered continuously at the net asset value (the "NAV"), for 100,000 Shares on the day that an order to create a Basket is accepted by the Trustee.

The investment objective of the Underlying Fund is to reflect the performance of the price of gold bullion, less the Underlying Fund's expenses. The Underlying Fund holds gold bars. The Underlying Fund issues shares in exchange for deposits of gold and distributes gold in connection with the redemption of shares. The Shares are intended to offer investors an opportunity to participate in the gold market through an investment in securities. The ownership of the Shares is intended to overcome certain barriers to entry in the gold market, such as the logistics of buying, storing and insuring gold.

The Shares represent units of fractional undivided beneficial interest in and ownership of the Underlying Fund, the primary asset of which is allocated (or secured) gold. The Underlying Fund is not managed like a corporation or an active investment vehicle. The gold held by the Underlying Fund will be sold only: (1) on an as-needed basis to pay the Underlying Fund's expenses, (2) in the event the Underlying Fund terminates and liquidates its assets or (3) as otherwise required by law or regulation.

**Creation and Redemption**

The Underlying Fund creates and redeems the Shares from time to time, but only in one or more Baskets. The creation and redemption of Baskets requires the delivery to the Underlying Fund or the distribution by the Underlying Fund of the amount of gold and any cash represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV of the number of Shares included in the Baskets being created or redeemed. The initial amount of gold required for deposit with the Underlying Fund to create shares for the period from the formation of the Underlying Fund to the first day of trading of the Shares on the NYSE was 10,000 ounces per Basket. The number of ounces of gold required to create a Basket or to be delivered upon the redemption of a Basket gradually decreases over time, due to the accrual of the Underlying Fund's expenses and the sale of the Underlying Fund's gold to pay the Underlying Fund's expenses. Baskets may be created or redeemed only by authorized participants, who pay a transaction fee for each order to create or redeem Baskets and may sell the Shares included in the Baskets they create to other investors.

**Valuation of Gold; Computation of Net Asset Value**

The Trustee determines the NAV of the Underlying Fund on each day that NYSE Arca is open for regular trading at the earlier of (i) the afternoon session of the twice daily determination of the price of an ounce of gold through an auction by the LBMA, administered by the ICE Benchmark Administration (the "IBA"), which starts at 3:00 PM London, England time, or the LBMA Gold Price PM, or (ii) 12:00 PM New York time. The LBMA Gold Price PM is determined by participants in a physically settled, electronic and tradable auction. The LBMA Gold Price PM replaced the previously established London PM Gold Fix on March 20, 2015. The NAV of the Underlying Fund is the aggregate value of the Underlying Fund's assets less its estimated accrued but unpaid liabilities (which include accrued expenses). In determining the Underlying Fund's NAV, the Trustee values the gold held by the Underlying Fund based on the LBMA Gold Price PM for an ounce of gold. The Trustee also determines the NAV per Share.

The Custodian is HSBC Bank plc and is responsible for the safekeeping of the Underlying Fund's gold bars transferred to it in connection with the creation of Baskets by Authorized Participants. The Custodian also facilitates the transfer of gold in and out of the

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Underlying Fund through gold accounts it maintains for Authorized Participants and the Underlying Fund. The Custodian is a market maker, clearer and approved weigher under the rules of the LBMA.

***The following graph shows the daily historical performance of the Underlying Fund on its primary exchange in the period from January 1, 2016 through April 30, 2026. 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 the Underlying Fund was $423.66. The graph below may have been adjusted to reflect certain corporate actions such as stock splits and reverse stock splits.***

**Historical Performance of the Underlying Fund**

![](image_007.jpg)

***This historical data on the Underlying Fund is not necessarily indicative of the future performance of the Underlying Fund or what the value of the notes may be. Any historical upward or downward trend in the price per share of the Underlying Fund during any period set forth above is not an indication that the price per share of the Underlying Fund 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 the Underlying Fund.

<u> Capped Leveraged Index Return Notes<sup>®</sup><sup></sup> </u> <u> TS-9 </u>

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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 pay a fee to a broker dealer in which an affiliate of BofAS has an ownership interest for providing certain services with respect to this offering, which will reduce the economic terms of the notes to you.

We will deliver the notes against payment therefor in New York, New York on a date that is greater than one business day 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 one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes more than one business day 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 Underlying Fund 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.

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Structuring the Notes

The notes are our debt securities, the return on which is linked to the performance of the Underlying Fund. 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 Underlying Fund 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 Underlying Fund , 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-8 of product supplement EQUITY LIRN-1 and "Use of Proceeds" on page S-14 of prospectus supplement.

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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 or any transferee resident (or deemed to be resident) in Canada to whom the purchaser disposes of, loans or otherwise transfers the note is a "specified entity", and is not a "specified entity" in respect of such a transferee, in each case, for purposes of the Hybrid Mismatch Rules, as defined below (a "Non-Resident Holder"). Special rules which apply to non-resident insurers carrying on business in Canada and elsewhere are not discussed in this summary.

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 the rules in the Canadian Tax Act with respect to "hybrid mismatch arrangements" (the "Hybrid Mismatch Rules"). On January 29, 2026, the Department of Finance (Canada) released for consultation proposed amendments to the Hybrid Mismatch Rules which, if enacted in the form proposed, would expand the categories of payments to which the Hybrid Mismatch Rules may apply. This summary further assumes that such proposals will not result in the application of the Hybrid Mismatch Rules to amounts payable to a holder in respect of the notes, but there can be no assurances in this regard. Investors should note that the Hybrid Mismatch Rules, and the proposed amendments thereto, are highly complex and there remains significant uncertainty as to their interpretation and application.

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.

<u> Capped Leveraged Index Return Notes<sup>®</sup><sup></sup> </u> <u> TS-12 </u>

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<u> Capped Leveraged Index Return Notes<sup>®</sup><br>Linked to the SPDR<sup>®</sup> Gold Shares, due January 14, 2028 </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 EQUITY LIRN-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, subject to the discussion in the product supplement concerning the potential application of the "constructive ownership" rules under Section 1260 of the Code, 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 EQUITY LIRN-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.

With respect to the discussion in the product supplement regarding "dividend equivalent" payments, the IRS has issued a notice that provides that withholding on dividend equivalent payments will not apply to specified ELIs that are not delta-one instruments and that are issued before January 1, 2027.

**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 6, 2023, which has been filed as Exhibit 5.2 to CIBC's Registration Statement on Form F-3 filed with the SEC on June 6, 2023.

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 6, 2023, which has been filed as Exhibit 5.1 to CIBC's Registration Statement on Form F-3 filed with the SEC on June 6, 2023.

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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.

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

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## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

**Ex-Filing Fees**

**Calculation of Filing Fee Tables**

**F-3**

**CANADIAN IMPERIAL BANK OF COMMERCE /CAN/**

_________________________________________________________________________________________

**Narrative Disclosure**

The maximum aggregate offering price of the securities to which the prospectus relates is $6,054,720. The prospectus is a final prospectus for the related offering(s).