# EDGAR Filing Document

**Accession Number:** 0001045520
**File Stem:** 0001104659-25-057712
**Filing Date:** 2025-6
**Character Count:** 75553
**Document Hash:** 5a62e2c3eebbbe7ccbe6bb88273470ea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-057712.hdr.sgml**: 20250609

**ACCESSION NUMBER**: 0001104659-25-057712

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 10

**FILED AS OF DATE**: 20250609

**DATE AS OF CHANGE**: 20250609

**SUBJECT COMPANY**: 

**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:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-272447
- **FILM NUMBER:** 251033426

**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
**FILED BY**: 

**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:** FWP

**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; **Subject to Completion**<br> **Preliminary Term Sheet** <br> **dated June 9, 2025** | &nbsp;&nbsp;&nbsp;**Filed Pursuant to Rule 433<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)** |

---

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;<br> Units<br> $10 principal amount per unit<br> CUSIP No. <br> ![](tm2516701d4_fwpimg001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;<br> Pricing Date\*<br> Settlement Date\*<br> Maturity Date\* | &nbsp;&nbsp; <br> June , 2025<br> July , 2025<br> June , 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br> Units<br> $10 principal amount per unit<br> CUSIP No. <br> ![](tm2516701d4_fwpimg001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\*Subject to change based on the actual date the notes are priced for initial sale to the public (the "pricing date") | &nbsp;&nbsp;&nbsp;&nbsp;\*Subject to change based on the actual date the notes are priced for initial sale to the public (the "pricing date") |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Capped Leveraged Index Return Notes<sup>®</sup> Linked to an International Equity Index Basket**<br>▪ Maturity of approximately two years<br>▪ 2-to-1 upside exposure to increases in the Basket, subject to a capped return of [30.00% to 34.00%]<br>▪ 1-to-1 downside exposure to decreases in the Basket, with up to 100.00% of your principal at risk<br>▪The Basket will be comprised of the EURO STOXX 50<sup>®</sup> Index and the FTSE<sup>®</sup> 100 Index. The EURO STOXX 50<sup>®</sup> Index will be given an initial weight of 75.00%, and the FTSE<sup>®</sup> 100 Index will be given an initial weight of 25.00%<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;&nbsp;&nbsp;&nbsp;&nbsp; **Capped Leveraged Index Return Notes<sup>®</sup> Linked to an International Equity Index Basket**<br>▪ Maturity of approximately two years<br>▪ 2-to-1 upside exposure to increases in the Basket, subject to a capped return of [30.00% to 34.00%]<br>▪ 1-to-1 downside exposure to decreases in the Basket, with up to 100.00% of your principal at risk<br>▪The Basket will be comprised of the EURO STOXX 50<sup>®</sup> Index and the FTSE<sup>®</sup> 100 Index. The EURO STOXX 50<sup>®</sup> Index will be given an initial weight of 75.00%, and the FTSE<sup>®</sup> 100 Index will be given an initial weight of 25.00%<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;&nbsp;&nbsp;&nbsp;&nbsp; **Capped Leveraged Index Return Notes<sup>®</sup> Linked to an International Equity Index Basket**<br>▪ Maturity of approximately two years<br>▪ 2-to-1 upside exposure to increases in the Basket, subject to a capped return of [30.00% to 34.00%]<br>▪ 1-to-1 downside exposure to decreases in the Basket, with up to 100.00% of your principal at risk<br>▪The Basket will be comprised of the EURO STOXX 50<sup>®</sup> Index and the FTSE<sup>®</sup> 100 Index. The EURO STOXX 50<sup>®</sup> Index will be given an initial weight of 75.00%, and the FTSE<sup>®</sup> 100 Index will be given an initial weight of 25.00%<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" beginning on page TS-6 of this term sheet and beginning on page PS-7 of product supplement EQUITY LIRN-1.**

**The initial estimated value of the notes as of the pricing date is expected to be between $9.205 and $9.487 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-16 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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| | | |
|:---|:---|:---|
|  | <u>Per Unit</u> | <u>Total</u> |
| Public offering price<sup>(1)</sup> | $10.00 | $|
| Underwriting discount<sup>(1)</sup> | $0.20 | $|
| Proceeds, before expenses, to CIBC | $9.80 | $|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For any purchase of 300,000 units or more in a single transaction by an individual investor or in combined
transactions with the investor's household in this offering, the public offering price and the underwriting discount will be $9.95 per
unit and $0.15 per unit, respectively. See "Supplement to the Plan of Distribution" below.

**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**

June , 2025

<u> Capped Leveraged Index Return Notes<sup>®</sup> Linked to an International Equity Index Basket, due June , 2027</u>  

Summary

The Capped Leveraged Index Return Notes<sup>®</sup> Linked to an International Equity Index Basket, due June , 2027 (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 international equity index basket 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 will be comprised of the EURO STOXX 50<sup>®</sup> Index and the FTSE<sup>®</sup> 100 Index (each, a "Basket Component"). On the pricing date, the EURO STOXX 50<sup>®</sup> Index will be given an initial weight of 75.00%, and the FTSE<sup>®</sup> 100 Index will be given an initial weight of 25.00%.

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, will reduce 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 will be greater than the initial estimated value of the notes.

On the cover page of this term sheet, we have provided the initial estimated value range for the notes. This initial estimated value range was determined based on our pricing models. The initial estimated value as of the pricing date will be 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-16.

---

| | | |
|:---|:---|:---|
| 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;![](tm2516701d4_fwpimg002.jpg) |
| &nbsp;&nbsp;**Term:** | &nbsp;&nbsp;Approximately two years | &nbsp;&nbsp;![](tm2516701d4_fwpimg002.jpg) |
| &nbsp;&nbsp;**Market Measure:** | &nbsp;&nbsp;An international equity index basket comprised of the EURO STOXX 50<sup>®</sup> Index (Bloomberg symbol: "SX5E") and the FTSE<sup>®</sup> 100 Index (Bloomberg symbol: "UKX"). Each Basket Component is a price return index. | &nbsp;&nbsp;![](tm2516701d4_fwpimg002.jpg) |
| &nbsp;&nbsp;**Starting Value:** | &nbsp;&nbsp;The Starting Value will be set to 100.00 on the pricing date. | &nbsp;&nbsp;![](tm2516701d4_fwpimg002.jpg) |
| &nbsp;&nbsp;**Ending Value:** | &nbsp;&nbsp;The average value of the Basket on each calculation day during the Maturity Valuation Period, calculated as specified in "The Basket" on page TS-8 and "Description of LIRNs—Basket Market Measures—Ending Value of the Basket" beginning on page PS-33 of product supplement EQUITY LIRN-1. The scheduled calculation days are subject to postponement in the event of Market Disruption Events, as described beginning on page PS-33 of product supplement EQUITY LIRN-1. | &nbsp;&nbsp;![](tm2516701d4_fwpimg002.jpg) |
| &nbsp;&nbsp;**Threshold Value:** | &nbsp;&nbsp;100% of the Starting Value | &nbsp;&nbsp;![](tm2516701d4_fwpimg002.jpg) |
| &nbsp;&nbsp;**Participation Rate:** | &nbsp;&nbsp;200% | &nbsp;&nbsp;![](tm2516701d4_fwpimg002.jpg) |
| &nbsp;&nbsp;**Capped Value:** | &nbsp;&nbsp;[$13.00 to $13.40] per unit, which represents a return of [30.00% to 34.00%] over the principal amount. The actual Capped Value will be determined on the pricing date. | &nbsp;&nbsp;![](tm2516701d4_fwpimg002.jpg) |
| &nbsp;&nbsp;**Maturity Valuation Period:** | &nbsp;&nbsp;Five scheduled calculation days shortly before the maturity date. | &nbsp;&nbsp;![](tm2516701d4_fwpimg002.jpg) |
| &nbsp;&nbsp;**Fees and Charges:** | &nbsp;&nbsp;The underwriting discount of $0.20 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-16. | &nbsp;&nbsp;![](tm2516701d4_fwpimg002.jpg) |
| &nbsp;&nbsp;**Calculation Agent:** | &nbsp;&nbsp;BofA Securities, Inc. ("BofAS") | &nbsp;&nbsp;![](tm2516701d4_fwpimg002.jpg) |

---

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

<u> Capped Leveraged Index Return Notes<sup>®</sup> Linked to an International Equity Index Basket, due June , 2027</u>  

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

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| | |
|:---|:---|
| ▪ | Product supplement EQUITY LIRN-1 dated September 5, 2023: |
|  | [https://www.sec.gov/Archives/edgar/data/1045520/000110465923098267/tm2325339d2_424b5.htm](https://www.sec.gov/Archives/edgar/data/1045520/000110465923098267/tm2325339d2_424b5.htm) |
| ▪ | Prospectus supplement dated September 5, 2023: |
|  | [https://www.sec.gov/Archives/edgar/data/1045520/000110465923098166/tm2322483d94_424b5.htm](https://www.sec.gov/Archives/edgar/data/1045520/000110465923098166/tm2322483d94_424b5.htm) |

---

▪ Prospectus dated September 5, 2023: <br>[https://www.sec.gov/Archives/edgar/data/1045520/000110465923098163/tm2325339d10_424b3.htm](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

**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 stocks included in the Basket Components.

▪ 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 stocks included in the Basket Components.

▪ 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.

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

<u> Capped Leveraged Index Return Notes<sup>®</sup> Linked to an International Equity Index Basket, due June , 2027</u>  

Hypothetical Payout Profile and Examples of Payments at Maturity

The graph below is based on **hypothetical** numbers and values.

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| | |
|:---|:---|
| &nbsp;&nbsp; **Capped Leveraged Index Return Notes<sup>®</sup>**<br>![](tm2516701d4_fwpimg003.jpg)<br>| &nbsp;&nbsp; This graph reflects the returns on the notes, based on the Participation Rate of 200%, the Threshold Value of 100% of the Starting Value, and a hypothetical Capped Value of $13.20 per unit (the midpoint of the Capped Value range of [$13.00 to $13.40]). The green line reflects the returns on the notes, while the dotted gray line reflects the returns of a direct investment in the stocks included in the Basket Components, 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 the Starting Value of 100.00, the Threshold Value of 100.00, the Participation Rate of 200%, a hypothetical Capped Value of $13.20 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 Capped 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 levels of the Basket Components, see "The Basket Components" section below. Each Basket Component is a price return index and as such the Ending Value will not include any income generated by dividends paid on the stocks included in any of the Basket Components, 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.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Ending Value** | &nbsp;&nbsp; **Percentage Change from the <br> Starting Value to the Ending<br> Value** | &nbsp;&nbsp; **Redemption Amount per <br> 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;60.00 | &nbsp;&nbsp;-40.00% | &nbsp;&nbsp;$6.00 | &nbsp;&nbsp;-40.00% |
| &nbsp;&nbsp;70.00 | &nbsp;&nbsp;-30.00% | &nbsp;&nbsp;$7.00 | &nbsp;&nbsp;-30.00% |
| &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;95.00 | &nbsp;&nbsp;-5.00% | &nbsp;&nbsp;$9.50 | &nbsp;&nbsp;-5.00% |
| &nbsp;&nbsp; 100.00<sup>(1)(2)</sup> | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;105.00 | &nbsp;&nbsp;5.00% | &nbsp;&nbsp;$11.00 | &nbsp;&nbsp;10.00% |
| &nbsp;&nbsp;110.00 | &nbsp;&nbsp;10.00% | &nbsp;&nbsp;$12.00 | &nbsp;&nbsp;20.00% |
| &nbsp;&nbsp;115.00 | &nbsp;&nbsp;15.00% | &nbsp;&nbsp;$13.00 | &nbsp;&nbsp;30.00% |
| &nbsp;&nbsp;116.00 | &nbsp;&nbsp;16.00% | &nbsp;&nbsp; $13.20<sup>(3)</sup> | &nbsp;&nbsp;32.00% |
| &nbsp;&nbsp;120.00 | &nbsp;&nbsp;20.00% | &nbsp;&nbsp;$13.20 | &nbsp;&nbsp;32.00% |
| &nbsp;&nbsp;150.00 | &nbsp;&nbsp;50.00% | &nbsp;&nbsp;$13.20 | &nbsp;&nbsp;32.00% |
| &nbsp;&nbsp;200.00 | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;$13.20 | &nbsp;&nbsp;32.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) This is the Threshold Value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Starting Value will be set to 100.00 on the pricing date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Redemption Amount per unit cannot exceed the **hypothetical** Capped Value.

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

<u> Capped Leveraged Index Return Notes<sup>®</sup> Linked to an International Equity Index Basket, due June , 2027</u>  

**Redemption Amount Calculation Examples**

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| | |
|:---|:---|
| &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: | &nbsp;&nbsp;100.00 |
| &nbsp;&nbsp;Threshold Value: | &nbsp;&nbsp;100.00 |
| &nbsp;&nbsp;Ending Value: | &nbsp;&nbsp;50.00 |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;![](tm2516701d4_fwpimg004.jpg) | &nbsp;&nbsp;Redemption Amount per unit |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;**Example 2** | &nbsp;&nbsp;**Example 2** |
| &nbsp;&nbsp;The Ending Value is 105.00, or 105.00% of the Starting Value: | &nbsp;&nbsp;The Ending Value is 105.00, or 105.00% of the Starting Value: |
| &nbsp;&nbsp;Starting Value: | &nbsp;&nbsp;100.00 |
| &nbsp;&nbsp;Ending Value: | &nbsp;&nbsp;105.00 |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;![](tm2516701d4_fwpimg005.jpg) | &nbsp;&nbsp;**= $11.00** Redemption Amount per unit |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Example 3** | &nbsp;&nbsp;**Example 3** |
| &nbsp;&nbsp;The Ending Value is 150.00, or 150.00% of the Starting Value: | &nbsp;&nbsp;The Ending Value is 150.00, or 150.00% of the Starting Value: |
| &nbsp;&nbsp;Starting Value: | &nbsp;&nbsp;100.00 |
| &nbsp;&nbsp;Ending Value: | &nbsp;&nbsp;150.00 |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;![](tm2516701d4_fwpimg006.jpg) | &nbsp;&nbsp;**= $20.00, however, because the Redemption Amount for the notes cannot exceed the hypothetical Capped Value, the Redemption Amount will be $13.20 per unit** |

---

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

<u> Capped Leveraged Index Return Notes<sup>®</sup> Linked to an International Equity Index Basket, due June , 2027</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>**

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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 stocks included in a Basket Component.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Changes in the level of one Basket Component may be offset by changes in the level of the other Basket Component. Due to the different
Initial Component Weights, changes in the level of the EURO STOXX 50<sup>®</sup> Index will have a more substantial impact on the
value of the Basket than similar changes in the level of the FTSE<sup>®</sup>100 Index.

&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 will be lower than the public offering price of the notes. The public offering price of the
notes will exceed 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-16, 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 will be determined by reference to our internal pricing models when the terms of the notes
are set. This estimated value will be 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 Basket, 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 will not be determined by reference to credit spreads for our conventional fixed-rate debt.
The internal funding rate to be 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 use 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
would have an adverse effect on the economic terms of the notes, the initial estimated value of the notes on the pricing date, and 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;▪ Our business, hedging and trading activities, and those of MLPF&S, BofAS and our respective affiliates (including trades in shares
of companies included in the Basket Components), 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;▪ 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;▪ An index sponsor may adjust the relevant Basket Component in
a way that affects its level, and has no obligation to consider your interests.

&nbsp;&nbsp;&nbsp;&nbsp;▪ As a noteholder, you will have no rights of a holder of the
securities represented by the Basket Components, and you will not be entitled to receive securities, dividends or other distributions
by the issuers of those securities.

Capped Leveraged Index Return Notes<sup>®</sup> TS-6

<u> Capped Leveraged Index Return Notes<sup>®</sup> Linked to an International Equity Index Basket, due June , 2027</u>  

&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 companies included in the Basket
Components, we, MLPF&S, BofAS and our respective affiliates do not control any company included in any Basket Component, and have
not verified any disclosure made by any other company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Your return on the notes may be adversely affected by factors affecting the international securities markets, specifically markets
in the countries represented by the Basket Components. In addition, you will not obtain the benefit of any increase in the value of the
currencies in which the securities included in the Basket Components trade against the U.S. dollar, which you would have received if you
had owned the securities included in the Basket Components during the term of your notes, although the value of the Basket may be adversely
affected by general exchange rate movements in the market .

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

&nbsp;&nbsp;&nbsp;&nbsp;&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-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.

Other Terms of the Notes

**Market Measure Business Day**

The following definition shall supersede and replace the definition of "Market Measure Business Day" set forth in product supplement EQUITY LIRN-1.

A "Market Measure Business Day" means a day on which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) each of the Eurex (as to the EURO STOXX 50<sup>®</sup>Index) and the London Stock Exchange (as to
the FTSE<sup>®</sup>100 Index) are open for trading; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Basket Components or any successors thereto are calculated and published.

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

<u> Capped Leveraged Index Return Notes<sup>®</sup> Linked to an International Equity Index Basket, due June , 2027</u>  

The Basket

The Basket is designed to allow investors to participate in the percentage changes in the levels of the Basket Components from the Starting Value to the Ending Value of the Basket. The Basket Components are described in the section entitled "The Basket Components" below. Each Basket Component will be 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 LIRNs—Basket Market Measures" beginning on page PS-32 of product supplement EQUITY LIRN-1.

If June 2, 2025 were the pricing date, for each Basket Component, the Initial Component Weight, the closing level, the hypothetical Component Ratio and the initial contribution to the Basket value would be as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Basket Component** | &nbsp;&nbsp;**Bloomberg <br> Symbol** | &nbsp;&nbsp;**Initial <br> Component<br> Weight** | &nbsp;&nbsp;**Closing <br> Level<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Hypothetical <br> Component <br> Ratio<sup>(1)(3)</sup>** | &nbsp;&nbsp;**Initial Basket <br> Value <br> Contribution** |
| &nbsp;&nbsp;EURO STOXX 50<sup>®</sup> Index | &nbsp;&nbsp;SX5E | &nbsp;&nbsp;75.00% | &nbsp;&nbsp;5355.56 | &nbsp;&nbsp;0.01400414 | &nbsp;&nbsp;75.00 |
| &nbsp;&nbsp;FTSE<sup>®</sup> 100 Index | &nbsp;&nbsp;UKX | &nbsp;&nbsp;25.00% | &nbsp;&nbsp;8774.26 | &nbsp;&nbsp;0.00284924 | &nbsp;&nbsp;25.00 |
|  |  |  |  | &nbsp;&nbsp;**Starting Value** | &nbsp;&nbsp;100.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The actual closing level of each Basket Component and the resulting actual Component Ratios will be determined on the pricing date,
subject to adjustment as more fully described in the section entitled "Description of LIRNs—Basket Market Measures—Determination
of the Component Ratio for Each Basket Component" beginning on page PS-32 of product supplement EQUITY LIRN-1 if a Market Disruption
Event occurs on the pricing date as to any Basket Component or the pricing date is determined by the calculation agent not to be a Market
Measure Business Day for any Basket Component by reason of an extraordinary event, occurrence, declaration or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;(2) These were the closing levels of the Basket Components on June 2, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Each hypothetical Component Ratio equals the Initial Component Weight of the relevant Basket Component (as a percentage) multiplied
by 100, and then divided by the closing level of that Basket Component on June 2, 2025 and rounded to eight decimal places.

On each calculation day during the Maturity Valuation Period, the calculation agent will calculate the value of the Basket on such day by summing the products of (a) the closing level for each Basket Component on such day and (b) the Component Ratio for such Basket Component. The Ending Value of the Basket will be the average value of the Basket on each calculation day during the Maturity Valuation Period. If a Market Disruption Event occurs as to any Basket Component on a scheduled calculation day, the closing level of that Basket Component will be determined as more fully described in the section entitled "Description of LIRNs—Basket Market Measures—Ending Value of the Basket" beginning on page PS-33 of product supplement EQUITY LIRN-1.

Capped Leveraged Index Return Notes<sup>®</sup> TS-8

<u> Capped Leveraged Index Return Notes<sup>®</sup> Linked to an International Equity Index Basket, due June , 2027</u>  

***While actual historical information on the Basket will not exist before the pricing date, the following graph sets forth the hypothetical historical daily performance of the Basket from January 1, 2015 through June 2, 2025. The graph is based upon actual daily historical levels of the Basket Components, hypothetical Component Ratios based on the closing levels of the Basket Components as of December 31, 2014, 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**

![](tm2516701d4_fwpimg007.jpg)

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

<u> Capped Leveraged Index Return Notes<sup>®</sup> Linked to an International Equity Index Basket, due June , 2027</u>  

The Basket Components

All disclosures contained in this term sheet regarding the Basket Components, including, without limitation, their make-up, method of calculation, and changes in their 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, each of STOXX Limited ("STOXX") with respect to the EURO STOXX 50<sup>®</sup> Index (the "SX5E") and FTSE International Limited ("FTSE") with respect to the FTSE<sup>®</sup> 100 Index (the "UKX") (STOXX and FTSE together, the "index sponsors"). The index sponsors, which license the copyright and all other rights to the Basket Components, have no obligation to continue to publish, and may discontinue or suspend the publication of, any Basket Component. The consequences of any index sponsor discontinuing publication of a Basket Component are discussed in the section entitled "Description of LIRNs—Discontinuance of an Index" beginning on page PS-26 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 any Basket Component or any successor index.

**The EURO STOXX 50<sup>®</sup> Index**

*Index Composition and Maintenance*

The stocks in the represented Eurozone countries are ranked in terms of free-float market capitalization. The largest stocks are added to the selection list until the coverage is close to, but still less than, 60% of the free-float market capitalization of the corresponding EURO STOXX TMI, which covers 95% of the free-float market capitalization of the represented Eurozone countries. If the next highest-ranked stock brings the coverage closer to 60% in absolute terms, then it is also added to the selection list. All current stocks in the SX5E are added to the selection list. All of the stocks on the selection list are then ranked in terms of free-float market capitalization to produce the final index selection list. The largest 40 stocks on the selection list are selected; the remaining 10 stocks are selected from the largest remaining current stocks ranked between 41 and 60; if the number of stocks selected is still below 50, then the largest remaining stocks are selected until there are 50 stocks. The minimum liquidity criteria of the EURO STOXX TMI also applies to the selection of SX5E components.

The SX5E components are subject to a capped maximum index weight of 10%, which is applied on a quarterly basis.

The composition of the SX5E is reviewed annually in September. The review cut-off date is the last trading day of August.

The free-float factors for each component stock used to calculate the SX5E, as described below, are reviewed, calculated, and implemented on a quarterly basis and are fixed until the next quarterly review.

The SX5E is subject to a "fast exit rule." The index components are monitored for any changes based on the monthly selection list ranking (i.e., on an ongoing monthly basis). A component is deleted from the SX5E if: (a) it ranks 75 or below on the monthly selection list and (b) it ranked 75 or below on the selection list of the previous month. The highest-ranked stock that is not an index component will replace it. Changes will be implemented on the close of the fifth trading day of the month, and are effective the next trading day.

The SX5E is also reviewed on an ongoing basis. Corporate actions (including IPOs, mergers and takeovers, spin-offs, delistings, and bankruptcy) that affect the index composition are immediately reviewed. Any changes are announced, implemented, and effective in line with the type of corporate action and the magnitude of the effect.

A deleted stock is replaced immediately to maintain the fixed number of 50 component stocks. If a stock is deleted in between regular review dates but is still a component of the EURO STOXX TMI, then the stock will remain in the SX5E until the next regular review.

*Index Calculation*

The SX5E is calculated with the "Laspeyres formula," which measures the aggregate price changes in the component stocks against a fixed base quantity weight. The formula for calculating the index level can be expressed as follows:

Index = <u>Free float market capitalization of the Index</u> <br> Divisor of the Index

The "free float market capitalization of the Index" is equal to the sum of the product of the price, number of shares outstanding, free float factor, weighting cap factor and exchange rate from local currency to index currency, for each component stock as of the time the SX5E is being calculated.

The SX5E is also subject to a divisor, which is adjusted to maintain the continuity of the index levels across changes due to corporate actions, such as the deletion and addition of stocks, the substitution of stocks, stock dividends, and stock splits.

Capped Leveraged Index Return Notes<sup>®</sup> TS-10

<u> Capped Leveraged Index Return Notes<sup>®</sup> Linked to an International Equity Index Basket, due June , 2027</u>  

Neither we nor any of our affiliates, including the selling agent, accepts any responsibility for the calculation, maintenance, or publication of, or for any error, omission, or disruption in, the SX5E or any successor to the SX5E. STOXX does not guarantee the accuracy or the completeness of the SX5E or any data included in the SX5E. STOXX assumes no liability for any errors, omissions, or disruption in the calculation and dissemination of the SX5E. STOXX disclaims all responsibility for any errors or omissions in the calculation and dissemination of the SX5E or the manner in which the SX5E is applied in determining the amount payable on the notes at maturity.

***The following graph shows the daily historical performance of the SX5E in the period from January 1, 2015 through June 2, 2025. 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 June 2, 2025, the closing level of the SX5E was 5,355.56.***

**Historical Performance of the EURO STOXX 50<sup>®</sup> Index**

![](tm2516701d4_fwpimg008.jpg)

***This historical data on the SX5E is not necessarily indicative of the future performance of the SX5E or what the value of the notes may be. Any historical upward or downward trend in the level of the SX5E during any period set forth above is not an indication that the level of the SX5E 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 levels of the SX5E.

**License Agreement**

We have entered into an agreement with STOXX providing us and certain of our affiliates or subsidiaries identified in that agreement with a non-exclusive license and, for a fee, with the right to use the SX5E, which is owned and published by STOXX, in connection with certain securities, including the notes.

STOXX and its licensors (the "Licensors") have no relationship to us, other than the licensing of the SX5E and the related trademarks for use in connection with the notes.

STOXX and its Licensors do not sponsor, endorse, sell or promote the notes; recommend that any person invest in the notes; have any responsibility or liability for or make any decisions about the timing, amount or pricing of the notes; have any responsibility or liability for the administration, management or marketing of the notes; or consider the needs of the notes or the owners of the notes in determining, composing or calculating the SX5E or have any obligation to do so.

STOXX and its Licensors will not have any liability in connection with the notes. Specifically, STOXX and its Licensors do not make any warranty, express or implied and disclaim any and all warranty about: the results to be obtained by the notes, the owners of the notes or any other person in connection with the use of the SX5E and the data included in the SX5E; the accuracy or completeness of the SX5E and its data; and the merchantability and the fitness for a particular purpose or use of the SX5E and its data. STOXX and its Licensors will have no liability for any errors, omissions or interruptions in the SX5E or its data. Under no circumstances will STOXX or its Licensors be liable for any lost profits or indirect, punitive, special or consequential damages or losses, even if STOXX or its Licensors knows that they might occur. The licensing agreement between us and STOXX is solely for our benefit and the benefit of STOXX and not for the benefit of the owners of the notes or any other third parties.

Capped Leveraged Index Return Notes<sup>®</sup> TS-11

<u> Capped Leveraged Index Return Notes<sup>®</sup> Linked to an International Equity Index Basket, due June , 2027</u>  

**The FTSE<sup>®</sup> 100 Index**

The UKX is a market-capitalization weighted index calculated, published and disseminated by FTSE Russell. The UKX is designed to measure the composite performance of the 100 largest UK-listed blue chip companies that pass screening for size and liquidity traded on the London Stock Exchange Group plc (the "LSE"). The UKX was launched on January 3, 1984 and has a base date of December 30, 1983. The UKX is reported by Bloomberg under the ticker symbol "UKX."

***Index Composition***

Only equity shares that are "premium listed," as defined by the Financial Conduct Authority in its Listing Rules Sourcebook, which have been admitted to trading on the London Stock Exchange with a Sterling denominated price on Stock Exchange Electronic Trading Service (SETS) are eligible for inclusion in the UKX. All securities in the index universe are assigned a nationality. Only companies assigned U.K. nationality are eligible for inclusion in the UKX.

Eligible securities are required to pass the following screens before being added to the UKX:

&nbsp;&nbsp;&nbsp;&nbsp;· *Price*: there must be an accurate and reliable price for the purposes of determining the market value of a company.

&nbsp;&nbsp;&nbsp;&nbsp;· *Minimum voting rights*: companies are required to have greater than 5% of the company's voting rights in the hands of
unrestricted shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;· *Investability weightings*: constituents of the UKX are adjusted for free float and foreign ownership limits (where applicable
to U.K. investors). Free float is calculated using available published information rounded to 12 decimal places. Companies with a free
float of 5% or below are excluded from the UKX. To be eligible for inclusion in UKX, a security must have a minimum free float of 10%
if the issuing company is U.K. incorporated and 25% if it is non-U.K. incorporated. However, a new company may be initially included in
the UKX with a free float below the above parameters (provided it is above 5%) where the free float is expected to meet the minimum requirements
within 12 months of the company's first day of trading. New companies with an initial free float of 5% or below are not eligible
for inclusion in the UKX.

&nbsp;&nbsp;&nbsp;&nbsp;· *Liquidity*: each security will be tested for liquidity annually in June by calculation of its monthly median of daily trading
volume. For the annual test, liquidity will be calculated from the first business day in May of the previous year to the last business
day of April in the current year. For each month, the daily volume for each security is calculated as a percentage of the shares in issue
for that day adjusted by the free float at the end of the month. These daily values are then ranked in descending order and the median
is taken by selecting the value for the middle ranking day if there is an odd number of days and the mean of the middle two if there is
an even number of days:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Securities which do not turnover at least 0.025% of their shares in issue (after the application of any investability weightings)
based on their monthly median for at least ten of the twelve months prior to the annual index review, will not be eligible for inclusion
in the UKX until the next annual review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o An existing constituent which does not turnover at least 0.015% of its shares in issue (after the application of any investability
weightings) based on its monthly median per month for at least eight of the twelve months prior to the annual index review will be removed
and will not be eligible for inclusion in the UKX until the next annual review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o New issues which do not have a twelve month trading record must have a minimum 20 day trading record when reviewed. They must turnover
at least 0.025% of their shares in issue (after the application of any investability weightings) based on their monthly median each month,
on a pro-rata basis since premium listing or U.K. Nationality allocation date if non-U.K. incorporated.

***Index Calculation***

The UKX is an arithmetic weighted index where the weights are the market capitalization of each company. The UKX is calculated as the summation of the free float adjusted market values (or capitalizations) of all companies within the UKX divided by the divisor. On the base date, the divisor was calculated as the sum of the market capitalizations of the UKX constituents divided by the initial index value of 1,000. The divisor is subsequently adjusted for any capital changes in the UKX constituents. In order to prevent discontinuities in the UKX in the event of a corporate action or change in constituents it is necessary to make an adjustment to the prices used to calculate the UKX to ensure that the change in the UKX between two consecutive dates reflects only market movements rather than including changes due to the impact of corporate actions or constituent changes. This ensures that the index values remain comparable over time and that changes in the level of the UKX properly reflect the change in value of a portfolio of UKX constituents with weights the same as in the UKX. The adjustment used by FTSE Russell is based on the Paasche formula (also known as the current-weighted formula) which adjusts the divisor for the UKX for the day before a corporate action and calculates the change from that adjusted index to the index for the following day in which the corporate action occurs.

***Index Maintenance***

The UKX is reviewed on a quarterly basis in March, June, September and December based on data from the close of business on the Tuesday before the first Friday of the review month. Securities eligible for inclusion in the UKX will comprise the Monitored List. At the periodic review, all securities including in the Monitored List will be ranked by full market capitalization (i.e., before the application of investability weightings) from largest to smallest. A security will be inserted if it rises to 90<sup>th</sup> or above on the Monitored List, and a security will be deleted if it falls to 111<sup>th</sup> or below on the Monitored List. Where a greater number of companies qualify to be inserted in the UKX than those qualifying to be deleted, the lowest ranking constituents presently included in the UKX will be deleted to ensure that an equal number of companies are inserted and deleted at the periodic review. Likewise, where a greater number of companies qualify to be deleted than those qualifying to be inserted, the securities of the highest ranking companies which are presently not included in the UKX will be inserted to match the number of companies being deleted at the periodic review.

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

<u> Capped Leveraged Index Return Notes<sup>®</sup> Linked to an International Equity Index Basket, due June , 2027</u>  

Where a UKX constituent is scheduled to be deleted after the periodic review changes have been announced but before they have been implemented, the highest ranking constituent of the FTSE All-Share (which is not currently a member of the UKX) is selected as the replacement company. However, if that replacement company is already scheduled to be added as part of the index review, then the next highest-ranking company is selected as the replacement. Where a company being deleted is already due to be replaced in the UKX as part of the periodic review, it will be replaced by the largest company previously announced as a review addition to the index. In other words, the review addition will be brought forward and implemented concurrent with the intra-quarter deletion.

A new security (IPO) will be added to the UKX outside a quarterly review if it satisfies the eligibility criteria and the screens other than the liquidity screen and its full market capitalization (i.e. before the application of any investability weighting) using the closing price on the first day of official non-conditional trading is greater than the Fast Entry Level. Fast Entry Level means the company full market capitalization i.e., before the application of individual constituent investability weightings) must rank at position 75th or above in the monitored list; and the security investable market capitalization (i.e., after the application of any investability weighting) must amount to or be greater than GBP 2 billion. The security which is the lowest ranking constituent of the UKX will be selected for removal.

Capped Leveraged Index Return Notes<sup>®</sup> TS-13

 ****

<u> Capped Leveraged Index Return Notes<sup>®</sup> Linked to an International Equity Index Basket, due June , 2027</u>  

 ****

 ****

***The following graph shows the daily historical performance of the UKX in the period from January 1, 2015 through June 2, 2025. 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 June 2, 2025, the closing level of the UKX was 8,774.26.***

**Historical Performance of the FTSE<sup>®</sup> 100 Index**

![](tm2516701d4_fwpimg009.jpg)

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

**License Agreement**

We have entered into a non-exclusive license agreement with FTSE, whereby we, in exchange for a fee, will be permitted to use the UKX, which is owned and published by FTSE, in connection with certain products, including the notes.

Neither FTSE nor the LSE makes any representation or warranty, express or implied, to the owners of the notes or any member of the public regarding the advisability of investing in structured products generally or in the notes particularly, or the ability of the UKX to track general stock market performance. FTSE and the LSE's only relationship with the Issuer is the licensing of certain trademarks and trade names of FTSE, respectively, without regard to us or the notes. FTSE and the LSE have no obligation to take the needs of the Issuer or the holders of the notes into consideration in determining, composing or calculating the UKX. Neither FTSE nor the LSE is responsible for and has not participated in the determination of the timing, price or quantity of the notes to be issued or in the determination or calculation of the amount due at maturity of the notes. Neither FTSE nor the LSE has any obligation or liability in connection with the administration, marketing or trading of the notes.

The notes are not in any way sponsored, endorsed, sold or promoted by FTSE or the LSE, and neither FTSE nor the LSE makes any warranty or representation whatsoever, express or implied, either as to the results to be obtained from the use of the UKX and/or the figure at which the said component stands at any particular time on any particular day or otherwise. The UKX is compiled and calculated by FTSE. However, neither FTSE nor the LSE shall be liable (whether in negligence or otherwise) to any person for any error in the UKX and neither FTSE nor the LSE shall be under any obligation to advise any person of any error therein.

"FTSE<sup>®</sup>," "FTSETM," "FT-SE<sup>®</sup>" and "Footsie<sup>®</sup>" are trademarks of the London Stock Exchange Group companies and are used by FTSE International Limited under license. "All-World," "All-Share" and "All-Small" are trademarks of FTSE International Limited.

Capped Leveraged Index Return Notes<sup>®</sup> TS-14

<u> Capped Leveraged Index Return Notes<sup>®</sup> Linked to an International Equity Index Basket, due June , 2027</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 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 may 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, if the initial settlement of the notes occurs more than one business day from the pricing date, 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 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.

An investor's household, as referenced on the cover of this term sheet, will generally include accounts held by any of the following, as determined by MLPF&S in its discretion and acting in good faith based upon information then available to MLPF&S:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the investor's spouse (including a domestic partner), siblings, parents, grandparents, spouse's parents, children and
grandchildren, but excluding accounts held by aunts, uncles, cousins, nieces, nephews or any other family relationship not directly above
or below the individual investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a family investment vehicle, including foundations, limited partnerships and personal holding companies, but only if the beneficial
owners of the vehicle consist solely of the investor or members of the investor's household as described above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust where the grantors and/or beneficiaries of the trust consist solely of the investor or members of the investor's household
as described above; provided that, purchases of the notes by a trust generally cannot be aggregated together with any purchases made by
a trustee's personal account.

Purchases in retirement accounts will not be considered part of the same household as an individual investor's personal or other non-retirement account, except for individual retirement accounts ("IRAs"), simplified employee pension plans ("SEPs"), savings incentive match plan for employees ("SIMPLEs"), and single-participant or owners only accounts (i.e., retirement accounts held by self-employed individuals, business owners or partners with no employees other than their spouses).

Please contact your Merrill financial advisor if you have any questions about the application of these provisions to your specific circumstances or think you are eligible.

Capped Leveraged Index Return Notes<sup>®</sup> TS-15

<u> Capped Leveraged Index Return Notes<sup>®</sup> Linked to an International Equity Index Basket, due June , 2027</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, typically results 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 Components, 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.

Capped Leveraged Index Return Notes<sup>®</sup> TS-16

<u> Capped Leveraged Index Return Notes<sup>®</sup> Linked to an International Equity Index Basket, due June , 2027</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 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"). Investors should note that the Hybrid Mismatch Rules 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.

Capped Leveraged Index Return Notes<sup>®</sup> TS-17

<u> Capped Leveraged Index Return Notes<sup>®</sup> Linked to an International Equity Index Basket, due June , 2027</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, 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.**

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.

Capped Leveraged Index Return Notes<sup>®</sup> TS-18