#1CIBC CIBC Investor Presentation December 3, 2020#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 Annual 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 "Message from the President and Chief Executive Officer", "Overview - Performance against objectives", "Economic and market environment - Outlook for calendar year 2021", "Significant events", "Financial performance overview - Taxes", "Strategic business units overview - Canadian Personal and Business Banking", "Strategic business units overview - Canadian Commercial Banking and Wealth Management", "Strategic business units overview - U.S. Commercial Banking and Wealth Management", "Strategic business units overview - Capital Markets", "Financial condition - Capital management", "Financial condition - Off-balance sheet arrangements", "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", "Accounting and control matters - Other regulatory developments" and "Accounting and control matters - Controls and procedures" 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 2021 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 "Economic and market environment - Outlook for calendar year 2021" 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 on the global economy, financial markets, and our business, results of operations, reputation and financial condition 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, legal, conduct, regulatory and environmental and related social 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 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 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 CIBC Investor Presentation | 2#3Creating Value for Our Stakeholders Everyday 01 Transforming our bank by further strengthening capabilities and deepening client relationships 02 Navigating COVID-19 environment with speed and agility, enabled by market-leading digital solutions 03 Executing a clear and disciplined long-term profitable growth strategy driven by top talent 04 Maintaining strong financial performance with disciplined capital allocation and risk management OUR PURPOSE IS TO HELP MAKE OUR CLIENTS' AMBITION A REALITY CIBC CIBC Investor Presentation | 3#4CIBC CIBC Transforming Our Bank CIBC Investor Presentation#5CIBC Snapshot (TSE & NYSE: CM) $44B 10MM 44K 12.1% 9.1% #1 MOBILE MARKET-CAP1 CLIENTS1 EMPLOYEES¹ CET1 RATIO1 PRE-PROVISION BANKING APP FOR 7 DIVERSIFIED EARNINGS MIX STRONG CREDIT RATINGS Net Income by Strategic Business Unit4 Net Income Contribution by Region Agency Rating 1,5 18% Moody's Aa2 (Senior A2), Stable 24% $8.2B 42% Pre-Provision 9% Earnings 25% ■ Canadian Personal & Business Banking ■ Canadian Commercial Banking & Wealth Mgmt. ■ U.S. Commercial Banking & Wealth Mgmt. ■Capital Markets -25% 17% U.S. Mid-term Goal S&P A+ (Senior6, BBB+), Stable 65% ■ Canada ■ United States ■ Other Fitch AA (Senior, AA-), Negative DBRS AA (Senior AA(low)), Stable LEADING CANADIAN FINANCIAL INSTITUTION WITH GROWING U.S. BUSINESS Note: All amounts are in Canadian dollars unless otherwise indicated. 1 As of 10/31/2020. 2 As of F2020. 3 As ranked by the Forrester Banking Wave TM: Canadian Mobile Apps, Q4 2020. 42020. Excludes Corporate & Other. 5 Long-term senior debt ratings 6 Subject to conversion under the bank recapitalization "bail-in" regime CIBC CIBC Investor Presentation | 5#6Overview of Our Strategic Business Units CIBC Canadian Personal & Business Banking Providing clients across Canada with financial advice, products and services through advice centres, mobile, online and remote channels Helping our clients achieve their ambitions each and every day Canadian Commercial Banking & Wealth Management • • High-touch, relationship-oriented commercial banking and wealth management, and asset management Building and enhancing client relationships and generating long-term consistent growth • U.S. Commercial Banking & Wealth Management High-touch, relationship-oriented commercial, personal and small business banking, and wealth management services Developing deep, profitable relationships leveraging full complement of products and services Capital Markets Integrated global markets products and services, investment banking, corporate banking solutions and top- ranked research Delivering best-in-class insight, advice and execution DIVERSE CLIENTELE . . Middle-Market Companies Entrepreneurs High-Net-Worth Individuals and Families Executives • . Personal Banking • Mass Market Consumers • Small Businesses Entrepreneurs . Middle-Market Companies Entrepreneurs High-Net-Worth Individuals and Families Institutional Investors Corporate • Government ⚫ Institutional Investors 67 571 490 CIBC Investor Presentation | 6#7Leadership Driving Culture of Accountability and Continuous Improvement Victor Dodig President & CEO Joined: 2005 Read bio > Hratch Panossian SEVP & CFO 2011 Read bio > Shawn Beber SEVP & Chief Risk Officer 2002 Read bio > Michael Capatides SEVP & Group Head, U.S. Region President & CEO, CIBC Bank USA 1996 Read bio > Laura Dottori- Attanasio SEVP & Group Head, Personal & Business Banking, Canada 2013 Read bio > Jon Hountalas SEVP & Group Head, Commercial Banking & Wealth Management, Canada 2010 Read bio > Harry Culham SEVP & Group Head, Christina Kramer SEVP, Technology, Infrastructure & Innovation Capital Markets 2008 Read bio > 1987 Read bio > CIBC Sandy Sharman SEVP & Group Head, People, Culture & Brand 2014 Read bio > Kikelomo Lawal EVP & Chief Legal Officer 2020 Read bio > DIVERSE MIX OF EXTENSIVE INDUSTRY EXPERTISE CIBC Investor Presentation | 7#8We Are Committed to ESG Principles throughout Our Organization $ CIBC • • CLIENT FOCUS Purpose-led culture with deep client relationships Leveraging client feedback to improve products, services and processes to make banking with CIBC radically simple Continuously investing in cybersecurity to protect personal and confidential information • CIBC's 2020 Enterprise Net Promoter Score was 62.81 up 2 points from 2019 • • BUILDING COMMUNITY Launched Canada's first-ever Black Entrepreneurship Loan Fund to help Black-led businesses across Canada recover from the pandemic Volunteered more than 109,000 hours in communities across North America in 2020 Donated $75M+ in corporate and employee giving to community organizations in 2020 • . CULTURE CIBC was once again, named one of Canada's Top 100 Employers, our ninth consecutive year with that honour Empowering employees with increased accountability Best-in-class employee engagement score - 11 points above Willis Towers Watson Global Financial Services norm Creating a modern, connected and inclusive workplace, evident by transformed retail network and design of new global HQ² • CLIMATE CHANGE • Driving sustainable growth and supporting transition to a low-carbon economy 2020 environmental milestones Committed $42.1 billion³ to sustainable financing activities since 2018, reaching 28% of our $150 billion target by 2027 Inaugural issuance of a US $500 million, five-year green bond to help finance new and existing green projects, assets, and businesses that mitigate the risks and effects of climate change CREATING A SUSTAINABLE FUTURE IS EMBEDDED IN OUR CULTURE Formerly CIBC Client Experience Net Promoter Score Index. 2 Scheduled to move to our new HQ in 2021; 3 Reflects $12.3 billion in 2018, $14.1 billion in 2019, $15.7 billion in 2020 • • GOVERNANCE Good governance is the foundation for creating long-term value and is embedded across our organization 100% employee completion rate for ethical training on our Code of Conduct The Board exceeded its gender diversity target, with women constituting 40% of the Board CIBC Investor Presentation | 8#9Engaged and Diverse Board of Directors... Honourable John Manley Chairman, CIBC Senior Advisor, Bennett Jones Joined: 2005 Brent Belzberg Senior Managing Partner, TorQuest Partners 2005 Charles Brindamour Chief Executive Officer, Intact Financial Corp. 2020 Nanci Caldwell Former EVP & Chief Marketing Officer, Peoplesoft, Inc. 2015 Michelle Collins President, Cambium LLC 2017 CIBC Patrick Daniel Former President & CEO, Enbridge Inc. 2009 Luc Desjardins President & CEO, Superior Plus Corp. 2009 Victor Dodig President & CEO, CIBC 2014 Kevin Kelly Former Lead Director, Ontario Securities Comm. 2013 Christine Larsen Former Sr. Advisor to the CEO, First Data Corp 2016 Nicholas Le Pan Former Superintendent, Financial Inst. CAN 2008 Jane Peverett Former President & CEO, BCTC 2009 Katharine Stevenson Former Sr. Financial Exec., Nortel Networks 2011 Martine Tourcotte Former Vice Chair, Quebec of BCE & Bell Canada 2014 Barry Zubrow President, ITB LLC 2015 CIBC Investor Presentation | 9#10...with Deep Industry Expertise and Capabilities Senior Leadership Position Strategy Financial Services 100% 73% 73% 93% Financial Expertise CSR / ESG HR Management / Compensation 73% INDEPENDENCE 67% 60% 40% FEMALE DIRECTORS Public / Government Relations 60% 8 YEARS AVERAGE TENURE 40% Legal / Regulatory / Compliance Risk Management & Governance Information Technology SUPPORTING OUR LONG-TERM PROFITABLE GROWTH STRATEGY 53% 47% 73% CAN | 27% U.S. GEOGRAPHICAL MIX CIBC CIBC Investor Presentation | 10#11Transforming the Bank through Our Continuous Improvement Journey WHERE WE WERE & WHERE WE ARE TODAY 2014 2020 2014 2020 J.D. Power Retail #5 #3 Earnings by Region Satisfaction Ranking¹ Diversifying Improving Client Canada 75% 65% Loans ($B) 268 416 Experience Earnings Growth While Maintaining U.S. 6% 17% to Drive Growth Deposits ($B) Other 19% 325 18% 571 Risk Discipline AUA ($MM) 1,703 2,369 2014 2020 2014 2020 Efficiency Ratio 59.0% 55.8% Investing in Strong Capital CET1 10.3% 12.1% and Liquidity for Process Improvements to Challenging Drive Efficiency Sales to Service Ratio² 50.4% 68.1% Economic Scenarios Liquidity Coverage Ratio (LCR) 129%3 145% CIBC CREATING ENDURING SHAREHOLDER VALUE BY EXECUTING ON OUR LONG-TERM PROFITABLE GROWTH STRATEGY 1 J.D. Power Ranking Canadian Retail Banking Satisfaction Survey. 2Sales to Service Ratio is defined as the number of sales or advisory roles divided by the number of service and administrative roles. ³ Regulatory disclosure of Liquidity Coverage Ratio was effective the first quarter after Jan/15. CIBC's Q2/15 LCR was 129%. CIBC Investor Presentation | 11#12CIBC CIBC Navigating COVID-19 Environment CIBC Investor Presentation#13COVID-19 Response CIBC OUR TEAM Supporting and Ensuring Our Team's Well-being . . . • Enabled 75% of employees to work remotely, tripling the number from Q1/20 Enhanced safety protocols and incremental financial compensation for those required to work onsite Provided employees with wellness resources to better manage stress Honoured our commitments to summer student hires OUR CLIENTS Assisting 500k+ Clients with Flexibility • Implemented payment deferral programs on several credit products Reduced interest rates on credit cards for eligible clients Launched fully-digital solutions for clients to access government support programs Provided "front-of-the-line" access to seniors and persons with disabilities Proactively offered assistance to clients identified to have the most hardships OUR COMMUNITIES Increasing Donations to Support Those Most at Risk Community Food Centres Canada United Way Kids Help Phone Canadian Blood Services American Red Cross • Supported front-line health care workers with Aventura reward points Supported education of the next generation of health care workers with a bursary fund For quick dai banking SERVING AND HELPING ALL STAKEHOLDERS CIBC Mercall CTBC CIBC Investor Presentation | 13#14Most accommodations are now complete Weekly Account Accommodations - Canadian Personal Banking (000s) 61 79 43 30 20 20 21 16 97442211111111111111110000 • 03/22 04/05 04/19 05/03 05/17 05/31 06/14 06/28 07/12 07/26 08/09 08/23 09/06 09/20 10/04 10/18 11/01 Payment Deferrals New accommodation requests for Canadian Personal Banking down to minimal levels The majority of remaining mortgage balances run off in November and December Overall client patterns since returning from deferral are within expectations CIBC ($B) Q2 Q2 Q3 Q3 Balance Accounts| Balance Accounts (# 000s) ($B) (# 000s) Q4 Balance Accounts ($B) (# 000s) Q4 Current³ Additional Details4 as at Q4 Canadian Personal Banking Mortgages 35.5 108 33.3 99 2.7 98% Uninsured: Average FICO: 721; Average LTV: 55% Credit Cards 1.8 270 1 Average FICO: 699 Reactive 0.8 75 1 94% Average FICO: 707 Proactive 1.0 195 75% Average FICO: 694 Other Personal Lending 2.3 70 0.8 Canadian Business Banking¹ 8.6 6 2.4 23 23 0.3 8 95% Average FICO: 700 0.5 1 99% U.S. Region (US$)² 0.6 0.1 1.2 0.2 0.4 100% 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 Includes clients that have exited deferral, and are current or <=30 days past due as at October 31st, including those who haven't reached their next payment due date, based on total balances. 4 Includes active and exited deferral accounts. CIBC Investor Presentation | 14#15Digital Engagement and Adoption¹ Digital Adoption Rate² 6.8% Active Digital Banking Users³ (MM) 11.2% 4.2 74.4% 3.8 3.9 67.6% 68.9% Digital Channel Usage (# of Sessions, MM) 27.9% 229 191 179 46.5% 50.3% 55.8% 2.6 2.9 3.2 178 146 125 Q4/18 Q4/19 Q4/20 Q4/18 Q4/19 Q4/20 Q4/18 Q4/19 Q4/20 ■ Mobile ■ Mobile ■ Mobile Digital Transactions4 Transactions by Channel4 Banking Centres (MM) -2.6% 1,049 1,024 1,022 41.7% 109 8.0% 89 12.1% 10.6% 77 46 42 38 16 87.9% 89.4% 92.0% 15 15 47 32 24 Q4/18 Q4/19 Q4/20 ■ eTransfers ■ Bill Payments ■ Other 5 Q4/18 Q4/19 ■Digital Channel Q4/20 ■Non-Digital Channel Q4/18 Q4/19 Q4/20 CIBC #1 IN MOBILE BANKING IS A COMPETITIVE ADVANTAGE 1 Canadian Personal Banking excluding Simplii Financial. 2 Digital Adoption Rate calculated using 90-day active users. 3 Active Digital Users represent the 90-day Active clients in Canadian Personal Banking. 4 Reflect financial transactions only. 5 Other includes transfers and eDeposits. CIBC Investor Presentation | 15#16CIBC Long-term Profitable Growth Strategy CIBC CIBC Investor Presentation#17Deliver Superior Client Experience and Top-tier Total Shareholder Return 0.00 FOCUS on key client segments Simplify and transform our bank To accelerate earnings growth To deliver a modern relationship value proposition Advance our purpose- driven culture To deliver the full potential of our connected franchise STRATEGIC IMPERATIVE: MAINTAIN FINANCIAL STRENGTH THROUGH OUR TRANSFORMATION CIBC CIBC Investor Presentation | 17#18Business Strategic Priorities: Canadian Personal & Business Banking • Focus on Effectiveness and Operational Excellence Build on sales effectiveness by strengthening core capabilities, ensuring Purpose-driven accountabilities and efficient client contact strategies • Achieve operational excellence by ensuring efficient and effective processes that address key client irritants 0000 1 JD Power survey from March 7, 2020 to March 23, 2020 • • • Deliver personalized advice and experiences Focus on client's end-to-end payment experiences as a key differentiator with focused investments Provide personalized advice and experiences supported by new tools and capabilities Selective enhancements to our product offering More opportunities for clients to bank digitally Continued investments in virtual/digital banking, making it easy for clients to onboard and bank with us Rejuvenating Our Personal and Business Banking Franchise $ CIBC CIBC Investor Presentation | 18#19Business Strategic Priorities: Canadian Commercial Banking & Wealth Mgmt. CIBC • • Accelerate Growth in Private Wealth Management Engage clients with differentiated full- service, solutions-based approach • Strategic hires in client-facing roles where we have growth opportunities Investing in technology infrastructure, including financial planning and Client Relationship Management technology Continued focus on growing fee-based revenues • • Evolve Asset Management Maintain strong investment performance [60%+ of our Assets under Management outperformed over the past 1, 3 and 5 years] Streamline costs to offset industry margin compression Grow retail and institutional net sales Risk-Controlled Growth in Commercial Banking Maintain strong quality of loan portfolio Deepen client relationships, including cross-referrals to Wealth Management, Personal Banking and Capital Markets Prioritize growth in segments expected to outperform, including innovation banking and real estate 0000 1 2019 ranking by Global Finance Magazine Being the Leader in Advice in Canada $ CIBC Investor Presentation | 19#20Business Strategic Priorities: U.S. Commercial Banking & Wealth Mgmt. CIBC • • • Expanding Our Client Base Grow our client base through strategically located offices and specialty groups Achieve greater scale in Wealth Management and Private Banking Diversify deposits via CIBC Agility, an online savings and CD account platform for U.S. clients • • Leveraging CIBC's Full Capabilities Continue building full, profitable relationships with new and existing clients by leveraging cross-border and cross- business capabilities Leverage co-location of Commercial Banking and Wealth Management professionals to enhance cross referrals Use data as a strategic asset to support growth, and optimize regulatory processes Streamlining Processes Further refine client-facing processes, making it easier for clients to bank with us Invest in growth of business in order to improve our client experience while also achieving greater scale and efficiencies Maintain our focus on asset quality and diversifying loan and deposit portfolio 0000 Delivering the Best-in-Class Commercial and Wealth Management offering in the U.S. о $ CIBC Investor Presentation | 20#21Business Strategic Priorities: Capital Markets Strengthening Leadership Positions • Being the leading Capital Markets platform in Canada for our core clients Building a best-in-class renewables and clean energy franchise with global perspectives retain our leadership and grow in renewables, sustainability and private capital • • Building a North American Platform Scaling our global capabilities and expertise to serve our U.S. Corporate, Institutional and Commercial clients Expanding mid-market coverage and broadening financing capabilities in the U.S. Increasing Connectivity Enhancing connectivity to the rest of our Bank by providing a full suite of Capital Markets products to our Personal, Commercial and Wealth clients Grow Direct Financial Services - provide an integrated set of touchless banking services to digital-savvy and value- conscious consumers 0000 Building a Differentiated Capital Markets Platform, Focused on Connectivity Across the Bank $ CIBC CIBC Investor Presentation | 21#22CIBC Note: All amounts are in Canadian dollars unless otherwise indicated. CIBC Financial Performance CIBC Investor Presentation#23Solid Returns to Shareholders... Adjusted Diluted EPS1,2 ($) $11.11 $10.22 2016 2017 $12.21 Adjusted Return on Equity 1,2 (%) 19.0% 18.1% $11.92 $9.69 $2.79 $2.71 $0.94 $3.24 2019 2020 2016 2017 2018 Pre-Provision Earnings ($B) 17.4% 2018 15.4% 11.7% 2019 Adjusted Dividend Payout Ratio 1,2,3 (%) 2020 60.0% $8.14 $7.77 $8.18 $6.66 $1.99 46.4% 46.2% 46.9% 43.4% $5.82 $2.10 $1.93 $2.16 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 ■ Q2 Q3 Q4 CIBC 1 Adj. results are non-GAAP measures. See non-GAAP section of CIBC's 2020 Report to Shareholders. 2 F20 results were affected by COVID-19 pandemic economic impacts. ³ Common dividends paid as a percentage of net income after preferred dividends and premium on preferred share redemptions. CIBC Investor Presentation | 23#24...Through Investments in Top-Line Growth and Improving Efficiency Adjusted Revenue (TEB) 1,2,3 ($B) Adjusted Non-Interest Expenses 1,3 ($B) $18.1 $16.3 $15.0 2016 2017 2018 $18.7 $18.9 $10.1 $10.4 $9.3 $4.6 $8.7 $4.8 $4.6 $4.9 2019 2020 2016 2017 2018 Adjusted Efficiency Ratio (TEB) 1,2,3 (%) 58.0% 57.2% 55.6% 55.5% 55.8% 2016 2017 2018 2019 2020 $10.6 $2.6 $2.6 $2.6 $2.7 2019 2020 Adjusted Net Income 1,3 ($B) $5.5 $5.4 $4.7 $4.1 $4.4 $1.3 $1.2 $0.4 $1.5 2016 2017 2018 2019 2020 CIBC Q1 Q2 Q3 Q4 1 Adj. results are non-GAAP measures. See non-GAAP section of CIBC's 2020 Report to Shareholders. 2 TEB = Taxable Equivalent Basis - a non-GAAP financial measure representing the gross up of tax-exempt revenue on certain securities to an equivalent before-tax basis to facilitate comparison of NII from both taxable and tax-exempt sources. 3 F20 results were affected by COVID-19 pandemic economic impacts. CIBC Investor Presentation | 24#25Underpinned by a Commitment to Balance Sheet Strength... Basel III CET1 Ratio (%) Basel III Total Capital Ratio (%) 11.3% 11.4% 10.6% 2016 20171 2018 12.1% 11.6% 16.1% 14.8% 14.9% 15.0% 13.8% 2019 2020 2016 20171 Basel III Leverage Ratio (%) 4.0% 4.0% 4.3% 2019 2020 2018 Liquidity Coverage Ratio (%) 4.7% 145.0% 4.3% 124.0% 128.0% 125.0% 120.0% 2016 2017 2018 2019 2020 Q4 2016 Q4 2017 Q4 2018 Q4 2019 Q4 2020 1 On June 23, 2017, CIBC completed the acquisition of Private Bancorp, Inc. and its subsidiary, The Private Bank and Trust Company. CIBC CIBC Investor Presentation | 25#26...and Prudent Risk Management Allowance for Credit Losses/Gross Loans 1,2 (%) 0.56% 0.47% 0.45% 2016 2017 38 36 2018 Loan Loss Ratio 2,3,4 (bps) ■Impaired Total 0.51% 0.89% 2019 2020 34 27 31 27 28 29 25 25 26 23 2014 2015 Oil & Gas Crisis 2016 2017 2018 33 33 26 46 CIBC 61 2019 2020 COVID-19 Pandemic 1 Allowance for credit losses to gross carrying amount of loans. The gross carrying amount of loans include certain loans that are measured at FVTPL. 2 F20 results were affected by COVID-19 pandemic economic impacts. 3 Fiscal years 2011 to 2017 are under IAS 39. Effective November 1, 2017, we adopted IFRS 9. 4 The ratio is calculated as the provision for credit losses on impaired loans to average loans and acceptances, net of allowance for credit losses. CIBC Investor Presentation | 26#27Lending portfolio mix remains sound Overall Loan Mix (Outstanding) Consumer 66% Real Estate Secured Lending 58% • . 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 2.2% of the loan portfolio; 44% 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 Cards 3% Auto Lending 1% Canadian Uninsured Mortgage Loan-To-Value Ratios Personal Lending 4% Retail 1% $416B 53% 54% 53% Oil & Gas 2% 52% Leisure & 51% Entertainment 1% 49% 50% 48% Other Business & Government 20% Commercial Real Estate 10% 43% Business & Government 43% 34% 47% 46% Q4/17 Q4/18 Q4/19 Q4/20 Canada GVA GTA CIBC CIBC Investor Presentation | 27#28Financial Highlights: Canadian Personal and Business Banking Adjusted Net Income 1,2 ($B) Adjusted Pre-Provision Earnings 1,2 ($B) $2.55 $2.25 2017 2018 52.6% $4.21 $4.25 $2.46 $3.83 $3.89 $1.97 $0.99 $0.64 $0.91 $0.51 $0.93 $0.20 $0.62 $1.06 2019 2020 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Adjusted Efficiency Ratio 1,2 (%) 51.0% 51.5% 54.1% 2.36% 2.40% NIM² (%) 2.49% 2.44% CIBC 2017 2018 2019 2020 2017 2018 2019 2020 REVITALIZING OUR CONSUMER BUSINESS TO DELIVER SUSTAINABLE, MARKET LEADING PERFORMANCE 1 Adjusted results are non-GAAP measures. See non-GAAP section of CIBC's 2020 Annual Report. 2 F20 results were affected by economic impacts from COVID-19 pandemic CIBC Investor Presentation | 28#29Financial Highlights: Canadian Personal and Business Banking $213.3 Real Estate Secured Personal Loans¹ ($B) $225.3 $223.3 Credit Card Loans¹ ($B) $225.6 $12.1 $12.3 $12.5 $11.8 2020 2017 2018 Deposits¹1 ($B) 2017 $15.2 2018 2019 Other Personal and Business Loans¹ ($B) $16.4 $17.8 $18.8 $2.9 $3.0 $3.0 $3.0 2017 2018 2019 2020 ■ Other Personal Loans Business Loans $163 $167 2017 2018 2019 2020 $195 $177 2019 2020 REVITALIZING OUR CONSUMER BUSINESS TO DELIVER SUSTAINABLE, MARKET LEADING PERFORMANCE 1 F20 results were affected by COVID-19 pandemic economic impacts. CIBC CIBC Investor Presentation | 29#30Financial Highlights: Canadian Commercial Banking and Wealth Management Adjusted Net Income¹ ($B) Adjusted Pre-Provision Earnings 1,2 ($B) $1.57 $1.77 $1.29 $1.14 $1.29 $1.20 $0.34 $0.32 $0.21 $0.34 2017 2018 2019 2020 2017 2018 Q1 Q2 Q3 Q4 56.3% Adjusted Efficiency Ratio¹ (%) 53.9% 52.3% 2017 2018 2019 52.9% 2.91% 3.04% 2020 2017 $1.92 $1.94 $0.49 $0.49 $0.47 $0.49 2019 2020 NIM² (%) 3.14% 3.17% 2018 2019 2020 DELIVERING GROWTH THROUGH FULL-SERVICE, SOLUTIONS-BASED APPROACH 1 Adj. results are non-GAAP measures. See non-GAAP section of CIBC's 2020 Annual Report. 2 F20 results were affected by economic impacts from COVID-19 pandemic CIBC CIBC Investor Presentation | 30#31Financial Highlights: Canadian Commercial Banking and Wealth Management Average Loans¹ ($B) $65 $68 $58 $54 Average Deposits¹ ($B) $71 $60 $7 $53 $49 $2 $2 $6 $51 $56 $63 $66 $64 $43 $48 $55 2017 2018 2019 2020 2017 Commercial Banking Loans Wealth Management Loans Wealth Management: AUA² ($B) $274 $269 $289 $288 2017 2018 2019 2020 2018 2019 2020 ■Commercial Banking Deposits ■Wealth Management Deposits Wealth Management: AUM² ($B) $182 $165 $162 $189 2017 2018 2019 2020 DELIVERING GROWTH THROUGH FULL-SERVICE, SOLUTIONS-BASED APPROACH 1 F20 results were affected by COVID-19 pandemic economic impacts. 2 Assets Under Management (AUM) amounts are included in the amounts reported under Assets Under Administration (AUA). CIBC CIBC Investor Presentation | 31#32Financial Highlights: U.S. Commercial Banking and Wealth Management Adjusted Net Income 1,2,3 (SB) Adjusted Pre-Provision Earnings 1,2 ($B) $0.09 $0.72 $0.59 2017 2018 60.0% 2017 2019 Adjusted Efficiency Ratio 1,2 (%) 54.6% 2018 53.4% 2019 $0.77 $0.44 $0.13 $0.34 $8.8% $0.19 2020 2017 2018 Q1 Q2 Q3 Q4 3.42% 51.1% 2.98% 2020 2017 2018 NIM1,2 (%) $0.90 $1.00 $0.26 $0.26 $0.25 $0.23 2019 2020 3.29% 2.90% 2019 2020 EXPANDING CLIENT RELATIONSHIPS BY LEVERAGING CROSS-BORDER AND CROSS-BUSINESS CAPABILITIES CIBC 1 Adj. results are non-GAAP measures. See non-GAAP section of CIBC's 2020 Annual Report 2 F20 results were affected by economic impacts from COVID-19 pandemic. 3 TEB = a non-GAAP financial measure representing gross up of tax-exempt revenue on certain securities to an equivalent before-tax basis to facilitate comparison of NII from both taxable and tax-exempt sources. CIBC Investor Presentation | 32#33Financial Highlights: U.S. Commercial Banking and Wealth Management Average Loans¹ ($B) Average Deposits¹ ($B) $31 $16 $36 $42 $5 $3 श $28 $32 $37 $35 $15 $27 $22 2017 2018 2019 2020 $8 Commercial Banking Loans Wealth Management Loans 2017 2018 2019 2020 U.S. Wealth Management: AUA1,2 ($B) $90 $74 $80 $98 $59 2017 2018 2019 2020 U.S. Wealth Management: AUM1,2 ($B) $60 $69 $76 2017 2018 2019 2020 CIBC EXPANDING CLIENT RELATIONSHIPS BY LEVERAGING CROSS-BORDER AND CROSS-BUSINESS CAPABILITIES 1 F20 results were affected by economic impacts from COVID-19 pandemic. 2 Assets Under Management (AUM) amounts are included in the amounts reported under Assets Under Administration (AUA). CIBC Investor Presentation | 33#34Financial Highlights: Capital Markets Adjusted Net Income¹, 2, 3 ($B) Adjusted Pre-Provision Earnings1,2 ($B) $1.45 $1.44 $1.13 $1.09 $1.09 $0.95 $0.27 $0.39 $0.14 $0.34 2017 2018 2019 2020 2017 2018 Q2 Q3 Q4 48.6% 2017 Adjusted Efficiency Ratio 1,2 (%) 50.8% 2018 51.2% 2019 $1.85 $1.44 $0.41 $0.59 $0.41 $0.45 2019 2020 Return on Equity 2 (%) 46.9% 20.3% 20.7% 2020 2017 2018 16.8% 15.4% 2019 BUILDING A LEADING NORTH AMERICAN CLIENT PLATFORM WITH GLOBAL CAPABILITIES 1 Adjusted results are non-GAAP measures. See non-GAAP section of CIBC's 2020 Annual Report. 2 F20 results were affected by COVID-19 pandemic economic impacts. 3 TEB = a non-GAAP financial measure representing gross up of tax-exempt revenue on certain securities to an equivalent before-tax basis to facilitate comparison of NII from both taxable and tax-exempt sources. 2020 CIBC CIBC Investor Presentation | 34#35CIBC Note: All amounts are in Canadian dollars unless otherwise indicated. Disciplined Capital Deployment CIBC CIBC Investor Presentation#36Disciplined Capital Deployment Investing to reinvigorate our consumer business Organic Growth • Focusing on high-return projects, particularly process simplification and technology enhancements Build on positive momentum in our North American Commercial Banking, Capital Markets, and US Private Wealth Management businesses Dividend Stability • • • With a CET1 ratio of 12.1%, we have abundant excess capital over and above the current regulatory minimum of 9.0% to support our clients and maintain our current dividend In response to the COVID-19 pandemic, OSFI directed that all federally regulated financial institutions halt share buybacks and dividend increases until further notice Long-term payout ratio will remain in 40% - 50% target range with ability to run above it in the near term while continuing to support our economy and clients Inorganic Growth • Near term: do not expect any sizeable M&A in the U.S. as we continue to focus our capital allocation on supporting our clients and maintaining our dividend Long term: will remain an option Remain selective Ensure right cultural and strategic fit CIBC CIBC Investor Presentation | 36#37High-Quality, Client-Driven Balance Sheet (Based on Q4 2020 Results) Assets $770B Liabilities & Equity Cash & Repos 37% Liquid Assets Trading & Investment 137% Coverage (Liquid Assets / Wholesale Funding) Unsecured Funding 27% Wholesale Funding Secured Funding³ Securities Residential Mortgages¹ 53% Loan Portfolio Other Retail Loans 120% Coverage (Deposits + Capital / Loans) Corporate Loans 10% Other Assets² Mainly Derivatives Personal Deposits Business & Gov't 64% Capital + Client-related Funding Deposits Securitization & Covered Bonds Capital Other Liabilities² 9% 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. CIBC CIBC Investor Presentation | 37#38CIBC Funding Strategy and Source 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 deposits Canada, U.S. Credit card securitization Canada, U.S. Wholesale Market (CAD Eq. 152.3BN), Maturity Profile 60 00 50 50 40 40 20 20 Global MTN programs Mortgage securitization Z30 programs Secured Unsecured 33 30 7 21 11 CIBC Less than 1m 1m-3m 3m-6m 6m-12m 1y-2y Over 2y 10 17 14 Covered Bond program Structured Notes 12 Source: CIBC Annual Report 2020 CIBC Investor Presentation | 38#39Wholesale Funding Geography CAD 51.9 BN ■ Canada Mortgage Bonds " Credit Cards Securitization Medium Term Notes Canadian Dollar Deposits " USD 66.1 BN Covered Bond Program ■ Credit Cards Securitization " Medium Term Notes " US Dollar Deposits Credit Cards Securitization 6% Wholesale Funding By Currency EUR 7.2 BN, CHF 2.2 BN, GBP 4.8 BN, SEK 1.9 BN, NOK: 0.14 BN Covered Bonds Medium Term Notes JPY 56.8 BN Medium Term Notes Wholesale Funding By Product Secured 26% Mortgage Securitization 45% Covered Bonds 49% HKD 5.4 BN Medium Term Notes AUD 4.2 BN Covered Bonds Medium Term Notes Medium Term Notes 39.7% Unsecured 75% Term Deposits 0.5% CD and CP 46.0% Source: CIBC Annual Report 2020 Unsecured includes Obligations related to securities sold short, Cash collateral on securities lent and Obligations related to securities under repurchase agreements. Percentages man not add up to 100% due to rounding Sub-debt 5.0% Bankers Acceptances 9.0% CIBC CIBC Investor Presentation | 39#40CIBC Funding Composition Funding Sources - Oct 20201 Others (Includes Securitization derivatives) & Covered Bonds 5% 8% Capital² 6% Securities sold short or repurchase agreements 12% Unsecured funding1 16% Source: CIBC Q4-2020 Supplementary Financial Information 1 Percentages may not add up to 100% due to rounding. Personal deposits 26% Business and government deposits 27% Funding Sources BN Personal deposits 202.2 Business and government deposits 209.0 Unsecured funding 119.4 Securities sold short or repurchase agreements 89.4 Others (Includes derivatives) 62.3 Capital² 47.0 Securitization & Covered Bonds 40.2 Total 769.6 Wholesale market, currency³ BN USD 75.4 CAD 50.8 Other 26.1 Total 152.3 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 includes subordinated liabilities 3 Currency composition, in Canadian dollar equivalent, of funding sourced by CIBC in the wholesale market. Source: CIBC Annual Report 2020 CIBC CIBC Investor Presentation | 40#41CIBC Note: All amounts are in Canadian dollars unless otherwise indicated. Canadian Mortgage Market CIBC CIBC Investor Presentation#42Mortgage Market Performance and Urbanisation Rates 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 0.24% in May 20201 Canada has one of the highest urbanisation rates in the G7 • Almost 40% 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 Source: Canadian Banker's Association 1995 1996 1997 1998 Source: CML Research, CBA, MBA. *Mortgage arrears of 3+ months in Canada and UK or in foreclosure process in the US 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 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% 2010 Mortgage Arrears by Number of Mortgages 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 40% 35% 30% % of Population 25% 20% 15% ² 10% 5% 0% Canada Population in Top Four Cities U.K. U.S. Germany France Source: 2014 Census for France, 2016 Census for Canada, 2011 Census for UK, Germany; 2010 Census for US CIBC Investor Presentation | 42 CIBC#43Canadian House Prices Average Home Price • Absolute price level is moderate compared to major global urban centers City CAD USD Eq. Canada 607K 462K Canadian debt to income ratio in line with many developed nations Toronto 898K 683K Vancouver 1045K 795K • Growth rates of house prices in Canada have diverged across regions Calgary 420K 319K Montreal 418K 318K 300 250 200 150 100 50 Household Debt to Income Ratio Household Debt to Income Ratio Denmark Netherla... Norway Australia Sweden Canada Ireland U.K. France Average Japan U.S. Germany Source: OECD, 2018 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: CREA, October 2020, 11 USD = 1.3150 CAD Housing Index Year over Year Change, by City 35% -Canada Toronto -Vancouver -Calgary -Montreal 30% 25% 20% 15% 10% 5% 0% Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec 12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 -5% -10% -15% Source: Bloomberg, Teranet - National Bank House Price Index CIBC Investor Presentation | 43 CIBC#44CIBC's Mortgage Portfolio CIBC Canadian Residential Mortgages: CAD 212.0 BN CAD 111 BN Condo Exposure: CAD 34.0 BN Condo Mortgages Condo Developers 74% CAD 43 BN Insured ■ Uninsured CAD 26 BN 76% CAD 16 BN 47% CAD 16 BN 26% 62% 50% 53% 24% 38% 50% Ontario British Columbia and territories Alberta Quebec Other • CAD 28 BN CAD 6 BN Uninsured 69% Undrawn 76% Insured Drawn 31% 24% 32% of CIBC's Canadian residential mortgage portfolio is insured, with 71% of insurance being provided by CMHC • The average loan to value¹ of the uninsured portfolio is 52% The condo developer exposure is diversified across 107 projects Condos account for approximately 13% of the total mortgage portfolio LTV ratios for residential mortgages are calculated based on weighted average. The house price estimates for October 31, 2020 and 2019 are based on the Forward Sortation Area level indices from the Teranet - National Bank National Composite House Price Index (Teranet) as of September 30, 2020 and 2019, respectively. Teranet is an independent estimate of the rate of change in Canadian home prices. CIBC CIBC Investor Presentation | 44#45CIBC CIBC Canadian Bail-in Regime Update Note: All amounts are in Canadian dollars unless otherwise indicated. CIBC Investor Presentation#46How 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 Loss Other Senior Liabilities Bail-in Debt 2. Loss Event 3. Post Bail-in Other Senior Liabilities Assets NVCC Sub- Debt Bail-in Debt Assets Assets NVCC NVCC Sub- Debt Preferred Equity Common Equity NVCC Preferred Equity Common Equity Other Senior Liabilities Bail-in Debt Common Equity CIBC 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. CIBC Investor Presentation | 46#47Canadian 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 22.50% RWA² 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 1 As referenced in the Bank Recapitalization (Bail-in) Regulations: http://laws-lois.justice.gc.ca/eng/regulations/SOR-2018-57/FullText.html 2 Decreased to 22.50% on March 13, 2020 upon decrease of Domestic Stability Buffer to 1.00% (buffer will not increase for at least 18 months) CIBC CIBC Investor Presentation | 47#48Canadian 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 1 As referenced in the Bank Recapitalization (Bail-in) Regulations: http://laws-lois.justice.gc.ca/eng/regulations/SOR-2018-57/FullText.html 2 Decreased to 22.50% on March 13, 2020 upon decrease of Domestic Stability Buffer to 1.00% (buffer will not increase for at least 18 months) CIBC CIBC Investor Presentation | 48#49CIBC Note: All amounts are in Canadian dollars unless otherwise indicated. Sustainability CIBC CIBC Investor Presentation#50ESG Commitments Commitments Material Topics Key Performance indicators Environment Social Social Social Inclusive Banking Social Inclusive Banking Social Employee Engagement Social Employee Engagement Social Employee Engagement Social Social Culture of inclusion Culture of inclusion Sustainable Finance Client Experience Privacy & Information Security Environmental and sustainable financing CIBC Enterprise Net Promoter Score Number of privacy findings against CIBC by regulators New loans to small and medium-sized Enterprises (SMEs) Growth in commercial banking Indigenous business CIBC's employee engagement score Voluntary turnover (Canada) % of employees that had performance reviews % of women on the CIBC Board of Directors % of women in board-approved executive roles (Global) Social Culture of inclusion Target $150 billion over 10 years (2018-2027) Continuous improvement CIBC Status as of Oct 31, 2020 28% achieved ($42 billion) Up 2 pts YoY No privacy findings against CIBC by regulators X 32 Provide $9B in new loans to SMEs between 2020 & 2023 Grow by 10% in 2020 77% achieved 23% >109% of Willis Towers Watson global financial services norm 111% Voluntary turnover <12.5% in 2020 (Canada) 7.3% Performance reviews for 100% of employees 100% At least 30% women, at least 30% men on CIBC's Board of Directors At a minimum, between 35% and 40% by 2022 40% 33% 20% Social Culture of inclusion Social Culture of inclusion Social Social Culture of inclusion Culture of inclusion Social Governance Community Relationships Business Ethics % of visible minorities in board-approved executive roles (Canada) % of Black executives in board-approved executive roles (Canada) External hires: % of persons with disabilities (Canada) External hires: % of indigenous peoples (Canada) Student recruitment: % from the Black community Community investments: Canada and the U.S. Employee completion rate: Code of Conduct ethical training At least 22% by 2022 (Canada) 4% Black executives by 2023 (Canada) 8% 9% in 2020 2% in 2020 3% X 5%³ N/A $350M total corporate & employee giving between 2019 & 2023 100% employee completion rate 3% Starts in 2021 44% achieved 100% At least 5% in 2021 ¹For the cumulative results of 2018 through 2020; 2Cases against CIBC by the Office of the Privacy Commissioner of Canada; ³The full picture of our hiring for persons with disabilities is likely not reflected due to low self-disclosure in the survey utilized for data collection CIBC Investor Presentation | 50#51Our Commitment to Sustainability Environmental Social LDPOWER Governance CCGG Canadian Coalition for Good Governance THE VOICE OF THE SHAREHOLDER FINANCE UNEP INITIATIVE TCFD - TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES + CDP DISCLOSURE INSIGHT ACTION Signatory of: PRI Principles for Responsible Investment Canada's Top 100 Employers 2021 2020 CANADA'S BEST DIVERSITY EMPLOYERS CARING COMPANY CERTIFIED IMAGINE CANADA 2020 Bloomberg Gender Equality Index Member of Dow Jones Sustainability Indices Powered by the S&P Global CSA FTSE4Good CIBC CIBC Investor Presentation | 51#52CIBC Note: All amounts are in Canadian dollars unless otherwise indicated. Long-Term Targets CIBC CIBC Investor Presentation#53Long-term Targets for Key Performance Measures > Regulatory Minimum CET1 Ratio Through the Cycle Targets Annual EPS Growth Positive Operating Leverage Return on Equity 5% - 10% 15%+ Dividend Payout Ratio 40% - 50% WELL POSITIONED TO DELIVER ON OUR LONG-TERM GOALS CIBC CIBC Investor Presentation | 53#54Investment Summary CIBC 01 Transforming Our Bank Continuous improvement mindset for a sustainable future 02 Navigating COVID-19 Environment Serving and helping our clients, teams and communities 03 Long-term Profitable Growth Strategy Maintaining a client- focused strategy to drive sustainable earnings growth 04 Maintaining Strong Financial Performance Balancing investments for future growth with disciplined expense management to drive solid returns CREATING VALUE FOR OUR STAKEHOLDERS EVERYDAY C OR ACE CIBC Investor Presentation | 54#55CIBC Appendix CIBC CIBC Investor Presentation#56Increased allowance to reflect the current economic backdrop Allowance for Credit Losses ($MM) Allowance for Credit Losses up YoY & QoQ 3,609 910 2,699 113 • 178 Performing allowance remained stable in Q4 3,722 • (178) 916 Impaired allowance increased this quarter due to higher impairments 2,806 Q3/20 PCL on Performing PCL on Impaired Loans Loans Net Write-offs, FX and Other Q4/20 ■Performing ■ Impaired Provision on Performing Loans ($MM) 128 82 88 113 (97) Model Parameter Updates Net Transfer to Impaired Other Changes 1 Performing PCL 1 Other includes forward looking indicator update, COVID-19 specific adjustments, credit migration and other movements. CIBC Investor Presentation | 56 CIBC#57Exposure to Oil & Gas Represents 2.2% of our Lending Portfolio Oil & Gas Mix (Outstanding) Midstream 24% Petroleum Distribution 10% O&G Services 5% $9.0B • • $9.0B drawn exposure in Q4/20 44% investment grade The U.S. comprises 30% of drawn loan exposure • 76% of undrawn exposure is investment grade $40.0B of retail exposure¹ to oil provinces² ($31.8B mortgages) Alberta accounts for $31.8B or 80% of the retail exposure¹ 87% of retail loans are secured Exploration & Production 54% Retail Exposure in Oil Provinces 12.3% 11.1% Downstream 6% • Integrated 1% 10.5% 10.0% 9.5% 39.6 40.7 40.4 39.9 40.0 Q4/16 Q4/17 Q4/18 Q4/19 Q4/20 % of Total Loans Retail Exposure ($B) • • Exposure represents 15% of total retail loans Average LTV³ of 66% in the uninsured mortgage portfolio Retail Drawn Exposure ($B) in Oil Provinces 5 Unsecured HELOC Uninsured 15 Mortgages 35 Secured 17 Insured Mortgages CIBC 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. CIBC Investor Presentation | 57#58Exposure to vulnerable sectors represents 2% of our lending portfolio Leisure & Entertainment Loans Outstanding Retailer Loans Outstanding Restaurants 31% Air Transport 17% Hotels/Motels 12% $3.8B Amusement & Recreation 40% 1 . 25% of drawn loans investment grade² • The U.S. comprises 16% of drawn exposure Other Retail 10% Retail Clothing 3% Auto Dealers 44% $4.3B Auto Parts Retailers 12% Department & Convenience Stores 7% Household Furnishing Stores 6% Food, Beverage & Drug-Retail 18% • 44% of drawn loans investment grade² • The U.S. comprises 5% of drawn exposure 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. CIBC CIBC Investor Presentation | 58#59Commercial Real Estate Exposure Remains Diversified Canadian Commercial Real Estate Exposure by Sector¹ Industrial Office 12% Residential 19% U.S. Commercial Real Estate Exposure by Sector² Industrial 15% Office 27% 9% Seniors Housing 7% $30.2B US$15.4B Other 5% Retail 12% Hotel 3% Retail 24% Multi Family 24% 69% of drawn loans investment grade³ Multi Family 27% • 31% of drawn loans investment grade³ 1 Includes $2.6B in Multi Family that is included in residential mortgages in the Supplementary Financial Information package. 2 Includes US$1.4B in loans that are included in other industries in the Supplementary Financial Information package, but are included because of the nature of the security. 3 Incorporates security pledged; equivalent to S&P/Moody's rating of BBB-/Baa3 or higher. Other 13% Residential 1% Healthcare 2% CIBC CIBC Investor Presentation | 59#60Canadian Personal and Commercial Banking Net Income - Adjusted ($MM)¹ Net Interest Margin (bps) 256 256 250 248 244 817 763 829 688 275 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Average Loans & Acceptances² ($B) Average Deposits ($B) 322 325 328 238 67 69 69 19 19 19 13 -11 - -11 81 223 226 229 157 265 279 99 91 174 180 Q4/19 Q3/20 Q4/20 Q4/19 Q3/20 Q4/20 ■RESL ■Cards ■Other Personal Lending ■Business ■ Personal Deposits ■ Business Deposits 1 Adjusted results are non-GAAP financial measures. See slide 69 for further details. 2 Loan amounts are stated before any related allowances. CIBC CIBC Investor Presentation | 60#61Q4/20 YOY QoQ 390 3% 266 3% Non-interest income 124 2% Non-Interest Expenses 204 (6%) Provision for Credit Losses 61 NM (50%) Net Income 100 (26%) U.S. Commercial Banking & Wealth Management (US$) Reported (US$MM) Revenue Net interest income • Focus on expanding client relationships contributing to solid growth in net interest income despite significant margin compression • Loan balances up 13% YoY Deposit balances up 33% YoY NIM down 22 bps YoY and up 1 bps QoQ Strong organic growth in AUM driving increase in non-interest income Expenses down 4% YoY driven by strong expense management 3% . 2% 6% 3% • NM Adjusted¹ (US$MM) Q4/20 YOY QoQ • Operating leverage of 8.4% Revenue 390 5% 3% • Provision for Credit Losses: Net interest income 266 6% 2% • Total PCL ratio of 77 bps Non-interest income Non-Interest Expenses 124 2% 6% • PCL ratio on impaired of 51 bps 191 (5%) 4% Pre-Provision Earnings² Provision for Credit Losses Net Income 199 15% 2% 61 NM 110 (23%) (50%) NM Loans and Deposits - Average (US$B) 299 276 2 277 2 Wealth Management (US$B) 29 31 28 31 68 74 73 29 52 56 57 22 Q4/19 Loans ³ Q3/20 Q4/20 PPP Loans Deposits -NIM - adjusted (bps)¹ Q4/19 Q3/20 Q4/20 4 4 ■ AUA AUM CIBC 1 Adjusted results are non-GAAP financial measures. See slide 69 for further details. 2 Pre-provision earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 69 for further details. 3 Loan amounts are stated before any related allowances or purchase accounting adjustments. 4 Assets under management (AUM) are included in assets under administration (AUA). CIBC Investor Presentation | 61#62Improved Diversification - Growth in the U.S. Region U.S. Region Earnings Contribution - Adjusted¹ 17.3% 17.1% 15.8% 8.7% F17 U.S Region AUA (US$B)² F18 F19 F20 73 75 67 63 F17 F18 F19 F20 1 Adjusted results are non-GAAP financial measures. See slide 69 for further details. 2 Assets under management (AUM) are included in assets under administration (AUA). CIBC CIBC Investor Presentation | 62#63Canadian Real Estate Secured Personal Lending 90+ Days Delinquency Rates Q4/19 Q3/20 Q4/20 Total Mortgages 0.28% 0.36% 0.29% Uninsured Mortgages 0.22% 0.34% 0.28% Uninsured Mortgages in GVA¹ 0.15% 0.23% 0.21% Uninsured Mortgages in GTA¹ 0.13% 0.26% 0.16% Uninsured Mortgages in Oil Provinces² 0.65% 0.80% 0.72% Mortgage Balances ($B; spot) 202 212 207 112 115 118 • The Greater Vancouver Area¹ (GVA) and Greater Toronto Area¹ (GTA) continue to outperform the Canadian average HELOC Balances ($B; spot) 21.2 19.5 19.5 11.9 10.9 10.9 63 65 67 6.6 6.1 6.1 27 27 27 2.7 2.5 2.5 Q4/19 Q3/20 Q4/20 Q4/19 Q3/20 Q4/20 ■ GVA ■GTA ■ Other Region ■ GVA ■GTA ■ Other Region 1 GVA and GTA definitions based on regional mappings from Teranet. 2 Alberta, Saskatchewan and Newfoundland and Labrador. CIBC CIBC Investor Presentation | 63#64Canadian Uninsured Residential Mortgages - Q4/20 Originations Beacon Distribution 12% 11% 12% 4% 3% 3% ≤650 46% 41% 42% 28% 29% 23% 15% 17% 14% 651-700 701-750 751-800 >800 ■ Canada ■GVA² ■GTA² Loan-to-value (LTV)1 Distribution 33% 28% 29% 19% 15% 16% 12% 9% 6% 7% 7% 5% <30% 44% 41% 29% 30 to <45% 45 to <60% 60 to ≤75% >75% ■ Canada ■ GVA² ■GTA² . Originations of $14B in Q4/20 Average LTV1 in Canada: 63% GVA²: 58% GTA²: 62% 1 LTV ratios for residential mortgages are calculated based on weighted average. See page 63 of the 2020 Annual Report for further details. 2 GVA and GTA definitions based on regional mappings from Teranet. CIBC CIBC Investor Presentation | 64#65Canadian Uninsured Residential Mortgages Beacon Distribution 12% 11% 11% 6% 5% 5% ≤650 25% 26% 22% 41% 43% 42% 19% 16% 16% 651-700 701-750 751-800 >800 2 2 ■ Canada ■ GVA ■GTA Loan-to-value (LTV)1 Distribution 17% 14% 12% 25% 35% 30% 27% 27% 28% 27% 23% 15% 9% 6% 5% <30% 30 to <45% 45 to <60% 60 to ≤75% >75% ■ Canada ■ GVA² ■GTA² 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% GVA²: 46% GTA²: 48% CIBC 65 1 LTV ratios for residential mortgages are calculated based on weighted average. See page 63 of the 2020 Annual Report for further details. 2 GVA and GTA definitions based on regional mappings from Teranet. CIBC Investor Presentation | 65#66Trading Revenue (TEB)1 Distribution² (SMM) 15 5 (5) (15) Aug-20 Sep-20 Trading Revenue -VaR (SMM) 15 5 (5) Oct-20 (15) CIBC 1 Non-GAAP financial measure. See slide 69 for further details. 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 Investor Presentation | 66#67Forward-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 next 12 months Avg. Value over the remaining forecast period Avg. Value over the remaining forecast period As at October 31, 2020 Canadian GDP YOY Growth Base Case Base Case Upside Case Upside Case Downside Case Downside Case 1.6% 3.8% 3.6% 4.6% 0.03% 2.0% US GDP YOY Growth 1.7% 3.5% 3.0% 4.2% (0.6)% 1.7% Canadian Unemployment Rate 8.7% 6.7% 7.4% 5.9% 9.5% 8.4% US Unemployment Rate 7.4% 4.7% 5.1% 3.5% 9.2% 7.3% Canadian Housing Price Index Growth S&P 500 Index Growth Rate 2.4% 3.0% 11.2% 10.4% (6.9)% (0.8)% 5.6% 4.8% 11.2% 7.7% (3.5)% (5.3)% West Texas Intermediate Oil Price (US$) Forward-Looking Information Variables Avg. Value over the next 12 months Avg. Value over the remaining forecast period $42 $53 $51 $60 $34 $39 Avg. Value over the next 12 months Avg. Value over the remaining forecast period Avg. Value over the next 12 months Avg. Value over the remaining forecast period As at July 31, 2020 Base Case Base Case Upside Case Upside Case Downside Case Downside Case Canadian GDP YOY Growth US GDP YOY Growth (0.7)% 4.3% 0.8% 5.5% (5.3)% 1.6% (0.4)% 4.6% 1.4% 5.4% (5.1)% 1.1% Canadian Unemployment Rate 9.2% 7.6% 7.9% 6.3% 10.9% 9.4% US Unemployment Rate 8.0% 5.7% 6.6% 4.8% 12.2% 10.3% Canadian Housing Price Index Growth (0.3)% 1.8% 5.5% 6.5% (9.4)% (2.9)% S&P 500 Index Growth Rate 4.1% 4.8% 9.8% 8.7% (13.1)% (11.8)% West Texas Intermediate Oil Price (US$) $39 $48 $48 $65 $32 $39 1 See pages 142 and 143 of the 2020 Annual Report for further details. CIBC CIBC Investor Presentation | 67#68Q4 2020 Items of Note Goodwill impairment charge related to our controlling interest in CIBC FirstCaribbean Charge related to the consolidation of our real estate portfolio Q4 2020 FY 2020 Pre-Tax After-Tax & Effect NCI Effect ($MM) ($MM) EPS Effect ($/Share) Pre-Tax Effect ($MM) After-Tax & NCI Effect ($MM) EPS Effect ($/Share) 220 220 0.49 248 248 0.55 114 84 0.19 114 84 0.19 Gain as a result of plan amendments related to pension and other post- employment plans (79) (58) (0.13) (79) (58) (0.13) Amortization and impairment of acquisition-related intangible assets and goodwill 23 23 18 0.04 105 88 80 0.19 Restructuring charge Increase in legal provisions 339 250 0.56 70 51 0.11 Adjustment to Net Income attributable to common shareholders and EPS 278 264 0.59 797 655 1.47 CIBC CIBC Investor Presentation | 68#69CIBC Non-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 68 of this presentation. For additional information about our non-GAAP measures see pages 1 to 3 of the Q4/20 Supplementary Financial Information package and pages 16 and 17 of the 2020 Annual Report available on www.cibc.com. CIBC Investor Presentation | 69#70CIBC Investor Relations Contacts GEOFF WEISS, SENIOR VICE PRESIDENT Email: [email protected] Phone: +1 (416) 980-5093 JASON PATCHETT, SENIOR DIRECTOR Email: Jason. [email protected] Phone: +1 (416) 980-8691 ALICE DUNNING, SENIOR DIRECTOR Email: [email protected] Phone: +1 (416) 861-8870 CALLEN GLASS, SENIOR DIRECTOR Email: [email protected] Phone: +1 (416) 594-8188 CIBC CIBC Investor Presentation | 70