Obligation CBIC 0% ( US13607G6668 ) en USD

CBIC

100 % ⇌

Canada

US13607G6668 ( en USD )

28/07/2022 - Obligation échue

Prospectus brochure de l'obligation CIBC US13607G6668 en USD 0%, échue

1 000 USD

2 645 460 USD

13607G666

N/A

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 US13607G6668, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 28/07/2022

7/30/2019
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424B2 1 a19-12357_35424b2.htm 424B2

Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-21628
6
(To Prospectus dated March 28, 2017 ,
Prospectus Supplement dated November 6, 2018 an
d
Product Supplement EQUITY INDICES SUN-1 date
d
March 30, 2017
)

2,645,464 Units
Pricing Date
July 25,

$10 principal amount per unit

Settlement Date
2019

CUSIP No. 13607G666

Maturity Date

August 1,

2019
July 28,
2022

Autocallable Market-Linked Step Up Notes Linked to
an International Equity Index Basket
§
Maturity of approximately three years, if not cal ed prior to maturity

§
Automatic cal of the notes per unit at $10 plus the applicable Cal Premium ($1.34 on the first Observation Date, and $2.68 on the final

Observation Date) if the Basket is flat or increases above 100.00% of the Starting Value on the relevant Observation Date
§
The Observation Dates wil occur approximately one year and two years after the pricing date

§
If the notes are not cal ed, at maturity:

§
a return of 35.00% if the Basket is flat or increases up to the Step Up Value

§
a return equal to the percentage increase in the Basket if the Basket increases above the Step Up Value

§
1-to-1 downside exposure to decreases in the Basket, with up to 100.00% of your principal at risk

§
The Basket is comprised of the EURO STOXX 50
® Index, the FTSE
® 100 Index, the Nikkei Stock Average Index, the Swiss Market Index ,
® the

S&P /
® ASX 200 Index, and the Hang Seng
® Index. The EURO STOXX 50
® Index was given an initial weight of 40.00%, each of the FTSE
® 100
Index and the Nikkei Stock Average Index was given an initial weight of 20.00%, each of the Swiss Market Index
® and the S&P /
® ASX 200 Index
was given an initial weight of 7.50%, and the Hang Seng
® Index was given an initial weight of 5.00%
§
Al payments 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-7 of this term sheet and beginning on page PS-7 of product supplement EQUITY INDICES SUN-1.
The initial estimated value of the notes as of the pricing date is $9.589 per unit, which is less than the public offering price listed
below. See "Summary" on the fol owing page, "Risk Factors" beginning on page TS-7 of this term sheet and "Structuring the Notes" on page TS-
26 of this term sheet for additional information. The actual value of your notes at any time wil 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

$26,454,640.00
Underwriting discount

$ 0.20

$ 529,092.80
Proceeds, before expenses, to CIBC

$ 9.80

$25,925,547.20

The notes:

Are Not FDIC Insured
Are Not Bank Guaranteed
May Lose Value

BofA Merrill Lynch

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Autocal able Market-Linked Step Up Notes

Linked to an International Equity Index Basket, due July 28, 2022

Summary
The Autocallable Market-Linked Step Up Notes Linked to an International Equity Index Basket, due July 28, 2022 (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 notes (as defined on page S-2 of
the prospectus supplement). 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 will be automatically called at the applicable Call Amount if the
Observation Level of the Market Measure, which is the international equity index basket described below (the "Basket"), is equal to or greater than the Call Level on
the relevant Observation Date. If the notes are not called, at maturity, the notes provide you with a Step Up Payment if the Ending Value of the Basket is equal to or
greater than the Starting Value, but is not greater than the Step Up Value. If the Ending Value is greater than the Step Up Value, you will participate on a 1-for-1
basis in the increase in the value of the Basket above the Starting Value. If the Ending Value is less than the Starting Value, you will lose all or a portion of the
principal amount of your notes. Any payments on the notes will be calculated based on the $10 principal amount per unit and will depend on the performance of the
Basket, subject to our credit risk. See "Terms of the Notes" below.
The Basket is comprised of the EURO STOXX 50®Index, the FTSE

® 100 Index, the Nikkei Stock A

verage Index, the Swiss Market Index , the S&P
®
/ASX 200 Index,
®
and the Hang Seng Index (each, a "Basket Component"). On the pricing date, the EURO ST
®
OXX 50® Index was given an initial weight of 40.00%, each of the

FTSE® 100 Index and the Nikkei Stock A

verage Index was given an initial weight of 20.00%, each of the Swiss Market Index and the S&P
®
/ASX 200 Index was
®
given an initial weight of 7.50%, and the Hang Seng Index was given an initial weight of 5.00%.
®
The economic terms of the notes (including the Call Premiums and Call Amounts) are based on our internal funding rate, which is the rate we would pay to borrow
funds through the issuance of market-linked notes, and the economic terms of certain related hedging arrangements. Our internal funding rate is typically lower
than the rate we would pay when we issue conventional fixed rate debt securities. This difference in funding rate, as well as the underwriting discount and the
hedging related charge described below, reduced the economic terms of the notes to you and the initial estimated value of the notes on the pricing date. Due to
these factors, the public offering price you pay to purchase the notes is greater than the initial estimated value of the notes.
On the cover page of this term sheet, we have provided the initial estimated value for the notes. This initial estimated value was determined based on our pricing
models, and was based on our internal funding rate on the pricing date, market conditions and other relevant factors existing at that time, and our assumptions
about market parameters. For more information about the initial estimated value and the structuring of the notes, see "Structuring the Notes" on page TS-26.

Terms of the Notes

Issuer:
Canadian Imperial Bank of Commerce
Call Settlement
Approximately the fifth business day following the applicable

("CIBC ")
Dates:
Observation Date, subject to postponement if the related
Observation Date is postponed, as described on page PS-19 of
product supplement EQUITY INDICES SUN-1.
Principal Amount:
$10.00 per unit
Call Premiums:
$1.34 per unit if called on the first Observation Date (which
represents a return of 13.40% over the principal amount), and
$2.68 per unit if called on the final Observation Date (which
represents a return of 26.80% over the principal amount).
Term:
Approximately three years, if not called
Ending Value:
The value of the Basket on the calculation day, calculated as

specified in "The Basket" on page TS-9. The scheduled
calculation day is subject to postponement in the event of
Market Disruption Events, as described on page PS-24 of
product supplement EQUITY INDICES SUN-1.
Market Measure:
An international equity index basket
Step Up Value:
135.00 (135.00% of the Starting Value).

comprised of the EURO STOXX 50® Index

(Bloomberg symbol: "SX5E"), the FTSE®
100 Index (Bloomberg symbol: "UKX"), the
Nikkei Stock Average Index (Bloomberg
symbol: "NKY"), the Swiss Market
Index (Bloomberg
®
symbol: "SMI"), the
S&P /ASX 200 Index (Bloomberg symbol:
®
"AS51") and the Hang Seng Index
®
(Bloomberg symbol: "HSI"). Each Basket
Component is a price return index.
Starting Value:
100.00
Step Up Payment:
$3.50 per unit, which represents a return of 35.00% over the

principal amount.
Observation Level:
The value of the Basket on the applicable
Threshold Value:
100.00% of the Starting Value

Observation Date, calculated as specified
in "The Basket" on page TS-9.
Observation
August 6, 2020 and July 22, 2021, subject
Calculation Day:
July 21, 2022
Dates:
to postponement in the event of Market
Disruption Events, as described on
page PS-24 of product supplement
EQUITY INDICES SUN-1.
Call Level:
100.00 (100.00% of the Starting Value).
Fees and Charges:
The underwriting discount of $0.20 per unit listed on the cover

page and the hedging related charge of $0.075 per unit
described in "Structuring the Notes" on page TS-26.
Call Amounts
$11.34 if called on the first Observation
Calculation Agent:
BofA Securities, Inc. ("BofAS").
(per Unit):
Date, and $12.68 if called on the final
Observation Date.

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Determining Payment on the Notes
Automatic Call Provision
The notes wil be cal ed automatical y on an Observation Date if the Observation Level on that Observation Date is equal to or greater than the Cal Level.
If the notes are cal ed, you wil receive $10 per unit plus the applicable Cal Premium.

Redemption Amount Determination
If the notes are not automatical y cal ed, on the maturity date, you wil receive a cash payment per unit determined as fol ows:

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Linked to an International Equity Index Basket, due July 28, 2022

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

§
Product supplement EQUITY INDICES SUN-1 dated March 30, 2017:

https://www.sec.gov/Archives/edgar/data/1045520/000110465917020280/a17-7416_9424b5.htm

§
Prospectus dated March 28, 2017 and prospectus supplement dated November 6, 2018:

https://www.sec.gov/Archives/edgar/data/1045520/000110465918066166/a18-37094_1424b2.htm
As a result of the completion of the reorganization of Bank of America's U.S. broker-dealer business, references to Merrill Lynch, Pierce,
Fenner & Smith Incorporated ("MLPF&S") in the accompanying product supplement EQUITY INDICES SUN-1, as such references
relate to MLPF&S's institutional services, should be read as references to BofAS.

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 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.
When you read the accompanying product supplement, please note that all references in such supplement to the prospectus
supplement dated March 28, 2017, or to any sections therein, should refer instead to the accompanying prospectus supplement dated
November 6, 2018 or to the corresponding sections of such prospectus supplement, as applicable, unless otherwise specified or the
context otherwise requires. Capitalized terms used but not defined in this term sheet have the meanings set forth in product supplement
EQUITY INDICES SUN-1. Unless otherwise indicated or unless the context requires otherwise, all references in this document to "we,"
"us," "our," or similar references are to CIBC.

Investor Considerations
You may wish to consider an investment in the notes if:

The notes may not be an appropriate investment for you if:
§
You are willing to receive a return on your investment capped
§
You want to hold your notes for the full term.

at the applicable Call Premium if the relevant Observation
§
You believe that the notes will not be automatically called and
Level is equal to or greater than the Call Level.

the value of the Basket will decrease from the Starting Value
§
You anticipate that the notes will be automatically called or
to the Ending Value.

that the value of the Basket will not decrease from the Starting
§
You seek principal repayment or preservation of capital.
Value to the Ending Value.

§
You seek interest payments or other current income on your
§
You are willing to risk a loss of principal and return if the notes

investment.
are not automatically called and the value of the Basket
decreases from the Starting Value to the Ending Value.
§
You want to receive dividends or other distributions paid on

the stocks included in the Basket Components.
§
You are willing to forgo the interest payments that are paid on

conventional interest bearing debt securities.
§
You seek an investment for which there will be a liquid

secondary market.
§
You are willing to forgo dividends or other benefits of owning

the stocks included in the Basket Components.
§
You are unwilling or are unable to take market risk on the

notes or to take our credit risk as issuer of the notes.
§
You are willing to accept a limited or no market for sales prior

to maturity, and understand that the market prices for the
notes, if any, will be affected by various factors, including our
actual and perceived creditworthiness, our internal funding
rate and fees and charges on the notes.
§
You are willing to assume our credit risk, as issuer of the

notes, for all payments under the notes, including the Call
Amount or the Redemption Amount.

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

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Hypothetical Payout Profile and Examples of Payments at
Maturity
The graph below shows a payout profile at maturity, which would only apply if the notes are not called on any Observation
Date.

Autocallable Market-Linked Step Up Notes

This graph reflects the returns on the notes, based on the
Threshold Value of 100.00% of the Starting Value, the Step Up
Payment of $3.50 per unit and the Step Up Value of 135.00% of
the Starting Value. The green line reflects the returns on the
notes, while the dotted gray line reflects the returns of a direct
investment in the stocks included in the Basket Components,
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, assuming the notes are not called on any Observation Date. They illustrate the calculation of the Redemption
Amount and total rate of return based on the Starting Value of 100, the Threshold Value of 100, the Step Up Value of 135, the Step Up
Payment of $3.50 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 Ending Value, whether the notes are called on an Observation Date, 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 hypothetical historical values of the Basket, see "The Basket" section below. For recent actual levels of the Basket Components,
see "The Basket Components" section below. Each Basket Component 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 any of the Basket Components, 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
Total Rate of Return on the
Ending Value

Starting Value to the Ending Value

per Unit

Notes

0.00

-100.00%

$0.00

-100.00%
50.00

-50.00%

$5.00

-50.00%
75.00

-25.00%

$7.50

-25.00%
80.00

-20.00%

$8.00

-20.00%
85.00

-15.00%

$8.50

-15.00%
90.00

-10.00%

$9.00

-10.00%
95.00

-5.00%

$9.50

-5.00%
100.00(1)(2)
(3)

0.00%

$13.50

35.00%
105.00

5.00%

$13.50

35.00%
110.00

10.00%

$13.50

35.00%
120.00

20.00%

$13.50

35.00%
130.00

30.00%

$13.50

35.00%
135.00(4)

35.00%

$13.50

35.00%
140.00

40.00%

$14.00

40.00%
150.00

50.00%

$15.00

50.00%
160.00

60.00%

$16.00

60.00%
200.00

100.00%

$20.00

100.00%
(1)
This is the Threshold Value.

(2)
The Starting Value was set to 100.00 on the pricing date.

(3)
This amount represents the sum of the principal amount and the Step Up Payment of $3.50.

(4)
This is the Step Up Value.

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Autocal able Market-Linked Step Up Notes

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Redemption Amount Calculation Examples

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

Redemption Amount per unit
Example 2
The Ending Value is 110.00, or 110.00% of the Starting Value:
Starting Value:
100.00
Step Up Value:
135.00
Ending Value:
110.00

Redemption Amount per unit, the principal amount plus the Step Up Payment, since
the Ending Value is equal to or greater than the Starting Value, but less than the Step
Up Value.

Example 3
The Ending Value is 165.00, or 165.00% of the Starting Value:
Starting Value:
100.00
Step Up Value:
135.00
Ending Value:
165.00

Redemption Amount per unit

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Autocal able Market-Linked Step Up Notes

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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 careful y review the more detailed explanation of risks relating to the notes in the "Risk Factors" sections
beginning on page PS-7 of product supplement EQUITY INDICES SUN-1, page S-1 of the prospectus supplement, and page 1 of the
prospectus identified above. We also urge you to consult your investment, legal, tax, accounting, and other advisors before you invest in the
notes.

§
If the notes are not automatically called, depending on the performance of the Basket 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.

§
If the notes are called, your investment return is limited to the return represented by the applicable Call Premium.

§
Your investment return may be less than a comparable investment directly in the stocks included in the Basket Components.

§
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-26, 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 value of the Basket, 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 Basket Components), 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.

§
Changes in the level of one of the Basket Components may be offset by changes in the levels of the other Basket Components.

Due to the different Initial Component Weights, changes in the levels of some Basket Components will have a more substantial
impact on the value of the Basket than similar changes in the levels of other Basket Components.

§
The index sponsors may adjust their respective Basket Components in a way that affects their levels, and have no obligation to

consider your interests.

§
You will have no rights of a holder of the securities represented by the Basket Components, and you will not be entitled to

receive securities, 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

Basket Components, we, MLPF&S, BofAS and our respective affiliates do not control any company included in any Basket
Component, and have not verified any disclosure made by any other company.

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Autocal able Market-Linked Step Up Notes

Linked to an International Equity Index Basket, due July 28, 2022

§
Your return on the notes may be affected by factors affecting the international securities markets, specifically markets in the

countries represented by the Basket Components. In addition, you will not obtain the benefit of any increase in the value of the
currencies in which the securities included in the Basket Components trade against the U.S. dollar, which you would have
received if you had owned the securities included in the Basket Components during the term of your notes, although the value
of the Basket may be adversely affected by general exchange rate movements in the market.

§
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.

§
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-
31 of product supplement EQUITY INDICES SUN-1. For a discussion of the Canadian federal income tax consequences of
investing in the notes, see "Material Income Tax Consequences Canadian Taxation" in the prospectus dated March 28, 2017,
as supplemented by the discussion under "Summary of Canadian Federal Income Tax Considerations" herein.

Other Terms of the Notes

Market Measure Business Day

The following definition shall supersede and replace the definition of "Market Measure Business Day" set forth in product supplement
EQUITY INDICES SUN-1.
A "Market Measure Business Day" means a day on which:

(A) each of the Eurex (as to the EURO STOXX 50 Index), the London Stock Exchange (as to the FTSE
®
100 Index), the T
®
okyo

Stock Exchange (as to the Nikkei Stock Average Index), the SIX Swiss Exchange (as to the Swiss Market Index ), the
®
Australian Stock Exchange (as to the S&P /ASX 200 Index), and the Stock Exchange of Hong Kong (as to the Hang
®
Seng Index) (or any successor to the foregoing exchanges) are open for trading; and
®

(B) the Basket Components or any successors thereto are calculated and published.

Autocallable Market-Linked Step Up Notes
TS-8

https://www.sec.gov/Archives/edgar/data/1045520/000110465919042326/a19-12357_35424b2.htm
8/28

7/30/2019
https://www.sec.gov/Archives/edgar/data/1045520/000110465919042326/a19-12357_35424b2.htm

Autocal able Market-Linked Step Up Notes

Linked to an International Equity Index Basket, due July 28, 2022

The Basket

The Basket is designed to allow investors to participate in the percentage changes in the levels of the Basket Components from the
Starting Value to the Ending Value of the Basket. The Basket Components are described in the section entitled "The Basket
Components" below. Each Basket Component was assigned an initial weight on the pricing date, as set forth in the table below.
For more information on the calculation of the value of the Basket, please see the section entitled "Description of the Notes--Basket
Market Measures" beginning on page PS-22 of product supplement EQUITY INDICES SUN-1.
For each Basket Component, the Initial Component Weight, the closing level, the Component Ratio and the initial contribution to the
Basket value were as follows:

Initial
Initial Basket
Bloomberg

Component
Closing
Component

Value
Basket Component

Symbol

Weight
(1)
Level
(2)

Ratio

Contribution

EURO STOXX 50 Index

®
SX5E

40.00%

3,510.15

0.01139552

40.00
FTSE 100 Index

®
UKX

20.00%

7,489.05

0.00267057

20.00
Nikkei Stock Average Index

NKY

20.00%

21,756.55

0.00091926

20.00
Swiss Market Index

®
SMI

7.50%

9,877.03

0.00075934

7.50
S&P /ASX 200 Index

®
AS51

7.50%

6,818.029

0.00110002

7.50
Hang Seng Index

®
HSI

5.00%

28,594.30

0.00017486

5.00

Starting Value

100.00

(1) These were the closing levels of the Basket Components on the pricing date.

(2) Each Component Ratio equals the Initial Component Weight of the relevant Basket Component (as a percentage) multiplied by

100, and then divided by the closing level of that Basket Component on the pricing date and rounded to eight decimal places.
The calculation agent will calculate the value of the Basket on each Observation Date and the calculation day by summing the products
of (a) the closing level for each Basket Component on such day and (b) the Component Ratio applicable to such Basket Component. If a
Market Disruption Event occurs as to any Basket Component on a scheduled Observation Date or the scheduled calculation day, the
closing level of that Basket Component will be determined as more fully described in the section entitled "Description of the Notes--
Basket Market Measures--Observation Level or Ending Value of the Basket" beginning on page PS-23 of product supplement EQUITY
INDICES SUN-1.

Autocallable Market-Linked Step Up Notes
TS-9

https://www.sec.gov/Archives/edgar/data/1045520/000110465919042326/a19-12357_35424b2.htm
9/28

7/30/2019
https://www.sec.gov/Archives/edgar/data/1045520/000110465919042326/a19-12357_35424b2.htm

Autocal able Market-Linked Step Up Notes

Linked to an International Equity Index Basket, due July 28, 2022

While actual historical information on the Basket did not exist before the pricing date, the following graph sets forth the
hypothetical historical performance of the Basket from January 1, 2008 through July 25, 2019. The graph is based upon actual
daily historical levels of the Basket Components, hypothetical Component Ratios based on the closing levels of the Basket
Components as of December 31, 2007, and a Basket value of 100.00 as of that date. This hypothetical historical data on the
Basket is not necessarily indicative of the future performance of the Basket or what the value of the notes may be. Any
hypothetical historical upward or downward trend in the value of the Basket during any period set forth below is not an
indication that the value of the Basket is more or less likely to increase or decrease at any time over the term of the notes.

Hypothetical Historical Performance of the Basket

Autocallable Market-Linked Step Up Notes
TS-10

https://www.sec.gov/Archives/edgar/data/1045520/000110465919042326/a19-12357_35424b2.htm
10/28