#1CIBC Investor Presentation February 24, 2023#2Forward-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 and subsequent 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", "Accounting and control matters - Accounting developments", and "Accounting and control matters - Other regulatory developments" sections of our Q1/23 Report to Shareholders 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 2023 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 our Q1/23 Report to Shareholders, and are subject to inherent risks and uncertainties that may be general or specific. Given the continuing impact of high inflation, rising interest rates, potential recession and the war in Ukraine 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, the occurrence, continuance or intensification of public health emergencies, such as the COVID-19 pandemic, 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 allow ances; 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 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; 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; 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◇ Investor Relations contacts: Geoff Weiss, Senior Vice-President 416 980-5093 Visit the Investor Relations section at www.cibc.com/en/about-cibc/investor-relations.html 1#3About CIBC CIBC CIBCO CIBCO CIBCO#4A leading Canadian financial institution1 1867 13MM 50K FOUNDED CLIENTS EMPLOYEES² $432MM NET-INCOME (Q1/23) $1,841 MM Adjusted ³ 3.1% ROE4 (Q1/23) 15.5% Adjusted³ 31.6% 11.6% TSR5 (3-YR) CET1 RATIO6 (Q1/23) DIVERSIFIED EARNINGS MIX STRONG CREDIT RATINGS Net Income by Strategic Business Unit (Q1/23)7 Net Income Contribution by Region (Q1/23)7 Agency Rating⁹ Canadian Personal Other Moody's Aa2 (Senior 10, A2), Stable Capital Markets & Business Banking US8 8% 18% 33% 31% S&P A+ (Senior 10, A-), Stable Fitch AA (Senior 10, AA-), Stable Canadian 11% 25% US Commercial & Wealth 74% DBRS AA (Senior 10, AA (low)), Stable Canada Commercial & Wealth CIBC◇ For footnoted information refer to slide 36. 3#5Clear Purpose and well-defined strategy OUR GOAL: A modern, relationship-oriented bank that generates value for all stakeholders ◆ OUR PURPOSE: To help make our clients' ambitions a reality OUR STRATEGY Focusing on high- growth, high-touch segments Investing in future different- iators Elevating the client experience Affluent & High Potential Deepen client relationships through personal advice and innovative tools Accelerating Growth in the Private Economy Enhance capabilities, cross-bank connectivity, and increase North American coverage Online / Digitization, Personalized Banking Industry-leading platforms that support seamless digital experiences Increasing Focus on the New Economy Prioritize fintech capabilities, energy transition, and the innovative ecosystem CIBC◇ 4#6Consistent execution of strategic initiatives delivering for our clients and supporting profitable growth High-growth, high touch segments Affluent & high potential The private economy GoalPlanner 250K+ households with a CIBC GoalPlanner Tool¹ Our Strategic Investments Digitization Online / digitization / data & analytics Personalized banking Cloud Migration +20% of internally managed applications migrated to the Cloud en Co-branded credit card portfolio Promising results from franchising efforts for Costco Digital Platforms 94% of transactions completed digitally² in Personal Banking Expanding front-line workforce Double-digit YoY loan growth in North American Commercial franchises Digital Adoption Rate of 84%, increase of 6% YoY CIBC For footnoted information refer to slide 36. $ Future differentiators The new economy Direct Financial Services (DFS) ☑ Revenues of over $1B in the last twelve months Energy transition Top 10 in financing for renewables³ Innovation ecosystem $11B of total funds managed in fiscal 2022 in Innovation Banking4 5#7Disciplined capital deployment driving strong returns ין Organic Growth • • Investing to strengthen our business remains our top priority Focusing on high-return initiatives, particularly technology enhancements and process simplification Minimizing unproductive goodwill CIBC $ ما Dividend Payout • 40-50% target payout ratio 1,2 Maintained or increased dividend every quarter since inception Inorganic Growth Open to opportunities subject to strict strategic and financial criterial Continue to focus our capital allocation on supporting our clients and maintaining a dividend payout ratio in our target range Share Buyback • Used to deploy excess capital opportunistically • Purchases made systematically with strong governance For footnoted information refer to slide 36. 6#8A foundation to deliver sustainable outperformance through the cycle Earnings Growth 7%-10% Through the Cycle Financial Objectives 1,2 Return on Equity • 16%+ Operating Leverage Positive Dividend Payout Ratio • 40%-50% CIBC For footnoted information refer to slide 36. 7#9Furthering our ESG strategy by putting our ambitions into action 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. Environmental Social Governance 0,0 Released 2030 financed emissions targets for Oil & Gas and Power Generation portfolios Targeting 26% growth in the Indigenous wealth and commercial banking business (2022-2024) Goal of zero unresolved well- founded regulatory privacy findings against our bank 8 Committed $100MM to climate tech and energy transition funds¹ $155MM CIBC Foundation funding goal² Advancing the Data Ethics Framework to safeguard clients' data CIBC◇ For footnoted information refer to slide 36. 8#10External recognition 1 for our commitment to sustainability CDP 2022 Climate Change Score = B Scale: D- to A (best) MSCI 2022 ESG Rating = AA Industry-Adjusted Score = 7.9 Scale: CCC to AAA (best) 0 to 10 (best) SUSTAINALYTICS 2022 ESG Risk Rating = 17.7 (low risk) or 9th percentile among banks Scale: 1 or 1st percentile (best) to 40+ ISS>>> 2022 QualityScore: E = 1; S = 2; G = 1 Scale: 1 (best) to 10 2022 Corporate Rating = C- Scale: D- to A+ (best) FTSE4Good 2022 Rating = 3.7 or 61st percentile Scale: 1 to 5 (best); 100th percentile (best) vigeoiris 2022 ESG Score = 49 Sector rank: 6/13 Scale: 0 to 100 (best) CIBC For footnoted information refer to slide 36. 9#11Financial Performance CIBC CIBCO CIBCO CIBCO#12Operating Leverage 1 (%) Investments in top-line growth delivering for shareholders Revenue ($B) 21.8 21.8 20.0 20.0 18.6 18.5 18.7 18.7 5.4 5.4 Q1 Q2 ន ន ន ១ Q3 Non-Interest Expense ($B) Q1 Q2 8800 Q3 12.8 12.4 Q4 Q4 0.2 11.4 11.5 11.2 10.9 10.4 10.6 3.5 3.3 Q1 (1.5) Q2 Q3 3.2 3.1 Q4 4.5 3.1 3.0 3.3 5.6 5.6 Q3 Q4 5.4 5.4 5.9 5.9 2019 2020 Diluted EPS² ($) 5.60 5.96 4.85 4.11 5.5 5.5 3.0 3.0 (0.6) (4.0) 5.3 0.7 (1.9) (1.9) (1.5) 2021 2022 2023 2019 2020 2021 2022 2023 2019 2020 2021 2022 (39.8) Q1/23 Return on Common Shareholders' Equity (%) Dividend Payout Ratio¹ (%) 219.6 Q1 Q2 7.23 6.96 7.05 6.68 Q3 15.4 1.39 Q4 14.5 1.26 Q1 1.85 Q2 1.78 Q3 Q4 1.62 1.77 1.94 11.7 10.0 16.7 16.1 15.5 14.7 14.0 70.7 60.0 49.9 46.9 48.8 46.3 43.8 41.8 40.3 3.1 2.01 2.04 0.39 2021 2022 2023 2019 2020 2021 2022 Q1/23 2019 2020 2021 2022 Q1/23 For footnoted information refer to slide 36. Reported Adjusted³ 2019 2020 CIBC 11#13Solid returns underpinned by a commitment to balance sheet strength... Basel III CET1 Ratio¹ (%) Basel III Total Capital Ratio 1 (%) 12.1 11.6 12.4 16.1 11.7 11.6 15.0 16.2 15.3 15.6 2019 2020 2021 2022 Q1/23 2019 2020 2021 2022 Q1/23 Basel III Leverage Ratio 1 (%) 4.7 4.3 2019 CIBC◇ 2020 4.7 2021 For footnoted information refer to slide 36. Liquidity Coverage Ratio (LCR) 1 (%) 4.4 4.3 131 125 142 134 123 2022 Q1/23 Q1/19 Q1/20 Q1/21 Q1/22 Q1/23 12#14...and prudent risk management¹ 0.89 Total Allowance Coverage Ratio 2 (%) 0.51 2019 2020 61 0.64 2021 Loan Loss Ratio (bps) 0.62 0.63 2022 Q1/23 33 29 26 21 22 19 16 14 4 2019 2020 2021 2022 Q1/23 Impaired³ Total4 CIBC◇ For footnoted information refer to slide 37. 13#15Lending portfolio has a strong risk profile Nearly two-thirds of our portfolio is consumer lending, composed mainly of mortgages with uninsured having an average loan-to-value of 52% The total variable rate mortgage portfolio accounts for 37% of the Canadian mortgage portfolio The balance of our portfolio is in business and government lending with an average risk rating equivalent¹ to a BBB Overall Loan Mix (Outstanding Loans and Acceptances) Consumer 62% Canadian Uninsured Mortgage Loan-To-Value2 Ratios 53% 52% 52% 50% 49% 48% 51% 47% 47% 46% 46% 45% Q1/20 Q1/21 Q1/22 3 3 Canada GVA GTA CIBC For footnoted information refer to slide 37. Oil Q1/23 & Gas 1% Real Estate Secured Lending 55% Leisure & Entertainment 1% $531B Cards 3% Auto Lending 1% Personal Lending 3% Retailers 1% Commercial Real Estate 10% Other Business & Government 25% Business & Government 38% 14#16Strategic Unit Business Performance CIBC CIBCO CIBCO CIBCO#17Highlights Canadian Personal and Business Banking - Strategic priorities accelerating growth Reported Adjusted² ($MM) Revenue Q1/23 YOY QoQ Q1/23 YOY QoQ 2,260 4% (0%) 2,260 4% 0% ☐ Enhancing Digital Client Experiences to drive simplicity and speed Net interest income 1,709 8% (1%) 1,709 8% (0%) Non-interest income 551 (8%) 2% 551 (8%) 2% Expenses 1,290 12% (2%) 1,283 13% (0%) PPPT1 970 (6%) 2% 977 (6%) 1% Provision for Credit Losses 158 61% (48%) 158 61% (48%) Increasing Productivity with an effective frontline team to win at client relationships Net Income 589 (14%) 25% 594 (15%) 22% Loans (Average, $B) 3,4 315 8% 1% 315 8% 1% Deposits (Average, $B)4 217 10% 2% 217 10% 2% Net Interest Margin (bps) 216 (3) 216 (2) Differentiating with Personalized Advice focused on the Affluent Q1/23 | Key Highlights 8% / 10% Loan & Deposit Growth 3,4 Robust annual growth 30% Growth New CIBC-Brand Card Activation 115% growth including Costco co-brand 94% Digital Transactions 5 Record high number completed digitally CIBC For footnoted information refer to slide 37. 16#18Growing Digital Adoption and Engagement¹ Digital Adoption Rate² Active Digital Banking Users³ (MM) CIBC +6% +42% Active Digital Banking Users³ (Existing Personal Banking Clients vs. Co-brand) 91% 83.6% 78% 6.5 77.5% 4.6 Q1/22 Digital Channel Usage (# of Sessions, MM) +24% Q1/23 Q1/22 Q1/23 Existing Clients New (Costco) Clients Digital Transactions4 (MM) +15% 62 Transactions by Channel4 6.7% 6.0% 53 318 17 93.3% 94.0% 258 16 57 65 Q1/22 For footnoted information refer to slide 37. Q1/23 Q1/22 Q1/23 Q1/22 Q1/23 ■ eTransfers ■ Bill Payments ■ Other5 ■ Digital Channel ■Non-Digital Channel 17#19Loan & Deposit Highlights - Canadian Personal and Business Banking¹ Real Estate Secured Personal Loans² ($B) 264.8 273.8 Credit Card Loans² ($B) 16.3 18.2 238.1 2021 2022 10.8 Q1/23 2021 Other Personal and Business Loans² ($B) 2021 3.1 Other Personal Loans CIBC◇ 20.1 3.3 21.4 3.3 187.9 13.9 2022 Q1/23 Deposits ($B) 216.8 204.0 2022 Q1/23 2021 2022 Q1/23 Business Loans Other Personal Loans Business Loans For footnoted information refer to slide 37. 18#20Highlights Canadian Commercial Banking & Wealth Management - Reported & Adjusted¹ ($MM) Q1/23 YOY QoQ Strategic priorities to accelerate growth of Canada's private economy Revenue 1,351 4% 3% Net interest income 464 23% 3% Non-interest income 887 (4%) 3% ☐ Investing in our platforms to maintain commercial banking momentum & capitalize on wealth management opportunities Expenses 665 (1%) 1% PPPT² 686 10% 4% Provision for Credit Losses 46 $50 $25 Net Income 469 2% 0% Commercial Banking - Loans (Average, $B)3,6 90 14% 0% Increasing connectivity to attract and deepen high- value relationships Commercial Banking - Deposits (Average, $B)6 90 7% 2% Net Interest Margin (bps) 349 19 11 Assets Under Administration 4,5 (AUA, $B) 342 (4%) 5% Focusing on future differentiators and faster growing sectors Assets Under Management 4,5 (AUM, $B) 220 (4%) 5% Q1/23 | Key Highlights 14% / 7% CIBC◇ 6.2% $2.6B Loan & Deposit Growth 6 Strong growth momentum Annualized Net Flows7/AUA from Private Wealth Management Annualized Referral Volume 8 +28% vs. Q1/22 For footnoted information refer to slide 37. 19#21Highlights US Commercial Banking & Wealth Management - Strategic priorities to build on our momentum Reported Adjusted 1 (US $MM) Q1/23 YOY QoQ Q1/23 YOY QoQ Revenue 526 10% 9% 526 10% 9% Net interest income 355 16% 3% 355 16% 3% 22 Non-interest income 171 (1%) 25% 171 (1%) 25% Expenses 283 13% 7% 271 14% 8% PPPT² 243 6% 11% 255 5% 10% Provision for Credit Losses 73 $51 (4%) 73 $51 (4%) Net Income 150 (16%) 29% 159 (15%) 27% Loans (Average, $B)3,5 40 12% 1% 40 12% 1% Deposits (Average, $B)5 37 4% 2% 37 4% 2% Net Interest Margin (bps) 354 9 5 354 9 5 AUA4 ($B) 94 (4%) 6% AUM4 ($B) 72 (5%) 6% རྒྱས 94 (4%) 6% ☑ 72 (5%) 6% Growing Commercial Banking by delivering expertise and solutions to meet clients' unique needs Expanding Private Wealth Management with continued focus on high-touch relationships Investing in technology and infrastructure to scale our platform and drive connectivity Q1/23 | Key Highlights 12% / 4% Loan & Deposit Growth 3,5 Robust annual growth 4.8% Annualized Net Flows / AUM6 amidst challenging markets ~$100M M Invested over 12 months $8MM increase over Q1/22 CIBC For footnoted information refer to slide 38. 20 20#22Highlights Capital Markets - Reported & Adjusted¹ ($MM) Q1/23 YOY QoQ Revenue² 1,481 14% 25% Net interest income 535 (33%) (11%) Non-interest income 946 85% 63% Expenses 650 9% (1%) PPPT³ 831 17% 58% Provision for Credit Losses (10) (74%) Net Income 612 13% $9 62% Q1/23 | Key Highlights 22% / 27% CIBC◇ Strategic priorities to grow our differentiated platform Leverage our leading platform, capabilities and expertise in Canada to grow with our clients +8% Expand our franchise in the US, to continue delivering double-digit growth Focus on connectivity to accelerate DFS and deepen relationships across our bank +38% Loan & Deposit Growth 4,5 Robust annual growth U.S. Revenue Growth $22MM increase over Q1/22 DFS Revenue Growth Continued momentum across the businesses For footnoted information refer to slide 38. 21#23Funding Strategy and Sources CIBC CIBCO CIBCO CIBCO#24High-quality, client-driven balance sheet (Based on Q1-2023 Results) Assets Liabilities & Equity $922B Cash & Repos 131% Coverage (Liquid Assets / Wholesale Funding) 34% Liquid Assets Trading & Investment Securities Residential Mortgages1 Unsecured Funding Secured Funding³ Personal Deposits 26% Wholesale-sourced Funding 116% 57% Loan Portfolio 65% Capital + Coverage Client-related Funding Other Retail Loans (Deposits + Capital / Loans) Business & Gov't Deposits Corporate Loans 9% Other Assets 2 Mainly Derivatives CIBC For footnoted information refer to slide 38. Securitization & Covered Bonds Capital4 Other Liabilities² 8% Mainly Derivatives 23#25CIBC funding strategy and sources Funding Strategy • 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. 183.5BN), Maturity Profile 80 Wholesale deposits Canada, U.S. Credit card securitization Canada, U.S. 70 28 ■ Secured ■ Unsecured 60 36 50 函 40 Global MTN programs Mortgage securitization programs 30 20 35 10 18 18 Covered Bond program Structured Notes 34 10 5 4 Less than 1m-3m 1m 3m-6m 6m-12m 1y-2y Over 2y 22 22 CIBC◇ Source: CIBC Q1-2023 Report to Shareholders 24 14#26Wholesale funding geography CAD 49.6 BN ■ Canada Mortgage Bonds ■ Credit Cards Securitization ■ Medium Term Notes ■ Canadian Dollar Deposits USD 69.3 BN Covered Bond Program Credit Cards Securitization " Medium Term Notes CIBC◇ US Dollar Deposits Mortgage Securitization 34% Credit Cards Securitization 8% Covered Bonds 58% For footnoted information refer to slide 38. Wholesale Funding By Currency 1 EUR 12.8 BN, CHF 3.2 BN, GBP 6.0 BN, NOK: 1.9 BN Covered Bonds Medium Term Notes Certificates of Deposit Wholesale Funding By Product1,3 ☐ JPY 75.0 BN Medium Term Notes HKD 16.2 BN Medium Term Notes Certificates of Deposit " AUD 11.1 BN Covered Bonds Medium Term Notes Certificates of Deposit Secured 24% Unsecured² 76% Other <1% Medium Term Notes 47% Deposits from banks 8% Sub-debt 5% Bankers Acceptances 1% CD and CP 39% 25 25#27CIBC funding composition. Funding Sources - January 20231 Others Securitization & Covered Bonds Funding Sources BN Personal deposits 236.1 (Includes 5% derivatives) 8% Capital² 6% Business, Bank and Government deposits 275.1 Unsecured funding³ 138.7 Securities sold short or repurchase agreements 93.2 Personal deposits 26% Others (Includes derivatives) 77.1 Capital² 57.0 Securitization & Covered Bonds 44.8 Securities sold short or repurchase agreements 10% Total 922.0 Wholesale market, currency 4 BN USD 92.8 CAD 49.6 Business, Bank Other 41.1 Unsecured funding³ 15% and Total 183.5 government deposits 30% CIBC◇ For footnoted information refer to slide 38. 26#28Canadian Mortgage Market CIBC CIBCO CIBCO CIBCO#29Mortgage Market Performance and Urbanization Rates Mortgage Arrears by Number of Mortgages 1 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% 2001 2003 2005 2007 2013 2015 2017 2019 2021 2023 Canada has one of the highest urbanization rates in the G7 Over 45% of the Canadian population lives in one of the four largest cities A greater rate of urbanization is a strong contributor to increases in property values 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 steadily declined from high of 0.45% in 2009 to 0.15% in November 2022² Population in Top Four Cities³ 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Canada U.K. U.S. Germany France % of Population CIBC For footnoted information refer to slide 38. 28#30Canadian House Prices • • Absolute price level is moderate compared to major global urban centers 300 Canadian debt to income ratio in line with many developed nations Growth rates of house prices in Canada have diverged across regions 250 200 150 Region CAD1 USD Eq.² Canada 612K 459K Average Home Price YoY % Change³ -18% 100 50 0 Toronto 1079K 808K -14% Vancouver 1111K 833K -7% 40% Calgary 510K 382K 6% 30% Montreal 498K 373K -6% 20% 10% Ottawa 604K 452K -11% CIBC◇ For footnoted information refer to slide 39. Household Debt to Income Ratio 4 Household Debt to Income Ratio -Average Norway Denmark Netherlands Australia 0% Dec- Dec- 07 08 09 Dec- Dec- 10 Dec- 11 Dec Dec- Dec-Dec-Dec 12 13 14 15 16 17 Dec- Dec 18 Dec- Dec- Dec- Dec- 19 20 21 22 -10% Housing Index Year over Year Change, by City 5 -Canada -Montreal -Toronto Ottawa -Calgary Halifax Sweden Canada U.K. France Ireland -Vancouver -Quebec Japan U.S. Germany -20% 29#31CIBC's Mortgage Portfolio CIBC Canadian Residential Mortgages: CAD 262.7 BN CAD 146 BN CIBC 85% CAD 52 BN Insured Uninsured CAD 27 BN 86% CAD 21 BN CAD 16 BN 56% 15% 44% 14% 76% 24% 62% 38% Ontario BC & Territories Alberta Quebec Other Condo Exposure: CAD 46.2 BN Condo Mortgages Condo Developers CAD 39.1 BN CAD 7.1 BN Uninsured 80% Undrawn 76% Insured 20% Drawn 24% 19% of CIBC's Canadian residential mortgage portfolio is insured, with 61% of insurance being provided by CMHC The average loan to value¹ of the uninsured portfolio is 52% The condo developer exposure is diversified across 105 projects Condos account for approximately 15% of the total mortgage portfolio For footnoted information refer to slide 39. 30#32Canadian Bail-in Regime Update CIBC CIBCO CIBCO CIBCO#33How 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 1. Pre-Loss Balance Sheet 2. Loss Event 3. Post Bail-in CIBC◇ Other Senior Liabilities Bail-in Loss Other Senior Liabilities Debt Assets NVCC Sub-Debt Bail-in Debt Assets NVCC Preferred Equity NVCC Sub-Debt NVCC Assets Common Equity Preferred Equity Common Equity Note: Diagram show n 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 32#34Canadian 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 notes 1 . 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 24.00% 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◇ For footnoted information refer to slide 39. 33#35Canadian 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◇ 34#36CIBC Investor Relations Contacts CIBC◇ GEOFF WEISS, SENIOR VICE PRESIDENT Email: [email protected] Phone: +1 (416) 980-5093 JASON PATCHETT, SENIOR DIRECTOR Email: [email protected] Phone: +1 (416) 980-8691 CALLEN GLASS, SENIOR DIRECTOR Email: [email protected] Phone: +1 (416) 594-8188 35#37Notes on slides 3-12 Slide 3 A leading Canadian financial institution All results are in Canadian dollars unless otherwise indicated. For additional information on the composition, see the "Glossary" section on pages 42-48 in the Q1/23 Report to Shareholders, available on SEDAR at www.sedar.com. 1. 2. Global regular head count for CIBC. This excludes FCIB, temporary employees and contingent workers. 3. Based on adjusted measures. See the non-GAAP section on slide 40. 4. 5. TSR is calculated based on common share price appreciation plus reinvested dividend income as at January 31, 2023. 6. 7. 8. 9. 10. 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. Includes revenue from US Commercial Banking & Wealth Management, and revenue from Capital Markets operations in the US. 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 Q1/23. Subject to conversion under the bank recapitalization "bail-in" regime. Slide 5 Consistent execution of our strategy delivering for our clients and supporting profitable growth 1. 2. 3. 4. Metric is as of December 2022. Reflects financial transactions only. Based on the 2022 League Tables Report for Greenfield and Energy Transition Lending by New Project Media. Funds Managed includes loans and acceptances, and deposits under the Innovation Banking platform. We believe that funds managed provides the reader with a better understanding of how management assesses the size of our total client relationships. Slide 6 - Disciplined capital deployment driving strong returns 1. 2. Based on adjusted measures. See the non-GAAP section on slide 40. For additional information on the composition, see the "Glossary" section on pages 42-48 in the Q1/23 Report to Shareholders, available on SEDAR at www.sedar.com. Slide 7 Recent Momentum Supported Increased Through the Cycle Financial Objectives 1. 2. We have set through the cycle targets for each of these measures, which we currently define as three to five years, assuming a normal business environment and credit cycle. Based on adjusted measures. See the non-GAAP section on slide 40. Slide 8 - Furthering our ESG strategy by putting our ambitions into action 1. 2. Represents commitment to provide $100MM in limited partnership investments in climate technology and energy transition funds. $155MM funding goal includes $70MM contributed in fiscal 2021. Slide 9 - External recognition for our commitment to sustainability 1. Ratings are not a recommendation to make an investment in any security of CIBC and may be revised or withdrawn at any time by the issuing organization. Slide 11 Investments in top-line growth delivering for shareholders 1. 2. 3. For additional information on the composition, see the "Glossary" section on pages 42-48 in the Q1/23 Report to Shareholders, available on SEDAR at www.sedar.com. All per common share amounts reflect the two for one common share split effective May 13, 2022, and prior periods have been restated for comparative purposes. Adjusted results are non-GAAP measures. For additional information see slide 40. Slide 12 - 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 Q1/23 Report to Shareholders, available on SEDAR at www.sedar.com. CIBC 36#38Notes on slides 13-19 Slide 13...and prudent risk management 1. 2. 3. 4. All results are on a Reported basis and in Canadian dollars unless otherwise indicated. 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). Provision for (reversal of) credit losses on impaired loans to average loans and acceptances, net of allowance for credit losses Provision for (reversal of) credit losses to average loans and acceptances, net of allowance for credit losses. Slide 14 - Lending portfolio has a strong risk profile 1. 2. 3. Incorporates security pledged; equivalent to S&P/Moody's rating of BBB/Baa2. LTV ratios for residential mortgages are calculated based on weighted average. See page 27 of the Q1/23 Report to Shareholders for further details. GVA and GTA definitions based on regional mappings from Teranet Slide 16Highlights - Canadian Personal & Business Banking Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 40 for further details. Adjusted results are non-GAAP measures. See slide 40 for further details. 1. 2. 3. Loan amounts are stated before any related allowances. 4. 5. Loan and deposit growth is calculated using average balances. Average balances are calculated as a weighted average of daily closing balances. Reflects financial transactions only. Slide 17 Growing digital adoption and engagement 1. 2. 3. 4. 5. Canadian Personal Banking only, excluding Simplii Financial. Based on spot balances as at January 31 for the respective periods. Digital Adoption (Penetration) Rate represents the percentage share of Digital Registered Customers who have been engaged on CIBC Online Banking and/or CIBC Mobile Banking at least once in the last 90 calendar days out of all Canadian Personal Banking customers engaged across any channel. Active Digital Users represent the 90-day Active clients in Canadian Personal Banking. Reflects financial transactions only. Other includes transfers and eDeposits. Slide 18 - Loan & Deposit Highlights - Canadian Personal & Business Banking 1. 2. All figures represent average balances. Average balances are calculated as a weighted average of daily closing balances. Loan amounts are stated before any related allowances. Slide 19 Highlights - Canadian Commercial Banking & Wealth Management -2345678 Adjusted results are non-GAAP measures. See slide 40 for further details. Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 40 for further details. Comprises loans and acceptances and notional amount of letters of credit. Loan amounts are stated before any related allowances. Assets under management (AUM) are included in assets under administration (AUA). 1. 2. 3. 4. 5. 6. Loan and deposit growth is calculated using average balances. Average balances are calculated as a weighted average of daily closing balances. 7. Annual net flows are calculated based on net investmentsales from Private Wealth Management and include the impact of reinvested income. 8. For additional information on the composition, see the "Glossary" section on pages 42-48 in the Q1/23 Report to Shareholders, available on SEDAR at www.sedar.com. A referral is defined as a single opportunity received by one line of business, from another line of business. The opportunity could be for an existing client of the referring party, or a new client to the Bank. CIBC 37#39Notes on slides 20-28 Slide 20- Highlights - U.S. Commercial Banking & Wealth Management Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 40 for further details. 1. Adjusted results are non-GAAP measures. See slide 40 for further details. 2. 3. Loan amounts are stated before any related allowances or purchase accounting adjustments. 4. 5. 6. Assets under management (AUM) are included in assets under administration (AUA). Includes certain Canadian Commercial Banking and Wealth Management assets that U.S. Commercial Banking and Wealth Management provides sub-advisory services for. Loan and deposit growth is calculated using average balances. Average balances are calculated as a weighted average of daily closing balances. Annual net flows include the impact of reinvested income and are calculated based on net sales as a percentage of assets under management. Slide 21 - Highlights - Capital Markets 1. Adjusted results are non-GAAP measures. See slide 40 for further details. 2. Revenue is reported on a taxable equivalent basis (TEB). TEB adjustment in Q1/23 was $62 million. 12345 3. Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 40 for further details. 4. Loan amounts are before any related allowances or purchase accounting adjustments. 5. Loan and deposit growth is calculated using average balances. Average balances are calculated as a weighted average of daily closing balances Slide 23-High-quality, client-driven balance sheet 1. 2. 3. 4. Securitized agency MBS are on balance sheet as per IFRS. 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. Includes obligations related to securities sold short, cash collateral on securities lent and obligations related to securities under repurchase agreements. Capital includes subordinated liabilities Slide 25 Wholesale funding geography 1. 2. 3. Source: CIBC Q1-2023 Report to Shareholders. "Unsecured" includes Obligation related to securities sold short, Cash collateral on securities lent and Obligations related to securities under repurchase agreements. Percentages may not add up to 100% due to rounding. Slide 26 CIBC funding composition 1. 2. 3. 4. Percentages may not add up to 100% due to rounding. Source: CIBC Q1-2023 Report to Shareholders. Capital includes subordinated liabilities 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 Currency composition, in Canadian dollar equivalent, of funding sourced by CIBC in the wholesale market Slide 28 - Mortgage Market Performance and Urbanization Rates Source: UK Finance, CBA, MBA. *Mortgage arrears of 3+ months in Canada and UK or in foreclosure process in the US Source: Canadian Banker's Association 1. 2. 3. Source: 2014 Census for France, 2021 Census for Canada, 2011 Census for UK, Germany; 2020 Census for US CIBC 38#40Notes on slides 29-33 Slide 29 Canadian House Prices Source: CREA, January 2023 1. 2. 1 USD = 1.335 CAD 3. 4. 5. Source: Teranet - National Bank House Price Index Source: OECD, 2022 or latest available. Household debt ratios across countries can be significantly affected by different institutional arrangements, among which taxregulations regarding tax deductibility of interest payments. Source: Bloomberg, Teranet - National Bank House Price Index Slide 30 CIBC's Mortgage Portfolio 1. LTV ratios for residential mortgages are calculated based on weighted average. The house price estimates for January 31, 2023 and October 31, 2022 are based on the Forward Sortation Area level indices from the Teranet - National Bank National Composite House Price Index (Teranet) as of December 31, 2022 and September 30, 2022, respectively. Teranet is an independent estimate of the rate of change in Canadian home prices. Slide 33 Canadian Bail-In Regime Update 1. 2. As referenced in the Bank Recapitalization (Bail-in) Regulations: http://laws-lois.justice.gc.ca/eng/regulations/SOR-2018-57/FullText.html Increased to 24.00% on October 31, 2021 upon increase of Domestic Stability Buffer to 2.50% (the maximum) from 1.00% CIBC 39#41Non-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 net income and adjusted pre-provision, pre-tax earnings, in addition to the adjusted measures on slide 41, 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" section of our Q1/23 Report to Shareholders, available on SEDAR at www.sedar.com, and Note 30 to our consolidated financial statements included in our 2022 Annual Report for further details, available on SEDAR at www.sedar.com. 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 7 to 10 of our Q1/23 Report to Shareholders, available on SEDAR at www.sedar.com, 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 8 to 10; pre-provision, pre-tax earnings and adjusted pre-provision, pre-tax earnings on page 10. CIBC◇ 40 40#42Glossary 1 Adjusted Diluted EPS 2 Adjusted ROE 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. 41