#1CIBC Quarterly Results Presentation First Quarter 2022 February 25, 2022 All amounts are in Canadian dollars unless otherwise indicated. CIBC OICO#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 "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 our Q1/22 Report to Shareholders 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 our Q1/22 Report to Shareholders, and are subject to inherent risks and uncertainties that may be general or specific. Given the continuing impact of the coronavirus (COVID-19) pandemic on the global economy, financial markets, and our business, results of operations, reputation and financial condition, there is inherently more uncertainty associated with our assumptions as compared to prior periods. A variety of factors, many of which are beyond our control, affect our operations, performance and results, and could cause actual results to differ materially from the expectations expressed in any of our forward-looking statements. These factors include: the occurrence, continuance or intensification of public health emergencies, such as the COVID-19 pandemic, and any related government policies and actions; credit, market, liquidity, strategic, insurance, operational, reputation, conduct and legal, regulatory and environmental risk; currency value and interest rate fluctuations, including as a result of market and oil price volatility; the effectiveness and adequacy of our risk management and valuation models and processes; legislative or regulatory developments in the jurisdictions where we operate, including the Organisation for Economic Co-operation and Development Common Reporting Standard, and regulatory reforms in the United Kingdom and Europe, the Basel Committee on Banking Supervision's global standards for capital and liquidity reform, and those relating to bank recapitalization legislation and the payments system in Canada; amendments to, and interpretations of, risk-based capital guidelines and reporting instructions, and interest rate and liquidity regulatory guidance; the resolution of legal and regulatory proceedings and related matters; the effect of changes to accounting standards, rules and interpretations; changes in our estimates of reserves and allowances; changes in tax laws; changes to our credit ratings; political conditions and developments, including changes relating to economic or trade matters; the possible effect on our business of international conflicts and terrorism; natural disasters, disruptions to public infrastructure and other catastrophic events; reliance on third parties to provide components of our business infrastructure; potential disruptions to our information technology systems and services; increasing cyber security risks which may include theft or disclosure of assets, unauthorized access to sensitive information, or operational disruption; social media risk; losses incurred as a result of internal or external fraud; anti-money laundering; the accuracy and completeness of information provided to us concerning clients and counterparties; the failure of third parties to comply with their obligations to us and our affiliates or associates; intensifying competition from established competitors and new entrants in the financial services industry including through internet and mobile banking; technological change; global capital market activity; changes in monetary and economic policy; general business and economic conditions worldwide, as well as in Canada, the U.S. and other countries where we have operations, including increasing Canadian household debt levels and global credit risks; 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 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 First Quarter, 2022 2#3CIBC Overview Victor Dodig President and Chief Executive Officer CIBC◇#4Record results driven by strong performance across our businesses Strong growth in Capital Markets Connectivity Revenues³ Gaining market share² in our consumer businesses EPS Reported $4.03 Adjusted $4.08 $MM 34 bps 19 bps 14.77% 14.87% 14.68% % of Capital Markets revenues YOY +14% 14.43% Revenue $5.5B YoY +11% ROE Reported 17.4% Adjusted¹ 17.6% Digital Adoption4 77.5% YOY +2% Nov/F21 Nov/F22 Personal Loans Personal Deposits & GICS Robust loan growth5 in Commercial Banking $B, local currency 2 6 33 66 58 (5) (1) 35 $B 20% 232 Q1/21 +17% 21% 272 Q1/22 Continued AUA 6,7 Growth 423 79 Q1/21 New Client Growth Existing Client Growth (net) Payoffs Q1/22 Canada U.S. Q1/21 +17% 497 Q1/22 CIBC 1 Adjusted results are non-GAAP financial measures. See slide 37 for further details. 2 Market share is based on domestic currency balances disclosed by OSFI and internal CIBC data. 3 See note 1 on slide 38. 4 Canadian Personal Banking only, excluding Simplii Financial. Digital Adoption Rate calculated using 90-day active users. 5 Includes Commercial Banking loans for Canadian Commercial Banking & Wealth Management and segment loans for U.S. Commercial Banking & Wealth Management. Average balances are calculated as a weighted average of daily closing balances. 6 Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on page 41 in the Q1/22 Management's discussion and analysis, available on SEDAR at www.sedar.com. 7 Includes Assets Under Administration from individuals, and Canadian retail mutual funds and ETFs. 4#5Executing on our near-term priorities Elevating the client experience in an increasingly digital world Entered into an agreement with nCino to provide our Business Banking clients. with a modern, cloud-based scalable and flexible platform Exclusive partnership with Pollinate to launch "Tyl by CIBC", a cloud-based, digital-first platform for entrepreneurs to accept payments, administer loyalty programs, and gain insights into their business Focusing on high-growth, high-touch client segments Launched CIBC Family Office to help our clients and their families manage the complexities of multi-generational wealth Increased client relationship building team by over 150 to deliver personalized advice in Personal Banking to franchise complex clients • Investing in future differentiators within faster growing markets Strong momentum in Innovation Banking with annual growth in excess of 100% Enhanced Global Money Transfer allowing for real-time money transfers to eligible VISA debit and credit card holders in more than 80 countries • Maintained leadership role in North America Renewables Financing with a top five ranking1 in FY2021 CIBC◇ 1 Source: Inframation FY21 North America Renewables League Tables. First Quarter, 2022 5 LO#6Financial Review Hratch Panossian Senior Executive Vice-President and Chief Financial Officer CIBC◇#7Record results in Q1 2022 EPS ROE Revenue Operating Leverage Reported $4.03 Reported 17.4% Reported Reported (0.1)% $5.5B Adjusted¹ $4.08 +14% YoY Adjusted¹ 17.6% Adjusted¹ +11% YoY Adjusted 1 0.2% PPPT1,2 PCL Ratio³ CET1 Ratio4 Liquidity Coverage Ratio5 Average Reported Adjusted¹ $2.5B $2.5B +11% YoY Total 6 bps 12.2% vs. OSFI requirement -3 bps YOY 123% -19% YoY Impaired 11 bps of 10.5% vs. OSFI requirement of >100% CIBC 1 Adjusted results are non-GAAP financial measures. See slide 37 for further details. 2 Pre-provision, pre-tax earnings (PPPT) is revenue net of non-interest expenses and is a non-GAAP measure. See slide 37 for further details. 3 See notes 2 and 3 on slide 38. 4. Our capital ratios are calculated pursuant to OSFI's Capital Adequacy Requirements (CAR) Guideline, which is based on BCBS standards. For additional information, see the "Capital management" section in the Q1/22 Management's discussion and analysis, available on SEDAR at www.sedar.com. 5 LCR is calculated pursuant to OSFI's Liquidity Adequacy Requirements (LAR) Guideline, which is based on BCBS standards. For additional information, see the "Liquidity risk" section in the Q1/22 Management's discussion and analysis, available on SEDAR at www.sedar.com. First Quarter, 2022 7#8First Quarter 2022 Financial Results Reported ($MM) Revenue Q1/22 YOY QoQ 5,498 11% 9% • Net interest income 3,132 10% 5% Non-interest income 2,366 11% 14% Non-Interest Expenses 3,023 11% (4%) Provision for Credit Losses 75 (49%) (4%) • Net Income 1,869 15% 30% Diluted EPS $4.03 14% 31% Efficiency Ratio¹ ROE CET1 Ratio 55.0% 10 bps (690) bps 17.4% 40 bps 400 bps 12.2% (3) bps (13) bps Revenue Net interest income up 10% YoY • • Diversified volume growth across our business; total average loans up 14% YoY, average deposits up 12% YoY Stable and improving margins Non-interest income up 11% YoY • Strong trading activity in Capital Markets Growth in wealth management fees driven by market appreciation and strong client flows Higher card and deposit fees reflecting continued recovery in consumer activity Adjusted² ($MM) Revenue Net interest income Q1/22 YOY QoQ 5,498 11% 9% 3,132 10% 5% Non-interest income 2,366 11% 14% Adjusted² Expenses • Higher performance-based compensation; expenses up 7% YoY excluding this increase Inflationary pressures and investments to fuel long-term, sustainable growth Non-Interest Expenses 2,990 10% 1% Pre-Provision, Pre-Tax Earnings³ 2,508 11% 19% Provision for Credit Losses 75 (49%) (4%) Net Income 1,894 15% 20% • Provision for Credit Losses (PCL) PCL decrease driven by lower impairments Diluted EPS $4.08 14% Efficiency Ratio (TEB) ROE 53.8% 17.6% (10) bps 40 bps 21% (400) bps • Total PCL ratio of 6 bps 290 bps • PCL ratio on impaired of 11 bps CIBC 2 1 Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on page 42 in the Q1/22 Management's discussion and analysis, available on SEDAR at www.sedar.com. Adjusted results are non-GAAP financial measures. See slide 37 for further details. 3 Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 37 for further details. First Quarter, 2022 8#9Double-digit growth in net interest income driven by robust growth in volumes Net Interest Margin 1,2 Loans 2,4 ($B, local currency) Deposits² ($B, local currency) YOY QoQ YOY QoQ 1.58% 1.59% 1.60% 1.58% 1.60% 57 +25% +10% 35 94 +8% +12% +5% +5% 3,132 81 +19% +5% 35 +10% +3% 2,980 2,893 2,839 250 94 +13% +6% 2,747 195 180 235 206 290 +12% +3% 2,882 2,713 2,785 196 +6% +2% 2,604 2,541 Q1/21 Q2/21 Non-Trading NII ($MM) Q3/21 Q4/21 Q1/22 Trading NII ($MM) 3 -NIM Canadian Personal & Commercial NIM1,5 2.35% 1 bp Q1/22 Q1/22 Personal & Business Banking U.S. Commercial & Wealth Cdn. Commercial & Wealth Capital Markets U.S. Commercial & Wealth NIM1 3.48% 1 bp 2.36% 2 bps 3.45% (1) bp (3) bps (2) bps Q4/21 Volume/Mix CIBC◇ 2 Product Margins Other Q1/22 Q4/21 Volume/Mix Product Margins 1 Net Interest Margin is calculated on average interest earning assets. Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on pages 41 and 42 in the Q1/22 Management's discussion and analysis, available on SEDAR at www.sedar.com. Average balances are calculated as a weighted average of daily closing balances. 3 See note 4 on slide 38. 4 Average loans and acceptances, before any related allowances. 5 Includes the results of Canadian Personal and Business Banking and Canadian Commercial Banking, as well as Simplii Financial and CIBC Investor's Edge, which are now reported in Capital Markets. Other Q1/22 First Quarter, 2022 9#10Positioned to benefit from rising rates Year 1 benefit of $454 million to our net interest income from an immediate and sustained 100 bps increase as at January 31, 2022, with approximately 60% driven by short rates Year 2 benefit from rising rates (+100 bps) of approximately $840MM, driven primarily by long rates Net Interest Income Sensitivity to a +100 bps Shock ($MM) 1 Interest Rate Environment in Canada and the U.S. 3.5 Year 1 CIBC CAD² 380 USD 74 3 2.5 2 Total 454 1.5 1 0.5 0 Year 2 Total 840 Feb-17 Jun-17 Nov-17 Mar-18 Aug-18 Jan-19 May-19 Oct-19 Feb-20 Jul-20 Dec-20 Apr-21 Sep-21 Jan-22 Source: Bloomberg -CAD 5-YR Swap Rate BoC Overnight Rate -USD 5-YR Swap Rate -Fed Funds Rate 1 A number of assumptions are used to measure Structural Interest Rate Sensitivity. For additional information, see the "Market risk” Non-trading activities section on page 32 in the Q1/22 Management's discussion and analysis, available on SEDAR at www.sedar.com. 2 Includes CAD and other currency exposures. First Quarter, 2022 10#11Broad-based growth in fee income Non-Interest Income by Category ($MM)1 2,366 2,124 2,185 2,163 2,084 744 • 647 674 678 686 267 208 161 102 223 1,060 1,160 1,151 1,164 1,189 Q1/21 Q2/21 Q3/21 ■ Market-related (excl. trading) ■ Trading Market-related (incl. trading) Underwrit & Advis. 10% Mutual Fund 33% Q4/21 Q1/22 Market-related fees benefitting from rebound in trading activity Trading revenues up 20% YoY Strong client flows and market appreciation in Wealth Management Strong growth in transactional fees Continued recovery in consumer activity driving higher card and deposit fees Higher credit fees, driven by growth in Banker's Acceptance volumes ■ Transactional ■ Other 2 Transactional Fees Card Purchase Volumes by Spend Category, Indexed to Q1/20 (%) 140 Trading 18% Credit 43% FX 10% 120 100 $1,456MM Other 8% Investment Mgmt & Custodial $744MM Card 80 18% 60 31% Deposit & Payment 29% 40 Q1/21 Q4/21 Q1/22 1 Market-related fees include underwriting and advisory, investment management and custodial, and mutual fund fees, commissions on securities transactions, and gains/losses from financial instruments measured at FVTPL and debt securities measured at FVOCI. Transactional fees include deposit and payment, credit, and card fees, and foreign exchange other than trading. CIBC◇ 2 Other primarily includes insurance fees, income from equity-accounted associates and joint ventures, and other. 3 Includes hotels, entertainment, recreation and restaurants. Home & Office Retail & Grocery -Household Expenses -Total -Leisure 3 -Transportation First Quarter, 2022 11#12Expense growth driven by performance-based compensation, ongoing investments to fuel sustained growth, and the impact of inflation Non-Interest Expense Growth ($MM) - Adjusted¹ Reported $2,726MM 71 2,706 +10% +7% Reported $3,023MM Higher performance-based compensation Strategic Initiatives focused on driving long-term growth . Improving our technology infrastructure, including data and analytics 108 2,990 • Building on our leading digital platform 105 2,882 • • Enhancing our advice capabilities Investments associated with the acquisition of the Costco credit card portfolio • Increase in Other Operating Costs · Approximately two thirds of the increase was due to inflation and variable costs, including business development Q1/21 Strategic Initiatives2 Other Operating Costs Performance- based compensation Q1/22 • Remaining expenses contained, helped by efficiency improvements CIBC 1 Adjusted results are non-GAAP financial measures. See slide 37 for further details. 2 Initiatives include incremental costs associated with front-line hires related to growth initiatives, investments in enterprise initiatives, investments in infrastructure in the U.S., and other growth initiatives. First Quarter, 2022 12#13Continued capital strength supports our strategy $B • CET1 ratio of 12.2%, down 13 bps, reflecting: Q1/21 Q4/21 Q1/22 Average Loans and Acceptances 417.5 455.5 474.5 • Average Deposits 583.6 623.2 652.9 CET1 capital 31.4 33.8 34.8 CET1 ratio 12.3% • 12.4% 12.2% Risk-weighted assets (RWA) 1 256.1 272.8 284.2 Leverage ratio¹ 4.7% 4.7% 4.3% Liquidity coverage ratio (average) 142% 127% 123% HQLA (average)1 190.5 174.7 174.7 Net Stable Funding Ratio¹ 122% 118% 116% Strong capital generation of $1.1B from earnings net of dividends Increase in RWAS of $11.4B from strong organic growth and FX translation Buyback of 900,000 shares under our active NCIB program Balance sheet well positioned to support continued organic growth and return of capital CET1 Ratio 40 bps (39) bps (14) bps 12.4% RWA ($B) 2.7 0.2 8.5 12.2% 272.8 Q4/21 Earnings net of Dividends RWA Movements (excl. FX) Other Q1/22 284.2 Q4/21 Credit Risk (excl. FX) FX Other Q1/22 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 Q1/22 Management's discussion and analysis, available on SEDAR at www.sedar.com. First Quarter, 2022 13#14Personal & Business Banking – continued momentum reflected in double-digit PPPT¹ growth Reported ($MM) - Net interest income increase of 7% driven by continued strong volume growth NIM up 1 bp QoQ and down 10 bps YoY Loan balances up 12% YoY Deposit balances up 6% YoY Double-digit growth in fee income reflecting increased client activity • Credit Card purchase volumes up 19% YoY Revenue Q1/22 2,183 YOY QoQ 8% 3% • Net interest income 1,587 7% 3% • Non-interest income 596 10% 2% Non-Interest Expenses 1,152 6% 0% Provision for Credit Losses 98 81% (40%) Net Income 687 5% 15% Adjusted² ($MM) Q1/22 YOY QoQ Revenue 2,183 8% 3% Net interest income 1,587 7% 3% Non-interest income 596 10% 2% • Total PCL ratio of 13 bps Non-Interest Expenses 1,139 5% 0% • Pre-Provision, Pre-Tax Earnings¹ PCL ratio on impaired of 14 bps 1,044 11% 6% Provision for Credit Losses 98 81% (40%) Net Income 697 7% 15% Adjusted² expense growth driven by ongoing investments in the business, including investments associated with the acquisition of the Costco credit card portfolio Provision for Credit Losses: Loans and Deposits ($B) 228 217 218 259 283 290 184 192 196 Debit and Credit Transaction Volumes, Indexed to Q1/20 (%) Q1/21 Loans CIBC 1 Q4/21 Deposits Q1/22 Net Interest Margin (bps) Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 37 for further details. 2 Adjusted results are non-GAAP financial measures. See slide 37 for further details. 96 113 Q1/21 Q4/21 115 Q1/22 First Quarter, 2022 14#15Canadian Commercial & Wealth - broad-based growth across our connected franchise • Strong volume growth driving 27% increase in net interest income Reported & Adjusted¹ ($MM) Revenue Net interest income Non-interest income Q1/22 1,297 YOY QoQ • 19% 5% 377 27% 7% 920 16% 4% Non-Interest Expenses 673 18% 4% Pre-Provision, Pre-Tax Earnings² 624 21% 5% Provision for (reversal of) Credit Losses Net Income (4) ($37) 20% • 462 31% 5% Commercial Banking Loans and Deposits ($B) 318 328 330 Commercial loan balances up 19% YoY Commercial deposit balances up 12% YoY Non-interest income up 16% YoY AUA up 14% and AUM up 13%, driven by market appreciation and strong client flows Higher credit fees in Commercial Banking Expenses up 18% driven by higher performance-based compensation; excluding this increase, YoY growth of 7% Wealth Management ($B) 357 357 76 75 80 79 84 313 230 230 66 203 Q1/21 Q4/21 Q1/22 Loans & Acceptances ³ 3 Deposits -Net Interest Margin - segment (bps) Q1/21 Q4/21 Q1/22 AUA4 ■ AUM 4,5 2 Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 37 for further details. 1 Adjusted results are non-GAAP financial measures. See slide 37 for further details. CIBC 3 Comprises loans and acceptances and notional amount of letters of credit. 4 Assets under management (AUM) are included in assets under administration (AUA). www.sedar.com. 5 Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found on page 41 in the Q1/22 Management's discussion and analysis, available on SEDAR at First Quarter, 2022 15#16U.S. Commercial & Wealth - continued strength in client acquisition and franchising Reported (US$MM) Revenue Net interest income Non-interest income Net interest income up 5% driven by strong volume growth Loan balances up 8% YoY; up 13% excluding PPP forgiveness NIM down 8 bps YoY and 3 bps QoQ Non-interest income up 19% YoY . Growth in AUA and AUM of 18% and 16%, respectively, benefiting from market appreciation and strong client flows Q1/22 YOY QoQ 479 10% 7% 306 5% 4% • Deposit balances up 10% YoY 173 19% 12% • Non-Interest Expenses 250 15% 6% Provision for Credit Losses 22 (37%) $62 Net Income 178 22% (13%) Q1/22 YOY QoQ 479 10% 7% 306 5% 4% Non-interest income 173 19% 12% • Non-Interest Expenses 237 16% 7% • Total PCL ratio of 25 bps Pre-Provision, Pre-Tax Earnings² 242 4% 7% • Provision for Credit Losses 22 (37%) $62 PCL ratio on impaired 27 bps Net Income 188 21% (12%) Adjusted¹ (US$MM) Revenue Net interest income Increased commercial banking fees related to credit and treasury services Adjusted¹ expenses up 16% YoY driven by ongoing investments in our infrastructure and people, and higher performance-based compensation Provision for Credit Losses: Loans and Deposits - Average (US$B) 353 348 345 Wealth Management (US$B) 101 98 33 32 33 34 35 35 83 78 76 66 Q1/21 Q4/21 Q1/22 Q1/21 ■Loans³ Deposits -Net Interest Margin (bps) Q4/21 ■ AUA4 ■AUM4 Q1/22 1 Adjusted results are non-GAAP financial measures. See slide 37 for further details. CIBC 2 Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 37 for further details. 3 Loan amounts are stated before any related allowances or purchase accounting adjustments. 4 Assets under management (AUM) are included in assets under administration (AUA). Includes certain Canadian Commercial Banking and Wealth Management assets that U.S. Commercial Banking and Wealth Management provides sub-advisory services for. First Quarter, 2022 16#17Capital Markets - strength of diversified franchise reflected in top-line growth • Strong performance across our business • Increased trading activity in equities and foreign exchange Reported & Adjusted¹ ($MM) Q1/22 YOY QoQ Revenue² 1,304 11% 29% Net interest income Non-interest income Non-Interest Expenses 793 16% 15% • 511 4% 58% 596 14% 13% Pre-Provision, Pre-Tax Earnings³ 708 9% 46% Provision for (reversal of) Credit Losses (38) ($43) Net Income 543 10% (12%) 44% • Revenue ($MM)² 579 499 340 675 Q1/21 672 Q4/21 ■ Non-Trading ■ Trading 725 Higher Corporate Banking revenues driven by utilization and commitments Strong client activity in our Direct Financial Services businesses Expense growth of 14% driven by higher employee-related costs and investments in strategic initiatives to sustain growth Provision for Credit Losses reflect releases in impaired and performing provisions Direct Financial Services Revenue ($MM) 222 210 202 Q1/22 Q1/21 Q4/21 Q1/22 CIBC 1 Adjusted results are non-GAAP financial measures. See slide 37 for further details. 2 Revenue is reported on a taxable equivalent basis (TEB). 3 Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 37 for further details. First Quarter, 2022 17#18Corporate and Other Reported ($MM) Revenue¹ Net interest income Non-interest income Q1/22 YOY QoQ . 105 (9%) (14%) (14) ($16) ($44) 119 5% 29% Non-Interest Expenses 284 7% (45%) Provision for Credit Losses (9) ($19) ($13) Net Income (Loss) (49) 21% 79% Adjusted² ($MM) Revenue¹ Q1/22 YOY QoQ 105 (9%) (14%) Net interest income (14) ($16) ($44) Non-interest income 119 5% 29% Non-Interest Expenses 281 7% (22%) Pre-Provision, Pre-Tax Earnings³ (176) (19%) 26% Provision for Credit Losses (9) ($19) ($13) Net Income (Loss) (47) 20% 61% CIBC Strong revenue growth in FCIB, offset by lower treasury and other corporate revenues Adjusted expenses up 7% YoY and down 22% QoQ • YoY growth driven by higher performance-based compensation and continued investments in enterprise strategic initiatives Sequential decline driven by timing of spend, including investments associated with launching our new brand in Q4/21 Provision for Credit Losses: PCL ratio on impaired of 58 bps 1 Revenue is reported on a taxable equivalent basis (TEB). 2 Adjusted results are non-GAAP financial measures. See slide 37 for further details. 3 Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 37 for further details. First Quarter, 2022 18#19In Summary Strong momentum demonstrates strength of our diversified franchise Disciplined approach to capital allocation provides capacity and flexibility to execute on our growth plans Well-positioned to achieve our goals given ongoing investments as we execute against our focused priorities CIBC◇ First Quarter, 2022 19#20Risk Review Shawn Beber Senior Executive Vice-President, Chief Risk Officer CIBC◇#21Provision for credit losses down YoY and QoQ Reported & Adjusted¹ ($MM) Q1/21 Q4/21 Q1/22 Cdn. Personal & Business Banking 54 164 98 Impaired 109 87 99 Performing (55) 77 (1) Provision for Credit Losses down YoY and QoQ Impaired provisions up in Q1/22 due to higher write-offs and impaired balances in retail and higher provisions in U.S. Commercial Q1/22 continued to have a performing provision reversal due to a favourable change in the overall economic outlook Cdn. Commercial Banking & Wealth 33 (5) (4) Impaired 19 6 (1) Performing 14 (11) (3) Provision for Credit Losses Ratio U.S. Commercial Banking & Wealth 45 (51) 28 0.22% Impaired 48 Performing (3) छळ 30 (59) (2) 0.10% 0.11% Capital Markets 5 (34) (38) 0.14% Impaired 42 (13) 0.07% 0.06% Performing (37) (34) (25) Corporate & Other 10 4 (9) 236 Impaired 18 11 11 112 126 Performing (8) (7) (20) Total PCL Impaired Performing 147 78 75 (51) (89) 236 112 126 (89) (34) (51) Q1/21 PCL on Impaired -PCL Rate on Impaired (34) Q4/21 Q1/22 PCL on Performing Total PCL Rate CIBC◇ 1 Adjusted results are non-GAAP financial measures. See slide 37 for further details. First Quarter, 2022 21#22Allowance for credit losses down YoY and QoQ Reported Q1/21 Q4/21 Q1/22 Allowance coverages were down YoY and QoQ Canadian Credit Cards 6.4% 5.9% 5.7% • Lower allowance coverage in Q1/22 largely driven by portfolio growth Canadian Residential Mortgages 0.1% 0.05% . 0.05% Current allowance coverage remains higher than the pre-pandemic level Canadian Personal Lending 1.8% 1.8% 1.8% Canadian Small Business 3.1% 2.2% 1.8% Canadian Commercial Banking 0.9% 0.5% 0.5% U.S. Commercial Banking 1.4% 0.9% 0.9% Capital Markets¹ 1.1% 0.5% 0.4% CIBC FirstCaribbean (FCIB) 5.0% 4.8% 4.8% Total 0.86% 0.64% 0.61% Total Allowance Coverage Ratio² 0.86% 0.64% 0.61% 3,631 2,970 Performing and Impaired Allowance Coverage Ratios 42% 42% 39% 0.63% 0.47% 0.45% 2,958 Q1/21 Q4/21 Q1/22 Allowance for Credit Losses ($MM) Allowance Coverage Ratio CIBC◇ 1 Capital Markets excludes allowance for credit losses related to Simplii Financial which is included in the respective Canadian retail products. 2 See notes 5-7 on slide 38. Q1/21 Q4/21 Impaired ACL to GIL² Q1/22 Performing ACL to Performing Loans 2 First Quarter, 2022 22#23Lending portfolio is well diversified Overall Loan Mix (Outstanding) Consumer 63% Real Estate Secured Lending 57% CIBC◇ Cards 2% Personal Lending 3% Auto Lending 1% • Nearly two-thirds of our portfolio is consumer lending composed mainly of mortgages, with uninsured having an average loan-to-value of 48% Oil and gas is 1% of the loan portfolio; 55% investment grade1 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 Commercial Real Estate 10% 54% 53% $483B Oil & Gas 1% 52% 51% Retailers 1% 50% 49% 48% Leisure & Entertainment 1% 47% 47% 46% Other Business & 45% 44% Government 24% Q1/19 Q1/20 Q1/21 Q1/22 Business & Government 37% Canada -GVA -GTA 1 Incorporates security pledged; equivalent to S&P/Moody's rating of BBB/Baa2. First Quarter, 2022 23#24Credit Quality - gross impaired loan ratios remained stable in Q1/22 Reported Canadian Residential Mortgages Q1/21 Q4/21 Q1/22 0.27% 0.17% 0.17% • Canadian Personal Lending 0.35% 0.26% 0.27% • Business & Government Loans¹ 0.97% 0.59% 0.56% CIBC FirstCaribbean (FCIB) 3.72% 4.33% 4.61% Total 0.58% 0.39% 0.39% Gross Impaired Loan Ratio² 0.58% 2,455 Q1/21 Gross Impaired Loans ($MM) CIBC◇ Balances were down YoY & up QoQ Canadian retail impaired balances continued to remain low in Q1/22 U.S. Commercial experienced higher impairments in the quarter New Formations ($MM) 840 0.39% 0.39% 726 407 192 414 456 442 70 81 109 1,833 1,900 534 433 344 375 333 Q4/21 Q1/22 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Gross Impaired Loan Ratio ■ Consumer ■ Business & Government 1 Excludes CIBC FirstCaribbean business & government loans. 2 See note 8 on slide 38. First Quarter, 2022 24#25Credit Quality - Canadian Consumer Reported Net Write-Offs Canadian Residential Mortgages Canadian Credit Cards Personal Lending Total Q1/21 Q4/21 Q1/22 Net Write-off Ratio¹ 0.01% 0.01% 0.01% 0.15% 1.49% 1.83% 1.88% 0.56% 0.39% 0.42% 0.15% 0.13% 0.13% 101 0.13% 0.13% 95 97 90+ Days Delinquency Rates¹ Q1/21 Q4/21 Q1/22 Canadian Residential Mortgages Q1/21 Q4/21 Q1/22 0.27% 0.17% 0.17% Uninsured 0.24% 0.14% 0.13% Net Write-offs ($MM) Net Write-off Ratio Insured 0.37% 0.29% 0.31% Canadian Credit Cards 1.57% 0.58% 0.68% Personal Lending 0.35% 0.26% 0.27% Balances ($B; principal) 291 265 Total 0.34% 0.20% 0.20% 11 11 37 297 11 37 36 90+ delinquency rates down YoY & flat QoQ 60 60 58 65 • Delinquencies have started to increase from an exceptionally low level experienced in F2021, which benefited from government support, our relief programs, and prudent client behaviour CIBC◇ 1 See notes 9 and 10 on slide 38. 183 191 153 Q1/21 Q4/21 Q1/22 ■ Uninsured Mortgages Insured Mortgages Personal Lending Cards First Quarter, 2022 25#26Appendix CIBC◇#27Growing Digital Engagement and Adoption1 Digital Adoption Rate² 75.5% Q1/21 Digital Transactions4 (MM) 2.0% 77.5% Q1/22 9.2% 126 116 53 48 16 16 52 57 Q1/21 ■eTransfers Active Digital Banking Users³ (MM) 6.4% 4.6 4.3 Q1/21 Transactions by Channel4 7.4% Digital Channel Usage (# of Sessions, MM) 248 3.8% 258 Q1/22 Q1/21 Q1/22 6.8% 92.6% 93.2% Q1/22 Q1/21 Q1/22 ■Bill Payments ■ Other 5 ■Digital Channel ■Non-Digital Channel 1 Canadian Personal Banking only, excluding Simplii Financial. CIBC◇ 2 Digital Adoption Rate calculated using 90-day active users. 3 Active Digital Users represent the 90-day Active clients in Canadian Personal Banking. 4 Reflects financial transactions only. 5 Other includes transfers and eDeposits. First Quarter, 2022 27#28Canadian Personal and Commercial Banking1 Net Income Net Interest Margin on Average Interest Earning Assets (bps) 243 239 237 235 236 904 904 895 895 976 976 1018 1028 917 926 Q1/21 Q2/21 Q3/21 ■ Reported ■ Adjusted 2 Q4/21 Q1/22 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Average Loans ($B)³,4 Average Deposits ($B)³ +14% +8% 380 368 300 310 288 335 78 82 70 103 110 116 265 Q1/21 290 Q4/21 ■ Personal ■ Business 5 298 Q1/22 185 Q1/21 190 194 Q4/21 Q1/22 ■ Personal ■ Business 1 Includes the results of Canadian Personal and Business Banking and Canadian Commercial Banking, as well as Simplii Financial and CIBC Investor's Edge, which are now reported in Capital Markets. Adjusted results are non-GAAP financial measures. See slide 37 for further details. Q4/21 and Q1/22 adjusted net income exclude $9MM and $10MM after-tax, respectively, in transaction and integration-related costs associated with the acquisition of the Canadian Costco credit card portfolio. 2 CIBC 3 Average balances are calculated as a weighted average of daily closing balances. 4 Before any related allowances. 5 Commercial Banking loans comprise loans and acceptances and notional amount of letters of credit. First Quarter, 2022 28#29U.S. Commercial Banking & Wealth Management (C$) Reported (C$MM) Revenue • Q1/22 YOY 609 9% QoQ 8% Net interest income 389 4% 6% Non-interest income 220 18% 13% • Non-Interest Expenses 318 14% 7% • Provision for (reversal of) Credit Losses 28 (38%) $79 Net Income 226 20% (12%) Adjusted (C$MM) Q1/22 YOY QoQ Revenue 609 9% 8% Net interest income 389 4% 6% Non-interest income 220 18% 13% Non-Interest Expenses 301 14% 8% • Pre-Provision, Pre-Tax Earnings² 308 3% 9% . Provision for (reversal of) Credit Losses 28 (38%) $79 Net Income 239 20% (11%) Loans and Deposits - Average (C$B) 353 348 345 Net interest income up 4%, reflecting continued strength in client acquisition and franchising • Loan balances up 7% YoY Deposit balances up 9% YoY NIM down 8 bps YoY and 3 bps QoQ Non-interest income up 18% YoY Growth in AUA and AUM of 17% and 15%, respectively, benefiting from market appreciation and strong client flows Increased commercial banking fees related to credit and treasury services Adjusted expenses up 14% YoY driven by ongoing investments in our infrastructure and people, and higher performance-based compensation Provision for Credit Losses: Total PCL ratio of 25 bps PCL ratio on impaired of 27 bps Wealth Management (C$B) 125 125 42 41 42 43 45 45 106 96 97 85 Q1/21 Loans³ Q4/21 Q1/22 Deposits Net Interest Margin (bps) 1 Adjusted results are non-GAAP financial measures. See slide 37 for further details. CIBC 2 Pre-provision earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 37 for further details. 3 Loan amounts are stated before any related allowances or purchase accounting adjustments. Q1/21 Q4/21 Q1/22 ¡AUA⭑■ AUM4 4 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. First Quarter, 2022 29#30U.S. Commercial Real Estate Exposure by Sector² Commercial Real Estate exposure remains diversified Canadian Commercial Real Estate Exposure by Sector¹ Industrial 11% Retail 24% Office 11% Residential 19% Industrial 16% Office 24% Residential 1% Seniors Housing 5% $36.8B Retail 8% US$17.2B Healthcare 3% Hotel 2% Other 4% Multi Family 26% • 70% of drawn loans investment grade³ CIBC Other 16% Multi Family 30% • 34% of drawn loans investment grade³ 1 Includes $3.5B in Multi Family that is reported in residential mortgages in the Supplementary Financial Information package. 2 Includes US$1.9B in loans that are reported in other industries in the Supplementary Financial Information package, but are included here because of the nature of the security. 3 Incorporates security pledged; equivalent to S&P/Moody's rating of BBB-/Baa3 or higher. First Quarter, 2022 30 30#31Canadian Real Estate Secured Personal Lending 90+ Days Delinquency Rates Q1/21 Q4/21 Q1/22 Total Mortgages 0.27% 0.17% 0.17% Uninsured Mortgages 0.24% 0.14% 0.13% Uninsured Mortgages in GVA¹ 0.14% 0.13% 0.11% Uninsured Mortgages in GTA¹ 0.17% 0.08% 0.07% Uninsured Mortgages in Oil Provinces² 0.60% 0.47% 0.48% Mortgage Balances ($B; principal) 218 243 248 The Greater Vancouver Area¹ (GVA) and Greater Toronto Area¹1 (GTA) continue to outperform the Canadian average HELOC Balances ($B; principal) 18.9 18.8 18.7 132 133 121 10.5 10.4 10.2 79 82 69 5.9 6.0 6.0 28 32 33 2.5 2.4 2.5 Q1/21 Q4/21 Q1/22 Q1/21 Q4/21 Q1/22 ■ GVA 1 ■GTA 1 ■ Other Region ■ GVA 1 ■GTA1 ■ Other Region CIBC◇ 1 GVA and GTA definitions based on regional mappings from Teranet. 2 Alberta, Saskatchewan and Newfoundland and Labrador. First Quarter, 2022 31#32Canadian Uninsured Residential Mortgages - Q1/22 Originations FICO score Distribution 3% 2% 3% ≤650 13% 10% 11% 29% 29% 27% 46% 44% 42% 15% 13% 13% 651-700 701-750 ■Canada ■ GVA² 751-800 >800 ■GTA² Loan-to-value (LTV)1 Distribution 15% 17% 16% 10% 8% 8% 4% 5% 4% <30% CIBC 41% 40% 35% 33% 37% 27% 30 to <45% 45 to <60% 60 to ≤75% >75% ■ Canada ■GVA² ■GTA² 1 LTV ratios for residential mortgages are calculated based on weighted average. See page 27 of the Q1 2022 Quarterly Report for further details. 2 GVA and GTA definitions based on regional mappings from Teranet. • Originations of $17B in Q1/22 Average LTV1 in Canada: 66% • GVA²: 63% • GTA²: 65% First Quarter, 2022 32#33Canadian Uninsured Residential Mortgages FICO score Distribution 11% 10% 11% 4% 4% 4% ≤650 27% 26% 23% 43% 45% 44% Better current FICO score and LTV1 distributions in GVA² and GTA² than the Canadian average Less than 1% of this portfolio has a FICO score of 650 or lower and an LTV1 over 75% Average LTV1 in Canada: 48% • GVA²: 45% 18% 15% 15% • GTA²: 47% 651-700 701-750 751-800 >800 ■ Canada ■GVA² 2 2 ■GTA Loan-to-value (LTV)1 Distribution 30% 28% 26% 29% 27% 28% 23% 21% 21% 19% 19% 17% <30% 30 to <45% 45 to <60% 2 ■ Canada ■ GVA ■GTA² 60 to ≤75% 2 CIBC◇ 5% 3% 4% >75% 1 LTV ratios for residential mortgages are calculated based on weighted average. See page 27 of the Q1 2022 Quarterly Report for further details. 2 GVA and GTA definitions based on regional mappings from Teranet. First Quarter, 2022 33#34Trading Revenue (TEB) Distribution1 ($MM) 20 10 0 (10) (20) Nov-21 CIBC◇ 1 See note 4 on slide 38. Dec-21 Trading Revenue -VaR ($MM) 20 20 10 10 0 (10) Jan-22 (20) First Quarter, 2022 34#35Forward-looking Information Variables used to estimate our Expected Credit Loss¹ Forward-Looking Information Variables As at January 31, 2022 Avg. Value over the next 12 months Base Case Avg. Value over the remaining forecast period Base Case Avg. Value over the next 12 months Avg. Value over the next 12 months Avg. Value over the remaining forecast period Downside Case Upside Case Avg. Value over the remaining forecast period Upside Case Downside Case Canadian GDP YOY Growth US GDP YOY Growth 3.5% 2.4% 4.8% 2.9% 2.5% 1.8% 3.9% 2.5% 5.0% 3.1% 2.1% 1.3% Canadian Unemployment Rate 5.9% 5.9% 5.2% 5.5% 6.7% 6.6% US Unemployment Rate 3.7% 3.8% 3.5% 3.3% 5.2% 4.7% Canadian Housing Price Index Growth 5.1% 2.6% 10.3% 4.7% 2.6% (0.3)% S&P 500 Index Growth Rate 2.8% 4.6% 7.2% 6.9% (4.1)% (4.9)% Canadian Household Debt Service Ratio 13.8% West Texas Intermediate Oil Price (US$) Forward-Looking Information Variables $73 14.5% $66 13.3% $78 14.3% 14.3% 14.8% $81 $62 $54 Avg. Value over the next 12 months Base Case Avg. Value over the remaining forecast period Base Case Avg. Value over the next 12 months Avg. Value over the remaining forecast period Upside Case Avg. Value over the next 12 months Avg. Value over the remaining forecast period As at October 31, 2021 Canadian GDP YOY Growth Upside Case Downside Case Downside Case 4.2% 2.4% 5.6% 2.8% 3.1% 1.6% US GDP YOY Growth 4.7% 2.2% 5.8% 3.3% 2.8% 1.3% Canadian Unemployment Rate 6.4% 5.9% 6.0% 5.5% 7.3% 6.8% US Unemployment Rate 4.4% 3.9% 3.8% 3.4% 6.0% 5.0% Canadian Housing Price Index Growth 6.1% 2.8% 10.7% 6.3% 2.2% (2.2)% S&P 500 Index Growth Rate 6.1% 4.6% 10.3% 8.6% (0.6)% (1.7)% Canadian Household Debt Service Ratio 13.6% 14.4% 13.0% 14.2% 14.1% 14.7% West Texas Intermediate Oil Price (US$) $69 $64 $74 $81 $56 $54 CIBC 1 See page 62 of the Q1 2022 Quarterly Report for further details. First Quarter, 2022 35#36Q1/22 Items of Note Amortization of acquisition-related intangible assets Transaction and integration-related costs associated with the acquisition of the Canadian Costco credit card portfolio Adjustment to Net Income attributable to common shareholders and EPS CIBC◇ Pre-Tax After-Tax & Effect NCI Effect ($MM) ($MM) EPS Effect ($/Share) 20 20 13 33 15 0.03 10 10 0.02 25 25 0.05 Reporting Segments U.S. Commercial Banking & Wealth Management Corporate & Other Personal & Business Banking First Quarter, 2022 36#37Non-GAAP Financial Measures We use a number of financial measures to assess the performance of our business lines. Some measures are calculated in accordance with 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, remove items of note from reported results and are used to calculate our adjusted results. Adjusted measures represent non-GAAP measures. 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 7 to 10 of our Q1/22 Management's discussion and analysis (MD&A), available on SEDAR at www.sedar.com. CIBC◇ First Quarter, 2022 37#38Glossary 1 Capital Markets Connectivity Revenue 2 Total PCL Ratio 3 Impaired PCL Ratio 4 Trading revenues Allowance Coverage Ratio 6 Impaired ACL to GIL 7 Performing ACL to Performing Loans Gross Impaired Loan Ratio Net Write-off Ratio 10 90+ Days Delinquency Rate Definition 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. Provision for (reversal of) credit losses to average loans and acceptances, net of allowance for credit losses. Provision for (reversal of) credit losses on impaired loans to average loans and acceptances, net of allowance for credit losses. Trading activities is based on the risk definition of trading for regulatory capital and trading market risk management purposes. Positions in a trading book are considered trading provided the book and positions continue to meet OSFI defined trading book criteria set out in OSFI's Capital Adequacy Requirements. Allowance for credit losses to gross carrying amount of loans. The gross carrying amount of loans include certain loans that are measured at FVTPL. Allowance for credit losses on impaired loans as a % of gross impaired loans. 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. 90+ days delinquencies as a % of the gross carrying amount of loans. CIBC◇ First Quarter, 2022 38