Capstone Copper Corp. — Capital/Financing Update 2024

Sep 13, 2024

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CIBC CANADIAN DIVERSIFIED LARGE CAP EQUITY INDEX (AR) AUTOCALLABLE NOTES, SERIES 83

Principal At Risk Notes – Due October 2, 2031

Dated September 13, 2024

A final base shelf prospectus containing important information relating to the securities described in this document has been filed with the securities regulatory authorities in each of the provinces and territories of Canada. A copy of the final base shelf prospectus, any amendment to the final base shelf prospectus and any applicable shelf prospectus supplement that has been filed, is required to be delivered with this document. This document does not provide full disclosure of all material facts relating to the securities offered. Investors should read the final base shelf prospectus, any amendment and any applicable shelf prospectus supplement for disclosure of those facts, especially risk factors relating to the securities offered, before making an investment decision.

Linked to Solactive Canadian Diversified Annual Autocall Feature (starting in October 2025) 20.00% Contingent Principal Protection Large Cap Equity Index AR

Investment Highlights

Currency

CAD Denominated.

Reference Index

Solactive Canadian Diversified Large Cap Equity Index AR. The Reference Index is an adjusted return index that aims to track the gross total return performance of the Solactive Canadian Diversified Large Cap Equity Index TR (the “Target Index”), subject to a reduction of a synthetic dividend of 235 index points per annum calculated daily in arrears on a 360 day basis at the time the Reference Index is calculated (the “Adjusted Return Factor”).

Call Feature

The Notes will be automatically called by CIBC on a Call Date if the Reference Index Return on the applicable Valuation Date is greater than or equal to 5.00%. If the Notes are called by CIBC on any of the Call Dates, Investors will receive a minimum Fixed Return plus 100.00% of the amount, if any, by which the Reference Index Return exceeds such Fixed Return.

Fixed Return

The “Fixed Returns” are as follows:

Valuation Date	Fixed Return
September 24, 2025	19.00%
September 24, 2026	38.00%
September 24, 2027	57.00%
September 25, 2028	76.00%
September 24, 2029	95.00%
September 24, 2030	114.00%
September 24, 2031	133.00%

CIBC Canadian Diversified Large Cap Equity Index (AR) Autocallable Notes, Series 83 | 1

Potential Upside

If the Notes are not automatically called by CIBC and if the Reference Index Return at maturity is greater than or equal to 5.00%, Investors will receive a minimum return of 133.00% (annual compounded return of 12.84%), and will also receive 100.00% of the amount, if any, by which the Reference Index Return exceeds 133.00%.

Downside Exposure

If the Notes are not automatically called by CIBC and if the Reference Index Return is less than 5.00% and greater than or equal to -20.00% on the final Valuation Date, the Variable Return will be equal to 0.00% and Investors will receive the Principal Amount at maturity. If, however, the Reference Index Return is less than -20.00% on the final Valuation Date, Investors will receive less than the Principal Amount at maturity, subject to a minimum payment of $1.00 per Note.

Term Available Until Issue Date Maturity Date (if not called) Minimum Investment How to Buy	Term Available Until Issue Date Maturity Date (if not called) Minimum Investment How to Buy	Term Available Until Issue Date Maturity Date (if not called) Minimum Investment How to Buy
7 Years September 25, 2024 October 2, 2024 October 2, 2031 $5,000 Wood Gundy: SyndNET Third Party: Fundserv CBL16972
Distribution groups 1 British Columbia: 416 594-7663 Ontario: 416 956-6787	Distribution groups 2 Prairies: 416 594-8046 Québec: 514 847-6485	Distribution groups 3 Atlantic Canada: 416 594-8099 Fundserv Client Services: 866 474-0142

The performance of the Reference Index reflects the gross total return performance of the Target Index as reduced by the Adjusted Return Factor. Investors will not have any right to receive any dividends or other distributions on any securities included in the Target Index. The annual dividend yield of the securities included in the Target Index was 4.86% for the 12 months ended September 6, 2024, which would represent aggregate dividends of 34.02% over the seven year term of the Notes, assuming the dividend yield remains consistent and the dividends are not reinvested.

CIBC Canadian Diversified Large Cap Equity Index (AR) Autocallable Notes, Series 83 | 2

Hypothetical Examples

The following hypothetical examples show how the Maturity Amount would be calculated under six different scenarios. The Reference Index Return will be calculated based on the performance of the Reference Index, which reflects the gross total return performance of the Target Index as reduced by the Adjusted Return Factor. These examples are for illustrative purposes only and should not be construed as an estimate or forecast of the performance of the Reference Index at any time during the term of the Notes or the Variable Return to be determined on any Valuation Date. The actual performance of the Reference Index will be different from these hypothetical examples and the differences may be material.

Example 1 – Notes are not called and the Reference Index Return is less than -20.00% on the final Valuation Date

In this example, the Notes are not automatically called by CIBC and Investors are entitled to receive a Maturity Amount of $70.00 per Note (annual compounded return of -4.97%) on the Maturity Payment Date. The Reference Index Return is less than -20.00% on the final Valuation Date; therefore, the Variable Return is equal to the negative Reference Index Return.

Reference Index Return

2025	2026	2027	2028	2029	2030	2031
-4.00%	-6.00%	-12.00%	-14.00%	-20.00%	-22.00%	-30.00%
Variable Return:		-30.00%
Maturity Amount:		$70.00

Example 2 – Notes are not called and the Reference Index Return is less than 5.00% and greater than or equal to -20.00% on the final Valuation Date

In this example, the Notes are not automatically called by CIBC and Investors are entitled to receive a Maturity Amount of $100.00 per Note (annual compounded return of 0.00%) on the Maturity Payment Date. The Reference Index Return is less than 5.00% and greater than or equal to -20.00% on the final Valuation Date; therefore, the Variable Return is 0.00%.

Reference Index Return

2025	2026	2027	2028	2029	2030	2031
-4.00%	-6.00%	-12.00%	-14.00%	-20.00%	-22.00%	-20.00%
Variable Return:		0.00%
Maturity Amount:		$100.00

CIBC Canadian Diversified Large Cap Equity Index (AR) Autocallable Notes, Series 83 | 3

Example 3 – Notes are called in October 2025 and the Fixed Return of 19.00% is greater than or equal to the Reference Index Return

In this example, the Notes are automatically called by CIBC and Investors are entitled to receive a Maturity Amount of $119.00 per Note (annual compounded return of 19.00%) on the Call Date in October 2025. Since the Reference Index Return is less than or equal to the Fixed Return of 19.00% and greater than or equal to 5.00%, the Variable Return is equal to 19.00%.

Reference Index Return

2025	2026		2027	2028	2029	2030	2031
16.00%	N/A		N/A	N/A	N/A	N/A	N/A
(called)
Variable Return:		19.00%
Maturity Amount:		$119.00

Example 4 – Notes are called in October 2025 and the Reference Index Return of 29.00% is greater than the Fixed Return of 19.00%

In this example, the Notes are automatically called by CIBC and Investors are entitled to receive a Maturity Amount of $129.00 per Note (annual compounded return of 29.00%) on the Call Date in October 2025. Since the Reference Index Return is greater than the Fixed Return of 19.00%, the Variable Return is equal to (i) 19.00%, plus (ii) 100.00% x (29.00% - 19.00%), or 29.00%.

Reference Index Return

2025	2026		2027	2028	2029	2030	2031
29.00%	N/A		N/A	N/A	N/A	N/A	N/A
(called)
Variable Return:		29.00%
Maturity Amount:		$129.00

CIBC Canadian Diversified Large Cap Equity Index (AR) Autocallable Notes, Series 83 | 4

Example 5 – Notes mature in September 2031 and the Reference Index Return is greater than or equal to 5.00% but less than or equal to the Fixed Return of 133.00%

In this example, Investors are entitled to receive a Maturity Amount of $233.00 per Note (annual compounded return of 12.84%) on the Maturity Payment Date. Since the Reference Index Return is greater than or equal to 5.00% but less than or equal to the Fixed Return of 133.00%, the Variable Return is equal to 133.00%.

Reference Index Return

2025	2026	2027	2028	2029	2030	2031
-4.00%	-6.00%	-12.00%	-14.00%	-20.00%	-22.00%	46.50%
Variable Return:		133.00%
Maturity Amount:		$233.00

Example 6 – Notes mature in October 2031 and the Reference Index Return of 135.00% is greater than the Fixed Return of 133.00%

In this example, Investors are entitled to receive a Maturity Amount of $235.00 per Note (annual compounded return of 12.98%) on the Maturity Payment Date. Since the Reference Index Return is greater than the Fixed Return of 133.00%, the Variable Return is equal to (i) 133.00%, plus (ii) 100.00% x (135.00% - 133.00%), or 135.00%.

Reference Index Return

2025	2026	2027	2028	2029	2030	2031
-4.00%	-6.00%	-12.00%	-14.00%	-20.00%	-22.00%	135.00%
Variable Return:		135.00%
Maturity Amount:		$235.00

CIBC Canadian Diversified Large Cap Equity Index (AR) Autocallable Notes, Series 83 | 5

Investment Details

Issuer

Canadian Imperial Bank of Commerce (“CIBC”).

Principal Amount

$100.00 (Par) per Note.

Issue Size

Maximum $50,000,000 (500,000 Notes).

Minimum Subscription

$5,000 (50 Notes).

Reference Index

The Solactive Canadian Diversified Large Cap Equity Index AR. The Solactive Canadian Diversified Large Cap Equity Index AR is an adjusted return index that aims to track the gross total return performance of the Solactive Canadian Diversified Large Cap Equity Index TR, subject to a reduction of a synthetic dividend of 235 index points per annum calculated daily in arrears on a 360 day basis at the time the Reference Index is calculated. The Closing Level of the Reference Index on September 6, 2024 was 4,110.68. The Adjusted Return Factor divided by the level of the Reference Index was therefore equal to 5.72% on September 6, 2024. Over the term of the Notes, the sum of the Adjusted Return Factor of 235 points per annum will be approximately 1,645 index points, representing 40.02% of the level of the Reference Index on September 6, 2024. The Target Index is a gross total return index that reflects the applicable price changes of its constituent securities and any dividends and distributions paid in respect of such securities. For the calculation of the level of the Target Index, any dividends or other distributions paid on the constituent securities of the Target Index are assumed to be reinvested across all the constituent securities of the Target Index. There is no assurance of the ability of issuers of the securities comprising the Target Index to declare and pay dividends or make distributions in respect of the constituent securities of the Target Index or to sustain or increase such dividends and distributions at or above historical levels.

Issue Date

October 2, 2024

Maturity Date / Term

October 2, 2031 (7 years), provided that if such date is not a Business Day then the Maturity Date will be the immediately following Business Day, subject to the Notes being automatically called by CIBC on any Call Date and subject to the occurrence of a Market Disruption Event.

Call Dates and Valuation Dates

Based on an Issue Date of October 2, 2024, the Call Dates and Valuation Dates are as follows:

Valuation Dates	Call Dates
September 24, 2025	October 2, 2025
September 24, 2026	October 2, 2026
September 24, 2027	October 4, 2027
September 25, 2028	October 3, 2028

CIBC Canadian Diversified Large Cap Equity Index (AR) Autocallable Notes, Series 83 | 6

Valuation Dates	Call Dates
September 24, 2029	October 2, 2029
September 24, 2030	October 2, 2030
September 24, 2031	-

Provided that (i) if the Issue Date is postponed, each Call Date will be postponed by an equivalent number of days, and provided further that if any such Call Date is not both a Business Day and at least five Business Days following the applicable Valuation Date, the applicable Call Date will be postponed until the next Business Day that is at least five Business Days following the immediately preceding Valuation Date, in each case subject to the occurrence of a Market Disruption Event; and (ii) if any such Valuation Date is not an Exchange Day, then the applicable Valuation Date will be the immediately preceding Exchange Day, subject to the occurrence of a Market Disruption Event.

Call Feature

The Notes will be automatically called by CIBC on a Call Date if the Reference Index Return on the applicable Valuation Date is greater than or equal to 5.00%. If the Notes are called by CIBC on any of the Call Dates, Investors will receive a minimum Fixed Return plus 100.00% of the amount, if any, by which the Reference Index Return exceeds such Fixed Return.

Reference Index Return

The Reference Index Return will be a number (positive or negative), expressed as a percentage, determined as follows:

(Index LevelVD – Index LevelID) / Index LevelID

where:

• the “Index LevelVD” will be the Closing Level on the applicable Valuation Date; and

• the “Index LevelID” will be the Closing Level on the Issue Date, provided that if the Issue Date is not an Exchange Day, the Index LevelID shall be determined on the next following Exchange Day (in which case references to the Closing Level on the Issue Date shall be deemed to refer to the Closing Level on such next following Exchange Day),

subject in each case to the provisions set out under “Market Disruption Events, Adjustments and Substitutions and Extraordinary Events” in the Prospectus.

Maturity Amount

Investors will be entitled to receive on the later of (a) the fifth Business Day following the final Valuation Date and (b) the Maturity Date (the “Maturity Payment Date”) (or on a Call Date, if the Notes are automatically called by CIBC prior to the Maturity Date) in respect of each Note held by such Investor, an amount (the “Maturity Amount”) equal to the product of:

• i) $100.00; and

• ii) 100.00% plus the Variable Return,

subject to a minimum Maturity Amount of $1.00 per Note.

Variable Return

Positive Variable Return

If the Notes are called by CIBC on any of the Call Dates or the Reference Index Return is greater than or equal to 5.00% on the final Valuation Date preceding the Maturity Date in 2031, the “Variable Return” will be calculated as follows:

• a) where the Reference Index Return is less than or equal to the applicable Fixed Return, the Variable Return will be equal to such Fixed Return; or

• b) where the Reference Index Return is greater than the applicable Fixed Return, the Variable Return will be equal to such Fixed Return, plus 100.00% of the amount by which the Reference Index Return exceeds such Fixed Return.

CIBC Canadian Diversified Large Cap Equity Index (AR) Autocallable Notes, Series 83 | 7

If the Notes are called by CIBC, Investors will not be entitled to receive any further return that they would have otherwise been entitled to receive if the Notes had not been called by CIBC.

Zero or Negative Variable Return

If the Notes are not called by CIBC and the Reference Index Return is less than 5.00% on the final Valuation Date preceding the Maturity Date in 2031, the Variable Return at maturity will be calculated as follows:

• a) where the Reference Index Return is less than 5.00% and greater than or equal to -20.00% on the final Valuation Date, the Variable Return will be equal to 0.00%; or

• b) where the Reference Index Return is less than -20.00% on the final Valuation Date, the Variable Return will be equal to the Reference Index Return (which will be negative and result in a loss of a portion of the Principal Amount at maturity in these circumstances).

Variable Returns Payable

The following table shows the Variable Return payable to an Investor on a Call Date or on the Maturity Payment Date, depending on the Reference Index Return as determined on the applicable Valuation Date:

Valuation Date (September 24, 2025)

	Valuation Date	Reference Index Return	Variable Return
September	24, 2025	< 5.00%	N/A
September	24, 2025	≥ 5.00% and ≤ 19.00%	19.00%
September	24, 2025	> 19.00%	19.00%, plus 100.00% of the
			Reference Index Return in excess of
			19.00%

Valuation Date (September 24, 2026)

	Valuation Date	Reference Index Return	Variable Return
September	24, 2026	< 5.00%	N/A
September	24, 2026	≥ 5.00% and ≤ 38.00%	38.00%
September	24, 2026	> 38.00%	38.00%, plus 100.00% of the
			Reference Index Return in excess of
			38.00%

Valuation Date (September 24, 2027)

	Valuation Date	Reference Index Return	Variable Return
September	24, 2027	< 5.00%	N/A
September	24, 2027	≥ 5.00% and ≤ 57.00%	57.00%
September	24, 2027	> 57.00%	57.00%, plus 100.00% of the
			Reference Index Return in excess of
			57.00%

CIBC Canadian Diversified Large Cap Equity Index (AR) Autocallable Notes, Series 83 | 8

Valuation Date (September 25, 2028)

	Valuation Date	Reference Index Return	Variable Return
September	25, 2028	< 5.00%	N/A
September	25, 2028	≥ 5.00% and ≤ 76.00%	76.00%
September	25, 2028	> 76.00%	76.00%, plus 100.00% of the
			Reference Index Return in excess of
			76.00%

Valuation Date (September 24, 2029)

	Valuation Date	Reference Index Return	Variable Return
September	24, 2029	< 5.00%	N/A
September	24, 2029	≥ 5.00% and ≤ 95.00%	95.00%
September	24, 2029	> 95.00%	95.00%, plus 100.00% of the
			Reference Index Return in excess of
			95.00%

Valuation Date (September 24, 2030)

	Valuation Date	Reference Index Return	Variable Return
September	24, 2030	< 5.00%	N/A
September	24, 2030	≥ 5.00% and ≤ 114.00%	114.00%
September	24, 2030	> 114.00%	114.00%, plus 100.00% of the
			Reference Index Return in excess of
			114.00%

Valuation Date (September 24, 2031)

	Valuation Date	Reference Index Return	Variable Return
September	24, 2031	< -20.00%	the Reference Index Return
September	24, 2031	≥ -20.00% and < 5.00%	0.00%
September	24, 2031	≥ 5.00% and ≤ 133.00%	133.00%
September	24, 2031	> 133.00%	133.00%, plus 100.00% of the
			Reference Index Return in excess of
			133.00%

CIBC Canadian Diversified Large Cap Equity Index (AR) Autocallable Notes, Series 83 | 9

Secondary Market and Early Trading Amount

The Notes will not be listed on any securities exchange or quotation system. CIBC World Markets Inc. (“CIBC WM”) intends to provide a daily secondary market for the sale of Notes to CIBC WM, but reserves the right not to do so, in its sole discretion, at any time without any prior notice to Investors. Under no circumstances will CIBC WM provide a secondary market for the Notes on or following a Valuation Date for the Notes if the Notes will be called by CIBC on the applicable Call Date. No other secondary market for the Notes will be available. Any sale in the secondary market may be made at a price less than the Principal Amount and will reflect the deduction of an early trading amount of 4.14% per Note initially, declining daily by 0.023% to 0.00% after 180 days. A sale of Notes originally purchased using the Fundserv network will be subject to certain additional procedures and limitations established by the Fundserv network.

An Investor who disposes of a Note to CIBC WM in the secondary market will generally be required to include in income as interest the amount, if any, by which the sale price exceeds the Principal Amount of such Note. Investors who dispose of a Note prior to maturity should consult their own tax advisors. See “Certain Canadian Federal Income Tax Considerations” in the Pricing Supplement.

Calculation Agent

CIBC WM.

Registered Account Eligibility

RRSPs, RRIFs, RESPs, RDSPs, certain DPSPs, TFSAs and FHSAs.

CIBC Canadian Diversified Large Cap Equity Index (AR) Autocallable Notes, Series 83 | 10

Fundserv is a registered trademark of Fundserv Inc.

This document should be read in conjunction with the short form base shelf prospectus dated October 7, 2022 (the “Prospectus”) and the CIBC Pricing Supplement No. 2,964 to the Prospectus dated September 13, 2024 (the “Pricing Supplement”).

An investment in the Notes involves risks not associated with conventional fixed rate or floating rate debt securities. None of CIBC, the Dealers or any of their respective affiliates, associates, or any other person or entity guarantees that holders of Notes will receive an amount equal to their original investment in the Notes or guarantees that any return will be paid on the Notes (subject to the minimum Maturity Amount of $1.00 per Note) at or prior to maturity of the Notes. Amounts paid to holders of the Notes will depend on the performance of the Reference Index. An investment in Notes is not suitable for a purchaser who does not understand (either on his or her own or with the help of a financial advisor) the terms of the Notes or the risks associated with the Notes and with structured products, options or similar financial instruments generally. See “Risk Factors” in the Prospectus and “Certain Risk Factors” in the Pricing Supplement. “Solactive” is a registered trademark of Solactive AG and has been licensed for use. Solactive AG makes no representation or warranty, express or implied, regarding the advisability of investing in securities generally or the Notes in particular. Neither Solactive AG nor any of its affiliates are involved in the operation or distribution of the Notes and neither Solactive AG nor its affiliates shall have any liability for operation or distribution of the Notes or the failure of the Notes to achieve their investment objective.

The Notes will not constitute deposits that are insured under the Canada Deposit Insurance Corporation Act or any other deposit insurance regime designed to ensure the payment of all or a portion of a deposit upon the insolvency of the deposit taking institution.

The principal amount of the Notes will not be fully guaranteed and, subject to the minimum Maturity Amount of $1.00 per Note, will be at risk. As a result, Investors could lose substantially all of their original investment in the Notes.

CIBC WM intends to provide a secondary market for the sale of Notes to CIBC WM but reserves the right not to do so, in its sole discretion, at any time without any prior notice to holders of Notes. There is no other market through which the Notes may be sold and purchasers may not be able to re-sell Notes.

CIBC WM is a wholly-owned subsidiary of CIBC. By virtue of such ownership, CIBC is a “related issuer” and a “connected issuer” of CIBC WM within the meaning of applicable securities legislation. See “Plan of Distribution” in the Prospectus.

CIBC Canadian Diversified Large Cap Equity Index (AR) Autocallable Notes, Series 83 | 11