Filed
Pursuant to Rule 424(b)(2)
Registration
No. 333-272447
|
|
Pricing
Supplement dated May 15,
2024 |
(To Equity
Index Underlying Supplement dated September 5, 2023, |
Prospectus
Supplement dated September 5, 2023, and Prospectus dated September 5, 2023) |
Canadian Imperial Bank of Commerce
Trigger GEARS
$4,560,950
Notes Linked to the Russell 2000® Index due on May 18, 2029
Investment Description |
These Trigger GEARS (the “Notes”) are senior unsecured
debt securities issued by Canadian Imperial Bank of Commerce (“CIBC”) with returns linked to the Russell 2000®
Index (the “Underlying”). The Notes will rank equally with all of our other unsecured and unsubordinated debt obligations.
If the Underlying Return is greater than zero, CIBC will pay the principal amount at maturity plus a return equal to the Upside Gearing
multiplied by the Underlying Return. If the Underlying Return is equal to or less than zero but greater than or equal to -25% (the “Trigger
Amount”), CIBC will pay the full principal amount at maturity. However, if the Underlying Return is less than the Trigger Amount,
CIBC will pay less than the full principal amount at maturity, if anything, resulting in a loss of principal that is proportionate to
the negative Underlying Return. Investing in the Notes involves significant risks. The Notes do not pay any interest. You may lose
some or all of your principal amount. Any payment on the Notes, including any repayment of principal at maturity, is subject to the creditworthiness
of CIBC. If CIBC were to default on its payment obligations, you may not receive any amounts owed to you under the Notes and you could
lose your entire investment. |
| q | Enhanced Growth Potential:
At maturity, the Notes enhance
any positive Underlying Return. If the Underlying Return is negative, investors may be exposed
to the downside market risk of the negative Underlying Return at maturity. |
| q | Contingent
Repayment of Principal at Maturity: If
the Underlying Return is equal to or less than zero but greater than or equal to the Trigger
Amount, CIBC will repay the principal amount at maturity. However, if the Underlying Return
is less than the Trigger Amount, investors will be exposed to the full downside performance
of the Underlying and CIBC will pay less than the full principal amount at maturity, resulting
in a loss of principal that is proportionate to the negative Underlying Return. Accordingly,
you could lose some or all of the principal amount. Any payment on the Notes, including any
repayment of principal, is subject to the creditworthiness of CIBC. |
Key Dates |
Trade Date |
May 15, 2024 |
Settlement Date |
May 20, 2024 |
Final Valuation Date1 |
May 15, 2029 |
Maturity Date1 |
May 18, 2029 |
|
|
1
See page PS-4 for additional details |
THE NOTES ARE SIGNIFICANTLY RISKIER THAN CONVENTIONAL
DEBT INSTRUMENTS. THE TERMS OF THE NOTES MAY NOT OBLIGATE CIBC TO REPAY THE FULL PRINCIPAL AMOUNT OF THE NOTES. THE NOTES CAN HAVE DOWNSIDE
MARKET RISK SIMILAR TO THE UNDERLYING, WHICH CAN RESULT IN A LOSS OF SOME OR ALL OF THE PRINCIPAL AMOUNT AT MATURITY. THIS MARKET RISK
IS IN ADDITION TO THE CREDIT RISK INHERENT IN PURCHASING A DEBT OBLIGATION OF CIBC. YOU SHOULD NOT PURCHASE THE NOTES IF YOU DO NOT UNDERSTAND
OR ARE NOT COMFORTABLE WITH THE SIGNIFICANT RISKS INVOLVED IN INVESTING IN THE NOTES.
YOU SHOULD CAREFULLY CONSIDER THE RISKS DESCRIBED UNDER ‘‘KEY
RISKS’’ BEGINNING ON PAGE PS- 6 AND THE MORE DETAILED ‘‘RISK FACTORS’’ BEGINNING ON PAGE S-1 OF THE
ACCOMPANYING UNDERLYING SUPPLEMENT, BEGINNING ON PAGE S-1 OF THE ACCOMPANYING PROSPECTUS SUPPLEMENT AND PAGE 1 OF THE ACCOMPANYING PROSPECTUS
BEFORE PURCHASING ANY NOTES. EVENTS RELATING TO ANY OF THOSE RISKS, OR OTHER RISKS AND UNCERTAINTIES, COULD ADVERSELY AFFECT THE MARKET
VALUE OF, AND THE RETURN ON, YOUR NOTES.
The Notes are offered at a minimum investment of $1,000 in denominations
of $10 and integral multiples of $10 in excess thereof.
Underlying |
Initial
Level |
Downside
Threshold |
Trigger
Amount |
Upside
Gearing |
CUSIP/ISIN |
The
Russell 2000® Index (“RTY”) |
2,109.459 |
1,582.094,
which is 75% of the Initial Level* |
-25% |
1.225
|
13608Q846
/ US13608Q8463 |
*
Rounded to three decimal places.
See
“Additional Information about the Notes” on page PS-2. The Notes offered will have the terms specified in the accompanying
prospectus, prospectus supplement and underlying supplement, and the terms set forth herein.
Neither
the U.S. Securities and Exchange Commission (the “SEC”) nor any state or provincial securities commission has approved or
disapproved of the Notes or determined if this pricing supplement or the accompanying underlying supplement, prospectus supplement or
prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
The
Notes will not constitute deposits insured by the Canada Deposit Insurance Corporation (the “CDIC”), the U.S. Federal Deposit
Insurance Corporation, or any other government agency or instrumentality of Canada, the United States or any other jurisdiction. The
Notes are not bail-inable debt securities (as defined on page 6
of the prospectus). The Notes will not be listed on any securities exchange.
The
initial estimated value of the Notes on the Trade Date as determined by CIBC is $9.795 per $10.00 principal amount of the Notes, which
is less than the price to public. See “Key Risks—General Risks” beginning on page PS-7
of this pricing supplement and “The Bank’s Estimated Value of the Notes” on page PS-13 of this pricing supplement for
additional information.
|
Price
to Public |
Underwriting
Discount(1) |
Proceeds
to Us |
Notes
Linked to: |
Total |
Per
Note |
Total |
Per
Note |
Total |
Per
Note |
The
Russell 2000® Index |
$4,560,950.00 |
$10.00 |
$0.00 |
$0.00 |
$4,560,950.00 |
$10.00 |
(1)
CIBC World Markets Corp. (“CIBCWM”), our affiliate, will purchase the Notes and, as part of the distribution of the
Notes, will sell all of the Notes to UBS Financial Services Inc. (“UBS”) at no discount. See “Supplemental Plan of
Distribution (Conflicts of Interest)” on page PS-13 of this pricing supplement for additional information.
UBS Financial Services Inc. |
CIBC Capital Markets |
Additional
Information About the Notes |
You
should read this pricing supplement together with the prospectus dated September 5, 2023 (the “prospectus”), the prospectus
supplement dated September 5, 2023 (the “prospectus supplement”) and the Equity Index Underlying Supplement dated September
5, 2023 (the “underlying supplement”). Information in this pricing supplement supersedes information in the underlying
supplement, the prospectus supplement and the prospectus to the extent it is different from that information. Certain terms used
but not defined herein will have the meanings set forth in the underlying supplement, the prospectus supplement or the prospectus.
You
should rely only on the information contained in or incorporated by reference in this pricing supplement and the accompanying underlying
supplement, the prospectus supplement and the prospectus. This pricing supplement may be used only for the purpose for which it has
been prepared. No one is authorized to give information other than that contained in this pricing supplement and the accompanying
underlying supplement, the prospectus supplement and the prospectus, and in the documents referred to in those documents and which
are made available to the public. We, UBS and our respective affiliates have not authorized any other person to provide you with
different or additional information. If anyone provides you with different or additional information, you should not rely on it.
We,
CIBCWM and UBS are not making an offer to sell the Notes in any jurisdiction where the offer or sale is not permitted. You should
not assume that the information contained in or incorporated by reference in this pricing supplement or the accompanying underlying
supplement, the prospectus supplement or the prospectus is accurate as of any date other than the date of the applicable document.
Our business, financial condition, results of operations and prospects may have changed since that date. Neither this pricing supplement
nor the accompanying underlying supplement, the prospectus supplement or the prospectus constitutes an offer, or an invitation on
behalf of us, CIBCWM or UBS, to subscribe for and purchase any of the Notes and may not be used for or in connection with an offer
or solicitation by anyone in any jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it
is unlawful to make such an offer or solicitation.
References
to “CIBC,” “the Issuer,” “the Bank,” “we,” “us” and “our”
in this pricing supplement are references to Canadian Imperial Bank of Commerce and not to any of our subsidiaries, unless we state
otherwise or the context otherwise requires. References to “Index” in the underlying supplement will be references to
“Underlying.”
You
may access the underlying supplement, the prospectus supplement and the prospectus on the SEC website www.sec.gov as follows (or if such
address has changed, by reviewing our filing for the relevant date on the SEC website): |
| ¨ | Underlying supplement dated September 5, 2023: |
https://www.sec.gov/Archives/edgar/data/1045520/000110465923098170/tm2322483d89_424b5.htm
| ¨ | Prospectus supplement dated September 5, 2023: |
https://www.sec.gov/Archives/edgar/data/1045520/000110465923098166/tm2322483d94_424b5.htm
| ¨ | Prospectus dated September 5, 2023: |
https://www.sec.gov/Archives/edgar/data/1045520/000110465923098163/tm2325339d10_424b3.htm
The
Notes may be suitable for you if:
| ¨ | You
fully understand the risks inherent in an investment in the Notes, including the risk of
loss of your entire initial investment. |
| ¨ | You
are willing to make an investment where you could lose some or all of your initial investment
and are willing to make an investment that may be exposed to similar downside market risk
as the Underlying. |
| ¨ | You
believe that the Underlying will appreciate over the term of the Notes. |
| ¨ | You
would be willing to invest in the Notes based on the Upside Gearing indicated on the cover
hereof. |
| ¨ | You
understand and accept the risks associated with the Underlying. |
| ¨ | You
can tolerate fluctuations in the price of the Notes prior to maturity that may be similar
to or exceed the downside fluctuations in the level of the Underlying. |
| ¨ | You
are willing to hold the Notes to maturity and do not seek an investment for which there is
an active secondary market. |
| ¨ | You
are willing to accept the risk and return profile of the Notes versus a conventional debt
security with a comparable maturity issued by CIBC or another issuer with a similar credit
rating. |
| ¨ | You
do not seek current income from your investment and are willing to forgo dividends paid on
the stocks included in the Underlying. |
| ¨ | You
are willing to assume the credit risk of CIBC, as Issuer of the Notes, and understand that
if CIBC defaults on its obligations, you may not receive any amounts due to you, including
any repayment of principal. |
The
Notes may not be suitable for you if:
| ¨ | You
do not fully understand the risks inherent in an investment in the Notes, including the risk
of loss of your entire initial investment. |
| ¨ | You
seek an investment that is designed to return your full principal amount at maturity. |
| ¨ | You
are not willing to make an investment in which you could lose some or all of your principal
amount and you are not willing to make an investment that may be exposed to similar downside
market risk as the Underlying. |
| ¨ | You
believe that the level of the Underlying will decrease during the term of the Notes. |
| ¨ | You
are not willing to invest in the Notes based on the Upside Gearing indicated on the cover
hereof. |
| ¨ | You
do not understand or accept the risks associated with the Underlying. |
| ¨ | You
cannot tolerate fluctuations in the price of the Notes prior to maturity that may be similar
to or exceed the downside fluctuations in the level of the Underlying. |
| ¨ | You
are unable or unwilling to hold the Notes to maturity and seek an investment for which there
will be an active secondary market. |
| ¨ | You
prefer the lower risk, and therefore accept the potentially lower returns, of conventional
debt securities with comparable maturities issued by CIBC or another issuer with a similar
credit rating. |
| ¨ | You
seek current income from your investment or prefer to receive the dividends paid on the stocks
included in the Underlying. |
| ¨ | You
are not willing or are unable to assume the credit risk of CIBC, as Issuer of the Notes,
including any repayment of principal. |
The
suitability considerations identified above are not exhaustive. Whether or not the Notes are a suitable investment for you will depend
on your individual circumstances, and you should reach an investment decision only after you and your investment, legal, tax, accounting
and other advisors have carefully considered the suitability of an investment in the Notes in light of your particular circumstances.
For more information about the Underlying, see “Information About the Underlying” in this pricing supplement and “Index
Descriptions— The Russell Indices” beginning on page S-31 of the accompanying underlying supplement. You should also review
carefully the “Key Risks” herein and the more detailed “Risk Factors” beginning on page S-1 of the underlying
supplement and beginning on page S-1 of the accompanying prospectus supplement.
Final
Terms |
Issuer: |
Canadian
Imperial Bank of Commerce |
Principal
Amount: |
$10.00
per Note (subject to a minimum investment of $1,000). |
Term: |
Approximately
5 years |
Trade
Date: |
May
15, 2024 |
Settlement
Date: |
May
20, 2024 |
Final
Valuation Date1: |
May
15, 2029 |
Maturity
Date¹: |
May
18, 2029 |
Reference
Asset: |
The
Russell 2000® Index (Ticker: “RTY”) (the “Underlying”) |
Upside
Gearing: |
1.225
|
Trigger
Amount: |
-25% |
Downside
Threshold: |
75.00%
of the Initial Level, as indicated on the cover hereof. |
Payment
at Maturity (per $10 Note): |
You
will receive a cash payment on the Maturity Date calculated as follows:
If
the Underlying Return is greater than zero:
$10
+ ($10 × Underlying Return × Upside Gearing)
If
the Underlying Return is equal to or less than zero but greater than or equal to the Trigger Amount:
$10
If
the Underlying Return is less than the Trigger Amount:
$10
+ ($10 × Underlying Return)
In
this case, you will have a loss of principal that is proportionate to the negative Underlying Return, and you will lose some or all of
your principal amount. |
Underlying
Return: |
Final
Level – Initial Level
Initial
Level |
Initial
Level: |
The
Closing Level of the Underlying on the Trade Date, as indicated on the cover hereof. |
Final
Level: |
The
Closing Level of the Underlying on the Final Valuation Date. |
Calculation
Agent: |
Canadian
Imperial Bank of Commerce |
CUSIP/ISIN: |
13608Q846
/ US13608Q8463 |
INVESTING
IN THE NOTES INVOLVES SIGNIFICANT RISKS. YOU MAY LOSE SOME OR ALL OF YOUR PRINCIPAL AMOUNT AT MATURITY. ANY PAYMENT ON THE NOTES,
INCLUDING ANY REPAYMENT OF PRINCIPAL, IS SUBJECT TO THE CREDITWORTHINESS OF CIBC. IF CIBC WERE TO DEFAULT ON ITS PAYMENT OBLIGATIONS,
YOU MAY NOT RECEIVE ANY AMOUNTS OWED TO YOU UNDER THE NOTES AND YOU COULD LOSE YOUR ENTIRE INVESTMENT. |
|
____________________________________________ |
1
The Final Valuation Date and the Maturity Date are subject to postponement in the event of a Market Disruption Event or non-trading
day, as described under “Certain Terms of the Notes—Valuation Dates—For Notes Where the Reference Asset Is a Single
Index” and “—Interest Payment Dates, Coupon Payment Dates, Call Payment Dates and Maturity Date” in the accompanying
underlying supplement. |
Investment Timeline |
|
|
The Initial Level and the Downside Threshold were determined and the
terms of the Notes were set. |
|
The Final Level and the Underlying Return are determined
on the Final Valuation Date.
If
the Underlying Return is greater than zero, CIBC will pay you a cash payment per Note equal to:
$10
+ ($10 × Underlying Return × Upside Gearing)
If
the Underlying Return is equal to or less than zero but greater than or equal to the Trigger Amount, CIBC will pay you the $10 principal
amount per Note.
If
the Underlying Return is less than the Trigger Amount, CIBC will pay you a cash payment at maturity that will be less than the principal
amount of $10 per Note, resulting in a loss of principal that is proportionate to the negative Underlying Return, equal to:
$10 + ($10 × Underlying Return).
In
this case, you could lose up to 100% of the principal amount of the Notes.
|
An investment
in the Notes involves significant risks. Some of the risks that apply to the Notes are summarized here. However, CIBC urges you to read
the more detailed explanation of risks relating to the Notes in the “Risk Factors” section of the accompanying underlying
supplement and the accompanying prospectus supplement. CIBC also urges you to consult your investment, legal, tax, accounting and other
advisors before you invest in the Notes.
Structure Risks
| ¨ | Risk of Loss at Maturity –
The Notes differ from ordinary debt securities in that CIBC will not necessarily pay the full principal amount of the Notes at maturity.
The return on the Notes at maturity is linked to the performance of the Underlying and will depend on whether, and to the extent which,
the Underlying Return is positive or negative and if the Underlying Return is negative, whether the Underlying Return is below the Trigger
Amount. If the Underlying Return is below the Trigger Amount, CIBC will pay you less than the principal amount at maturity, resulting
in a loss of principal equal to the negative Underlying Return. Accordingly, you could lose up to 100% of the principal amount of the
Notes. |
| ¨ | The Contingent Repayment of
Principal Applies Only if You Hold the Notes to Maturity – You should be willing to hold your Notes to maturity. If you are
able to sell your Notes prior to maturity in the secondary market, you may have to sell them at a loss even if the level of the Underlying
is above the Downside Threshold. |
| ¨ | The Upside Gearing Applies
Only if You Hold the Notes to Maturity – You should be willing to hold your Notes to maturity. If you are able to sell your
Notes prior to maturity in the secondary market, the price you receive will likely not reflect the full economic value of the Upside Gearing
or the Notes themselves, and the return you realize may be less than the Upside Gearing times the Underlying Return, even if that return
is positive. You can receive the full benefit of the Upside Gearing only if you hold your Notes to maturity. |
| ¨ | The Notes Are Riskier Than
Notes With a Shorter Term – The Notes are relatively long-dated. Therefore, many of the risks of the Notes are heightened as
compared to notes with a shorter term, as you will be subject to those risks for a longer period of time. In addition, the value of a
longer-dated note is typically less than the value of an otherwise comparable note with a shorter term. |
| ¨ | No Interest Payments –
CIBC will not make any interest payments with respect to the Notes. |
Underlying Risks
| ¨ | Owning the Notes Is Not the
Same as Owning the Stocks Included in the Underlying — The return on your Notes may not reflect the return you would realize
if you actually owned the stocks included in the Underlying. As a holder of the Notes, you will not have voting rights or rights to receive
dividends or other distributions or other rights that holders of the stocks included in the Underlying would have. Furthermore, the Underlying
and the stocks included in the Underlying may appreciate substantially during the term of your Notes, and you will not participate in
such appreciation. |
| ¨ | Changes Affecting the Underlying
May Adversely Affect the Level of the Underlying — The policies of the Underlying sponsor concerning additions, deletions and
substitutions of the stocks included in the Underlying and the manner in which the Underlying sponsor takes account of certain changes
affecting those stocks included in the Underlying may adversely affect the level of the Underlying. The policies of the Underlying sponsor
with respect to the calculation of the Underlying could also adversely affect the level of the Underlying. The Underlying sponsor may
discontinue or suspend calculation or dissemination of the Underlying. Any such actions could have an adverse effect on the level of the
Underlying and consequently, the value of the Notes. |
| ¨ | The Notes Are Subject to Small-Capitalization
Risk — The Underlying tracks companies that may be considered small-capitalization companies. These companies often have greater
stock price volatility, lower trading volume and less liquidity than large-capitalization companies and therefore, the relevant index
level may be more volatile than an investment in stocks issued by larger companies. Stock prices of small-capitalization companies may
also be more vulnerable than those of larger companies to adverse business and economic developments, and the stocks of small-capitalization
companies may be thinly traded, making it difficult for the Underlying to track them. In addition, small-capitalization companies are
often less stable financially than large-capitalization companies and may depend on a small number of key personnel, making them more
vulnerable to loss of personnel. Small-capitalization companies are often subject to less analyst coverage and may be in early, and less
predictable, periods of their corporate existences. These companies tend to have smaller revenues, less diverse product lines, smaller
shares of their product or service markets, fewer financial resources and competitive strengths than large-capitalization companies, and
are more susceptible to adverse developments related to their products. All these factors may adversely affect the level of the Underlying
and consequently, the return on the Notes. |
Conflicts of Interest
| ¨ | Certain Business, Trading and
Hedging Activities of Us, UBS, and Our Respective Affiliates May Create Conflicts With Your Interests and Could Potentially Adversely
Affect the Value of the Notes — We, UBS, and our respective affiliates may engage in trading and other business activities related
to the Underlying or any securities included in the Underlying that are not for your account or on your behalf. We, UBS, and our respective
affiliates also may issue or underwrite other financial instruments with returns based upon the Underlying. These activities may present
a conflict of interest between your interest in the Notes and the interests that we, UBS, and our respective affiliates may have in our
or their proprietary accounts, in facilitating transactions, including block trades, for our or their other customers, and in accounts
under our or their management. In addition, we, UBS, and our respective affiliates may publish research, express opinions or provide recommendations
that are inconsistent with investing in or holding the Notes, and which may be revised at any time. Any such research, opinions or recommendations
could adversely affect the level of the Underlying, and therefore, the market value of the Notes. These trading and other business activities,
if they affect the level of the Underlying or secondary trading in your Notes, could be adverse to your interests as a beneficial owner
of the Notes. |
Moreover, we, UBS, and our respective
affiliates play a variety of roles in connection with the issuance of the Notes, including hedging our obligations under the Notes and
making the assumptions and inputs used to determine the pricing of the Notes and the initial estimated value of the Notes when the terms
of the Notes were set. We expect to hedge our obligations under the Notes through CIBCWM, UBS, one of our or its affiliates, and/or another
unaffiliated counterparty, which may include any dealer from which you purchase the Notes. Any of these hedging activities may adversely
affect the level of the Underlying and therefore the market value of the Notes and the amount you will receive, if any, on the Notes.
In connection with such activities, the economic interests of us, UBS, and our respective affiliates may be adverse to your interests
as an investor in the Notes. Any of these activities may adversely affect the value of the Notes. In addition, because hedging our obligations
entails risk and may be influenced by market forces beyond our control, this hedging activity may result in a profit that is more or less
than expected, or it may result in a loss. We, UBS, one or more of our respective affiliates or any unaffiliated counterparty will retain
any profits realized in hedging our obligations under the Notes even if investors do not receive a favorable investment return under the
terms of the Notes or in any secondary market transaction. Any profit in connection with such hedging activities will be in addition to
any other compensation that we, UBS, our respective affiliates or any unaffiliated counterparty receive for the sale of the Notes, which
creates an additional incentive to sell the Notes to you. We, UBS, our respective affiliates or any unaffiliated counterparty will have
no obligation to take, refrain from taking or cease taking any action with respect to these transactions based on the potential effect
on an investor in the Notes.
| ¨ | There Are Potential Conflicts
of Interest Between You and the Calculation Agent — The calculation agent will determine, among other things, the amount of
payments on the Notes. The calculation agent will exercise its judgment when performing its functions. For example, the calculation agent
will determine whether a Market Disruption Event affecting the Underlying has occurred, and determine the Closing Level of the Underlying
if the scheduled Final Valuation Date is postponed to the last possible day. See “Certain Terms of the Notes—Valuation Dates—For
Notes Where the Reference Asset Is a Single Index” in the underlying supplement. This determination may, in turn, depend on the
calculation agent’s judgment as to whether the event has materially interfered with our ability or the ability of one of our affiliates
to unwind our hedge positions. The calculation agent will be required to carry out its duties in good faith and use its reasonable judgment.
However, because we will be the calculation agent, potential conflicts of interest could arise. |
| | None
of us, CIBCWM or any of our other affiliates will have any obligation to consider your interests
as a holder of the Notes in taking any action that might affect the value of your Notes. |
Tax Risks
| ¨ | The Tax Treatment of the Notes
Is Uncertain — Significant aspects of the tax treatment of the Notes are uncertain. You should consult your tax advisor about
your own tax situation. See “United States Federal Income Tax Considerations” and “Certain Canadian Federal Income Tax
Considerations” in this pricing supplement, “Material U.S. Federal Income Tax Consequences” in the underlying supplement
and “Material Income Tax Consequences—Canadian Taxation” in the prospectus. |
General Risks
| ¨ | 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 — The
Notes are our senior unsecured debt obligations and are not, either directly or indirectly, an obligation of any third party. As further
described in the accompanying prospectus and prospectus supplement, the Notes will rank on par with all of our other unsecured and unsubordinated
debt obligations, except such obligations as may be preferred by operation of law. All payments to be made on the Notes depend on our
ability to satisfy our obligations as they come due. As a result, the actual and perceived creditworthiness of us may affect the market
value of the Notes and, in the event we were to default on our obligations, you may not receive the amounts owed to you under the terms
of the Notes. If we default on our obligations under the Notes, your investment would be at risk and you could lose some or all of your
investment. See “Description of Senior Debt Securities—Events of Default” in the accompanying prospectus. |
| ¨ | The Notes Will Be Subject to
Risks Under Canadian Bank Resolution Powers — Under Canadian bank resolution powers, the CDIC may, in circumstances where the
Bank has ceased, or is about to cease, to be viable, assume temporary control or ownership of the Bank and may be granted broad powers
by one or more orders of the Governor in Council (Canada), each of which we refer to as an “Order,” including the power to
sell or dispose of all or a part of the assets of the Bank, and the power to carry out or cause the Bank to carry out a transaction or
a series of transactions the purpose of which is to restructure the business of the Bank. If the CDIC were to take action under the Canadian
bank resolution powers with respect to the Bank, this could result in holders or beneficial owners of the Notes being exposed to losses. |
| ¨ | The Bank’s Initial Estimated
Value of the Notes Is Lower Than the Initial Issue Price (Price to Public) of the Notes — The initial issue price of the Notes
exceeds the Bank’s initial estimated value because costs associated with selling and structuring the Notes, as well as hedging the
Notes, are included in the initial issue price of the Notes. See “The Bank’s Estimated Value of the Notes” on page PS-13
of this pricing supplement. |
| ¨ | The Bank’s Initial Estimated
Value Does Not Represent Future Values of the Notes and May Differ From Others’ Estimates — The Bank’s initial estimated
value of the Notes is only an estimate, which was determined by reference to the Bank’s 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, the Bank’s
internal funding rate on the Trade Date and the Bank’s 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 the Bank’s 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 Underlying, the Bank’s creditworthiness, interest rate movements
and other relevant factors, which may impact the price at which CIBCWM or any other party would be willing to buy the Notes from you in
any secondary market transactions. The Bank’s initial estimated value does not represent a minimum price at which CIBCWM or any
other party would be willing to buy the Notes in any secondary market (if any exists) at any time. See “The Bank’s Estimated
Value of the Notes” on page PS-13 of this pricing supplement. |
| ¨ | The Bank’s Initial Estimated
Value of the Notes Was Not Determined by Reference to Credit Spreads for Our Conventional Fixed-Rate Debt — The internal funding
rate used in the determination of the Bank’s 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 the Bank 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 Trade Date, and could have an adverse effect
on any secondary market prices of the Notes. See “The Bank’s Estimated Value of the Notes” on page PS-13 of this pricing
supplement. |
| ¨ | If CIBCWM Were to Repurchase
Your Notes After the Settlement Date, the Price May Be Higher Than the Then-Current Estimated Value of the Notes for a Limited Time Period
— While CIBCWM may make markets in the Notes, it is under no obligation to do so and may discontinue any market-making activities
at any time without notice. The price that it makes available from time to time after the Settlement Date at which it would be willing
to repurchase the Notes will generally reflect its estimate of their value. That estimated value will be based upon a variety of factors,
including then prevailing market conditions, our creditworthiness and transaction costs. However, for a period of approximately 3 months
after the Trade Date, the price at which CIBCWM may repurchase the Notes is expected to be higher than their estimated value at that time.
This is because, at the beginning of this period, that price will not include certain costs that were included in the initial issue price,
particularly our hedging costs and profits. As the period continues, these costs are expected to be gradually included in the price that
CIBCWM would be willing to pay, and the difference between that price and CIBCWM’s estimate of the value of the Notes will decrease
over time until the end of this period. After this period, if CIBCWM continues to make a market in the Notes, the prices that it would
pay for them are expected to reflect its estimated value, as well as customary bid-ask spreads for similar trades. In addition, the value
of the Notes shown on your account statement may not be identical to the price at which CIBCWM would be willing to purchase the Notes
at that time, and could be lower than CIBCWM’s price. |
| ¨ | Economic and Market Factors
May Adversely Affect the Terms and Market Price of the Notes Prior to Maturity — Because structured notes, including the Notes,
can be thought of as having a debt and derivative component, factors that influence the values of debt instruments and options and other
derivatives will also affect the terms and features of the Notes at issuance and the market price of the Notes prior to maturity. These
factors include the level of the Underlying; the volatility of the Underlying; the dividend rate paid on stocks included in the Underlying;
the time remaining to the maturity of the Notes; interest rates in the markets in general; geopolitical conditions and economic, financial,
political, regulatory, judicial or other events; and the creditworthiness of CIBC. These and other factors are unpredictable and interrelated
and may offset or magnify each other. |
| ¨ | The Notes Will Not Be Listed
on Any Securities Exchange and We Do Not Expect a Trading Market for the Notes to Develop — The Notes will not be listed on
any securities exchange. Although CIBCWM and/or its affiliates intend to purchase the Notes from holders, they are not obligated to do
so and are not required to make a market for the Notes. There can be no assurance that a secondary market will develop for the Notes.
Because we do not expect that any market makers will participate in a secondary market for the Notes, the price at which you may be able
to sell your Notes is likely to depend on the price, if any, at which CIBCWM and/or its affiliates are willing to buy your Notes. |
If a secondary market does exist, it
may be limited. Accordingly, there may be a limited number of buyers if you decide to sell your Notes prior to maturity. This may affect
the price you receive upon such sale. Consequently, you should be willing to hold the Notes to maturity.
Hypothetical Scenario Analysis and Examples |
The scenario analysis
and examples below are hypothetical and provided for illustrative purposes only. They do not purport to be representative of every possible
scenario concerning increases or decreases in the level of the Underlying relative to the Initial Level. The hypothetical terms used
below are not the actual terms. The actual terms are indicated on the cover of this pricing supplement. We cannot predict the Final
Level. You should not take the scenario analysis and these examples as an indication or assurance of the expected performance of the
Underlying. The numbers appearing in the examples below may have been rounded for ease of analysis. The following scenario analysis and
examples illustrate the Payment at Maturity per $10.00 Note on a hypothetical offering of the Notes, based on the following terms:
Investment Term: |
Approximately 5 years |
Hypothetical Initial Level: |
1,000.00 |
Hypothetical Downside Threshold: |
750.00 (75.00% of the hypothetical Initial Level) |
Example 1—
The level of the Underlying increases from an Initial Level of 1,000.00 to a Final Level of 1,100.00.
Because the Underlying
Return of 10.00% is greater than zero, the Payment at Maturity for each $10 principal amount of Notes is equal to:
$10.00 + ($10.00 ×
10.00% × 1.225)
Payment at Maturity
= $11.2250
Example 1 shows that
the Notes provide a leveraged return if the Underlying Return is positive.
Example 2—
The level of the Underlying decreases from an Initial Level of 1,000.00 to a Final Level of 800.00.
Payment at Maturity
= $10.0000
Because the Underlying
Return is -20.00%, which is equal to or less than zero but greater than or equal to the Trigger Amount, the Payment at Maturity is equal
to the 10.0000 principal amount per Note (a return of 0%).
Example 3—
The level of the Underlying decreases from an Initial Level of 1,000.00 to a Final Level of 500.00.
Payment at Maturity
= $10 + ($10 × -50.00%) = $5.0000
Because the Underlying
Return of -50.00% is less than the Trigger Amount, the Notes will be fully exposed to any decline in the level of the Underlying on the
Final Valuation Date. In this case, you would incur a loss of 50.00% of the principal amount.
Example 3 shows that
you are exposed on a 1-to-1 basis to any decrease in the level of the Underlying if the Underlying Return is less than the Trigger Amount.
In this case, you will lose some or all of your principal amount at maturity.
Scenario Analysis – Hypothetical Payment
at Maturity for each $10.00 principal amount of the Notes.
Hypothetical
Final
Level |
Hypothetical
Underlying
Return* |
Payment
at
Maturity |
Return
on Notes
at Maturity** |
2,000.00 |
100.00% |
$22.2500 |
122.500% |
1,750.00 |
75.00% |
$19.1875 |
91.875% |
1,500.00 |
50.00% |
$16.1250 |
61.250% |
1,250.00 |
25.00% |
$13.0625 |
30.625% |
1,200.00 |
20.00% |
$12.4500 |
24.500% |
1,100.00 |
10.00% |
$11.2250 |
12.250% |
1,050.00 |
5.00% |
$10.6125 |
6.125% |
1,000.00 |
0.00% |
$10.0000 |
0.000% |
900.00 |
-10.00% |
$10.0000 |
0.000% |
800.00 |
-20.00% |
$10.0000 |
0.000% |
750.00 |
-25.00% |
$10.0000 |
0.000% |
740.00 |
-26.00% |
$7.4000 |
-26.000% |
500.00 |
-50.00% |
$5.0000 |
-50.000% |
250.00 |
-75.00% |
$2.5000 |
-75.000% |
0.00 |
-100.00% |
$0.0000 |
-100.000% |
* The Underlying Return excludes cash dividend payments
on the stocks included in the Underlying.
** This “Return on Notes” is the number,
expressed as a percentage, that results from comparing the Payment at Maturity per $10 principal amount of the Notes to the purchase price
of $10 per Note.
Information About the Underlying |
The Russell 2000® Index
The Russell 2000® Index (Bloomberg
ticker: “RTY <Index>”) is calculated, maintained and published by FTSE Russell. The Underlying is designed to track
the performance of the small capitalization segment of the U.S. equity market. The Underlying is a subset of the Russell 3000®
Index and represents approximately 10% of the total market capitalization of that index. The Underlying includes approximately 2,000 of
the smallest securities in the U.S. equity market. See “Index Descriptions—The Russell Indices” beginning on page S-31
of the accompanying underlying supplement for additional information about the Underlying.
In addition, information about the Underlying may
be obtained from other sources, including, but not limited to, the index sponsor’s website (including information regarding the
Underlying’s sector weightings). We are not incorporating by reference into this pricing supplement the website or any material
it includes. None of us, UBS or any of our respective affiliates makes any representation that such publicly available information regarding
the Underlying is accurate or complete.
Historical Performance of the Underlying
The graph below illustrates the performance of the
Underlying from January 1, 2019 to May 15, 2024, based on the daily Closing Levels as reported by Bloomberg L.P. (“Bloomberg”),
without independent verification. We have not conducted any independent review or due diligence of the publicly available information
from Bloomberg. On May 15, 2024, the Closing Level of the Underlying was 2,109.459, which is the Initial Level. The blue line indicates
the Downside Threshold of 1,582.094, which is equal to 75.00% of the Initial Level. The historical performance of the Underlying should
not be taken as an indication of its future performance, and no assurances can be given as to the level of the Underlying at any time
during the term of the Notes, including the Final Valuation Date. We cannot give you assurance that the performance of the Underlying
will result in the return of any of your investment.
Historical Performance of the Russell 2000®
Index
Source: Bloomberg
United States Federal Income Tax Considerations |
The following discussion is a brief summary of the
material U.S. federal income tax considerations relating to an investment in the Notes. The following summary is not complete and is both
qualified and supplemented by (although to the extent inconsistent supersedes) the discussion entitled “Material U.S. Federal Income
Tax Consequences” in the underlying supplement, which you should carefully review prior to investing in the Notes. Except with respect
to the section below under “Non-U.S. Holders,” it applies only to those U.S. Holders who are not excluded from the discussion
of United States Taxation in the accompanying prospectus.
The U.S. federal income tax considerations of your
investment in the Notes are uncertain. No statutory, judicial or administrative authority directly discusses how the Notes should be treated
for U.S. federal income tax purposes. In the opinion of our tax counsel, Mayer Brown LLP, it would generally be reasonable to treat the
Notes as prepaid derivative contracts. Pursuant to the terms of the Notes, you agree to treat the Notes in this manner for all U.S. federal
income tax purposes. If this treatment is respected, you should generally recognize capital gain or loss upon the sale, exchange, redemption
or payment upon maturity in an amount equal to the difference between the amount you receive in such transaction and the amount that you
paid for your Notes. Such gain or loss should generally be treated as long-term capital gain or loss if you have held your Notes for more
than one year.
The expected characterization of the Notes is not
binding on the U.S. Internal Revenue Service (the “IRS”) or the courts. It is possible that the IRS would seek to characterize
the Notes in a manner that results in tax consequences to you that are different from those described above or in the accompanying underlying
supplement. Such alternate treatment could include a requirement that a holder accrue ordinary income over the life of the Notes or treat
all gain or loss at maturity as ordinary gain or loss. For a more detailed discussion of certain alternative characterizations with respect
to the Notes and certain other considerations with respect to an investment in the Notes, you should consider the discussion set forth
in “Material U.S. Federal Income Tax Consequences” of the underlying supplement. We are not responsible for any adverse consequences
that you may experience as a result of any alternative characterization of the Notes for U.S. federal income tax or other tax purposes.
Non U.S.-Holders.
A “dividend equivalent” payment is treated as a dividend from sources within the United States and such payments generally
would be subject to a 30% U.S. withholding tax if paid to a Non-U.S. Holder. Under Treasury regulations, payments (including deemed payments)
with respect to equity-linked instruments (“ELIs”) that are “specified ELIs” may be treated as dividend equivalents
if such specified ELIs reference an interest in an “underlying security,” which is generally any interest in an entity taxable
as a corporation for U.S. federal income tax purposes if a payment with respect to such interest could give rise to a U.S. source dividend.
However, Internal Revenue Service guidance provides that withholding on dividend equivalent payments will not apply to specified ELIs
that are not delta-one instruments and that are issued before January 1, 2025. We expect that the delta of the Notes will not be one,
and therefore, we expect that Non-U.S. Holder should not be subject to withholding on dividend equivalent payments, if any, under the
Notes. However, it is possible that the Notes could be treated as deemed reissued for U.S. federal income tax purposes upon the occurrence
of certain events affecting the Underlying or the Notes, and following such occurrence the Notes could be treated as subject to withholding
on dividend equivalent payments. Non-U.S. Holders that enter, or have entered, into other transactions in respect of the Underlying or
the Notes should consult their tax advisors as to the application of the dividend equivalent withholding tax in the context of the Notes
and their other transactions. If any payments are treated as dividend equivalents subject to withholding, we (or the applicable paying
agent) would be entitled to withhold taxes without being required to pay any additional amounts with respect to amounts so withheld.
Please see the discussion under the section entitled
“Material U.S. Federal Income Tax Consequences” in the underlying supplement for a further discussion of the U.S. federal
income tax consequences of an investment in the Notes. You should consult your tax advisor as to the tax consequences of such characterization
and any possible alternative characterizations of the Notes for U.S. federal income tax purposes. You should also consult your tax advisor
concerning the U.S. federal income tax and other tax consequences of your investment in the Notes in your particular circumstances, including
the application of state, local or other tax laws and the possible effects of changes in federal or other tax laws.
Certain Canadian Federal Income Tax Considerations |
In the opinion of Blake, Cassels & Graydon LLP,
our Canadian tax counsel, the following summary describes the principal Canadian federal income tax considerations under the Income Tax
Act (Canada) and the regulations thereto (the “Canadian Tax Act”) generally applicable at the date hereof to a purchaser who
acquires beneficial ownership of a Note pursuant to this pricing supplement and who for the purposes of the Canadian Tax Act and at all
relevant times: (a) is neither resident nor deemed to be resident in Canada; (b) deals at arm’s length with CIBC and any transferee
resident (or deemed to be resident) in Canada to whom the purchaser disposes of the Note; (c) does not use or hold and is not deemed to
use or hold the Note in, or in the course of, carrying on a business in Canada; (d) is entitled to receive all payments (including any
interest and principal) made on the Note; (e) is not a, and deals at arm’s length with any, “specified shareholder”
of CIBC for purposes of the thin capitalization rules in the Canadian Tax Act; and (f) is not an entity in respect of which CIBC or any
transferee resident (or deemed to be resident) in Canada to whom the purchaser disposes of, loans or otherwise transfers the Note is a
“specified entity”, and is not a “specified entity” in respect of such a transferee, in each case, for purposes
of the Hybrid Mismatch Proposals, as defined below (a “Non-Resident Holder”). Special rules which apply to non-resident insurers
carrying on business in Canada and elsewhere are not discussed in this summary.
This summary assumes that no amount paid or payable
to a holder described herein will be the deduction component of a “hybrid mismatch arrangement” under which the payment arises
within the meaning of proposed paragraph 18.4(3)(b) of the Canadian Tax Act contained in the revised proposals with respect to “hybrid
mismatch arrangements” included in the proposals to amend the Canadian Tax Act released by the Minister of Finance (Canada) on November
28, 2023 (the “Hybrid Mismatch Proposals”). Investors should note that the Hybrid Mismatch Proposals are in draft form, are
highly complex, and there remains significant uncertainty as to their interpretation and application. There can be no assurance that the
Hybrid Mismatch Proposals will be enacted in their current form, or at all.
This summary is supplemental to and should be read
together with the description of material Canadian federal income tax considerations relevant to a Non-Resident Holder owning Notes under
“Material Income Tax Consequences — Canadian Taxation” in the accompanying prospectus and a Non-Resident Holder should
carefully read that description as well.
This summary is of a general nature only and
is not intended to be, nor should it be construed to be, legal or tax advice to any particular Non-Resident Holder. Non-Resident Holders
are advised to consult with their own tax advisors with respect to their particular circumstances.
Based on Canadian tax counsel’s understanding
of the Canada Revenue Agency’s administrative policies, and having regard to the terms of the Notes, interest payable on the Notes
should not be considered to be “participating debt interest” as defined in the Canadian Tax Act and accordingly, a Non-Resident
Holder should not be subject to Canadian non-resident withholding tax in respect of amounts paid or credited or deemed to have been paid
or credited by CIBC on a Note as, on account of or in lieu of payment of, or in satisfaction of, interest.
Non-Resident Holders should consult their own advisors
regarding the consequences to them of a disposition of the Notes to a person with whom they are not dealing at arm’s length for
purposes of the Canadian Tax Act. |
Supplemental Plan of Distribution (Conflicts of Interest) |
Pursuant to the terms of a distribution agreement,
CIBCWM will purchase the Notes from CIBC for distribution to UBS (the “Agent”). CIBCWM has agreed to sell to the Agent, and
the Agent has agreed to purchase, all of the Notes at the price to public set forth on the cover hereof.
CIBCWM is our affiliate, and is deemed to have a
conflict of interest under FINRA Rule 5121. In accordance with FINRA Rule 5121, CIBCWM may not make sales in this offering to any of its
discretionary accounts without the prior written approval of the customer.
We will deliver the Notes against payment therefor
in New York, New York on a date that is more than two business days following the Trade Date. Under Rule 15c6-1 of the Securities Exchange
Act of 1934, trades in the secondary market generally are required to settle in two business days, unless the parties to any such trade
expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes on any date prior to two business days before delivery
will be required to specify alternative settlement arrangements to prevent a failed settlement.
The Bank may use this pricing supplement in the
initial sale of the Notes. In addition, CIBCWM or another of the Bank’s affiliates may use this pricing supplement in market-making
transactions in any Notes after their initial sale. Unless CIBCWM or we inform you otherwise in the confirmation of sale, this pricing
supplement is being used by CIBCWM in a market-making transaction.
While CIBCWM may make markets in the Notes, it is
under no obligation to do so and may discontinue any market-making activities at any time without notice. See the section titled “Supplemental
Plan of Distribution (Conflicts of Interest)” in the accompanying prospectus supplement.
The price at which you purchase the Notes includes
costs that the Bank or its affiliates expect to incur and profits that the Bank or its affiliates expect to realize in connection with
hedging activities related to the Notes. These costs and profits will likely reduce the secondary market price, if any secondary market
develops, for the Notes. As a result, you may experience an immediate and substantial decline in the market value of your Notes on the
Settlement Date.
The Bank’s Estimated Value of the Notes |
The Bank’s initial estimated value of the
Notes set forth on the cover of this pricing supplement is equal to the sum of the values of the following hypothetical components: (1)
a fixed-income debt component with the same maturity as the Notes, valued using our internal funding rate for structured debt described
below, and (2) the derivative or derivatives underlying the economic terms of the Notes. The Bank’s initial estimated value does
not represent a minimum price at which CIBCWM or any other person would be willing to buy your Notes in any secondary market (if any exists)
at any time. The internal funding rate used in the determination of the Bank’s initial estimated value 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. For additional information, see “Key Risks—The Bank’s Initial Estimated Value
of the Notes Was Not Determined by Reference to Credit Spreads for Our Conventional Fixed-Rate Debt” in this pricing supplement.
The value of the derivative or derivatives underlying the economic terms of the Notes is derived from the Bank’s or a third party
hedge provider’s internal pricing models. These models are dependent on inputs such as the traded market prices of comparable derivative
instruments and on various other inputs, some of which are market-observable, and which can include volatility, dividend rates, interest
rates and other factors, as well as assumptions about future market events and/or environments. Accordingly, the Bank’s initial
estimated value of the Notes was determined when the terms of the Notes were set based on market conditions and other relevant factors
and assumptions existing at that time. See “Key Risks—The Bank’s Initial Estimated Value Does Not Represent Future Values
of the Notes and May Differ From Others’ Estimates” in this pricing supplement.
The Bank’s initial estimated value of the
Notes is lower than the initial issue price of the Notes because costs associated with selling, structuring and hedging the Notes are
included in the initial issue price of the Notes. These costs include the projected profits that our hedge counterparties, which may include
our affiliates, expect to realize for assuming risks inherent in hedging our obligations under the Notes and the estimated cost of hedging
our obligations under the Notes. Because hedging our obligations entails risk and may be influenced by market forces beyond our control,
this hedging may result in a profit that is more or less than expected, or it may result in a loss. We or one or more of our affiliates
will retain any profits realized in hedging our obligations under the Notes. See “Key Risks—The Bank’s Initial Estimated
Value of the Notes Is Lower Than the Initial Issue Price (Price to Public) of the Notes” in this pricing supplement.
In the opinion of Blake, Cassels & Graydon LLP,
as Canadian counsel to the Bank, the issue and sale of the Notes has been duly authorized by all necessary corporate action of the Bank
in conformity with the indenture, and when the Notes have been duly executed, authenticated and issued in accordance with the indenture,
the Notes will be validly issued and, to the extent validity of the Notes is a matter governed by the laws of the Province of Ontario
or the federal laws of Canada applicable therein, will be valid obligations of the Bank, subject to applicable bankruptcy, insolvency
and other laws of general application affecting creditors’ rights, equitable principles, and subject to limitations as to the currency
in which judgments in Canada may be rendered, as prescribed by the Currency Act (Canada). This opinion is given as of the date hereof
and is limited to the laws of the Province of Ontario and the federal laws of Canada applicable therein. In addition, this opinion is
subject to customary assumptions about the Trustee’s authorization, execution and delivery of the indenture and the genuineness
of signature, and to such counsel’s reliance on the Bank and other sources as to certain factual matters, all as stated in the opinion
letter of such counsel dated June 6, 2023, which has been filed as Exhibit 5.2 to the Bank’s Registration Statement on Form F-3
filed with the SEC on June 6, 2023.
In the opinion of Mayer Brown LLP, when the Notes
have been duly completed in accordance with the indenture and issued and sold as contemplated by this pricing supplement and the accompanying
underlying supplement, prospectus supplement and prospectus, the Notes will constitute valid and binding obligations of the Bank, entitled
to the benefits of the indenture, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws
of general applicability relating to or affecting creditors’ rights and to general equity principles. This opinion is given as of
the date hereof and is limited to the laws of the State of New York. This opinion is subject to customary assumptions about the Trustee’s
authorization, execution and delivery of the indenture and such counsel’s reliance on the Bank and other sources as to certain factual
matters, all as stated in the legal opinion dated June 6, 2023, which has been filed as Exhibit 5.1 to the Bank’s Registration Statement
on Form F-3 filed with the SEC on June 6, 2023.
Exhibit 107.1
The pricing supplement to which this Exhibit is attached is a final
prospectus for the related offering(s). The maximum aggregate offering price of the related offering(s) is $4,560,950.
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