# EDGAR Filing Document

**Accession Number:** 0001045520
**File Stem:** 0001104659-23-011220
**Filing Date:** 2023-2
**Character Count:** 77263
**Document Hash:** 86682e449dfb9f3c1bb01e1063eeaea1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-011220.hdr.sgml**: 20230206

**ACCESSION NUMBER**: 0001104659-23-011220

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 9

**FILED AS OF DATE**: 20230206

**DATE AS OF CHANGE**: 20230206

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-257113
- **FILM NUMBER:** 23591175

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

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

&nbsp;&nbsp;&nbsp;**Filed Pursuant to Rule 424(b)(2)<br> Registration Statement No. 333-257113<br> (To Prospectus dated September 2, 2021,<br> Prospectus Supplement dated** **September 2, 2021 and Product<br> Supplement EQUITY LIRN-1 dated November 14, 2022)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;750,450 Units<br> $10 principal amount per unit<br> CUSIP No. 13607Y881 <br> ![](tm235122d12_424b2img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pricing Date<br> Settlement Date<br> Maturity Date | &nbsp;&nbsp; February 2, 2023<br> February 9, 2023<br> February 28, 2025 |
| &nbsp;&nbsp;&nbsp;750,450 Units<br> $10 principal amount per unit<br> CUSIP No. 13607Y881 <br> ![](tm235122d12_424b2img001.jpg) |  |  |
| &nbsp;&nbsp;&nbsp; **Market-Linked Step Up Notes Linked to <br> the Real Estate Select Sector SPDR<sup>®</sup> Fund**<br>▪ Maturity of approximately two years<br>▪ If the Underlying Fund is flat or increases up to the Step Up Value, a return of 22.50%<br>▪ If the Underlying Fund increases above the Step Up Value, a return equal to the percentage increase in the Underlying Fund<br>▪ 1-to-1 downside exposure to decreases in the Underlying Fund, with up to 100.00% of the principal amount 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 $0.075 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; **Market-Linked Step Up Notes Linked to <br> the Real Estate Select Sector SPDR<sup>®</sup> Fund**<br>▪ Maturity of approximately two years<br>▪ If the Underlying Fund is flat or increases up to the Step Up Value, a return of 22.50%<br>▪ If the Underlying Fund increases above the Step Up Value, a return equal to the percentage increase in the Underlying Fund<br>▪ 1-to-1 downside exposure to decreases in the Underlying Fund, with up to 100.00% of the principal amount 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 $0.075 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; **Market-Linked Step Up Notes Linked to <br> the Real Estate Select Sector SPDR<sup>®</sup> Fund**<br>▪ Maturity of approximately two years<br>▪ If the Underlying Fund is flat or increases up to the Step Up Value, a return of 22.50%<br>▪ If the Underlying Fund increases above the Step Up Value, a return equal to the percentage increase in the Underlying Fund<br>▪ 1-to-1 downside exposure to decreases in the Underlying Fund, with up to 100.00% of the principal amount 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 $0.075 per unit. See "Structuring the Notes"<br>▪ Limited secondary market liquidity, with no exchange listing<br>▪ The notes are unsecured debt securities and are not savings accounts or insured deposits of a bank. The notes are not insured or guaranteed by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other governmental agency of the United States, Canada, or any other jurisdiction |

---

**The notes are being issued by Canadian Imperial Bank of Commerce ("CIBC"). There are important differences between the notes and a conventional debt security, including different investment risks and certain additional costs. See "Risk Factors" and "Additional Risk Factors" beginning on page TS-6 of this term sheet and "Risk Factors" beginning on page PS-7 of product supplement EQUITY SUN-1.**

**The initial estimated value of the notes as of the pricing date is $9.57 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-14 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.

---

| | | |
|:---|:---|:---|
|  | <u>Per Unit</u> | <u>Total</u> |
| Public offering price<sup></sup> | $10.00 | $7504500.00 |
| Underwriting discount<sup></sup> | $0.20 | $150090.00 |
| Proceeds, before expenses, to CIBC | $9.80 | $7354410.00 |

---

**The notes:**

---

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

---

**BofA Securities**

February 2, 2023

<u>Market-Linked Step Up Notes<br> Linked to the Real Estate Select Sector SPDR<sup>®</sup> Fund, due February 28, 2025</u>  

Summary

The Market-Linked Step Up Notes Linked to the Real Estate Select Sector SPDR<sup>®</sup> Fund, due February 28, 2025 (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 with a Step Up Payment if the Ending Value of the Market Measure, which is the Real Estate Select Sector SPDR<sup>®</sup> Fund (the "Underlying Fund"), is equal to or greater than the Starting Value, but is not greater than the Step Up Value. If the Ending Value is greater than the Step Up Value, you will participate on a 1-for-1 basis in the increase in the price of the Underlying Fund above 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 Underlying Fund, subject to our credit risk. See "Terms of the Notes" below.

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

On the cover page of this term sheet, we have provided the initial estimated value for the notes. This initial estimated value was determined based on our pricing models, and was based on our internal funding rate on the pricing date, market conditions and other relevant factors existing at that time, and our assumptions about market parameters. For more information about the initial estimated value and the structuring of the notes, see "Structuring the Notes" on page TS-14.

---

| | | |
|:---|:---|:---|
| 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;![](tm235122d12_424b2img003.jpg) |
| &nbsp;&nbsp;**Term:** | &nbsp;&nbsp;Approximately two years | &nbsp;&nbsp;![](tm235122d12_424b2img003.jpg) |
| &nbsp;&nbsp;**Market Measure:** | &nbsp;&nbsp;The Real Estate Select Sector SPDR<sup>®</sup> Fund (Bloomberg symbol: "XLRE") | &nbsp;&nbsp;![](tm235122d12_424b2img003.jpg) |
| &nbsp;&nbsp;**Starting Value:** | &nbsp;&nbsp;41.83 | &nbsp;&nbsp;![](tm235122d12_424b2img003.jpg) |
| &nbsp;&nbsp;**Ending Value:** | &nbsp;&nbsp;The Closing Market Price of the Underlying Fund on the calculation day times the Price Multiplier as of that day. The scheduled calculation day is subject to postponement in the event of Market Disruption Events, as described beginning on page PS-25 of product supplement EQUITY SUN-1. | &nbsp;&nbsp;![](tm235122d12_424b2img003.jpg) |
| &nbsp;&nbsp;**Step Up Value:** | &nbsp;&nbsp;51.24 (122.50% of the Starting Value, rounded to two decimal places). | &nbsp;&nbsp;![](tm235122d12_424b2img003.jpg) |
| &nbsp;&nbsp;**Step Up Payment:** | &nbsp;&nbsp;$2.25 per unit, which represents a return of 22.50% over the principal amount. | &nbsp;&nbsp;![](tm235122d12_424b2img003.jpg) |
| &nbsp;&nbsp;**Threshold Value:** | &nbsp;&nbsp;41.83 (100% of the Starting Value). | &nbsp;&nbsp;![](tm235122d12_424b2img003.jpg) |
| &nbsp;&nbsp;**Price Multiplier:** | &nbsp;&nbsp;1, subject to adjustment for certain events relating to the Underlying Fund, as described beginning on page PS-28 of product supplement EQUITY SUN-1 | &nbsp;&nbsp;![](tm235122d12_424b2img003.jpg) |
| &nbsp;&nbsp;**Calculation Day:** | &nbsp;&nbsp;February 21, 2025 | &nbsp;&nbsp;![](tm235122d12_424b2img003.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 $0.075 per unit described in "Structuring the Notes" on page TS-14. | &nbsp;&nbsp;![](tm235122d12_424b2img003.jpg) |
| &nbsp;&nbsp;**Calculation Agent:** | &nbsp;&nbsp;BofA Securities, Inc. ("BofAS"). | &nbsp;&nbsp;![](tm235122d12_424b2img003.jpg) |

---

Market-Linked Step Up Notes TS-2

<u>Market-Linked Step Up Notes<br> Linked to the Real Estate Select Sector SPDR<sup>®</sup> Fund, due February 28, 2025</u>  

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

▪ Product supplement EQUITY SUN-1 dated September 24, 2021:<br> [https://www.sec.gov/Archives/edgar/data/1045520/000110465921119222/tm2126716d45_424b5.htm](https://www.sec.gov/Archives/edgar/data/1045520/000110465921119222/tm2126716d45_424b5.htm)

▪ Prospectus supplement dated September 2, 2021:

[https://www.sec.gov/Archives/edgar/data/1045520/000110465921112440/tm2123981d29_424b5.htm](https://www.sec.gov/Archives/edgar/data/1045520/000110465921112440/tm2123981d29_424b5.htm)

▪ Prospectus dated September 2, 2021:

[https://www.sec.gov/Archives/edgar/data/1045520/000110465921112558/tm2123981d24_424b3.htm](https://www.sec.gov/Archives/edgar/data/1045520/000110465921112558/tm2123981d24_424b3.htm)

These documents (together, the "Note Prospectus") have been filed as part of a registration statement with the SEC, which may, without cost, be accessed on the SEC website as indicated above or obtained from Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S") or BofAS by calling 1-800-294-1322. Before you invest, you should read the Note Prospectus, including this term sheet, for information about us and this offering. Any prior or contemporaneous oral statements and any other written materials you may have received are superseded by the Note Prospectus.<br> Capitalized terms used but not defined in this term sheet have the meanings set forth in product supplement EQUITY SUN-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 Underlying Fund will not decrease from the Starting Value to the Ending Value.

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

▪ 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 shares of the Underlying Fund or the securities held by the Underlying
Fund.

▪ 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 Underlying Fund will decrease from the Starting Value to the Ending Value.

▪ You seek principal repayment or preservation of capital.

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

▪ You want to receive dividends or other distributions paid on shares of the Underlying Fund or the securities held by the Underlying
Fund.

▪ 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.

Market-Linked Step Up Notes TS-3

<u>Market-Linked Step Up Notes<br> Linked to the Real Estate Select Sector SPDR<sup>®</sup> Fund, due February 28, 2025</u>  

Hypothetical Payout Profile and Examples of Payments at Maturity

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market-Linked Step Up Notes**<br>![](tm235122d12_424b2img004.jpg)  | &nbsp;&nbsp; This graph reflects the returns on the notes, based on the Threshold Value of 100% of the Starting Value, the Step Up Payment of $2.25 per unit and the Step Up Value of 122.50% of the Starting Value. 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.  |

---

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 100.00, a hypothetical Step Up Value of 122.50, the Step Up Payment of $2.25 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, Step Up 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. The Ending Value will not include any income generated by dividends paid on the Underlying Fund or the securities held by the Underlying Fund, which you would otherwise be entitled to receive if you invested in those securities directly. In addition, all payments on the notes are subject to issuer credit risk.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Ending Value** | &nbsp;&nbsp;**Percentage Change from the<br> Starting Value to the Ending Value** | &nbsp;&nbsp;**Redemption Amount<br> per Unit** | &nbsp;&nbsp;**Total Rate of Return on the<br> Notes** |
| &nbsp;&nbsp;0.00 | &nbsp;&nbsp;-100.00% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;-100.00% |
| &nbsp;&nbsp;50.00 | &nbsp;&nbsp;-50.00% | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;-50.00% |
| &nbsp;&nbsp;80.00 | &nbsp;&nbsp;-20.00% | &nbsp;&nbsp;$8.00 | &nbsp;&nbsp;-20.00% |
| &nbsp;&nbsp;90.00 | &nbsp;&nbsp;-10.00% | &nbsp;&nbsp;$9.00 | &nbsp;&nbsp;-10.00% |
| &nbsp;&nbsp;94.00 | &nbsp;&nbsp;-6.00% | &nbsp;&nbsp;$9.40 | &nbsp;&nbsp;-6.00% |
| &nbsp;&nbsp;97.00 | &nbsp;&nbsp;-3.00% | &nbsp;&nbsp;$9.70 | &nbsp;&nbsp;-3.00% |
| &nbsp;&nbsp; 100.00<sup>(1)(2)</sup> | &nbsp;&nbsp;0.00% | &nbsp;&nbsp; $12.25<sup>(3)</sup> | &nbsp;&nbsp;22.50% |
| &nbsp;&nbsp;102.00 | &nbsp;&nbsp;2.00% | &nbsp;&nbsp;$12.25 | &nbsp;&nbsp;22.50% |
| &nbsp;&nbsp;105.00 | &nbsp;&nbsp;5.00% | &nbsp;&nbsp;$12.25 | &nbsp;&nbsp;22.50% |
| &nbsp;&nbsp;110.00 | &nbsp;&nbsp;10.00% | &nbsp;&nbsp;$12.25 | &nbsp;&nbsp;22.50% |
| &nbsp;&nbsp;120.00 | &nbsp;&nbsp;20.00% | &nbsp;&nbsp;$12.25 | &nbsp;&nbsp;22.50% |
| &nbsp;&nbsp; 122.50<sup>(4)</sup> | &nbsp;&nbsp;22.50% | &nbsp;&nbsp;$12.25 | &nbsp;&nbsp;22.50% |
| &nbsp;&nbsp;140.00 | &nbsp;&nbsp;40.00% | &nbsp;&nbsp;$14.00 | &nbsp;&nbsp;40.00% |
| &nbsp;&nbsp;160.00 | &nbsp;&nbsp;60.00% | &nbsp;&nbsp;$16.00 | &nbsp;&nbsp;60.00% |
| &nbsp;&nbsp;200.00 | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;$20.00 | &nbsp;&nbsp;100.00% |

---

(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 41.83, which was the Closing Market Price of the Underlying Fund on the pricing date.

(3) This amount represents the sum of the principal amount and the Step Up Payment of $2.25.

(4) This is the **hypothetical** Step Up Value.

Market-Linked Step Up Notes TS-4

<u>Market-Linked Step Up Notes<br> Linked to the Real Estate Select Sector SPDR<sup>®</sup> Fund, due February 28, 2025</u>  

**Redemption Amount Calculation Examples**

---

| | |
|:---|:---|
| **Example 1** | **Example 1** |
| The Ending Value is 50.00, or 50.00% of the Starting Value: | The Ending Value is 50.00, or 50.00% of the Starting Value: |
| Starting Value: 100.00 | Starting Value: 100.00 |
| Threshold Value: 100.00 | Threshold Value: 100.00 |
| Ending Value: 50.00 | Ending Value: 50.00 |
| ![](tm235122d12_424b2img005.jpg) | Redemption Amount per unit |

---

**Example 2**

---

| | |
|:---|:---|
| The Ending Value is 110.00, or 110.00% of the Starting Value: | The Ending Value is 110.00, or 110.00% of the Starting Value: |
| Starting Value: 100.00 | Starting Value: 100.00 |
| Step Up Value: 122.50 | Step Up Value: 122.50 |
| Ending Value: 110.00 | Ending Value: 110.00 |
| ![](tm235122d12_424b2img006.jpg) | Redemption Amount per unit, *the principal amount plus the Step Up Payment, since the Ending Value is equal to or greater than the Starting Value, but less than the Step Up Value.* |

---

---

| | |
|:---|:---|
| **Example 3** | **Example 3** |
| The Ending Value is 132.00, or 132.00% of the Starting Value: | The Ending Value is 132.00, or 132.00% of the Starting Value: |
| Starting Value: 100.00 | Starting Value: 100.00 |
| Step Up Value: 122.50 | Step Up Value: 122.50 |
| Ending Value: 132.00 | Ending Value: 132.00 |
| ![](tm235122d12_424b2img007.jpg) | Redemption Amount per unit |

---

Market-Linked Step Up Notes TS-5

<u>Market-Linked Step Up Notes<br> Linked to the Real Estate Select Sector SPDR<sup>®</sup> Fund, due February 28, 2025</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 SUN-1, page S-1 of the prospectus supplement, and page 1 of the prospectus identified above. We also urge you to consult your investment, legal, tax, accounting, and other advisors before you invest in the notes.*

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

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

&nbsp;&nbsp;&nbsp;&nbsp;▪ Your investment return may be less than a comparable investment directly in
the Underlying Fund or the securities held by the Underlying Fund.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;▪ Our initial estimated value of the notes is lower than the public offering
price of the notes. The public offering price of the notes exceeds our initial estimated value because costs associated with selling and
structuring the notes, as well as hedging the notes, all as further described in "Structuring the Notes" on page TS-14,
are included in the public offering price of the notes.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;▪ 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 the Underlying Fund or the securities 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.

&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;▪ The sponsor and 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.

&nbsp;&nbsp;&nbsp;&nbsp;▪ The sponsor of the Real Estate Select Sector Index (the "Underlying
Index") may adjust it 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 to receive shares of the Underlying
Fund or the securities held by the Underlying Fund, and you will not be entitled to receive securities, dividends or other distributions
on those securities.

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

Market-Linked Step Up Notes TS-6

<u>Market-Linked Step Up Notes<br> Linked to the Real Estate Select Sector SPDR<sup>®</sup> Fund, due February 28, 2025</u>  

&nbsp;&nbsp;&nbsp;&nbsp;▪ There are liquidity and management risks associated with the Underlying Fund.

&nbsp;&nbsp;&nbsp;&nbsp;▪ The performance of the Underlying Fund may not correlate with the performance
of its Underlying Index 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 securities held by the Underlying Fund may be adversely
affected, sometimes materially.

&nbsp;&nbsp;&nbsp;&nbsp;▪ The payments on the notes will not be adjusted for all corporate events that
could affect the Underlying Fund. See "Description of the Notes—Anti-Dilution and Discontinuance Adjustments Relating to Underlying
Funds" beginning on page PS-28 of product supplement EQUITY SUN-1.

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

&nbsp;&nbsp;&nbsp;&nbsp;▪ The U.S. federal income tax consequences of the notes are uncertain, and may
be adverse to a holder of the notes. See "Summary of U.S. Federal Income Tax Consequences" below and "U.S. Federal Income
Tax Summary" beginning on page PS-39 of product supplement EQUITY SUN-1. For a discussion of the Canadian federal income tax
consequences of investing in the notes, see "Material Income Tax Consequences—Canadian Taxation" in the prospectus,
as supplemented by the discussion under "Summary of Canadian Federal Income Tax Considerations" herein.

Additional Risk Factors

**The securities held by the Underlying Fund are concentrated in one sector.**

The securities held by the Underlying Fund are issued by companies in the real estate sector. As a result, the securities that will determine the performance of the notes are concentrated in one sector. Although an investment in the notes will not give holders any ownership or other direct interests in the securities held by the Underlying Fund, the return on the notes will be subject to certain risks similar to those associated with direct equity investments in the real estate sector. The notes may be subject to greater volatility and be more adversely affected by a single positive or negative economic, political or regulatory occurrence affecting this sector than a different investment linked to securities of a more broadly diversified group of issuers.

**Adverse conditions in the real estate sector may reduce your return on the notes.**

All or substantially all of the equity securities held by the Underlying Fund are issued by companies whose primary line of business is directly associated with the real estate sector. The Underlying Fund is subject to the risk that companies that are in the real estate sector may be similarly affected by particular economic or market events. The profitability of these companies is largely dependent on, among other things, general economic and political conditions, liquidity in the real estate market, interest rates, environmental liability, zoning laws, governmental actions and regulatory limitations on rents, property taxes, and operating expenses, and the ability of borrowers to obtain financing for real estate development or to repay their loans. Some real property companies have limited diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property. These factors could affect the real estate sector and could affect the prices of the equity securities held by the Underlying Fund and the price of the Underlying Fund during the term of the notes, which may adversely affect the return on your notes.

**A limited number of securities may affect the price of the Underlying Fund, and the Underlying Index is not necessarily representative of the real estate sector.**

The number of securities held by the Underlying Fund is limited. In addition, a few top securities held by the Underlying Fund may constitute a substantial portion of its net assets. Any reduction in the market price of those securities is likely to have a substantial adverse impact on the price of the Underlying Fund and the return on the notes.

While the securities included in the Underlying Index are equity securities of companies generally considered to be involved in the real estate sector, the securities included in the Underlying Index may not follow the price movements of the entire real estate sector generally. If the securities included in the Underlying Index (and, accordingly, the securities held by the Underlying Fund) decline in value, the Underlying Fund will decline in value even if security prices in the real estate sector generally increase in value.

Market-Linked Step Up Notes TS-7

<u>Market-Linked Step Up Notes<br> Linked to the Real Estate Select Sector SPDR<sup>®</sup> Fund, due February 28, 2025</u>  

The Underlying Fund

All disclosures contained in this term sheet regarding the Underlying Fund and the Underlying Index, including, without limitation, their make-up, method of their 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, SSGA Funds Management, Inc. ("SSGA"). The consequences of any discontinuance of the Underlying Fund or the Underlying Index are discussed in the section entitled "Description of the Notes—Anti-Dilution and Discontinuance Adjustments Relating to Underlying Funds—Discontinuance of or Material Change to an Underlying Fund" beginning on page PS-31 of product supplement EQUITY SUN-1. None of us, the calculation agent, MLPF&S or BofAS accepts any responsibility for the calculation, maintenance, or publication of the Underlying Fund, the Underlying Index, or any successor fund or index.

**The Real Estate Select Sector SPDR<sup>®</sup> Fund**

The Underlying Fund seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the Real Estate Select Sector Index (the "Underlying Index"). The Underlying Fund is an exchange-traded fund that trades on the NYSE Arca under the ticker symbol "XLRE."

The Underlying Index seeks to provide an effective representation of the real estate sector of the S&P 500<sup>®</sup> Index. The Underlying Index includes companies from the following industries: real estate management and development and REITs, excluding mortgage REITs. For further information, refer to "The S&P 500<sup>®</sup> Index" below.

Information filed by the Underlying Fund with the SEC pursuant to the Securities Exchange Act of 1934 and the Investment Company Act can be located by reference to the SEC file numbers 333-57791 and 811-08837, respectively on the SEC's website at http://www.sec.gov. In addition, information about the Underlying Fund may be obtained from other sources including, but not limited to, the Underlying Fund's website. We are not incorporating by reference into this pricing supplement the website or any material it includes. Neither we nor the agent makes any representation that such publicly available information regarding the Underlying Fund is accurate or complete.

***Investment Objective and Strategy***

The Underlying Fund is a Select Sector SPDR<sup>®</sup> Fund. Each Select Sector SPDR<sup>®</sup> Fund is an exchange-traded fund that is listed and trades on the NYSE Arca under the ticker symbol set forth in the table below. Each Select Sector SPDR<sup>®</sup> Fund seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equities securities of companies included in a Select Sector Index. The returns of each Select Sector SPDR<sup>®</sup> Fund may be affected by certain management fees and other expenses, which are detailed in its prospectus.

Each Select Sector SPDR<sup>®</sup> Fund employs a replication strategy in seeking to track the performance of the relevant Select Sector Index. This means that each Select Sector SPDR<sup>®</sup> Fund typically invests in substantially all of the securities represented in the relevant Select Sector Index in approximately the same proportions as that Select Sector Index. However, under various circumstances, it may not be possible or practical to purchase all of the securities in the relevant Select Sector Index for a Select Sector SPDR<sup>®</sup> Fund, or amounts of such securities in proportion to their weighting in the relevant Select Sector Index, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of securities to follow the relevant Select Sector Index; in instances when a security in the relevant Select Sector Index becomes temporarily illiquid, unavailable or less liquid; or due to legal restrictions (such as diversification requirements that apply to a Select Sector SPDR<sup>®</sup> Fund but not the relevant Select Sector Index). Under such circumstances, SSGA intends to employ a sampling strategy in managing the Select Sector SPDR<sup>®</sup> Funds. Sampling means that SSGA will use quantitative analysis to select securities, including securities in the relevant Select Sector Index, outside of the relevant Select Sector Index and derivatives that have a similar investment profile as the relevant Select Sector Index in terms of key risk factors, performance attributes and other economic characteristics. These include industry weightings, market capitalization and other financial characteristics of securities. While SSGA seeks to track the performance of the relevant Select Sector Index (i.e., achieve a high degree of correlation with the relevant Select Sector Index), each Select Sector SPDR<sup>®</sup> Fund's return may not match the return of the relevant Select Sector Index. Each Select Sector SPDR<sup>®</sup> Fund incurs a number of operating expenses not applicable to the relevant Select Sector Index and incurs costs in buying and selling securities. In addition, a Select Sector SPDR<sup>®</sup> Fund may not be fully invested at times, generally as a result of cash flows into or out of that Select Sector SPDR<sup>®</sup> Fund or reserves of cash held by that Select Sector SPDR<sup>®</sup> Fund to meet redemptions.

The Select Sector Trust is a registered investment company that consists of a separate investment portfolio for each of the Select Sector SPDR<sup>®</sup> Funds. Information provided to or filed with the SEC by the Select Sector Trust pursuant to the Securities Act and the Investment Company Act can be located by reference to SEC file numbers 333-57791 and 811-08837, respectively, through the SEC's website at http://www.sec.gov. For additional information regarding the Select Sector Trust or the Select Sector SPDR<sup>®</sup> Funds, please see the Select Sector SPDR<sup>®</sup> Funds' prospectus. In addition, information about the Select Sector Trust, SSGA and the Select Sector SPDR<sup>®</sup> Funds may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents and the Select Sector Trust website at http://www.sectorspdrs.com. Information contained in the Select Sector Trust website is not incorporated by reference in, and should not be considered a part of, this underlying supplement or the relevant terms supplement.

Market-Linked Step Up Notes TS-8

<u>Market-Linked Step Up Notes<br> Linked to the Real Estate Select Sector SPDR<sup>®</sup> Fund, due February 28, 2025</u>  

**The Select Sector Indices**

The constituents included in each Select Sector Index are all members of the S&P 500<sup>®</sup> Index. Each constituent of the S&P 500<sup>®</sup> Index is assigned to one Select Sector Index. SPDJI assigns constituents to a Select Sector Index based on the constituent's classification under the GICS. As of the close of business on September 21, 2018, SPDJI and MSCI, Inc. updated the GICS structure. Among other things, the update broadened the Telecommunications Services sector and renamed it the Communication Services sector. The renamed sector includes the previously existing Telecommunication Services Industry group, as well as the Media Industry group, which was moved from the Consumer Discretionary sector and renamed the Media & Entertainment Industry group. The Media & Entertainment Industry group contains three industries: Media, Entertainment and Interactive Media & Services. The Media industry continues to consist of the Advertising, Broadcasting, Cable & Satellite and Publishing sub-industries. The Entertainment industry contains the Movies & Entertainment sub-industry (which includes online entertainment streaming companies in addition to companies previously classified in such industry prior to September 21, 2018) and the Interactive Home Entertainment sub-industry (which includes companies previously classified in the Home Entertainment Software sub-industry prior to September 21, 2018 (when the Home Entertainment Software sub-industry was a sub-industry in the Information Technology sector), as well as producers of interactive gaming products, including mobile gaming applications). The Interactive Media & Services industry and sub-industry includes companies engaged in content and information creation or distribution through proprietary platforms, where revenues are derived primarily through pay-per-click advertisements, and includes search engines, social media and networking platforms, online classifieds and online review companies. The GICS structure changes were effective for the S&P 500<sup>®</sup> Index as of the open of business on September 24, 2018 to coincide with the September 2018 quarterly rebalancing.

**The S&P 500<sup>®</sup> Index**

**General**

The S&P 500<sup>®</sup> Index (the "Index) consists of stocks of 500 companies selected to provide a performance benchmark for the U.S. equity markets. The Index is one of the multiple indices published by SPDJI (the "the S&P U.S. Indices"). The Index is reported by Bloomberg L.P. under the ticker symbol "SPX."

***Composition of the S&P U.S. Indices***

Securities must meet the following eligibility factors to be considered eligible for inclusion in the S&P U.S. Indices. Constituent selection is at the discretion of the SPDJI's U.S. index committee (the "Index Committee") and is based on the eligibility criteria.

Changes to the S&P U.S. Indices are made as needed, with no scheduled reconstitution. Rather, changes in response to corporate actions and market developments can be made at any time. Constituent changes are typically announced two to five days before they are scheduled to be implemented.

Additions to the S&P U.S. Indices are evaluated based on the following eligibility criteria:

&nbsp;&nbsp;&nbsp;&nbsp;· *Domicile*. Only common stocks of U.S. companies are eligible. For index
purposes, a U.S. company has the following characteristics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ the company files 10-K annual reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ the U.S. portion of fixed assets and revenues constitutes a plurality of the
total, but need not exceed 50%. When these factors are in conflict, fixed assets determine plurality. Revenue determines plurality when
there is incomplete asset information. Geographic information for revenue and fixed asset allocations are determined by the company as
reported in its annual filings. If this criteria is not met or is ambiguous, SPDJI may still deem the company to be a U.S. company for
index purposes if its primary listing, headquarters and incorporation are all in the United States and/or "a domicile of convenience"
(Bermuda, Channel Islands, Gibraltar, islands in the Caribbean, Isle of Man, Luxembourg, Liberia or Panama); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ the primary listing is on an eligible U.S. exchange.

In situations where the only factor suggesting that a company is not a U.S. company is its tax registration in a "domicile of convenience" or another location chosen for tax-related reasons, SPDJI normally determines that the company is still a U.S. company. The final determination of domicile eligibility is made by the Index Committee, which can consider other factors including, but not limited to, operational headquarters location, ownership information, location of officers, directors and employees, investor perception and other factors deemed to be relevant.

&nbsp;&nbsp;&nbsp;&nbsp;· *Exchange Listing*. A primary listing on one of the following U.S. exchanges
is required: NYSE, NYSE Arca, NYSE American, Nasdaq Global Select Market, Nasdaq Select Market, Nasdaq Capital Market, Cboe BZX, Cboe
BYX, Cboe EDGA or Cboe EDGX exchanges. Ineligible exchanges include the OTC Bulletin Board and Pink Sheets.

&nbsp;&nbsp;&nbsp;&nbsp;· *Organizational Structure and Share Type*. Eligible organizational structures
and share types are corporations (including equity and mortgage REITS) and common stock (i.e., shares). Ineligible organizational structures
and share types include business development companies, limited partnerships, master limited partnerships, limited liability companies,
closed-end funds, exchange-traded funds, exchange-traded notes, royalty trusts, special purpose acquisition companies, preferred and convertible
preferred stock, unit trusts, equity warrants, convertible bonds, investment trusts, rights, American Depositary Receipts and tracking
stocks. As of July 31, 2017, companies with multiple share class structures are not eligible to be added

Market-Linked Step Up Notes TS-9

<u>Market-Linked Step Up Notes<br> Linked to the Real Estate Select Sector SPDR<sup>®</sup> Fund, due February 28, 2025</u>  

to the S&P U.S. Indices, but securities already included in the S&P U.S. Indices have been grandfathered and will remain in the S&P U.S. Indices.

&nbsp;&nbsp;&nbsp;&nbsp;· *Market Capitalization*. The unadjusted company market capitalization
should be within a specified range. Such ranges are reviewed quarterly and updated as needed to ensure they reflect current market conditions.
For spin-offs, S&P U.S. Index membership eligibility is determined using when-issued prices, if available.

&nbsp;&nbsp;&nbsp;&nbsp;· *Liquidity*. Using composite pricing and volume, the ratio of annual
dollar value traded (defined as average closing price over the period multiplied by historical volume over the last 365 calendar days)
to float-adjusted market capitalization should be at least 1.00, and the stock should trade a minimum of 250,000 shares in each of the
six months leading up to the evaluation date.

&nbsp;&nbsp;&nbsp;&nbsp;· *IWF*. The IWF for each company represents the portion of the total shares
outstanding that are considered part of the public float for purposes of the S&P U.S. Indices. An IWF of at least 0.10 is required.

&nbsp;&nbsp;&nbsp;&nbsp;· *Financial Viability.* The sum of the most recent four consecutive quarters'
Generally Accepted Accounting Principles (GAAP) earnings (net income excluding discontinued operations) should be positive as should the
most recent quarter. For REITs, financial viability is based on GAAP earnings and/or Funds From Operations (FFO), if reported.

&nbsp;&nbsp;&nbsp;&nbsp;· *Treatment of IPOs.* Initial public offerings should be traded on an
eligible exchange for at least 12 months before being considered for addition to an S&P U.S. Index. Spin-offs or in-specie distributions
from existing constituents do not need to be seasoned for 12 months prior to their inclusion in an S&P U.S. Index.

&nbsp;&nbsp;&nbsp;&nbsp;· *Sector Balance.* A company is evaluated for its contribution to sector
balance maintenance, as measured by a comparison of each GICS<sup>®</sup> sector's weight in an index with its weight in the
S&P U.S. Total Market Index, in the relevant market capitalization range. The S&P Total Market Index is a float-adjusted, market-capitalization
weighted index designed to track the broad U.S. equity market, including large-, mid-, small- and micro-cap stocks.

SPDJI believes turnover in membership in the S&P U.S. Indices should be avoided when possible. At times a stock may appear to temporarily violate one or more of the addition criteria. However, the addition criteria are for addition to the S&P U.S. Indices, not for continued membership. As a result, a constituent of the S&P U.S. Indices that appears to violate criteria for addition to the S&P U.S. Indices is not deleted unless ongoing conditions warrant an index change.

***Calculation of the S&P U.S. Indices***

The S&P U.S. Indices are float-adjusted market capitalization-weighted indices. On any given day, the index value of each S&P U.S. Index is the total float-adjusted market capitalization of that S&P U.S. Index's constituents divided by its divisor. The float-adjusted market capitalization reflects the price of each stock in the relevant S&P U.S. Index multiplied by the number of shares used in the index value calculation.

*Float Adjustment.* Float adjustment means that the number of shares outstanding is reduced to exclude closely held shares from the calculation of the index value because such shares are not available to investors. The goal of float adjustment is to distinguish between strategic (control) shareholders, whose holdings depend on concerns such as maintaining control rather than shorter term economic fortunes of the company, and those holders whose investments depend on the stock's price and their evaluation of a company's future prospects. Generally, these "control holders" include officers and directors, private equity, venture capital & special equity firms, asset managers and insurance companies with board of director representation, other publicly traded companies that hold shares for control, holders of restricted shares, company-sponsored employee share plans/trusts, defined contribution plans/savings and investment plans, foundations or family trusts associated with the company, holders of unlisted share classes of stock or government entities at all levels (other than government retirement/pension funds), sovereign wealth funds and any individual person who controls a 5% or greater stake in a company as reported in regulatory filings. Shares that are not considered outstanding are also not included in the available float. These generally include treasury stock, stock options, equity participation units, warrants, preferred stock, convertible stock and rights.

For each component, SPDJI calculates an IWF, which represents the portion of the total shares outstanding that are considered part of the public float for purposes of the relevant S&P U.S. Index.

*Divisor*. Continuity in the value of each S&P U.S. Index is maintained by adjusting its divisor for all changes in its constituents' share capital after its base date. This includes additions and deletions to the relevant S&P U.S. Index, rights issues, share buybacks and issuances and non-zero price spin-offs. The value of each S&P U.S. Index's divisor over time is, in effect, a chronological summary of all changes affecting the base capital of that S&P U.S. Index. The divisor of each S&P U.S. Index is adjusted such that the index value of that S&P U.S. Index at an instant just prior to a change in base capital equals the index value of that S&P U.S. Index at an instant immediately following that change.

The following types of corporate actions would require a divisor adjustment: company added/deleted, change in shares outstanding, change in IWF, special dividend and rights offering. Stock splits and stock dividends do not affect the divisor, because following a split or dividend, both the stock price and number of shares outstanding are adjusted by SPDJI so that there is no change in the market value of the relevant component. All stock split and dividend adjustments are made after the close of trading on the day before the ex-date.

Market-Linked Step Up Notes TS-10

<u>Market-Linked Step Up Notes<br> Linked to the Real Estate Select Sector SPDR<sup>®</sup> Fund, due February 28, 2025</u>  

***Maintenance of the S&P U.S. Indices***

Changes in response to corporate actions and market developments can be made at any time. Constituent changes are typically implemented with at least three business days advance notice.

*Removals.* Removals from the S&P U.S. Indices are evaluated based as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· A company involved in a merger, acquisition or significant restructuring such
that it no longer meets the eligibility criteria is deleted from the S&P U.S. Indices at a time announced by SPDJI, normally at the
close of the last day of trading or expiration of a tender offer. Constituents that are halted from trading
may be kept in the index until trading resumes, at the discretion of the Index Committee. If a stock is moved to the pink sheets or the
bulletin board, the stock is removed.

&nbsp;&nbsp;&nbsp;&nbsp;· A company that substantially violates one or more of the eligibility criteria
may be deleted at the Index Committee's discretion.

Any company that is removed from an the S&P U.S. Indices must wait a minimum of one year from its index removal date before being reconsidered as a replacement candidate.

*Share Updates*. When total shares outstanding increase by at least 5%, but the new share issuance is to a strategic or major shareholder, it implies that there is no change in float- adjusted shares. However, in such instances, SPDJI will apply the share change and resulting IWF change regardless of whether the float change is greater than or equal to 5%. For companies with multiple share class lines, the 5% share change threshold is based on each individual multiple share class line rather than total company shares. Changes to share counts that is less than 5% of total shares are accumulated and made quarterly on the third Friday of March, June, September and December.

*IWF Updates*. Accelerated implementation for events less than $1 billion will include an adjustment to the company's IWF only to the extent that such an IWF change helps the new float share total mimic the shares available in the offering. To minimize unnecessary turnover, these IWF changes do not need to meet any minimum threshold requirement for implementation. Any IWF change resulting in an IWF of 0.96 or greater is rounded up to 1.00 at the next annual IWF review.

IWF changes will only be made at the quarterly review if the change represents at least 5% of total current shares outstanding and is related to a single corporate action that did not qualify for the accelerated implementation rule.

Quarterly share change events resulting from the conversion of derivative securities, acquisitions of private companies, or acquisitions of non-index companies that do not trade on a major exchange are considered to be available to investors unless there is explicit information stating that the new owner is a strategic holder.

Other than the situations described above, IWF changes are only made at the annual IWF review.

*Share/IWF Freezes*. A share/IWF freeze period is implemented during each quarterly rebalancing. The freeze period begins after the market close on the Tuesday preceding the second Friday of each rebalancing month (i.e. March, June, September and December) and ends after the market close on the third Friday of a rebalancing month. Pro-forma files are normally released after the market close on the second Friday, one week prior to the rebalancing effective date. In September, preliminary share and float data are released on the first Friday of the month. However, the share freeze period for September follows the same schedule as the other three quarterly share freeze periods. For illustration purposes, if rebalancing pro-forma files are scheduled to be released on Friday, March 13, the share/IWF freeze period will begin after the close of trading on Tuesday, March 10 and will end after the close of trading the following Friday, March 20 (i.e. the third Friday of the rebalancing month).

During the share/IWF freeze period, shares and IWFs are not changed except for certain corporate action events (such as merger activity, stock splits, and rights offerings), and the accelerated implementation rule is suspended. The suspension includes all changes that qualify for accelerated implementation and would typically be announced or effective during the share/IWF freeze period. At the end of the freeze period, all suspended changes will be announced on the third Friday of the rebalancing month and implemented five business days after the quarterly rebalancing effective date.

In general, companies that are the target of cash M&A events, and publicly available guidance indicates the event is expected to close by quarter end, may have their share count frozen at their current level for rebalancing purposes.

*Corporate Actions*. As specified in "—Calculation of the S&P U.S. Indices—Divisor" above, divisor will be adjusted for certain corporation actions. Corporate actions (such as stock splits, stock dividends, non-zero price spin-offs and rights offerings) are applied after the close of trading on the day prior to the ex-date.

*Other Adjustments*. In cases where there is no achievable market price for a stock being deleted, it can be removed at a zero or minimal price at the Index Committee's discretion, in recognition of the constraints faced by investors in trading bankrupt or suspended stocks.

Market-Linked Step Up Notes TS-11

<u>Market-Linked Step Up Notes<br> Linked to the Real Estate Select Sector SPDR<sup>®</sup> Fund, due February 28, 2025</u>  

***The following graph shows the daily historical performance of the Underlying Fund on its primary exchange in the period from October 8, 2015, the date when the Underlying Fund began trading, through February 2, 2023. We obtained this historical data from Bloomberg L.P. We have not independently verified the accuracy or completeness of the information* obtained from Bloomberg L.P. On *the pricing date, the Closing Market Price of the Underlying Fund was $41.83. 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**

![](tm235122d12_424b2img009.jpg)

***This historical data on the Underlying Fund is not necessarily indicative of its future performance 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.

Market-Linked Step Up Notes TS-12

<u>Market-Linked Step Up Notes<br> Linked to the Real Estate Select Sector SPDR<sup>®</sup> Fund, due February 28, 2025</u>  

Supplement to the Plan of Distribution

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

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

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

MLPF&S and BofAS may repurchase and resell the notes, with repurchases and resales being made at prices related to then-prevailing market prices or at negotiated prices, and these prices will include MLPF&S's and BofAS's trading commissions and mark-ups or mark-downs. MLPF&S and BofAS may act as principal or agent in these market-making transactions; however, neither is obligated to engage in any such transactions. At their discretion, for a short, undetermined initial period after the issuance of the notes, MLPF&S and BofAS may offer to buy the notes in the secondary market at a price that may exceed the initial estimated value of the notes. Any price offered by MLPF&S or BofAS for the notes will be based on then-prevailing market conditions and other considerations, including the performance of the 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.

Market-Linked Step Up Notes TS-13

<u>Market-Linked Step Up Notes<br> Linked to the Real Estate Select Sector SPDR<sup>®</sup> Fund, due February 28, 2025</u>  

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 $0.075 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 SUN-1 and "Use of Proceeds" on page S-16 of prospectus supplement.

Market-Linked Step Up Notes TS-14

<u>Market-Linked Step Up Notes<br> Linked to the Real Estate Select Sector SPDR<sup>®</sup> Fund, due February 28, 2025</u>  

Summary of Canadian Federal Income Tax Considerations

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

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

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

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

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

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

Market-Linked Step Up Notes TS-15

<u>Market-Linked Step Up Notes<br> Linked to the Real Estate Select Sector SPDR<sup>®</sup> Fund, due February 28, 2025</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 SUN-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 SUN-1.

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

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

Validity of the Notes

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

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

Where You Can Find More Information

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

Market-Linked Step Up Notes TS-16

## Ex-Filing

**Exhibit 107.1**

The pricing supplement to which this Exhibit is attached is a final prospectus for the related offering(s). The maximum aggregate offering price of the related offering(s) is $7,504,500.