#1CIBC Investor Presentation December 1, 2022#2Forward-Looking Statements - ― - - - A NOTE ABOUT FORWARD-LOOKING STATEMENTS: From time to time, we make written or oral forward-looking statements within the meaning of certain securities laws, including in this Investor Presentation, in other filings with Canadian securities regulators or the SEC and in other communications. All such statements are made pursuant to the "safe harbour" provisions of, and are intended to be forward-looking statements under applicable Canadian and U.S. securities legislation, including the U.S. Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements made in the "Message from the President and Chief Executive Officer", "Overview - Performance against objectives", "Economic and market environment - Outlook for calendar year 2023", "Significant events", "Financial performance overview - Taxes", "Strategic business units overview - Canadian Personal and Business Banking", "Strategic business units overview - Canadian Commercial Banking and Wealth Management", "Strategic business units overview - U.S. Commercial Banking and Wealth Management", "Strategic business units overview - Capital Markets", "Financial condition - Capital management", "Financial condition Off-balance sheet arrangements", "Management of risk - Risk overview", "Management of risk Top and emerging risks", "Management of risk Credit risk", "Management of risk Market risk", "Management of risk - Liquidity risk", "Accounting and control matters Critical accounting policies and estimates", "Accounting and control matters - Accounting developments", "Accounting and control matters - Other regulatory developments" and "Accounting and control matters - Controls and procedures" sections of our Annual 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 2023 and subsequent periods. Forward-looking statements are typically identified by the words "believe", "expect", "anticipate", "intend", "estimate", "forecast", "target", "objective" and other similar expressions or future or conditional verbs such as "will", "should", "would" and "could". By their nature, these statements require us to make assumptions, including the economic assumptions set out in the "Economic and market environment - · Outlook for calendar year 2023" section of our Annual Report, and are subject to inherent risks and uncertainties that may be general or specific. Given the continuing impact of high inflation, rising interest rates and the war in Ukraine on the global economy, financial markets, and our business, results of operations, reputation and financial condition, there is inherently more uncertainty associated with our assumptions as compared to prior periods. A variety of factors, many of which are beyond our control, affect our operations, performance and results, and could cause actual results to differ materially from the expectations expressed in any of our forward-looking statements. These factors include: inflationary pressures; global supply-chain disruptions; geopolitical risk, including from the war in Ukraine, the occurrence, continuance or intensification of public health emergencies, such as the COVID-19 pandemic, and any related government policies and actions; credit, market, liquidity, strategic, insurance, operational, reputation, conduct and legal, regulatory and environmental risk; currency value and interest rate fluctuations, including as a result of market and oil price volatility; the effectiveness and adequacy of our risk management and valuation models and processes; legislative or regulatory developments in the jurisdictions where we operate, including the Organisation for Economic Co-operation and Development Common Reporting Standard, and regulatory reforms in the United Kingdom and Europe, the Basel Committee on Banking Supervision's global standards for capital and liquidity reform, and those relating to bank recapitalization legislation and the payments system in Canada; amendments to, and interpretations of, risk-based capital guidelines and reporting instructions, and interest rate and liquidity regulatory guidance; 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; our success in developing and introducing new products and services, expanding existing distribution channels, developing new distribution channels and realizing increased revenue from these channels; changes in client spending and saving habits; our ability to attract and retain key employees and executives; our ability to successfully execute our strategies and complete and integrate acquisitions and joint ventures; the risk that expected benefits of an acquisition, merger or divestiture will not be realized within the expected time frame or at all; and our ability to anticipate and manage the risks associated with these factors. This list is not exhaustive of the factors that may affect any of our forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on our forward-looking statements. Any forward-looking statements contained in this Investor Presentation represent the views of management only as of the date hereof and are presented for the purpose of assisting our shareholders and financial analysts in understanding our financial position, objectives and priorities and anticipated financial performance as at and for the periods ended on the dates presented, and may not be appropriate for other purposes. We do not undertake to update any forward-looking statement that is contained in this Investor Presentation or in other communications except as required by law. CIBC◇ Investor Relations contacts: Geoff Weiss, Senior Vice-President 416 980-5093 Visit the Investor Relations section at www.cibc.com/en/about-cibc/investor-relations.html 1#3About CIBC CIBC CIBCO ONCO#4A leading Canadian financial institution¹ 1867 13MM 50K $6.2B 14.0% 28.5% 11.7% FOUNDED CLIENTS EMPLOYEES² NET-INCOME (F22) ROE3 (F22) TSR4 (3-YR) CET1 RATIO5 (F22) DIVERSIFIED EARNINGS MIX STRONG CREDIT RATINGS Net Income by Strategic Business Unit (F22)6 Net Income Contribution by Region (F22) Agency Rating8 Capital Markets Canadian Personal & Other US7 Moody's Aa2 (Senior⁹, A2), Stable Business Banking 16% 20% 31% 36% S&P A+ (Senior⁹, A-), Stable $6.2B $6.2B Fitch AA (Senior⁹, AA-), Stable 64% DBRS AA (Senior⁹, AA(low)), Stable 12% 30% US Commercial & Wealth Canada Canadian Commercial & Wealth CIBC◇ For footnoted information refer to slide 36. 3#5Clear Purpose and well-defined strategy driving consistent execution OUR GOAL: A modern, relationship-oriented bank that generates value for all stakeholders ◆ OUR PURPOSE: To help make our clients' ambitions a reality OUR STRATEGY Focusing on high- growth, high-touch segments Emerging Affluent & High Potential Deepen client relationships through personal advice and innovative tools Accelerating Growth in the Private Economy Enhance capabilities, cross-bank connectivity, and increase North American coverage Investing in future different- iators Elevating the client experience Online Digitization, Personalized Banking Industry-leading platforms that support seamless digital experiences Increasing Focus on the New Economy Prioritize fintech capabilities, energy transition, and the innovative ecosystem CIBC◇ 4#6Consistent execution of our strategy delivering for our clients and driving growth #1 in J.D. Power's Customer Satisfaction for Online Banking Best B2B Brands by Globe and Mail in 2022 for client engagement $133MM NIBT in FY22 in our Innovation Banking platform Top 10 Registered Investment Advisor by Barron's for the third consecutive year +27% in net flows³ in Wood Gundy, driven by new and existing advisors to support integration in the wealth franchise I 2030 financed emissions targets released for Oil & Gas and Power Generation portfolios +14% YoY Connectivity Revenue growth¹ Top 10 in North America for financings in the renewables industry² +2MM Costco Mastercard clients transitioned; 30.5K acquired additional CIBC products since March/22 +18% YoY revenue growth in Direct Financial Services as we expanded offerings CIBC◇ For footnoted information refer to slide 36. 5#7Disciplined capital deployment driving strong returns CIBC◇ Organic Growth • Investing to strengthen our business remains our top priority • • $ • را Focusing on high-return initiatives, particularly technology enhancements and process simplification Minimizing unproductive goodwill Dividend Payout 40-50% target payout ratio 1,2 . Maintained or increased dividend every quarter since inception Inorganic Growth Open to opportunities subject to strict strategic and financial criteria • Continue to focus our capital allocation on supporting our clients and maintaining a dividend payout ratio in our target range Share Buyback • Used to deploy excess capital opportunistically • Purchases made systematically with strong governance For footnoted information refer to slide 36. 6#8Solid performance reflecting strong execution of our strategic priorities Diluted EPS Reported $6.68 Adjusted 1,2 $7.05 Revenue $21.8B YOY +9% Earnings ROE CET1 Ratio6 YoY -4%-2%2 Reported NIAT Adjusted PPPT2,3 $9.4B YoY -3%/+7%² $6.2B Reported 4 Adjusted 2,5 14.0% 14.7% 11.7% YoY -65 bps Earnings Growth ⚫5%-10% Return on Equity • 15%+ Operating Leverage • Positive Dividend Payout Ratio ⚫40%-50% CIBC◇ For footnoted information refer to slide 36. Reported Adjusted² F22 (4%) (2%) 3-YR CAGR8.6.1% 5.8% 2022 Financial Objectives7 ● F22 14.0% 3-YR Average8 • 13.4% 14.7% 14.4% • F22 (1.9%) (1.9%) 3-YR Average • (0.2%) (0.6%) F22.48.8% 3-YR Average • 53.8% 46.3% 48.9% 7#9Furthering our ESG strategy by putting our ambitions into action Committed to ESG Leadership & Creating a Competitive Advantage We are focused on embedding ESG principles into our business strategy, purpose and everyday decision-making, while responding to stakeholder interests and operating in line with their expectations to support our business goals. Environmental Social Governance UU Released 2030 financed emissions targets for Oil & Gas and Power Generation portfolios Targeting 26% growth in the Indigenous wealth and commercial banking business (2022-2024) Goal of zero unresolved privacy findings against our Bank by regulators throughout the year 8 Committed $100MM to climate tech and energy transition funds¹ $155MM CIBC Foundation funding goal² Advancing the Data Ethics Framework to safeguard clients' data CIBC For footnoted information refer to slide 36. 8#10External recognition¹ for our commitment to sustainability CDP 2021 Climate Change Score = A- Up from B in 2019 Ranked among top-tier of global banks MSCI 2022 ESG Rating = AA Wt'd Avg Key Issue Score = 5.8 Up from 5.4 in 2021 Scale: CCC to AAA (best) SUSTAINALYTICS 2022 ESG Risk Rating = 17.7 (low risk) or 16th percentile among banks Improved from 17.9 in 2021 Scale: 1 or 1st percentile (best) to 40+ ISS▷ 2022 QualityScore: E = 1; S = 1; G = 1 Scale: 1 (best) to 10 2022 Corporate Rating = C- Industry: Leaders = C+; Average = D FTSE4Good 2022 Rating = 3.7 or 71st percentile Exceeds subsector (banks) averages Scale: 1 to 5 (best); 100th percentile (best) vigeoiris 2022 ESG Score = 49 Up from 42 in 2020 Scale: 0 to 100 (best) Sector rank: 6/13 CIBC◇ For footnoted information refer to slide 36. 9#11Financial Performance CIBC CIBCO ONCO#12Investments in top-line growth delivering for shareholders Revenue ($B) Non-Interest Expense ($B) Operating Leverage¹ (%) 21.821.8 20.0 20.0 18.6 18.5 18.7 18.7 17.8 17.8 2018 2019 2020 2021 2022 Diluted EPS2 ($) 6.11 5.82 5.96 5.60 4.85 4.11 12.8 12.4 11.4 11.511.2 10.9 10.6 10.3 10.1 10.4 2018 2019 2020 2021 2022 3.2 2.4 0.2 (0.6) 5.3 0.7 (1.5) (1.9) (1.9) (4.0) 2018 2019 2020 2021 2022 Return on Common Shareholders' Equity (%) Dividend Payout Ratio¹ (%) 7.23 17.4 6.96 7.05 16.6 6.68 15.4 14.5 11.7 10.0 16.7 16.1 14.7 14.0 49.9 45.5 46.9 43.4 70.7 60.0 48.8 46.3 41.8 40.3 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 CIBC◇ For footnoted information refer to slide 36. Reported Adjusted³ 11#13Solid returns underpinned by a commitment to balance sheet strength... Basel III CET1 Ratio¹ (%) Basel III Total Capital Ratio¹ (%) 11.4 11.6 12.1 12.4 11.7 14.9 15.0 16.1 16.2 15.3 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 Basel III Leverage Ratio¹ (%) 4.3 4.3 2018 CIBC◇ 2019 4.7 2020 For footnoted information refer to slide 37. Liquidity Coverage Ratio (LCR)1 (%) 4.7 4.4 128 125 145 127 129 2021 2022 Q4/18 Q4/19 Q4/20 Q4/21 Q4/22 12#14...and prudent risk management¹ CIBC◇ 0.51 0.45 2018 2019 29 26 29 23 2018 For footnoted information refer to slide 37. Total Allowance Coverage Ratio² (%) 0.89 2020 Loan Loss Ratio (bps) 61 0.64 0.62 2021 2022 33 33 26 21 16 14 4 2019 2020 2021 2022 Impaired³ Total4 13#15Lending portfolio has a strong risk profile Nearly two-thirds of our portfolio is consumer lending, composed mainly of mortgages with uninsured having an average loan-to-value of 48% The total variable rate mortgage portfolio with fixed payments accounts for 38% of the Canadian mortgage portfolio • The balance of our portfolio is in business and government lending with an average risk rating equivalent¹ to a BBB Overall Loan Mix (Outstanding Loans and Acceptances) Consumer 62% Cards 3% Canadian Uninsured Mortgage Loan-To-Value² Ratios 54% 52% 50% 48% 49% 48% 48% 47% 47% 46% 45% 44% Q4/19 Q4/20 Q4/21 3 3 -Canada GVA GTA For footnoted information refer to slide 37. CIBC Q4/22 Real Estate Secured Lending 55% $529B Personal Lending 3% Auto Lending 1% Commercial Real Estate 10% Retailers 1% Oil & Gas 1% Leisure & Entertainment 1% Other Business & Government 25% Business & Government 38% 14#16Strategic Unit Business Performance CIBC CIBCO ONCO#17Highlights - Canadian Personal and Business Banking Strategic priorities accelerating growth Enhancing Digital Client Experiences to drive simplicity and speed Reported Adjusted² ($MM) Revenue F22 YOY F22 YOY 8,909 9% 8,893 9% ☐ Net interest income 6,657 12% 6,641 12% Non-interest income 2,252 3% 2,252 3% Expenses 4,975 (13%) 4,854 (10%) PPPT1 3,934 5% 4,039 8% ☑ Provision for Credit Losses 876 (150%) 782 (123%) Net Income 2,249 (10%) 2,396 (4%) Loans (Average³, $B) 302 12% 302 12% Deposits (Average, $B) 204 9% 204 9% Net Interest Margin on Average 221 0 221 0 Interest Earning Assets (NIM) 4 (bps) F22 Key Highlights Increasing Productivity with an effective frontline team to win at client relationships Differentiating with Personalized Advice focused on the Affluent 12%/9% Loan & Deposit Growth 3,5 Above market growth +358K/38%7 Net New Clients / Affluent Strongest YoY growth since 2017 2nd for Client Experience J.D. Power Client Satisfaction Survey CIBC For footnoted information refer to slide 37. 16#18Growing Digital Engagement and Adoption1 CIBC Digital Adoption Rate² Active Digital Banking Users³ (MM) 6.0% 39.8% Active Digital Banking Users³ (Existing Personal Banking Clients vs. Co-brand) 6.3 93% 82.8% 78% 76.8% 4.5 Q4/21 Digital Channel Usage (# of Sessions, MM) 19.3% Q4/22 Q4/21 Q4/22 Existing Clients New (Costco) Clients Digital Transactions4 Transactions by Channel4 (MM) 12.7% 7.1% 6.5% 61 51 301 16 252 16 92.9% 93.5% 55 61 Q4/21 Q4/22 Q4/21 Q4/22 Q4/21 Q4/22 ■ eTransfers ■ Bill Payments ■ Other5 ■Digital Channel ■Non-Digital Channel For footnoted information refer to slide 37. 17#19Loan & Deposit Highlights - Canadian Personal and Business Banking1 Real Estate Secured Personal Loans² ($B) Credit Card Loans² ($B) 18.8 CIBC 225.6 2020 238.1 2021 264.8 11.8 10.8 2022 2020 2021 Other Personal and Business Loans² ($B) 3.0 2020 Other Personal Loans 18.2 3.1 20.1 3.3 13.9 2022 Deposits ($B) 204.0 194.6 187.9 2021 2022 2020 2021 2022 Business Loans Other Personal Loans Business Loans For footnoted information refer to slide 37. 18#20Highlights - Canadian Commercial Banking & Wealth Management Reported & Adjusted¹ ($MM) F22 YOY Strategic priorities to accelerate growth of Canada's private economy Revenue Net interest income Non-interest income Expenses PPPT² 5,254 13% 1,672 30% ☐ 3,582 6% Investing in our platforms to maintain commercial banking momentum & capitalize on wealth management opportunities 2,656 (9%) 2,598 17% Provision for Credit Losses 23 62 Increasing connectivity to attract and deepen high- value relationships Net Income 1,895 14% Commercial Banking - Loans (Average, $B)³ 88 20% Commercial Banking - Deposits (Average, $B) 94 12% Focusing on future differentiators and faster growing sectors Net Interest Margin (bps) 337 12 Assets Under Administration 4,5 (AUA, $B) 325 (9%) Assets Under Management 4,5 (AUM, $B) 209 (9%) F22 Key Highlights 20% / 12% Loan & Deposit Growth6 Above market growth? 6.6% Annual Net Flows8/AUA from Private Wealth Management $5.4B Annual Referral Volume⁹ 22% YoY growth CIBC◇ For footnoted information refer to slide 38. 19#21Highlights - US Commercial Banking & Wealth Management Reported Adjusted¹ (US$MM) Revenue F22 YOY F22 YOY 1,902 9% 1,902 9% Net interest income 1,281 11% 1,281 11% Non-interest income 621 5% 621 5% Expenses 1,028 (15%) 975 (16%) PPPT2 874 2% 927 2% Provision for Credit Losses 169 230 169 230 Net Income 588 (20%) 627 (20%) Loans (Average, $B)³ 37 13% 37 12% Deposits (Average, $B) 35 7% 35 6% Net Interest Margin (bps) 342 (8) 342 (8) AUA4 ($B) 89 (12%) 89 (12%) AUM ($B) 68 (12%) 68 (12%) Strategic priorities to build on our momentum Growing Commercial Banking by delivering expertise and solutions to meet clients' unique needs ☑ Expanding Private Wealth Management with continued focus on high-touch relationships Investing in technology and infrastructure to scale our platform and drive connectivity 13% / 7% Loan & Deposit Growth 3,5 Robust annual growth 6% Annual Net Flows / AUM6 despite challenging markets $94MM Investments related to the infrastructure build F22 Key Highlights CIBC◇ For footnoted information refer to slide 38. 20 20#22Highlights - Capital Markets Reported & Adjusted¹ ($MM) F22 YOY Revenue² 5,001 11% Net interest income 2,814 4% Non-interest income 2,187 20% Expenses 2,437 (15%) PPPT³ 2,564 7% Provision for Credit Losses (62) 38 Net Income 1,908 3% Strategic priorities to grow our differentiated platform Leverage our leading platform, capabilities and expertise in Canada to grow with our clients Expand our franchise in the US, to continue delivering double-digit growth Focus on connectivity to accelerate DFS and deepen relationships across our bank F22 Key Highlights 31%/17% Loan & Deposit Growth 4,5 Robust annual growth +17% U.S. Revenue Growth $157MM increase over F21 +18% DFS Revenue Growth driven by further expansion of business CIBC◇ For footnoted information refer to slide 38. 21 2#23Funding Strategy and Sources CIBC CIBCO ONCO#24High-quality, client-driven balance sheet (Based on Q4-2022 Results) CIBC◇ Assets Liabilities & Equity $944B Cash & Repos 28% 128% Coverage Unsecured Funding Liquid Assets Trading & Investment (Liquid Assets/ Wholesale Funding) Secured Funding³ Securities Residential Mortgages1 62% Loan Portfolio Other Retail Loans 115% Coverage (Deposits + Capital / Loans) Corporate Loans 10% Other Assets² Mainly Derivatives For footnoted information refer to slide 38. Personal Deposits 27% Wholesale-sourced Funding Business & Gov't Deposits 63% Capital + Client-related Funding Securitization & Covered Bonds Capital4 Other Liabilities² 10% Mainly Derivatives 23#25CIBC 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. 196.7BN), Maturity Profile 80 Wholesale deposits Canada, U.S. Credit card securitization Canada, U.S. ■Secured ■ Unsecured 70 60 50 Mortgage securitization 孟 40 Global MTN programs programs 30 2320 40 20 20 10 20 13 Covered Bond program Structured Notes 28 37 34 14 3 4 3 Less than 1m-3m 3m-6m 6m-12m 1y-2y Over 2y 1m Source: CIBC 2022 Annual Report to Shareholders 24#26Wholesale funding geography CAD 51.4 BN Canada Mortgage Bonds Credit Cards Securitization Medium Term Notes ☐ Canadian Dollar Deposits USD 70.4 BN Covered Bond Program Credit Cards Securitization Medium Term Notes ■ US Dollar Deposits Mortgage Securitization Credit Cards Securitization 7% 36% CIBC For footnoted information refer to slide 39. Covered Bonds 57% Wholesale Funding By Currency EUR 13.3 BN, CHF 3.2 BN, GBP 7.7 BN, NOK: 1.9 BN Covered Bonds Medium Term Notes Certificates of Deposit Wholesale Funding By Product¹ JPY 65.0 BN Medium Term Notes HKD 19.1 BN Medium Term Notes Certificates of Deposit " AUD 10.9 BN Covered Bonds Medium Term Notes Certificates of Deposit Secured 23% Medium Term Notes 45% Unsecured² 77% Other <1% CD and CP 44% Deposits from banks 6% Sub-debt 4% Bankers Acceptances 1% 25#27CIBC funding composition Funding Sources - October 20224 Others (Includes Securitization & Covered Bonds 5% Funding Sources Capital² 6% Securities sold short or repurchase agreements 10% derivatives) 10% Unsecured funding¹ 16% CIBC For footnoted information refer to slide 39. BN Personal deposits 232.1 Business, Bank and Government deposits 268.8 Unsecured funding¹ 150.9 Personal Securities sold short or repurchase agreements 97.3 deposits 25% Others (Includes derivatives) 92.2 Capital² 56.5 Securitization & Covered Bonds 45.8 Total 943.6 Wholesale market, currency³ BN USD 103.0 CAD 51.2 Business, Bank and Other 42.5 government Total 196.7 deposits 28% 26#28Canadian Mortgage Market CIBC CIBCO ONCO#29Mortgage Market Performance and Urbanization Rates 1995 1996 A greater rate of urbanisation is a strong contributor to increases in property values 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 Canada and UK or in foreclosure process in the US 1997 1998 1999 Source: UK Finance, CBA, MBA. *Mortgage arrears of 3+ months in 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 5.0% 4.5% Canada U.K. U.S 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% 2010 2011 2012 2013 Mortgage Arrears by Number of Mortgages 2014 2015 2016 2017 2018 2019 2020 2021 2022 CIBC For footnoted information refer to slide 39. % of Population 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 0.14% in August 20221 Population in Top Four Cities² 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Canada U.K. U.S. Germany France 28#30Canadian House Prices • Absolute price level is moderate compared to major global urban centers • Canadian debt to income ratio in line with many developed nations 300 • Growth rates of house prices in Canada have diverged across regions 250 200 Household Debt to Income Ratio4 Household Debt to Income Ratio -Average Average Home Price 150 Region CAD1 USD Eq.2 YoY % Change³ 100 Canada 645K 50 471K 6% Toronto 1098K 802K 5% Vancouver 1149K Norway Denmark Netherlands 839K 5% Calgary 513K 40% 374K 15% Canada -Montreal Montreal 30% 505K Housing Index Year over Year Change, by City5 Toronto -Ottawa Vancouver Quebec Calgary -Halifax 368K 10% 20% Ottawa 631K 460K 4% Australia Sweden Canada U.K. France Ireland Japan U.S. Germany 10% CIBC◇ For footnoted information refer to slide 39. 0% Dec- Dec- Dec- Dec 07 08 09 10 Dec- Dec 11 12 Dec- Dec- Dec. Dec Dec- Dec- Dec- Dec- Dec- 13 14 15 16 17 18 19 20 21 22 -10% -20% 29#31CIBC's Mortgage Portfolio CIBC Canadian Residential Mortgages: CAD 261.7 BN CAD 145 BN Condo Exposure: CAD 46.3 BN Condo Mortgages Condo Developers 85% CAD 52 BN Insured Uninsured CAD 27 BN 86% CAD 21 BN CAD 16 BN 55% 15% 14% 45% 75% 25% 61% 39% Ontario BC & Territories Alberta Quebec Other CIBC◇ • CAD 38.7 BN CAD 7.6 BN Uninsured 80% Undrawn 78% Insured Drawn 20% 22% 20% of CIBC's Canadian residential mortgage portfolio is insured, with 61% of insurance being provided by CMHC • The average loan to value1 of the uninsured portfolio is 48% The condo developer exposure is diversified across 112 projects Condos account for approximately 15% of the total mortgage portfolio For footnoted information refer to slide 39. 30#32Canadian Bail-in Regime Update CIBC CIBCO ONCO#33How Bail-In Is Expected To Work When OSFI deems a bank has ceased to or may be about to cease to continue to be viable, it may trigger temporary takeover of the bank and carry out the bail-in conversion of NVCC capital and bail-in debt to common equity. ■ There are no write-down provisions in the framework Conversion formula under many scenarios may result in investor gains 1. Pre-Loss Balance Sheet Other Senior Liabilities Bail-in Loss 2. Loss Event 3. Post Bail-in Other Senior Liabilities Debt Assets NVCC Sub-Debt Bail-in Debt Assets Assets NVCC NVCC Sub-Debt Preferred Equity CIBC For footnoted information refer to slide 39. Common Equity NVCC Preferred Equity Common Equity Other Senior Liabilities Bail-in Debt Common Equity 32#34Canadian Bail-in Regime Update . On April 18, 2018, Department of Finance published the bail-in regulations, and OSFI finalized the guidelines on Total Loss Absorbing Capacity (TLAC) and TLAC holdings. Department of Finance's bank recapitalization (bail-in) conversion regulations Provide statutory powers to CDIC (through Governor in Council) to enact the bail-in regime including the ability to convert specified eligible shares and liabilities of D-SIBS into common shares in the event such bank becomes non-viable • Bail-in eligible liabilities include tradable (with CUSIP/ISIN), unsecured debt with original maturity of over 400 days . Excluded liabilities are covered bonds, consumer deposits, secured liabilities, derivatives, and structured 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 For footnoted information refer to slide 39. 33#35Canadian Bail-in Regime - Comparison to Other Jurisdictions Bail-in implementation in other jurisdictions has increased the riskiness of bail-inable bonds vs. non-bail-inable bonds: • Legislative changes prohibit bail-outs, increasing the probability that bail-in will be relied on The hierarchy of claims places bail-in debt below deposits and senior debt through structural subordination, legislation or contractual means Bail-in is expected to rely on write-down of securities, imposing certain losses on investors The Canadian framework differs from other jurisdictions on several points: • The Canadian government has not introduced legislation preventing bail-outs • • Canadian senior term debt will be issued in a single class and will not be subordinated to another class of senior term debt like other jurisdictions such as the US and Europe Canada does not have a depositor preference regime; bail-in debt does not rank lower than other liabilities No Creditor Worse Off principle provides that no creditor shall incur greater losses than under insolvency proceedings • There are no write-down provisions in the framework • Conversion formula under many scenarios may result in investor gains CIBC◇ 34#36CIBC Investor Relations Contacts CIBC◇ GEOFF WEISS, SENIOR VICE PRESIDENT Email: [email protected] Phone: +1 (416) 980-5093 JASON PATCHETT, SENIOR DIRECTOR Email: [email protected] Phone: +1 (416) 980-8691 CALLEN GLASS, SENIOR DIRECTOR Email: [email protected] Phone: +1 (416) 594-8188 35#37Notes on slides 3-11 Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on page 103 in the 2022 Annual Report, available on SEDAR at www.sedar.com TSR is calculated based on common share price appreciation plus reinvested dividend income as at October 31, 2022. 1. Slide 3 - A leading Canadian financial institution All results are in Canadian dollars unless otherwise indicated. 2. Global regular head count for CIBC. This excludes FCIB, temporary employees and contingent workers. 3. 4. 5. 6. 7. 8. 9. Calculated pursuant to Office of the Superintendent of Financial Institutions (OSFI) Capital Adequacy Requirements (CAR) Guideline, which is based on Basel Committee on Banking Supervision (BCBS) standards. Corporate & Other not shown and as a result will not add to 100% Includes revenue from US Commercial Banking & Wealth Management, and revenue from Capital Markets operations in the US. Moody's Long-Term Deposit and Counterparty Risk Assessment Rating; S&P issuer Credit Rating; Fitch Long-Term Deposit Rating and Derivative Counterparty Rating; DBRS Long-Term Issuer Rating as at Q4/22. Subject to conversion under the bank recapitalization “bail-in" regime Slide 5 - Consistent execution of our strategy delivering for our clients and driving growth 1. 2. 3. See note 3 on slide 41. Based on transactions that closed from January 1, 2022 to September 30, 2022 per the North American Renewables League Tables by Inframation. Annual net flows are calculated based on net investment sales and include the impact of reinvested income. Slide 6 - Disciplined capital deployment driving strong returns 1. 2. Based on adjusted measures. See the non-GAAP section on slide 40. Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on page 101 in the 2022 Annual Report, available on SEDAR at www.sedar.com Slide 7 - Solid performance reflecting strong execution of our strategic priorities See note 1 on slide 41. 1. 2. Adjusted results are non-GAAP measures. See slide 40 for further details. 3. 4. 5. 6. 7. 8. Pre-provision, pre-tax earnings (PPPT) is revenue net of non-interest expenses and is a non-GAAP measure. See slide 40 for further details. Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on page 103 in the 2022 Annual Report, available on SEDAR at www.sedar.com. See note 2 on slide 41. Our capital ratios are calculated pursuant to OSFI's Capital Adequacy Requirements (CAR) Guideline, which is based on BCBS standards. For additional information, see the "Capital management" section in the 2022 Annual Report, available on SEDAR at www.sedar.com. Medium-term financial objectives are determined on an adjusted basis. Adjusted results are non-GAAP measures. See slide 40 for further details. The 3-year compound annual growth rate (CAGR) is calculated from 2019 to 2022, and the 3-year average is a simple average from 2020 to 2022. Slide 8 - Furthering our ESG strategy by putting our ambitions into action 1. 2. Represents commitment to provide $100MM in limited partnership investments in climate technology and energy transition funds. $155MM funding goal includes $70MM contributed in fiscal 2021. Slide 9 - External recognition for our commitment to sustainability 1. Ratings are not a recommendation to make an investment in any security of CIBC and may be revised or withdrawn at any time by the issuing organization. Slide 11 - Investments in top-line growth delivering for shareholders 1. 2. 3. Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on page 103 in the 2022 Annual Report, available on SEDAR at www.sedar.com All per common share amounts reflect the two for one common share split effective May 13, 2022, and prior periods have been restated for comparative purposes. Adjusted results are non-GAAP measures. For additional information see slide 40. CIBC◇ 36#38Notes on slides 12-18 Slide 12 Solid returns underpinned by a commitment to balance sheet strength... 1. Capital ratios are calculated pursuant to the Office of the Superintendent of Financial Institution's (OSFI's) Capital Adequacy Requirements (CAR) Guideline, the leverage ratio is calculated pursuant to OSFI's Leverage Requirements Guideline, and the LCR is calculated pursuant to OSFI's Liquidity Adequacy Requirements (LAR) Guideline, all of which are based on the Basel Committee on Banking Supervision (BCBS) standards. For additional information, see the "Capital management" and "Liquidity risk" sections in the 2022 Annual Report, available on SEDAR at www.sedar.com. Slide 13 ...and prudent risk management 1. 2. 3. 4. All results are on a Reported basis and in Canadian dollars unless otherwise indicated. Allowance for credit losses to gross carrying amount of loans. The gross carrying amount of loans include certain loans that are measured at fair value through profit or loss (FVTPL). Provision for (reversal of) credit losses on impaired loans to average loans and acceptances, net of allowance for credit losses Provision for (reversal of) credit losses to average loans and acceptances, net of allowance for credit losses. Slide 14 - Lending portfolio has a strong risk profile 1. 2. 3. Incorporates security pledged; equivalent to S&P/Moody's rating of BBB/Baa2 LTV ratios for residential mortgages are calculated based on weighted average. See page 66-67 of the 2022 Annual Report for further details. GVA and GTA definitions based on regional mappings from Teranet. Slide 16 Highlights - Canadian Personal & Business Banking Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 40 for further details. Adjusted results are non-GAAP measures. See slide 40 for further details. Loan amounts are stated before any related allowances. 1. 2. 3. 4. 5. Loan and deposit growth is calculated using average balances. Average balances are calculated as a weighted average of daily closing balances. 6. Based on a comparison to the Big 6 Canadian banks per data published by the Office of the Superintendent of Financial Institutions (OSFI) as of Sept/22. Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on page 102 in the 2022 Annual Report, available on SEDAR at www.sedar.com. 7. Excluding the acquisition of the Canadian (Costco) co-brand credit card portfolio. = Slide 17 Growing digital engagement and adoption 1. 2. Canadian Personal Banking only, excluding Simplii Financial. Based on spot balances as at October 31 for the respective periods. Digital Adoption (Penetration) Rate represents the percentage share of Digital Registered Customers who have been engaged on CIBC Online Banking and/or CIBC Mobile Banking at least once in the last 90 calendar days out of all Canadian Personal Banking customers engaged across any channel. 3. Active Digital Users represent the 90-day Active clients in Canadian Personal Banking. 4. Reflects financial transactions only. 5. Other includes transfers and eDeposits. Slide 18-Loan & Deposit Highlights - Canadian Personal & Business Banking 1. 2. All figures represent average balances. Average balances are calculated as a weighted average of daily closing balances. Loan amounts are stated before any related allowances. CIBCO 37#39Notes on slides 19-23 Slide 19 Highlights - Canadian Commercial Banking & Wealth Management 1. 2. 3. 4. 5. 6. 7. 8. 9. Adjusted results are non-GAAP measures. See slide 40 for further details. Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 40 for further details. Comprises loans and acceptances and notional amount of letters of credit. Loan amounts are stated before any related allowances. Assets under management (AUM) are included in assets under administration (AUA). Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on page 101 in the Annual Report, available on SEDAR at www.sedar.com. Represents loans and deposits for Commercial Banking and Wealth Management. Loan and deposit growth is calculated using average balances. Average balances are calculated as a weighted average of daily closing balances. Based on Commercial and Business Banking loans and deposits, and a comparison to the Big 6 Canadian banks per data disclosed in Supplementary Financial Information material as of Q3/22. Annual net flows are calculated based on net investment sales from Private Wealth Management and include the impact of reinvested income. A referral is defined as a single opportunity received by one line of business, from another line of business. The opportunity could be for an existing client of the referring party, or a new client to the Bank. Highlights - U.S. Commercial Banking & Wealth Management Slide 20 1. 12 Adjusted results are non-GAAP measures. See slide 40 for further details. Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 40 for further details. 2. 3. Loan amounts are stated before any related allowances or purchase accounting adjustments. 4. 5. 6. Assets under management (AUM) are included in assets under administration (AUA). Includes certain Canadian Commercial Banking and Wealth Management assets that U.S. Commercial Banking and Wealth Management provides sub-advisory services for. Loan and deposit growth is calculated using average balances. Average balances are calculated as a weighted average of daily closing balances. Annual net flows include the impact of reinvested income and are calculated based on net sales as a percentage of assets under management. Slide 21 - Highlights - Capital Markets 1. 2. 23 Adjusted results are non-GAAP measures. See slide 40 for further details. Revenue is reported on a taxable equivalent basis (TEB). TEB adjustment in Q4/22 was $51 million. Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 40 for further details. 4. Loan amounts are before any related allowances or purchase accounting adjustments. 5. Loan and deposit growth is calculated using average balances. Average balances are calculated as a weighted average of daily closing balances Slide 23 High-quality, client-driven balance sheet 1. 2. Securitized agency mortgage-backed securities (MBS) are on balance sheet as per IFRS. Derivatives related assets, are largely offset by derivatives related liabilities. Under IFRS derivative amounts with master netting agreements cannot be offset and the gross derivative assets and liabilities are reported on balance sheet. 3. 4. Includes obligations related to securities sold short, cash collateral on securities lent and obligations related to securities under repurchase agreements. Capital includes subordinated liabilities CIBC 38#40Notes on slides 24-33 Slide 25- Wholesale funding geography 1. 2. Percentages may not add up to 100% due to rounding. "Unsecured" includes Obligation related to securities sold short, Cash collateral on securities lent and Obligations related to securities under repurchase agreements. Slide 26 CIBC funding composition 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 Capital includes subordinated liabilities 1. 2. 3. Currency composition, in Canadian dollar equivalent, of funding sourced by CIBC in the wholesale market. 4. Percentages may not add up to 100% due to rounding. Source: CIBC 2022 Annual Report to Shareholders. Slide 28 - Mortgage Market Performance and Urbanization Rates 1. 2. Source: Canadian Banker's Association Source: 2014 Census for France, 2021 Census for Canada, 2011 Census for UK, Germany; 2020 Census for US Slide 29 Canadian House Prices 1. 2. 3. 4. 5. Source: CREA, October 2022 1 USD = 1.3700 CAD Source: Teranet - National Bank House Price Index Source: OECD, 2022 or latest available. Household debt ratios across countries can be significantly affected by different institutional arrangements, among which tax regulations regarding tax deductibility of interest payments. Source: Bloomberg, Teranet - National Bank House Price Index Slide 30 CIBC's Mortgage Portfolio 1. LTV ratios for residential mortgages are calculated based on weighted average. The house price estimates for October 31, 2022 and 2021 are based on the Forward Sortation Area (FSA) level indices from the Teranet - National Bank National Composite House Price Index (Teranet) as of September 30, 2022 and 2021, respectively. Teranet is an independent estimate of the rate of change in Canadian home prices. Slide 32 - How Bail-in is Expected to Work 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. Slide 33 Canadian Bail-In Regime Update 1. As referenced in the Bank Recapitalization (Bail-in) Regulations: http://laws-lois.justice.gc.ca/eng/regulations/SOR-2018-57/FullText.html Increased to 24.00% on October 31, 2021 upon increase of Domestic Stability Buffer to 2.50% (the maximum) from 1.00% 2. CIBC◇ 39#41Non-GAAP Measures We use a number of financial measures to assess the performance of our business lines. Some measures are calculated in accordance with International Financial Reporting Standards (IFRS or GAAP), while other measures do not have a standardized meaning under GAAP, and accordingly, these measures may not be comparable to similar measures used by other companies. Investors may find these non-GAAP measures, which include non-GAAP financial measures and non-GAAP ratios as defined in National Instrument 52-112 “Non-GAAP and Other Financial Measures Disclosure", useful in understanding how management views underlying business performance. Management assesses results on a reported and adjusted basis and considers both as useful measures of performance. Adjusted measures, which include adjusted total revenue, adjusted provision for credit losses, adjusted non-interest expenses, adjusted income before income taxes, adjusted income taxes, adjusted net income and adjusted pre-provision, pre-tax earnings, in addition to the adjusted measures on slide 45, remove items of note from reported results and are used to calculate our adjusted results. Items of note include the amortization of intangible assets, and certain items of significance that arise from time to time which management believes are not reflective of underlying business performance. Adjusted measures represent non-GAAP measures. Non-GAAP ratios include an adjusted measure as one or more of their components. Non-GAAP ratios include adjusted diluted EPS, adjusted operating leverage, adjusted dividend payout ratio, and adjusted return on common shareholders' equity. We also adjust our results to gross up tax-exempt revenue on certain securities to a TEB, being the amount of fully taxable revenue, which, were it to have incurred tax at the statutory income tax rate, would yield the same after-tax revenue. Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found in the "Non-GAAP measures" section on pages 14 to 20 of our 2022 Annual Report, available on SEDAR at www.sedar.com. CIBC◇ 40#42Glossary 1 Adjusted Diluted EPS 2 Adjusted ROE 3 Connectivity Revenue CIBC◇ Definition We adjust our reported diluted EPS to remove the impact of items of note, net of income taxes, to calculate the adjusted EPS. We adjust our reported net income attributable to common shareholders to remove the impact of items of note, net of income taxes, to calculate the adjusted return on common shareholders' equity. Revenue from non-traditional Capital Markets clients, leveraging the full suite of Capital Markets products and services across the Bank's Canadian and U.S. Commercial clients, high net worth individuals and retail clients. 41