# EDGAR Filing Document

**Accession Number:** 0001045520
**File Stem:** 0001104659-23-003383
**Filing Date:** 2023-1
**Character Count:** 55479
**Document Hash:** 414c4f453561ae63cf92d5caf14fb29c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-003383.hdr.sgml**: 20230112

**ACCESSION NUMBER**: 0001104659-23-003383

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 8

**FILED AS OF DATE**: 20230112

**DATE AS OF CHANGE**: 20230112

**SUBJECT COMPANY**: 

**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:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-257113
- **FILM NUMBER:** 23525949

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

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

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

**FILING VALUES:**
- **FORM TYPE:** FWP

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Subject to Completion**<br> **Preliminary Term Sheet**<br> **dated January 12, 2023** | &nbsp;&nbsp;**Filed Pursuant to Rule 433<br> Registration Statement No. 333-257113<br> (To Prospectus dated September 2, 2021,<br> Prospectus Supplement dated September 2, 2021 and<br> Product Supplement COMM LIRN-1 dated July 21, 2022)** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Units<br> $10 principal amount per unit<br> CUSIP No. <br> ![](tm231388d16_fwp-img01.jpg) | &nbsp;&nbsp;&nbsp;Pricing Date\*<br> Settlement Date\*<br> Maturity Date\* | &nbsp;&nbsp;January , 2023<br> February , 2023<br> February , 2024 |
| &nbsp;&nbsp;&nbsp; Units<br> $10 principal amount per unit<br> CUSIP No. <br> ![](tm231388d16_fwp-img01.jpg) | &nbsp;&nbsp;&nbsp;\*Subject to change based on the actual date the notes are priced for initial sale to the public (the "pricing date") | &nbsp;&nbsp;&nbsp;\*Subject to change based on the actual date the notes are priced for initial sale to the public (the "pricing date") |
| &nbsp;&nbsp;**Capped Leveraged Index Return Notes<sup>®</sup> Linked to the Copper Spot Price**<br> · Maturity of approximately one year<br> · 2-to-1 upside exposure to increases in the Market Measure, subject to a capped return of [18.00% to 28.00%]<br> · 1-to-1 downside exposure to decreases in the Market Measure beyond a 10.00% decline, with up to 90.00% 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 $0.05 per unit. See "Structuring the Notes"<br> · Limited secondary market liquidity, with no exchange listing<br> · The notes are unsecured debt securities and are not savings accounts or insured deposits of a bank. The notes are not insured or guaranteed by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other governmental agency of the United States, Canada, or any other jurisdiction | &nbsp;&nbsp;**Capped Leveraged Index Return Notes<sup>®</sup> Linked to the Copper Spot Price**<br> · Maturity of approximately one year<br> · 2-to-1 upside exposure to increases in the Market Measure, subject to a capped return of [18.00% to 28.00%]<br> · 1-to-1 downside exposure to decreases in the Market Measure beyond a 10.00% decline, with up to 90.00% 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 $0.05 per unit. See "Structuring the Notes"<br> · Limited secondary market liquidity, with no exchange listing<br> · The notes are unsecured debt securities and are not savings accounts or insured deposits of a bank. The notes are not insured or guaranteed by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other governmental agency of the United States, Canada, or any other jurisdiction | &nbsp;&nbsp;**Capped Leveraged Index Return Notes<sup>®</sup> Linked to the Copper Spot Price**<br> · Maturity of approximately one year<br> · 2-to-1 upside exposure to increases in the Market Measure, subject to a capped return of [18.00% to 28.00%]<br> · 1-to-1 downside exposure to decreases in the Market Measure beyond a 10.00% decline, with up to 90.00% 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 $0.05 per unit. See "Structuring the Notes"<br> · Limited secondary market liquidity, with no exchange listing<br> · The notes are unsecured debt securities and are not savings accounts or insured deposits of a bank. The notes are not insured or guaranteed by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other governmental agency of the United States, Canada, or any other jurisdiction |

---

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

**The initial estimated value of the notes as of the pricing date is expected to be between $9.181 and $9.668 per unit, which is less than the public offering price listed below.** See "Summary" on the following page, "Risk Factors" beginning on page TS-6 of this term sheet and "Structuring the Notes" on page TS-10 of this term sheet for additional information. The actual value of your notes at any time will reflect many factors and cannot be predicted with accuracy.

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

---

| | | |
|:---|:---|:---|
|  | <u>Per Unit</u> | <u>Total</u> |
| Public offering price<sup>(1)</sup> | $10.00 | $|
| Underwriting discount<sup>(1)</sup> | $0.15 | $|
| Proceeds, before expenses, to CIBC | $9.85 | $|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For any purchase of 300,000 units or more in a single transaction by
 an individual investor or in combined transactions with the investor's household in this
 offering, the public offering price and the underwriting discount will be $9.95 per unit
 and $0.10 per unit, respectively. See "Supplement to the Plan of Distribution"
 below.

**The notes:**

---

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

---

**BofA Securities**

January , 2023

<u>Capped Leveraged Index Return Notes<sup>®</sup> Linked to the Copper Spot Price, due February , 2024</u>  

Summary

The Capped Leveraged Index Return Notes<sup>®</sup> Linked to the Copper Spot Price, due February , 2024 (the "notes") are our senior unsecured debt securities. The notes are not guaranteed or insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other governmental agency of the United States, Canada or any other jurisdiction or secured by collateral. The notes are not bail-inable debt securities (as defined on page 6 of the prospectus). **The notes will rank equally with all of our other unsecured and unsubordinated debt. Any payments due on the notes, including any repayment of principal, will be subject to the credit risk of CIBC.** The notes provide you a leveraged return, subject to a cap, if the Ending Value of the Market Measure, which is the official cash offer price per tonne of Grade A copper on the London Metal Exchange (the "LME") for the spot market, stated in U.S. dollars, as determined by the LME following the end of the second pricing period, which is from 12:30 to 12:35 p.m. London time, and as displayed on Bloomberg page "LOCADY " (or any applicable successor page) (the "Copper Spot Price" or the "Market Measure"), is greater than the Starting Value. If the Ending Value is equal to or less than the Starting Value but greater than or equal to the Threshold Value, you will receive the principal amount of your notes. If the Ending Value is less than the Threshold Value, you will lose a portion, which could be significant, of the principal amount of your notes. Any payments on the notes will be calculated based on the $10 principal amount per unit and will depend on the performance of the Market Measure, 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, will reduce the economic terms of the notes to you and the initial estimated value of the notes on the pricing date. Due to these factors, the public offering price you pay to purchase the notes will be greater than the initial estimated value of the notes.

On the cover page of this term sheet, we have provided the initial estimated value range for the notes. This initial estimated value range was determined based on our pricing models. The initial estimated value as of the pricing date will be based on our internal funding rate on the pricing date, market conditions and other relevant factors existing at that time, and our assumptions about market parameters. For more information about the initial estimated value and the structuring of the notes, see "Structuring the Notes" on page TS-10.

---

| | | |
|:---|:---|:---|
| Terms of the Notes | Terms of the Notes | Redemption Amount Determination |
| &nbsp;&nbsp;**Issuer:** | &nbsp;&nbsp;Canadian Imperial Bank of Commerce ("CIBC") | &nbsp;&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;&nbsp;<br> ![](tm231388d16_fwp-img03.jpg) |
| &nbsp;&nbsp;**Term:** | &nbsp;&nbsp;Approximately 1 year | &nbsp;&nbsp;&nbsp;<br> ![](tm231388d16_fwp-img03.jpg) |
| &nbsp;&nbsp;**Market Measure:** | &nbsp;&nbsp;The Copper Spot Price (Bloomberg symbol: "LOCADY"), | &nbsp;&nbsp;&nbsp;<br> ![](tm231388d16_fwp-img03.jpg) |
| &nbsp;&nbsp;**Starting Value:** | &nbsp;&nbsp;The Copper Spot Price on the pricing date. | &nbsp;&nbsp;&nbsp;<br> ![](tm231388d16_fwp-img03.jpg) |
| &nbsp;&nbsp;**Ending Value:** | &nbsp;&nbsp;The Copper Spot Price on the calculation day. The scheduled calculation day is subject to postponement in the event of Market Disruption Events, as described on page PS-19 of product supplement COMM LIRN-1. | &nbsp;&nbsp;&nbsp;<br> ![](tm231388d16_fwp-img03.jpg) |
| &nbsp;&nbsp;**Threshold Value:** | &nbsp;&nbsp;90.00% of the Starting Value, rounded to two decimal places. | &nbsp;&nbsp;&nbsp;<br> ![](tm231388d16_fwp-img03.jpg) |
| &nbsp;&nbsp;**Participation Rate:** | &nbsp;&nbsp;200.00% | &nbsp;&nbsp;&nbsp;<br> ![](tm231388d16_fwp-img03.jpg) |
| &nbsp;&nbsp;**Capped Value:** | &nbsp;&nbsp;[$11.80 to $12.80] per unit, which represents a return of [18.00% to 28.00%] over the principal amount. The actual Capped Value will be determined on the pricing date. | &nbsp;&nbsp;&nbsp;<br> ![](tm231388d16_fwp-img03.jpg) |
| &nbsp;&nbsp;**Calculation Day:** | &nbsp;&nbsp;Approximately the fifth scheduled Market Measure Business Day immediately preceding the maturity date. | &nbsp;&nbsp;&nbsp;<br> ![](tm231388d16_fwp-img03.jpg) |
| &nbsp;&nbsp;**Fees and Charges:** | &nbsp;&nbsp;The underwriting discount of $0.15 per unit listed on the cover page and the hedging-related charge of $0.05 per unit described in "Structuring the Notes" on page TS-10. | &nbsp;&nbsp;&nbsp;<br> ![](tm231388d16_fwp-img03.jpg) |
| &nbsp;&nbsp;**Calculation Agent:** | &nbsp;&nbsp;BofA Securities, Inc. ("BofAS") | &nbsp;&nbsp;&nbsp;<br> ![](tm231388d16_fwp-img03.jpg) |

---

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

<u>Capped Leveraged Index Return Notes<sup>®</sup> Linked to the Copper Spot Price, due February , 2024</u>  

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

▪ Product
 supplement COMM LIRN-1 dated July 21, 2022:<br> [https://www.sec.gov/Archives/edgar/data/1045520/000110465922081545/tm2220148d30_424b5.htm](https://www.sec.gov/Archives/edgar/data/1045520/000110465922081545/tm2220148d30_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:<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 COMM LIRN-1. Unless otherwise indicated or unless the context requires otherwise, all references in this document to "we," "us," "our," or similar references are to CIBC.

Investor Considerations

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**You may wish to consider an investment in the notes if:** | **The notes may not be an appropriate investment for you if:** |
| &nbsp;&nbsp;&nbsp;· You anticipate that the Market Measure will increase moderately from the Starting Value to the Ending Value.<br> · You are willing to risk a substantial loss of principal if the Market Measure decreases from the Starting Value to an Ending Value that is below the Threshold Value.<br> · You accept that the return on the notes will be capped.<br> · You are willing to forgo the interest payments that are paid on conventional interest bearing debt securities.<br> · You are willing to forgo the rights and benefits of owning the commodity tracked by the Market Measure.<br> · You are willing to accept a limited or no market for sales prior to maturity, and understand that the market prices for the notes, if any, will be affected by various factors, including our actual and perceived creditworthiness, our internal funding rate and fees and charges on the notes.<br> · You are willing to assume our credit risk, as issuer of the notes, for all payments under the notes, including the Redemption Amount. | · You believe that the Market Measure will decrease from the Starting Value to the Ending Value or that it will not increase sufficiently over the term of the notes to provide you with your desired return.<br> · You seek 100% principal repayment or preservation of capital.<br> · You seek an uncapped return on your investment.<br> · You seek interest payments or other current income on your investment.<br> · You want to receive the rights and benefits of owning the commodity tracked by the Market Measure.<br> · You seek an investment for which there will be a liquid secondary market.<br> · You are unwilling or are unable to take market risk on the notes or to take our credit risk as issuer of the notes. |

---

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

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

<u>Capped Leveraged Index Return Notes<sup>®</sup> Linked to the Copper Spot Price, due February , 2024</u>  

Hypothetical Payout Profile and Examples of Payments at Maturity

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

---

| | |
|:---|:---|
| **Capped Leveraged Index Return Notes<sup>®</sup>** |  |
| ![](tm231388d16_fwp-img04.jpg) | This graph reflects the returns on the notes, based on the Participation Rate of 200.00%, the Threshold Value of 90% of the Starting Value and a hypothetical Capped Value of $12.30 per unit (the midpoint of the Capped Value range of [$11.80 to $12.80]). The green line reflects the returns on the notes, while the dotted gray line reflects the performance of the Market Measure.<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 90.00, the Participation Rate of 200%, a hypothetical Capped Value of $12.30 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, Ending Value and Capped Value, and whether you hold the notes to maturity.** The following examples do not take into account any tax consequences from investing in the notes.

For recent actual prices of the Market Measure, see "The Market Measure" section below. In addition, all payments on the notes are subject to issuer credit risk.

---

| | | | |
|:---|:---|:---|:---|
| **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** |
| 0.00 | &nbsp;&nbsp;-100.00% | &nbsp;&nbsp;$1.00 | &nbsp;&nbsp;-90.00% |
| 50.00 | &nbsp;&nbsp;-50.00% | &nbsp;&nbsp;$6.00 | &nbsp;&nbsp;-40.00% |
| 75.00 | &nbsp;&nbsp;-25.00% | &nbsp;&nbsp;$8.50 | &nbsp;&nbsp;-15.00% |
| 80.00 | &nbsp;&nbsp;-20.00% | &nbsp;&nbsp;$9.00 | &nbsp;&nbsp;-10.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;90.00<sup>(1)</sup> | &nbsp;&nbsp;-10.00% | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;0.00% |
| 95.00 | &nbsp;&nbsp;-5.00% | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;0.00% |
| 97.00 | &nbsp;&nbsp;-3.00% | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;100.00<sup>(2)</sup> | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;0.00% |
| 105.00 | &nbsp;&nbsp;5.00% | &nbsp;&nbsp;$11.00 | &nbsp;&nbsp;10.00% |
| 110.00 | &nbsp;&nbsp;10.00% | &nbsp;&nbsp;$12.00 | &nbsp;&nbsp;20.00% |
| 111.50 | &nbsp;&nbsp;11.50% | &nbsp;&nbsp; $12.30<sup>(3)</sup> | &nbsp;&nbsp;23.00% |
| 120.00 | &nbsp;&nbsp;20.00% | &nbsp;&nbsp;$12.30 | &nbsp;&nbsp;23.00% |
| 140.00 | &nbsp;&nbsp;40.00% | &nbsp;&nbsp;$12.30 | &nbsp;&nbsp;23.00% |
| 160.00 | &nbsp;&nbsp;60.00% | &nbsp;&nbsp;$12.30 | &nbsp;&nbsp;23.00% |
| 180.00 | &nbsp;&nbsp;80.00% | &nbsp;&nbsp;$12.30 | &nbsp;&nbsp;23.00% |
| 200.00 | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;$12.30 | &nbsp;&nbsp;23.00% |

---

(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, and does not represent a likely actual Starting
 Value for the Market Measure.

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

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

<u>Capped Leveraged Index Return Notes<sup>®</sup> Linked to the Copper Spot Price, due February , 2024</u>  

**Redemption Amount Calculation Examples**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Example 1** | &nbsp;&nbsp;**Example 1** | &nbsp;&nbsp;**Example 1** |
| &nbsp;&nbsp;The Ending Value is 50.00, or 50.00% of the Starting Value: | &nbsp;&nbsp;The Ending Value is 50.00, or 50.00% of the Starting Value: | &nbsp;&nbsp;The Ending Value is 50.00, or 50.00% of the Starting Value: |
| &nbsp;&nbsp;Starting Value: | 100.00 |  |
| &nbsp;&nbsp;Threshold Value: | 90.00 |  |
| &nbsp;&nbsp;Ending Value: | 50.00 |  |
| &nbsp;&nbsp;![](tm231388d16_fwp-img05.jpg) | &nbsp;&nbsp;![](tm231388d16_fwp-img05.jpg) | &nbsp;&nbsp; Redemption Amount per unit |
| &nbsp;&nbsp;**Example 2** | &nbsp;&nbsp;**Example 2** |  |
| &nbsp;&nbsp;The Ending Value is 95.00, or 95.00% of the Starting Value: | &nbsp;&nbsp;The Ending Value is 95.00, or 95.00% of the Starting Value: | &nbsp;&nbsp;The Ending Value is 95.00, or 95.00% of the Starting Value: |
| &nbsp;&nbsp;Starting Value: | 100.00 |  |
| &nbsp;&nbsp;Threshold Value: | 90.00 |  |
| &nbsp;&nbsp;Ending Value: | 95.00 |  |
| &nbsp;&nbsp;Redemption Amount (per unit) **= $10.00**, the principal amount, since the Ending Value is less than the Starting Value but equal to or greater than the Threshold Value. | &nbsp;&nbsp;Redemption Amount (per unit) **= $10.00**, the principal amount, since the Ending Value is less than the Starting Value but equal to or greater than the Threshold Value. | &nbsp;&nbsp;Redemption Amount (per unit) **= $10.00**, the principal amount, since the Ending Value is less than the Starting Value but equal to or greater than the Threshold Value. |
| &nbsp;&nbsp;<br> **Example 3** | &nbsp;&nbsp;<br> **Example 3** | &nbsp;&nbsp;<br> **Example 3** |
| &nbsp;&nbsp;The Ending Value is 105.00, or 105.00% of the Starting Value: | &nbsp;&nbsp;The Ending Value is 105.00, or 105.00% of the Starting Value: | &nbsp;&nbsp;The Ending Value is 105.00, or 105.00% of the Starting Value: |
| &nbsp;&nbsp;Starting Value: | 100.00 |  |
| &nbsp;&nbsp;Ending Value: | 105.00 |  |
| &nbsp;&nbsp;![](tm231388d16_fwp-img06.jpg) | &nbsp;&nbsp;![](tm231388d16_fwp-img06.jpg) | &nbsp;&nbsp;Redemption Amount per unit. |
| **Example 4** | **Example 4** | **Example 4** |
| &nbsp;&nbsp;The Ending Value is 130.00, or 130.00% of the Starting Value: | &nbsp;&nbsp;The Ending Value is 130.00, or 130.00% of the Starting Value: | &nbsp;&nbsp;The Ending Value is 130.00, or 130.00% of the Starting Value: |
| &nbsp;&nbsp;Starting Value: | 100.00 |  |
| &nbsp;&nbsp;Ending Value: | 130.00 |  |
| &nbsp;&nbsp;![](tm231388d16_fwp-img07.jpg) | &nbsp;&nbsp;![](tm231388d16_fwp-img07.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**= $16.00, however, because the Redemption Amount for the notes cannot exceed the hypothetical Capped Value, the Redemption Amount will be $12.30 per unit** |

---

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

<u>Capped Leveraged Index Return Notes<sup>®</sup> Linked to the Copper Spot Price, due February , 2024</u>  

Risk Factors

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

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

&nbsp;&nbsp;&nbsp;&nbsp;▪ Depending
 on the performance of the Market Measure as measured shortly before the maturity date, you
 may lose up to 90.00% of the principal amount.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;▪ Our
 initial estimated value of the notes will be lower than the public offering price of the
 notes. The public offering price of the notes will exceed our initial estimated value because
 costs associated with selling and structuring the notes, as well as hedging the notes, all
 as further described in "Structuring the Notes" on page TS-10, are included
 in the public offering price of the notes.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Our
 initial estimated value does not represent future values of the notes and may differ from
 others' estimates. Our initial estimated value is only an estimate, which will be determined
 by reference to our internal pricing models when the terms of the notes are set. This estimated
 value will be based on market conditions and other relevant factors existing at that time,
 our internal funding rate on the pricing date and our assumptions about market parameters,
 which can include volatility, 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 Market Measure, our creditworthiness, interest rate
 movements and other relevant factors, which may impact the price at which MLPF&S, BofAS
 or any other party would be willing to buy notes from you in any secondary market transactions.
 Our estimated value does not represent a minimum price at which MLPF&S, BofAS or any
 other party would be willing to buy your notes in any secondary market (if any exists) at
 any time.

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

&nbsp;&nbsp;&nbsp;&nbsp;▪ 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 related to the Market Measure), 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;▪ Ownership
 of the notes will not entitle you to any rights with respect to the commodity tracked by
 the Market Measure.

&nbsp;&nbsp;&nbsp;&nbsp;▪ The
 price of the Market Measure may change unpredictably, affecting the value of your notes in
 unforeseeable ways. Trading in commodities is speculative and can be extremely volatile.
 The Market Measure may decrease to zero or a negative price, which would adversely affect
 the value of your notes.

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<u>Capped Leveraged Index Return Notes<sup>®</sup><br> Linked to the Copper Spot Price, due February , 2024</u>  

&nbsp;&nbsp;&nbsp;&nbsp;▪ Suspension or disruptions of market trading in the commodity tracked by the
Market Measure may adversely affect the value of the notes.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Changes in exchange methodology may adversely affect the value of the notes.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Legal and regulatory changes could adversely affect the return on and value
of your notes.

&nbsp;&nbsp;&nbsp;&nbsp;▪ The notes will not be regulated by the U.S. Commodity Futures Trading Commission.

&nbsp;&nbsp;&nbsp;&nbsp;▪ The Market Measure is the price for a commodity traded on a foreign exchange
that may be less regulated than U.S. markets and may involve different and greater risks than trading on U.S. exchanges.

**<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-28 of product supplement COMM LIRN-1. For a discussion of the Canadian federal income tax
consequences of investing in the notes, see "Material Income Tax Consequences—Canadian Taxation" in the prospectus,
as supplemented by the discussion under "Summary of Canadian Federal Income Tax Considerations" herein.

Additional Risk Factors

**Single commodity prices tend to be more volatile than, and may not correlate with, the prices of commodities generally.**

The notes are linked to the Copper Spot Price and not to a diverse basket of commodities or a broad-based commodity index. The Copper Spot Price may not correlate to the prices of commodities generally and may diverge significantly from the prices of commodities generally. Because the notes are linked to the price of a single commodity, they carry greater risk and may be more volatile than securities linked to the prices of a larger number of commodities or a broad-based commodity index. In addition, the prices of many individual commodities, including the Copper Spot Price, have recently been highly volatile and there can be no assurance that the volatility will lessen.

**The notes are subject to risks associated with copper.**

The notes are subject to risks associated with copper. The price of copper has fluctuated widely in recent years. Because the return on the notes is based on the Copper Spot Price, we expect that generally the market value of the notes will depend in part on the market price of copper and the volatility of copper and related futures contracts (including the frequency and magnitude of price increases and decreases in copper or related futures contracts). The price of copper is primarily affected by the global demand for and supply of copper which, in turn, is affected by numerous factors, including industrial economic activity, as well as political events; weather; agriculture; disease; labor activity; technological developments; direct government activity (such as embargoes); the availability and price of substitutes for copper in various applications; and other supply disruptions in major producing or consuming regions of copper. The price volatility of copper also affects the value of the futures and forward contracts related to copper and, therefore, the price of copper at any such time. In addition, the market for copper is global, and copper prices are subject to volatile price movements over short periods of time and are affected by numerous factors, including macroeconomic factors. The price of copper has recently been, and may continue to be, extremely volatile. These factors may adversely affect the performance of the Copper Spot Price and, therefore, the market value of, and return on, the notes.

**The notes are subject to risks associated with the LME.**

The notes are linked to the Copper Spot Price, which is traded on and/or determined by the LME. The LME is a self-regulatory association (though it is also regulated by the United Kingdom's Financial Conduct Authority) of metal market participants and is a principals' market which operates in a manner more closely analogous to an over-the-counter physical commodity market than a regulated futures market. For example, there are no daily price limits on the LME, which would otherwise restrict the extent of daily fluctuations in the prices of LME contracts. In a declining market, therefore, it is possible that prices would continue to decline without limitation within a trading day or over a period of trading days. If the LME ceases operations, or if trading of metals, such as copper, becomes subject to a value added tax or other tax or any other form of regulation currently not in place, the role of LME prices as a global benchmark for copper may be adversely affected. All these factors could adversely affect the prices of copper and, therefore, your return on the notes.

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The Market Measure

All disclosures contained in this term sheet regarding the Market Measure have been derived from publicly available sources. The information reflects the policies of, and is subject to change by, the LME. The consequences of the LME discontinuing publication or determination of the Market Measure are discussed in the section entitled "Description of LIRNs—Discontinuance of a Market Measure" on page PS-21 of product supplement COMM LIRN-1. None of us, the calculation agent, MLPF&S or BofAS accepts any responsibility for the calculation, maintenance or publication of the Market Measure or any successor.

**The Copper Spot Price**

The price of copper to which the return on the notes is linked is the LME official cash offer price in U.S. dollars, per metric tonne of Grade A copper, as published by the LME for cash sellers plus settlement. As of the date of this document, the LME has temporarily suspended ring trading and determines the Copper Spot Price following the end of the second pricing period, which is from 12:30 to 12:35 p.m. London time, on the basis of electronic market activity that occurs on LMEselect during the second pricing period. In certain circumstances where the LME determines that insufficient data is available or the LME believes available data would result in an inaccurate price, the LME, in its sole discretion, may determine the Copper Spot Price based on prevailing market prices. The Copper Spot Price will be the price displayed on Bloomberg page "LOCADY " (or any official successor thereto), as it may be modified, replaced or adjusted from time to time.

Additional information regarding the Copper Spot Price and the LME's business continuity procedures is available on the LME's website.

***The following graph shows the daily historical performance of the Market Measure in the period from January 1, 2013 through January 6, 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 January 6, 2023, the Copper Spot Price was 8,362.50.***

**Historical Performance of the Market Measure**

![](tm231388d16_fwp-img02.jpg)

***This historical data on the Market Measure 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 of the Market Measure during any period set forth above is not an indication that the price of the Market Measure 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 Market Measure.

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<u>Capped Leveraged Index Return Notes<sup>®</sup><br> Linked to the Copper Spot Price, due February , 2024</u>  

Supplement to the Plan of Distribution

Under our distribution agreement with BofAS, BofAS will purchase the notes from us as principal at the public offering price indicated on the cover of this term sheet, less the indicated underwriting discount.

MLPF&S will in turn purchase the notes from BofAS for resale, and it will receive a selling concession in connection with the sale of the notes in an amount up to the full amount of the underwriting discount set forth on the cover of this term sheet.

We may 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, if the initial settlement of the notes occurs more than two business days from the pricing date, 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 Market Measure and the remaining term of the notes. However, none of us, MLPF&S, BofAS or any of our respective affiliates is obligated to purchase your notes at any price or at any time, and we cannot assure you that we, MLPF&S, BofAS or any of our respective affiliates will purchase your notes at a price that equals or exceeds the initial estimated value of the notes.

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

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

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

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

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

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

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

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

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<u>Capped Leveraged Index Return Notes<sup>®</sup><br> Linked to the Copper Spot Price, due February , 2024</u>  

Structuring the Notes

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

At maturity, we are required to pay the Redemption Amount to holders of the notes, which will be calculated based on the performance of the Market Measure 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 Market Measure, the tenor of the notes and the tenor of the hedging arrangements. The economic terms of the notes and their initial estimated value depend in part on the terms of these hedging arrangements.

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

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

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<u>Capped Leveraged Index Return Notes<sup>®</sup><br> Linked to the Copper Spot Price, due February , 2024</u>  

Summary of Canadian Federal Income Tax Considerations

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

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

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

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

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

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

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

<u>Capped Leveraged Index Return Notes<sup>®</sup><br> Linked to the Copper Spot Price, due February , 2024</u>  

Summary of U.S. Federal Income Tax Consequences

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

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

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

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

Where You Can Find More Information

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

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

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