# EDGAR Filing Document

**Accession Number:** 0001045520
**File Stem:** 0001104659-23-008058
**Filing Date:** 2023-1
**Character Count:** 61708
**Document Hash:** 151851a609449970301d3e2e707e2e0c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-008058.hdr.sgml**: 20230130

**ACCESSION NUMBER**: 0001104659-23-008058

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 10

**FILED AS OF DATE**: 20230130

**DATE AS OF CHANGE**: 20230130

**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:** 23569055

**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;**Filed Pursuant to Rule 424(b)(2)<br> Registration Statement No. 333-257113<br> (To Prospectus dated September 2, 2021,<br> Prospectus Supplement dated September 2, 2021 and<br> Product Supplement EQUITY INDICES MITTS-1 dated<br> July 15, 2022)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;<br> 612,363 Units<br> $10 principal amount per unit<br> CUSIP No. 13607Y105 <br> ![](tm231388d73_424bsimg08.jpg) | &nbsp;&nbsp;&nbsp;<br> Pricing Date<br> Settlement Date<br> Maturity Date | &nbsp;&nbsp; <br> January 26, 2023<br> February 2, 2023<br> January 26, 2029 |
| &nbsp;&nbsp;&nbsp;<br> 612,363 Units<br> $10 principal amount per unit<br> CUSIP No. 13607Y105 <br> ![](tm231388d73_424bsimg08.jpg) |  |  |
| &nbsp;&nbsp;&nbsp; **Capped Market Index Target-Term Securities<sup>®</sup> Linked to the Dow Jones Industrial Average<sup>®</sup>** <br> ▪ Maturity of approximately six years<br>▪ 100% participation in increases in the Index, subject to a capped return of 97.21%<br>▪ If the Index is flat or decreases, payment at maturity will be the principal amount<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>▪ You may be required to accrue interest and pay taxes on the notes each year even if you will not receive any payments until maturity. See "Summary of U.S. Federal Income Tax Consequences"<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; **Capped Market Index Target-Term Securities<sup>®</sup> Linked to the Dow Jones Industrial Average<sup>®</sup>** <br> ▪ Maturity of approximately six years<br>▪ 100% participation in increases in the Index, subject to a capped return of 97.21%<br>▪ If the Index is flat or decreases, payment at maturity will be the principal amount<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>▪ You may be required to accrue interest and pay taxes on the notes each year even if you will not receive any payments until maturity. See "Summary of U.S. Federal Income Tax Consequences"<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; **Capped Market Index Target-Term Securities<sup>®</sup> Linked to the Dow Jones Industrial Average<sup>®</sup>** <br> ▪ Maturity of approximately six years<br>▪ 100% participation in increases in the Index, subject to a capped return of 97.21%<br>▪ If the Index is flat or decreases, payment at maturity will be the principal amount<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>▪ You may be required to accrue interest and pay taxes on the notes each year even if you will not receive any payments until maturity. See "Summary of U.S. Federal Income Tax Consequences"<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-6 of product supplement EQUITY INDICES MITTS-1.**

**The initial estimated value of the notes as of the pricing date is $9.556 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-11 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 | $10.00 | $6123630.00 |
| Underwriting discount | $0.25 | $153090.75 |
| Proceeds, before expenses, to CIBC | $9.75 | $5970539.25 |

---

**The notes:**

---

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

---

**BofA Securities**

January 26, 2023

<u>Capped Market Index Target-Term Securities<sup>®</sup><br> Linked to the Dow Jones Industrial Average<sup>®</sup>, due January 26, 2029</u>  

Summary

The Capped Market Index Target-Term Securities<sup>®</sup> Linked to the Dow Jones Industrial Average<sup>®</sup>, due January 26, 2029 (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 100% participation in increases in the Market Measure, which is the Dow Jones Industrial Average<sup>®</sup> (the "Index"), subject to a cap. If the Index is flat or decreases, you will only receive 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 Index, subject to our credit risk. See "Terms of the Notes" below.

The economic terms of the notes (including the Capped Value) are based on our internal funding rate, which is the rate we would pay to borrow funds through the issuance of market-linked notes, and the economic terms of certain related hedging arrangements. Our internal funding rate is typically lower than the rate we would pay when we issue conventional fixed rate debt securities. This difference in funding rate, as well as the underwriting discount and the hedging-related charge 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-11.

---

| | | |
|:---|:---|:---|
| Terms of the Notes | Terms of the Notes |  |
| &nbsp;&nbsp;**Issuer:** | &nbsp;&nbsp;Canadian Imperial Bank of Commerce ("CIBC") | Redemption Amount Determination |
| &nbsp;&nbsp;**Principal Amount:** | &nbsp;&nbsp;$10.00 per unit | &nbsp;&nbsp; On the maturity date, you will receive a cash payment per unit determined as follows:<br>![](tm231388d73_424bsimg01.jpg)<br>You will receive the Minimum Redemption Amount of $10.00 per unit<br>*(The Redemption Amount will not be less than the Minimum Redemption Amount per unit.)* |
| &nbsp;&nbsp;**Term:** | &nbsp;&nbsp;Approximately six years | &nbsp;&nbsp; On the maturity date, you will receive a cash payment per unit determined as follows:<br>![](tm231388d73_424bsimg01.jpg)<br>You will receive the Minimum Redemption Amount of $10.00 per unit<br>*(The Redemption Amount will not be less than the Minimum Redemption Amount per unit.)* |
| &nbsp;&nbsp;**Market Measure:** | &nbsp;&nbsp;The Dow Jones Industrial Average<sup>®</sup> (Bloomberg symbol: "INDU"), a price return index. | &nbsp;&nbsp; On the maturity date, you will receive a cash payment per unit determined as follows:<br>![](tm231388d73_424bsimg01.jpg)<br>You will receive the Minimum Redemption Amount of $10.00 per unit<br>*(The Redemption Amount will not be less than the Minimum Redemption Amount per unit.)* |
| &nbsp;&nbsp;**Starting Value:** | &nbsp;&nbsp;33949.41 | &nbsp;&nbsp; On the maturity date, you will receive a cash payment per unit determined as follows:<br>![](tm231388d73_424bsimg01.jpg)<br>You will receive the Minimum Redemption Amount of $10.00 per unit<br>*(The Redemption Amount will not be less than the Minimum Redemption Amount per unit.)* |
| &nbsp;&nbsp;**Ending Value:** | &nbsp;&nbsp;The average of the closing levels of the Market Measure on each calculation day occurring during the Maturity Valuation Period. The scheduled calculation days are subject to postponement in the event of Market Disruption Events, as described beginning on page PS-17 of product supplement EQUITY INDICES MITTS-1. | &nbsp;&nbsp; On the maturity date, you will receive a cash payment per unit determined as follows:<br>![](tm231388d73_424bsimg01.jpg)<br>You will receive the Minimum Redemption Amount of $10.00 per unit<br>*(The Redemption Amount will not be less than the Minimum Redemption Amount per unit.)* |
| &nbsp;&nbsp;**Minimum Redemption Amount:** | &nbsp;&nbsp;$10.00 per unit. If you sell your notes before the maturity date, you may receive less than the Minimum Redemption Amount per unit. | &nbsp;&nbsp; On the maturity date, you will receive a cash payment per unit determined as follows:<br>![](tm231388d73_424bsimg01.jpg)<br>You will receive the Minimum Redemption Amount of $10.00 per unit<br>*(The Redemption Amount will not be less than the Minimum Redemption Amount per unit.)* |
| &nbsp;&nbsp;**Participation Rate:** | &nbsp;&nbsp;100.00% | &nbsp;&nbsp; On the maturity date, you will receive a cash payment per unit determined as follows:<br>![](tm231388d73_424bsimg01.jpg)<br>You will receive the Minimum Redemption Amount of $10.00 per unit<br>*(The Redemption Amount will not be less than the Minimum Redemption Amount per unit.)* |
| &nbsp;&nbsp;**Capped Value:** | &nbsp;&nbsp;$19.721 per unit, which represents a return of 97.21% over the principal amount. | &nbsp;&nbsp; On the maturity date, you will receive a cash payment per unit determined as follows:<br>![](tm231388d73_424bsimg01.jpg)<br>You will receive the Minimum Redemption Amount of $10.00 per unit<br>*(The Redemption Amount will not be less than the Minimum Redemption Amount per unit.)* |
| &nbsp;&nbsp;**Maturity Valuation Period:** | &nbsp;&nbsp;January 17, 2029, January 18, 2029, January 19, 2029, January 22, 2029 and January 23, 2029 | &nbsp;&nbsp; On the maturity date, you will receive a cash payment per unit determined as follows:<br>![](tm231388d73_424bsimg01.jpg)<br>You will receive the Minimum Redemption Amount of $10.00 per unit<br>*(The Redemption Amount will not be less than the Minimum Redemption Amount per unit.)* |
| &nbsp;&nbsp;**Fees and Charges:** | &nbsp;&nbsp;The underwriting discount of $0.25 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-11. | &nbsp;&nbsp; On the maturity date, you will receive a cash payment per unit determined as follows:<br>![](tm231388d73_424bsimg01.jpg)<br>You will receive the Minimum Redemption Amount of $10.00 per unit<br>*(The Redemption Amount will not be less than the Minimum Redemption Amount per unit.)* |
| &nbsp;&nbsp;**Calculation Agent:** | &nbsp;&nbsp;BofA Securities, Inc. ("BofAS") | &nbsp;&nbsp; On the maturity date, you will receive a cash payment per unit determined as follows:<br>![](tm231388d73_424bsimg01.jpg)<br>You will receive the Minimum Redemption Amount of $10.00 per unit<br>*(The Redemption Amount will not be less than the Minimum Redemption Amount per unit.)* |

---

Capped Market Index Target-Term Securities<sup>®</sup> TS-2

<u>Capped Market Index Target-Term Securities<sup>®</sup><br> Linked to the Dow Jones Industrial Average<sup>®</sup>, due January 26, 2029</u>  

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

▪ Product supplement EQUITY INDICES
MITTS-1 dated July 15, 2022:<br> [https://www.sec.gov/Archives/edgar/data/0001045520/000110465922080180/tm2220148d11_424b5.htm](https://www.sec.gov/Archives/edgar/data/0001045520/000110465922080180/tm2220148d11_424b5.htm)

▪ Prospectus supplement dated September
2, 2021: <br> [https://www.sec.gov/Archives/edgar/data/1045520/000110465921112440/tm2123981d29_424b5.htm](https://www.sec.gov/Archives/edgar/data/1045520/000110465921112440/tm2123981d29_424b5.htm)

▪ Prospectus dated September 2, 2021:<br> [https://www.sec.gov/Archives/edgar/data/1045520/000110465921112558/tm2123981d24_424b3.htm](https://www.sec.gov/Archives/edgar/data/1045520/000110465921112558/tm2123981d24_424b3.htm)

These documents (together, the "Note Prospectus") have been filed as part of a registration statement with the SEC, which may, without cost, be accessed on the SEC website as indicated above or obtained from Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S") or BofAS by calling 1-800-294-1322. Before you invest, you should read the Note Prospectus, including this term sheet, for information about us and this offering. Any prior or contemporaneous oral statements and any other written materials you may have received are superseded by the Note Prospectus.

Capitalized terms used but not defined in this term sheet have the meanings set forth in product supplement EQUITY INDICES MITTS-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:**

&nbsp;&nbsp;&nbsp;&nbsp;▪ You anticipate that the Index will increase moderately from the Starting Value to the Ending Value.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You accept that the return on the notes will be zero if the Index does not increase from the Starting Value to the Ending Value.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;▪ You are willing to forgo dividends or other benefits of owning the stocks included in the Index.

&nbsp;&nbsp;&nbsp;&nbsp;▪ 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.

&nbsp;&nbsp;&nbsp;&nbsp;▪ 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:**

&nbsp;&nbsp;&nbsp;&nbsp;▪ You believe that the Index 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.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You seek a guaranteed return beyond the Minimum Redemption Amount.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You seek an uncapped return on your investment.

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

&nbsp;&nbsp;&nbsp;&nbsp;▪ You want to receive dividends or other distributions paid on the stocks included in the Index.

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

&nbsp;&nbsp;&nbsp;&nbsp;▪ 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 Market Index Target-Term Securities<sup>®</sup> TS-3

<u>Capped Market Index Target-Term Securities<sup>®</sup><br> Linked to the Dow Jones Industrial Average<sup>®</sup>, due January 26, 2029</u>  

Hypothetical Payout Profile and Examples of Payments at Maturity

The graph below is based on hypothetical numbers and values.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Capped Market Index Target-Term Securities<sup>®</sup>**<br>![](tm231388d73_424bsimg02.jpg)<br>| &nbsp;&nbsp; This graph reflects the returns on the notes, based on the Participation Rate of 100%, the Minimum Redemption Amount of $10.00 per unit, and the Capped Value of $19.721 per unit. The blue 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 Index, excluding dividends.<br>This graph has been prepared for purposes of illustration only.<br>|

---

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, the Participation Rate of 100%, the Minimum Redemption Amount of $10.00 per unit, the Capped Value of $19.721 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 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 levels of the Market Measure, see "The Index" section below. The Index 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 the Index, which you would otherwise be entitled to receive if you invested in those stocks directly. In addition, all payments on the notes are subject to issuer credit risk.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Ending Value** | **Percentage Change from the <br> Starting Value to the Ending Value** | **Redemption Amount per<br> Unit** | **Total Rate of Return on the<br> Notes** |
| &nbsp;&nbsp;0.00 | -100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.00<sup>(1)</sup> | 0.00% |
| &nbsp;&nbsp;50.00 | -50.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.00 | 0.00% |
| &nbsp;&nbsp;75.00 | -25.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.00 | 0.00% |
| &nbsp;&nbsp;80.00 | -20.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.00 | 0.00% |
| &nbsp;&nbsp;90.00 | -10.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.00 | 0.00% |
| &nbsp;&nbsp;95.00 | -5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.00 | 0.00% |
| &nbsp;&nbsp; 100.00<sup>(1)</sup> | 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.00 | 0.00% |
| &nbsp;&nbsp;110.00 | 10.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.00 | 10.00% |
| &nbsp;&nbsp;120.00 | 20.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.00 | 20.00% |
| &nbsp;&nbsp;140.00 | 40.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.00 | 40.00% |
| &nbsp;&nbsp;150.00 | 50.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.00 | 50.00% |
| &nbsp;&nbsp;197.21 | 97.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.721<sup>(3)</sup> | 97.21% |
| &nbsp;&nbsp;220.00 | 120.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.721 | 97.21% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Redemption Amount per unit will not be less than the Minimum Redemption Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The **hypothetical** Starting Value of 100.00 used in these examples has been chosen for illustrative purposes only. The actual
Starting Value is 33,949.41, which was the closing level of the Market Measure on the pricing date.

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

Capped Market Index Target-Term Securities<sup>®</sup> TS-4

<u>Capped Market Index Target-Term Securities<sup>®</sup><br> Linked to the Dow Jones Industrial Average<sup>®</sup>, due January 26, 2029</u>  

**Redemption Amount Calculation Examples**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Example 1** | &nbsp;&nbsp;**Example 1** |
| &nbsp;&nbsp;The Ending Value is 90.00, or 90.00% of the Starting Value: | &nbsp;&nbsp;The Ending Value is 90.00, or 90.00% of the Starting Value: |
| &nbsp;&nbsp;Starting Value: 100.00 | &nbsp;&nbsp;Starting Value: 100.00 |
| &nbsp;&nbsp;Ending Value: 90.00 | &nbsp;&nbsp;Ending Value: 90.00 |
| &nbsp;&nbsp;![](tm231388d73_424bsimg03.jpg) | &nbsp;&nbsp;**= $9.00, however, because the Redemption Amount for the notes cannot be less than the Minimum Redemption Amount, the Redemption Amount will be $10.00 per unit.** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Example 2** | &nbsp;&nbsp;**Example 2** |
| &nbsp;&nbsp;The Ending Value is 130.00, or 130.00% of the Starting Value: | &nbsp;&nbsp;The Ending Value is 130.00, or 130.00% of the Starting Value: |
| &nbsp;&nbsp;Starting Value: 100.00 | &nbsp;&nbsp;Starting Value: 100.00 |
| &nbsp;&nbsp;Ending Value: 130.00 | &nbsp;&nbsp;Ending Value: 130.00 |
| &nbsp;&nbsp;![](tm231388d73_424bsimg04.jpg) | &nbsp;&nbsp;**= $13.00 Redemption Amount per unit** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Example 3** | &nbsp;&nbsp;**Example 3** |
| &nbsp;&nbsp;The Ending Value is 220.00, or 220.00% of the Starting Value: | &nbsp;&nbsp;The Ending Value is 220.00, or 220.00% of the Starting Value: |
| &nbsp;&nbsp;Starting Value: 100.00 | &nbsp;&nbsp;Starting Value: 100.00 |
| &nbsp;&nbsp;Ending Value: 220.00 | &nbsp;&nbsp;Ending Value: 220.00 |
| &nbsp;&nbsp;![](tm231388d73_424bsimg05.jpg) | &nbsp;&nbsp;**= $22.00, however, because the Redemption Amount for the notes cannot exceed the Capped Value, the Redemption Amount will be $19.721 per unit.** |

---

Capped Market Index Target-Term Securities<sup>®</sup> TS-5

<u>Capped Market Index Target-Term Securities<sup>®</sup><br> Linked to the Dow Jones Industrial Average<sup>®</sup>, due January 26, 2029</u>  

Risk Factors

 

*There are important differences between the notes and a conventional debt security. An investment in the notes involves significant risks, including those listed below. You should carefully review the more detailed explanation of risks relating to the notes in the "Risk Factors" sections beginning on page PS-6 of product supplement EQUITY INDICES MITTS-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 Index as measured shortly before the maturity date, you may not receive a positive return on your
investment.

&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 the Index.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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-11, 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 level of the Index, our creditworthiness, interest rate movements and other relevant factors, which may impact the price at which
MLPF&S, BofAS or any other party would be willing to buy notes from you in any secondary market transactions. Our estimated value
does not represent a minimum price at which MLPF&S, BofAS or any other party would be willing to buy your notes in any secondary market
(if any exists) at any time.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;▪ 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 Index), 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 Index sponsor may adjust the Index in a way that affects its level, and has no obligation to consider your interests.

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

Capped Market Index Target-Term Securities<sup>®</sup> TS-6

<u>Capped Market Index Target-Term Securities<sup>®</sup><br> Linked to the Dow Jones Industrial Average<sup>®</sup>, due January 26, 2029</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 companies included in the Index,
we, MLPF&S, BofAS and our respective affiliates do not control any company included in the Index, and have not verified any disclosure
made by any other company.

**<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-25 of product
supplement EQUITY INDICES MITTS-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.

Capped Market Index Target-Term Securities<sup>®</sup> TS-7

<u>Capped Market Index Target-Term Securities<sup>®</sup><br> Linked to the Dow Jones Industrial Average<sup>®</sup>, due January 26, 2029</u>  

The Index

All disclosures contained in this term sheet regarding the Index, including, without limitation, its make-up, method of calculation and changes in its components, have been derived from publicly available sources, which we have not independently verified. The information reflects the policies of, and is subject to change by, S&P Dow Jones Indices LLC ("SPDJI" or the "Index sponsor"). The Index sponsor, which licenses the copyright and all other rights to the Index, has no obligation to continue to publish, and may discontinue publication of, the Index. The consequences of the Index sponsor discontinuing publication of the Index are discussed in the section entitled "Description of MITTS—Discontinuance of an Index" beginning on page PS-18 of product supplement EQUITY INDICES MITTS-1. None of us, the calculation agent, MLPF&S or BofAS accepts any responsibility for the calculation, maintenance or publication of the Index or any successor index.

The Index is a price-weighted index of 30 U.S. blue-chip stocks, which represent all economic industries except transportation and utilities. The Index was launched on May 26, 1896 with a base date of May 26, 1896. The Index is published by SPDJI and is reported by Bloomberg under the ticker symbol "INDU."

*Index Construction and Maintenance*

The Index is maintained by the "Averages Committee," which is composed of three representatives of SPDJI and two representatives of *The Wall Street Journal*. The Averages Committee meets regularly to review pending corporate actions that may affect index constituents, statistics comparing the composition of the Index to the market, companies that are being considered as candidates for addition to the Index and any significant market events.

The index universe for the Index consists of securities in the S&P 500<sup>®</sup> Index excluding stocks classified under Global Industry Classification Standard ("GICS") code 2030 (Transportation) and 55 (Utilities). While stock selection is not governed by quantitative rules, a stock typically is added only if the company has an excellent reputation, demonstrates sustained growth and is of interest to a large number of investors. Companies should be incorporated and headquartered in the United States. In addition, a plurality of revenues should be derived from the United States. Maintaining adequate sector representation within the index is also a consideration in the selection process for the Index.

Changes to the Index are made on an as-needed basis. There is no annual or semi-annual reconstitution. Rather, changes in response to corporate actions and market developments can be made at any time. Constituent changes are typically announced one to five days before they are scheduled to be implemented.

***Index Computation***

The Index is a price-weighted index rather than a market capitalization-weighted index and therefore Index constituent weights are determined solely by the prices of the constituent stocks in the Index.

The formula to calculate the Index is:

*Index level* = ![](tm231388d73_424bsimg06.jpg)

where,

P = the price of each constituent stock in the index

Shares outstanding are set to a uniform number throughout the Index and the index divisor is adjusted for any price impacting corporate action on one of its member stocks; this includes price adjustments, special dividends, stock splits and rights offerings. The index divisor will also adjust in the event of an addition to or deletion from the index. The Index is calculated without adjustments for regular cash dividends.

Corporate actions (such as stock splits, stock dividends, and rights offerings) are applied after the close of trading on the day prior to the ex-date. Any potential impact of a spin-off on constituents of the Index is evaluated by the Averages Committee on a case-by-case basis.

Capped Market Index Target-Term Securities<sup>®</sup> TS-8

<u>Capped Market Index Target-Term Securities<sup>®</sup><br> Linked to the Dow Jones Industrial Average<sup>®</sup>, due January 26, 2029</u>  

***The following graph shows the daily historical performance of the Index in the period from January 1, 2013 through January 26, 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 level of the Index was 33,949.41.***

 ****

**Historical Performance of the Index**

![](tm231388d73_424bsimg07.jpg)

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

**License Agreement**

Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"), and the Index is a product of SPDJI. We and SPDJI have entered into a non-transferable, non-exclusive license agreement providing for the sublicense to us, in exchange for a fee, of the right to use the Index in connection with the issuance of the notes.

The Index is a product of SPDJI, and has been licensed for use by CIBC. Standard & Poor's<sup>®</sup> and S&P<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC ("S&P"); DJIA<sup>®</sup>, The Dow<sup>®</sup>, Dow Jones<sup>®</sup> and Dow Jones Industrial Average<sup>®</sup> are trademarks of Dow Jones; and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by CIBC. The notes are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, "S&P Dow Jones Indices").

S&P Dow Jones Indices makes no representation or warranty, express or implied, to the holders of the notes or any member of the public regarding the advisability of investing in securities generally or in the notes particularly or the ability of the Index to track general market performance. S&P Dow Jones Indices' only relationship to CIBC with respect to the Index is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices or its licensors. The Index is determined, composed and calculated by S&P Dow Jones Indices without regard to CIBC or the notes. S&P Dow Jones Indices have no obligation to take the needs of CIBC or the holders of the notes into consideration in determining, composing or calculating the Index. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices and amount of the notes or the timing of the issuance or sale of the notes or in the determination or calculation of the equation by which the notes are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the notes. There is no assurance that investment products based on the Index will accurately track index performance or provide positive investment returns. SPDJI is not an investment advisor. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice. Notwithstanding the foregoing, CME Group Inc. and its affiliates may independently issue and/or sponsor financial products unrelated to the notes currently being issued by CIBC, but which may be similar to and competitive with the notes. In addition, CME Group Inc. and its affiliates may trade financial products which are linked to the performance of the Index.

S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY CIBC, HOLDERS OF THE NOTES, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO

Capped Market Index Target-Term Securities<sup>®</sup> TS-9

<u>Capped Market Index Target-Term Securities<sup>®</sup><br> Linked to the Dow Jones Industrial Average<sup>®</sup>, due January 26, 2029</u>  

EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND CIBC, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

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 Index 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.

Capped Market Index Target-Term Securities<sup>®</sup> TS-10

<u>Capped Market Index Target-Term Securities<sup>®</sup><br> Linked to the Dow Jones Industrial Average<sup>®</sup>, due January 26, 2029</u>  

Structuring the Notes

The notes are our debt securities, the return on which is linked to the performance of the Index. 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 Index 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 Index, 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-7 of product supplement EQUITY INDICES MITTS-1 and "Use of Proceeds" on page S-16 of prospectus supplement.

Capped Market Index Target-Term Securities<sup>®</sup> TS-11

<u>Capped Market Index Target-Term Securities<sup>®</sup><br> Linked to the Dow Jones Industrial Average<sup>®</sup>, due January 26, 2029</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.

Capped Market Index Target-Term Securities<sup>®</sup> TS-12

<u>Capped Market Index Target-Term Securities<sup>®</sup><br> Linked to the Dow Jones Industrial Average<sup>®</sup>, due January 26, 2029</u>  

Summary of U.S. Federal Income Tax Consequences

You should consider the U.S. federal income tax consequences of an investment in the notes, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· There is no statutory, judicial, or administrative authority directly addressing the characterization of the notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· We intend to take the position that the notes will be treated as "contingent payment debt instruments" for U.S. federal
income tax purposes, subject to taxation under the "noncontingent bond method." No assurance can be given that the Internal
Revenue Service or any court will agree with this characterization and tax treatment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Under this characterization and tax treatment of the notes, a U.S. holder will be required to report original issue discount ("OID")
or interest income based on a "comparable yield" and a "projected payment schedule" with respect to a note without
regard to cash, if any, received on the notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The following table is based upon a projected payment schedule (including a projection for tax purposes of the Redemption Amount)
and a comparable yield equal to 4.63% per annum (compounded annually) that we established for the notes. The table reflects the expected
issuance of the notes on February 2, 2023 and the scheduled maturity date of January 26, 2029. This tax accrual table is based upon a
projected payment schedule per $10 principal amount of the notes, which would consist of a single payment of $13.1104 at maturity. This
information is provided solely for tax purposes, and we make no representations or predictions as to what the actual Redemption Amount
will be.

---

| | | |
|:---|:---|:---|
| **Accrual Period** | **Interest Deemed <br> to Accrue on the Notes<br> During Accrual Period per Unit** | **Total Interest Deemed to Have <br> Accrued on the Notes as of End of <br> Accrual Period per Unit** |
| February 2, 2023 through December 31, 2023 | $0.4218 | $0.4218 |
| January 1, 2024 through December 31, 2024 | $0.4825 | $0.9044 |
| January 1, 2025 through December 31, 2025 | $0.5049 | $1.4092 |
| January 1, 2026 through December 31, 2026 | $0.5282 | $1.9375 |
| January 1, 2027 through December 31, 2027 | $0.5527 | $2.4902 |
| January 1, 2028 through December 31, 2028 | $0.5783 | $3.0685 |
| January 1, 2029 through January 26, 2029 | $0.0419 | $3.1104 |

---

Projected Redemption Amount = $13.1104 per unit of the notes.

&nbsp;&nbsp;&nbsp;&nbsp;· Upon a sale, exchange, or retirement of a note prior to maturity, a U.S. holder generally will recognize taxable gain or loss equal
to the difference between the amount realized on the sale, exchange, or retirement and the holder's tax basis in the notes. A U.S.
holder generally will treat any gain as ordinary interest income, and any loss as ordinary up to the amount of previously accrued OID
and then as capital loss. At maturity, (i) if the actual Redemption Amount exceeds the projected Redemption Amount, a U.S. holder must
include such excess as interest income, or (ii) if the projected Redemption Amount exceeds the actual Redemption Amount, a U.S. holder
will generally treat such excess first as an offset to previously accrued OID for the taxable year, then as an ordinary loss to the extent
of all prior OID inclusions, and thereafter as a capital loss.

&nbsp;&nbsp;&nbsp;&nbsp;· 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, 2025.

**You should consult your own tax advisor concerning the U.S. federal income tax consequences to you of acquiring, owning, and disposing of the notes, as well as any tax consequences arising under the laws of any state, local, foreign, or other tax jurisdiction and the possible effects of changes in U.S. federal or other tax laws. You should review carefully the discussion under the section entitled "U.S. Federal Income Tax Summary" beginning on page PS-25 of product supplement EQUITY INDICES MITTS-1.**

Capped Market Index Target-Term Securities<sup>®</sup> TS-13

<u>Capped Market Index Target-Term Securities<sup>®</sup><br> Linked to the Dow Jones Industrial Average<sup>®</sup>, due January 26, 2029</u>  

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 Index Target-Term Securities<sup>®</sup>" and "MITTS<sup>®</sup>" are registered service marks of Bank of America Corporation, the parent company of MLPF&S and BofAS.

Capped Market Index Target-Term Securities<sup>®</sup> TS-14

## 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 $6,123,630.00.