Obligation CBIC 0% ( US13607G3517 ) en USD

Société émettrice CBIC
Prix sur le marché 100 %  ⇌ 
Pays  Canada
Code ISIN  US13607G3517 ( en USD )
Coupon 0%
Echéance 26/03/2021 - Obligation échue



Prospectus brochure de l'obligation CIBC US13607G3517 en USD 0%, échue


Montant Minimal 1 000 USD
Montant de l'émission 129 999 000 USD
Cusip 13607G351
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 US13607G3517, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 26/03/2021







2/4/2020
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424B2 1 a20-6386_3424b2.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)

12,999,859 Units
Pricing Date
January 30, 2020

$10 principal amount per unit
Settlement Date
February 6, 2020
CUSIP No. 13607G351
Maturity Date
March 26, 2021






Accelerated Return Notes
® Linked to the S&P
500
® Index
§
Maturity of approximately 14 months

§
3-to-1 upside exposure to increases in the Index, subject to a capped return of 10.26%

§
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"
beginning on page TS-6 of this term sheet and 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 $9.73 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-13 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


$ 129,998,590.00

Underwriting discount

$ 0.20


$ 2,599,971.80

Proceeds, before expenses, to CIBC

$ 9.80


$ 127,398,618.20


The notes:

Are Not FDIC Insured
Are Not Bank Guaranteed
May Lose Value


BofA Securities
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Accelerated Return Notes

®
Linked to the S&P 500 Index, due
®
March 26, 2021
Summary
The Accelerated Return Notes L
® inked to the S&P 500 I
® ndex, due March 26, 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 S&P 500 I
® ndex (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-13.

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
("CIBC")
as fol ows:
Principal
$10.00 per unit
Amount:
Term:
Approximately 14 months
Market
The S&P 500 I
® ndex (Bloomberg
Measure:
symbol: "SPX"), a price return index.
Starting Value:
3,283.66
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:
$11.026 per unit, which represents a
return of 10.26% over the principal
amount.
Maturity
March 17, 2021, March 18, 2021,
Valuation
March 19, 2021, March 22, 2021 and
Period:
March 23, 2021
Fees and
The underwriting discount of $0.20
Charges:
per unit listed on the cover page and
the hedging-related charge of $0.075
per unit described in "Structuring the
Notes" on page TS-13.
Calculation
BofA Securities, Inc. ("BofAS")
Agent:

Accelerated Return Notes
®
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®
Linked to the S&P 500 Index, due
®
March 26, 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
§ You are willing to risk a loss of principal and return if the Index
sufficiently over the term of the notes to provide you with
decreases from the Starting Value to the Ending Value.
your desired return.
§ You accept that the return on the notes will be capped.
§ You seek principal repayment or preservation of capital.
§ You are willing to forgo the interest payments that are paid on
§ You seek an uncapped return on your investment.
conventional interest bearing debt securities.
§ You seek interest payments or other current income on your
§ You are willing to forgo dividends or other benefits of owning
investment.
the stocks included in the Index.
§ You want to receive dividends or other distributions paid on
§ You are willing to accept a limited or no market for sales prior
the stocks included in the Index.
to maturity, and understand that the market prices for the
§ You seek an investment for which there will be a liquid
notes, if any, will be affected by various factors, including our
secondary market.
actual and perceived creditworthiness, our internal funding
§ You are unwilling or are unable to take market risk on the
rate and fees and charges on the notes.
notes or to take our credit risk as issuer of 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
®
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®
Linked to the S&P 500 Index, due
®
March 26, 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 $11.026
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 $11.026 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%
$0.000
-100.00%
50.00

-50.00%

$5.000

-50.00%
80.00

-20.00%

$8.000

-20.00%
90.00

-10.00%

$9.000

-10.00%
94.00

-6.00%

$9.400

-6.00%
97.00

-3.00%

$9.700

-3.00%
100.00

(1)
0.00%

$10.000

0.00%
102.00

2.00%

$10.600

6.00%
103.00

3.00%

$10.900

9.00%
103.42

3.42%

$11.026

(2)
10.26%
120.00

20.00%

$11.026

10.26%
130.00

30.00%

$11.026

10.26%
150.00

50.00%

$11.026

10.26%
200.00

100.00%

$11.026

10.26%

(1) The hypothetical Starting Value of 100.00 used in these examples has been chosen for illustrative purposes only. The actual
Starting Value is 3,283.66, 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
®
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®
Linked to the S&P 500 Index, due
®
March 26, 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 $11.026 per unit

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®
March 26, 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-13, 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, except to the extent that the common stock of Bank of America Corporation (the parent company of MLPF&S and
BofAS) is 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
®
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®
Linked to the S&P 500 Index, due
®
March 26, 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, as
supplemented by the discussion under "Summary of Canadian Federal Income Tax Considerations" herein.

Accelerated Return Notes
®
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®
March 26, 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, S&P Dow Jones Indices LLC (the "Index sponsor" or "S&P"). 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.
General
The Index is intended to provide an indication of the pattern of common stock price movement. The calculation of the level of the Index
is based on the relative value of the aggregate market value of the common stocks of 500 companies as of a particular time compared
to the aggregate average market value of the common stocks of 500 similar companies during the base period of the years 1941
through 1943.
Relevant criteria employed by S&P include the viability of the particular company, the extent to which that company represents the
industry group to which it is assigned, the extent to which the market price of that company's common stock generally is responsive to
changes in the affairs of the respective industry and the market value and trading activity of the common stock of that company. Eleven
main groups of companies constitute the Index, with the approximate percentage of the market capitalization of the Index included in
each group as of December 31, 2019 indicated in parentheses: Information Technology (23.2%), Health Care (14.2%), Financials
(13.0%), Communication Services (10.4%), Consumer Discretionary (9.8%), Industrials (9.1%), Consumer Staples (7.2%), Energy
(4.3%), Utilities (3.3%), Real Estate (2.9%) and Materials (2.7%). S&P may from time to time, in its sole discretion, add companies to, or
delete companies from, the Index to achieve the objectives stated above. As of the close of business on September 21, 2018, S&P and
MSCI, Inc. updated the Global Industry Classification Sector ("GICS") structure. Among other things, the update broadened the
Telecommunications Services sector and renamed it the Communication Services sector. The renamed sector includes the previously
existing Telecommunication Services Industry group, as well as the Media Industry group, which was moved from the Consumer
Discretionary sector and renamed the Media & Entertainment Industry group. The Media & Entertainment Industry group contains three
industries: Media, Entertainment and Interactive Media & Services. The Media industry continues to consist of the Advertising,
Broadcasting, Cable & Satellite and Publishing sub-industries. The Entertainment industry contains the Movies & Entertainment
subindustry (which includes online entertainment streaming companies in addition to companies previously classified in such industry
prior to September 21, 2018) and the Interactive Home Entertainment subindustry (which includes companies previously classified in the
Home Entertainment Software sub-industry prior to September 21, 2018 (when the Home Entertainment Software sub-industry was a
sub-industry in the Information Technology sector), as well as producers of interactive gaming products, including mobile gaming
applications). The Interactive Media & Services industry and sub-industry includes companies engaged in content and information
creation or distribution through proprietary platforms, where revenues are derived primarily through pay-per-click advertisements, and
includes search engines, social media and networking platforms, online classifieds and online review companies. The GICS structure
changes were effective for the Index as of the open of business on September 24, 2018 to coincide with the September 2018 quarterly
rebalancing.
S&P calculates the Index by reference to the prices of the constituent stocks of the Index without taking account of the value of
dividends paid on those stocks. As a result, the return on the notes will not reflect the return you would realize if you actually owned the
Index constituent stocks and received the dividends paid on those stocks.
Computation of the Index
Historically, the market value of any component stock of the Index was calculated as the product of the market price per share and the
number of then outstanding shares of such component stock. In March 2005, S&P began shifting the Index halfway from a market
capitalization weighted formula to a float-adjusted formula, before moving the Index to full float adjustment on September 16, 2005.
S&P's criteria for selecting stocks for the Index did not change with the shift to float adjustment. However, the adjustment affects each
company's weight in the Index.
Under float adjustment, the share counts used in calculating the Index reflect only those shares that are available to investors, not all of
a company's outstanding shares. Float adjustment excludes shares that are closely held by control groups, other publicly traded
companies or government agencies.
In September 2012, all shareholdings representing more than 5% of a stock's outstanding shares, other than holdings by "block
owners," were removed from the float for purposes of calculating the Index. Generally, these "control holders" will include officers and
directors, private equity, venture capital and special equity firms, other publicly traded companies that hold shares for control, strategic
partners, holders of restricted shares, employee stock ownership plans, employee and family trusts, foundations associated with the
company, holders of unlisted share classes of stock, government entities at all levels (other than government retirement/pension funds)
and any individual person who controls a 5% or greater stake in a company as reported in regulatory filings. However, holdings by block
owners, such as depositary banks, pension funds, mutual funds and ETF providers, 401(k) plans of the company, government

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®
March 26, 2021

retirement/pension funds, investment funds of insurance companies, asset managers and investment funds, independent foundations
and savings and investment plans, will ordinarily be considered part of the float.
Treasury stock, stock options, restricted shares, equity participation units, warrants, preferred stock, convertible stock, and rights are not
part of the float. Shares held in a trust to allow investors in countries outside the country of domicile, such as depositary shares and
Canadian exchangeable shares are normally part of the float unless those shares form a control block.
For each stock, an investable weight factor ("IWF") is calculated by dividing the available float shares, by the total shares outstanding.
As of September 21, 2012, available float shares are defined as the total shares outstanding less shares held by control holders. This
calculation is subject to a 5% minimum threshold for control blocks. For example, if a company's officers and directors hold 3% of the
company's shares, and no other control group holds 5% of the company's shares, S&P would assign that company an IWF of 1.00, as
no control group meets the 5% threshold. However, if a company's officers and directors hold 3% of the company's shares and another
control group holds 20% of the company's shares, S&P would assign an IWF of 0.77, reflecting the fact that 23% of the company's
outstanding shares are considered to be held for control. As of July 31, 2017, companies with multiple share class lines are no longer
eligible for inclusion in the Index. Constituents of the Index prior to July 31, 2017 with multiple share class lines will be grandfathered in
and continue to be included in the Index. If a constituent company of the Index reorganizes into a multiple share class line structure,
that company will remain in the Index at the discretion of the S&P Index Committee in order to minimize turnover.
The Index is calculated using a base-weighted aggregate methodology. The level of the Index reflects the total market value of all 500
component stocks relative to the base period of the years 1941 through 1943. An indexed number is used to represent the results of this
calculation in order to make the level easier to work with and track over time. The actual total market value of the component stocks
during the base period of the years 1941 through 1943 has been set to an indexed level of 10. This is often indicated by the notation
1941- 43 = 10. In practice, the daily calculation of the Index is computed by dividing the total market value of the component stocks by
the "index divisor." By itself, the index divisor is an arbitrary number. However, in the context of the calculation of the Index, it serves as a
link to the original base period level of the Index. The index divisor keeps the Index comparable over time and is the manipulation point
for all adjustments to the Index, which is index maintenance.
Index Maintenance
Index maintenance includes monitoring and completing the adjustments for company additions and deletions, share changes, stock
splits, stock dividends and stock price adjustments due to company restructuring or spinoffs. Some corporate actions, such as stock
splits and stock dividends require changes in the common shares outstanding and the stock prices of the companies in the Index, and
do not require index divisor adjustments.
To prevent the level of the Index from changing due to corporate actions, corporate actions which affect the total market value of the
Index require an index divisor adjustment. By adjusting the index divisor for the change in market value, the level of the Index remains
constant and does not reflect the corporate actions of individual companies in the Index. Index divisor adjustments are made after the
close of trading and after the calculation of the Index closing level.
Changes in a company's shares outstanding and IWF due to its acquisition of another public company are made as soon as reasonably
possible. At S&P's discretion, de minimis merger and acquisition share changes are accumulated and implemented with the quarterly
share rebalancing.
All other changes of less than 5% are accumulated and made quarterly on the third Friday of March, June, September, and December.
Changes in a company's total shares outstanding of 5% or more due to public offerings are made as soon as reasonably possible. Other
changes of 5% or more (for example, due to tender offers, Dutch auctions, voluntary exchange offers, company stock repurchases,
private placements, acquisitions of private companies or non-index companies that do not trade on a major exchange, redemptions,
exercise of options, warrants, conversion of preferred stock, notes, debt, equity participations, at-the-market stock offerings or other
recapitalizations) are made weekly, and are generally announced on Fridays for implementation after the close of trading the following
Friday (one week later). If a 5% or more share change causes a company's IWF to change by five percentage points or more, the IWF is
updated at the same time as the share change. IWF changes resulting from partial tender offers are considered on a case-by-case
basis.

Accelerated Return Notes
®
TS-9

https://www.sec.gov/Archives/edgar/data/1045520/000110465920009849/a20-6386_3424b2.htm
9/15


2/4/2020
https://www.sec.gov/Archives/edgar/data/1045520/000110465920009849/a20-6386_3424b2.htm

Accelerated Return Notes

®
Linked to the S&P 500 Index, due
®
March 26, 2021
The following graph shows the daily historical performance of the Index in the period from January 1, 2010 through
January 30, 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 3,283.66.

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 and S&P have entered into a non-transferable, non-exclusive license agreement providing for the sublicense to us, in exchange for
a fee, of the right to use the Index in connection with the issuance of the notes.

The license agreement between us and S&P provides that the following language must be stated in this document:

The Index is a product of S&P, and has been licensed for use by us. Standard & Poor's , S&P
®
and S&P 500
®
are registered
®
trademarks of Standard & Poor's Financial Services LLC; and these trademarks have been licensed for use by S&P and sublicensed for
certain purposes by us. The notes are not sponsored, endorsed, sold or promoted by S&P, Standard & Poor's Financial Services LLC or
any of their respective affiliates (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices make no representation or warranty,
express or implied, to the holders of the notes or any member of the public regarding the advisability of investing in securities generally
or in the notes particularly or the ability of the Index to track general market performance. S&P Dow Jones Indices' only relationship to
us with respect to the Index is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones
Indices or its licensors. The Index is determined, composed and calculated by S&P Dow Jones Indices without regard to us or the notes.
S&P Dow Jones Indices have no obligation to take our needs or the needs of holders of the notes into consideration in determining,
composing or calculating the Index. S&P Dow Jones Indices are not responsible for and have not participated in the determination of the
prices, and amount of the notes or the timing of the issuance or sale of the notes or in the determination or calculation of the equation by
which the notes are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices have no
obligation or liability in connection with the administration, marketing or trading of the notes. There is no assurance that investment
products based on the Index will accurately track index performance or provide positive investment returns. S&P is not an investment
advisor. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security,
nor is it considered to be investment advice. Notwithstanding the foregoing, CME Group Inc. and its affiliates may independently issue
and/or sponsor financial products unrelated to the notes currently being issued by us, but which may be similar to and competitive with
the notes. In addition, CME Group Inc. and its affiliates may trade financial products which are linked to the performance of the Index.

S&P DOW JONES INDICES DO NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS
OF THE INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR
WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES
INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN.
S&P DOW JONES INDICES MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES,

Accelerated Return Notes
®
TS-10

https://www.sec.gov/Archives/edgar/data/1045520/000110465920009849/a20-6386_3424b2.htm
10/15