#1CIBC◇ CIBC Fixed Income Investor Presentation Q1-2024#2Disclaimer The material that follows is a presentation (the "Presentation") of general background information about Canadian Imperial Bank of Commerce ("CIBC") and its covered bond programme (the "Programme") as of the date of this document. It is information in summary form and does not purport to be complete. This document, together with any document (other than the Prospectus) distributed alongside it (collectively, the "Presentation") is an advertisement and is not a prospectus for the purposes of EU Directive 2003/71/EC as amended, including by Directive 2010/73/EU to the extent such amendments have been implemented in a relevant member state and includes any relevant implementing measure in each relevant member state (the "Prospectus Directive") and/or Part VI of the Financial Services and Markets Act 2000, as amended (the "FSMA"). Investors should not subscribe for any securities referred to in the Presentation except on the basis of the information contained in the final form Prospectus or Information Memorandum, as applicable, and any applicable Final Terms for Covered Bonds. The information in the Presentation has not been audited and no representation or warranty, express or implied, is made concerning, and no reliance should be placed on, the accuracy, fairness, completeness, correctness, sufficiency, or usefulness of the information presented or opinions contained in the Presentation. The Presentation has been prepared solely for use at the presentation to investors to be held in March and April 2024. By attending the meeting where the Presentation is made or by reading the Presentation slides, you agree to be bound by the limitations set out herein. This document may not be reproduced, redistributed or passed on to any other person or published, in whole or in part, for any purpose, without the prior written consent of CIBC. The Presentation and the information contained in this document are strictly confidential and are being supplied to you solely for your information in considering the Programme and may not, directly or indirectly, be reproduced, forwarded to any other person or published, in whole or in part, disclosed by recipients to any other person or used for any other purpose, including in any way that would constitute "market abuse". This presentation does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there by any sale of securities, in any jurisdiction in which any offer, solicitation or sale would be unlawful. If CIBC were to conduct an offering of covered bonds in the United States in the future, it would be made only to (a) persons other than U.S. persons (as defined in Regulation S ("Regulation S") under the Securities Act of 1933, as amended ("Securities Act")) or (b) "qualified institutional buyers" as defined in Rule 144A of the Securities Act ("Rule 144A"). If CIBC were to conduct an offering in the United States of securities other than covered bonds in the future, it would be made under CIBC's registration statement (including base prospectus) filed with the U.S. Securities and Exchange Commission (the "SEC") and only by means of a prospectus supplement and accompanying prospectus filed with the SEC. In the event that CIBC conducts an offering of in the United States of securities other than covered bonds in the future, you may obtain a copy of the prospectus supplement and accompanying prospectus for the offering by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, you may obtain a copy of the prospectus supplement and accompanying prospectus for the offering by calling CIBC collect at (416) 980-6657, or any underwriter or any dealer participating in the offering will arrange to send you the prospectus supplement and accompanying prospectus if you request it. Under no circumstances shall the information presented in the Presentation constitute an offer, or invitation to sell or issue or purchase or subscribe for any securities nor shall there be any sale or offer of the securities in any jurisdiction in which such offer, solicitation, invitation, sale, issue, purchase or subscription would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Any such offer would be made only after a prospective participant had completed its own independent investigation of the securities issued pursuant to the Programme (the "Securities") and related transactions and collateral pool and received all information it required to make its own investment decision, including, where applicable, a review of any prospectus, prospectus supplement, offering circular or memorandum describing such security or instrument. That information would supersede the material in the Presentation and contain information not contained in the Presentation and to which prospective participants are referred. In addition, the information in the Presentation supersedes (to the extent applicable) all information previously delivered to you with respect to the Securities. We have no obligation to tell you when information in the Presentation is stale or may change, nor are we obligated to provide updated information on the Securities. CIBC 1#3Disclaimer (continued) The Securities and the Covered Bond Guarantee (as described herein) have not been and will not be registered under the Securities Act and may not be offered or sold within the United States or to or for the account or benefit of U.S. persons (as defined in Regulation S) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Accordingly, the Securities will only be offered in (a) in offshore transactions to persons other than U.S. persons (as defined in Regulation S) in reliance upon Regulation S under the Securities Act, and (b) to persons who are "qualified institutional buyers" as defined in Rule 144A in reliance upon Rule 144A. The Securities will not be transferable except in accordance with the transfer restrictions set forth in the offering memorandum with respect to the Securities. Any offering of Securities to be made in or into the United States will be made by means of an offering memorandum that may be obtained from the dealers. Such offering memorandum will contain, or incorporate by reference, detailed information about CIBC and its business and financial results, as well as information about the Programme. A final form prospectus (the "Prospectus") and any applicable final terms for Covered Bonds, other than Exempt Covered Bonds, (as defined in the Prospectus) to be admitted to trading on a regulated market (as defined in the Prospectus Directive) have been prepared and made available to the public in accordance with the Prospectus Directive. The final form Prospectus is available on the website of the "Market data & news" section operated by the Luxembourg Stock Exchange at https://www.bourse.lu/programme/Programme-CIBC/14556 under the name of Canadian Imperial Bank of Commerce and the headline “Prospectus". Investors that are U.S. persons (as defined in Regulation S) must obtain the offering memorandum prepared for purposes of offering the Securities within the United States, and may not rely on the Prospectus. The Prospectus will not be used as the basis of any offering in Australia. Investors in, or in respect of any securities offered in, Australia will be provided with AND must obtain the information memorandum prepared for any offering of Securities within Australia and may not rely on the Prospectus. The Securities may not be suitable for all investors. This material has been prepared and issued by CIBC for distribution to market professionals and institutional investor clients only. Other recipients should seek independent investment advice prior to making any investment decision based on this material. By accepting this presentation you acknowledge and agree that you shall be solely responsible for the lawfulness of the acquisition of any Securities with regard to any law, regulation or policy applicable to you. You are also deemed to acknowledge and agree that (a) this presentation does not constitute legal, tax or accounting advice, (b) there may be legal, tax or accounting risks associated with the Securities, (c) you should receive (and rely on) separate and qualified legal, tax and accounting advice, and (d) you should appraise senior management in your organization as to such legal, tax and accounting advice and any risks associated with the Securities and this disclaimer as to these matters. The value of and income from investments may vary because of changes in interest rates, foreign exchange rates, default rates, prepayment rates, securities/instruments prices, market indexes, operational or financial conditions of companies or other factors. Past performance is not necessarily a guide to future performance. Estimates of future performance are based on assumptions that may not be realized. Actual events may differ from those assumed and changes to any assumptions may have a material impact on any projections or estimates. All values are in Canadian dollars ("CAD") unless otherwise noted. Despite anything herein to the contrary, by attending or receiving the Presentation, you represent and warrant that (if you are located in Australia) you are either: (1) a "Sophisticated Investor" within the meaning of section 708(8) of the Corporations Act 2001 (Cth) (the 'Corporations Act'); (2) a "Professional Investor" within the meaning of section 708(11) of the Corporations Act; or (3) a person in respect of whom disclosure is not required under Parts 6D.2 or 7.9 of the Corporations Act. CIBC is registered as a foreign company in Australia and is a foreign authorised deposit-taking institution under the Banking Act 1959 of the Commonwealth of Australia (the "Australian Banking Act"). The Securities are not the obligation of any government and, in particular, are not guaranteed by the Commonwealth of Australia or the government of Canada nor do they benefit from the depositor protection provisions of Division 2 of Part II of the Australian Banking Act. However, under section 11F of the Australian Banking Act, if CIBC (whether in or outside Australia) suspends payment or becomes unable to meet its obligations, the assets of CIBC in Australia are to be available to meet its liabilities in Australia (including if those liabilities are in respect of the Securities) in priority to all other liabilities of CIBC. Further, under section 86 of the Reserve Bank Act 1959 of Australia, debts due by the bank to the Reserve Bank of Australia shall in a winding-up of the Bank have priority over all other debts of the bank. Securities issued by the bank under the programme do not evidence nor constitute deposits that are insured under the Canada Deposit Insurance Corporation Act. CIBC◇ 2#4Disclaimer (continued) The Guarantor is not a bank nor an authorised deposit taking institution authorised to carry on banking business under the Australian Banking Act and it is not supervised by the Australian Prudential Regulation Authority. The Guarantor is not registered as a foreign company or otherwise registered, authorised or qualified to carry on financial services or other business in Australia. The Presentation is for information purposes only and is not a prospectus or product disclosure statement under Australian law, financial product or investment advice or a recommendation to acquire securities in CIBC. No prospectus or other disclosure document (within the meaning of the Corporations Act) has been, and it is not intended that any such prospectus or other disclosure document will be, lodged with the Australian Securities and Investments Commission. Any information or offering memorandum prepared for any offering of Securities in Australia will not be, and will not purport to be, a document containing disclosure to investors for the purposes of Part 6D.2 or Part 7.9 of the Corporations Act. It is not intended that the Presentation or any such document will be used in connection with any offer for which such disclosure is required and neither this presentation nor any such document will contain all the information that would be required by those provisions if they applied. Neither the Presentation nor any such document is to be provided to any 'retail client' as defined in section 761G of the Corporations Act and does not and will not take into account the individual objectives, financial situation or needs of any prospective investor. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek legal, accounting, and taxation advice appropriate to their jurisdiction. Neither CIBC nor the Guarantor is licensed in Australia to provide financial product advice in respect of its financial products. Cooling off rights do not apply to the acquisition of the Securities. The offer and sale of the Securities within Australia will be subject to certain restrictions that will be set out in the applicable information or offering memorandum. The Presentation is addressed to, directed at and is only being distributed to: in the United Kingdom, persons who are "qualified investors": (i) within the meaning of Article 2(1)(e) of Directive 2003/71/EC (as amended, the Prospective Directive) and any relevant implementing measure in each Member State of the European Economic Area ("Qualified Investors") and Section 86(7) of the Financial Services and Markets Act 2000 ("FSMA"); (ii) (A) persons who have professional experience in matters relating to investments or (B) high net worth entities falling within Article 49(2)(a) to (d) of the FSMA (Financial Promotion) Order 2005 (as amended, the "Order"); (iii) or certified high net worth individuals within Article 48 of the FSMA (Financial Promotion) Order 2005; or (iv) persons to whom it may otherwise lawfully be communicated (collectively, "relevant persons"); and in Member States of the European Economic Area which have implemented the Prospectus Directive (other than the United Kingdom), persons who are Qualified Investors. Any investment or investment activity to which the Presentation relates is available in the United Kingdom only to relevant persons and will be engaged in, in the United Kingdom, only with relevant persons. Any person who is not a relevant person should not act or rely on the Presentation. Other persons in those jurisdictions not falling within subparagraphs (a) or (b) above should not read, rely upon or act upon the contents of the Presentation. By attending the presentation to which the Presentation relates or by accepting receipt of the Presentation, the recipient will be taken to have represented, warranted and undertaken that: It is a person who is permitted to attend or receive the presentation in accordance with the limitations set out in (a) and (b) above in this notice; It has read and agrees to comply with the contents of this notice; It will keep the information in this document and the Presentation and all information about the Programme confidential until such information has been made publicly available by CIBC and take all reasonable steps to preserve such confidentiality; and It will not at any time have any discussion, correspondence or contact concerning the information in this document and the Presentation with any of the directors or employees of CIBC or its subsidiaries nor with any of their suppliers or customers, or any government or regulatory body without the prior written consent of CIBC. The offer or sale of securities or transactions may be restricted by law. Potential investors are required to inform themselves of, and to observe any legal restrictions on their involvement in any transaction. There shall be no offer or sale of the Securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification under securities laws of such state or jurisdiction. This document is an advertisement and is not an issue prospectus nor a listing prospectus for the purposes of the Swiss code of obligations and the regulation of the SIX Swiss Exchange. A final form Prospectus and any applicable Final Terms for Covered Bonds denominated in CHF to be admitted for trading and listing on the SIX Swiss Exchange have been prepared and made available to the public in accordance with the regulation of the SIX Swiss Exchange. CIBC 3#5Forward-Looking Statements A NOTE ABOUT FORWARD-LOOKING STATEMENTS: From time to time, we make written or oral forward-looking statements within the meaning of certain securities laws, including in this Investor Presentation, in other filings with Canadian securities regulators or the SEC and in other communications. All such statements are made pursuant to the "safe harbour" provisions of, and are intended to be forward-looking statements under applicable Canadian and U.S. securities legislation, including the U.S. Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements made in the "Financial performance overview - Economic outlook", "Financial performance overview - Significant events", "Financial performance overview - Financial results review", "Financial performance overview - Review of quarterly financial information", "Financial condition - Capital management", "Management of risk - Risk overview", "Management of risk - Top and emerging risks", "Management of risk - Credit risk", "Management of risk - Market risk", "Management of risk - Liquidity risk", "Accounting and control matters - Critical accounting policies and estimates", and "Accounting and control matters - Other regulatory developments" sections of the Quarterly report and other statements about our operations, business lines, financial condition, risk management, priorities, targets and sustainability commitments (including with respect to net-zero emissions, and our environmental, social and governance (ESG) related activities), ongoing objectives, strategies, the regulatory environment in which we operate and outlook for calendar year 2024 and subsequent periods. Forward-looking statements are typically identified by the words "believe", "expect", "anticipate", "intend", "estimate", "forecast", "target", "predict", "commit", "ambition", "goal", "strive", "project", "objective" and other similar expressions or future or conditional verbs such as "will", "may", "should", "would" and "could". By their nature, these statements require us to make assumptions, including the economic assumptions set out in the "Financial performance overview - Economic outlook" section of the Quarterly report, and are subject to inherent risks and uncertainties that may be general or specific. Given the continuing impact of high inflation, rising interest rates, ongoing adverse developments in the U.S. banking sector which adds pressure on liquidity and funding conditions for the financial industry, the impact of hybrid work arrangements and higher interest rates on the U.S. real estate sector, potential recession and the war in Ukraine and conflict in the Middle East on the global economy, financial markets, and our business, results of operations, reputation and financial condition, there is inherently more uncertainty associated with our assumptions as compared to prior periods. A variety of factors, many of which are beyond our control, affect our operations, performance and results, and could cause actual results to differ materially from the expectations expressed in any of our forward-looking statements. These factors include: inflationary pressures; global supply-chain disruptions; geopolitical risk, including from the war in Ukraine and conflict in the Middle East, the occurrence, continuance or intensification of public health emergencies, such as the impact of post-pandemic hybrid work arrangements, and any related government policies and actions; credit, market, liquidity, strategic, insurance, operational, reputation, conduct and legal, regulatory and environmental risk; currency value and interest rate fluctuations, including as a result of market and oil price volatility; the effectiveness and adequacy of our risk management and valuation models and processes; legislative or regulatory developments in the jurisdictions where we operate, including the Organisation for Economic Co-operation and Development Common Reporting Standard, and regulatory reforms in the United Kingdom and Europe, the Basel Committee on Banking Supervision's global standards for capital and liquidity reform, and those relating to bank recapitalization legislation and the payments system in Canada; amendments to, and interpretations of, risk-based capital guidelines and reporting instructions, and interest rate and liquidity regulatory guidance; exposure to, and the resolution of, significant litigation or regulatory matters, our ability to successfully appeal adverse outcomes of such matters and the timing, determination and recovery of amounts related to such matters; the effect of changes to accounting standards, rules and interpretations; changes in our estimates of reserves and allowances; changes in tax laws; changes to our credit ratings; political conditions and developments, including changes relating to economic or trade matters; the possible effect on our business of international conflicts, such as the war in Ukraine and conflict in the Middle East, and terrorism; natural disasters, disruptions to public infrastructure and other catastrophic events; reliance on third parties to provide components of our business infrastructure; potential disruptions to our information technology systems and services; increasing cyber security risks which may include theft or disclosure of assets, unauthorized access to sensitive information, or operational disruption; social media risk; losses incurred as a result of internal or external fraud; anti-money laundering; the accuracy and completeness of information provided to us concerning clients and counterparties; the failure of third parties to comply with their obligations to us and our affiliates or associates; intensifying competition from established competitors and new entrants in the financial services industry including through internet and mobile banking; technological change including the use of data and artificial intelligence in our business; global capital market activity; changes in monetary and economic policy; general business and economic conditions worldwide, as well as in Canada, the U.S. and other countries where we have operations, including increasing Canadian household debt levels and global credit risks; climate change and other ESG related risks including our ability to implement various sustainability- related initiatives internally and with our clients under expected time frames and our ability to scale our sustainable finance products and services; our success in developing and introducing new products and services, expanding existing distribution channels, developing new distribution channels and realizing increased revenue from these channels; changes in client spending and saving habits; our ability to attract and retain key employees and executives; our ability to successfully execute our strategies and complete and integrate acquisitions and joint ventures; the risk that expected benefits of an acquisition, merger or divestiture will not be realized within the expected time frame or at all; and our ability to anticipate and manage the risks associated with these factors. This list is not exhaustive of the factors that may affect any of our forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on our forward-looking statements. Any forward-looking statements contained in this Investor Presentation represent the views of management only as of the date hereof and are presented for the purpose of assisting our shareholders and financial analysts in understanding our financial position, objectives and priorities and anticipated financial performance as at and for the periods ended on the dates presented, and may not be appropriate for other purposes. We do not undertake to update any forward-looking statement that is contained in this Investor Presentation or in other communications except as required by law. CIBC 4#6Table of Contents 1 Debt Programmes Summary 2 Canadian Economy & Consumer Profile 6 7 3 Canadian Imperial Bank of Commerce ("CIBC") Overview 13 4 Canadian Mortgage Market 32 5 Legislative Covered Bond Programme, Collateral Pool 37 6 Contacts 7 Appendix 42 43 5#7Debt Programmes Summary CIBC Canada CIBC Secured Senior Outperformed most G7 economies as measured by long term GDP growth rate during 2002-20221 Strong diversified stable economy Aaa/AAA/AA+/AAA (Moody's/S&P/Fitch/DBRS) The World Economic Forum ranked Canada's soundness of banks first in the world from 2008 to 2016, second in the world in 2017 to 2018 and sixth in the world in 2019 to 20202 Well capitalized top 5 Canadian Bank with CET1, Tier 1 and total capital ratios of 13%, 14.6% and 17.0% respectively, as of January 31st, 20243 • • Deposit/Counterparty/Legacy Senior Aa2/A+/AA/AA (Moody's/S&P/Fitch/DBRS) Senior5 A2/A-/AA-/AA (low) (Moody's/S&P/Fitch/DBRS) CAD 60 billion Legislative Covered Bond Programme (Luxembourg) AAA-rated (or equivalent) from minimum two rating agencies . Collateral consisting of Canadian residential mortgage loans with original LTV capped at 80% CAD 8 billion Credit Card ABS Programme (CARDS II Trust) • Issuance in CAD and USD (Reg S/144A) AAA(sf)-rated (or equivalent) from at least two rating agencies (Senior Notes) International Debt Programmes • USD 40 billion Euro Medium Term Note (EMTN) Programme (Luxembourg) • USD 20 billion (SEC) Base Shelf (New York) USD Structured Note Programme (Luxembourg) USD 15 billion Medium Term Note (MTN) Programme (New York) • AUD 5 billion Medium Term Note Programme • Domestic Debt Programmes Senior Notes, prospectus exempt CAD 10 billion Canadian Base Shelf (regulatory capital instruments) Principal at Risk (PaR) Structured Note Programme 1. Source: International Monetary Fund, October 2022 2. Source: World Economic Forum, The Global Competitiveness Report 2020 3. CIBC capital requirements are determined in accordance with guidelines issued by the Office of the Superintendent of Financial Institutions (OSFI), which are based upon the risk-based capital standards developed by the Basel Committee on Banking Supervision (BCBS). OSFI requires all institutions to achieve target capital ratios that meet or exceed the 2021 all-in minimum ratios plus a conservation buffer. Please see CIBC Q1, 2024 supplementary financial information for additional details. 4. DBRS LT Issuer Rating; Moody's LT Deposit and Counterparty Risk Assessment Rating; S&P's Issuer Credit Rating; Fitch LT Issuer Default and Derivative Counterparty Rating. Includes: (a) Senior debt issued prior to September 23, 2018; and (b) Senior debt issued on or after September 23, 2018 which is excluded from the bank recapitalization "bail-in" regime. 5. Subject to conversion under the bank recapitalization "bail-in" regime 6#8Canadian Economy & Consumer Profile CIBC CIBCO CIBCO CIBCO#9Canada: National Information GDP broken down by province/territory continues to demonstrate that Canada's economy is well diversified Canada's GDP by Province / Territory1 (%) YT 0.2% NT NU 0.2% 0.2% BC 13.8% AB 15.3% SK MB QC 3.5% 3.2% ON 19.7% 38.7% 1 Percentages may not add up to 100% due to rounding CIBC NL 1.4% PE 0.3% Population² Canada: Key Facts GDP (Market Prices)³ GDP per capita³ Labour Force4 Provinces/Territories Legal System 2023 Transparency International CPI 40.5 MM CAD 2,904 BN CAD 52,144 21.5 MM 10/3 Based on English common law, excluding Quebec which is based on civil law 12th Economist Intelligence Unit (2021-2025) Best business environment: ranked 1st among G7; 2nd globally5 Moody's Aaa NB 1.6% NS 2.0% Canada Sovereign Credit Ratings (M/S&P/F/DBRS) S&P AAA Fitch AA+ DBRS AAA 1 Statistics Canada (November 2023 Table 36-10-0402-02) 2 Statistics Canada (December 2023 Table 17-10-0009-01) 3 Statistics Canada (September 2023 Table 36-10-0491-01) 4 Statistics Canada (September 2023 Table 14-10-0287-01) 5 Economist Intelligence Unit (2021-2025) 8#10Canadian Economy Selected Indicators 16 15 14 13 12 11 10 Unemployment Rate • Canada's unemployment rate has been less volatile • and not directly comparable to the United States unemployment rate, for the last decade1 As measured by GDP indexed to 2007, the Canadian economy has outperformed most other major economies since the financial crisis of 2008 Canadian savings rate consistently positive over the past decade (%) 987654321O -Canada GDP Indexed to 2007 130 France 125 -Germany -Italy 120 -Japan 115 United States 110 2007 4 ---Canada (official rate) US 2011 2013 2015 2017 -Canada (comparable) 2017 2019 2021 2009 Source: Statistics Canada; U.S. Bureau of Labor Statistics, January 2024 -United Kingdom 2023 20 20 15 10 (%) 5 105 100 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 95 90 90 -5 Household Net Savings Ratio 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 85 80 Source: IMF, World Economic Outlook Database, October 2023 -10 Australia -Germany -Canada -Denmark Sweden -Norway Source: OECD, November 2023 -Finland -United States 1. Certain groups of people in Canada are counted as unemployed, but are deemed as not participating in the labour force in the U.S. - e.g. job seekers who only looked at job ads, or individuals not able to work due to family responsibilities. CIBC 9#11Canada GDP and Exports Well diversified services-driven economy, with several key industries including finance, manufacturing, services and real estate Following the 2007-2008 global recession, diversification had been a stabilizing factor and has led to strong economic performance relative to other industrialized nations Monthly GDP (September 2023)1 Accommodation and food services, 2% Arts, entertainment and recreation, 1% Health care and social. assistance, 7% Educational services, 5%. Other services (except -public administration), 2% Agriculture, forestry, fishing and hunting, 2% Mining, quarrying, and oil and gas extraction, 7% Manufacturing, 10% Exports: Top 25 Industries (2022)1 Other plastic product manufacturing, 1%. Navigational, measuring, medical and control instruments manufacturing, Jewellery and silverware manufacturing, 1% Veneer, plywood and engineered wood product. manufacturing, 1% 1% Engine, turbine and power transmission equipment manufacturing, 1% Paper mills, 1% Oilseed (except soybean) farming, 1% Public administration, 7%. Administrative and support, waste management and remediation services, 2%. Professional, scientific and. technical services, 7% CIBC Real Estate, 13%. Construction, 7% Utilities, 2% Transportation and warehousing, 4% Information and cultural industries, 4% Wholesale trade, 5% Iron ore mining, 1%. Pulp mills, 1% Resin and synthetic rubber, manufacturing, 1% Wheat farming, 1%. Starch and vegetable fat and oil manufacturing, 1% Animal slaughtering and processing, 1% Iron and steel mills and ferro- alloy manufacturing, 1% Non-ferrous metal (except. aluminum) smelting and refining, 2% Coal mining, 2% Pharmaceutical and medicine manufacturing, 2% Sawmills and wood preservation, 2% Alumina and aluminum production and processing, 2% Aerospace product and parts manufacturing, 2% Retail trade, 5% Finance and Insurance, 7% Source: Statistics Canada 1. Percentages may not add up to 100% due to rounding. Other non-metallic mineral mining and quarrying, 3% Others, 36% Gold and silver ore mining, 3% Oil and gas extraction (except oil sands), 23% Automobile and light-duty motor vehicle manufacturing, Petroleum refineries, 4% 5% 10#12Canada's Economic Outlook Post COVID - Employment & Output On a seasonally-adjusted monthly basis, CPI fell 0.3% in January 2024 Unemployment rate remained dropped to 5.7% in January 2024 Employment Rate has remained steady at approximately 62% as population growth continues to outpace employment growth Headline employment has grown in January adding 37,000 jobs in full time and part time employment. 110.0 105.0 100.0 95.0 90.0 85.0 80.0 75.0 70.0 65.0 60.0 Monthly Real GDP & Employment Trend Index December 2019 = 100 s.a. 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 -Monthly real GDP1 -Employment Canadian Labour Market - Year over Year 15% 14 Employment Growth (YoY% - RHS) Unemployment Rate Seasonally Adjusted (% - LHS) 11% 12 CIBC◇ 10 8 6 7% 3% -1% -5% -9% 4 -13% 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 Source: Statistics Canada, CIBC Economics, Canadian Economic Dashboard and COVID-19 Monthly Update 11#13Canada's Economic Outlook Post COVID - Inflation 10 Canadian Inflation Year over Year % change • BoC expected to drop overnight rates at elevated levels through calendar 2024, following expected modest easing of policy rates. CPI slowed to 2.9% in January 2024 from December 2023's 3.4% number; annual price growth excluding gasoline slowed to from 3.5% to 3.2% in January Canadian Real GDP growth expected to increase by approx. 1.0% in fiscal 2024 Interest rates are expected to remain steady until at least Q2-2024, after which cuts are expected 8 6 4 2 0 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 -2 -4 9% 7% 5% 3% Canada CPI US CPI Inflation Declining From Peak Levels CIBC 1% -1% 2019 2020 2021 2022 2023 Source: Statistics Canada, CIBC Economics Year over year % change 12#14CIBC Overview CIBC CIBCO CIBCO CIBCO#15A leading Canadian financial institution1 1867 14MM 48K $1.7B 13.5% 30.3% 13.0% FOUNDED CLIENTS EMPLOYEES² NET-INCOME (Q1/24) ROE3 (Q1/24) TSR4 (3-YR) CET1 RATIO5 (Q1/24) DIVERSIFIED EARNINGS MIX STRONG CREDIT RATINGS Revenue by Strategic Business Unit (LTM) Net Income Contribution by Region (LTM)6 Agency Rating8 Other US7 Moody's Aa2 (Senior⁹, A2), Stable Capital Markets & Direct Financial Services Canadian Personal & 32% Business 39% Banking $6.3B 11% 18% S&P A+ (Senior⁹, A-), Stable $6.3B Fitch AA (Senior⁹, AA-), Stable Canadian Commercial & Wealth 71% DBRS AA (Senior⁹, AA(low)), Stable 30% 3% US Commercial & Wealth Canada CIBC◇ For footnoted information refer to slide 67. 14#16A modern, relationship-oriented bank that generates value for all stakeholders Our Strategic Priorities Mass Affluent & Private Wealth Franchise Digital Banking Solutions Highly Connected Franchise G ст Enabling & Simplifying our Bank Grow and become a leader with our mass affluent and wealth franchise in Canada and the U.S. Leverage our digital capabilities to expand our digital banking offerings Deliver solutions from products and services across the Bank to our clients in Canada and the U.S. Develop and improve capabilities to create efficiencies and enhance operational resilience CIBC◇ 15#17Making progress against our Through the Cycle Financial Objectives Through the Cycle Financial Objectives 1,2 Diluted Earnings Per Share Growth 7%-10% Return on Equity • 16%+ Operating Leverage • Positive Dividend Payout Ratio 40%-50% • Diluted Earnings Per Share Growth Reported: (22.8)% | 3YR CAGR³: 7.9% | 5YR CAGR³: (2.4)% Adjusted 45: (4.7)% | 3YR CAGR³: 11.5% | 5YR CAGR³: 1.9% • Operating Leverage Reported: (5.2)% | 3YR Average: (0.6)% | 5YR Average: (1.5)% Adjusted 47: 1.2% | 3YR Average: 0.0% | 5YR Average: (0.1)% • Return on Equity Reported: 10.3% | 3YR Average: 13.5% | 5YR Average: 13.0% Adjusted 46: 13.3% | 3YR Average: 14.9% | 5YR Average: 14.4% Dividend Payout Ratio Reported: 66.6% | 3YR Average: 52.4% | 5YR Average: 55.6% Adjusted 48: 51.2% | 3YR Average: 45.9% | 5YR Average: 48.9% CIBC◇ For footnoted information refer to slide 67. 16#18Sustainable Returns to Shareholders 8.00% 7.50% 7.00% 6.50% 6.00% 5.50% 5.00% 4.50% 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% Q2 2003] CIBC has a strong track record of shareholder returns Quarterly Dividend (RHS) CIBC has not missed a regular dividend or reduced its dividend since the first dividend payment in 18681 Flat dividends from Q2-2020 to Q4-2021 due to temporary OSFI policy2 Q2 2009 Q1 2010 Yield (LHS) Q4 2010] Q3 2011 Q2 2012 Q1 2013] Q4 2013] Q3 2014] Q2 2015 Q1 2016. Q4 2016 Q3 2017] Q2 2018 Q1 2019 Q4 2019] Q3 2020 Q2 2021 Q1 2022 Q4 2022] Q3 2023] $- $1.00 $0.90 $0.80 $0.70 $0.60 $0.50 0 $0.40 $0.30 $0.20 $0.10 CAD CIBC Source: CIBC Note: Dividend of CAD 0.90 per share for the quarter ending January 31, 2024 payable on February 29, 2024 to shareholders of record at the close of business on December 28, 2023 1. On April 7, 2022, CIBC shareholders approved a two-for-one share split (Share Split) of CIBC's issued and outstanding common shares. Each shareholder of record at the close of business on May 6, 2022 (Record Date) received one additional share on May 13, 2022 (Payment Date) for every one share held on the Record Date. 2. On March 13, 2020, OSFI prohibited dividend increases and cancelled future share buybacks. On November 4, 2021, OSFI announced, with immediate effect, the lifting of the temporary restrictions on regular dividend increases and common share repurchases. 17#19Solid returns underpinned by a commitment to balance sheet strength Basel III CET1 Ratio¹ (%) 12.1 11.6 12.4 Basel III Total Capital Ratio¹ (%) 12.4 16.1 16.2 16.0 11.7 15.0 15.3 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 4.7 4.3 2019 CIBC Basel III Leverage Ratio¹ (%) 2020 4.7 2021 For footnoted information refer to slide 67. Liquidity Coverage Ratio (LCR)¹ (%) 142 4.4 4.2 125 137 134 123 2022 2023 Q1/20 Q1/21 Q1/22 Q1/23 Q1/24 18#20Prudent risk management¹ 0.51 0.89 2019 2020 Total Allowance Coverage Ratio² (%) 0.64 2021 61 Loan Loss Ratio (bps) 0.76 0.62 2022 2023 38 33 29 30 26 21 16 14 4 2019 2020 2021 CIBC For footnoted information refer to slide 67. Impaired³ 2022 2023 Total4 19#21Asset yields and funding costs Average Assets ($B) & Yields 1,2,3 4.77% 5.17% Average Liabilities and Equity ($B), & Costs 1,4,5 5.60% 5.61% 4.16% 4.18% 5.35% 3.86% 3.28% 3.63% 982 953 944 962 953 933 944 962 53 982 54 933 50 51 52 215 213 234 209 211 384 397 362 381 391 190 189 196 210 228 3.27% 3.77% 3.79% 4.08% 4.03% 155 166 167 171 3.48% 3.90% 4.17% 4.37% 184 4.61% 529 5.19% 535 537 539 539 214 209 203 207 209 5.57% 5.78% 6.04% 3.05% 3.49% 3.82% 6.11% 3.96% 3.99% 150 0.88% 145 141 140 0.93% 0.77% 1.19% 138 1.06% Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Loans & Acceptances Securities Other Notice/Demand - Personal Notice/Demand - Corporate & Commercial Term - Client Other Yield on Avg. Interest-Earning Assets Equity - Cost of Liabilities over Avg. Interest-Earning Assets Client Deposit Mix (Spot Balances)6 31% Q1/23 $519B 21% 33% 48% Q4/23 $528B 47% 20% 35% Q1/24 $532B 18% 47% Interest-Bearing Deposits - Notice/Demand Interest-Bearing Deposits - Term Non-Interest-Bearing Deposits CIBC For footnoted information refer to slide 68. • Loan yields and deposit costs continue to rise, capturing recent rate increases by the Bank of Canada and the Federal Reserve Further mix shift to higher-cost term deposits driven by changes in client behaviour; demand and notice deposit betas behaving in aggregate generally as expected, with some exceptions in either direction 20 20#22High-Quality, Client-Driven Balance Sheet (Based on Q1-2024 Results) CIBC Assets Liabilities & Equity $972B Cash & Repos 137% Unsecured Funding 38% Coverage Liquid Assets (Liquid Assets/ Trading & Investment Wholesale Funding) Collateral Financing³ Securities Residential Mortgages¹ 54% Loan Portfolio Other Retail Loans 115% Coverage (Deposits + Capital / Loans) Corporate Loans 8% Other Assets² Mainly Derivatives Personal Deposits Business & Gov't Deposits Securitization & Covered Bonds Capital4 28% Wholesale-sourced Funding 64% Capital + Client-related Funding Other Liabilities² 8% Mainly Derivatives 1. Securitized agency MBS are on balance sheet as per IFRS. 2. Derivatives related assets, are largely offset by derivatives related liabilities. Under IFRS derivative amounts with master netting agreements cannot be offset and the gross derivative assets and liabilities are reported on balance sheet. 3. Includes obligations related to securities sold short, cash collateral on securities lent and obligations related to securities under repurchase agreements. 4. Capital includes subordinated liabilities 21#23Resilient balance sheet supports organic business growth CET1 ratio of 13.0%, up 64 bps sequentially Increase primarily due to: Internal capital generation and share issuances Methodology changes, including the adoption of IRB on a majority of the U.S. portfolio, partly offset by regulatory changes related to negatively amortizing mortgages and revised market risk and CVA frameworks Net of organic RWA growth in the quarter Pro forma CET1 impact of U.S. IRB3 net of Q1/24 regulatory changes: ~ +20 bps4 $B Average Loans and Acceptances¹ Q4/22 525.6 Q4/23 Q1/24 539.5 538.8 Average Deposits¹ CET1 Capital² · 703.8 721.2 732.4 37.0 40.3 41.2 • CET1 Ratio 11.7% 12.4% 13.0% • Risk-Weighted Assets (RWA)² 315.6 326.1 316.3 Leverage Ratio² 4.4% 4.2% 4.3% Liquidity Coverage Ratio (average)² 129% 135% 137% HQLA (average)² 181.5 187.8 191.7 • Net Stable Funding Ratio² 118% 118% 115% CET1 Ratio 12.4% RWA ($B) Pro forma +20 bps4 28 bps 6 bps 13.0% 326.1 (6) bps 11 bps 25 bps 1.4 (7.5) 316.3 (3.7) Q4/23 Earnings Net of Dividends Share Issuances Methodology & Policy³ RWA Growth Other Q1/24 Q4/23 Credit Risk Market & Operational Risk FX Q1/24 CIBC For footnoted information refer to slide 68. 22 22#24Lending portfolio has a strong risk profile CIBC • 62% of our portfolio is consumer lending, composed mainly of mortgages, with uninsured having an average loan-to-value of 51% Total variable rate mortgage portfolio accounts for 32% of the Canadian mortgage portfolio Balance of portfolio is in business and government lending with an average risk rating equivalent1 to BBB Overall Loan Mix (Net Outstanding Loans and Acceptances) Consumer 62% HELOC 4% Auto Lending 1% Cards 3% Personal Lending 3% Canadian Uninsured Mortgage Loan-To-Value² Ratios 52% 52% 51% 49% 48% 51% 51% 47% 46% 46% 45% 44% Q1/21 Q1/22 Q1/23 Q1/24 -Canada -GVA³ -GTA³ 1. Incorporates security pledged; equivalent to S&P/Moody's rating of BBB/Baa2. Mortgages 51% $539B Oil & Gas 1% Other Business & Government 25% Commercial Real Estate 11% Retailers 1% Business & Government 38% 2. LTV ratios for residential mortgages are calculated based on weighted average. See page 35 of the Q1/24 Report to Shareholders for further details. 3. GVA and GTA definitions based on regional mappings from Teranet. 23#25Credit Performance - Gross Impaired Loans Gross impaired loan ratios up YoY and QoQ • Gross impaired loan ratio was flat QoQ, with increases in retail offset by writeoffs in business and government loans New formations remained relatively stable, with an increase in retail offset by a reduction in business and government loans Gross Impaired Loan Ratio² Gross Impaired Loan Ratios Q1/20 Q1/23 Q4/23 Q1/24 Canadian Residential Mortgages 0.30% 0.16% 0.21% 0.25% Canadian Personal Lending 0.37% 0.41% 0.48% 0.53% Business & Government Loans¹ 0.59% 0.46% 0.92% 0.87% CIBC FirstCaribbean 3.80% 0.38% 3.67% 3.62% Total 0.47% 0.36% 0.55% 0.55% New Formations ($MM)² 0.55% 0.55% 0.36% 1,074 1,091 1,089 1,009 721 509 456 573 528 485 232 2,990 2,997 91 582 633 1,942 489 481 501 394 Q1/23 Q4/23 Q1/24 Q4/22 Q1/23 Q2/23 Consumer Q3/23 Business & Govemment Q4/23 Q1/24 Gross Impaired Loans ($MM) Gross Impaired Loan Ratio CIBC 1. Excludes CIBC FirstCaribbean business & government loans. 2. Gross Impaired Loan Ratio - Gross impaired loans as a percentage of the gross carrying amount of loans. The gross carrying amount of loans include certain loans that are measured at FVTPL. 24#26Allowance coverage remains higher than pre-pandemic levels Total Allowance Coverage Q1/20 Q4/20 Q1/23 Q4/23 Q1/24 Total allowance coverage ratio down YoY and up QoQ Canadian Credit Cards 4.0% 6.2% 5.1% 4.2% 4.2% • Increase QoQ is due to higher allowances in both performing and impaired portfolios Canadian Residential Mortgages <0.1% 0.1% <0.1% 0.1% 0.1% Canadian Personal Lending 1.3% 1.9% 2.0% 2.3% 2.4% Canadian Small Business 2.3% 2.9% 3.2% 2.7% 2.6% Canadian Commercial Banking 0.5% 0.9% 0.5% 0.6% 0.4% U.S. Commercial Banking 0.5% 1.4% 1.0% 1.8% 2.1% Capital Markets¹ 0.4% 1.1% 0.2% 0.2% 0.2% CIBC FirstCaribbean (FCIB) Total 3.3% 5.1% 4.0% 3.4% 3.3% 0.51% 0.89% 0.63% 0.76% 0.77% Total Allowance Coverage Ratio² 0.63% 0.76% 0.77% Performing and Impaired Allowance Coverage Ratios 38% 36% 36% 0.56% 0.58% 4,117 4,182 0.49% 3,371 Q1/23 Q4/23 Q1/24 Q1/23 Q4/23 Allowance for Credit Losses ($MM) Allowance Coverage Ratio Impaired ACL to GIL 2 CIBC For footnoted information refer to slide 68. Q1/24 -Performing ACL to Performing Loans 25#27Canadian Consumer Lending Reported Net Write-Offs Q1/20 Q1/23 Q4/23 Canadian Residential Mortgages Canadian Credit Cards Canadian Personal Lending Unsecured 0.01% <0.01% <0.01% Q1/24 <0.01% Net Write-off Ratio² 0.29% 3.16% 2.65% 2.64% 2.93% 0.27% 0.77% 0.59% 0.96% 0.96% 0.21% 1.80% 1.20% 1.86% 1.86% Secured 0.02% 0.01% 0.02% 0.03% Total 0.28% 0.21% 0.27% 0.29% 225 241 173 90+ Days Delinquency Rates¹ Q1/20 Q1/23 Q4/23 Q1/24 Canadian Residential Mortgages 0.30% 0.16% 0.21% 0.25% Q1/23 Q4/23 Q1/24 Canadian Credit Cards 0.82% 0.74% 0.66% 0.78% Canadian Personal Lending 0.37% 0.41% 0.48% 0.53% Net Write-offs ($MM] Net Write-off Ratio Unsecured 0.47% 0.52% 0.58% 0.67% Secured 0.32% 0.27% 0.34% 0.46% Total 0.34% 0.22% 0.27% 0.32% Balances ($B; principal) Net Write-offs: • Overall consumer net write-offs increased slightly QoQ from Unsecured Personal Lending due to sustained high interest rates and rising unemployment rates 319 325 325 16 18 19 22 22 22 19 19 19 51 47 46 20 • YoY increases in personal lending were driven by sustained high interest rates and increasing unemployment rates • Cards remained below pre-pandemic levels due to favourable insolvencies performance and the acquired Costco portfolio credit quality 90+ Days Delinquencies: 211 219 • While mortgage delinquencies have increased in-line with expectation, they remain below pre-pandemic levels Q1/23 Q4/23 ■Uninsured Mortgages ■Insured Mortgages ■ HELOC • Credit cards & personal lending QoQ increase is due to seasonality, combined with rising unemployment, and sustained high interest rates 1. CIBC 2. 90+ Days Delinquency Rate - 90+ days delinquencies as a percentage of the gross carrying amount of loans. Net write-off Ratio - Net write-offs as a percentage of average loan balances. 3. Net Write-Offs - Net write-offs include write-offs net of recoveries. 219 Q1/24 Unsecured Personal (including auto lending) Cards 26 46#28Provision for credit losses up YoY and QoQ on an adjusted basis ($MM) Q1/23 Q4/23 Q1/24 Cdn. Personal & Business Banking 158 282 329 Impaired 188 259 285 Performing (30) 23 44 Cdn. Commercial Banking & Wealth 46 11 20 Impaired 26 11 16 Provision for Credit Losses up YoY and down QoQ • Impaired provisions remained flat in Q1/24, largely due to higher impairments in the U.S. commercial and Canadian retail portfolios, offset by lower impairments in the Canadian commercial portfolio and CIBC FirstCaribbean Performing provision in Q1/24 largely driven by U.S. commercial portfolio reflective of an allowance increase for the office sector, and Canadian retail portfolio reflective of unfavourable credit migration Performing 20 4 Provision for Credit Losses Ratio¹ U.S. Commercial Banking & Wealth 198 249 244 0.43% 0.40% Impaired 41 205 189 Performing 57 44 55 0.22% 0.36% 0.35% Capital Markets (10) 4 8 0.19% Impaired (11) 6 6 Performing 1 (2) 2 93 63 Corporate & Other 3 (5) (16) Impaired 15 (4) 36 478 492 Performing (12) (2) (12) 259 Total PCL Impaired Performing 295 541 585 259 478 492 36 63 93 Q1/23 Q4/23 Q1/24 PCL on Impaired 1 -Impaired PCL Ratio PCL on Performing Total PCL Ratio CIBC 1. Total PCL Ratio - Provision for (reversal of) credit losses to average loans and acceptances, net of allowance for credit losses. Impaired PCL Ratio - Provision for (reversal of) credit losses on impaired loans to average loans and acceptances, net of allowance for credit losses. 27#29Diversification is Key to a Stable Wholesale Funding Profile CIBC Wholesale Funding Diversification Geography Instrument Investor Term • Well diversified across products, currencies, investor segments and geographic regions Regular issuance to promote investor engagement and secondary market liquidity Well balanced maturity profile that is reflective of the maturity profile of our asset base Achieve appropriate balance between cost and stability of funding 28#30CIBC Funding Strategy and Sources Funding Strategy CIBC◇ • CIBC's funding strategy includes access to funding through retail deposits and wholesale funding and deposits • CIBC updates its three-year funding plan on at least a quarterly basis . The wholesale funding strategy is to develop and maintain a sustainable funding base through which CIBC can access funding across many different depositors and investors, geographies, maturities, and funding instruments Wholesale Funding Sources Wholesale Market (CAD Eq. 200.1BN), Maturity Profile 80 Wholesale deposits Canada, U.S. Credit card securitization Canada, U.S. 70 60 50 Global MTN programs Mortgage securitization 40 programs 30 ■Secured Unsecured 34 N 20 18 36 30 26 21 21 10 10 1 2 Covered Bond program Structured Notes Less than 1m-3m 1m 3m-6m 6m-12m 1y-2y Over 2y Source: CIBC Q1-2024 Quarterly Report 29#31Wholesale Funding Geography Wholesale Funding By Currency¹ CAD 38.5 BN Canada Mortgage Bonds Credit Cards Securitization Medium Term Notes ☐ Canadian Dollar Deposits USD 81.3 BN Covered Bond Program Credit Cards Securitization ■ Medium Term Notes ■ US Dollar Deposits Credit Cards Securitization 8% Mortgage Securitization 28% Covered Bonds 64% EUR 12.4 BN, CHF 2.5 BN, GBP 8.3 BN, NOK: 4.4 BN Covered Bonds Medium Term Notes Certificates of Deposit Wholesale Funding By Product1,3 JPY 125.0 BN Medium Term Notes HKD 7.8 BN Medium Term Notes Certificates of Deposit Sub-debt AUD 9.9 BN Covered Bonds Medium Term Notes Certificates of Deposit Secured 25% Medium Term Notes 42% 5% Deposits from banks 7% Bankers' Unsecured² 75% acceptances 1% Other 0% CD and CP 45% CIBC 1. Source: CIBC Q1-2024 Quarterly Report. 2. "Unsecured" includes Obligation related to securities sold short, Cash collateral on securities lent and Obligations related to securities under repurchase agreements 3. Percentages may not add up to 100% due to rounding. 30 30#32CIBC Funding Composition Funding Sources -January 20244 Others (Includes Capital² 6% derivatives) 7% Securities sold short or repurchase agreements 12% Wholesale Funding 21% CIBC◇ Funding Sources BN Client Deposits 532.3 Personal deposits 243.3 Business, Bank and Government deposits 288.9 Wholesale Funding 200.1 Unsecured funding¹ 150.2 Securitization & Covered Bonds 49.9 Securities sold short or repurchase agreements 117.3 Others (Includes derivatives) 67.6 Client Deposits 55% Capital² 54.3 Total 971.7 Wholesale market, currency³ BN USD 111.2 CAD 46.9 Other 42.0 Total 200.1 1. Unsecured funding is comprised of wholesale bank deposits, certificates of deposit and commercial paper, bearer deposit notes and bankers' acceptances, senior unsecured EMTN and senior unsecured structured notes 2. Capital excludes subordinated liabilities 3. Currency composition, in Canadian dollar equivalent, of funding sourced by CIBC in the wholesale market 4. Percentages may not add up to 100% due to rounding. Source: CIBC Q1-2024 Quarterly Report. 31#33Canadian Mortgage Market CIBC Note: All amounts are in Canadian dollars unless otherwise indicated. CIBCO CIBCO CIBCO#34Canadian House Prices • Absolute price level is moderate compared to major global urban centers • Canadian debt to income ratio in line with many developed nations 300 • Growth rates of house prices in Canada have diverged across regions 250 CIBC 200 Household Debt to Income Ratio4 Household Debt to Income Ratio -Average Average Home Price 150 Region CAD1 USD Eq.² YoY % Change³ 100 Canada 659K 50 491K 4% Toronto 1066K 794K 1% Vancouver 1161K Norway Denmark Netherlands 865K 6% Calgary 40% 558K 415K 9% -Montreal 30% Montreal Housing Index Year over Year Change, by City5 -Canada Toronto -Ottawa Vancouver Quebec -Calgary -Halifax 509K 379K 5% 20% Ottawa 622K 463K 3% Australia Sweden Canada U.K. France Ireland Japan U.S. Germany 10% 1. Source: CREA, January 2024 234 2. 1 USD = 1.3425 CAD 3. Source: Teranet - National Bank House Price Index 0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 -10% -20% 4. Source: OECD, 2022 or latest available. Household debt ratios across countries can be significantly affected by different institutional arrangements, among which tax regulations regarding tax deductibility of interest payments. Source: Bloomberg, Teranet - National Bank House Price Index 5. 33#35CIBC Mortgage Market Performance and Urbanization Rates Mortgage Arrears by Number of Mortgages 5.0% 4.5% Canada U.K. U.S. 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% 1995 1997 1999 2001 2003 2005 2007 Source: UK Finance, CBA, MBA. *Mortgage arrears of 3+ months in Canada and UK or in foreclosure process in the US 2019 2021 2023 Canada has one of the highest urbanisation rates in the G7 Over 45% of the Canadian population lives in one of the four largest cities A greater rate of urbanisation is a strong contributor to increases in property values % of Population • Canadian mortgages consistently outperform U.S. and U.K. mortgages Low defaults and arrears reflect the strong Canadian credit culture Mortgage interest is generally not tax deductible, resulting in an incentive for mortgagors to limit their amount of mortgage debt In most provinces, lenders have robust legal recourse to recoup losses Mortgage arrears have fallen from a peak of 0.45% in 2009 to 0.17% in October 20231 1 Source: Canadian Banker's Association Population in Top Four Cities 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Canada U.K. U.S. Source: 2014 Census for France, 2021 Census for Canada, 2011 Census for UK, Germany; 2020 Census for US Germany France 34#36CIBC's Mortgage Portfolio CIBC Canadian Residential Mortgages: CAD 264.9 BN CAD 149 BN 87% CAD 52 BN Insured Uninsured CAD 26 BN 88% CAD 22 BN CAD 16 BN 59% 13% 41% 12% Ontario BC & Territories Alberta 79% 21% Quebec 65% 35% Other CIBC◇ 1. Condo Exposure: CAD 48.6 BN Condo Mortgages Condo Developers CAD 40.3 BN CAD 8.3 BN Uninsured 82% Undrawn 75% Insured 18% Drawn 25% 18% of CIBC's Canadian residential mortgage portfolio is insured, with 58% of insurance being provided by CMHC The average loan to value1 of the uninsured portfolio is 50% • The condo developer exposure is diversified across 121 projects • Condos account for approximately 16% of the total mortgage portfolio LTV ratios for residential mortgages are calculated based on weighted average. The house price estimates for January 31, 2024 and 2023 are based on the Forward Sortation Area level indices from the Teranet - National Bank National Composite House Price Index (Teranet) as September 30, 2023, respectively. Teranet is an independent estimate of the rate of change in Canadian home prices. 35#37Canadian Mortgages Renewal Profile Impacts of payment increases at renewal expected to be manageable • • Using an illustrative 6% rate at time of renewal, and no borrower income growth since origination, mortgage payment increases are forecasted to be less than 4.1% of clients' income Low LTV of renewal mortgages ranging from 42% to 61% over the next 5 years Proactive outreach included a number of initiatives throughout the year to help our clients through the rising interest rate environment 90 Current Balances by Renewal Year¹ ($B) Assumes interest rates stay constant at 6% and income at origination does not increase; for illustrative purposes 69 13 29 55 ■ Variable Rate ■Fixed Rate ah. 33 34 5 61 56 28 15 21 4 11 Average Customer Profile by Renewal Year FY24 FY25 FY26 FY27 FY28+ Original qualification rate 4.9% 5.0% 5.2% 5.4% 6.3% Current LTV 42% 46% 52% 61% 60% Monthly payment increase $344 $446 $527 $563 $140 % of monthly payment increase 21% 25% 27% 24% 8% Payment increase as % of total income 3.0% 3.6% 3.9% 4.1% 1.1% at origination • Endnotes are included on slides 49 to 54.#38Legislative Covered Bond Programme, Collateral Pool CIBC Note: All amounts are in Canadian dollars unless otherwise indicated. CIBCO CIBCO CIBCO#39Legislative Programme Summary CIBC Programme Size Ratings Asset Percentage Currency Guarantor Listing Law Collateral Pool Eligibility Arrangers Tenor Coupon Bullet Type ECBC Covered Bond Label CAD 60,000,000,000 Aaa / AAA by Moody's / Fitch Currently at 93.0% Most Convertible Currencies CIBC Covered Bond (Legislative) Guarantor Limited Partnership Luxembourg Canadian Legislative Framework (National Housing Act) Canadian uninsured residential loans CIBC / HSBC 3-10 year expected issuance Fixed or Float Hard or soft [All issuance to date has been soft] Joined in 2018 38#40Covered Bond Structure CIBC Seller Computershare Trust Company of Canada Bond Trustee / Custodian Trust Deed (incl. Covered Bond Guarantee) and Security Agreement Consideration Loans and Related Security Intercompany Loan Proceeds CIBC Covered Bond (Legislative) Guarantor LP Guarantor CIBC Issuer/Bank CIBC Interest Rate Swap Provider Repayment of Intercompany Loan CIBC Covered Bond Swap Provider Covered Bondholders Covered Bonds CMHC Registrar Ernst & Young Asset Monitor In April 2012, the Canadian government introduced legislation which provides a framework for the issuance of covered bonds by Canadian financial institutions In July 2012, the National Housing Act was amended to establish a legal framework for covered bond programmes in Canada Eligible collateral consists of uninsured Canadian residential mortgage loans and home equity lines of credit 1 There will be monthly monitoring tests completed on the programme that are independently verified by auditors on at least an annual basis, as well as periodic reviews completed by the rating agencies On a monthly basis, investor reports are published on the CIBC Investor Relations website (www.cibc.com/ca/investor-relations/debt-info/legislative-covered-bond- program.html) CMHC has been given responsibility to administer the legal framework for Canadian registered covered bond programmes CIBC 1. No plans to include home equity lines of credit in the near future 39#41Cover Pool Summary Statistics (January 31, 2024)¹ Current Collateral Pool Asset Percentage Requirement Current Balance Outstanding Covered Bonds Number of Loans 1 Canadian uninsured residential mortgages 93.00% CAD 48,060,262,592 CAD Eq. 33,413,646,500 152,506 CAD 315,137 Average Balance Weighted Ave Original LTV Weighted Ave Current Indexed LTV Weighted Ave Current Unindexed LTV Weighted Ave Remaining Term Weighted Ave Remaining Amortization Weighted Ave Seasoning 90 day + Arrears² 69.66% 48.10% 61.01% 24 months 269 months 48 months Insured Fixed 2,3 Owner Occupied 2,4 0.06% No 75.41% 81.42% Collateral information available on https://www.cibc.com/ca/investor-relations/debt-info/legislative-covered-bond-program.html 12 1. 2. As a percentage of current balance CIBC 3. No interest only loans 4. Inclusive of "combined" occupancy status loans where the mortgagor both resides in and sublets a portion of the mortgaged property 40 40#42Cover Pool (January 2024) CIBC % of Current Loan Balance % of Current Loan Balance 40% Remaining Term 35% 30% 25% 20% 15% 10% 5% 0% 0-10 11-20 21-30 31-40 Months 41-60 51-60 61+ 20% 15% 10% 5% Current Indexed Loan to Value 0% 0-30 30-35 35-40 40-45 45-50 50-55 LTV % 55-60 60-65 65-70 70-75 75-80 >80 Prince Edward Island New Brunswick Manitoba Saskatchewan Nova Scotia Newfoundland and Labrador Quebec Alberta British Columbia Ontario 0% 5% Townhouse,_ 5.32% Semi-Detached,. 5.85% Other, 0.47%. Multi- Residential,. 4.76% Geographic Distribution 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% 65% % of Current Loan Balance Property Type Condominium, 16.41% Detached, 67.19% % of current loan balance 41#43Contacts ROBERT SEDRAN EXECUTIVE VICE PRESIDENT TREASURY Email: [email protected] Phone: +1 (416) 594-7874 WOJTEK NIEBRZYDOWSKI VICE PRESIDENT GLOBAL TERM FUNDING, TREASURY Email: [email protected] Phone: +1 (416) 956-6748 Bloomberg: [email protected] CIBC◇ 42 42#44Appendix CIBC CIBCO CIBCO CIBCO#45Appendix 1 ESG Strategy 2 Canadian Mortgage Market 3 CIBC Canadian Real Estate 4 Selected Credit Exposures 5 Canadian Bail-in and Regulatory Regime Update 45 46 49 51 53 6 Covered Bond Triggers 60 60 7 Selected Covered Bond and Senior Issuances 64 80 Notes, Non-GAAP Measures & Glossary 67 CIBC◇ 44#46Furthering our ESG Strategy Committed to ESG Leadership & Creating a Competitive Advantage We are focused on embedding ESG principles into our business strategy, purpose and everyday decision-making, while responding to stakeholder interests and operating in line with their expectations to support our business goals. Building integrity and trust Creating access to opportunities Accelerating climate action Developed a future-ready artificial intelligence governance framework based on our Trustworthy Al Principles Committed to helping make life easier and removing barriers to access for newcomers through tailored financial solutions Goal to mobilize $300B towards sustainable finance activities between 2018 and 20301 Enhanced our Data Ethics Impact and Risk Assessment process to ensure we consistently enhance how we identify ethical data risks including impacts on clients, employees and our brand Goal of $800MM in corporate giving, community sponsorships, and employee giving and fundraising over the next 10 years (2024-2032)² Committed to providing $100MM in limited partnership investments to climate technology and energy transition funds to support transition to net-zero carbon economy CIBC For footnoted information refer to slide 34. 45#47Canadian Mortgage Market Default Insurance Favourable Legal Environment Taxation Beneficial Mortgage Regulation in Canada • Under the Bank Act, banks can only advance uninsured mortgages up to an LTV ratio of 80% • Borrowers have to purchase default insurance if the mortgage has an LTV > 80% • Insurance covers the entire outstanding principal amount, up to 12 months accrued interest and, subject to certain caps, any out-of-pocket costs incurred by the lender (e.g. foreclosure expenses, legal fees, maintenance costs, property insurance, etc.) • Mortgage default insurance is provided by CMHC and private mortgage insurers (Sagen, Canada Guaranty) • In most provinces, lenders have robust legal recourse to recoup losses (e.g. garnishing wages) Mortgage interest is generally not tax deductible, which results in an incentive for mortgagors to limit their amount of mortgage debt CIBC◇ This combination of factors results in consistently low credit losses on the Canadian banks' mortgage books 46 46#48Canadian Mortgage Market Regulatory Developments Max. amortization reduced to 35 yrs. from 40 Set min. down payment to 5% Min. credit score of 620 • 45% max. TDS ratio . New loan documentation standards • 3 Reduce max. amortization to 30 yrs. from 35 yrs. Refinancing max. LTV lowered to 85% from 90% HELOC insurance no longer available Second home mortgage insurance no longer available Tightened income verification rules for Self- Employed borrowers Insurance premiums increased by 15%, on average, for all LTV ranges Min. down payment for new insured mortgage will increase from 5% to 10% for the portion of the house price above CAD 500,000 Standardizing eligibility criteria for high-and low- ratio insured mortgages, including a mortgage rate stress test Closed the capital gains tax exemption loophole on the sale of a principal residence Jul 2008 2 Feb 2010 Mar 2011 4 • Borrowers to meet standards for a five- CIBC 7 9 Jun-Jul 2012 Jun 2015 Aug 2016 Jan 2017 O Apr-May 2014 Feb 2016 Oct 2016 6 8 10 Insurance premiums for loans with LTV from 90% to 95% Vancouver introduced 15% Foreign Buyers' Tax increased by 15% Vancouver introduced Empty Homes Tax of 1% of the assessed value of the home • year fixed mortgage 1 Refinancing max. LTV lowered to 90% from 95% Set min. down payment for non- owner-occupied properties to 20% . Refinancing max. LTV lowered to 80% from 85% Insurance on properties valued greater than 1MM no longer available Reduce max. amortization to 25 yrs. from 30 yrs. Max. GDS and TDS ratios set to 39% and 44%, respectively Maximum LTV for HELOCS lowered to 65% (from 80%) Regulations related to Mortgage Default Insurance 1 Even if borrowers choose a mortgage with a lower interest rate and shorter term. 47#49Canadian Mortgage Market Regulatory Developments (continued) • Ontario Government introduced Non- Resident speculation Tax (NRST) of 15% on properties in the Greater Golden Horseshoe area Apr 2017 11 • • • Vancouver Foreign Buyers' Tax increased to 20% • 13 Temporary expansion of portfolio insurance eligibility criteria to allow the following for loans funded before March 20th, 2020: Refinances Maximum original amortization of 30 years (up from 25 years) Criteria expansion expected to be in place until December 31st, 2020 15 Minimum qualifying rate (MQR) of greater of 5.25% or contractual rate +2% introduced for insured mortgages, in addition to uninsured mortgage MQR that was introduced in Jan 2018; reconfirmed in December 2022 17 Effective January 1st, 2023 a two-year ban on the purchase of residential property by non-Canadians takes effect. The ban applies to foreign corporations and individuals who are not citizens or permanent residents of Canada and includes direct and indirect purchases. 19 Toronto increased Vacant Home Tax to 3%, effective Jan 2024 21 Feb 2018 Mar 2020 June 2021 Jan 2023 Jan 2023 Oct 2023 Jan 2018 Dec 2018 June 2020 Oct 2022 14 12 Updated Guideline B-20 - Residential Mortgage Underwriting Practices and Procedures in effect Min. qualifying rate for uninsured mortgages greater of 5-yr. Bank of Canada benchmark rate or contractual rate +2% BC Government introduced a Speculation and Vacancy Tax aimed at increasing the supply of rental property inventory CIBC Regulations related to Mortgage Default Insurance . • 16 20 Removal of exceptions to standard Gross/Total Debt Servicing (GDS/TDS) ratios At least one borrower (or guarantor) must have a minimum credit score of 680. Non-traditional sources of down payment will no longer be eligible to satisfy the minimum equity requirements 18 Effective October 25, 2022, the Non- Resident Speculation Tax (NRST) rate was increased to 25 per cent. This tax applies on the purchase or acquisition of an interest in residential property located anywhere in Ontario by individuals who are foreign nationals (individuals who are not Canadian citizens or permanent residents of Canada) or by foreign corporations or taxable trustees • Toronto introduced Vacant Home Tax of 1% of the assessed value of the home 18 48#50Canadian Real Estate Secured Personal Lending • Mortgage growth has been driven by clients with deep and balanced relationships • . 87% of mortgages are owner-occupied; investor mortgages performance is strong and compares favourably with owner-occupied mortgages We continue to connect with clients in negative amortization mortgages to offer proactive solutions where appropriate • The portion of non-amortizing variable mortgages is $43B, down from $50B last quarter, and represent 50% of the total variable rate mortgages 90+ Days Delinquency Rates Q1/20 Q4/22 Q4/23 Q1/24 Mortgages 90+ Day Delinquency Rates - Investor vs. Owner Occupied Total Mortgages 0.30% 0.13% 0.17% 0.21% 0.40% Uninsured Mortgages 0.43% 0.24% 0.25% 0.29% 0.30% Uninsured Mortgages in GVA1 0.24% 0.11% 0.15% 0.20% 0.20% Uninsured Mortgages in GTA¹ 0.15% 0.07% 0.17% 0.28% 0.10% 0.00% Q4/19 Q4/20 Investor Q4/21 Owner Occupied Q4/22 Q4/23 Mortgage Balances ($B; principal) 262 141 265 266 143 143 HELOC Balances ($B; principal) 19.4 19.1 19.0 10.6 10.4 10.3 87 88 89 6.3 6.2 6.2 34 34 34 2.5 2.5 2.5 Q4/22 Q3/23 Q4/23 Q4/22 Q3/23 Q4/23 GVA1 ☐ GTA1 1 ■ Other Region ■ GVA ■GTA1 ■ Other Region CIBC 1. GVA and GTA definitions based on regional mappings from Teranet. 2. Alberta, Saskatchewan and Newfoundland and Labrador. 49 40#51Canadian Uninsured Residential Mortgages - Q1/24 Originations1 Credit Bureau Score¹ Distribution 57% 63% 58% 55% • • Originations of $7B in Q1/24 Average LTV2 in Canada: 67% . GVA³: 62% GTA³: 66% 13% 13% 13% 14% 20%17% 19% 20% 4% 3% 4% 5% 6% 4% 6% 6% ≤650 651-700 ■Canada Total 701-750 751-800 3 GVA³ ■GTA³ ■Canada Variable Rate Loan-to-Value (LTV)2 Distribution 25% 27% 27%4 27% 27% 22% 22% 24% 24% 23% 22% 16% 18% 19% 17% 13% <30% 30 to <45% 45 to <60% ■ Canada Total GVA³ ☐ CIBC For footnoted information refer to slide 70. 60 to ≤75% GTA³ Canada Variable Rate >800 17% 14% 12% 4% >75% 50#52Commercial Real Estate exposure is well diversified - Q1/24 • Canada represents 63% of total Canadian & U.S. real estate exposure Gross impaired loans as a percentage of total Canadian & U.S. real estate is 1.71% Canadian Commercial Real Estate Exposure by Sector¹ U.S. Commercial Real Estate Exposure by Sector² US Office Portfolio - Geographic Breakdown, US$B Residential (Housing) 1% Chicago-Naperville-Elgin 0.3 Washington-Arlington-Alexandria 0.3 Residential (Housing) 22% Multi Family 24% Other 18% Boston-Cambridge-Newton 0.3 Multi Family 28% Miami-Fort Lauderdale-West Palm Beach 0.3 Dallas-Fort Worth-Arlington 0.2 Other 4% $41.3B Office 10% US$18.3B Office 19% Minneapolis-St. Paul-Bloomington Pittsburgh 0.2 0.1 San Francisco-Oakland-Hayward 0.1 Retail 7% New York-Newark-Jersey City 0.1 Retail 21% Industrial 14% Industrial 22% Seniors Housing 5% Healthcare 3% Total Hotel 2% Los Angeles-Long Beach-Anaheim Other 0.1 1.5 3.5 56% of drawn loan investment grade³ 56% of drawn loan investment grade³ CIBC For footnoted information refer to slide 70. 51#53U.S. Commercial Real Estate - Office Portfolio Majority of challenges behind us • Progress made as we work through maturity profile • • Gross impaired loan ratio has only moderately increased this quarter; we would expect this to decline going forward 13.7% allowance for credit loss coverage of loans in Q1/24, with an annualized net charge-off ratio of 5.6% Loan Balances (US$B) 6.0 5.0 12.5% Decrease 4.0 3.0 2.0 4.0 4.0 3.8 3.7 3.5 1.0 0.0 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Watchlist¹ Loan Ratio 16.0% 17.3% 14.2% 11.5% 4.9% Gross Impaired Loan Ratio 1.8% 8.0% 13.4% 18.1% 19.7% Gross Impaired Balances (US$MM) 71 322 518 664 684 Annualized Net Charge-off Ratio 0.0% 0.0% 3.7% 11.0% 5.6% • Endnotes are included on slides 49 to 54. 26#54Canadian Bail-in Regime Update • On April 18, 2018, Department of Finance published the bail-in regulations, and OSFI finalized the guidelines on Total Loss Absorbing Capacity (TLAC) and TLAC holdings. Department of Finance's bank recapitalization (bail-in) conversion regulations Provide statutory powers to CDIC (through Governor in Council) to enact the bail-in regime including the ability to convert specified eligible shares and liabilities of D-SIBS into common shares in the event such bank becomes non-viable • Bail-in eligible liabilities include tradable (with CUSIP/ISIN), unsecured debt with original maturity of over 400 days . Excluded liabilities are covered bonds, consumer deposits, secured liabilities, derivatives, and structured notes1 . Effective on September 23, 2018 OSFI's TLAC Guideline . TLAC liabilities must be directly issued by the D-SIB, satisfy all of the requirements set out in the bail-in regulations, and have residual maturity greater than 365 days Minimum requirements: TLAC ratio = TLAC measure / RWA > 21.5% TLAC leverage ratio = TLAC measure / Leverage exposure > 6.75% • TLAC supervisory target ratio set at 25.00% RWA 2 Effective Fiscal 2022. Public disclosure began in Q1 2019 OSFI's TLAC Holdings • Our investment in other G-SIBS and other Canadian D-SIB's TLAC instruments are to be deducted from our own tier 2 capital if our aggregate holding, together with investments in capital instruments of other Fls, exceed 10% of our own CET1 capital Implementation started in Q1 2019 CIBC 1. As referenced in the Bank Recapitalization (Bail-in) Regulations: http://laws-lois.justice.gc.ca/eng/regulations/SOR-2018-57/FullText.html 2. Increases to 25.00% on November 1, 2023 upon increase of Domestic Stability Buffer to 3.50% (versus the maximum of 4.00%) from 3.00% 53#55Canadian Bail-in Regime - Comparison to Other Jurisdictions Bail-in implementation in other jurisdictions has increased the riskiness of bail-inable bonds vs. non-bail-inable bonds: • Legislative changes prohibit bail-outs, increasing the probability that bail-in will be relied on The hierarchy of claims places bail-in debt below deposits and senior debt through structural subordination, legislation or contractual means Bail-in is expected to rely on write-down of securities, imposing certain losses on investors The Canadian framework differs from other jurisdictions on several points: • The Canadian government has not introduced legislation preventing bail-outs Canadian senior term debt will be issued in a single class and will not be subordinated to another class of senior term debt like other jurisdictions such as the US and Europe Canada does not have a depositor preference regime; bail-in debt does not rank lower than other liabilities No Creditor Worse Off principle provides that no creditor shall incur greater losses than under insolvency proceedings. There are no write-down provisions in the framework Conversion formula under many scenarios may result in investor gains CIBC 4 54#56How Bail-In Is Expected To Work When OSFI deems a bank has ceased to or may be about to cease to continue to be viable, it may trigger temporary takeover of the bank and carry out the bail-in conversion of NVCC capital and bail-in debt to common equity. ■ There are no write-down provisions in the framework Conversion formula under many scenarios may result in investor gains CIBC◇ 1. Pre-Loss Balance Sheet Other Senior Liabilities Bail-in Debt Loss 2. Loss Event 3. Post Bail-in Other Senior Liabilities Bail-in Assets NVCC Sub-Debt Debt Assets Assets NVCC Preferred NVCC Sub- Debt Equity NVCC Preferred Common Equity Equity Common Equity Note: Diagram shown is for illustrative purposes only. It is not to scale nor does it update the magnitude of the bail-in security to match the loss. Other Senior Liabilities Bail-in Debt Common Equity 55#57Liquidation to Resolution Comparison Liquidation Scenario Bail-in debt ranks pari passu with all other senior unsecured liabilities. Resolution Scenario Bail-in debt is partially or fully converted into common shares. No Creditor Worse Off No creditor shall incur greater losses than under insolvency proceedings. Bank shareholders and creditors may seek compensation should they be left worse off as a result of CDIC's actions to resolve a failed bank than they would have been if the bank had been liquidated. CIBC◇ Loss Absorption Waterfall Liquidation Securitizations, Covered Bonds Securitizations, Covered Bonds Deposits Legacy Senior Debt Structured Notes AT 1 Instruments Tier 2 Derivatives Legacy (not NVCC) Preferred Common Equity Shares Note: Diagram shown is for illustrative purposes only. It is not to scale nor does it update the magnitude of the bail-in security to match the loss. Bail-in Debt Resolution Deposits Legacy Senior Debt AT 1 Instruments Bail-in Debt Tier 2 Structured Notes Legacy (not NVCC) Preferred Shares Common Equity Derivatives 56 56#58CIBC Comparison of Canadian and European Hierarchies in Bail-in Resolution Layers of bail-inable senior debt instruments European Loss absorption waterfall Canada Bank Recapitalization (Bail-in) Regulations norm Common Equity Tier 1 Common Equity Tier 1 Preferred Shares/ AT1 (PONV) Additional Tier 1 Tier 2 (PONV) Senior (issued post Sep. 23, 2018) Other excluded Liabilities** Source: Commerzbank Sec. Obligations as well as Retail & SME Deposits <100k under Deposit Guarantee Scheme ** Sec. Obligations (e.g. Covered bonds) as well as CDIC Insured Deposits Discretionary exclusions possible Tier 2 (PONV) Non-Preferred Senior Preferred Deposits (natural persons + micro + SMEs) Excluded Liabilities* Loss absorption waterfall 57 57#59Office of the Superintendent of Financial Institutions (OSFI) Non Viability Criteria In assessing whether an institution has ceased, or is about to cease, to be viable, the following criteria can be considered, which may be mutually exclusive and should not be viewed as an exhaustive list¹ Whether the assets of the institution are, in the opinion of the Superintendent, sufficient to provide adequate protection to the institution's depositors and creditors. Whether the institution has lost the confidence of depositors or other creditors and the public. This may be characterized by ongoing increased difficulty in obtaining or rolling over short-term funding. Whether the institution's regulatory capital has, in the opinion of the Superintendent, reached a level, or is eroding in a manner, that may detrimentally affect its depositors and creditors. Whether the institution failed to pay any liability that has become due and payable or, in the opinion of the Superintendent, the institution will not be able to pay its liabilities as they become due and payable. Whether the institution failed to comply with an order of the Superintendent to increase its capital. Whether, in the opinion of the Superintendent, any other state of affairs exists in respect of the institution that may be materially prejudicial to the interests of the institution's depositors or creditors or the owners of any assets under the institution's administration, including where proceedings under a law relating to bankruptcy or insolvency have been commenced in Canada or elsewhere in respect of the holding body corporate of the institution. Whether the institution is unable to recapitalize on its own through the issuance of common shares or other forms of regulatory capital. For example, no suitable investor or group of investors exists that is willing or capable of investing in sufficient quantity and on terms that will restore the institution's viability, nor is there any reasonable prospect of such an investor emerging in the near-term in the absence of conversion or write-off of NVCC instruments. Further, in the case of a privately-held institution, including a Schedule Il bank, the parent firm or entity is unable or unwilling to provide further support to the subsidiary. 1 Source: CAR Guideline, section 2.2.2, April 2018 CIBC http://www.osfi-bsif.gc.ca/Eng/fi-if/rg-ro/gdn-ort/gl-ld/Pages/CAR18_chpt2.aspx#ToC222Criteriatobeconsidered intriggeringconversionofNVCC 58#60Domestic Stability Buffer Background Canadian Domestic Systemically Important Banks (D-SIBs) are required to hold Pillar 2 capital buffer that is privately communicated to each bank, to address risks that are inadequately captured by the Pillar 1 minimum capital requirements D-SIBS are subject to publicly-disclosed Pillar 1 minimum of 8.0% and undisclosed non-public Pillar 2 buffer What Has Changed The Domestic Stability Buffer increased to 3.50% of RWA effective November 1, 2023 from 3.00%; it can range between 0% to 4% depending on OSFI's assessment of systemic vulnerabilities D-SIBs face including Canadian consumer and institutional indebtedness, as well as asset imbalances in the Canadian market OSFI announced on June 20, 2018 a revised framework where a component of the Pillar 2 buffer for D-SIBS will be publicly disclosed 1 The purpose of public disclosure is to provide greater transparency to the market and other stakeholders, and to enhance the usability of the buffer by the banks in times of stress A breach would require a remediation plan from the bank OSFI will undertake a review of the buffer on a semi-annual basis, in June and December any changes being made public Current 3.50% Implications for Banks There is no incremental capital requirement for banks. This is a transition of the Pillar 2 capital buffer requirement from private to public domain. Given CIBC (and other Canadian D-SIBS) are well above the minimum requirement, do not believe this will impact banks' capital planning in a material way Domestic Stability Buffer² 12.4% Pillar 1 Minimum 8.00 for D-SIBS* CIBC 1. There may be an additional private component to Pillar 2 buffer specific to individual banks 2. The Domestic Stability Buffer was originally set at 1.5% when introduced OSFI Target CIBC (Q1/24) Consists of 4.5% minimum plus 2.5% of capital conservation buffer plus 1.0% current D-SIB surcharge 59 52#61Covered Bond Structural Summary - Triggers Servicer Termination Event¹ Trigger • Servicer downgraded below Baa2/F2 by Moody's/Fitch Servicer defaults on amounts due to Guarantor not remedied in 3 business days • Servicer failure to comply with any of its obligations under Servicing Agreement not remedied within 20 business days Prior to downgrade below Servicer Deposit Threshold Ratings, Servicer failure to transfer collections before the next Guarantor Payment Date to Cash Manager, not remedied within 1 business day • Following downgrade below Servicer Deposit Threshold Ratings, Servicer failure to transfer within 2 business days to Cash Manager, not remedied within 1 business day • Servicer insolvency Servicer terminated by the Guarantor Servicer's failure to satisfy representation and warranties made in the Servicing Agreement • Issuer Event of Default occurs and is continuing at any time that the Guarantor is Independently Controlled and Governed • • Consequences Servicer, Guarantor and Bond Trustee agree to use commercially reasonable efforts to arrange for the appointment of a successor Servicer After Servicer Event of Default, all remaining Available Revenue Receipts (after making all relevant payments in the Pre-Acceleration Revenue Priority of Payments) will be deposited into the GDA Account CIBC 1. Each of first three triggers - Servicer Event of Default 60 60#62Covered Bond Structural Summary - Triggers Trigger Issuer Event of Default¹ • • • Issuer fails to pay any principal or interest in respect of the Covered Bonds within 10 business days in the case of principal and 30 days in the case of interest, in each case of the respective date Failure of Issuer to perform or observe any other obligation under the Covered Bond programme for more than 30 days Insolvency Event of the Issuer Failure to satisfy ACT and this remains not remedied by the Guarantor Payment Date immediately following the Calculation Date following service of ACT Breach Notice Failure of Pre-Maturity Test less than 6 months prior to Final Maturity Date, and remains not remedied before the earlier of: (1) 10 business days from the day of notification, and (2) Final Maturity Date Failure to take prescribed remedial action within specified timeframe after ratings trigger breach (unless the Guarantor is independent)1 · . · • • • · • Consequences Delivery of Issuer Acceleration Notice Bond Trustee will serve a Notice to Pay on the Guarantor Covered Bonds become due and payable against Issuer but not accelerated against Guarantor Guarantor will make payments of Guaranteed Amounts when the same become due for payment No more additional Covered Bond issuances Liquidation GP assumes the management responsibilities of the Managing GP All amounts received from Borrowers are directed into the GDA Account Title Trigger Event occurs At the option of the Guarantor, if the Interest Rate Swap Provider is the Issuer, the Interest Rate Swap Agreement may be terminated At the option of the Guarantor, if the Covered Bond Swap Provider is the Issuer, the Covered Bond Swap Agreement may be terminated If the Account Bank is the Issuer, the Guarantor Accounts moved to the Standby Account Bank CIBC◇ 1. Note the exception does not apply if the triggers are the Account Bank Threshold Ratings, Standby Account Bank Threshold Ratings, Cash Management Deposit Ratings and the Servicer Deposit Threshold Ratings 61#63Covered Bond Structural Summary - Triggers Title Trigger Event Guarantor • • • • • • . . Event of Default • • • Trigger Servicer Event of Default, not remedied within 30 days Issuer Event of Default (other than insolvency), not remedied within 30 days Insolvency Event with respect to the Seller Acceptance of any offer to sell Loans to any purchaser other than the Seller or the relevant Originator Request from Guarantor, due to sale of selected loans to third party An order from a court, regulatory authority, or eligible organization Seller downgraded below Baa1/BBB+ by Moody's/Fitch Default by Guarantor on Covered Bonds principal and interest for period of 7 days or more Failure of Guarantor to perform or observe any other obligation under the Covered Bond programme for more than 30 days Insolvency Event with respect to Guarantor Failure to satisfy Amortization Test on any Calculation Date following Notice to Pay Guarantee is, or claimed to be, not in full force and effect Failure to take prescribed remedial action within specified timeframe after ratings trigger breach (unless the Guarantor is independent)1 · Consequences Notice of loans' sale given by Issuer to Borrowers Borrowers notified to make payments to the Standby Account Bank for the account of the Guarantor • Perfection of legal assignment of mortgage loans and related security to Guarantor Service of Guarantor Acceleration Notice to Guarantor Covered Bonds become due and payable against the Guarantor Cover assets must be sold to meet Covered Bond payments CIBC 1. Note the exception does not apply if the triggers are the Account Bank Threshold Ratings, Standby Account Bank Threshold Ratings, Cash Management Deposit Ratings and the Servicer Deposit Threshold Ratings 12 62#64Covered Bond Structural Summary - Triggers Trigger Cash Management Deposit Ratings Cash Manager Required Ratings Servicer Deposit Threshold Ratings Reserve Fund Required Amount Ratings Pre-Maturity Minimum Ratings Account Bank Threshold Ratings Initial Downgrade Trigger Event Subsequent Downgrade Trigger Event Cash Manager's ratings fall below P-1/F1 or A by Moody's/Fitch Cash Manager's ratings fall below P-2(cr)/F2 by Moody's/Fitch Servicer's ratings fall below P-1/F1 or A by Moody's/Fitch Issuer's ratings fall below P-1/F1 or A by Moody's/Fitch Issuer's ratings fall below P-1/F1+ by Moody's/Fitch, with a Hard Bullet bond maturing within 12 months Account Bank's ratings fall below P-1/F1 and A by Moody's/Fitch Swap provider's ratings fall below P-1 or A2/F1 and A by Moody's/Fitch Swap provider's ratings fall below P-2 or A3/F3 and BBB- by Moody's/Fitch Consequences Cash Manager required to direct the Servicer to deposit all Revenue Receipts and Principal Receipts directly into the GDA Account within two business days Transfer of Cash Management Agreement to Third Party Servicer required to transfer collections within two business days of collection to (i) Cash Manager, prior to Cash Manager's downgrade below Cash Management Deposit Ratings, (ii) GDA Account Guarantor required to establish the reserve fund in the GDA Account up to an amount equal to the Canadian dollar equivalent of scheduled interest due on all outstanding bonds over the next three months plus three-twelfths of expected annual amount payable in respect of certain expenses and, if applicable, swap payments Guarantor required to establish the ledger in the GDA Account up to an amount equal to the Canadian dollar equivalent of scheduled principal due for repayment within 12 months and other specified amounts Guarantor Accounts required be moved to the Standby Account Bank Swap provider required to provide credit support to the Guarantor within 10 business days, or arrange for its obligations to be guaranteed or transferred to a sufficiently highly rated counterparty Swap provider required to provide additional credit support to the Guarantor within 10 business days, and arrange for its obligations to be guaranteed or transferred to a sufficiently highly rated counterparty CIBC 63#65Outstanding Covered Issuances Series CBL9 Currency CHF Issued 350,000,000 Issue Date¹ 22-Dec-15 Maturity Date² 22-Dec-25 Coupon Rate 0.1250% CBL20 CHF 250,000,000 30-Apr-18 30-Apr-25 0.1000% Issue Spread¹ MS +0% MS -0.08% CBL22 EUR 1,000,000,000 09-Jul-19 09-Jul-27 0.0400% MS +0.09% CBL26 CHF 100,000,000 09-Apr-20 09-Oct-28 0.1412% CBL32 EUR 1,000,000,000 30-Apr-21 30-Apr-29 CBL33 GBP 1,250,000,000 23-Jun-21 CBL34 USD 2,000,000,000 08-Jul-21 CBL35 AUD 1,500,000,000 14-Sep-21 CBL36 EUR 1,500,000,000 07-Oct-21 CBL37 GBP 1,000,000,000 15-Dec-21 CBL38 USD 2,500,000,000 19-Jan-22 23-Jun-26 08-Jul-26 14-Sep-26 07-Oct-26 15-Dec-25 19-Jan-27 SONIA +1.00% CBL39 EUR 2,500,000,000 10-Mar-22 CBL40 USD 100,000,000 10-Mar-22 CBL41 CHF 200,000,000 26-Apr-22 CBL42 GBP 625,000,000 30-Jun-22 10-Mar-26 10-Mar-25 26-Apr-29 30-Jun-25 CBL43 CHF 215,000,000 13-Jul-22 13-Jul-27 CBL44 AUD 1,350,000,000 15-Jul-22 15-Jul-25 CBL45 AUD 650,000,000 15-Jul-22 15-Jul-25 CBL46 CAD 560,000,000 19-Dec-22 23-Dec-25 CBL47 EUR 1,500,000,000 31-Mar-23 31-Mar-27 3.250% CBL48 GBP 750,000,000 13-Apr-23 13-Apr-26 CBL49 AUD 1,500,000,000 21-Apr-23 21-Apr-26 CBL50 USD 1,750,000,000 08-Jun-23 08-Jun-28 CBL51 USD 250,000,000 21-Jun-23 08-Jan-26 CBL52 CHF 300,000,000 14-Jul-23 CBL53 USD 500,000,000 16-Aug-23 CBL54 NOK 2,500,000,000 14-Sep-23 14-Jul-28 28-Sep-26 14-Sep-33 4.640% 0.0100% SONIA + 1.00% 1.1500% BBSW + 0.37% 0.0100% 1.8460% 0.3750% SOFR + 0.45% 0.9675% SONIA +0.53% 1.7125% BBSW + 0.93% 4.4000% 4.2620% SONIA +0.63% BBSW + 0.80% 4.414% SOFR +0.68% 1.910% SOFR + 0.72% MS + 0.40% MS + 0.05% SONIA + 0.28% MS + 0.22% BBSW +0.37% MS +0.04% SONIA + 0.28% SOFR +0.48% MS +0.06% SOFR+0.45% MS + 0.15% SONIA + 0.53% MS + 0.15% BBSW + 0.93% BBSW + 0.93% GoC+0.80% MS +0.33% SONIA +0.63% BBSW + 0.80% SOFR+0.92% SOFR + 0.68% MS + 0.18% SOFR +0.68% NOK MS + 0.52% 1. For original issuance CIBC 2. Legal Final Maturity is the Maturity Date + one year 64#66Selected Outstanding TLAC Senior¹ ISIN CH0419040826 Programme Currency EMTN CHF US13607GAP90 SEC USD Issued 100,000,000 30-Jan-19 1,000,000,000 02-Apr-19 Issue Date Maturity Date Coupon Rate 30-Jan-25 0.600% Issue Spread MS + 0.70% 02-Apr-24 3.100% T + 0.92% XS1991125896 EMTN EUR 1,000,000,000 03-May-19 03-May-24 0.375% 0.42% XS2056446524 EMTN GBP CH0498400578 EMTN CHF XS2066727061 EMTN JPY 300,000,000 25-Sep-19 350,000,000 55,000,000,000 18-Oct-19 25-Sep-25 1.625% 1.30% 15-Oct-19 15-Oct-26 0.050% 0.66% 18-Oct-24 0.295% YSO+0.39% US13607GLZ53 SEC USD 1,000,000,000 28-Jan-20 28-Jan-25 2.250% T + 0.68% CA13607GPJ71 CAD CA13607GRU09 CAD CA13607HMS80 CAD CA13607HUM29 CAD CA13607HVV19 CAD 2,000,000,000 17-Apr-20 1,250,000,000 19-Jan-21 1,250,000,000 04-Mar-21 1,500,000,000 08-Jun-21 1,100,000,000 15-Jul-21 17-Apr-25 2.000% 19-Jan-26 4-Mar-25 (4NC3) 10-Jun-24 (3NC2) 15-Jul-26 CA13607HVW91 CAD 400,000,000 15-Jul-21 15-Jul-26 US13607HYE60 SEC USD 700,000,000 18-Oct-21 18-Oct-24 US13607HYF36 SEC USD 650,000,000 18-Oct-21 18-Oct-24 CH1137407412 EMTN CHF CA13607HC349 CAD 275,000,000 1,750,000,000 07-Jan-22 20-Oct-21 20-Apr-29 0.180% 07-Jan-27 2.250% XS2436885748 EMTN EUR 1,500,000,000 26-Jan-22 26-Jan-24 EURIBOR + 0.75% XS2437353514 EMTN GBP 325,000,000 27-Jan-22 CH1151526212 CA13607HK276 EMTN CHF 315,000,000 03-Feb-22 CAD 1,750,000,000 03-Mar-22 27-Jan-26 03-Feb-27 07-Mar-25 1.875% 0.283% 1.100% CORRA + 0.46% 3M CDOR + 0.23% 1.700% CORRA + 0.58% SOFR+0.42% 1.000% GoC+1.58% T + 0.62% CORRA + 0.46% 3M CDOR + 0.23% GoC + 0.78% CORRA + 0.58% SOFR +0.42% T + 0.40% MS + 0.41% GoC+0.91% EURIBOR + 0.75% UKT + 1.00% MS + 0.40% 2.750% GoC + 1.18% CIBC◇ 1. The Base Prospectus for the Note Issuance Programme is available on: https://www.cibc.com/en/about-cibc/investor-relations/debt-information/note-issuance-programme.html 65 55#67Selected Outstanding TLAC Senior¹ (continued) ISIN Programme Currency US13607HR535 SEC USD Issued 1,000,000,000 Issue Date 30-Mar-22 Maturity Date 07-Apr-32 Coupon Rate US13607HR469 SEC USD 1,350,000,000 30-Mar-22 07-Apr-25 3.60% 3.30% US13607HR386 SEC USD 650,000,000 30-Mar-22 07-Apr-25 SOFR +0.94% US13607HR618 SEC USD CA13607HR792 CAD CA13607HK276 CAD 1,000,000,000 30-Mar-22 1,000,000,000 07-Apr-22 1,250,000,000 08-Apr-22 07-Apr-27 3.450% Issue Spread T + 1.30% T + 0.85% SOFR+0.94% T + 1.05% 07-Apr-32 (10NC5) 4.200% GoC +1.78% 07-Mar-25 2.750% GoC + 1.10% CA13607HV661 CAD 2,000,000,000 29-Jun-22 29-Jun-27 4.950% GoC +1.73% US13607H6M92 SEC USD 1,350,000,000 04-Aug-22 04-Aug-25 3.945% T + 1.15% CA13607H5C22 CAD 1,750,000,000 07-Oct-22 07-Oct-27 5.050% GoC +1.58% US13607LNF66 SEC USD 1,250,000,000 28-Apr-23 28-Apr-25 5.144% T + 1.03% US13607LNG40 SEC USD 1,000,000,000 28-Apr-23 28-Apr-28 5.001% T + 1.42% CA13607LPY34 CAD 1,250,000,000 14-Jul-23 14-Jan-28 5.500% CA13607LBK85 CAD 500,000,000 14-Jul-23 14-Jul-26 5.935% US13607LWU33 SEC USD 350,000,000 02-Oct-23 02-Oct-26 SOFR + 1.22% US13607LWT69 SEC USD 850,000,000 02-Oct-23 02-Oct-26 5.926% GoC +1.63% GoC + 1.54% SOFR+1.22% T + 1.100% US13607LWV16 SEC USD 700,000,000 02-Oct-23 02-Oct-28 5.986% T + 1.375% US13607LWW98 SEC USD CA13607LSJ30 XS2755443459 EMTN CAD EUR 1,100,000,000 1,250,000,000 07-Dec-23 500,000,000 29-Jan-24 02-Oct-23 03-Oct-33 07-Dec-26 29-Jan-27 6.092% T + 1.550% 5.000% GoC + 1.20% EURIBOR + 0.70% EURIBOR + 0.70% CIBC 1. The Base Prospectus for the Note Issuance Programme is available on: https://www.cibc.com/en/about-cibc/investor-relations/debt-information/note-issuance-programme.html 66 66#68Notes Slide 14 - A leading Canadian financial institution For additional information on the composition, see the "Glossary" section on pages 101-107 in the Q1/2024 Quarterly Report, available on SEDAR+ at www.sedarplus.ca. 1. All results are in Canadian dollars unless otherwise indicated. 2. Global regular head count for CIBC. This excludes FCIB, temporary employees and contingent workers. 3. 4. TSR is calculated based on common share price appreciation plus reinvested dividend income as at January 31, 2024. 5. 6. 7. Includes revenue from US Commercial Banking & Wealth Management, and revenue from Capital Markets operations in the US. 8. 9. Calculated pursuant to Office of the Superintendent of Financial Institutions (OSFI) Capital Adequacy Requirements (CAR) Guideline, which is based on Basel Committee on Banking Supervision (BCBS) standards. Corporate & Other not included in total NIAT. Moody's Long-Term Deposit and Counterparty Risk Assessment Rating; S&P issuer Credit Rating; Fitch Long-Term Deposit Rating and Derivative Counterparty Rating; DBRS Long-Term Issuer Rating as at Q1/24. Subject to conversion under the bank recapitalization "bail-in" regime. Slide 16-Making progress against our medium-term objectives 1. Based on adjusted measures. Adjusted measures are non-GAAP measures. See slide 38 for further details. 12 2. Medium-term targets are defined as through the cycle, which is currently defined as three to five years, assuming a normal business environment and credit cycle. The 3-year compound annual growth rate (CAGR) is calculated from 2020 to 2023 and the 5-year CAGR is calculated from 2018 to 2023. Adjusted results are non-GAAP measures. See slide 38 for further details. See note 1 on slide 71. 3. 4. 5. 6. See note 2 on slide 71. 7. See note 3 on slide 71. 8. See note 4 on slide 71. 9. For additional information on the composition, see the "Glossary" section on pages 101-107 in the Q1/2024 Quarterly Report, available on SEDAR+ at www.sedarplus.ca. Slide 18 Solid returns underpinned by a commitment to balance sheet strength... 1. Capital ratios are calculated pursuant to the Office of the Superintendent of Financial Institution's (OSFI's) Capital Adequacy Requirements (CAR) Guideline, the leverage ratio is calculated pursuant to OSFI's Leverage Requirements Guideline, and the LCR is calculated pursuant to OSFI's Liquidity Adequacy Requirements (LAR) Guideline, all of which are based on the Basel Committee on Banking Supervision (BCBS) standards. For additional information, see the "Capital management" and "Liquidity risk" sections in the 2024 Annual Report, available on SEDAR+ at www.sedarplus.ca. Slide 19 ...Prudent Risk Management Allowance for credit losses to gross carrying amount of loans. The gross carrying amount of loans include certain loans that are measured at fair value through profit or loss (FVTPL). 1. All results are on a Reported basis and in Canadian dollars unless otherwise indicated. 2. 3. Provision for (reversal of) credit losses on impaired loans to average loans and acceptances, net of allowance for credit losses. 4. Provision for (reversal of) credit losses to average loans and acceptances, net of allowance for credit losses. CIBC◇ 67#69Notes continued Slide 20 - Asset yields and funding costs 1. 2. 3. 4. Average balances are calculated as weighted average of daily closing balances. Average interest-earning assets include interest-bearing deposits with banks, interest-bearing demand deposits with Bank of Canada, securities, cash collateral on securities borrowed, securities purchased under resale agreements, loans net of allowances for credit losses, and certain sublease-related assets. The yield for loans and acceptances is calculated as interest income on loans as a percentage of average loans and acceptances, net of allowance for credit losses. The yield on securities is calculated as interest income on securities as a percentage of average securities. Total yield on average interest-earning assets is calculated as interest income on assets as a percentage of average interest-earning assets. These metrics do not have a standardized meaning and may not be comparable to similar measures disclosed by other financial institutions. Other includes balances related to cash and deposits with banks, reverse repos, and other. The yield for Personal-Notice/Demand deposits is calculated as interest expense on Personal-Notice/Demand deposits as a percentage of average Personal-Notice/Demand deposits. The yield for Corporate & Commercial-Notice/Demand deposits is calculated as interest expense on Corporate & Commercial-Notice/Demand deposits as a percentage of average Corporate & Commercial-Notice/Demand deposits. The yield for Term-Client deposits is calculated as interest expense on Term-Client deposits as a percentage of average Term-Client deposits. Term-Client deposits are term deposits less wholesale funding. Total cost on average interest-earning assets is calculated as interest expense on liabilities as a percentage of average interest-earning assets. These metrics do not have a standardized meaning and may not be comparable to similar measures disclosed by other financial institutions. 5. Other includes wholesale funding, sub-debt, repos and other liabilities. 6. Deposit base represents client deposits, excluding wholesale funding. Reflects spot balances as of the respective period ends. Slide 22 - Resilient balance sheet supports organic business growth 12 1. 2. 3. 4. Average balances, where applicable, are calculated as a weighted average of daily closing balances. RWA and our capital balances and ratios are calculated pursuant to OSFI's CAR Guideline, the leverage ratio is calculated pursuant to OSFI's Leverage Requirements Guideline, LCR, HQLA and NSFR are calculated pursuant to OSFI's LAR Guideline, all of which are based on BCBS standards. For additional information, see the "Capital management" and "Liquidity risk” sections in the Q1/2024 Quarterly Report available on SEDAR+ at www.sedarplus.ca. In October 2023, we obtained approval from OSFI to apply the IRB approach for the majority of our credit portfolios within CIBC Bank USA, which we expect to apply in the first quarter of 2024. In addition to the impact of applying the IRB approach to certain credit portfolios within CIBC Bank USA, the estimate includes the impacts of the revised CVA and market risk frameworks as well the increased capital requirement relating to mortgages in negative amortization with a loan-to-value ratio above 65%. Slide 25 - Allowance coverage remains higher than pre-pandemic levels 1. 2. Capital Markets excludes allowance for credit losses related to Simplii Financial which is included in the respective Canadian retail products. Total Allowance Coverage Ratio - Allowance for credit losses to gross carrying amount of loans. The gross carrying amount of loans include certain loans that are measured at FVTPL. Impaired ACL to GIL - Allowance for credit losses on impaired loans as a percentage of gross impaired loans. Performing ACL to Performing Loans - Allowance for credit losses on performing loans as a percentage of the gross carrying amount of performing loans. The gross carrying amount of performing loans include certain loans that are measured at FVTPL. CIBC 68 80#70Notes continued Slide 45 - Furthering Our ESG Strategy 1. 2. Sustainable financing largely relates to client activities that support, but are not limited to, sectors such as renewable and emission-free energy, energy efficiency, sustainable infrastructure or technology, sustainable real estate, affordable housing and basic infrastructure, and products such as, sustainability linked and green financial products. The services offered by CIBC included in our sustainable finance commitment to support these client activities include loans and loan syndications, debt and equity underwritings, M&A advisory and principal investments. The affordable housing sector includes loans and investments that meet our obligations under the U.S. Community Reinvestment Act. Includes donations from CIBC to CIBC Foundation as well as donations from the CIBC Foundation funded from investment growth. Slide 50 - Canadian Uninsured Residential Mortgages - Q1/24 Originations 1. 2. -23 Originations include refinancing of existing mortgages but not renewals. LTV ratios for residential mortgages are calculated based on weighted average. See page 67 of the Q1/2024 Quarterly Report for further details. 3. GVA and GTA definitions based on regional mappings from Teranet. 4. Starting Q4/23, our primary credit score provider is TransUnion as opposed to Equifax in the prior quarters. The scores are not identical, so score distributions up to Q2/23 are not directly comparable to score distributions starting Q4/23 and onwards. This change in credit score provider had no material impacts on provision for credit losses. Slide 51 Commercial Real Estate exposure is well diversified - Q4/23 123 2. 1. Includes $4.1B in Multi Family that is reported in residential mortgages in the Supplementary Financial Information package. Includes US$1.4B in loans that are reported in other industries in the Supplementary Financial Information package, but are included here because of the nature of the security. Incorporates security pledged; equivalent to S&P/Moody's rating of BBB-/Baa3 or higher. In Q1/23, CIBC Bank USA Loans were re-rated, and converted from the Legacy CIBC Bank USA internal rating methodology to the CIBC internal risk rating methodology. The internal risk rating system gives more benefit to certain secured loans and less benefit to certain higher risk loans, which had a significant impact on the risk ratings for these exposures. 3. CIBC◇ 69 60#71Non-GAAP Measures We use a number of financial measures to assess the performance of our business lines. Some measures are calculated in accordance with International Financial Reporting Standards (IFRS or GAAP), while other measures do not have a standardized meaning under GAAP, and accordingly, these measures may not be comparable to similar measures used by other companies. Investors may find these non-GAAP measures, which include non-GAAP financial measures and non-GAAP ratios as defined in National Instrument 52-112 "Non-GAAP and Other Financial Measures Disclosure", useful in understanding how management views underlying business performance. Management assesses results on a reported and adjusted basis and considers both as useful measures of performance. Adjusted measures, which include adjusted total revenue, adjusted provision for credit losses, adjusted non-interest expenses, adjusted income before income taxes, adjusted income taxes, adjusted net income and adjusted pre-provision, pre-tax earnings, in addition to the adjusted measures on slide 39, remove items of note from reported results to calculate our adjusted results. Items of note include the amortization of intangible assets, and certain items of significance that arise from time to time which management believes are not reflective of underlying business performance. Adjusted measures represent non-GAAP measures. We believe that adjusted measures provide the reader with a better understanding of how management assesses underlying business performance and facilitates a more informed analysis of trends. While we believe that adjusted measures may facilitate comparisons between our results and those of some of our Canadian peer banks, which make similar adjustments in their public disclosure, it should be noted that there is no standardized meaning for adjusted measures under GAAP. We also adjust our results to gross up tax-exempt revenue on certain securities to a TEB, being the amount of fully taxable revenue, which, were it to have incurred tax at the statutory income tax rate, would yield the same after-tax revenue. See the "Strategic business units overview" and Note 30 to our consolidated financial statements included in our 2024 Annual Report for further details, available on SEDAR+ at www.sedarplus.ca. Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found in the "Non-GAAP measures" section on pages 14 to 20 of our 2024 Annual Report, available on SEDAR+ at www.sedarplus.ca, including the quantitative reconciliations therein of reported GAAP measures to: adjusted total revenue, adjusted provision for credit losses, adjusted non-interest expenses, adjusted income before income taxes, adjusted income taxes, and adjusted net income on pages 15 to 20; pre-provision, pre-tax earnings and adjusted pre-provision, pre-tax earnings on page 20. CIBC◇ 70 0#72Glossary 1 Adjusted Diluted EPS 2 Adjusted ROE 3 Adjusted Operating Leverage 4 Adjusted Dividend Payout Ratio 5 Adjusted Non-Interest Income CIBC◇ Definition We adjust our reported diluted EPS to remove the impact of items of note, net of income taxes, to calculate the adjusted EPS. We adjust our reported net income attributable to common shareholders to remove the impact of items of note, net of income taxes, to calculate the adjusted return on common shareholders' equity. We adjust our reported revenue and non-interest expenses to remove the impact of items of note and gross up tax-exempt revenue to bring it to a TEB, to calculate the adjusted operating leverage. We adjust our reported net income attributable to common shareholders to remove the impact of items of note, net of income taxes, to calculate the adjusted dividend payout ratio. We adjust our reported non-interest income to remove the pre-tax impact of items of note, to calculate the adjusted non-interest income. We believe that adjusted measures provide the reader with a better understanding of how management assesses underlying business performance and facilitates a more informed analysis of trends. 71