#1CIBC Fixed Income Investor Presentation Q1 2019 CIBC#2Forward-Looking Statements A NOTE ABOUT FORWARD-LOOKING STATEMENTS: 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 CIBC to make assumptions, including the economic assumptions set out in the "CIBC Overview" section of this report, and are subject to inherent risks and uncertainties that may be general or specific. A variety of factors, many of which are beyond CIBC's control, affect its operations, performance and results, and could cause actual results to differ materially from the expectations expressed in any of CIBC's forward-looking statements. These factors include: credit, market, liquidity, strategic, insurance, operational, reputation and legal, regulatory and environmental risk; the effectiveness and adequacy of CIBC's risk management and valuation models and processes; legislative or regulatory developments in the jurisdictions where CIBC operates, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations issued and to be issued thereunder, the Organization 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 CIBC's estimates of reserves and allowances; changes in tax laws; changes to CIBC's credit ratings; political conditions and developments, including changes relating to economic or trade matters; the possible effect on CIBC's business of international conflicts and the war on terror; natural disasters, public health emergencies, disruptions to public infrastructure and other catastrophic events; reliance on third parties to provide components of CIBC's business infrastructure; potential disruptions to CIBC's information technology systems and services; increasing cyber security risks which may include theft 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 CIBC concerning clients and counterparties; the failure of third parties to comply with their obligations to CIBC and its 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; currency value and interest rate fluctuations, including as a result of market and oil price volatility; general business and economic conditions worldwide, as well as in Canada, the U.S. and other countries where CIBC has operations, including increasing Canadian household debt levels and global credit risks; CIBC's 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; CIBC's ability to attract and retain key employees and executives; CIBC's ability to successfully execute its strategies and complete and integrate acquisitions and joint ventures; the risk that expected synergies and benefits of the acquisition of Private Bancorp, Inc. will not be realized within the expected time frame or at all; and CIBC's ability to anticipate and manage the risks associated with these factors. This list is not exhaustive of the factors that may affect any of CIBC's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on CIBC's 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 CIBC's 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. CIBC does not undertake to update any forward-looking statement that is contained in this report or in other communications except as required by law. CIBC Q1 2019 Fixed Income Investor Presentation CIBC#3Table of Contents 1. Debt Programmes Summary 2. Canadian Economy & Consumer Profile 3. Canadian Imperial Bank of Commerce ("CIBC") Overview 4. Canadian Bail-in Regime Update 5. Canadian Mortgage Market 6. Contacts 7. Appendix - Canadian Mortgage Market, OSFI Non Viability Criteria, Issuance History CIBC Q1 2019 Fixed Income Investor Presentation 3 4 10 25 31 36 37 CIBC 2#4Debt Programmes Summary Best economic performance amongst G7 economies as measured by long term GDP growth rate¹ Strong diversified stable economy Canada • CIBC Secured • • Aaa/AAA/AAA/AAA (Moody's/S&P/Fitch/DBRS) The World Economic Forum ranked Canada's soundness of banks first in the world from 2008 to 2016 and second in the world in 2017 and 2018² Well capitalized top 5 Canadian Bank with CET1, Tier 1 and total capital ratios of 11.2%, 12.7% and 14.7% respectively, as of January 31, 2019³ • • Deposit/Counterparty/Legacy Senior Aa2/A+/AA-/AA (Moody's/S&P/Fitch/DBRS) Senior A2/BBB+/AA/AA (low) (Moody's/S&P/Fitch/DBRS) CAD 25 billion Legislative Covered Bond Programme (London) • AAA-rated (or equivalent) from minimum two rating agencies Collateral consisting of Canadian residential mortgage loans with LTV capped at 80% CAD 11 billion Credit Card ABS Programme (CARDS II Trust) • Issuance in CAD and USD (Reg S/144A) AAA(sf)-rated (or equivalent) from at least two rating agencies International Debt Programmes • USD 20 billion Euro Medium Term Note (EMTN) Programme (London) • • USD 7.5 billion Structured Note Programme USD 10 billion Multi-jurisdictional Disclosure System (MJDS) Base Shelf (Toronto and New York) USD 2 billion Medium Term Note (MTN) Programme AUD 5 billion Medium Term Note Programme Domestic Debt Programmes • Senior • Senior Notes, prospectus exempt • CAD 10 billion Canadian Base Shelf (regulatory capital instruments) • 5 billion Principal at Risk (PaR) Structured Note Programme 1 Source: International Monetary Fund 2 3 4 5 Source: World Economic Forum, The Global Competitiveness Report 2017-2018 CIBC capital requirements are determined in accordance with guidelines issued by the Office of the Superintendent of Financial Institutions (OSFI), which are based upon the risk-based capital standards developed by the Basel Committee on Banking Supervision (BCBS). OSFI requires all institutions to achieve target capital ratios that meet or exceed the 2019 all-in minimum ratios plus a conservation buffer. Please see Q1, 2019 supplementary financial information for additional details. DBRS LT Issuer Rating; Moody's LT Deposit and Counterparty Risk Assessment Rating; S&P's Issuer Credit Rating; Fitch LT Issuer Default and Derivative Counterparty Rating. Includes: (a) Senior debt issued prior to September 23, 2018; and (b) Senior debt issued on or after September 23, 2018 which is excluded from the bank recapitalization "bail-in" regime. Subject to conversion under the bank recapitalization "bail-in" regime CIBC 3#5Canadian Economy & Consumer Profile CIBC CIBC Q1 2019 Fixed Income Investor Presentation#6Canada GDP broken down by province / territory continues to demonstrate that Canada's economy is well diversified Canada's GDP by Province / Territory 1 (%) YT 0.1% NT NU 0.2% 0.1% Population² Canada: Key Facts GDP (market prices)³ GDP per capita³ Labour Force4 Provinces/Territories Legal System NL 1.5% 37.2 MM CAD 2,224 BN CAD 60,501 20.0 MM 10/3 Based on English common law, excluding Quebec which is based on civil law BC 13.2% AB SK MB 17.6% 3.5% 3.3% QC ON 19.0% 37.6% CIBC Q1 2019 Fixed Income Investor Presentation OT 5 2017 Transparency International CPI 2018 Forbes annual Best Countries Survey 8th Ranked No. 5 Best business environment: ranked 1st among G7; 4th globally5 Economist PE Intelligence Unit (2014-2018) 0.3% NB NS 1.6% 1.9% 2 Statistics Canada (Q4 2018) 3 Statistics Canada (Q4 2018, annualized) 1 Statistics Canada annual data (Q4 2017) 4 Seasonally adjusted. Statistics Canada (January 2019) 5 Economist Intelligence Unit (2014-2018) CIBC#7Canadian Economic Trends Compare Favourably to Peer G7 Members Strong Economic Fundamentals Long Term GDP Growth Rate (2000-2017) 2.5% . Lowest total government net debt-to-GDP ratio among G7 in 2018 2.0% 2.0% 1.8% 1.6% • Only G7 nation to balance its budget for 11 consecutive years (1998-2008), and one of the first to balance the annual budget post crisis 1.5% 1.3% 1.2% 1.0% 0.9% 0.5% • Canada has the highest long term GDP growth rate (CAGR) between 2000 and 2017 among the G7 0.0% Canada U.K. Canadian Federal Budget (Fiscal Year)1 U.S. Source: IMF, World Economic Outlook Database, Oct 2018 G7 Total Government Net Debt-to-GDP Ratios (2018) 0.1% Germany France Japan Italy 20 20 10 wh 0 -10 -20 -30 Election Oct '15 Projections 2.00% 150 1.00% 125 0.00% 100 -1.00% 75 -2.00% do 50 25 -3.00% 0 -4.00% Canada Germany United United France States Kingdom Italy Japan Source: IMF, World Economic Outlook Database, Oct 2018 CIBC -40 Amount % of GDP 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 Source: Statistics Canada, Department of Finance 1 The Fiscal Year runs from April to March. For example, the 2018 Fiscal Year period is from April 1, 2018 to March 31, 2019. CIBC Q1 2019 Fixed Income Investor Presentation#87 Canadian Labour Market Profile Percentage change from January 2008 Total Employment 15% -Canada -Germany 10% 5% United States -United Kingdom 0% -5% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 -10% Unemployment Rate Strong Job Creation Record • Canada regained all jobs lost during the recession by January 2010, before the United Kingdom and the United States • • Net employment increases in Canada and the United States from January 2008 to January 2019 are 1,947,000 and 12,165,000, respectively Participation rate holding higher than in the U.S. and the U.K. Participation Rate -Germany 70% -Canada United States -United Kingdom 68% -Canada United States 14% 13% -United Kingdom Eurozone 12% 11% 10% 9% 8% 7% 6% 5% 4% 3% 2% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 66% 64% 62% 60% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 CIBC Source: Bloomberg (Index) - CANLNETJ, CANLEMPL, UKLFEMCH, UKLFEMPF, USEMNCHG, NFP T, CANLXEMR, UKEUILOR, USURTOT, UMRTEMU, CANLPRTR, UKLFMGWG and PRUSTOT. CIBC Q1 2019 Fixed Income Investor Presentation#9Canadian Economy Selected Indicators (%) 10 9 8 7 6 Unemployment Rate 4 3 Canada (official rate) US Canada (comparable) 2 1 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Source: Statistics Canada; U.S. Bureau of Labor Statistics, Oct 2018 GDP Indexed to 2007 . • Canada's unemployment rate less volatile in the past decade, and not directly comparable to the United States unemployment rate¹ • As measured by GDP indexed to 2007, the Canadian economy has outperformed other major economies since the financial crisis of 2008 . Canadian savings rate consistently positive in the past decade Household Net Savings Ratio 8 125 20 20 -Canada 120 -France 15 Germany 115 Italy 110 -Japan -United Kingdom 10 ୪୫ 5 105 -United States 100 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 -2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 95 Australia -Canada Denmark -Finland 90 Source: IMF, World Economic Outlook Database, Oct 2018 Source: OECD, Economic Outlook No 104, Nov 2018 1 Certain groups of people in Canada are counted as unemployed, but are deemed to not participate in the labour force in the U.S. - e.g. job seekers who only looked at job ads, or individuals not able to work due to for family responsibilities. United States CIBC -10 -Germany Norway Sweden CIBC Q1 2019 Fixed Income Investor Presentation#10Canada GDP and Exports Well diversified economy, with several key industries including finance, manufacturing, services and real estate Following the 2007-2008 global recession, the diversity had been a stabilizing factor and led to strong economic performance relative to other industrialized nations Monthly GDP (October 2018) Accommodation and food services, 2% Arts, entertainment and. recreation, 1% Health care and social. assistance, 7% Educational services, 5%- Other services (except public administration), 2% Agriculture, forestry, fishing and hunting, 2% Mining, quarrying, and oil and gas extraction, 8% Manufacturing, 11% Exports: Top 25 Industries (2017) Motor Vehicle Gasoline Engine and Engine Parts Manufacturing, 1%- Starch and Vegetable Fat and Oil Manufacturing, 1% Other Plastic Product Manufacturing, 1%. ational, Measuring, dical and Control ents Manufacturing, 1% Iron and Steel Mills and Ferro-Alloy Manufacturing, 1% Seafood Product Preparation Land Packaging, 1% Coal Mining, 1% Dry Pea and Bean Farming, 1% Public administration, 7% Administrative and support, waste management and remediation services, 3% Professional, scientific and technical services, 6% Wheat Farming, 1% Construction, 7% Utilities, 2% Transportation and warehousing, 5% Information and cultural industries, 3% Paper Mills, 1%. Iseed (except Soybean). Farming, 1% Engine, Turbine and Power. Transmission Equipment Manufacturing, 1% on-Metallic Mineral and Quarrying, 1% ulp Mills, 1% tering and 18,1% etic Rubber ring, 2% Alumina and Aluminum Production and Processing, 2% Real Estate, 13%- Wholesale trade, 5% Retail trade, 5% Finance and Insurance, 7% Source: Statistics Canada CIBC Q1 2019 Fixed Income Investor Presentation Non-Ferrous Metal (except. Aluminum) Smelting and Refining, 2% Petroleum Refineries, 3% Aerospace Product and Parts Manufacturing, 3% Sawmills and Wood. Preservation, 2% Pharmaceutical and Medicine Manufacturing, 2% Source: Statistics Canada Others, 39% 9 Automobile and Light-Duty Motor Vehicle Manufacturing, 15% Oil and Gas Extraction, 11% Gold and Silver Ore Mining, 3% CIBC#11CIBC Overview CIBC CIBC Q1 2019 Fixed Income Investor Presentation#12CIBC Snapshot CIBC (CM: TSX, NYSE) is a leading North American financial institution. Through our four strategic business units - Canadian Personal and Small Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, and Capital Markets - our 44,000 employees provide a full range of financial products and services to 10 million personal banking, business, public sector and institutional clients in Canada, the U.S. and around the world. As at, or for the period ended, January 31, 2019: 2019 Adjusted Net Income by SBU1,2 Our Stock ■ Market Cap ■ Dividend Yield Adjusted ROE¹ $49.4 billion 4.8% 16.0% ■ Five-Year TSR 61.7% ■ Clients ~10 million Our Company Banking Centres Employees 1,045 43,815 ■ Total Assets $614.6 billion Moody's ■ S&P Our Credit Rating³ ■ Fitch DBRS Aa2 (Senior A2), Stable A+ (Senior BBB+), Stable AA- (Senior AA-), Stable AA (Senior AA (low)), Stable (1) (2) Adjusted results are non-GAAP measures. See the non-GAAP section of CIBC's 2018 Annual Report. Excludes the Corporate & Other segment (3) Long-term senior debt ratings. DBRS LT Issuer Rating; Moody's LT Deposit and Counterparty Risk Assessment Rating; S&P's Issuer Credit Rating; Fitch LT Issuer Default and Derivative Counterparty Rating. Includes: (a) Senior debt issued prior to September 23, 2018; and (b) Senior debt issued on or after September 23, 2018 which is excluded from the bank recapitalization "bail-in" regime. (4) Comprises liabilities which are subject to conversion under the bail-in regulations CIBC Q1 2019 Fixed Income Investor Presentation Canadian Personal & Small Business Banking 48% Canadian Commercial Banking & Wealth Management 24% Capital Markets 15% U.S. Commercial Banking & Wealth Management 13% CIBC 11#13Strong and Consistent Returns to Shareholders Adjusted Diluted Earnings Per Share¹ Adjusted Return on Equity1 (C$) (%) 12.21 12.04 19.9 19.0 11.11 18.1 17.4 10.22 16.7 9.45 3.00 16.0 3.08 2.95 3.01 3.18 2015 2016 2017 2018 YTD Q1 LTM Q1 2015 2016 2017 2018 2019 2019 YTD Q1 2019 LTM Q1 2019 Q1 Q2 Q3 Q4 Dividends Per Share (C$) 5.32 5.08 4.75 4.30 1.36 1.33 1.33 1.36 1.30 2015 2016 Q1 Q2 Q3 2017 2018 YTD Q1 2019 Q4 Adjusted Dividend Payout Ratio 1,2 (%) 45.4 46.4 46.2 45.1 44.7 43.4 2015 2016 2017 2018 YTD Q1 2019 LTM Q1 2019 CIBC (1) Adjusted results are non-GAAP measures. See the non-GAAP section of CIBC's Q1 2019 Report to Shareholders. Peer average ROE (excluding CIBC) is 15.4% (2) Common dividends paid as a percentage of net income after preferred dividends and premium on preferred share redemptions. CIBC Q1 2019 Fixed Income Investor Presentation 12#14Commitment to Balance Sheet Strength Basel III CET1 Ratio Basel III Total Capital Ratio (%) (%) 11.3 11.4 11.2 15.0 14.8 14.9 10.8 14.7 10.6 13.8 2015 2016 2017 (1) 2018 YTD Q1 2019 2015 2016 2017 (1) 2018 YTD Q1 2019 Basel III Leverage Ratio² (%) 4.3 3.9 4.0 4.2 4.0 2015 2016 2017 2018 YTD Q1 2019 Liquidity Coverage Ratio² (%) 124.0 128.0 131.0 119.0 120.0 Q4 2015 Q4 2016 Q4 2017 Q4 2018 Q1 2019 CIBC (1) On June 23, 2017, CIBC completed the acquisition of Private Bancorp, Inc. and its subsidiary, The PrivateBank and Trust Company. (2) Public disclosure of the Basel III Leverage Ratio and the Liquidity Coverage Ratio was required effective January 1, 2015. CIBC Q1 2019 Fixed Income Investor Presentation 13#15Our Strategy Drives Organic Growth and Shareholder Value Financial Measure Diluted Earnings Per Share Growth 2018 Results Medium-Term Target Reported Adjusted¹ 5%-10% on average, annually 4% 10% Return on Common Shareholders' Equity 15%+ Efficiency Ratio Basel III CET1 Ratio 55% run rate by 2019 52% run rate by 2022 Strong buffer to regulatory minimum Dividend Payout Ratio 40%-50% Total Shareholder Return (rolling five-year period) Exceed the industry average² (62.0% as of October 31, 2018) (1) Adjusted results are non-GAAP measures. See the non-GAAP section of CIBC's Q1 2019 Report to Shareholders (2) Defined as the S&P/TSX Composite Banks Index. CIBC Q1 2019 Fixed Income Investor Presentation 16.6% 17.4% 57.5% 55.6% 11.4% 45.5% 43.4% 60.6% CIBC 14#16Sustainable Returns to Shareholders ་ CIBC has a strong track record of shareholder returns CIBC has not missed a regular dividend or reduced its dividend since the first dividend payment in 1868 8.00% Quarterly Dividend (RHS) Yield (LHS) 7.50% 7.00% 6.50% 6.00% 5.50% 5.00% 4.50% 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% Q1 2003 Q4 2003 Q3 2004 Q2 2008 26007 10 88 Source: CIBC Note: Dividend of CAD 1.40 per share for the quarter ending April 30, 2019 (Q2-2019) will be paid on April 29, 2019 to shareholders of record at the close of business on March 28, 2019. CIBC Q1 2019 Fixed Income Investor Presentation Q4 2009 Q3 2010 @Q2 2011 Q1 2012 Q4 2012 Q3 2013 Q2 2014 Q1 2015 Q4 2015 Q3 2016 Q2 2017 Q1 2018 Q4 2018 Dividends S- $1.40 $1.30 $1.20 $1.10 $1.00 $0.90 $0.80 $0.70 $0.60 $0.50 $0.40 $0.30 $0.20 $0.10 CIBC 15#17Strong, High Quality Liquid Client Driven Balance Sheet Based on Q1/19 results Assets CAD 615BN Liabilities & Equity 30% Liquid Assets Cash and Repos Trading & Investment Securities 111% Coverage Unsecured Funding 27% Wholesale Funding Secured Funding (3) 103% Residential Mortgages (1) Personal Deposits Coverage (Deposits +Capital /Loans) 61% Loan Portfolio Other Retail Loans Corporate Loans 63% Capital + Client related Business & Gov't Deposits funding Securitization & Covered Bonds Capital Other Liabilities (2) Mainly Derivatives Other Assets (2) (1) Securitized agency MBS are on balance sheet as per IFRS Mainly Derivatives (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 Q1 2019 Fixed Income Investor Presentation CIBC 16#18Capital CET1 Ratio 34 bps 11.4% (36) bps (14) bps (8) bps 7 bps 11.2% Q4/18 Earnings net of RWAs Dividends (excl. FX) Regulatory Changes Air Canada Transaction Other Q1/19 Strong internal capital generation Offset by: RWA growth Regulatory changes ⚫ Air Canada loyalty program CIBC Q1 2019 Fixed Income Investor Presentation CIBC 17#19Credit Review Provision For Credit Losses (PCL) 1.00% 0.75% 0.50% 0.25% PCL -Loan loss ratio 0.00% 0 Q1/13 Q3/13 01/14 Q3/14 Q1/15 Q3/15 Q1/16 Q3/16 Q1/17 Q3/17 Q1/18 Q3/18 Q1/19 Fiscal Quarter 400 350 300 250 200 150 100 50 Provision for Impaired down QoQ Overall credit quality remains strong Higher provisions in Canadian Commercial Banking and Capital Markets Increase in performing provision due to unfavourable changes in forward-looking information Reported (SMM) Q1/18 Q4/18 Q1/19 90+ Days Delinquency Rates Canadian Personal and Small Business Banking 180 182 192 90+ Days Delinquency Rates Residential Mortgages Q1/18 Q4/18 Q1/19 0.23% 0.24% 0.27% Canadian Commercial Banking and Wealth 4 8 48 U.S. Commercial Banking and Wealth 4 22 5 Capital Markets Uninsured Insured 0.19% 0.19% 0.21% 0.30% 0.34% 0.37% 2 2 42 Corporate and Other 12 45 8 Credit Cards 0.94% 0.80% 0.82% Provision for Impaired 202 259 295 Personal Lending 0.30% 0.33% 0.34% Provision for Performing (49) 5 43 Canadian Personal Banking 0.28% 0.29% 0.31% Total Provision for Credit Losses 153 264 338 Total Provision for Credit Losses - Adjusted¹ 153 236 338 1. 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. CIBC Q1 2019 Fixed Income Investor Presentation CIBC 18#20Regulatory Environment Continually Evolving 19 Capital Requirements Risk-Based Capital Ratios Liquidity Requirements Other Liquidity Coverage Ratio (LCR) Net Stable Funding Ratio (Proposed) Total Loss Absorbing Capacity (TLAC) ■ The Basel Committee has finalized its Basel III reforms. Key changes include: ■ A new Standardized Approach for credit, CVA and operational risk (2022) A new credit risk framework for constraining model-based approaches to reduce RWA variations (2022) ■ Revised market risk (2022), counterparty credit risk (2019), and securitization (2019) frameworks ■ A capital "output" floor based on the revised Standardized Approach to replace the existing Basel I Capital Floor. Floor calibrated at 50% starting 2022 and increasing to 72.5% in 2027 ■ Finalized leverage ratio framework with new leverage ratio buffer for G-SIBS and revised treatment of off-balance sheet and derivative exposures OSFI implemented a revised capital floor based on Basel II Standardized Approaches starting Q2/18. In effect until the new capital floor comes in 2022. In July 2018, OSFI issued a discussion paper on the domestic implementation of the Basel III reforms. Proposal includes new risk weight functions for mortgages and credit cards, accelerated adoption of revised operational risk framework (2021), no phase-in of the capital "output" floor (2022) and increased leverage ratio requirements for D-SIBS In June 2018, OSFI announced revisions to Pillar 2 buffer requirements (details on next slide) OSFI mandates minimum LCR for Canadian institutions of 100%, which became effective Jan 1, 2015. US Foreign Bank Organizations (FBOs) with <US$50B in total Non-Branch US Assets are not required to be LCR compliant The NSFR will require banks to maintain a stable funding profile in relation to the composition of their assets and off-balance sheet exposures Final Basel Committee on Banking Supervision (BCBS) guidelines were released in October 2014 OSFI consultation initiated in August 2016 and final rules expected by the spring of 2019 Official implementation of the metric is January 2020, with a minimum NSFR requirement of ≥100% Requirement for too-big-to-fail banks to have loss-absorbing liabilities (e.g. wholesale funding) Canadian Bail-in Regime came into force on September 23, 2018 ■ TLAC minimum (23%¹ of RWA and 6.75% of leverage exposure) starting F2022 for Canadian D-SIBS#2120 20 Domestic Stability Buffer Background Canadian Domestic Systemically Important Banks (D-SIBS) are required to hold Pillar 2 capital buffer that is privately communicated to each bank, to address risks that are inadequately captured by the Pillar 1 minimum capital requirements D-SIBS are subject to publicly-disclosed Pillar 1 minimum of 8.0% and undisclosed non-public Pillar 2 buffer What Has Changed OSFI announced on June 20th a revised framework where a component of the Pillar 2 buffer for D-SIBS will be publicly disclosed(1) This Domestic Stability Buffer is currently set at 1.5% of RWA (1.75% effective April 30, 2019), but could range between 0% to 2.5% depending on OSFI's assessment of systemic vulnerabilities D-SIBS face including Canadian consumer and institutional indebtedness, as well as asset imbalances in the Canadian market The purpose of public disclosure is to provide greater transparency to the market and other stakeholders, and to enhance the usability of the buffer by the banks in times of stress A breach would require a remediation plan from the bank OSFI will undertake a review of the buffer on a semi-annual basis, in June and December with any changes being made public Implications for Banks There is no incremental capital requirement for banks. This is a transition of the Pillar 2 capital buffer requirement from private to public domain. Given CIBC (and other Canadian D-SIBS) are well above the minimum requirement, we do not believe this will impact banks' capital planning in a material way (1) There may be an additional private component to Pillar 2 buffer specific to individual banks (2) The Domestic Stability Buffer will be increased to 1.75% of RWA effective April 30, 2019 Current 1.5% Domestic 11.2% Stability Buffer(2) Pillar 1 Minimum 8.0% for D-SIBS* OSFI Requirement CIBC (Q1/19) * Consists of 4.5% minimum plus 2.5% of capital conservation buffer plus 1.0% current D-SIB surcharge#22Diversification is Key to a Stable Wholesale Funding Profile Wholesale Funding Diversification Geography Instrument Investor Term CIBC Q1 2019 Fixed Income Investor Presentation 21 24 Well diversified across products, currencies, investor segments and geographic regions Achieve appropriate balance between cost and stability of funding Regular issuance to promote investor engagement and secondary market liquidity Well balanced maturity profile that is reflective of the maturity profile of our asset base CIBC#2322 22 CIBC Funding Strategy and Sources Funding Strategy ▸ CIBC's funding strategy includes access to funding through retail deposits and wholesale funding and deposits ▸ CIBC updates its three year funding plan on at least a quarterly basis ▸ The wholesale funding strategy is to develop and maintain a sustainable funding base through which CIBC can access funding across many different depositors and investors, geographies, maturities, and funding instruments Wholesale Funding Sources Wholesale Market (CAD Eq. 143.4BN), Maturity Profile 60 Wholesale deposits Canada, U.S. Credit card securitization Canada, U.S. Secured Unsecured 50 40 40 Global MTN programs Mortgage securitization programs 30 20 29 26 23 8 23 12 7 7 Less than 1m 1m-3m 3m-6m 6m-12m 1y-2y Over 2y Source: CIBC Q1-2019 Report to Shareholders CIBC Covered Bond program 10 Structured Notes 10 CIBC Q1 2019 Fixed Income Investor Presentation#24Wholesale Funding Geography CAD 48.5 BN Canada Mortgage Bonds Cards Securitization Medium Term Notes Canadian Dollar Deposits Wholesale Funding By Currency EUR 6.5 BN, CHF 1.1 BN, GBP 3.4 BN, SEK 2.0 BN, NOK: 0.15 BN Covered Bonds Medium Term Notes USD 55.7 BN Covered Bond Program Cards Securitization Medium Term Notes US Dollar Deposits Mortgage Securitization Cards Securitization 11% 43% Covered Bonds 47% Wholesale Funding By Product Secured 27% " HKD 2.4 BN Medium Term Notes AUD 2.4 BN Covered Bonds Medium Term Notes Medium Term Notes 40.5% Unsecured 73% Term Deposits CD and CP 49.8% 1.8% Sub-debt 4.0% Bankers Acceptances 4.0% Source: CIBC Q1-2019 Quarterly Report to Shareholders, Bloomberg Unsecured includes Obligations related to securities sold short, Cash collateral on securities lent and Obligations related to securities under repurchase agreements. CIBC Q1 2019 Fixed Income Investor Presentation CIBC 23#25CIBC Funding Composition Funding Sources - January 2019 Bank deposits 2% Covered bond 3% Securitization 3% Capital² 7% Securities sold short or repurchase agreements 10% 24 Funding sources BN Others (Includes derivatives) Personal deposits 172.8 Business and government deposits 141.0 8% Unsecured funding¹ 100.2 Personal Securities sold short or repurchase agreements 60.6 deposits 28% Capital² 40.1 Securitization 20.9 Covered bond 18.3 Bank deposits 11.5 Others (Includes derivatives) 49.3 Total 614.6 Wholesale market, currency³ Unsecured funding¹ 16% Business and USD government deposits 23% CAD Other Total Source: CIBC Q1-2019 Supplementary Financial Information 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 Q1-2019 Report to Shareholders CIBC Q1 2019 Fixed Income Investor Presentation BN 74.0 48.5 20.9 143.4 CIBC#26Canadian Bail-in Regime Update CIBC CIBC Q1 2019 Fixed Income Investor Presentation#2726 26 Canadian 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. 1. 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 ☐ 2. 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 23% RWA² ▪ Effective Fiscal 2022. Public disclosure began in Q1 2019. 3. OSFI's TLAC holdings ■ Our investment in other G-SIBS and other Canadian D-SIB's TLAC instruments are to be deducted from our own tier 2 capital if our aggregate holding, together with investments in capital instruments of other Fls, exceed 10% of our own CET1 capital Implementation started in Q1 2019 CIBC Q1 2019 Fixed Income Investor Presentation CIBC#28Canadian Bail-in Regime - Comparison to Other Jurisdictions Bail-in implementation in other jurisdictions has increased the riskiness of bail-inable bonds vs. non-bail-inable bonds: ◉ Legislative changes prohibit bail-outs, increasing the probability that bail-in will be relied on ■ The hierarchy of claims places bail-in debt below deposits and senior debt through structural subordination, legislation or contractual means ■ Bail-in is expected to rely on write-down of securities, imposing certain losses on investors The Canadian framework differs from other jurisdictions on several points: ■ The Canadian government has not introduced legislation preventing bail-outs ☐ Canadian senior term debt will be issued in a single class and will not be subordinated to another class of senior term debt like other jurisdictions such as the US and Europe ■ Canada does not have a depositor preference regime; bail-in debt does not rank lower than other liabilities ■ No Creditor Worse Off principle provides that no creditor shall incur greater losses than under insolvency proceedings ■ There are no write-down provisions in the framework Conversion formula under many scenarios may result in investor gains CIBC Q1 2019 Fixed Income Investor Presentation CIBC 27#29How 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. ■ At bail-in, all NVCC instruments would be fully converted to common equity based on pre-determined conversion ratios ■ Portion of the bail-in debt that would be converted to common equity as well as the conversion ratio would be determined by the authorities on a case-by-case basis 1. Pre-Loss Balance Sheet 2. Loss Event 3. Post Bail-in Other Senior Liabilities Bail-in Debt Loss Other Senior Liabilities Assets NVCC Sub- Debt Bail-in Debt Assets Assets NVCC NVCC Sub- Debt Preferred Equity Common Equity CIBC Q1 2019 Fixed Income Investor Presentation NVCC Preferred Equity Common Equity Other Senior Liabilities Bail-in Debt Common Equity CIBC 28#30Liquidation to Resolution Comparison Liquidation Scenario Bail-in debt ranks pari passu with all other senior unsecured liabilities. Resolution Scenario Bail-in debt is partially or fully converted into common shares. No Creditor Worse Off No creditor shall incur greater losses than under insolvency proceedings. Bank shareholders and creditors may seek compensation should they be left worse off as a result of CDIC's actions to resolve a failed bank than they would have been if the bank had been liquidated. CIBC Q1 2019 Fixed Income Investor Presentation Loss Absorption Waterfall AT 1 Instruments Liquidation Securitizations, Covered Bonds Deposits Legacy Senior Debt Common Equity Tier 2 Structured Notes Legacy (not NVCC) Preferred Shares Derivatives Bail-in Debt AT 1 Instruments Common Equity Deposits Resolution Securitizations, Covered Bonds Legacy Senior Debt Bail-in Debt Tier 2 Legacy (not NVCC) Preferred Shares CIBC Structured Notes Derivatives 29#3130 30 Common Equity Tier 1 Overview of Creditor Hierarchies in Bail-In Resolution National layers of bail-inable senior debt instruments Common Equity Tier 1 Bank Insolvency Ordinance (BIO-FINMA) / BOE/PRA Resolution Mechanism Act ($46f KWG new) French Sapin 2 Italy Spanish Revised Insolvency Law Loss absorption waterfall Non-Preferred Deposits Other Liabilities Additional Tier 1 Additional Tier 1 (5.125%) Tier 2 (PONV) HoldCo Senior Tier 2 (PONV) Legacy & "New" Non-Preferred Senior Additional Tier 1 (5.125%) Tier 2 (PONV) Additional Tier 1 (5.125%) Tier 2 (PONV) "New" Non- Preferred Senior "New" Non- Preferred Senior Additional Tier 1 (5.125%) Tier 2 (PONV) "New" Non- Preferred Senior Common Equity Tier 1 Common Equity Tier 1 Common Equity Tier 1 Common Equity Tier 1 Canada Bank Recapitalization (Bail-in) Regulations Loss absorption waterfall Preferred Shares/ AT1 (PONV) Tier 2 (PONV) "New" Senior (issued post Sep. 23, 2018) Other Liabilities Legacy Senior (issued before Sep. 23, 2018) Deposits OpCo Senior Discretionary exclusions possible Deposits ■ Non-Preferred Other Liabilities Deposits Non-Preferred Other Liabilities Preferred Senior | Legacy & "New" Deposits Non-Preferred Other Liabilities Structured Senior ,,New" Preferred Senior Preferred Deposits (natural persons + micro + SMEs) Excluded Liabilities* Preferred Deposits Senior Unsecured Other Liabilities Non-Preferred Deposits Preferred Deposits Preferred Senior Legacy &,,New" (natural persons + micro + SMEs) (natural persons + micro + SMEs) (natural persons + micro + SMEs) Excluded Liabilities* Excluded Liabilities* Excluded Liabilities* Preferred Deposits Source: Commerzbank Sec. Obligations as well as Retail & SME Deposits <100k under Deposit Guarantee Scheme ** Sec. Obligations (e.g. Covered bonds) as well as CDIC Insured Deposits Other excluded Liabilities** CIBC Q1 2019 Fixed Income Investor Presentation Preferred Deposits (natural persons + micro + SMEs) Excluded Liabilities* CIBC#32Canadian Mortgage Market CIBC CIBC Q1 2019 Fixed Income Investor Presentation#3332 Mortgage Market Performance and Urbanisation Rates Mortgage Arrears by Number of Mortgages 5.0% 4.5% -Canada ―U.K. U.S. 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 - 6007 2010 2011 2012 2013 2014 2015 2016 2017 2018 Source: CML Research, CBA, MBA. *Mortgage arrears of 3+ months in Canada and UK or in foreclosure process in the US 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 2018 Population in Top Four Cities 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 CIBC Q1 2019 Fixed Income Investor Presentation % of Population 40% 35% 30% 25% 20% 15% 10% 5% 0% Canada 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#34Canadian House Prices . Absolute price level is moderate compared to major global urban centers • 300 250 200 150 100 50 Canadian debt to income ratio in line with many developed nations Growth rates of house prices in Canada have diverged across regions Household Debt to Income Ratio Household Debt to Income Ratio Average Home Price City CAD USD Eq.1 Canada 472K 346K Toronto 764K 580K Vancouver 1032K 776K Calgary 414K 312K Montreal 349K 266K III Average 35% 30% Canada Toronto Vancouver - Calgary Montreal 25% 20% 15% 10% 5% 0% Source: CREA, January 2019 11 USD 1.3144 CAD Housing Index Year over Year Change, by City -10% 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 -5% Germany -15% Source: Bloomberg, Teranet - National Bank House Price Index CIBC 0 Denmark Netherla... Norway Australia Sweden Canada Ireland U.K. France Japan U.S. Source: OECD, 2017 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. CIBC Q1 2019 Fixed Income Investor Presentation 33#35CIBC's Mortgage Portfolio • Condo Exposure CIBC Canadian Residential Mortgages: CAD 201.4 BN Condo Mortgages CAD 24.1 BN Condo Developers CAD 4.6 BN CAD 103 BN ■Insured Uninsured Uninsured 62% Insured 38% Undrawn 65% 68% CAD 42.4 BN CAD 25.6 BN 72% 44% CAD 14.7BN CAD 15.7 BN 32% Drawn 35% 28% 56% 57% 43% 45% 55% Ontario British Columbia and territories Alberta Quebec Other 34 37% of CIBC's Canadian residential mortgage portfolio is insured, with 72% of insurance being provided by CMHC The average loan to value¹ of the uninsured portfolio is 54% • The condo developer exposure is diversified across 104 projects • Condos account for approximately 13% of the total mortgage portfolio (1) LTV ratios for residential mortgages are calculated based on weighted average. The house price estimates for January 31, 2019 and October 31, 2018 are based on the Forward Sortation Area (FSA) level indices from the Teranet - National Bank National Composite House Price Index (Teranet) as of December 31, 2018 and September 30, 2018 respectively. Teranet is an independent estimate of the rate of change in Canadian home prices. CIBC Q1 2019 Fixed Income Investor Presentation CIBC#36Canadian Mortgage Market World Home Prices Per Square Foot (USD) House Price & Household Income Growth $2,446 Hong Kong 375 London $1,876 350 Tokyo New York $1,516 $1,398 325 300 Paris $1,189 275 Shanghai $1,099 250 Vancouver $1,080 225 San Francisco Sydney Stockholm Boston Toronto Copenhagen Montreal $1,000 200 $995 175 5952 $924 Source: Global Property Guide, OREB, CREB GMREB, MAR, TREB, CAR, REBGV (2018) 150 125 $858 100 $606 75 $454 50 Calgary $370 Ottawa/Gatineau $347 1991 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 80% 70% 60% 50% 40% 30% Consistently High Owner's Equity² United States 1991 1993 1995 1997 1999 -Canada 2001 2003 2005 2007 Source: Federal Reserve, Statistics Canada 2 Indexed CIBC Q1 2019 Fixed Income Investor Presentation 2009 2011 2013 2015 2017 12% 10% 8% 6% 4% 2% 0% CREA National Average Price Canadian Household Disposable Income - OECD Canada Wages Value м 1993 1995 1997 1999 2001 2003 2005 Source: Bloomberg, CREA 2007 2009 2011 2013 2015 2017 Household Debt Service Ratio¹ -Canada United States 1991 1993 1995 1997 1999 Source: Federal Reserve, Statistics Canada 1 Includes interest component only 2001 2003 2005 2007 2009 2011 2013 2015 2017 CIBC 35 55#37CIBC Investor Relations Contacts HRATCH PANOSSIAN, EXECUTIVE VICE-PRESIDENT Email: Hratch. [email protected] Phone: +1 416-956-3317 JASON PATCHETT, SENIOR DIRECTOR Email: Jason. [email protected] Phone: +1 416-980-8691 ALICE DUNNING, SENIOR DIRECTOR Email: Alice. [email protected] Phone: +1 416-861-8870 CIBC Q1 2019 Fixed Income Investor Presentation CIBC 36#38Appendix CIBC Q1 2019 Fixed Income Investor Presentation CIBC#39Canadian Mortgage Market Beneficial Mortgage Regulation in Canada Default Insurance Favourable Legal Environment • . • • Under the Bank Act, banks can only advance uninsured mortgages up to an LTV ratio of 80% Borrowers have to purchase default insurance if the mortgage has an LTV > 80% Insurance covers the entire outstanding principal amount, up to 12 months accrued interest and, subject to certain caps, any out-of-pocket costs incurred by the lender (e.g. foreclosure expenses, legal fees, maintenance costs, property insurance, etc.) Mortgage default insurance is provided by CMHC and private mortgage insurers (Genworth, Canada Guaranty) CMHC is the dominant residential mortgage insurance provider in Canada In most provinces, lenders have robust legal recourse to recoup losses (e.g. garnishing wages) • Taxation Mortgage interest is generally not tax deductible, which results in an incentive for mortgagors to limit their amount of mortgage debt This combination of factors results in consistently low credit losses on the Canadian banks' mortgage books CIBC Q1 2019 Fixed Income Investor Presentation CIBC 38#40Canadian Mortgage Market Regulatory Developments ◉ Max. amortization ◉ reduced to 35 yrs. from 40 Set min. down payment to 5% Min. credit score of 620 ■ 45% max. TDS ratio ■ New loan documentation standards Reduce max. amortization to 30 yrs. from 35 yrs. ■ Refinancing max. LTV lowered to 85% from 90% Second home mortgage insurance no longer available Tightened income verification rules for Self- Employed borrowers HELOC insurance no longer available Insurance premiums increased by 15%, on average, for all LTV ranges Jul 2008 2 3 Feb 2010 Jan 2011 4 ■ Borrowers to meet standards for a five- year fixed mortgage 1 Refinancing max. LTV lowered to 90% from 95% " ■ Set min. down payment for non- owner occupied properties to 20% 1 Even if borrowers choose a mortgage with a lower interest rate and shorter term. Regulations related to Mortgage Default Insurance CIBC Q1 2019 Fixed Income Investor Presentation 5 Jun 2012 Jun 2015 Apr-May 2014 6 Refinancing max. LTV lowered to 80% from 85% Insurance on properties valued greater than 1MM no longer available Reduce max. amortization to 25 yrs. from 30 yrs. Max. GDS and TDS ratios set to 39% and 44%, respectively Maximum LTV for HELOCS lowered Insurance premiums for loans with LTV from 90% to 95% increased by 15% to 65% (from 80%) CIBC 39#41Canadian Mortgage Market Regulatory Developments (continued) ■ Min. down payment for new insured mortgage will increase from 5% to 10% for the portion of the house price above CAD 500,000 7 9 Standardizing eligibility criteria for high-and low- ratio insured mortgages, including a mortgage rate stress test Closed the capital gains tax exemption loophole on the sale of a principal residence Ontario Government introduced Non- Resident speculation Tax (NRST) of 15% on properties in the Greater Golden Horseshoe area 11 Aug 2016 Feb 2016 8 Oct 2016 Jan 2017 10 Apr 2017 ■ Vancouver Foreign Buyers' Tax increased to 20% 13 Jan 2018 Feb 2018 Vancouver introduced 15% Foreign Buyers' Tax Vancouver introduced Empty Homes Tax of 1% of the assessed value of the home 12 Updated Guideline B-20 Residential Mortgage - Underwriting Practices and Procedures in effect Min. qualifying rate for uninsured mortgages greater of 5-yr. Bank of Canada benchmark rate or contractual rate +2% 1 Even if borrowers choose a mortgage with a lower interest rate and shorter term. Regulations related to Mortgage Default Insurance CIBC Q1 2019 Fixed Income Investor Presentation 40 40 CIBC#42CIBC Canadian Real Estate Secured Personal Lending 11 41 90+ Days Delinquency Rates Total Mortgages Uninsured Mortgages Uninsured Mortgages in GVA¹ Uninsured Mortgages in GTA¹ Uninsured Mortgages in Oil Provinces Mortgage Balances ($B; spot) Q1/18 Q4/18 Q1/19 0.23% 0.24% 0.27% 0.19% 0.19% 0.21% 0.07% 0.06% 0.10% 0.10% 0.08% 0.13% 0.48% 0.54% 0.54% Delinquency rates increased in Q1/19 ⚫ The Greater Vancouver Area¹ (GVA) and Greater Toronto Area¹ (GTA) continue to outperform the Canadian average Oil provinces remain stable QoQ, but have increased YoY HELOC Balances ($B; spot) 203 202 201 21.6 22.1 21.8 63 63 63 6.6 6.9 6.7 28 28 27 2.7 2.8 2.8 112 111 111 12.3 12.4 12.3 Q1/18 Q4/18 Q1/19 Q1/18 Other Region ■GVA' ■GTA Q4/18 Q1/19 Other Region ■GVA ■GTA¹ 1 GVA and GTA definitions based on regional mappings from Teranet. CIBC Q1 2019 Fixed Income Investor Presentation CIBC#43CIBC Canadian Uninsured Residential Mortgages - Q1/19 Originations Beacon Distribution 32%30%31% 36%39%39% 16%15%15% 6% 6% 5% 10%10%10% ≤650 651-700 701-750 751-800 >800 Canada ■GVA² ■GTA² 2 2 Loan-to-value (LTV)1 Distribution 42% 30% 35% 32% 35% 4% 7% 5% 8% º10% 16% 14%1 22%. 70 18% 22% <30% 30 to <45% 45 to <60% 60 to ≤75% >75% ■Canada ■GVA² ■GTA² 2 2 1 LTV ratios for residential mortgages are calculated based on weighted average. 2 GVA and GTA definitions based on regional mappings from Teranet. CIBC Q1 2019 Fixed Income Investor Presentation . Originations of $6B in Q1/19 . Average LTV1 in Canada: 64% GVA²: 56% GTA²: 61% CIBC 42#44CIBC Canadian Uninsured Residential Mortgages Beacon Distribution 39% 42%40% 27%24%27% 14% 12% 13% 13%16%13% 7% 6% 7% ≤650 651-700 701-750 751-800 >800 2 Canada GVA ■GTA ■GTA² Loan-to-value (LTV)1 Distribution 39% 23% 27% 29% 30% 33% 27% 16% 9% 10% 21% 12% 12% 9% 3% <30% 30 to <45% 45 to <60% 60 to ≤75% >75% Canada 2 GVA ■GTA 2 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: 54% - GVA²: 44% - GTA²: 51% 1 LTV ratios for residential mortgages are calculated based on weighted average. See page 23 of the Q1/19 Report to Shareholders for further details. 2 GVA and GTA definitions based on regional mappings from Teranet. CIBC Q1 2019 Fixed Income Investor Presentation CIBC 43#45Office of the Superintendent of Financial Institutions (OSFI) Non Viability Criteria ☐ " In assessing whether an institution has ceased, or is about to cease, to be viable, the following criteria can be considered, which may be mutually exclusive and should not be viewed as an exhaustive list¹ Whether the assets of the institution are, in the opinion of the Superintendent, sufficient to provide adequate protection to the institution's depositors and creditors. Whether the institution has lost the confidence of depositors or other creditors and the public. This may be characterized by ongoing increased difficulty in obtaining or rolling over short-term funding. Whether the institution's regulatory capital has, in the opinion of the Superintendent, reached a level, or is eroding in a manner, that may detrimentally affect its depositors and creditors. Whether the institution failed to pay any liability that has become due and payable or, in the opinion of the Superintendent, the institution will not be able to pay its liabilities as they become due and payable. Whether the institution failed to comply with an order of the Superintendent to increase its capital. 44 Whether, in the opinion of the Superintendent, any other state of affairs exists in respect of the institution that may be materially prejudicial to the interests of the institution's depositors or creditors or the owners of any assets under the institution's administration, including where proceedings under a law relating to bankruptcy or insolvency have been commenced in Canada or elsewhere in respect of the holding body corporate of the institution. Whether the institution is unable to recapitalize on its own through the issuance of common shares or other forms of regulatory capital. For example, no suitable investor or group of investors exists that is willing or capable of investing in sufficient quantity and on terms that will restore the institution's viability, nor is there any reasonable prospect of such an investor emerging in the near-term in the absence of conversion or write-off of NVCC instruments. Further, in the case of a privately-held institution, including a Schedule II bank, the parent firm or entity is unable or unwilling to provide further support to the subsidiary. 1 Source: CAR Guideline, section 2.2.2, April 2018 http://www.osfi-bsif.gc.ca/Eng/fi-if/rg-ro/gdn-ort/gl-ld/Pages/CAR18_chpt2.aspx#ToC222CriteriatobeconsideredintriggeringconversionofNVCC CIBC Q1 2019 Fixed Income Investor Presentation CIBC#46Outstanding Benchmark Covered Issuance 45 45 Series Currency Issued Maturity Туре Issue Date Maturity Date Extended Due for Payment Date Coupon Rate Issue Spread Fitch/Moody's CBL3 EUR 1,000,000,000 Soft Bullet 15-Oct-14 15-Oct-19 15-Oct-20 0.375% MS + 0% AAA/Aaa CBL5 EUR 1,000,000,000 Soft Bullet 28-Jan-15 28-Jan-20 28-Jan-21 0.25% MS + 0.05% AAA/Aaa CBL6 AUD 300,000,000 Soft Bullet 12-Jun-15 12-Jun-20 12-Jun-21 BBSW + 0.65% BBSW + 0.65% AAA/Aaa CBL7 USD 1,200,000,000 Soft Bullet 21-Jul-15 21-Jul-20 21-Jul-21 2.25% MS + 0.47% AAA/Aaa CBL9 CHF 200,000,000 Soft Bullet 22-Dec-15 22-Dec-25 22-Dec-26 0.125% MS + 0% AAA/Aaa CBL9-2 CHF 150,000,000 Soft Bullet 22-Dec-15 22-Dec-25 22-Dec-26 0.125% MS + 0.05% AAA/Aaa CBL10 GBP 250,000,000 Soft Bullet 11-Mar-16 11-Mar-19 11-Mar-20 GBP LIBOR + 0.52% GBP LIBOR + 0.52% AAA/Aaa CBL 10-2 GBP 250,000,000 Soft Bullet 15-Jul-16 11-Mar-19 11-Mar-20 GBP LIBOR + 0.52% GBP LIBOR + 0.46% AAA/Aaa CBL11 AUD 400,000,000 Soft Bullet 19-Apr-16 19-Apr-21 19-Apr-22 BBSW 1.10% BBSW 1.10% AAA/Aaa CBL12 EUR 1,250,000,000 Soft Bullet 25-Jul-16 25-Jul-22 25-Jul-23 0 MS + 0.06% AAA/Aaa CBL15 GBP 325,000,000 Soft Bullet 10-Jan-17 10-Jan-22 10-Jan-23 GBP LIBOR + 0.43% GBP LIBOR + 0.43% AAA/Aaa CBL15-2 GBP 300,000,000 Soft Bullet 11-Jan-18 10-Jan-22 10-Jan-23 GBP LIBOR + 0.43% GBP LIBOR + 0.21% AAA/Aaa CBL16 GBP 525,000,000 Soft Bullet 17-Jul-17 30-Jun-22 30-Jun-23 1.125% GBP LIBOR + 0.67% AAA/Aaa CBL17 USD 1,750,000,000 Soft Bullet 27-Jul-17 27-Jul-22 27-Jul-23 2.350% MS + 0.47% AAA/Aaa CBL18 AUD 700,000,000 Soft Bullet 7-Sep-17 7-Dec-20 7-Dec-21 BBSW +0.55% BBSW +0.55% AAA/Aaa CBL19 EUR 1,250,000,000 Soft Bullet 24-Jan-18 24-Jan-23 24-Jan-24 0.25% MS - 0.05% AAA/Aaa CBL20 CHF 150,000,000 Soft Bullet 30-Apr-18 30-Apr-25 30-Apr-26 0.10% MS -0.08% AAA/Aaa CBL20-2 CHF 100,000,000 Soft Bullet 10-Oct-18 30-Apr-25 30-Apr-26 0.10% MS - 0.04% AAA/Aaa CBL21 USD 1,750,000,000 Soft Bullet CIBC 27-Jun-18 27-Jun-21 27-Jun-22 3.15% MS + 0.30% AAA/Aaa CIBC Q1 2019 Fixed Income Investor Presentation#47Selected Foreign Currency Senior 46 46 Programme Currency Issued Issue Date Maturity Date Coupon Rate EMTN AUD 100,000,000 25-Jul-13 25-Jul-19 4.75% MJDS USD 1,000,000,000 6-Sep-16 6-Sep-19 1.60% MJDS USD 500,000,000 6-Sep-16 6-Sep-19 LIBOR + 0.52% MJDS USD 1,000,000,000 16-Jun-17 16-Jun-22 2.55% MJDS USD 500,000,000 16-Jun-17 16-Jun-22 LIBOR + 0.72% EMTN/Formosa USD 300,000,000 31-Jul-17 31-Jul-47 0.00% MJDS USD 1,250,000,000 5-Oct-17 5-Oct-20 2.10% MJDS USD 500,000,000 5-Oct-17 5-Oct-20 LIBOR + 0.31% MJDS USD 750,000,000 2-Feb-18 2-Feb-21 2.70% MJDS USD 600,000,000 2-Feb-18 2-Feb-21 LIBOR +0.315% EMTN¹ EUR 1,100,000,000 22-Mar-18 22-Mar-23 0.75% EMTN CHF 430,000,000 19-Jul-18 31-Jul-23 0.15% Issue Spread BBSW 0.93% T + 0.70% 0.52% T + 0.80% 0.72% 3ML + .45% T + 0.55% 0.31% T + 0.50% 0.315% 0.350% 0.2575% MJDS USD 1,000,000,000 13-Sep-18 13-Sep-23 3.50% T + 0.80% MJDS USD 500,000,000 13-Sep-18 13-Sep-23 LIBOR + 0.66% 0.66% EMTN CHF 100,000,000 30-Jan-19 30-Jan-25 0.60% MS + 0.70% AMTN AUD 675,000,000 11-Feb-19 24-Feb-20 3mBBSW + 0.55% 0.55% 1 Includes EUR 350,000,000 re-opening issued 29-Aug-18 CIBC Q1 2019 Fixed Income Investor Presentation CIBC