#1CIBC Investor Presentation Third Quarter 2020 August 27, 2020 All amounts are in Canadian dollars unless otherwise indicated.#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 report, 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", "Accounting and control matters - Accounting developments", and "Accounting and control matters - Other regulatory developments" sections of this report and other statements about our operations, business lines, financial condition, risk management, priorities, targets, ongoing objectives, strategies, the regulatory environment in which we operate and outlook for calendar year 2020 and subsequent periods. Forward-looking statements are typically identified by the words "believe", "expect", "anticipate", "intend", "estimate", “forecast”, “target”, “objective" and other similar expressions or future or conditional verbs such as "will", "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 this report, and are subject to inherent risks and uncertainties that may be general or specific. Given the continuing impact of the coronavirus (COVID-19) pandemic and the expectation that oil prices will remain well below year-ago levels 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: 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; the resolution of legal and regulatory proceedings and related 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 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; 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 synergies and benefits of an acquisition 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 report 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 report 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 2#3CIBC Overview Victor Dodig President and Chief Executive Officer CIBC#4Third Quarter 2020 Key Performance Measures EPS Pre-Provision Earnings² Efficiency Ratio CET1 Ratio Reported $2.55 Reported $2.0B Reported 57.4% 11.8% +36 bps YoY Adjusted¹ $2.71 -13% YoY Adjusted¹ $2.1B +1% YoY 54.8% Adjusted¹ -60 bps YoY ROE Dividend Payout Ratio PCL Ratio –Trailing 12 Months Allowance for Credit Losses as a % of Total Loans Reported 12.1% Reported 67.5% Total 50 bps +21 bps YoY 0.86% +38 bps YoY Adjusted¹ 12.9% Adjusted¹ 59.6% Impaired 29 bps +2 bps YoY CIBC 2 1 Adjusted results are non-GAAP financial measures. See slide 36 for further details. Pre-provision earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 36 for further details. 4#5Record levels of Digital Engagement¹ We continue to see digital engagement becoming entrenched client behavior in a post-COVID world. CIBC Digital Traffic 18.6% Digital Transactions 25.7% 1 Data: Pre-COVID-19 Period (i.e. Nov 1 to Mar 14) vs. COVID-19 Period (Mar 15 to Jul 31). Digital Registrations 44.5% Digital Banking Sessions 24.4% eTransfers eDeposits 41.9% 26.4% 5#6Financial Review Hratch Panossian Senior Executive Vice-President and Chief Financial Officer CIBC#7Third Quarter 2020 Financial Results Reported ($MM) Revenue Q3/20 YOY QoQ • 4,708 (1%) 3% Overall Performance¹ Pre-Provision Earnings² up 1% YoY Net interest income 2,729 1% (1%) • Operating Leverage of 1.1% Non-interest income 1,979 (3%) 9% • Strong CET1 ratio of 11.8% Non-Interest Expenses 2,702 1% Provision for Credit Losses 525 80% (0%) (63%) Net Income 1,172 (16%) NM Revenue Net interest income up 2% YoY Diluted EPS $2.55 (17%) NM • Strong trading activity in Capital Markets Efficiency Ratio ROE CET1 Ratio 57.4% 100 bps (170) bps • 12.1% NM NM 11.8% 36 bps 49 bps QoQ 3% (1%) 9% (2%) • • Solid deposit volume growth in Canadian and U.S. Commercial businesses, partially offset by lower margins in the U.S. Volume growth in Personal & Business Banking was more than offset by the rate environment and competitive pricing pressures Non-interest income down 3% YoY • Canadian Personal & Commercial businesses impacted by decreased client activity Expenses Disciplined expense management in volatile economic conditions Provision for Credit Losses (PCL) Total PCL ratio of 50 bps PCL ratio on impaired of 29 bps, up 2 bps YoY and down 5 bps QoQ Adjusted¹ ($MM) Revenue Net interest income Q3/20 YOY 4,708 (0%) 2,729 2% Non-interest income 1,979 (3%) Non-Interest Expenses 2,606 (1%) Pre-Provision Earnings² 2,102 1% 9% Provision for Credit Losses 525 80% (63%) Net Income 1,243 (12%) NM . Diluted EPS $2.71 (13%) NM Efficiency Ratio 54.8% (60) bps (240) bps ROE 12.9% NM NM CIBC 2 1 Adjusted results are non-GAAP financial measures. See slide 36 for further details. Pre-provision earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 36 for further details. 7#8Continued capital, liquidity and balance sheet strength $B Average Loans and Acceptances Average Deposits Q3 Highlights • We continue to maintain a strong liquidity and capital position while supporting client needs Q3/19 Q2/20 Q3/20 • 393.7 412.8 414.9 479.1 526.5 557.4 CET1 capital 27.0 29.5 30.2 CET1 ratio 11.4% 11.3% 11.8% • Risk-weighted assets (RWA) 236.8 261.8 256.7 • Leverage ratio 4.3% 4.5% 4.6% Liquidity coverage ratio (average) 129% 131% 150% HQLA (average) 117.9 137.9 178.0 Internal capital generation, a net decrease in RWAs, and an increase in value of FVOCI securities contributed to QoQ increase 35 bps capital generation from earnings excluding PCL, net of dividends RWAS decreased $5.1B QoQ, or $1.5B excluding the impact of FX Benefit of ECL transitional arrangement increased in the quarter; fully loaded CET1 ratio of 11.5% CET1 Ratio 11.3% Pro forma 12.2%¹ 10 bps 8 bps 35 bps (2) bps (2) bps Q2/20 Earnings net of Dividends (excl. PCL) PCL net of ECL Transitional Arrangement CIBC 1 After the expected sale of our controlling interest in FCIB. 11.8% RWA Change (excl. FX and Migration) RWA from Credit Other Q3/20 Migration 8#9Personal & Business Banking - continued impact from the economic shutdown Reported ($MM) • Economic implications of COVID-19 continue to impact performance • Net interest income down 6% YoY reflecting margin compression, partially offset by strong Deposit growth NIM down 16 bps YoY and 6 bps QoQ • Deposit balances up 12% YoY Decreased consumer activity contributing to lower fees, primarily in Cards and Deposits Strong focus on expense discipline in current economic environment Provision for Credit Losses: Total PCL ratio of 34 bps PCL ratio on impaired of 23 bps Revenue Q3/20 2,056 YOY QoQ (8%) (1%) • Net interest income 1,536 (6%) (0%) Non-interest income 520 (13%) (3%) Non-Interest Expenses 1,146 1% (0%) Provision for Credit Losses 220 8% (66%) Net Income 508 (23%) NM • Adjusted¹ ($MM) Q3/20 YOY QoQ Revenue 2,056 (8%) (1%) Net interest income 1,536 (6%) (0%) Non-interest income 520 (13%) (3%) • Non-Interest Expenses 1,144 1% (0%) Pre-Provision Earnings² 912 (17%) (2%) Provision for Credit Losses 220 8% (66%) Net Income 510 (23%) NM Loans and Deposits ($B) 254 244 CIBC 238 Credit Card Purchase Volume ($B) 3.8 4.1 4.4 -15% YoY -6% YOY 256 258 259 -22% YoY 178 187 200 Q3/19 Loans & Acceptances Q2/20 Deposits Q3/20 May -Net Interest Margin (bps) 1 Adjusted results are non-GAAP financial measures. See slide 36 for further details. 2 Pre-provision earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 36 for further details. June July 6#10Canadian Commercial & Wealth - strong expense discipline in slower growth environment Reported & Adjusted¹ ($MM) • Higher net interest income driven by volume growth and YoY NIM expansion Revenue Q3/20 1,013 YOY QoQ (1%) (1%) • Net interest income Non-interest income 318 6% (1%) • 695 (3%) (1%) • Non-Interest Expenses 519 (2%) (7%) Pre-Provision Earnings² 494 1% 6% • Provision for Credit Losses 57 NM (69%) • Net Income 320 (7%) 55% Commercial Banking Loans and Deposits ($B) 307 322 314 64 67 56 60 67 65 Q3/19 Loans & Acceptances³ Q2/20 Deposits Q3/20 -Net Interest Margin - segment (bps) CIBC 1 Adjusted results are non-GAAP financial measures. See slide 36 for further details. 2 Pre-provision earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 36 for further details. 3 Comprises loans and acceptances and notional amount of letters of credit. 4 Assets under management (AUM) are included in assets under administration (AUA). Commercial loan balances up 5% YoY Commercial deposit balances up 17% YoY NIM up 7 bps YoY and down 8 bps QoQ Non-interest income down 3% YoY Wealth Management continues to be impacted by market conditions Lower fees in Commercial Banking Provision for Credit Losses: • Total PCL ratio of 35 bps • PCL ratio on impaired of 28 bps Wealth Management ($B) 287 273 291 180 178 191 Q3/19 Q2/20 Q3/20 ■AUA4 ■ AUM4 10#11U.S. Commercial Banking & Wealth Management - solid volume growth and expense discipline Reported (C$MM) (1%) • Continued success in expanding market share and deepening relationships with existing client base help to offset net interest margin pressure . • Loan balances up 19% YoY; up 12% excluding PPP loans Deposit balances up 36% YoY Adjusted¹ NIM down 48 bps YoY and 29 bps QoQ Solid growth in non-interest income YoY despite ongoing market impact on Asset Management fees and slowdown in syndication activity Q3/20 YOY QoQ Revenue 514 1% Net interest income 356 (0%) (6%) Non-interest income 158 4% 12% Non-Interest Expenses 271 (4%) (8%) Provision for Credit Losses 160 NM (30%) • Net Income 62 (64%) NM • Q3/20 YOY QoQ • 514 3% (1%) 356 2% (6%) Non-interest income 158 4% 12% • Non-Interest Expenses 250 (4%) (7%) Pre-Provision Earnings² 264 10% Provision for Credit Losses Net Income 160 NM 77 (58%) 6% (30%) NM Adjusted¹ (C$MM) Revenue Net interest income Expenses down 4% YoY primarily driven by reduced business development spend Provision for Credit Losses: • Total PCL ratio of 145 bps PCL ratio on impaired of 38 bps Loans and Deposits - Average (US$B) 324 305 276 2 Wealth Management (US$B) 28 30 31 68 67 74 25 28 51 51 56 21 Q3/19 Q2/20 Loans³ PPP Loans Deposits CIBC 1 Adjusted results are non-GAAP financial measures. See slide 36 for further details. Q3/20 NIM -adjusted (bps)1 2 Pre-provision earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 36 for further details. 3 Loan amounts are stated before any related allowances or purchase accounting adjustments. 4 Assets under management (AUM) are included in assets under administration (AUA). Q3/19 Q2/20 Q3/20 ■ AUA4 ■ AUM⭑ 11#12Capital Markets - strong and well-diversified results in a record quarter Reported & Adjusted¹ ($MM) Revenue² Net interest income Q3/20 YOY QoQ Strong revenue growth YoY, mainly due to: 1,000 33% 21% • Higher trading revenues in Interest Rates and Commodities 524 55% 14% • Strong performance in Corporate Banking with commitments up 10% Non-interest income 476 15% 31% Non-Interest Expenses 413 6% (1%) • Pre-Provision Earnings³ 587 62% 45% Provision for Credit Losses 61 45% (73%) Net Income 392 67% NM • • Higher debt and equity underwriting activity Continued diversified growth in the U.S. Higher expenses primarily driven by investments in strategic initiatives and higher performance-based compensation Provision for Credit Losses: Revenue ($MM)² 61 (85) 13 446 412 360 • Total PCL ratio of 62 bps PCL ratio on impaired of 57 bps U.S. Region Revenue (US$MM)² 197 148 123 493 1 379 Q3/19 ■ Non-Trading 497 Q2/20 ■ Trading Q3/20 ■Credit/Funding Valuation Adjustments CIBC Adjusted results are non-GAAP financial measures. See slide 36 for further details. 2 Revenue is reported on a taxable equivalent basis (TEB). 3 Pre-provision earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 36 for further details. Q3/19 Q2/20 Q3/20 12#13Corporate and Other Reported ($MM) Revenue¹ Net interest income Non-interest income Q3/20 YOY QoQ 125 (41%) (5) NM (5%) NM • 130 (14%) 86% Non-Interest Expenses 353 8% 24% . Provision for Credit Losses 27 NM (78%) Net Income (110) NM 36% • Lower net interest income in FCIB driven by unfavourable rates, and lower fees Treasury revenues continue to be impacted by elevated liquidity carried at a higher cost Lower expenses due to deferral of some strategic initiatives as a result of the COVID-19 pandemic Provision for Credit Losses: • Total PCL ratio of 104 bps PCL ratio on impaired of 19 bps Adjusted² ($MM) Q3/20 YOY QoQ Revenue ($MM)² Revenue¹ 125 (41%) (5%) Net interest income (5) NM NM Non-interest income Non-Interest Expenses Pre-Provision Earnings³ 130 (14%) 86% (65) 280 (13%) 11% 212 (22) (155) (41%) (28%) 125 Provision for Credit Losses 27 NM (78%) Net Income (56) NM 60% Q3/19 Treasury FCIB Q3/20 CIBC 1 Revenue is reported on a taxable equivalent basis (TEB). 2 Adjusted results are non-GAAP financial measures. See slide 36 for further details. 3 Pre-provision earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 36 for further details. 13#14Risk Review Shawn Beber Senior Executive Vice-President, Chief Risk Officer & General Counsel CIBC#15Provision for credit losses lower in both impaired and performing loans Reported & Adjusted¹ ($MM) Q3/19 Q2/20 Q3/20 Cdn. Personal & Business Banking 204 654 220 Provision for Credit Losses up YoY & down QoQ Provisions were lower in Q3/20 after raising the performing reserve in Q2/20, but were still higher than the Q3/19 level Impaired 197 208 151 • Performing 7 446 69 Performing provisions were down QoQ in all business lines Cdn. Commercial Banking & Wealth 17 186 57 Impaired provisions were up in U.S. Commercial Banking and Capital Markets, more than offset by lower provisions in Canadian P&BB and Canadian Commercial Impaired 15 62 45 Performing 2 124 12 Provision for Credit Losses Ratio U.S. Commercial Banking & Wealth 29 230 160 1.39% Impaired 38 20 42 0.29% 0.50% Performing (9) 210 118 0.27% 0.34% 0.29% Capital Markets 42 222 61 Impaired 18 36 56 Performing 24 186 5 1,069 Corporate & Other (1) 120 27 Impaired 17 6 225 Performing (5) 103 21 19 272 343 300 Total PCL Impaired Performing 291 1,412 525 272 343 300 Q3/19 Q2/20 Q3/20 19 1,069 225 PCL on Impaired PCL Rate on Impaired PCL on Performing Total PCL Rate CIBC 1 Adjusted results are non-GAAP financial measures. See slide 36 for further details. 15#16Increased allowance to reflect the current economic backdrop Allowance for Credit Losses ($MM) 0.78% Coverage¹ Allowance for Credit Losses up YoY & QoQ • Performing allowance increased this quarter as a result of updates to forward looking outlook related to COVID-19 0.86% Coverage1 3,609 . • Impaired allowance increased this quarter due to higher impairments Coverage¹ increased to 86 basis points based on the current economic headwinds 300 225 3,311 809 (227) 910 2,502 2,699 Q2/20 PCL on Performing PCL on Impaired Loans Loans Net Write-offs, FX and Others Q3/20 ■Performing Impaired Provision on Performing Loans ($MM) 236 (124) 225 Provision on Performing Loans by Business Segment U.S. Commercial & Wealth 53% Capital Markets 2% $225MM Corporate and Other 9% 113 Forward Looking Indicator Update COVID Specific Net Adjustments Other² CIBC Performing PCL 1 Allowance for credit loss to gross carrying amount of loans. The gross carrying amount of loans include certain loans that are measured at FVTPL. 2 Other includes credit migration, model parameter updates and other movements. Cdn. Commercial & Wealth 5% Personal & Business Banking 31% 16#17Increased allowance to reflect the current economic backdrop Allowance coverages were up YoY and QoQ Reported Q3/19 Q2/20 Q3/20 Canadian Credit Cards 3.6% 6.3% 6.2% Reflective of updates to forward looking indicators, and increased provisions related to COVID-19 Canadian Residential Mortgages 0.1% 0.1% 0.1% Canadian Personal Lending 1.2% 1.8% 2.0% Canadian Small Business 2.2% 2.7% 3.4% Canadian Commercial Banking 0.3% 0.8% 0.9% U.S. Commercial Banking 0.5% 0.9% 1.2% Capital Markets 0.3% 0.8% 1.1% CIBC FirstCaribbean (FCIB) 3.6% 4.6% 4.8% Total 0.5% 0.8% 0.9% Total Allowance Coverage Ratio¹ 0.5% 1,890 0.8% 0.9% Performing and Impaired Allowance Coverage Ratios 36% 35% 31% 0.65% 0.59% 3,311 3,609 0.33% Q3/19 Q2/20 Allowance for Credit Losses ($MM) Q3/20 Allowance Coverage Ratio CIBC 1 Allowance for credit loss to gross carrying amount of loans. The gross carrying amount of loans include certain loans that are measured at FVTPL. Q3/19 Q2/20 Impaired ACL to GIL Q3/20 -Performing ACL to Total Loans 17#18Lending portfolio mix remains sound Overall Loan Mix (Outstanding) Consumer 65% CIBC Real Estate Secured Lending 57% Cards 3% Auto Lending 1% • • . Nearly two-thirds of our portfolio is consumer lending composed mainly of mortgages, with uninsured having an average loan-to-value of 52% Oil and gas is 2.3% of the loan portfolio; 43% investment grade The balance of our portfolio is in business and government lending with an average risk rating equivalent¹ to a BBB+, with minimal exposure to the leisure and entertainment sectors Canadian Uninsured Mortgage Loan-To-Value Ratios Personal Lending 4% 54% 53% $414B Oil & Gas 2% 52% 52% Leisure & 50% Entertainment 1% 51% 47% Commercial 46% Real Estate 11% 46% 46% 46% Other Business & Government 42% 21% 1 Incorporates security pledged; equivalent to S&P/Moody's rating of BBB+/Baa1. Business & Government 35% Q3/17 Q3/18 Q3/19 Q3/20 -Canada GVA -GTA 18#19The majority of client accommodation to roll-off next quarter Weekly Account Accommodations - Canadian Personal Banking (000s) 20 20 61 79 43 ili 30 30 21 16 9 7 4 4 2 2 1 1 1 1 1 1 1 03/22 04/05 04/19 05/03 05/17 05/31 06/14 06/28 07/12 07/26 • Payment Deferrals • New accommodation requests have decreased and stabilized this quarter The majority of our exposure in the deferral program are in Mortgages (90%) Nearly all credit card accommodations have been completed and have returned to regular payments Overall payment patterns observed are within expectation Q2 Canadian Personal Banking Balance ($B) Q2 Accounts (# 000s) Q3 Balance ($B) Q3 Accounts (# 000s) Current or ≤30d past due at time Additional Details of request³ Mortgages Credit Cards Reactive 35.5 108 33.3 99 98% Uninsured: Average FICO: 723; Average LTV: 58% 1.8 270 1 Average FICO: 665 0.8 75 1 98% Average FICO: 692 Proactive 1.0 195 68% Average FICO: 639 Other Personal Lending 2.3 70 0.8 23 99% Average FICO: 694 Canadian Business Banking¹ 8.6 6 2.4 3 99% U.S. Region (US$)² 0.6 0.1 1.2 0.2 100% CIBC 1 Includes Business Banking from the Canadian Personal & Business Banking, Canadian Commercial Banking & Wealth Management and Capital Markets segments. 2 Includes U.S. Commercial Banking & Wealth Management. 3 Based on total balances. 19#20Exposure to vulnerable sectors represents 2% of our lending portfolio Leisure & Entertainment Loans Outstanding Restaurants 32% Air Transport 17% Hotels 12% $3.8B Amusement & Recreation¹ 39% • 29% of drawn loans investment grade² The U.S. comprises 18% of drawn exposure CIBC 1 Includes amusement services, gambling operations, sports clubs, horse racing, movie theaters, ski facilities, golf courses, etc. 2 Incorporates security pledged; equivalent to S&P/Moody's rating of BBB-/Baa3 or higher. Retailer Loans Outstanding Other Retail 10% Retail Clothing 3% • Auto Dealers 45% $4.8B Household Furnishing Stores 6% Auto Parts Retailers 12% Food, Beverage & Drug - Retail 18% 47% of drawn loans investment grade² The U.S. comprises 5% of drawn exposure Department & Convenience Stores 6% 20 20#21Commercial Real Estate exposure remains diversified Canadian Commercial Real Estate Exposure by Sector¹ CIBC • Industrial 10% Retail 24% Office 13% Residential 18% Seniors Housing 7% U.S. Commercial Real Estate Exposure by Sector² Industrial 14% Office 27% $28.9B Other 5% Retail 12% US$15.5B Hotel 3% Multi Family 68% of drawn loans investment grade³ 23% Multi Family 28% • 35% of drawn loans investment grade³ 1 Includes $2.7B in Multi Family that is included in residential mortgages in the Supplementary Financial Information package. 2 Includes US$702 million in loans that are included in other industries in the Supplementary Financial Information package but are included because of the nature of the security. 3 Incorporates security pledged; equivalent to S&P/Moody's rating of BBB-/Baa3 or higher. Other 13% Residential 1% Healthcare 2% 21#22Exposure to Oil & Gas represents 2.3% of our lending portfolio Oil & Gas Mix (Outstanding) $9.6B drawn exposure in Q3/20 Midstream 22% Petroleum Distribution 11% $9.6B Exploration & Production 55% Retail Exposure in Oil Provinces 12.3% 11.1% O&G Services 5% . 43% investment grade • The U.S. comprises 35% of drawn loan exposure • 80% of undrawn exposure is investment grade • Downstream 4% • Integrated 3% 10.5% 10.0% 9.5% $39.8B of retail exposure¹ to oil provinces² ($31.6B mortgages) Alberta accounts for $31.5B or 79% of the retail exposure1 87% of retail loans are secured • Exposure represents 15% of total retail loans • Average LTV³ of 67% in the uninsured mortgage portfolio Retail Drawn Exposure ($B) in Oil Provinces 5 LO Unsecured HELOC Uninsured 16 Mortgages 35 Secured 39.6 40.7 40.4 39.9 39.8 16 Insured Mortgages Q4/16 CIBC Q4/17 Q4/18 Q4/19 Q3/20 % of Total Loans Retail Exposure ($B) 1 Comprises mortgages, HELOC, unsecured personal lines and loans, and credit cards. 2 Alberta, Saskatchewan and Newfoundland and Labrador. 3 LTV ratios for residential mortgages are calculated based on weighted average. 22 22#23Credit Quality - gross impaired loans trended higher Balances were up YoY and QoQ Higher impairments in both consumer loans and business and government loans Impacts related to COVID-19 and continued pressure on oil prices A few new impairments in the business and government portfolio Reported Q3/19 Q2/20 Q3/20 Canadian Residential Mortgages 0.27% 0.32% 0.36% • Canadian Personal Lending 0.34% 0.44% • 0.38% Business & Government Loans¹ 0.58% 0.67% 0.91% CIBC FirstCaribbean (FCIB) 4.12% 3.87% 3.72% Total 0.45% 0.53% 0.62% Gross Impaired Loan Ratio CIBC 0.45% 1,797 New Formations ($MM) 0.62% 0.53% 961 874 724 723 669 316 468 208 217 144 2,583 2,232 516 506 525 558 493 Q3/19 Q2/20 Q3/20 Q3/19 Gross Impaired Loans ($MM) -Gross Impaired Loan Ratio 1 Excludes CIBC FirstCaribbean business & government loans. Q4/19 Q1/20 Q2/20 Q3/20 ■ Consumer ■ Business & Government 23 23#24Credit Quality - Canadian Consumer Reported Net Write-Offs Canadian Residential Mortgages Canadian Credit Cards Personal Lending Total Q3/19 Q2/20 Q3/20 Net Write-off Ratio 0.01% 0.01% 0.01% 3.34% 3.68% 1.84% 0.28% 0.72% 0.81% 0.74% 0.28% 0.29% 0.20% 183 0.29% 0.20% 187 Net write-offs were down YoY & QoQ 128 Due to lower insolvencies. The decrease was in line with the national Canadian trend, as a result of limited consumer filing channels. The low level of write-offs was due to assistance offered to clients from our payment deferral programs, as well as from government support. Q3/19 Q2/20 Net Write-offs ($MM) Q3/20 -Net Write-off Ratio 90+ Days Delinquency Rates Q3/19 Q2/20 Q3/20 Balances ($B; spot) Canadian Residential Mortgages 0.27% 0.32% 0.36% 252 253 255 Uninsured 0.22% 0.28% 0.34% 12 11 11 Insured 0.38% 0.45% 0.43% 39 38 37 Canadian Credit Cards 0.70% 0.66% 0.43% 69 62 65 Personal Lending 0.34% 0.44% 0.38% Total 0.31% 0.36% 0.40% 132 142 142 90+ Days Delinquency rates up YoY & QoQ Increase in residential mortgages is due to the stopping of collection efforts during the peak COVID period. Delinquencies are expected to trend lower in Q4/20. Excluding the benefit of payment deferrals, the delinquency rates on residential mortgages, credit cards and personal lending would have been 40 bps, 102 bps and 39 bps, respectively. CIBC Q3/19 Q2/20 Q3/20 ■ Uninsured Mortgages Insured Mortgages Personal Lending ■ Cards 24 24#25Appendix CIBC#26Canadian Personal and Commercial Banking Net Income - Adjusted ($MM)1 Net Interest Margin (bps) 258 256 256 250 244 862 763 817 688 275 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Average Loans & Acceptances² ($B) Average Deposits ($B) 320 66 325 325 265 248 234 880000 70 18 19 69 19 13 12 69 91 84 -11 79 223 Q3/19 RESL 224 226 155 164 174 Q2/20 Q3/20 Q3/19 Q2/20 Q3/20 ■Cards ■■Other Personal Lending Business ■ Personal Deposits ■ Business Deposits CIBC 1 Adjusted results are non-GAAP financial measures. See slide 36 for further details. 2 Loan amounts are stated before any related allowances. 26#27Canadian Personal Banking Digital Transformation1 Digital Adoption Rate² 7.8% Active Mobile Users³ (Millions) 23.6% 74.5% 3.1 2.8 66.7% 68.0% 2.5 Q3/18 Q3/19 Q3/20 Banking Centres -3.2% Q3/18 Self-Serve Transactions4 (%) Q3/19 Q3/20 4.9% 1,056 92.2% 1,034 88.9% 1,022 87.3% Q3/18 Q3/19 CIBC 1 Excludes Simplii Financial. 2 Digital Adoption Rate calculated using 90-day active users. 3 Active Mobile Users represent the 90-day Active clients in Canadian Personal Banking. 4 Reflect financial transactions only. Q3/20 Q3/18 Q3/19 Q3/20 27#28U.S. Commercial Banking & Wealth Management (US$) Reported (US$MM) Revenue Net interest income Non-interest income (4%) 15% (6%) (27%) NM • Continued success in expanding market share and deepening relationships with existing client base helped to offset net interest margin pressure . • Loan balances up 19% YoY; up 12% excluding PPP loans Deposit balances up 36% YoY Adjusted¹ NIM down 48 bps YoY and 29 bps QoQ Solid growth in non-interest income YoY despite ongoing market impact on Asset Management fees and slowdown in syndication activity Q3/20 YOY QoQ 379 (1%) 1% 262 (3%) 117 2% Non-Interest Expenses 199 (6%) Provision for Credit Losses 121 NM Net Income 44 (66%) Adjusted¹ (US$MM) Revenue Net interest income Non-interest income Non-Interest Expenses Pre-Provision Earnings² Q3/20 YOY QoQ • 379 0% 1% 262 (0%) (4%) 117 2% 15% • 183 (6%) (7%) 196 7% 10% Provision for Credit Losses Net Income 121 NM (27%) 55 (60%) NM • Expenses down 6% YoY primarily driven by reduced business development spend Provision for Credit Losses: . Total PCL ratio of 145 bps PCL ratio on impaired of 38 bps Loans and Deposits - Average (US$B) CIBC 324 305 276 2 Wealth Management (US$B) 28 30 31 68 67 74 25 28 51 51 56 21 Q3/19 Loans³ PPP Loans Q2/20 Deposits Q3/20 NIM -adjusted (bps)1 1 Adjusted results are non-GAAP financial measures. See slide 36 for further details. 2 Pre-provision earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 36 for further details. 3 Loan amounts are stated before any related allowances or purchase accounting adjustments. 4 Assets under management (AUM) are included in assets under administration (AUA). Q3/19 Q2/20 Q3/20 ■ AUA4 ■ AUM⭑ 28#29Improved Diversification - Growth in the U.S. Region CIBC U.S. Region Earnings Contribution - Adjusted¹ 17.3% 16.8% 15.8% 8.7% F17 U.S Region AUA (US$B)² F18 F19 YTD F20 73 74 67 63 F17 1 Adjusted results are non-GAAP financial measures. See slide 36 for further details. 2 Assets under management (AUM) are included in assets under administration (AUA). F18 F19 YTD F20 29 29#30Canadian Real Estate Secured Personal Lending 90+ Days Delinquency Rates Q3/19 Q2/20 Q3/20 Total Mortgages 0.27% 0.32% 0.36% • Uninsured Mortgages 0.22% 0.28% 0.34% Uninsured Mortgages in GVA¹ 0.16% 0.18% 0.23% Uninsured Mortgages in GTA¹ 0.14% 0.18% 0.26% Uninsured Mortgages in Oil Provinces² 0.58% 0.64% 0.80% Mortgage Balances ($B; spot) 201 204 207 • Total mortgage delinquency rate was up due to COVID-19 The Greater Vancouver Area¹ (GVA) and Greater Toronto Area¹ (GTA) continue to outperform the Canadian average HELOC Balances ($B; spot) 21.6 20.3 19.5 111 113 115 12.1 11.4 10.9 63 64 65 6.7 6.3 6.1 27 27 27 2.8 2.6 2.5 Q3/19 Q2/20 Q3/20 Q3/19 Q2/20 Q3/20 ■GVA¹ 1 ■GTA¹ 1 1 ■ Other Region ■ GVA ■ GTA ■ Other Region CIBC 1 GVA and GTA definitions based on regional mappings from Teranet. 2 Alberta, Saskatchewan and Newfoundland and Labrador. 30 30#31Canadian Uninsured Residential Mortgages - Q3/20 Originations Beacon Distribution 15% 15% 13% 4% 4% 4% ≤650 40% 38% 38% 30% 29% 29% 16% 13% 12% 651-700 701-750 751-800 >800 2 ■ Canada ■GVA ■GTA² 2 Loan-to-value (LTV)1 Distribution 31% 28% 29% 22% 18% 15% 8% 8% 11% 10% 6% 5% CIBC <30% 43% 38% 28% 30 to <45% 45 to <60% 60 to ≤75% >75% ■ Canada ■GVA² ■GTA² 1 LTV ratios for residential mortgages are calculated based on weighted average. See page 32 of the Q3/20 Quarterly Report for further details. 2 GVA and GTA definitions based on regional mappings from Teranet. • Originations of $11B in Q3/20 Average LTV1 in Canada: 63% . GVA²: 58% • GTA²: 62% 31#32Canadian Uninsured Residential Mortgages Beacon Distribution 12% 11% 11% 7% 5% 6% ≤650 24% 25% 22% 40% 42% 41% Better current Beacon and LTV1 distributions in GVA² and GTA² than the Canadian average Less than 1% of this portfolio has a Beacon score of 650 or lower and an LTV1 over 75% Average LTV1 in Canada: 52% 20% • GVA²: 46% 17% 17% GTA²: 47% 651-700 701-750 751-800 >800 .2 2 ■ Canada ■GVA ■GTA Loan-to-value (LTV)1 Distribution 35% 31% 28% 27% 28% 27% 25% 23% 17% 15% 15% 11% CIBC 9% 6% 3% <30% 30 to <45% 45 to <60% 60 to ≤75% >75% ■ Canada ■GVA² ■GTA² 1 LTV ratios for residential mortgages are calculated based on weighted average. See page 32 of the Q3/20 Quarterly Report for further details. 2 GVA and GTA definitions based on regional mappings from Teranet. 32#33Trading Revenue (TEB)¹ Distribution² (SMM) 30 20 20 10 (10) (20) May-20 Jun-20 Trading Revenue VaR (SMM) 30 20 10 0 (10) Jul-20 (20) 2 Trading revenue (TEB) comprises both trading net interest income and non-interest income and excludes underwriting fees, commissions, certain month-end transfer pricing and other miscellaneous adjustments. Trading revenue (TEB) excludes certain exited portfolios. CIBC 1 Non-GAAP financial measure. See slide 36 for further details. 33 33#34Forward-looking Information Variables used to estimate our Expected Credit Loss¹ Forward-Looking Information Variables Avg. Value over the next 12 months Avg. Value over the remaining forecast period Avg. Value over the next 12 months Avg. Value over the remaining forecast period Avg. Value over the next 12 months Avg. Value over the remaining forecast period As at July 31, 2020 Canadian GDP YOY Growth Base Case Base Case Upside Case Upside Case Downside Case Downside Case (0.7)% 4.3% 0.8% 5.5% (5.3)% 1.6% US GDP YOY Growth (0.4)% 4.6% 1.4% 5.4% (5.1)% 1.1% Canadian Unemployment Rate 9.2% 7.6% 7.9% 6.3% 10.9% 9.4% US Unemployment Rate 8.0% 5.7% 6.6% 4.8% 12.2% 10.3% Canadian Housing Price Index Growth S&P 500 Index Growth Rate (0.3)% 1.8% 5.5% 6.5% (9.4)% (2.9)% 4.1% 4.8% 9.8% 8.7% West Texas Intermediate Oil Price (US$) Forward-Looking Information Variables Avg. Value over the next 12 months Avg. Value over the remaining forecast period $39 $48 $48 $65 (13.1)% $32 (11.8)% $39 Avg. Value over the next 12 months Avg. Value over the remaining forecast period Avg. Value over the next 12 months Avg. Value over the remaining forecast period As at April 30, 2020 Canadian GDP YOY Growth Base Case Base Case (6.6)% 5.3% Upside Case (2.1)% Upside Case Downside Case Downside Case 6.4% (9.5)% 1.4% US GDP YOY Growth (6.5)% 5.5% 1.1% 7.1% (10.4)% 1.5% Canadian Unemployment Rate 10.9% 7.1% 8.9% 6.0% 12.8% 8.7% US Unemployment Rate 8.9% 5.4% 6.0% 3.9% 11.3% 7.1% Canadian Housing Price Index Growth (3.0)% 0.8% (0.1)% 4.3% (5.9)% (2.1)% S&P 500 Index Growth Rate (5.7)% 4.8% 10.3% 16.6% (34.8)% (17.1)% West Texas Intermediate Oil Price (US$) $36 $47 $51 $67 $30 $32 CIBC 1 See page 69 of the Q3/20 Quarterly Report for further details. 34 =4#35Q3 2020 Items of Note Increase in legal provisions Amortization of acquisition-related intangible assets Adjustment to Net Income attributable to common shareholders and EPS CIBC Pre-Tax Effect After-Tax & NCI Effect ($MM) ($MM) 70 51 0 26 26 20 20 96 96 71 EPS Effect ($/Share) 0.11 0.05 0.16 Reporting Segments Corporate & Other Canadian Personal & Business Banking U.S. Commercial Banking & Wealth Management Corporate & Other 35 55#36Non-GAAP Financial Measures We use a number of financial measures to assess the performance of our business lines. Some measures are calculated in accordance with GAAP (IFRS), 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 useful in understanding how management views underlying business performance. Adjusted results are non-GAAP financial measures that do not have any standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other issuers. Adjusted results remove items of note from reported results. For further details on items of note, see slide 35 of this presentation. For additional information about our non-GAAP measures see pages 1 to 3 of the Q3/20 Supplementary Financial Information package and pages 13 and 14 of the 2019 Annual Report available on www.cibc.com. CIBC 36