Obligation CBIC 0% ( US13607H5081 ) en USD

CBIC

100 % ⇌

Canada

US13607H5081 ( en USD )

28/04/2023 - Obligation échue

Prospectus brochure de l'obligation CIBC US13607H5081 en USD 0%, échue

1 000 USD

6 216 980 USD

13607H508

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 US13607H5081, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 28/04/2023

424B2 1 a20-16501_27424b2.htm 424B2

File d Pursua nt t o Rule 4 2 4 (b)(2 )
Re gist ra t ion St a t e m e nt N o. 3 3 3 -2 3 3 6 6 3
(T o Prospe c t us da t e d De c e m be r 1 6 , 2 0 1 9 ,
Prospe c t us Supple m e nt da t e d De c e m be r 1 6 , 2 0 1 9 a nd
Produc t Supple m e nt EQU I T Y I N DI CES SU N -1 da t e d
De c e m be r 1 6 , 2 0 1 9 )

621,698 Units
Pricing Date
April 23,
$10 principal amount per unit
Settlement Date
2020
CUSIP No. 13607H508
Maturity Date
April 30,
2020
April 28,
2023

Aut oc a lla ble M a rk e t -Link e d St e p U p N ot e s
Link e d t o
t he Russe ll 2 0 0 0 ® I nde x

Maturity of approximately three years, if not called prior to maturity

Automatic call of the notes per unit at $10 plus the applicable Call Premium ($1.517 on the first Observation Date, and $3.034 on the final

Observation Date) if the Index is flat or increases above 100.00% of the Starting Value on the relevant Observation Date

The Observation Dates will occur approximately one and two years after the pricing date

If the notes are not called, at maturity:

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

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

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

All 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

T he not e s a re be ing issue d by Ca na dia n I m pe ria l Ba nk of Com m e rc e ("CI BC"). T he re a re im port a nt diffe re nc e s
be t w e e n t he not e s a nd a c onve nt iona l de bt se c urit y, inc luding diffe re nt inve st m e nt risk s a nd c e rt a in a ddit iona l
c ost s. Se e "Risk Fa c t ors" a nd "Addit iona l Risk Fa c t ors" be ginning on pa ge T S -7 of t his t e rm she e t a nd "Risk
Fa c t ors" be ginning on pa ge PS -7 of produc t supple m e nt EQU I T Y I N DI CES SU N -1 .

T he init ia l e st im a t e d va lue of t he not e s a s of t he pric ing da t e is $ 9 .2 3 3 pe r unit , w hic h is le ss t ha n t he public
offe ring pric e list e d be low . See "Summary" on the following page, "Risk Factors" beginning on page TS-7 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
$6,216,980.00
Underwriting discount
$ 0.20
$124,339.60
Proceeds, before expenses, to CIBC
$ 9.80
$6,092,640.40

T he not e s:

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Are N ot FDI C I nsure d
Are N ot Ba nk
M a y Lose V a lue
Gua ra nt e e d

BofA Se c urit ie s
April 23, 2020

Autocallable Market-Linked Step Up Notes
Linked to the Russell 2000® Index, due April 28, 2023

Summary

The Autocallable Market-Linked Step Up Notes Linked to the Russell 2000® Index, due April 28, 2023 (the "notes") are our senior unsecured debt securities.
The notes are not guaranteed or insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other
governmental agency of the United States, Canada or any other jurisdiction or secured by collateral. The notes are not bail-inable debt securities (as defined
on page 6 of the prospectus). T he not e s w ill ra nk e qua lly w it h a ll of our ot he r unse c ure d a nd unsubordina t e d de bt . Any pa ym e nt s
due on t he not e s, inc luding a ny re pa ym e nt of princ ipa l, w ill be subje c t t o t he c re dit risk of CI BC. The notes will be automatically
called at the applicable Call Amount if the Observation Level of the Market Measure, which is the Russell 2000® Index (the "Index"), 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 Index 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 level of the Index 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 Index, subject to our credit risk. See "Terms of the Notes" below.

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-13.

Terms of the Notes
I ssue r:
Canadian Imperial Bank of Commerce ("CIBC")
Ca ll Se t t le m e nt
Approximately the fifth business day following the
Da t e s:
applicable 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.
Princ ipa l
$10.00 per unit
Ca ll Pre m ium s:
$1.517 per unit if called on the first Observation Date
Am ount :
(which represents a return of 15.17% over the principal
amount), and $3.034 per unit if called on the final
Observation Date (which represents a return of
30.34% over the principal amount).
T e rm :
Approximately three years, if not called
Ending V a lue :
The closing level of the Index on the calculation day.
The scheduled calculation day is subject to
postponement in the event of Market Disruption
Events, as described beginning on page PS-20 of
product supplement EQUITY INDICES SUN-1.
M a rk e t
The Russell 2000® Index (Bloomberg symbol:
St e p U p V a lue :
1,638.988 (135.00% of the Starting Value, rounded to
M e a sure :
"RTY"), a price return index
three decimal places).
St a rt ing V a lue :
1,214.065
St e p U p
$3.50 per unit, which represents a return of 35.00%
Pa ym e nt :
over the principal amount.
Obse rva t ion
The closing level of the Index on the applicable
T hre shold V a lue :
1,214.065 (100.00% of the Starting Value).
Le ve l:
Observation Date.

Obse rva t ion
May 7, 2021 and April 22, 2022. The scheduled
Ca lc ula t ion Da y:
April 21, 2023
Da t e s:
Observation Dates are subject to postponement
in the event of Market Disruption Events, as
described on page PS-19 of product
supplement EQUITY INDICES SUN-1.
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Ca ll Le ve l:
1,214.065 (100.00% of the Starting Value).
Fe e s a nd
The underwriting discount of $0.20 per unit listed on
Cha rge s:
the cover page and the hedging related charge of
$0.075 per unit described in "Structuring the Notes" on
page TS-13.
Ca ll Am ount s
$11.517 if called on the first Observation Date,
Ca lc ula t ion
BofA Securities, Inc. ("BofAS").
(pe r U nit ) :
and $13.034 if called on the final Observation
Age nt :
Date.

Autocallable Market-Linked Step Up Notes
TS-2

Autocallable Market-Linked Step Up Notes
Linked to the Russell 2000® Index, due April 28, 2023

Determining Payment on the Notes

Aut om a t ic Ca ll Provision

The notes will be called automatically on an Observation Date if the Observation Level on that Observation Date is equal to or greater than the Call Level. If
the notes are called, you will receive $10 per unit plus the applicable Call Premium.

Re de m pt ion Am ount De t e rm ina t ion

If the notes are not automatically called, on the maturity date, you will receive a cash payment per unit determined as follows:

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Autocallable Market-Linked Step Up Notes
TS-3

Autocallable Market-Linked Step Up Notes
Linked to the Russell 2000® Index, due April 28, 2023

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

Product supplement EQUITY INDICES SUN-1 dated December 16, 2019:

https://www.sec.gov/Archives/edgar/data/1045520/000110465919073348/a19-25016_5424b5.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
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

Y ou m a y w ish t o c onside r a n inve st m e nt in t he not e s if:
T he not e s m a y not be a n a ppropria t e inve st m e nt for
you if:

You are willing to receive a return on your investment capped at

You want to hold your notes for the full term.

the applicable Call Premium if the relevant Observation Level is

You believe that the notes will not be automatically called and

equal to or greater than the Call Level.
the Index will decrease from the Starting Value to the Ending

You anticipate that the notes will be automatically called or that
Value.

the Index will not decrease from the Starting Value to the Ending

You seek principal repayment or preservation of capital.

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 Index decreases from the
Starting Value to the Ending Value.

You want to receive dividends or other distributions paid on the

stocks included in the Index.

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 Index.

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.

Autocallable Market-Linked Step Up Notes
TS-4

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Autocallable Market-Linked Step Up Notes
Linked to the Russell 2000® Index, due April 28, 2023

Hypothetical Payout Profile and Examples of Payments at
Maturity

T he gra ph be low show s a pa yout profile a t m a t urit y, w hic h w ould only a pply if t he not e s a re not c a lle d on a ny
Obse rva t ion Da t e .

Aut oc a lla ble M a rk e t -Link e d St e p U p N ot e s
This graph reflects the returns on the notes, based on the Threshold
Value of 100.00% of the Starting Value, the Step Up Value of
135.00% of the Starting Value and the Step Up Payment of $3.50
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 hypot he t ic a l values and show hypot he t ic a l
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 a hypothetical Starting Value of 100.00, a hypothetical Threshold Value of 100.00, a hypothetical Step Up Value of
135.00, the Step Up Payment of $3.50 per unit and a range of hypothetical Ending Values. T he a c t ua l a m ount you re c e ive a nd t he
re sult ing t ot a l ra t e of re t urn w ill de pe nd on t he a c t ua l St a rt ing V a lue , T hre shold V a lue , St e p U p V a lue a nd Ending
V a lue , w he t he r t he not e s a re c a lle d on a n Obse rva t ion Da t e , a nd w he t he r you hold t he not e s t o m a t urit y. The
following examples do not take into account any tax consequences from investing in the notes.

For recent actual levels of the Index, 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.

Pe rc e nt a ge Cha nge from t he
Re de m pt ion Am ount
T ot a l Ra t e of Re t urn on t he
Ending V a lue
St a rt ing V a lue t o t he Ending V a lue
pe r U nit
N ot e s

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)
0.00%
$13.50(3)
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%

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%

200.00
100.00%
$20.00
100.00%

(1)
This is the hypot he t ic a l Threshold Value.

(2)
The hypot he t ic a l Starting Value of 100.00 used in these examples has been chosen for illustrative purposes only. The actual Starting

Value is 1,214.065, which was the closing level of the Index on the pricing date.
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(3)
This amount represents the sum of the principal amount and the Step Up Payment of $3.50.

(4)
This is the hypot he t ic a l Step Up Value.

Autocallable Market-Linked Step Up Notes
TS-5

Autocallable Market-Linked Step Up Notes
Linked to the Russell 2000® Index, due April 28, 2023

Re de m pt ion Am ount Ca lc ula t ion Ex a m ple s

Ex a m ple 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

Ex a m ple 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.

Ex a m ple 3
The Ending Value is 140.00, or 140.00% of the Starting Value:
Starting Value:
100.00
Step Up Value:
135.00
Ending Value:
140.00

Redemption Amount per unit

Autocallable Market-Linked Step Up Notes
TS-6

Autocallable Market-Linked Step Up Notes
Linked to the Russell 2000® Index, due April 28, 2023

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-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 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.
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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 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, 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.

The U.S. federal income tax consequences of the notes are uncertain, and may be adverse to a holder of the notes. See "Summary of

U.S. Federal Income Tax Consequences" below and "U.S. Federal Income Tax Summary" beginning on page PS-28 of product
supplement 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, as supplemented by the discussion under "Summary
of Canadian Federal Income Tax Considerations" herein.

Autocallable Market-Linked Step Up Notes
TS-7

Autocallable Market-Linked Step Up Notes
Linked to the Russell 2000® Index, due April 28, 2023

Additional Risk Factors

T he not e s a re subje c t t o risk s a ssoc ia t e d w it h sm a ll -size c a pit a liza t ion c om pa nie s.

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
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susceptible to adverse developments related to their products or services.

Autocallable Market-Linked Step Up Notes
TS-8

Autocallable Market-Linked Step Up Notes
Linked to the Russell 2000® Index, due April 28, 2023

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 the Notes--Discontinuance of an Index" beginning on
page PS-21 of product supplement EQUITY INDICES SUN-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."

De fining Eligible Se c urit ie s

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.

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Annua l Re c onst it ut ion

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.

Autocallable Market-Linked Step Up Notes
TS-9

Autocallable Market-Linked Step Up Notes
Linked to the Russell 2000® Index, due April 28, 2023

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 29th or 30th, reconstitution will occur on the preceding Friday.

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).

Ca pit a liza t ion Adjust m e nt s

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.

Corpora t e Ac t ion-Drive n Cha nge s

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).
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"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).

Autocallable Market-Linked Step Up Notes
TS-10

Autocallable Market-Linked Step Up Notes
Linked to the Russell 2000® Index, due April 28, 2023

The following graph shows the daily historical performance of the Index in the period from January 1, 2010 through April 23, 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 1,214.065.

H ist oric a l Pe rform a nc e of t he I nde x

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.

Lic e nse Agre e m e nt

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
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