#1CIBC CIBC Fixed Income Investor Presentation Q2-2022 1#2Disclaimer The material that follows is a presentation (the "Presentation") of general background information about Canadian Imperial Bank of Commerce ("CIBC") and its covered bond programme (the "Programme") as of the date of this document. It is information in summary form and does not purport to be complete. This document, together with any document (other than the Prospectus) distributed alongside it (collectively, the "Presentation") is an advertisement and is not a prospectus for the purposes of EU Directive 2003/71/EC as amended, including by Directive 2010/73/EU to the extent such amendments have been implemented in a relevant member state and includes any relevant implementing measure in each relevant member state (the "Prospectus Directive") and/or Part VI of the Financial Services and Markets Act 2000, as amended (the "FSMA"). Investors should not subscribe for any securities referred to in the Presentation except on the basis of the information contained in the final form Prospectus or Information Memorandum, as applicable, and any applicable Final Terms for Covered Bonds. The information in the Presentation has not been audited and no representation or warranty, express or implied, is made concerning, and no reliance should be placed on, the accuracy, fairness, completeness, correctness, sufficiency, or usefulness of the information presented or opinions contained in the Presentation. The Presentation has been prepared solely for use at the presentation to investors to be held in May and June 2022. By attending the meeting where the Presentation is made or by reading the Presentation slides, you agree to be bound by the limitations set out herein. This document may not be reproduced, redistributed or passed on to any other person or published, in whole or in part, for any purpose, without the prior written consent of CIBC. The Presentation and the information contained in this document are strictly confidential and are being supplied to you solely for your information in considering the Programme and may not, directly or indirectly, be reproduced, forwarded to any other person or published, in whole or in part, disclosed by recipients to any other person or used for any other purpose, including in any way that would constitute "market abuse". This Presentation is being delivered only to (a) persons other than U.S. persons (as defined in Regulation S ("Regulation S") under the Securities Act of 1933, as amended ("Securities Act")) or (b) "qualified institutional buyers" as defined in Rule 144A of the Securities Act ("Rule 144A"). The Presentation does not constitute or form, nor should it be construed as constituting or forming, any part of any offer, or invitation to sell or issue or purchase or subscribe for any securities. Neither the Presentation nor anything contained herein or any part of it, or the fact of its distribution shall form the basis of, or be relied on in connection with any contract, or commitment whatsoever. "This presentation does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there by any sale of securities, in any jurisdiction in which any offer, solicitation or sale would be unlawful. If CIBC were to conduct an offering [in the United States] of securities [other than covered bonds] in the future, it would be made under CIBC's registration statement (including base prospectus) filed with the U.S. Securities and Exchange Commission (the "SEC") and only by means of a prospectus supplement and accompanying prospectus filed with the SEC. In the event that CIBC conducts an offering of securities in the future, you may obtain a copy of the prospectus supplement and accompanying prospectus for the offering by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, by calling CIBC collect at (416) 980-6657 or any underwriter or any dealer participating in the offering will arrange to send you the prospectus supplement and accompanying prospectus if you request it. " Under no circumstances shall the information presented in the Presentation constitute an offer, or invitation to sell or issue or purchase or subscribe for any securities nor shall there be any sale or offer of the securities in any jurisdiction in which such offer, solicitation, invitation, sale, issue, purchase or subscription would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Any such offer would be made only after a prospective participant had completed its own independent investigation of the securities issued pursuant to the Programme (the "Securities") and related transactions and collateral pool and received all information it required to make its own investment decision, including, where applicable, a review of any prospectus, prospectus supplement, offering circular or memorandum describing such security or instrument. That information would supersede the material in the Presentation and contain information not contained in the Presentation and to which prospective participants are referred. In addition, the information in the Presentation supersedes (to the extent applicable) all information previously delivered to you with respect to the Securities. We have no obligation to tell you when information in the Presentation is stale or may change, nor are we obligated to provide updated information on the Securities. CIBC◇ 2#3Disclaimer (continued) The Securities and the Covered Bond Guarantee (as described herein) have not been and will not be registered under the Securities Act and may not be offered or sold within the United States or to or for the account or benefit of U.S. persons (as defined in Regulation S) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Accordingly, the Securities will only be offered in (a) in offshore transactions to persons other than U.S. persons (as defined in Regulation S) in reliance upon Regulation S under the Securities Act, and (b) to persons who are "qualified institutional buyers" as defined in Rule 144A in reliance upon Rule 144A. The Securities will not be transferable except in accordance with the transfer restrictions set forth in the offering memorandum with respect to the Securities. Any offering of Securities to be made in or into the United States will be made by means of an offering memorandum that may be obtained from the dealers. Such offering memorandum will contain, or incorporate by reference, detailed information about CIBC and its business and financial results, as well as information about the Programme. A final form prospectus (the "Prospectus") and any applicable final terms for Covered Bonds, other than Exempt Covered Bonds, (as defined in the Prospectus) to be admitted to trading on a regulated market (as defined in the Prospectus Directive) have been prepared and made available to the public in accordance with the Prospectus Directive. The final form Prospectus is available on the website of the "Market data & news" section operated by the Luxembourg Stock Exchange at https://www.bourse.lu/programme/Programme-CIBC/14556 under the name of Canadian Imperial Bank of Commerce and the headline "Prospectus". Investors that are U.S. persons (as defined in Regulation S) must obtain the offering memorandum prepared for purposes of offering the Securities within the United States, and may not rely on the Prospectus. The Prospectus will not be used as the basis of any offering in Australia. Investors in, or in respect of any securities offered in, Australia will be provided with AND must obtain the information memorandum prepared for any offering of Securities within Australia and may not rely on the Prospectus. The Securities may not be suitable for all investors. This material has been prepared and issued by CIBC for distribution to market professionals and institutional investor clients only. Other recipients should seek independent investment advice prior to making any investment decision based on this material. By accepting this presentation you acknowledge and agree that you shall be solely responsible for the lawfulness of the acquisition of any Securities with regard to any law, regulation or policy applicable to you. You are also deemed to acknowledge and agree that (a) this presentation does not constitute legal, tax or accounting advice, (b) there may be legal, tax or accounting risks associated with the Securities, (c) you should receive (and rely on) separate and qualified legal, tax and accounting advice, and (d) you should appraise senior management in your organization as to such legal, tax and accounting advice and any risks associated with the Securities and this disclaimer as to these matters. The value of and income from investments may vary because of changes in interest rates, foreign exchange rates, default rates, prepayment rates, securities/instruments prices, market indexes, operational or financial conditions of companies or other factors. Past performance is not necessarily a guide to future performance. Estimates of future performance are based on assumptions that may not be realized. Actual events may differ from those assumed and changes to any assumptions may have a material impact on any projections or estimates. All values are in Canadian dollars ("CAD") unless otherwise noted. Despite anything herein to the contrary, by attending or receiving the Presentation, you represent and warrant that (if you are located in Australia) you are either: (1) a "Sophisticated Investor" within the meaning of section 708(8) of the Corporations Act 2001 (Cth) (the 'Corporations Act'); (2) a "Professional Investor" within the meaning of section 708(11) of the Corporations Act; or (3) a person in respect of whom disclosure is not required under Parts 6D.2 or 7.9 of the Corporations Act. CIBC is registered as a foreign company in Australia and is a foreign authorised deposit-taking institution under the Banking Act 1959 of the Commonwealth of Australia (the "Australian Banking Act"). The Securities are not the obligation of any government and, in particular, are not guaranteed by the Commonwealth of Australia or the government of Canada nor do they benefit from the depositor protection provisions of Division 2 of Part II of the Australian Banking Act. However, under section 11F of the Australian Banking Act, if CIBC (whether in or outside Australia) suspends payment or becomes unable to meet its obligations, the assets of CIBC in Australia are to be available to meet its liabilities in Australia (including if those liabilities are in respect of the Securities) in priority to all other liabilities of CIBC. Further, under section 86 of the Reserve Bank Act 1959 of Australia, debts due by the bank to the Reserve Bank of Australia shall in a winding-up of the Bank have priority over all other debts of the bank. Securities issued by the bank under the programme do not evidence nor constitute deposits that are insured under the Canada Deposit Insurance Corporation Act. CIBC◇ 3#4Disclaimer (continued) The Guarantor is not a bank nor an authorised deposit taking institution authorised to carry on banking business under the Australian Banking Act and it is not supervised by the Australian Prudential Regulation Authority. The Guarantor is not registered as a foreign company or otherwise registered, authorised or qualified to carry on financial services or other business in Australia. The Presentation is for information purposes only and is not a prospectus or product disclosure statement under Australian law, financial product or investment advice or a recommendation to acquire securities in CIBC. No prospectus or other disclosure document (within the meaning of the Corporations Act) has been, and it is not intended that any such prospectus or other disclosure document will be, lodged with the Australian Securities and Investments Commission. Any information or offering memorandum prepared for any offering of Securities in Australia will not be, and will not purport to be, a document containing disclosure to investors for the purposes of Part 6D.2 or Part 7.9 of the Corporations Act. It is not intended that the Presentation or any such document will be used in connection with any offer for which such disclosure is required and neither this presentation nor any such document will contain all the information that would be required by those provisions if they applied. Neither the Presentation nor any such document is to be provided to any 'retail client' as defined in section 761G of the Corporations Act and does not and will not take into account the individual objectives, financial situation or needs of any prospective investor. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek legal, accounting, and taxation advice appropriate to their jurisdiction. Neither CIBC nor the Guarantor is licensed in Australia to provide financial product advice in respect of its financial products. Cooling off rights do not apply to the acquisition of the Securities. The offer and sale of the Securities within Australia will be subject to certain restrictions that will be set out in the applicable information or offering memorandum. The Presentation is addressed to, directed at and is only being distributed to: in the United Kingdom, persons who are "qualified investors": (i) within the meaning of Article 2(1)(e) of Directive 2003/71/EC (as amended, the Prospective Directive) and any relevant implementing measure in each Member State of the European Economic Area ("Qualified Investors") and Section 86(7) of the Financial Services and Markets Act 2000 ("FSMA"); (ii) (A) persons who have professional experience in matters relating to investments or (B) high net worth entities falling within Article 49(2)(a) to (d) of the FSMA (Financial Promotion) Order 2005 (as amended, the "Order"); (iii) or certified high net worth individuals within Article 48 of the FSMA (Financial Promotion) Order 2005; or (iv) persons to whom it may otherwise lawfully be communicated (collectively, "relevant persons"); and in Member States of the European Economic Area which have implemented the Prospectus Directive (other than the United Kingdom), persons who are Qualified Investors. Any investment or investment activity to which the Presentation relates is available in the United Kingdom only to relevant persons and will be engaged in, in the United Kingdom, only with relevant persons. Any person who is not a relevant person should not act or rely on the Presentation. Other persons in those jurisdictions not falling within subparagraphs (a) or (b) above should not read, rely upon or act upon the contents of the Presentation. By attending the presentation to which the Presentation relates or by accepting receipt of the Presentation, the recipient will be taken to have represented, warranted and undertaken that: It is a person who is permitted to attend or receive the presentation in accordance with the limitations set out in (a) and (b) above in this notice; It has read and agrees to comply with the contents of this notice; It will keep the information in this document and the Presentation and all information about the Programme confidential until such information has been made publicly available by CIBC and take all reasonable steps to preserve such confidentiality; and It will not at any time have any discussion, correspondence or contact concerning the information in this document and the Presentation with any of the directors or employees of CIBC or its subsidiaries nor with any of their suppliers or customers, or any government or regulatory body without the prior written consent of CIBC. The offer or sale of securities or transactions may be restricted by law. Potential investors are required to inform themselves of, and to observe any legal restrictions on their involvement in any transaction. There shall be no offer or sale of the Securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification under securities laws of such state or jurisdiction. This document is an advertisement and is not an issue prospectus nor a listing prospectus for the purposes of the Swiss code of obligations and the regulation of the SIX Swiss Exchange. A final form Prospectus and any applicable Final Terms for Covered Bonds denominated in CHF to be admitted for trading and listing on the SIX Swiss Exchange have been prepared and made available to the public in accordance with the regulation of the SIX Swiss Exchange. CIBC◇ 4#5Forward-Looking Statements A NOTE ABOUT FORWARD-LOOKING STATEMENTS: From time to time, we make written or oral forward-looking statements within the meaning of certain securities laws, including in this Investor Presentation, in other filings with Canadian securities regulators or the SEC and in other communications. All such statements are made pursuant to the "safe harbour” provisions of, and are intended to be forward-looking statements under applicable Canadian and U.S. securities legislation, including the U.S. Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements made in the "Financial performance overview - Economic outlook", "Financial performance overview - Significant events", "Financial performance overview - Financial results review", "Financial performance overview - Review of quarterly financial information", "Financial condition - Capital management", "Management of risk - Risk overview", "Management of risk - Top and emerging risks", "Management of risk - Credit risk", "Management of risk - Market risk", "Management of risk - Liquidity risk", "Accounting and control matters - Critical accounting policies and estimates", "Accounting and control matters - Accounting developments", and "Accounting and control matters - Other regulatory developments" sections of this report and other statements about our operations, business lines, financial condition, risk management, priorities, targets and commitments (including with respect to net-zero emissions), ongoing objectives, strategies, the regulatory environment in which we operate and outlook for calendar year 2022 and subsequent periods. Forward-looking statements are typically identified by the words "believe", "expect", "anticipate", "intend", "estimate", "forecast", "target", "objective" and other similar expressions or future or conditional verbs such as "will", "should", "would" and "could". By their nature, these statements require us to make assumptions, including the economic assumptions set out in the "Financial performance overview - Economic outlook" section of this report, and are subject to inherent risks and uncertainties that may be general or specific. Given the continuing impact of the coronavirus (COVID-19) pandemic and the war in Ukraine on the global economy, financial markets, and our business, results of operations, reputation and financial condition, there is inherently more uncertainty associated with our assumptions as compared to prior periods. A variety of factors, many of which are beyond our control, affect our operations, performance and results, and could cause actual results to differ materially from the expectations expressed in any of our forward-looking statements. These factors include: the occurrence, continuance or intensification of public health emergencies, such as the COVID-19 pandemic, and any related government policies and actions; credit, market, liquidity, strategic, insurance, operational, reputation, conduct and legal, regulatory and environmental risk; currency value and interest rate fluctuations, including as a result of market and oil price volatility; the effectiveness and adequacy of our risk management and valuation models and processes; legislative or regulatory developments in the jurisdictions where we operate, including the Organisation for Economic Co-operation and Development Common Reporting Standard, and regulatory reforms in the United Kingdom and Europe, the Basel Committee on Banking Supervision's global standards for capital and liquidity reform, and those relating to bank recapitalization legislation and the payments system in Canada; amendments to, and interpretations of, risk-based capital guidelines and reporting instructions, and interest rate and liquidity regulatory guidance; the resolution of legal and regulatory proceedings and related matters; the effect of changes to accounting standards, rules and interpretations; changes in our estimates of reserves and allowances; changes in tax laws; changes to our credit ratings; political conditions and developments, including changes relating to economic or trade matters; the possible effect on our business of international conflicts, such as the war in Ukraine, and terrorism; natural disasters, disruptions to public infrastructure and other catastrophic events; reliance on third parties to provide components of our business infrastructure; potential disruptions to our information technology systems and services; increasing cyber security risks which may include theft or disclosure of assets, unauthorized access to sensitive information, or operational disruption; social media risk; losses incurred as a result of internal or external fraud; anti-money laundering; the accuracy and completeness of information provided to us concerning clients and counterparties; the failure of third parties to comply with their obligations to us and our affiliates or associates; intensifying competition from established competitors and new entrants in the financial services industry including through internet and mobile banking; technological change; global capital market activity; changes in monetary and economic policy; general business and economic conditions worldwide, as well as in Canada, the U.S. and other countries where we have operations, including increasing Canadian household debt levels and global credit risks; climate change and other environmental and social risks; inflationary pressures; global supply-chain disruptions; 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 Investor Presentation or in other communications except as required by law. CIBC◇ 5#6Table of Contents 1 Debt Programmes Summary 2 S&P Global Ratings Update 3 Canadian Economy & Consumer Profile 7 80 9 34 34 4 Canadian Imperial Bank of Commerce ("CIBC") Overview 14 5 Canadian Mortgage Market 30 30 60 Legislative Covered Bond Programme, Collateral Pool 7 Contacts 8 Appendix 39 41 6#7Debt Programmes Summary CIBC Canada CIBC Secured Senior Outperformed most G7 economies as measured by long term GDP growth rate during 2000-20201 Strong diversified stable economy Aaa/AAA/AA+/AAA (Moody's/S&P/Fitch/DBRS) The World Economic Forum ranked Canada's soundness of banks first in the world from 2008 to 2016, second in the world in 2017 to 2018 and sixth in the world in 2019 to 2020² Well capitalized top 5 Canadian Bank with CET1, Tier 1 and total capital ratios of 11.7%, 13.2% and 15.3% respectively, as of April 30, 20223 • • Deposit/Counterparty/Legacy Senior Aa2/A+/AA/AA (Moody's/S&P/Fitch/DBRS) Senior5 A2/A-/AA-/AA (low) (Moody's/S&P/Fitch/DBRS) CAD 60 billion Legislative Covered Bond Programme (Luxembourg) • AAA-rated (or equivalent) from minimum two rating agencies Collateral consisting of Canadian residential mortgage loans with original LTV capped at 80% CAD 8 billion Credit Card ABS Programme (CARDS II Trust) • Issuance in CAD and USD (Reg S/144A) AAA(sf)-rated (or equivalent) from at least two rating agencies (Senior Notes) International Debt Programmes • . USD 20 billion Euro Medium Term Note (EMTN) Programme (Luxembourg) USD 10 billion (SEC) Base Shelf (New York) • USD 7.5 billion Structured Note Programme USD 2 billion Medium Term Note (MTN) Programme • AUD 5 billion Medium Term Note Programme Domestic Debt Programmes 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, October 2021 2. Source: World Economic Forum, The Global Competitiveness Report 2020 3. CIBC capital requirements are determined in accordance with guidelines issued by the Office of the Superintendent of Financial Institutions (OSFI), which are based upon the risk-based capital standards developed by the Basel Committee on Banking Supervision (BCBS). OSFI requires all institutions to achieve target capital ratios that meet or exceed the 2021 all-in minimum ratios plus a conservation buffer. Please see CIBC Q2, 2022 supplementary financial information for additional details. 4. DBRS LT Issuer Rating; Moody's LT Deposit and Counterparty Risk Assessment Rating; S&P's Issuer Credit Rating; Fitch LT Issuer Default and Derivative Counterparty Rating. Includes: (a) Senior debt issued prior to September 23, 2018; and (b) Senior debt issued on or after September 23, 2018 which is excluded from the bank recapitalization "bail-in" regime. 5. Subject to conversion under the bank recapitalization “bail-in" regime 7#8S&P Global Ratings Upgrade On Feb. 22, 2022, S&P Global Ratings affirmed its 'A+/A-1' long- and short-term issuer credit ratings on Canadian Imperial Bank of Commerce (CIBC). At the same time, S&P Global Ratings raised its ratings on CIBC's bail-inable senior debt, and its non-viability contingent capital (NVCC) subordinated and hybrid capital instruments, and legacy non-NVCC subordinated debt by one notch to A-, BBB+ and BBB- respectively, reflecting improvements in the bank's stand-alone creditworthiness. The decision rationale is as follows: Strong Risk Management Strong risk culture and capability Lower HELOC exposures vs peers Lower unsecured consumer lending vs peers Improved loan geographical diversification Conservative Residential Mortgage Portfolio Low uninsured mortgage portfolio LTV of 48% (Q1 2022) Very low loan losses of 1 bp on overall mortgage portfolio Strong Asset Quality Moderately lower net charge-offs and gross nonperforming assets vs peers Strong coverage ratio: reserves to NPA of 150% Diversified Commercial Real Estate Portfolio Highly diversified commercial and industrial loan portfolio, with limited individual name exposures Vast majority is secured and largely investment-grade Capital Markets Contributions Focus on more stable fee-generating segments from Direct Financial Services (DFS) mitigates risk High proportion of capital markets business derived from underwriting and advisory fees Expansion of Wealth Management Supports stable operating performance and steady fee income growth Organic growth focus for US wealth management CIBC 8#9Canadian Economy & Consumer Profile CIBC CIBCO ONCO#10Canada GDP broken down by province/territory continues to demonstrate that Canada's economy is well diversified Canada's GDP by Province / Territory 1 (%) YT 0.2% NT NU 0.2% 0.2% NL 1.6% Population² Canada: Key Facts GDP (market prices)³ GDP per capita³ Labour Force4 Provinces/Territories Legal System 2021 Transparency International CPI 2020 Forbes annual Best Countries Survey 38.5 MM CAD 2,598 BN CAD 67,587 20.7 MM 10/3 Based on English common law, excluding Quebec which is based on civil law 13th Ranked No. 6 BC 13.3% AB 16.4% SK MB 3.9% 3.1% ON QC 19.2% 38.0% CIBC◇ 1 Percentages may not add up to 100% due to rounding PE 0.3% NB NS 1.6% 2.0% Economist Intelligence Unit (2021-2025) Best business environment: ranked 1st among G7; 2nd - globally5 Canada Sovereign Credit Ratings (M/S&P/F/DBRS) • Moody's Aaa S&P AAA Fitch AA+ • DBRS AAA 1 Statistics Canada annual data (2021) 2 Statistics Canada (Q1 2022) 3 Statistics Canada (Q4 2021, annualized) 4 Seasonally adjusted. Statistics Canada (April 2022) 5 Economist Intelligence Unit (2021-2025) 10#11Canadian Economy Selected Indicators Unemployment Rate (%) 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 ---Canada (official rate) -US -Canada (comparable) 1 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Source: Statistics Canada; U.S. Bureau of Labor Statistics, April 2022 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 most other major economies since the financial crisis of 2008 Canadian savings rate consistently positive over the past decade 20 20 125 15 Canada 120 France 10 115 -Germany -Italy (%) 110 5 ―Japan 105 -United Kingdom 0 100 United States 2006 2007 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 95 -5 90 Australia -10 -Germany 85 80 Source: IMF, World Economic Outlook Database, October 2021 CIBC Household Net Savings Ratio 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 -Canada -Norway Denmark -Finland Sweden -United States Source: OECD, 2021 or latest available 1. Certain groups of people in Canada are counted as unemployed, but are deemed as not participating in the labour force in the U.S. - e.g. job seekers who only looked at job ads, or individuals not able to work due to family responsibilities. 2020 2021 11#12Canada 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 (February 2022)1 Accommodation and food services, 2% Arts, entertainment and recreation, 1% Health care and social. assistance, 7% Educational services, 5%. Public administration, 7%. Administrative and support, waste management and remediation services, 2%. Professional, scientific and. technical services, 7% Real Estate, 13%. Other services (except public administration), 2% Agriculture, forestry, fishing and hunting, 2% Mining, quarrying, and oil and gas extraction, 8% Manufacturing, 9% Construction, 8% Utilities, 2% Transportation and warehousing, 4% Information and cultural industries, 4% Wholesale trade, 5% Retail trade, 5% Finance and Insurance, 8% Starch and Vegetable Fat and Oil Manufacturing, 1% Exports: Top 25 Industries (2021)1 Commercial and Service Industry Machinery Manufacturing, 1%. Other Plastic Product Manufacturing, 1%. Navigational, Measuring, Iron and Steel Mills and Ferro-Alloy Manufacturing, Seafood Product Preparation and Packaging, 1% Paper Mills, 1% Medical and Control Iron Ore Mining, 1%. Instruments Manufacturing, 1% Coal Mining, 1% Wheat Farming, 1%. Pulp Mills, 2% Engine, Turbine and Power Transmission Equipment Manufacturing, 2% Resin and Synthetic Rubber Manufacturing, 2% Animal Slaughtering and Processing, 2% Sawmills and Wood Preservation, 2% Other Non-Metallic Mineral. Mining and Quarrying, 2% Alumina and Aluminum Production and Processing, 2% Non-Ferrous Metal (except. Aluminum) Smelting and Refining, 2% Pharmaceutical and Medicine Manufacturing, 2% Gold and Silver Ore Mining,- 3% 1% Oilseed (except Soybean) Farming, 1% Others, 38% Petroleum Refineries, 3% Aerospace Product and Parts Manufacturing, 3% Oil and Gas Extraction, 19% Automobile and Light-Duty Motor Vehicle Manufacturing, 5% CIBC◇ Source: Statistics Canada 1. Percentages may not add up to 100% due to rounding. 12#13Canada's Economic Outlook Post COVID • . Real GDP increased to 1.1% in February 2022 which marks the 9th straight month that economic output has done so and 4th straight month above pre-pandemic levels Residential construction has increased 16% above pre-pandemic levels Unemployment rate of core-aged workers (people aged 25-54) was 4.3% which is the lowest on record unemployment is forecasted to fall - further into the later half of 2022 and 2023 Work from home figures have decreased over 5% since January 2022 signalling a gradual return to the office (%) 110 Real GDP Trend 105 100 95 90 85 T T 2019 2020 2021 -Pre-crisis output path 2022 2023 Current output path 14 12 10 00 8 6 + 2 Unemployment Rate Expected to Fall 0 2019 2020 2021 2022 2023 % of labour force CIBC◇ Source: Statistics Canada, Canadian Economic Dashboard and COVID-19 Monthly update - May 2022, OECD Economic Outlook Volume 2021 Issue 2 Forecast Forecast 13#14CIBC Overview CIBC CIBCO ONCO#15A Leading Canadian Financial Institution $64B 11MM 48K 11.7% REPORTED 5.9% ADJUSTED 8.8% MARKET-CAP1 CLIENTS1 EMPLOYEES CET1 RATIO1 PPPT EARNINGS 5-YR CAGR OUR GOAL Deliver superior client experience and top-tier shareholder returns while maintaining our financial strength OUR PURPOSE To help make our clients' ambitions a reality CIBC TOP SCORING MOBILE BANKING APP 7 OF THE PAST 8 YEARS³ OUR STRATEGIC PRIORITIES ✓ Elevating the client experience in an increasingly digital world Focusing on high-growth, high-touch client segments Investing in future differentiators within faster growing markets Note: All amounts are in Canadian dollars unless otherwise indicated. 1 As of 4/30/2022. 2 Rolling 5-year compound annual growth rate on Pre-Provision Pre-Tax Earnings (PPPT) as of Q2/22. 3 Forrester Digital Experience Review: Canadian Mobile Banking Apps for 2021. 15#16Diversified Businesses with Leading Canadian and Growing U.S. Platform 48% Net Income by Strategic Business Unit¹ 30% 37% F16 $4.3B 26% Q2/22 LTM $6.5B 14% U.S. Region 22% 23% CIBC 1 Does not include Corporate & Other 2% U.S. Region 2%2 28% ■ Personal & Business Banking U.S. Commercial & Wealth Cdn. Commercial & Wealth ■Capital Markets 2 Net income for the U.S. Commercial Banking and Wealth Management segment and Capital Markets U.S. region results as a percentage of net income for the entire Bank 16#17Our Strategic Business Units • 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. Includes Direct Financial Services to deliver digitally enabled capabilities. Delivering best-in-class insight, advice and execution Personal Banking • Affluent Business Banking ⚫ Entrepreneurs CIBC◇ DIVERSE CLIENTELE · Affluent High-Net- Worth ⚫ Entrepreneurs ⚫ Middle-Market Companies • Entrepreneurs Governments High-Net-Worth . • Entrepreneurs • Middle- Market Companies • Corporates ⚫ Governments . • Personal Banking ⚫ Affluent ⚫ Business • Banking ⚫ Entrepreneurs Middle- Market Companies Corporate ⚫ Government • Institutional 571 465 67 490 17#18Sustainable 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 18681 Flat dividends from Q2-2020 to Q4-2021 due to temporary OSFI policy² 8.00% Quarterly Dividend (RHS) 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 Yield (LHS) Q2 2005 Q1 2006 Q4 2006] Q3 2007 Q2 2008 Q1 2009 Q4 2009. Q3 2010] Q2 2011 Q1 2012] Q4 2012] Q3 2013 Q2 2014 Q1 2015] Q4 2015] Q3 2016] Source: CIBC Q2 2017 Q1 2018 Q4 2018 Q3 2019] Q2 2020 Q1 2021 Q4 2021 Q3 2022 $2.00 $1.90 $1.80 $1.70 $1.60 $1.50 $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 Note: Dividend of CAD 0.81 per share for the quarter ending July 31, 2022 payable on July 28, 2022 to shareholders of record at the close of business on June 28, 2022 1. On April 7, 2022, CIBC shareholders approved a two-for-one share split (Share Split) of CIBC's issued and outstanding common shares. Each shareholder of record at the close of business on May 6, 2022 (Record Date) received one additional share on May 13, 2022 (Payment Date) for every one share held on the Record Date. 2. On March 13, 2020, OSFI prohibited dividend increases and cancelled future share buybacks. On November 4, 2021, OSFI announced, with immediate effect, the lifting of the temporary restrictions on regular dividend increases and common share repurchases. $- 18#19High-Quality, Client-Driven Balance Sheet (Based on Q2-2022 Results) Assets Liabilities & Equity $894B Cash & Repos 33% 123% Coverage Unsecured Funding 27% Wholesale Funding Liquid Assets Trading & Investment (Liquid Assets/ Wholesale Funding) Secured Funding³ Securities Residential Mortgages1 55% Loan Portfolio Other Retail Loans 115% Coverage (Deposits + Capital / Loans) Corporate Loans 11% Other Assets² Mainly Derivatives Personal Deposits Business & Gov't 63% Capital + Client-related Funding Deposits Securitization & Covered Bonds Capital Other Liabilities² 10% Mainly Derivatives CIBC 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. 19#20Underpinned by a commitment to balance sheet strength Basel III CET1 Ratio (%) Basel III Total Capital Ratio (%) 11.4 11.6 12.1 12.4 11.7 14.9 15.0 16.1 16.2 15.3 2018 2019 2020 2021 Q2/22 2018 2019 2020 2021 Q2/22 Basel III Leverage Ratio (%) 4.3 4.3 2018 CIBC◇ 2019 4.7 2020 Liquidity Coverage Ratio (%)¹ 134 4.7 124 4.2 2021 Q2/22 Q2/18 Q2/19 131 Q2/20 134 125 Q2/21 Q2/22 1 For the quarter ended January 31, 2022, our three-month daily average LCR was 125% compared to 134% for the same period last year. The decrease was driven by improving economic conditions and the return of our LCR to pre-pandemic levels. 20 20#21We continue to deploy Balance Sheet resources towards organic growth CET1 ratio of 11.7%, down 52 bps, reflecting: • $B Average Loans and Acceptances Q2/21 425.0 Q1/22 Q2/22 474.5 492.6 . Average Deposits 586.6 652.9 664.2 CET1 capital 31.9 34.8 35.1 CET1 ratio 12.4% 12.2% 11.7% Risk-weighted assets (RWA)1 258.0 284.2 299.5 Leverage ratio¹ 4.7% 4.3% 4.2% • Liquidity coverage ratio (average) 134% 123% 125% HQLA (average)1 179.0 174.7 173.3 Net Stable Funding Ratio¹ 118% 116% 117% Capital generation from earnings net of dividends Increase in RWAs from strong organic growth across all businesses Capital deployed against Costco card portfolio Impact of market volatility in the quarter CET1 Ratio 12.2% RWA ($B) 29 bps (41) bps (20) bps (20) bps 11.7% 284.2 1.9 11.5 1.9 299.5 Q1/22 Earnings net of Dividends RWA Movements (excl. FX) Costco Market Factors and Other Q2/22 Q1/22 Credit Risk (excl. FX) CCR, Market Risk FX and Other Q2/22 CIBC 1 RWA and our capital ratios are calculated pursuant to OSFI's CAR Guideline, the leverage ratio is calculated pursuant to OSFI's Leverage Requirements Guideline, HQLA and NSFR are calculated pursuant to OSFI's LAR Guideline, all of which are based on BCBS standards. For additional information, see the "Capital management" and "Liquidity risk" sections in the Q2/22 Management's discussion and analysis, available on SEDAR at www.sedar.com. 21#22Credit Review Provision For Credit Losses (PCL) 1.00% 1500 ($MM) Items IPCL Loan loss ratio 1300 Q2/21 Q1/22 Q2/22 Reported Reported Reported of Note¹ Q2/22 Adjusted² 1100 0.75% Cdn. Personal & Business 65 98 273 94 179 900 Banking 700 Impaired 206 99 141 141 0.50% 500 Performing (141) (1) 132 == 94 38 300 Cdn. Commercial Banking & (18) (4) (4) (4) Wealth 0.25% 100 Q2/13 04/13 Q2/14 Q4/14 Q2/15 Q4/15 02/16 Q4/16 Q2/17 Q4/17 Q2/18 Q4/18 Q2/19 Q4/19 Q2/20 Q4/20 02/21 Q4/21 Q2/22 -100 Impaired (8) (1) Performing (10) (3) (4) 0.00% -300 U.S. Commercial Banking & (12) 28 55 I (4) 55 Wealth Fiscal Quarter Impaired 23 30 34 90+ Days Delinquency Rates³ Q2/21 Q1/22 Q2/22 Performing (35) (2) 21 I Capital Markets (11) (38) (14) Canadian Residential Mortgages 0.25% 0.17% 0.14% Impaired 8 (13) 2 34 21 (14) 2 Uninsured 0.23% 0.13% 0.10% Performing (19) (25) (16) (16) Corporate & Other 8 (9) (7) (7) Insured 0.35% 0.31% 0.28% Impaired 17 11 19 19 Canadian Credit Cards 0.69% 0.68% 0.62% Performing (9) (20) (26) (26) Total PCL 32 75 303 94 209 Personal Lending 0.32% 0.27% 0.30% Impaired 246 126 196 196 Total 0.29% 0.20% 0.19% Performing (214) (51) 107 94 13 1. For Canadian Costco credit card acquisition. Items of note are removed from reported results to calculate adjusted results. 2. Adjusted results are non-GAAP financial measures. 3. 90+ days delinquencies as a % of the gross carrying amount of loans. 222 22#23Prudent risk management CIBC 31 34 Allowance for Credit Losses/Gross Loans 1,2 0.51% 0.45% 2018 2019 25 0.89% 2020 Loan Loss Ratio 2,3,4 (bps) 29 25 25 26 29 23 0.64% 0.58% 2021 Q2/22 61 33 26 25 16 16 4 2016 2017 2018 2019 Impaired Total Reported Total Ratio 2020 2021 COVID-19 Pandemic Q2/22 17 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 Results were affected by COVID-19 pandemic economic impacts. 3 Fiscal years 2016 and 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 loans to average loans and acceptances, net of allowance for credit losses. 23#24Reported Q2/21 Q1/22 Canadian Credit Cards 5.8% 5.7% Allowance for credit losses down YoY and QoQ Allowance coverages were down YoY and QoQ Lower allowance coverage in Q2/22 largely driven by portfolio growth Current allowance coverage remains higher than the pre pandemic level Q2/22 4.9% • Canadian Residential Mortgages 0.07% 0.05% 0.06% Canadian Personal Lending 1.6% 1.8% 1.8% Canadian Small Business 2.5% 1.8% 2.2% Canadian Commercial Banking 0.8% 0.5% 0.4% U.S. Commercial Banking 1.2% 0.9% 0.8% Capital Markets¹ 1.0% 0.4% 0.2% CIBC FirstCaribbean (FCIB) 5.0% 4.8% 4.4% Total 0.77% 0.61% 0.58% Total Allowance Coverage Ratio² Performing and Impaired Allowance Coverage Ratios 42% 39% 0.77% 38% 0.61% 0.58% 3,338 2,958 0.56% 0.45% 0.45% 2,955 Q2/22 Allowance Coverage Ratio Q2/21 Impaired ACL to GIL² Q1/22 Q2/22 Performing ACL to Performing Loans² 1 Capital Markets excludes allowance for credit losses related to Simplii Financial which is included in the respective Canadian retail products. 2 Allowance for credit losses on performing loans as a % of the gross carrying amount of performing loans. The gross carrying amount of performing loans include certain loans that are measured at FVTPL. Gross impaired loans as a % of the gross carrying amount of loans. The gross carrying amount of loans include certain loans that are measured at FVTPL. Net write-offs as a % of average loan balances. Q2/21 Q1/22 Allowance for Credit Losses ($MM) CIBC 24 24#25Lending portfolio is well positioned Overall Loan Mix (Outstanding) Consumer 63% Real Estate Secured Lending 56% $502B Other Cards 3% Personal Lending 3% Auto Lending 1% Commercial • Nearly two-thirds of our portfolio is consumer lending composed mainly of mortgages, with uninsured having an average loan-to-value of 46% The balance of our portfolio is in business and government lending with an average risk rating equivalent¹ to a BBB, with minimal exposure to the leisure and entertainment sectors Canadian Uninsured Mortgage Loan-To-Value Ratios Real Estate 10% Retailers 1% 54% Oil & Gas 1% 53% Leisure & 51% 51% Entertainment 1% 49% 49% 46% 46% 47% 44% 45% 43% Business & Government 24% Business & Government 37% CIBC Incorporates security pledged; equivalent to S&P/Moody's rating of BBB/Baa2. Q2/19 Q2/20 Q2/21 Q2/22 Canada ⚫GVA -GTA 25#26Diversification is Key to a Stable Wholesale Funding Profile CIBC◇ Wholesale Funding Diversification Geography Instrument Investor Term • Well diversified across products, currencies, investor segments and geographic regions 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 26#27CIBC Funding Strategy and Sources Funding Strategy CIBC • CIBC's funding strategy includes access to funding through retail deposits and wholesale funding and deposits . CIBC updates its three-year funding plan on at least a quarterly basis The wholesale funding strategy is to develop and maintain a sustainable funding base through which CIBC can access funding across many different depositors and investors, geographies, maturities, and funding instruments Wholesale Funding Sources Wholesale Market (CAD Eq. 195.1BN), Maturity Profile 80 Wholesale deposits Canada, U.S. Credit card securitization Canada, U.S. ■Secured ■ Unsecured 70 Mortgage securitization 孟 40 Global MTN programs programs 6222 20 60 50 37 30 20 10 13 33 23 20 31 21 Covered Bond program Structured Notes 6 5 4 Less than 1m 1m-3m 3m-6m 6m-12m 1y-2y Over 2y Source: CIBC Q2/22 Report to Shareholders 27#28Wholesale Funding Geography Wholesale Funding By Currency¹ CAD 49.5 BN Canada Mortgage Bonds Credit Cards Securitization Medium Term Notes ☐ Canadian Dollar Deposits CIBC USD 79.6 BN Covered Bond Program Credit Cards Securitization Medium Term Notes ■ US Dollar Deposits Credit Cards Securitization 4% Mortgage Securitization 33% Covered Bonds 63% EUR 13.8 BN, CHF 3.0 BN, GBP 8.0 BN, NOK: 0.15 BN Covered Bonds Medium Term Notes Certificates of Deposit Wholesale Funding By Product1,3 JPY 55.0 BN Medium Term Notes HKD 11.2 BN Medium Term Notes Certificates of Deposit " AUD 9.3 BN Covered Bonds Medium Term Notes Certificates of Deposit Secured 25% Unsecured² 75% Term Deposits 1% Medium Term Notes 44% Sub-debt 4% Bankers Acceptances 5% CD and CP 47% 1 Source: CIBC Q2/22 Report to Shareholders. 2 "Unsecured" includes Obligation related to securities sold short, Cash collateral on securities lent and Obligations related to securities under repurchase agreements. 3 Percentages may not add up to 100% due to rounding. 28#29CIBC Funding Composition Funding Sources - April 20224 Others (Includes derivatives) 10% Securitization & Covered Bonds 5% Capital² 6% Securities sold short or repurchase agreements 10% Unsecured funding1 17% Funding Sources BN Personal deposits 225.2 Business and government deposits 237.7 Unsecured funding¹ 153.8 Securities sold short or repurchase agreements 88.9 Personal deposits 25% Others (Includes derivatives) 85.5 Capital² 54.2 Securitization & Covered Bonds 48.8 Total 894.1 Wholesale market, currency³ BN USD 104.2 CAD 50.6 Business and government deposits 27% Other Total 40.3 195.1 CIBC 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 Q2/22 Report to Shareholders 4 Percentages may not add up to 100% due to rounding. Source: CIBC Q2/22 Report to Shareholders. 29#30Canadian Mortgage Market CIBC◇ Note: All amounts are in Canadian dollars unless otherwise indicated. CIBCO ONCO#31Mortgage Market Performance and Urbanization Rates A greater rate of urbanisation is a strong contributor to increases in property values CIBC◇ 1995 1996 Canada has one of the highest urbanisation rates in the G7 . Over 45% of the Canadian population lives in one of the four largest cities 1997 Source: UK Finance, CBA, MBA. *Mortgage arrears of 3+ months in Canada and UK or in foreclosure process in the US 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 2011 2012 Mortgage Arrears by Number of Mortgages 2013 2014 2015 2016 2017 2018 2019 2020 2021 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 0.16% in February 20221 Source: Canadian Banker's Association Population in Top Four Cities % of Population 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Canada U.K. U.S. Germany France Source: 2014 Census for France, 2021 Census for Canada, 2011 Census for UK, Germany; 2020 Census for US 31#32Canadian House Prices • Absolute price level is moderate compared to major global urban centers Average Home Price • Growth rates of house prices in Canada have diverged across regions Region CAD1 USD Eq.² YoY % Increase³ • Canadian housing could be less vulnerable to interest rate increases when compared to other jurisdictions House of scorecards Housing-risk indicators, selected countries Canada 746K 591K 19% Toronto 1354K 1072K 22% Vancouver 1375K 1088K 17% House-price increase, Share of homeowners with Variable-rate mortgages as a share (Ranking out of 20") Q4 2019-Q4 2021, % a mortgage, 2019+, % of total, 2018+, % Total outstanding residential loans to disposable income of households, 2019+, % Calgary 512K 405K 8% Sweden (1) 28 43 69 177 Montreal 573K 454K 16% Netherlands (=2) 30 49 16 182 New Zealand (=2) 46 67 18 142 Ottawa 754K 597K 18% Norway (4) 16 50 94 169 Australia (=5) 28 32 81 150 Luxembourg (=5) 31 34 47 147 Canada (7) 26 39 28 137 Housing Index Year over Year Change, by City4 Denmark (=8) 17 38 16 170 35% -Canada Toronto -Vancouver -Calgary -Montreal Ottawa United States (=8) 31 40 15 70% 30% Finland (10) 9 31 96 73 25% Poland (11) 22 11 100 33 Ireland (12) 20% 17 26 39 70 Britain (13) 18 31 7 101 15% Germany (=14) 22 18 12 71 10% Lithuania (=14) 15 9 97 28 5% Hungary (=16) 24 12 16 17 0% Spain (=16) 2 24 36 64 France (18) 14 24 2 71 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 Dec-21 Dec-22 -5% Romania (19) Italy (20) 10 75 13 -10% 6 10 33 32 -15% CIBC Source: The Economist 1 Source: CREA, April 2022 21 USD = 1.2628 CAD 3 Source: Teranet - National Bank House Price Index 4 Source: Bloomberg, Teranet - National Bank House Price Index 32#33CIBC's Mortgage Portfolio CIBC Canadian Residential Mortgages: CAD 254.0 BN CAD 140 BN Condo Exposure: CAD 43.7 BN Condo Mortgages Condo Developers 83% CAD 51 BN Insured Uninsured CAD 37.1 BN CAD 6.6 BN Uninsured 78% Undrawn 80% CAD 27 BN 84% CAD 20 BN CAD 16 BN 53% 17% 16% 47% 73% 27% 59% 41% Ontario BC & Territories Alberta Quebec Other Insured Drawn 22% 20% • 22% of CIBC's Canadian residential mortgage portfolio is insured, with 63% of insurance being provided by CMHC • The average loan to value¹ of the uninsured portfolio is 46% The condo developer exposure is diversified across 109 projects CIBC 1. Condos account for approximately 15% of the total mortgage portfolio LTV ratios for residential mortgages are calculated based on weighted average. The house price estimates for April 30, 2022 and October 31, 2021 are based on the Forward Sortation Area level indices from the Teranet - National Bank National Composite House Price Index (Teranet) as of March 31, 2022 and September 30, 2021, respectively. Teranet is an independent estimate of the rate of change in Canadian home prices. 33#34Legislative Covered Bond Programme, Collateral Pool CIBC◇ Note: All amounts are in Canadian dollars unless otherwise indicated. CIBCO ONCO#35Legislative Programme Summary Programme Size Ratings Asset Percentage Currency Guarantor Listing Law Collateral Pool Eligibility Arrangers Tenor Coupon Bullet Type ECBC Covered Bond Label CAD 60,000,000,000 Aaa / AAA by Moody's / Fitch Currently at 93.0% Most Convertible Currencies CIBC Covered Bond (Legislative) Guarantor Limited Partnership Luxembourg Canadian Legislative Framework (National Housing Act) Canadian uninsured residential loans (mortgages and home equity lines¹) CIBC / HSBC 3-10 year expected issuance Fixed or Float Hard or soft [All issuance to date has been soft] Joined in 2018 CIBC◇ 1. No plans to include home equity lines of credit in the near future 35#36Covered Bond Structure CIBC Seller Consideration Loans and Related Security CIBC Covered Bond (Legislative) Guarantor LP Guarantor Computershare Trust Company of Canada Bond Trustee / Custodian Trust Deed (incl. Covered Bond Guarantee) and Security Agreement Intercompany Loan Proceeds CIBC Issuer / Bank Covered Bondholders Repayment of Intercompany Loan Covered Bonds CIBC Interest Rate Swap Provider CIBC Covered Bond Swap Provider CMHC Registrar Ernst & Young Asset Monitor In April 2012, the Canadian government introduced legislation which provides a framework for the issuance of covered bonds by Canadian financial institutions In July 2012, the National Housing Act was amended to establish a legal framework for covered bond programmes in Canada Eligible collateral consists of uninsured Canadian residential mortgage loans and home equity lines of credit¹ There will be monthly monitoring tests completed on the programme that are independently verified by auditors on at least an annual basis, as well as periodic reviews completed by the rating agencies On a monthly basis, investor reports are published on the CIBC Investor Relations website (www.cibc.com/ca/investor-relations/debt-info/legislative-covered-bond- program.html) CMHC has been given responsibility to administer the legal framework for Canadian registered covered bond programmes CIBC◇ 1. No plans to include home equity lines of credit in the near future 36#37Cover Pool CIBC◇ Summary Statistics (April 30, 2022)1 Current Collateral Pool Asset Percentage Requirement Current Balance Outstanding Covered Bonds Number of Loans Average Balance Weighted Ave Original LTV Weighted Ave Current Indexed LTV Weighted Ave Current Unindexed LTV Weighted Ave Remaining Term Weighted Ave Remaining Amortization Weighted Ave Seasoning 90 day + Arrears² Canadian uninsured residential mortgages 93.00% CAD 44,787,509,195 CAD Eq. 34,684,350,000 150,432 CAD 297,726 70.25% 42.31% 61.49% 32 months 275 months 45 months Insured Fixed 2,3 Owner Occupied²,4 0.08% No 71.42% 80.81% 1234 1. Collateral information available on https://www.cibc.com/ca/investor-relations/debt-info/legislative-covered-bond-program.html 2. As a percentage of current balance 3. No interest only loans 4. Inclusive of "combined" occupancy status loans where the mortgagor both resides in and sublets a portion of the mortgaged property 37#38Cover Pool (April 2022) % of Current Loan Balance % of Current Loan Balance CIBC◇ 25% 20% 15% 10% 5% 0% 90 35% 30% Remaining Term .اس 25% 20% 15% 10% 0-10 11-20 21-30 31-40 41-60 51-60 61+ Months Current Indexed Loan to Value 0-30 30-35 35-40 40-45 45-50 50-55 LTV % 55-60 60-65 65-70 70-75 75-80 >80 Prince Edward Island New Brunswick Manitoba Saskatchewan Nova Scotia Newfoundland and Labrador Quebec Alberta British Columbia Ontario 0% 5% Townhouse,. 4.97% Semi-Detached, 5.88% Other, 0.38%. Geographic Distribution 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% 65% % of Current Loan Balance Condominium, 15.74% Property Type Detached, 67.95% Multi- Residential, 5.08% % of current loan balance 38#39Contacts CIBC◇ PETER LEVITT EXECUTIVE VICE PRESIDENT TREASURY AND TAXATION Email: [email protected] Phone: +1 (416) 594-8487 WOJTEK NIEBRZYDOWSKI VICE PRESIDENT GLOBAL TERM FUNDING, TREASURY Email: [email protected] Phone: +1 (416) 956-6748 Bloomberg: [email protected] 39#40Appendix CIBC CIBCO ONCO#41Appendix 1 Sustainability 2 3 Canadian Mortgage Market CIBC Canadian Real Estate 4 Selected Credit Exposures 5 Canadian Bail-in and Regulatory Regime Update 6 Covered Bond Triggers 42 45 48 51 52 59 7 Selected Covered Bond and Senior Issuances 63 CIBC 41#422021 ESG Performance Highlights In 2021, we built on our longstanding commitment to ESG as a cornerstone of how we operate and create value for our stakeholders. 10 Top 10 in financing for the renewable energy industry across North America¹ $4.8B in new loan authorizations to small and medium-sized enterprises (Canada)² 38% women in board-approved executive roles (Global) 89% our employee engagement score exceeded the Willis Towers Watson Global Financial Services Norm³ $132.7M invested in community organizations across Canada and the U.S.4 10 23% visible minorities in board- approved executive roles (Canada) (A-) Ranked A- among the top-tier of global banks for climate actions by CDP I 100% of employees completed CIBC ethical training on our Code of Conduct5 $34.9B In sustainable finance activities6 CIBC 3 1 North American Renewables League Tables by Inframation. 2 New loan authorizations in 2021 to small and medium-sized enterprises were comprised of $0.8 billion to small enterprises and $4.0 billion to medium-sized enterprises. ³ Based on participation in our annual employee survey. Excludes FirstCaribbean International Bank Limited. 4 Includes corporate giving, including $70 million to CIBC Foundation, corporate sponsorships and employee giving and fundraising. 5 Excludes the U.S. Commercial Banking and Wealth Management strategic business unit and FirstCaribbean International Bank Limited. See footnotes in CIBC 2021 Sustainability Report, Section 1.1 2021 ESG scorecard for more information. 42#43We are aligned to international best practices Voluntary Memberships & Commitments: Center Climate Aligned Finance CCGG Canadian Coalition for Good Governance THE VOICE OF THE SHAREHOLDER SUSTAINABLE DEVELOPMENT GOALS 30% Club GROWTH THROUGH DIVERSITY Progressive Aboriginal COMMITTED RELATIONS Canadian Council for Aboriginal Business Frameworks: CIBC EQUATOR PRINCIPLES CARING COMPANY BLAC ATIVE RIA NCDP Responsible Investment Association SERTIFIED IMAGINE CANADA UNEP Net Zero Banking FINANCE Alliance INITIATIVE The Green Bond Principles Catalyst • Accord. Signatory Advancing Women on Boards WOMEN'S EMPOWERMENT PRINCIPLES Established by UN Women and the UN Global Compact Office GREEN •CANADA G BUILDING COUNCIL DURABLE D cglcc Canada's LGBT+ Chamber of Commerce ONSEIL D BÂTIMENT #PRI Principles for Responsible Investment GRI Empowering Sustainable Decisions CIRCULAR ECONOMY LEADERSHIP CANADA Finance Women in Fin rter Women in Finance Charter. W чашом in Finance Charter ACCOUNTING ✓ PCAF Partnership for Carbon Accounting Financials SASB STANDARDS BOARD WBE Canada CAMSC Canadian Aboriginal and Minority Supplier Council Conseil candien des fournisseurs autochtones etmembres de minorités TCFD TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES FINANCE UNEP INITIATIVE 43#44External recognition of CIBC's commitment to sustainability CDP 2021 Climate Change Score = A- Up from B in 2019 Ranked among top-tier of global banks MSCI 2021 ESG Rating = AA Industry Adjusted Score = 8.4 Up from 7.5 in 2020 Scale: CCC to AAA (best) SUSTAINALYTICS 2021 ESG Risk Rating = 17.9 (low risk). or 13th percentile among banks Improved from 18.3 in 2020 Scale: 1 or 1st percentile (best) to 40+ ISS▷ QualityScore: E = 1; S = 1; G = 1 Scale: 1 (best) to 10 Corporate Rating = C- Industry: Leaders = C+; Average = D FTSE4Good 2021 Rating = 4.1 or 83rd percentile Exceeds subsector (banks) averages Scale: 1 to 5 (best); 100th percentile (best) vigeoiris 2021 ESG Score = 49 Up from 42 in 2020 Scale: 0 to 100 (best) Sector rank: 4/13 CIBC 1 Ratings are not a recommendation to make an investment in any security of CIBC and may be revised or withdrawn at any time by the issuing organization. 44#45Canadian Mortgage Market Beneficial Mortgage Regulation in Canada Default Insurance • Under the Bank Act, banks can only advance uninsured mortgages up to an LTV ratio of 80% • Borrowers have to purchase default insurance if the mortgage has an LTV > 80% • . Insurance covers the entire outstanding principal amount, up to 12 months accrued interest and, subject to certain caps, any out-of-pocket costs incurred by the lender (e.g. foreclosure expenses, legal fees, maintenance costs, property insurance, etc.) • Mortgage default insurance is provided by CMHC and private mortgage insurers (Sagen, Canada Guaranty) Favourable Legal Environment CIBC◇ Taxation • In most provinces, lenders have robust legal recourse to recoup losses (e.g. garnishing wages) Mortgage interest is generally not tax deductible, which results in an incentive for mortgagors to limit their amount of mortgage debt This combination of factors results in consistently low credit losses on the Canadian banks' mortgage books 45#46Canadian 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% HELOC insurance no longer available Jul 2008 2 3 Feb 2010 Mar 2011 4 • Second home mortgage insurance no longer available Tightened income verification rules for Self- Employed borrowers Insurance premiums increased by 15%, on average, for all LTV ranges Min. down payment for new insured mortgage will increase from 5% to 10% for the portion of the house price above CAD 500,000 Standardizing eligibility criteria for high-and low- ratio insured mortgages, including a mortgage rate stress test Closed the capital gains tax exemption loophole on the sale of a principal residence 5 7 9 Jun-Jul 2012 Jun 2015 Apr-May 2014 Refinancing max. LTV lowered to 80% from 85% Insurance on properties valued greater than 1MM no longer available Reduce max. amortization to 25 yrs. from 30 yrs. Max. GDS and TDS ratios set to 39% and 44%, respectively Maximum LTV for HELOCS lowered to 65% (from 80%) Aug 2016 Jan 2017 Feb 2016 Oct 2016 6 8 Insurance premiums for loans with LTV from 90% to 95% increased by 15% Vancouver introduced 15% Foreign Buyers' Tax 10 Vancouver introduced Empty Homes Tax of 1% of the assessed value of the home 1 Even if borrowers choose a mortgage with a lower interest rate and shorter term. CIBC • • 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% • • Regulations related to Mortgage Default Insurance 46#47Canadian Mortgage Market Regulatory Developments (continued) Ontario Government introduced Non- Resident speculation Tax (NRST) of 15% on properties in the Greater Golden Horseshoe area 11 Vancouver Foreign Buyers' Tax increased to 20% 13 Temporary expansion of portfolio insurance eligibility criteria to allow the following for loans funded before March 20th, 2020: Refinances Maximum original amortization of 30 years (up from 25 years) Criteria expansion expected to be in place until December 31st, 2020 15 Minimum qualifying rate (MQR) of greater of 5.25% or contractual rate +2% introduced for insured mortgages, in addition to uninsured mortgage MQR that was introduced in Jan 2018 17 Apr 2017 Feb 2018 Mar 2020 June 2021 Jan 2018 Dec 2018 June 2020 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% 14 BC Government introduced a Speculation and Vacancy Tax aimed at increasing the supply of rental property inventory CIBC Regulations related to Mortgage Default Insurance • 16 Removal of exceptions to standard Gross/Total Debt Servicing (GDS/TDS) ratios At least one borrower (or guarantor) must have a minimum credit score of 680. Non-traditional sources of down payment will no longer be eligible to satisfy the minimum equity requirements 47#48Canadian Real Estate Secured Personal Lending 90+ Days Delinquency Rates Q2/21 Q1/22 Q2/22 ⚫ The Greater Vancouver Area¹ (GVA) and Greater Toronto Area (GTA) continue to perform well Total Mortgages 0.25% 0.17% 0.14% Uninsured Mortgages 0.23% 0.13% 0.10% Uninsured Mortgages in GVA¹ 0.24% 0.11% 0.11% Uninsured Mortgages in GTA1 0.16% 0.07% 0.05% Uninsured Mortgages in Oil Provinces² 0.63% 0.48% 0.42% Mortgage Balances ($B; principal) 248 254 226 124 133 137 HELOC Balances ($B; principal) 18.6 19.0 18.7 10.4 10.2 10.3 73 29 Q2/21 82 33 84 5.8 6.0 6.2 33 2.4 2.5 2.5 Q1/22 Q2/22 Q2/21 Q1/22 Q2/22 ■ GVA¹ ■GTA¹ 1 ■ Other Region ■ GVA¹ ■GTA¹ 1 ■ Other Region CIBC 1 GVA and GTA definitions based on regional mappings from Teranet. 2 Alberta, Saskatchewan and Newfoundland and Labrador. 48#49Canadian Uninsured Residential Mortgages - Q2/22 Originations¹ FICO score Distribution 3% 3% 3% ≤650 13% 11% 12% 44% 41% 42% 31% 30% 27% 15% 12% 13% 651-700 701-750 751-800 >800 ■ Canada ■ GVA³ 3 3 ■GTA³ Loan-to-value (LTV)² Distribution 16% 19% 18% 12% 9% 9% 4% 5% 4% <30% CIBC 39% 36% 34% 35% 32% 28% 30 to <45% 45 to <60% 60 to ≤75% >75% ■ Canada ■ GVA³ ■GTA³ 3 • • Originations of $17B in Q2/22 Average LTV2 in Canada: 65% GVA³: 62% GTA³: 64% 1 Originations include refinancing of existing mortgages but not renewals. 2 LTV ratios for residential mortgages are calculated based on weighted average. See page 31 of the Q2/22 Quarterly Report for further details. 3 GVA and GTA definitions based on regional mappings from Teranet. 49#50Canadian Uninsured Residential Mortgages FICO score Distribution 11% 10% 10% 4% 4% 4% ≤650 26% 26% .22% 43% 45% 44% • • Better current FICO score and LTV1 distributions in GVA2 and GTA² than the Canadian average Less than 1% of this portfolio has a FICO score of 650 or lower and an LTV1 over 75% Average LTV1 in Canada: 46% GVA²: 43% 19% 16% 16% • • GTA²: 44% 651-700 701-750 751-800 >800 ■ Canada GVA² ■GTA² Loan-to-value (LTV)1 Distribution 30% 30% 28% 29% 28% 28% 24% 23% 20% 20% 17% 16% <30% 30 to <45% 45 to <60% ■ Canada ■ GVA² 60 to ≤75% GTA² CIBC◇ 3% 2% 2% >75% 1 LTV ratios for residential mortgages are calculated based on weighted average. See page 31 of the Q2/22 Quarterly Report for further details. 2 GVA and GTA definitions based on regional mappings from Teranet. 50 50#51Commercial Real Estate exposure is well diversified CIBC Canadian Commercial Real Estate Exposure by Sector¹ Industrial 11% Retail 24% Office 11% Residential 19% U.S. Commercial Real Estate Exposure by Sector² Industrial 16% Office 24% Residential 1% $36.8B Seniors Housing 5% Retail 8% US$17.4B Healthcare 3% Hotel 2% Other 4% Multi Family 26% 70% of drawn loans investment grade³ Other 16% Multi Family 30% • 38% of drawn loans investment grade³ 1 Includes $3.6B in Multi Family that is reported in residential mortgages in the Supplementary Financial Information package. 2 Includes US$2.0B in loans that are reported in other industries in the Supplementary Financial Information package, but are included here because of the nature of the security. 3 Incorporates security pledged; equivalent to S&P/Moody's rating of BBB-/Baa3 or higher. 51#52Canadian 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 24.00% RWA 2 Effective Fiscal 2022. Public disclosure began in Q1 2019 OSFI's TLAC Holdings • Our investment in other G-SIBS and other Canadian D-SIB's TLAC instruments are to be deducted from our own tier 2 capital if our aggregate holding, together with investments in capital instruments of other Fls, exceed 10% of our own CET1 capital Implementation started in Q1 2019 CIBC 1 As referenced in the Bank Recapitalization (Bail-in) Regulations: http://laws-lois.justice.gc.ca/eng/regulations/SOR-2018-57/FullText.html 2 increased to 24.00% on October 31, 2021 upon increase of Domestic Stability Buffer to 2.50% (the maximum) from 1.00% 52#53Canadian 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 53#54How 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 Other Senior Liabilities Bail-in Debt Loss 2. Loss Event 3. Post Bail-in Other Senior Liabilities Assets NVCC Sub-Debt Bail-in Debt Assets Assets NVCC Preferred Equity NVCC Sub-Debt NVCC Common Equity Preferred Equity 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. Other Senior Liabilities Bail-in Debt Common Equity 54#55CIBC Liquidation 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. Loss Absorption Waterfall Liquidation Securitizations, Covered Bonds Securitizations, Covered Bonds Deposits Legacy Senior Debt Structured Notes AT 1 Instruments Tier 2 Legacy (not NVCC) Preferred Shares Note: Diagram shown is for illustrative purposes only. It is not to scale nor does it update the magnitude of the bail-in security to match the loss. Common Equity Derivatives Bail-in Debt AT 1 Instruments Deposits Resolution Legacy Senior Debt Bail-in Debt Tier 2 Structured Notes Legacy (not NVCC) Preferred Shares Common Equity 55 Derivatives#56Comparison of Canadian and European Hierarchies in Bail-in Resolution Layers of bail-inable senior debt instruments European Source: Commerzbank CIBC Loss absorption waterfall Canada Bank Recapitalization (Bail-in) Regulations norm Common Equity Tier 1 Common Equity Tier 1 Preferred Shares/ AT1 (PONV) Additional Tier 1 Tier 2 (PONV) Senior (issued post Sep. 23, 2018) Other excluded Liabilities** * Sec. Obligations as well as Retail & SME Deposits <100k under Deposit Guarantee Scheme ** Sec. Obligations (e.g. Covered bonds) as well as CDIC Insured Deposits Discretionary exclusions possible Tier 2 (PONV) Non-Preferred Senior Preferred Deposits (natural persons + micro + SMEs) Excluded Liabilities* Loss absorption waterfall 56 550#57Office of the Superintendent of Financial Institutions (OSFI) Non Viability Criteria In assessing whether an institution has ceased, or is about to cease, to be viable, the following criteria can be considered, which may be mutually exclusive and should not be viewed as an exhaustive list¹ Whether the assets of the institution are, in the opinion of the Superintendent, sufficient to provide adequate protection to the institution's depositors and creditors. Whether the institution has lost the confidence of depositors or other creditors and the public. This may be characterized by ongoing increased difficulty in obtaining or rolling over short-term funding. Whether the institution's regulatory capital has, in the opinion of the Superintendent, reached a level, or is eroding in a manner, that may detrimentally affect its depositors and creditors. Whether the institution failed to pay any liability that has become due and payable or, in the opinion of the Superintendent, the institution will not be able to pay its liabilities as they become due and payable. Whether the institution failed to comply with an order of the Superintendent to increase its capital. Whether, in the opinion of the Superintendent, any other state of affairs exists in respect of the institution that may be materially prejudicial to the interests of the institution's depositors or creditors or the owners of any assets under the institution's administration, including where proceedings under a law relating to bankruptcy or insolvency have been commenced in Canada or elsewhere in respect of the holding body corporate of the institution. Whether the institution is unable to recapitalize on its own through the issuance of common shares or other forms of regulatory capital. For example, no suitable investor or group of investors exists that is willing or capable of investing in sufficient quantity and on terms that will restore the institution's viability, nor is there any reasonable prospect of such an investor emerging in the near-term in the absence of conversion or write-off of NVCC instruments. Further, in the case of a privately-held institution, including a Schedule II bank, the parent firm or entity is unable or unwilling to provide further support to the subsidiary. CIBC◇ 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#ToC222Criteriatobeconsidered intriggeringconversionofNVCC 57#58• 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 The Domestic Stability Buffer increased to 2.50% of RWA effective October 31, 2021 from 1.00%; it can 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 OSFI announced on June 20, 2018 a revised framework where a component of the Pillar 2 buffer for D-SIBS will be publicly disclosed (1) The purpose of public disclosure is to provide greater transparency to the market and other stakeholders, and to enhance the usability of the buffer by the banks in times of stress A breach would require a remediation plan from the bank OSFI will undertake a review of the buffer on a semi-annual basis, in June and December any changes being made public Implications for Banks There is no incremental capital requirement for banks. This is a transition of the Pillar 2 capital buffer requirement from private to public domain. Given CIBC (and other Canadian D-SIBS) are well above the minimum requirement, do not believe this will impact banks' capital planning in a material way Current Domestic Stability Buffer(2) 11.7% 2.50% Pillar 1 Minimum for D-SIBS* 8.0% OSFI Target CIBC (Q2/22) CIBC◇ 1. There may be an additional private component to Pillar 2 buffer specific to individual banks 2. The Domestic Stability Buffer was originally set at 1.5% when introduced Consists of 4.5% minimum plus 2.5% of capital conservation buffer plus 1.0% current D-SIB surcharge 58 58#59Covered Bond Structural Summary - Triggers Servicer Termination Event¹ Trigger Servicer downgraded below Baa2/F2 by Moody's/Fitch • Servicer defaults on amounts due to Guarantor not remedied in 3 business days • Servicer failure to comply with any of its obligations under Servicing Agreement not remedied within 20 business days • Prior to downgrade below Servicer Deposit Threshold Ratings, Servicer failure to transfer collections before the next Guarantor Payment Date to Cash Manager, not remedied within 1 business day • Following downgrade below Servicer Deposit Threshold Ratings, Servicer failure to transfer within 2 business days to Cash Manager, not remedied within 1 business day • Servicer insolvency • Servicer terminated by the Guarantor Servicer's failure to satisfy representation and warranties made in the Servicing Agreement • Issuer Event of Default occurs and is continuing at any time that the Guarantor is Independently Controlled and Governed • Consequences Servicer, Guarantor and Bond Trustee agree to use commercially reasonable efforts to arrange for the appointment of a successor Servicer After Servicer Event of Default, all remaining Available Revenue Receipts (after making all relevant payments in the Pre-Acceleration Revenue Priority of Payments) will be deposited into the GDA Account CIBC◇ 1. Each of first three triggers - Servicer Event of Default 59#60Covered Bond Structural Summary - Triggers Trigger CIBC◇ Issuer Event of Default¹ Issuer fails to pay any principal or interest in respect of the Covered Bonds within 10 business days in the case of principal and 30 days in the case of interest, in each case of the respective date • Failure of Issuer to perform or observe any other obligation under the Covered Bond programme for more than 30 days • • Insolvency Event of the Issuer Failure to satisfy ACT and this remains not remedied by the Guarantor Payment Date immediately following the Calculation Date: following service of ACT Breach Notice Failure of Pre-Maturity Test less than 6 months prior to Final Maturity Date, and remains not remedied before the earlier of: (1) 10 business days from the day of notification, and (2) Final Maturity Date Failure to take prescribed remedial action within specified timeframe after ratings trigger breach (unless the Guarantor is independent)1 • Consequences Delivery of Issuer Acceleration Notice Bond Trustee will serve a Notice to Pay on the Guarantor Covered Bonds become due and payable against Issuer but not accelerated against Guarantor Guarantor will make payments of Guaranteed Amounts when the same become due for payment No more additional Covered Bond issuances Liquidation GP assumes the management responsibilities of the Managing GP All amounts received from Borrowers are directed into the GDA Account Title Trigger Event occurs At the option of the Guarantor, if the Interest Rate Swap Provider is the Issuer, the Interest Rate Swap Agreement may be terminated • At the option of the Guarantor, if the Covered Bond Swap Provider is the Issuer, the Covered Bond Swap Agreement may be terminated If the Account Bank is the Issuer, the Guarantor Accounts moved to the Standby Account Bank 1. Note the exception does not apply if the triggers are the Account Bank Threshold Ratings, Standby Account Bank Threshold Ratings, Cash Management Deposit Ratings and the Servicer Deposit Threshold Ratings 60#61Covered Bond Structural Summary - Triggers CIBC Title Trigger Event Guarantor Trigger Servicer Event of Default, not remedied within 30 days • Issuer Event of Default (other than insolvency), not remedied within 30 days • • • Insolvency Event with respect to the Seller Acceptance of any offer to sell Loans to any purchaser other than the Seller or the relevant Originator Request from Guarantor, due to sale of selected loans to third party An order from a court, regulatory authority, or eligible organization • Seller downgraded below Baa1/BBB+ by • • Event of Default . . • • Moody's/Fitch Default by Guarantor on Covered Bonds principal and interest for period of 7 days or more Failure of Guarantor to perform or observe any other obligation under the Covered Bond programme for more than 30 days Insolvency Event with respect to Guarantor Failure to satisfy Amortization Test on any Calculation Date following Notice to Pay Guarantee is, or claimed to be, not in full force and effect Failure to take prescribed remedial action within specified timeframe after ratings trigger breach (unless the Guarantor is independent)1 • Consequences Notice of loans' sale given by Issuer to Borrowers Borrowers notified to make payments to the Standby Account Bank for the account of the Guarantor Perfection of legal assignment of mortgage loans and related security to Guarantor Service of Guarantor Acceleration Notice to Guarantor Covered Bonds become due and payable against the Guarantor Cover assets must be sold to meet Covered Bond payments 1. Note the exception does not apply if the triggers are the Account Bank Threshold Ratings, Standby Account Bank Threshold Ratings, Cash Management Deposit Ratings and the Servicer Deposit Threshold Ratings 61#62Covered Bond Structural Summary - Triggers Trigger Cash Management Deposit Ratings Cash Manager Required Ratings Servicer Deposit Threshold Ratings Reserve Fund Required Amount Ratings Pre-Maturity Minimum Ratings Account Bank Threshold Ratings Initial Downgrade Trigger Event Subsequent Downgrade Trigger Event Cash Manager's ratings fall below P-1/F1 or A by Moody's/Fitch Cash Manager's ratings fall below P-2(cr)/F2 by Moody's/Fitch Servicer's ratings fall below P-1/F1 or A by Moody's/Fitch Issuer's ratings fall below P-1/F1 or A by Moody's/Fitch Issuer's ratings fall below P-1/F1+ by Moody's/Fitch, with a Hard Bullet bond maturing within 12 months Account Bank's ratings fall below P-1/F1 and A by Moody's/Fitch Swap provider's ratings fall below P-1 or A2/F1 and A by Moody's/Fitch Swap provider's ratings fall below P-2 or A3/F3 and BBB- by Moody's/Fitch Consequences Cash Manager required to direct the Servicer to deposit all Revenue Receipts and Principal Receipts directly into the GDA Account within two business days Transfer of Cash Management Agreement to Third Party Servicer required to transfer collections within two business days of collection to (i) Cash Manager, prior to Cash Manager's downgrade below Cash Management Deposit Ratings, (ii) GDA Account Guarantor required to establish the reserve fund in the GDA Account up to an amount equal to the Canadian dollar equivalent of scheduled interest due on all outstanding bonds over the next three months plus three-twelfths of expected annual amount payable in respect of certain expenses and, if applicable, swap payments Guarantor required to establish the ledger in the GDA Account up to an amount equal to the Canadian dollar equivalent of scheduled principal due for repayment within 12 months and other specified amounts Guarantor Accounts required be moved to the Standby Account Bank Swap provider required to provide credit support to the Guarantor within 10 business days, or arrange for its obligations to be guaranteed or transferred to a sufficiently highly rated counterparty Swap provider required to provide additional credit support to the Guarantor within 10 business days, and arrange for its obligations to be guaranteed or transferred to a sufficiently highly rated counterparty CIBC◇ 62#63Outstanding Covered Issuances Issue Date¹ CIBC Series Currency Issued Maturity Date² Coupon Rate CBL9 CHF 350,000,000 22-Dec-15 22-Dec-25 0.125% CBL12 EUR 1,250,000,000 25-Jul-16 25-Jul-22 0.00% CBL16 GBP 525,000,000 17-Jul-17 30-Jun-22 1.125% Issue Spread¹ MS +0% MS + 0.06% GBP LIBOR + 0.67% CBL17 USD 1,750,000,000 27-Jul-17 27-Jul-22 2.350% CBL 19 EUR 1,250,000,000 24-Jan-18 24-Jan-23 0.25% CBL20 CHF 250,000,000 30-Apr-18 30-Apr-25 0.10% MS + 0.47% MS - 0.05% MS -0.08% CBL22 EUR 1,000,000,000 9-Jul-19 9-Jul-27 CBL23 AUD 1,000,000,000 1-Aug-19 CBL24 GBP 625,000,000 28-Oct-19 CBL25 EUR 1,000,000,000 27-Mar-20 1-Aug-22 28-Oct-22 27-Sep-23 CBL26 CHF 100,000,000 9-Apr-20 9-Oct-28 CBL29 CHF 580,000,000 24-Apr-20 24-Oct-23 CBL30 AUD 800,000,000 14-Apr-20 14-Apr-23 CBL31 CAD³ 2,000,000,000 22-Apr-20 22-Oct-22 CBL32 EUR 1,000,000,000 30-Apr-21 30-Apr-29 CBL33 GBP 1,250,000,000 23-Jun-21 23-Jun-26 CBL34 USD 2,000,000,000 8-Jul-21 CBL35 AUD 1,500,000,000 CBL36 EUR 1,500,000,000 CBL37 GBP 1,000,000,000 14-Sep-21 7-Oct-21 15-Dec-21 8-Jul-26 14-Sep-26 7-Oct-26 15-Dec-25 CBL38 USD 2,500,000,000 19-Jan-22 19-Jan-27 CBL39 EUR 2,500,000,000 10-Mar-22 10-Mar-26 CBL40 USD 100,000,000 10-Mar-22 10-Mar-25 CBL41 CHF 200,000,000 26-Apr-26 26-Apr-29 1.846% 0.375% SOFR+0.45% 0.9675% 0.04% BBSW + 0.50% SONIA +0.48% 0.250% 0.1412% 0.1000% BBSW + 1.25% 3M CDOR + 0.45% 0.10% SONIA + 1.00% 1.150% BBSW +0.37% 0.10% SONIA + 1.00% MS +0.09% BBSW + 0.50% SONIA +0.48% MS + 0.48% MS + 0.68% BBSW + 1.25% 3M CDOR + 0.45% MS + 0.05% SONIA + 0.28% MS + 0.22% BBSW + 0.37% MS + 0.04% SONIA +0.28% SOFR+0.48% MS + 0.40% MS + 0.06% SOFR +0.45% MS + 0.15% 1. For original issuance 2. Legal Final Maturity is the Maturity Date + one year 3. Self issued for Bank of Canada Repo Program 63#64Selected Outstanding TLAC Senior¹ ISIN CA1360695D97 Programme Currency CAD Issued 1,250,000,000 Issue Date Maturity Date Coupon Rate 15-Jan-19 15-Jan-24 3.290% CH0419040826 EMTN CHF US13607GAP90 SEC USD 100,000,000 1,000,000,000 30-Jan-19 30-Jan-25 0.600% Issue Spread GOC+1.40% MS + 0.70% XS1991125896 EMTN EUR US1360698A26 SEC USD XS2056446524 EMTN GBP CH0498400578 EMTN CHF XS2066727061 EMTN JPY US13607GKW32 SEC USD US13607GLZ53 SEC USD 2-Apr-19 1,000,000,000 03-May-19 750,000,000 22-Jul-19 300,000,000 25-Sep-19 350,000,000 15-Oct-19 55,000,000,000 18-Oct-19 1,250,000,000 17-Dec-19 1,000,000,000 28-Jan-20 2-Apr-24 3.100% T + 0.92% 03-May-24 0.375% 0.42% 22-Jul-23 (4NC3) 2.606% T + 0.80% 25-Sep-25 1.625% 1.30% 15-Oct-26 0.050% 0.66% 18-Oct-24 0.295% YSO +0.39% 17-Mar-23 SOFR+0.80% SOFR +0.80% 28-Jan-25 2.250% CA13607GPJ71 CAD 2,000,000,000 17-Apr-20 17-Apr-25 2.000% AU3FN0054441 AMTN AUD 575,000,000 09-Jun-20 09-Jun-23 BBSW +1.35% AU3CB0272516 AMTN AUD 225,000,000 09-Jun-20 09-Jun-23 1.600% US13607GRK21 SEC USD 1,250,000,000 17-Jun-20 23-Jun-23 0.950% T + 0.68% GOC+1.58% BBSW + 1.35% 1.35% T + 0.75% US13607GRR73 SEC (Green Bond) USD 500,000,000 23-Oct-20 23-Oct-23 0.950% T + 0.63% US1360&GRS56 SEC USD 750,000,000 14-Dec-20 14-Dec-23 0.500% US13607GRT30 SEC USD 600,000,000 14-Dec-20 14-Dec-23 CA13607GRU09 CAD CA13607HMS80 CA13607HUM29 CAD CAD 1,250,000,000 1,250,000,000 1,500,000,000 19-Jan-21 4-Mar-21 8-Jun-21 19-Jan-26 4-Mar-25 (4NC3) 10-Jun-24 (3NC2) SOFR+0.40% 1.100% CORRA + 0.46% 3M CDOR + 0.23% T + 0.32% SOFR+0.40% T + 0.62% CORRA + 0.46% 3M CDOR + 0.23% CIBC◇ 1. The Base Prospectus for the Note Issuance Programme is available on: https://www.cibc.com/en/about-cibc/investor-relations/debt-information/note-issuance-programme.html 64#65Selected Outstanding TLAC Senior¹ (continued) ISIN US13607HVC32 Programme Currency SEC USD Issued 1,250,000,000 Issue Date Maturity Date 22-Jun-21 US13607HVE97 SEC USD 750,000,000 22-Jun-21 22-Jun-23 22-Jun-23 Coupon Rate 0.450% Issue Spread T + 0.30% 1.250% US13607HVD15 SEC USD 500,000,000 22-Jun-21 CA13607HVV19 CAD 1,100,000,000 15-Jul-21 22-Jun-23 15-Jul-26 SOFR +0.34% CA13607HVW91 CAD 400,000,000 15-Jul-21 US13607HYE60 SEC USD 700,000,000 18-Oct-21 US13607HYF36 SEC USD 650,000,000 18-Oct-21 15-Jul-26 18-Oct-24 18-Oct-24 1.700% CORRA + 0.58% SOFR +0.42% T + 0.50% SOFR +0.34% GoC + 0.78% CORRA + 0.58% SOFR +0.42% 1.000% T + 0.40% CH1137407412 EMTN CHF 275,000,000 20-Oct-21 20-Apr-29 0.180% XS2421385894 EMTN GBP 750,000,000 17-Dec-21 01-Jan-23 SONIA 1.00% CA13607HC349 CAD 1,750,000,000 7-Jan-2022 07-Jan-27 2.250% XS2436885748 EMTN EUR 1,500,000,000 26-Jan-2022 26-Jan-24 EURIBOR + 0.75% XS2437353514 EMTN GBP 325,000,000 27-Jan-2022 27-Jan-26 1.875% MS + 0.41% SONIA +1.00% GoC + 0.91% EURIBOR + 0.75% UKT + 1.00% CH1151526212 EMTN CHF CA13607HK276 CAD 315,000,000 3-Feb-2022 1,750,000,000 3-Mar-2022 03-Feb-27 0.283% MS + 0.40% 07-Mar-25 2.750% GoC +1.18% US13607HR535 SEC USD 1,000,000,000 30-Mar-2022 07-Apr-32 3.60% T +1.30% US13607HR469 SEC USD 1,350,000,000 30-Mar-2022 07-Apr-25 3.30% US13607HR386 SEC USD US13607HR618 SEC USD CA13607HR792 CAD CA13607HK276 CAD 650,000,000 30-Mar-2022 1,000,000,000 30-Mar-2022 1,000,000,000 7-Apr-2022 1,250,000,000 8-Apr-2022 07-Apr-25 SOFR +0.94% T + 0.85% SOFR +0.94% 07-Apr-27 3.450% 07-Apr-32 (10NC5) 4.200% T + 1.05% GoC +1.78% 07-Mar-25 2.750% GoC 1.10% CIBC◇ 1. The Base Prospectus for the Note Issuance Programme is available on: https://www.cibc.com/en/about-cibc/investor-relations/debt-information/note-issuance-programme.html 65