Obligation CBIC 0% ( US13607G2378 ) en USD

Société émettrice CBIC
Prix sur le marché 100 %  ⇌ 
Pays  Canada
Code ISIN  US13607G2378 ( en USD )
Coupon 0%
Echéance 30/04/2021 - Obligation échue



Prospectus brochure de l'obligation CIBC US13607G2378 en USD 0%, échue


Montant Minimal 1 000 USD
Montant de l'émission 22 757 000 USD
Cusip 13607G237
Notation Standard & Poor's ( S&P ) N/A
Notation Moody's N/A
Description détaillée La Banque CIBC (Canadian Imperial Bank of Commerce) est une grande banque commerciale canadienne offrant une gamme complète de services financiers, y compris des services bancaires aux particuliers et aux entreprises, des services de gestion de patrimoine et des services de marchés des capitaux.

L'Obligation émise par CBIC ( Canada ) , en USD, avec le code ISIN US13607G2378, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 30/04/2021







3/3/2020
https://www.sec.gov/Archives/edgar/data/1045520/000110465920027926/a20-10800_27424b2.htm
424B2 1 a20-10800_27424b2.htm 424B2



Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-233663
(To Prospectus dated December 16, 2019,
Prospectus Supplement dated December 16, 2019 and
Product Supplement EQUITY INDICES ARN-1 dated
December 16, 2019)




2,275,678 Units
Pricing Date
February 27, 2020
$10 principal amount per unit
Settlement Date
March 6, 2020
CUSIP No. 13607G237
Maturity Date
April 30, 2021






Accelerated Return Notes® Linked to

the Russell 2000 Index
®
§ Maturity of approximately 14 months
§ 3-to-1 upside exposure to increases in the Index, subject to a capped return of 14.40%
§ 1-to-1 downside exposure to decreases in the Index, with up to 100% of your investment at risk
§ Al payments occur at maturity and are subject to the credit risk of Canadian Imperial Bank of Commerce
§ No periodic interest payments
§ 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"
§ Limited secondary market liquidity, with no exchange listing
§ 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 EQUITY INDICES ARN-1.
The initial estimated value of the notes as of the pricing date is $9.656 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-12 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.



Per Unit
Total
Public offering price
$ 10.00
$22,756,780.00
Underwriting discount
$ 0.20
$ 455,135.60
Proceeds, before expenses, to CIBC
$ 9.80
$22,301,644.40

The notes:

Are Not FDIC Insured
Are Not Bank Guaranteed
May Lose Value




BofA Securities

February 27, 2020

https://www.sec.gov/Archives/edgar/data/1045520/000110465920027926/a20-10800_27424b2.htm
1/14


3/3/2020
https://www.sec.gov/Archives/edgar/data/1045520/000110465920027926/a20-10800_27424b2.htm

Accelerated Return Notes

®
Linked to the Russell 2000 Index, due
®
April 30, 2021

Summary

The Accelerated Return Notes L
® inked to the Russell 2000 Index
®
, due April 30, 2021 (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 col ateral. 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 Russel
2000
® Index (the "Index"), is greater than the Starting Value. If the Ending Value is less than the Starting Value, you wil lose al or a portion
of the principal amount of your notes. Any payments on the notes wil be calculated based on the $10 principal amount per unit and wil
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 typical y lower than the rate we would pay when we issue conventional fixed rate debt securities. This difference in funding
rate, as wel 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-12.

Terms of the Notes
Redemption Amount Determination


Issuer:
Canadian Imperial Bank of Commerce
On the maturity date, you wil receive a cash payment per unit determined as
("CIBC")
fol ows:
Principal
$10.00 per unit
Amount:
Term:
Approximately 14 months
Market Measure: The Russel 2000
® Index (Bloomberg
symbol: "RTY"), a price return index.
Starting Value:
1,497.870
Ending Value:
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
ARN-1.
Participation
300%
Rate:
Capped Value:
$11.44 per unit, which represents a
return of 14.40% over the principal
amount.
Maturity
April 21, 2021, April 22, 2021, April 23,
Valuation
2021, April 26, 2021 and April 27,
Period:
2021
Fees and
The underwriting discount of $0.20 per
Charges:
unit listed on the cover page and the
hedging-related charge of $0.075 per
unit described in "Structuring the
Notes" on page TS-12.
Calculation
BofA Securities, Inc. ("BofAS")
Agent:

Accelerated Return Notes
®
TS-2
https://www.sec.gov/Archives/edgar/data/1045520/000110465920027926/a20-10800_27424b2.htm
2/14


3/3/2020
https://www.sec.gov/Archives/edgar/data/1045520/000110465920027926/a20-10800_27424b2.htm

Accelerated Return Notes

®
Linked to the Russell 2000 Index, due
®
April 30, 2021

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

§ Product supplement EQUITY INDICES ARN-1 dated December 16, 2019:
https://www.sec.gov/Archives/edgar/data/1045520/000110465919073345/a19-25016_2424b5.htm

§ Prospectus supplement dated December 16, 2019:
https://www.sec.gov/Archives/edgar/data/1045520/000110465919073058/a19-24965_3424b2.htm

§ Prospectus dated December 16, 2019:
https://www.sec.gov/Archives/edgar/data/1045520/000110465919073027/a19-24965_1424b3.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 ARN-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:
The notes may not be an appropriate investment for you if:
§ You anticipate that the Index will increase moderately from
§ You believe that the Index will decrease from the Starting
the Starting Value to the Ending Value.
Value to the Ending Value or that it will not increase
sufficiently over the term of the notes to provide you with
§ You are willing to risk a loss of principal and return if the
your desired return.
Index decreases from the Starting Value to the Ending
Value.
§ You seek principal repayment or preservation of capital.
§ You accept that the return on the notes will be capped.
§ You seek an uncapped return on your investment.
§ You are willing to forgo the interest payments that are paid
§ You seek interest payments or other current income on your
on conventional interest bearing debt securities.
investment.
§ You are willing to forgo dividends or other benefits of owning
§ You want to receive dividends or other distributions paid on
the stocks included in the Index.
the stocks included in the Index.
§ You are willing to accept a limited or no market for sales prior § You seek an investment for which there will be a liquid
to maturity, and understand that the market prices for the
secondary market.
notes, if any, will be affected by various factors, including our § You are unwilling or are unable to take market risk on the
actual and perceived creditworthiness, our internal funding
notes or to take our credit risk as issuer of the notes.
rate and fees and charges on the notes.
§ You are willing to assume our credit risk, as issuer of the
notes, for all payments under the notes, including the
Redemption Amount.
We urge you to consult your investment, legal, tax, accounting, and other advisors before you invest in the notes.

Accelerated Return Notes
®
TS-3
https://www.sec.gov/Archives/edgar/data/1045520/000110465920027926/a20-10800_27424b2.htm
3/14


3/3/2020
https://www.sec.gov/Archives/edgar/data/1045520/000110465920027926/a20-10800_27424b2.htm
Accelerated Return Notes

®
Linked to the Russell 2000 Index, due
®
April 30, 2021
Hypothetical Payout Profile and Examples of Payments at
Maturity

Accelerated Return Notes

®
This graph reflects the returns on the notes, based on the

Participation Rate of 300% and the Capped Value of $11.44 per
unit. The green line reflects the returns on the notes, while the
dotted gray line reflects the returns of a direct investment in the
stocks included in the Index, excluding dividends.
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, the Participation Rate of 300%, the Capped Value of $11.44 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.


Percentage Change from the

Redemption Amount per
Total Rate of Return on the
Ending Value
Starting Value to the Ending Value
Unit
Notes



0.00
-100.00%
$0.00
-100.00%
50.00

-50.00%

$5.00

-50.00%
80.00

-20.00%

$8.00

-20.00%
90.00

-10.00%

$9.00

-10.00%
94.00

-6.00%

$9.40

-6.00%
97.00

-3.00%

$9.70

-3.00%
100.00

(1)
0.00%

$10.00

0.00%
102.00

2.00%

$10.60

6.00%
103.00

3.00%

$10.90

9.00%
104.00

4.00%

$11.20

12.00%
104.80

4.80%

$11.44

(2)
14.40%
130.00

30.00%

$11.44

14.40%
150.00

50.00%

$11.44

14.40%
200.00

100.00%

$11.44

14.40%

(1)
The hypothetical Starting Value of 100.00 used in these examples has been chosen for illustrative purposes only. The actual
Starting Value is 1,497.870, which was the closing level of the Market Measure on the pricing date.
(2)
The Redemption Amount per unit cannot exceed the Capped Value.

Accelerated Return Notes
®
TS-4
https://www.sec.gov/Archives/edgar/data/1045520/000110465920027926/a20-10800_27424b2.htm
4/14


3/3/2020
https://www.sec.gov/Archives/edgar/data/1045520/000110465920027926/a20-10800_27424b2.htm

Accelerated Return Notes

®
Linked to the Russell 2000 Index, due
®
April 30, 2021

Redemption Amount Calculation Examples

Example 1
The Ending Value is 50.00, or 50.00% of the Starting Value:
Starting Value:
100.00


Ending Value:
50.00


= $5.00 Redemption Amount per unit




Example 2
The Ending Value is 103.00, or 103.00% of the Starting Value:
Starting Value:
100.00


Ending Value:
103.00


= $10.90 Redemption Amount per unit




Example 3
The Ending Value is 130.00, or 130.00% of the Starting Value:
Starting Value:
100.00


Ending Value:
130.00


= $19.00, however, because the Redemption Amount for the notes cannot exceed
the Capped Value, the Redemption Amount will be $11.44 per unit

Accelerated Return Notes
®
TS-5
https://www.sec.gov/Archives/edgar/data/1045520/000110465920027926/a20-10800_27424b2.htm
5/14


3/3/2020
https://www.sec.gov/Archives/edgar/data/1045520/000110465920027926/a20-10800_27424b2.htm

Accelerated Return Notes

®
Linked to the Russell 2000 Index, due
®
April 30, 2021

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 ARN-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.

§ Depending on the performance of the Index as measured shortly before the maturity date, you may lose up to 100% of the
principal amount.

§ 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.

§ 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.

§ 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.

§ 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-12, are included in the public offering
price of the notes.

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

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

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

§ 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.

§ The Index sponsor may adjust the Index in a way that affects its level, and has no obligation to consider your interests.

§ 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.

§ While we, MLPF&S, BofAS or our respective affiliates may from time to time own securities of the 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.

§ 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.

Accelerated Return Notes
®
TS-6
https://www.sec.gov/Archives/edgar/data/1045520/000110465920027926/a20-10800_27424b2.htm
6/14


3/3/2020
https://www.sec.gov/Archives/edgar/data/1045520/000110465920027926/a20-10800_27424b2.htm

Accelerated Return Notes

®
Linked to the Russell 2000 Index, due
®
April 30, 2021

§ 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-26 of product supplement EQUITY INDICES ARN-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
dated December 16, 2019, as supplemented by the discussion under "Summary of Canadian Federal Income Tax
Considerations" herein.

Additional Risk Factors
The notes are subject to risks associated with small-size capitalization companies.
The stocks composing the Index are issued by companies with small-sized market capitalization. The stock prices of small-size
companies may be more volatile than stock prices of large capitalization companies. Small-size capitalization companies may be
less able to withstand adverse economic, market, trade and competitive conditions relative to larger companies. Small-size
capitalization companies may also be more susceptible to adverse developments related to their products or services.

Accelerated Return Notes
®
TS-7

https://www.sec.gov/Archives/edgar/data/1045520/000110465920027926/a20-10800_27424b2.htm
7/14


3/3/2020
https://www.sec.gov/Archives/edgar/data/1045520/000110465920027926/a20-10800_27424b2.htm

Accelerated Return Notes

®
Linked to the Russell 2000 Index, due
®
April 30, 2021

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, FTSE Russell (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 ARNs--Discontinuance of an Index" on page PS-19 of product supplement EQUITY INDICES ARN-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 one of the Russell U.S. indices, which is designed to track the performance of the small-capitalization segment of the
U.S. equity market. The companies included in the Index are the middle 2,000 of the companies that form the Russell 3000ETM
Index, which is composed of the 4,000 largest U.S. companies as determined by total market capitalization and represents
approximately 99% of the U.S. equity market. The Index is reported by Bloomberg L.P. under the ticker symbol "RTY."
Defining Eligible Securities
All companies that are determined to be part of the U.S. equity market under FTSE Russell's country-assignment methodology are
included in the Russell U.S. indices. If a company is incorporated in, has a stated headquarters location in, and also trades in the
same country (American Depositary Receipts and American Depositary Shares are not eligible), the company is assigned to the
equity market of its country of incorporation. If any of the three do not match, FTSE Russell then defines three Home Country
Indicators ("HCI"): country of incorporation, country of headquarters, and country of the most liquid exchange as defined by two-year
average daily dollar trading volume from all exchanges within a country. Using the HCIs, FTSE Russell cross-compares the primary
location of the company's assets with the three HCIs. If the primary location of the company's assets matches any of the HCIs, then
the company is assigned to its primary asset location. If there is insufficient information to determine the country in which the
company's assets are primarily located, FTSE Russell will use the primary location of the company's revenues for the same cross-
comparison and will assign the company to the appropriate country in a similar fashion. FTSE Russell uses an average of two
years of assets or revenue data for analysis to reduce potential turnover. If conclusive country details cannot be derived from assets
or revenue, FTSE Russell assigns the company to the country where its headquarters are located unless the country is a Benefit
Driven Incorporation ("BDI") country; in which case, the company will be assigned to the country of its most liquid stock exchange.
For any companies incorporated or headquartered in a U.S. territory, including countries such as Puerto Rico, Guam, and U.S.
Virgin Islands, a U.S. HCI is assigned. If a company is designated as a Chinese "N Share," it will not be considered for inclusion
within the Russell U.S. indices. An "N Share" company is controlled by mainland Chinese entities, companies or individuals. It must
be incorporated outside of China and traded on the New York Stock Exchange, the Nasdaq exchange or the NYSE American with a
majority of its revenues or assets derived from the People's Republic of China.
All securities eligible for inclusion in Russell U.S. indices must trade on an eligible U.S. exchange. The eligible U.S. exchanges are:
BATS, IEX, NYSE, NYSE American, Nasdaq and ARCA. Bulletin board, pink-sheets, and over-the-counter ("OTC") traded securities
are not eligible for inclusion, including securities for which prices are displayed on the FINRA ADF.
Preferred and convertible preferred stock, redeemable shares, participating preferred stock, warrants, rights, installment receipts
and trust receipts are not eligible for inclusion in the Russell U.S. indices. Royalty trusts, U.S. limited liability companies, closed-end
investment companies, blank check companies, special-purpose acquisition companies, and limited partnerships are also not
eligible for inclusion in the Russell U.S. indices. Business development companies, exchange traded funds and mutual funds are
also excluded.
If an eligible company trades multiple share classes, FTSE Russell will review each share class independently for U.S. index
inclusion. Stocks must trade at or above $1.00 (on its primary exchange) on the rank day in May of each year to be eligible for
inclusion during annual reconstitution. However, in order to reduce unnecessary turnover, if an existing index member's closing
price is less than $1.00 on the last day of May, it will be considered eligible if the average of the daily closing prices (from its primary
exchange) during the 30 days prior to the rank date is equal to or greater than $1.00. If an existing index member does not trade on
the rank day in May, it must price at $1.00 or above on another eligible U.S. exchange to remain eligible. An initial public offering
added during the quarterly IPO process is considered a new index addition and therefore must have a closing price on its primary
exchange at or above $1.00 on the last day of the IPO eligibility period in order to qualify for index inclusion. Companies with a total
market capitalization of less than $30 million are not eligible for inclusion in the Russell U.S. indices. Similarly, companies with only
5% or less of their shares available in the marketplace are not eligible for the Russell U.S. indices.
Annual Reconstitution
Annual reconstitution is the process by which all Russell indices are completely rebuilt. Reconstitution is a vital part of the creation
of a benchmark which accurately represents a particular market segment. Companies may get bigger or smaller over time, or
periodically undergo changes in their style characteristics. Reconstitution ensures that the companies continue to be correctly
represented in the appropriate Russell indices.

Accelerated Return Notes
®
TS-8
https://www.sec.gov/Archives/edgar/data/1045520/000110465920027926/a20-10800_27424b2.htm
8/14


3/3/2020
https://www.sec.gov/Archives/edgar/data/1045520/000110465920027926/a20-10800_27424b2.htm

Accelerated Return Notes

®
Linked to the Russell 2000 Index, due
®
April 30, 2021

On the rank day in May each year (timetable is announced each spring), all eligible securities are ranked by their total market
capitalization. Total market capitalization is determined by multiplying total outstanding shares by the last price traded on the primary
exchange on the rank day in May. All share classes for a company, including unlisted shares, are aggregated and considered total
shares outstanding.
Reconstitution occurs on the last Friday in June. However, at times this date is too proximal to exchange closures and abbreviated
exchange trading schedules when market liquidity is exceptionally low. In order to ensure proper liquidity in the markets, when the
last Friday in June falls on the 29 or 30
th
, reconstitution will occur on the preceding Friday
th
.
Eligible IPOs are added to the Russell U.S. indices quarterly to ensure that new additions to the institutional investing opportunity
set are reflected in the representative indices. FTSE Russell focuses on IPOs each quarter because it is important to reflect market
additions between reconstitution periods. Companies filing an initial public offering registration statement (or the local equivalent
when outside the United States) and listing with the same quarter on an eligible U.S. exchange are reviewed for eligibility regardless
of previous trading activity (exceptional or unique events may induce extraordinary treatment which will be communicated
appropriately); a one month window is used to ensure that companies submitting the requisite filings just outside of the quarter are
not excluded from eligibility. Companies currently trading on foreign exchanges or OTC markets will be reviewed for eligibility if: (1)
the company files an initial public offering statement for an eligible U.S. exchange; (2) the offering is announced to the market and
confirmed by FTSE Russell's vendors as an IPO; and (3) the security is not currently a member of the Russell Global Index
(eligibility and country assignment are reviewed at reconstitution).
Capitalization Adjustments
After membership is determined, a security's shares are adjusted to include only those shares available to the public, which is often
referred to as "free float." The purpose of this adjustment is to exclude from market calculations the capitalization that is not
available for purchase and is not part of the investable opportunity set. Stocks are weighted in the Russell U.S. indices by their
available (also called "float-adjusted") market capitalization, which is calculated by multiplying the primary closing price by the
available shares. Adjustments to shares are reviewed at reconstitution, during quarterly update cycles and for corporate actions
such as mergers.
Certain types of shares are considered restricted and removed from total market capitalization to arrive at free float or available
market capitalization, such as shares directly owned by State, Regional, Municipal and Local governments (excluding shares held
by independently managed pension schemes for governments), shares held by directors, senior executives and managers of the
company, and by their family and direct relations, and by companies with which they are affiliated, and shares with high
shareholding concentration, etc.
Corporate Action-Driven Changes
FTSE Russell defines a corporate action as an action on shareholders with a prescribed ex-date (e.g., rights issue, special dividend,
stock split). The share price and indexes in which the company is included will be subject to an adjustment on the ex-date. This is a
mandatory event. FTSE Russell defines a corporate event as a reaction to company news (event) that might impact the index
depending on the index rules. FTSE Russell applies corporate actions and events to its indexes on a daily basis. Depending upon
the time an action is determined to be final, FTSE Russell will either (1) apply the action before the open on the ex-date, or (2) apply
the action providing appropriate notice, referred to as "delayed action."
For merger and spin-off transactions that are effective between rank day in May and the Friday prior to annual reconstitution in
June, the market capitalizations of the impacted securities are recalculated and membership is reevaluated as of the effective date
of the corporate action. For corporate events that occur during the final week of reconstitution (during which reconstitution is
finalized Friday after U.S. market close), market capitalizations and memberships will not be reevaluated. Non index members that
have been considered ineligible as of rank day will not be reevaluated in the event of a subsequent corporate action that occurs
between rank day and the reconstitution effective date.
If a company distributes shares of an additional share class to its existing shareholders through a mandatory corporate action,
FTSE Russell evaluates the additional share class for separate index membership. The new share class will be deemed eligible if
the market capitalization of the distributed shares meets minimum size requirement (above the minimum market capitalization
breakpoint defined as the smallest member of the Russell 3000E Index from previous rebalance, adjusted for performance to date.)
Index membership of additional share classes that are added due to corporate actions will mirror that of the pricing vehicle, as will
style and stability probabilities. If the distributed shares of an additional share class do not meet eligibility requirements, they will not
be added to the index (the distributed shares may be added to the index temporarily until they are settled and listed to enable index
replication).
"No Replacement" Rule: Securities that leave a Russell U.S. index for any reason (e.g., mergers, acquisitions or other similar
corporate activity) are not replaced. Thus, the number of securities in a Russell U.S. index over the year will fluctuate according to
corporate activity.
To maintain representativeness and maximize the available investment opportunity for index managers, the Russell U.S. indices are
reviewed quarterly for updates to shares outstanding and to free floats used within the index calculation. The changes are
implemented quarterly, on the third Friday of the month (after the close). The June reconstitution will continue to be implemented on
the last Friday of June (unless the last Friday occurs on the 29th or 30th, when reconstitution will occur on the Friday prior).

Accelerated Return Notes
®
TS-9
https://www.sec.gov/Archives/edgar/data/1045520/000110465920027926/a20-10800_27424b2.htm
9/14


3/3/2020
https://www.sec.gov/Archives/edgar/data/1045520/000110465920027926/a20-10800_27424b2.htm
Accelerated Return Notes

®
Linked to the Russell 2000 Index, due
®
April 30, 2021

The following graph shows the daily historical performance of the Index in the period from January 1, 2010 through
February 27, 2020. 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
1,497.870.

Historical Performance of the Index


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
We have entered into a non-exclusive license agreement with FTSE Russell whereby we, in exchange for a fee, are permitted to
use the RTY and its related trademarks in connection with certain securities, including the notes.
The license agreement between FTSE Russell and us provides that the following language must be set forth when referring to any
FTSE Russell indexes or the FTSE Russell trademarks in this term sheet:
"`Russell 2000 Index' and `Russell 3000
®
Index' are trademarks of FTSE Russell and have been licensed for use by CIBC. The
®
notes are not sponsored, endorsed, sold, or promoted by FTSE Russell and FTSE Russell makes no representation regarding the
advisability of investing in the notes.
The notes are not sponsored, endorsed, sold, or promoted by FTSE Russell. FTSE Russell makes no representation or warranty,
express or implied, to the owners of the notes or any member of the public regarding the advisability of investing in securities
generally or in these notes particularly or the ability of the RTY to track general stock market performance or a segment of the
same. FTSE Russell's publication of the RTY in no way suggests or implies an opinion by FTSE Russell as to the advisability of
investment in any or all of the notes upon which the RTY is based. FTSE Russell's only relationship to CIBC and its affiliates is the
licensing of certain trademarks and trade names of FTSE Russell and of the RTY which is determined, composed and calculated by
FTSE Russell without regard to CIBC and its affiliates or the notes. FTSE Russell is not responsible for and has not reviewed the
notes nor any associated literature or publications and FTSE Russell makes no representation or warranty, express or implied, as to
their accuracy or completeness, or otherwise. FTSE Russell reserves the right, at any time and without notice, to alter, amend,
terminate or in any way change the RTY. FTSE Russell has no obligation or liability in connection with the administration, marketing
or trading of the notes.
FTSE RUSSELL DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE RTY OR ANY DATA
INCLUDED THEREIN AND FTSE RUSSELL SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR
INTERRUPTIONS THEREIN. FTSE RUSSELL MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE
OBTAINED BY CIBC AND/OR ITS AFFILIATES, INVESTORS, OWNERS OF THE NOTES, OR ANY OTHER PERSON OR
ENTITY FROM THE USE OF THE RTY OR ANY DATA INCLUDED THEREIN. FTSE RUSSELL MAKES NO EXPRESS OR
IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A
PARTICULAR PURPOSE OR USE WITH RESPECT TO THE RTY OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING
ANY OF THE FOREGOING, IN NO EVENT SHALL FTSE RUSSELL HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE,
INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF
SUCH DAMAGES."

Accelerated Return Notes
®
TS-10
https://www.sec.gov/Archives/edgar/data/1045520/000110465920027926/a20-10800_27424b2.htm
10/14