#1Quarterly Results Presentation First Quarter 2024 February 29, 2024 All amounts are in Canadian dollars unless otherwise indicated.#2Forward-Looking Statements First Quarter 2024 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", and "Accounting and control matters - Other regulatory developments" sections of the Quarterly report and other statements about our operations, business lines, financial condition, risk management, priorities, targets and sustainability commitments (including with respect to net-zero emissions, and our environmental, social and governance (ESG) related activities), ongoing objectives, strategies, the regulatory environment in which we operate and outlook for calendar year 2024 and subsequent periods. Forward-looking statements are typically identified by the words "believe", "expect", "anticipate", "intend", "estimate", "forecast", "target", "predict", "commit", "ambition", "goal", "strive", "project", "objective" and other similar expressions or future or conditional verbs such as "will", "may", "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 the Quarterly 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, ongoing adverse developments in the U.S. banking sector which adds pressure on liquidity and funding conditions for the financial industry, the impact of hybrid work arrangements and higher interest rates on the U.S. real estate sector, potential recession and the war in Ukraine and conflict in the Middle East 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 and conflict in the Middle East, the occurrence, continuance or intensification of public health emergencies, such as the impact of post-pandemic hybrid work arrangements, 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; exposure to, and the resolution of, significant litigation or regulatory matters, our ability to successfully appeal adverse outcomes of such matters and the timing, determination and recovery of amounts related to such 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 conflict in the Middle East, 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 including the use of data and artificial intelligence in our business; 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 ESG related risks including our ability to implement various sustainability-related initiatives internally and with our clients under expected time frames and our ability to scale our sustainable finance products and services; 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 Contact: Geoffrey Weiss, Senior Vice-President | 416 980-5093 Visit the Investor Relations section at www.cibc.com/en/about-cibc/investor-relations.html First Quarter, 2024 1#3CIBC Overview Victor Dodig President & Chief Executive Officer CIBC◇#4CIBC Overview First quarter results demonstrate continued momentum driven by successful execution of our strategy Diluted EPS Reported $1.77 Adjusted 1.2 $1.81 YoY +354% (7)%2 Revenue Reported & Adjusted² $6.2B YoY +5% PPPT3 Reported $2.8B Adjusted² $2.9B YoY +88% +8%2 NIAT Reported $1.7B Adjusted² $1.8B YoY +299%(4)%2 ROE4 Reported 13.5% Adjusted 2,5 13.8% YoY +10% (2)%2 Endnotes are included on slides 49 to 54. CIBC 25% 2% 40% $6.2B +5% YoY ■Personal & Business Banking ■Cdn. Comm. & Wealth Mgmt 1.66% U.S. Comm. & Wealth Mgmt ■Capital Markets & DFS 11% " Corporate & Other 22% Record revenue and pre-provision pre- tax earnings, driven by strong broad- based performance Expense Growth (YoY %) +6 bps +1.72% Reported 48% Adjusted² 9% Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 1% 7% 4% (1)% (22)% 6% 3% 3% Operating Leverage Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Continued margin expansion - NIM6 (ex-trading) up 6 bps YoY, supported by pricing discipline and strategies Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Reported (39.7)% 5.2% 1.2% 9.8% 27.3% Adjusted² (1.4)% (0.4)% (0.1)% 6.1% 2.1% Contained expense growth (adjusted up 3% YoY) enabling positive operating leverage +64 bps +18 bps) 0.77% +30 bps +26 bps 13.0% 12.2% 12.4% 11.9% 11.6% 0.51% Q1/20 Q1/21 Q1/22 Q1/23 Q1/24 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Maintained strong allowance coverage - ACL ratio remains well-above pre-pandemic levels 4Q of consecutive CET1 accretion resulting in a ratio of 13.0%, up 138 bps YoY First Quarter, 2024 ~700K Continued to drive new client growth net new clients grew ~700K over the last twelve months 10 3#5Our Progress Delivering against our strategic priorities Leading in Mass Affluent & High Net Worth Growing Digital Banking STIT Leveraging our Connected Platform Enabling & Simplifying our Bank Endnotes are included on slides 49 to 54. CIBC 鼻 Imperial Service money-in balances¹ grew $1.4B in Q1 (+88% versus the prior year) Financial plans completed by clients were up 54% versus the prior year in Canadian Private Wealth Net new client acquisition of +180K in Simplii Financial over the last twelve months² Digital Adoption Rate of 86% in Canadian Personal Banking, with +38% of core retail products being sold digitally³ 31% of Commercial clients have a Private Wealth relationship in Canada and 17% in the U.S.4 +20% of total Capital Markets revenue originated from the U.S. region during the quarter Integrating evolving capabilities such as generative artificial intelligence across our businesses ~$140MM of expense efficiencies realized through optimization and simplification initiatives (LTM)5 First Quarter, 2024 4#6Our Progress Creating a positive impact on our environment, clients and communities لامه Our commitment to the environment, sustainability and governance Selected as Sole Structuring Advisor on Green Bond Framework by the Government of Canada Named amongst Canada's Top 100 Employers for the 12th consecutive year Successfully Issued Inaugural European Green Senior Unsecured Bond for EUR 500 million $278 million raised for children's charities globally since the first Annual CIBC Miracle Day in 1984 Largest workplace in Canada to achieve WELL certification at the Platinum level Named to the Dow Jones Sustainability North American Index for the 19th consecutive year +4 Ranked #1 in Canada for Gender Equality by Equileap for 3rd consecutive year Endnotes are included on slides 49 to 54. CIBC First Quarter, 2024 Received inaugural Indigenous Reconciliation award from Canadian Federal Labour Program over $13.6 million raised for United Way by CIBC Hockey Day since 2004 Unveiled CIBC Caribbean, a new name and brand for CIBC FirstCaribbean International Bank 5 LO#7Financial Overview Hratch Panossian Senior Executive Vice-President & Chief Financial Officer CIBC◇#8Financial Results Overview Strong performance underpinned by a diversified but connected business model Diluted Earnings Per Share Return on Equity Reported $1.77 Reported 13.5% Adjusted¹ $1.81 Adjusted¹ 13.8% PPPT3 PCL Ratio4 Reported $2.8B Total Adjusted¹ $2.9B Impaired 43 bps 36 bps Endnotes are included on slides 49 to 54. CIBC First Quarter, 2024 Revenue Operating Leverage $6.2B +5% YoY Reported/Adjusted¹ Reported 27.3% Adjusted 1,2 2.1% CET1 Ratio 13.0% +138 bps YoY vs. OSFI requirement of 11.5% as of Nov/235 Liquidity Coverage Ratio6 137% +3% YoY vs. OSFI requirement of >100% 7#9Financial Results Overview Continued revenue growth and expense discipline drive record pre-provision pre-tax earnings Revenue Reported ($MM) Q1/24 YOY QoQ Revenue • Revenue growth of 5% YoY, driven by margin expansion, volume growth, higher fee income, and strong trading revenues 6,221 5% 6% Non-Trading Net Interest Income 3,459 6% 3% • Net interest income up 6% excluding trading Non-Trading Non-Interest Income 2,124 3% 3% . • Non-interest income up 3% excluding trading Trading revenue up 5%² Trading Revenue² 638 5% 51% Expenses 3,465 (22)% 1% Provision for Credit Losses 585 98% 8% • • Expenses • Expenses were down 22% on a reported basis (prior year included a legal provision treated as an item of note), or up 3% on an adjusted basis¹ driven by higher technology and employee-related costs Expense growth contained through a continued focus on balancing disciplined investment with the realization of efficiencies Provision for Credit Losses (PCL) Increased YoY reflecting current economic environment, particularly in the US Office and Canadian consumer portfolios Net Income Diluted EPS Efficiency Ratio³ ROE 1,728 299% 16% $1.77 354% 16% 55.7% (1960) bps (310) bps 13.5% 1040 bps 170 bps CET1 Ratio 13.0% 138 bps 64 bps Adjusted ($MM) Q1/24 YOY QoQ Revenue 6,221 5% 6% Non-Trading Net Interest Income 3,459 6% 3% Non-Trading Non-Interest Income 2,124 3% 3% • Total PCL ratio of 43 bps • PCL ratio on impaired of 36 bps Trading Revenue² 638 5% 51% Expenses¹ 3,359 3% (1)% PPPT1,4 2,862 8% 17% Provision for Credit Losses 585 98% 8% Net Income¹ 1,770 (4)% 16% Diluted EPS¹ $1.81 (7)% 15% Efficiency Ratio 1,5 54.0% (110) bps (410) bps ROE¹ 13.8% (170) bps 160 bps Endnotes are included on slides 49 to 54. CIBC First Quarter, 2024 8#10Net Interest Income (NII) NII (ex-trading) grew 6%, supported by strong margins and broad-based volume growth Net Interest Income 02/23 1.65% Q3/23 1.67% Q4/23 1.66% Q1/24 1.72% Trailing NIM Trends¹ 4,000 1.66% 1.49% 1.70 5.00% 1.50 1.54% 1.43% 1.49% 1.44% 3,500 3,249 1.30 3.47% 3.53% 3,236 3,197 3.45% 3.54% 3,205 3,187 3.49% 1.10 (60) 26 (102) (171) (210) 2.56% 2.43% 3,000 0.90 2.50% 2.36% 2.48% 2.68% 1.92% 1.59% 1.63% 1.66% 0.70 1.72% 3,265 3,161 3,338 2,500 3,368 3,459 0.50 2,000 Q1/23 0.30 0.00% 0.10 Q1/20 Q1/21 Q1/22 Q1/23 Q1/24 Q2/23 Non-Trading NII (SMM) Canadian Personal & Commercial NIM1,4,6 Q3/23 Trading NII ($MM)² Q4/23 -NIM Q1/24 -NIM (ex. Trading)³ - Total Bank (ex-Trading) NIM³ CAD 5-YR Swap Rate5 P&C NIM4 BoC Overnight Rate5 US C&W NIM U.S. Commercial & Wealth NIM1,6 2 bps 2.68% 4 bps 3.49% (0) bps 2.67% 0 bps O bps 5 bps (1) bp 3.44% Q4/23 Balance sheet repricing offset by mix shift Endnotes are included on slides 49 to 54. CIBC Deposit Portfolio Loan Portfolio Balance Sheet Mix Other Q1/24 First Quarter, 2024 (4) bps Q4/23 Deposit Portfolio Loan Portfolio Balance Sheet Mix Other Q1/24 9#11Balance Sheet NII continues to benefit from growth in loans and deposits, as well as margin expansion 1,400 Average Assets ($B) & Yields 1,2,3 5.60% 5.35% 1300 5.17% 3.63% 1,200 4.77% 5.61% 1/4000 Average Liabilities and Equity ($B), & Costs 1,4,5 1,300 4.16% 4.18% 3.86% 1,200 3.28% 1,100) 3.50% 1,100 982 1,000 953 933 944 962 500 234 209 211 213 25 1 953 962 933 944 982 54 4.00% 50 53 300 51 52 215 2000 800 11.50% 384 397 PADED 700 362 381 391 190 189 196 210 228 GADD 3.27% 3.77% 3.79% 4.08% 4.03% 600 500 500 200 155 166 167 171 DED AND 3.48% 3.90% 4.17% 4.37% 184 4.61% 0.50% этого 529 535 537 539 HIND 539 214 209 203 7000 5.19% 5.57% 5.78% 6.04% 3.05% 6.11% 3.49% 3.82% 200 207 3.96% 209 3.99% 100 150 145 141 140 0.88% 0.93% 0.77% 1.19% 138 1.06% Полипек -2130% Q1/23 Q2/23 Q3/23 Loans & Acceptances Securities Q4/23 Other Q1/24 Yield on Avg. Interest-Earning Assets Q1/23 Q2/23 Notice/Demand - Personal Q3/23 Q4/23 Q1/24 Equity Notice/Demand - Corporate & Commercial Term - Client Cost of Liabilities over Avg. Interest-Earning Assets Other Client Deposit Mix (Spot Balances)6 • Loan yields and deposit costs continue to rise, capturing recent rate increases by the Bank of Canada and the Federal Reserve • Further mix shift to higher-cost term deposits driven by changes in client behaviour; demand and notice deposit betas behaving in aggregate generally as expected, with some exceptions in either direction Endnotes are included on slides 49 to 54. CIBC 31% Q1/23 $519B First Quarter, 2024 21% 33% 48% Q4/23 $528B 47% 20% 35% Q1/24 $532B 18% 47% Interest-Bearing Deposits - Notice/Demand Interest-Bearing Deposits - Term Non-Interest-Bearing Deposits 10 110#12Non-Interest Income Strong trading activity and higher fees drive growth in non-interest income Non-Interest Income by Category ($MM)4,6 Reported: $2,616MM 2,972 2,724 2,6505 2,650 2,517 848 670 548 470 594 Market-Related Fees4 Transactional Fees4 Underwr 1,147 1,132 1,143 1,127 1,178 & Advis. 8% 752 725 801 770 782 Mutual Fund 22% Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Non-Trading 2,054 2,047 YoY % (2)% 4% 2,102 2% 2,056 7% 2,124 3% ■Trading Market-Related (excl. Trading)² ■ Transactional² = Other³ • Trading 42% $2.0B +12% YoY Other 5% Investment Mgmt & Custodial 23% Credit 47% $782MM +4% YoY FX 10% Deposit & Payment 30% Card 13% Non-interest income up 9% YoY, or 3% excluding trading Transactional revenues up 4% YoY driven mainly by higher credit and deposit and payment fees Market-sensitive fees excluding trading were up 3% YoY, sustained by stronger underwriting and advisory activity and higher investment management fees, partly offset by lower foreign exchange revenue related to treasury activities and mutual fund fees Trading non-interest income up 27% YoY, and 43% on a sequential basis Endnotes are included on slides 49 to 54. CIBC First Quarter, 2024 11#13Non-Interest Expenses Contained through focused investments and continued realization of efficiencies Adjusted Expenses ($B), YoY Expense Growth & Operating Leverage Reported: $4,462MM Reported (SB) Reported Growth Adjusted Growth 4.5 48% 3.1 3.3 3.4 3.5 1% 4% (1)% (22)% 9% 7% 6% 3% 3% 3.4 3.4 3.3 3.3 3.2 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 YoY ($MM) Adjusted 3,267 Reported Op. Lev. (39.7%) 5.2% 1.2% 9.8% 27.3% Adjusted¹ Op. Lev. (1.4)% (0.4)% (0.1)% 6.1% 2.1% Reported 3YR CAGR² Adjusted 3YR CAGR 1.2 (2.9)% (2.1)% (1.8)% (0.5)% 1.2% (0.6)% (0.4)% (0.5)% 0.0% 0.0% • 78 Reported: $3,465MM +3% +1% 3,287 (58) Q1/23 Operating Costs Efficiencies 42 30 30 3,359 Investments Perf. Based Q1/24 Comp. Reported expenses down 22% YoY, primarily due to an increase in legal provision in the prior year which was treated as an item of note Adjusted expenses managed to 3% growth YoY driven by: • • Operating costs (net of efficiencies) increased 1%, mainly driven by higher people-related costs and volume growth • Achieved $58MM in efficiency savings in line with the top end of our annual target driven by automation and demand management Remaining increase of 2% due to modestly higher investment in our business and higher performance-based compensation Endnotes are included on slides 49 to 54. CIBC First Quarter, 2024 12#14Capital and Liquidity Robust balance sheet, with capitalization and liquidity in excess of our normal course operating targets Capital Position CET1 ratio of 13.0%, up 64 bps sequentially • Increase primarily due to: . • • $B Average Loans and Acceptances¹ Average Deposits¹ Q1/23 Q4/23 Q1/24 529.2 539.5 538.8 715.1 721.2 732.4 36.6 40.3 41.2 11.6% 12.4% 13.0% Risk-Weighted Assets (RWA)² 315.0 326.1 316.3 Leverage Ratio² 4.3% 4.2% 4.3% Liquidity Coverage Ratio (average)² 134% 135% 137% HQLA (average)² 184.0 187.8 191.7 Net Stable Funding Ratio² 115% 118% 115% RWA ($B) Internal capital generation and share issuances Methodology changes, including the adoption of IRB on a majority of the U.S. portfolio, partly offset by regulatory changes related to negatively amortizing mortgages and revised market risk and CVA frameworks Net of organic RWA growth in the quarter CET1 Capital² CET1 Ratio CET1 Ratio 28 bps 6 bps 13.0% (6) bps 11 bps 25 bps 12.4% Q4/23 326.1 1.4 (7.5) 316.3 (3.7) Earnings Net Share Issuances Methodology & Policy³ RWA Growth Other Q1/24 Q4/23 Credit Risk Market & Operational Risk FX Q1/24 of Dividends Endnotes are included on slides 49 to 54. CIBC First Quarter, 2024 13#15Canadian Banking: Personal & Business Banking Double-digit revenue growth and relatively stable expenses contribute to PPPT growth of 25% and strong operating leverage • Net interest income up 13% YoY driven by margin expansion and higher loan and deposit volumes Reported Adjusted¹ • Net interest margin up 25 bps YoY • YoY deposit growth continued to outpace loan growth ($MM) Revenue Q1/24 YOY QoQ Q1/24 YOY QoQ 2,497 10% 2% 2,497 10% 2% Non-interest income up 3% YoY, primarily driven by fees Expenses down 1% YoY, mainly due to timing of ongoing strategic investments, offset in part by higher employee-related costs Provision for Credit Losses: Net Interest Income 1,927 13% 1% 1,927 13% 1% Non-Interest Income 570 3% 4% 570 3% 4% Expenses 1,280 (1)% (2)% 1,273 (1)% (2)% PPPT2 1,217 25% 6% 1,224 25% 6% . Higher PCLS reflect macro credit trends . Total PCL ratio of 41 bps • Impaired PCL ratio of 36 bps Provision for Credit Losses 329 $171 $47 329 $171 $47 Net Income 650 10% 2% 655 10% 2% Loans (Average, $B) 3,4 320 2% 0% 320 2% 0% Deposits (Average, $B)4 223 3% 1% 223 3% 1% Net Interest Margin (bps) 241 25 241 25 3 Q1/24 | Key Highlights +600K Net New Client Growth [LTM]5 Continued momentum in client growth $1.4B Money-In Balance Growth for Imperial Service during the quarter 95% Digital Transactions? Record high number completed digitally Endnotes are included on slides 49 to 54. CIBC First Quarter, 2024 14#16Canadian Banking: Commercial Banking & Wealth Management Core business strength driven by relationship-based client franchise and strong markets amidst a challenging macro environment Net interest income down 3% YoY and 1% sequentially • Modest growth in commercial banking loans and deposits offset by margin pressure Non-interest income up 4% YoY • Higher fee-based and transactional revenues Strong increase in AUA and AUM (+6% YoY and +9% QoQ), in-line with broader equity markets Expenses up 1% YoY driven by higher performance-based compensation, but down 1% on a sequential basis Provision for Credit Losses: Total PCL ratio of 9 bps Impaired PCL ratio of 7 bps Reported & Adjusted¹ ($MM) Revenue Net Interest Income Q1/24 YOY QoQ 1,374 2% 1% 449 (3)% (1)% Non-Interest Income Expenses PPPT² 925 4% 1% 669 1% (1)% 705 3% 3% Provision for Credit Losses Net Income 20 $(26) $9 498 6% 2% Commercial Banking - Loans (Average, $B) 3,4 93 3% 0% Commercial Banking - Deposits (Average, $B)4 92 2% 0% Net Interest Margin (bps) 331 (18) (6) Assets Under Administration 5,6 (AUA, $B) Assets Under Management 5,6 (AUM, $B) 362 6% 9% 233 6% 9% Q1/24 | Key Highlights 7 bps Impaired PCL Ratio Strength in credit performance 4.8% Annualized Net Flows / AUA7 from Private Wealth Management $3.2B Annual Referral Volume Continued stability in volumes Endnotes are included on slides 49 to 54. CIBC First Quarter, 2024 15#17U.S. Region: Commercial Banking & Wealth Management Franchise is well-positioned for growth when demand returns Loans stable YoY and down 2% sequentially, in-line with industry trends Non-interest income down 6% YoY, primarily driven by a higher annual performance-related fee in the prior year Reported expenses up 26% YoY including US$67MM related to the one-time FDIC special assessment for Bank USA • Adjusted expenses¹ up 4% YoY driven by continued strategic investments in the business and infrastructure Provision for Credit Losses Net interest income down 3% YoY mainly driven by lower deposit volumes and mix shift to higher cost products • Deposits down 2% YoY, up 6% sequentially (US$MM) Revenue Reported Adjusted¹ Q1/24 YOY QoQ Q1/24 YOY QoQ 507 (4)% 3% 507 (4)% 3% Net Interest Income 346 (3)% (1)% 346 (3)% (1)% Non-Interest Income 161 (6)% 12% 161 (6)% 12% Expenses 356 26% 25% 283 4% 2% PPPT² 151 (38)% (27)% 224 (12)% 5% Provision for Credit Losses 182 $109 $(1) 182 $109 $(1) Net Income (7) (105)% (120)% 48 (70)% 23% Loans (Average, $B)³,4 40 0% (2)% 40 0% (2)% Deposits (Average, $B)4 36 (2)% 6% 36 (2)% 6% • Total PCL ratio of 186 bps Net Interest Margin (bps) 349 (5) 5 349 (5) 5 Impaired PCL ratio of 144 bps, primarily due to impairments in the CRE Office portfolio AUA5 ($B) 101 7% 8% 101 7% 8% AUM5 ($B) 78 8% 11% 78 8% 11% Q1/24 | Key Highlights +6% Deposit Growth on a sequential basis across our diversified products Endnotes are included on slides 49 to 54. CIBC $1.2B Net Flows from New Clients6 during the first quarter +10% Cross-LOB Referrals? Continued double-digit YoY growth First Quarter, 2024 16#18Capital Markets & Direct Financial Services Core revenue growth supported by strong Investment Banking and trading activity Revenue growth of 5% YoY, or 2% on an adjusted basis¹ excluding the TEB gross-up: • • Corporate and Investment Banking up 14% YoY mainly from stronger advisory and debt underwriting activity Growth in Direct Financial Services (DFS), supported by higher revenues in Simplii Financial and Alternate Solutions Group Total trading revenues up 5% YoY driven by higher equities and FX trading, partly offset by lower interest rates and commodities Expenses up 10% driven by higher spending on strategic initiatives, and higher employee-related compensation Provision for Credit Losses: Total PCL ratio of 4 bps • Impaired PCL ratio of 4 bps Q1/24 | Key Highlights +180K Net New Client Growth [LTM]б in Simplii Financial Endnotes are included on slides 49 to 54. CIBC Reported Adjusted¹ ($MM) Revenue² Q1/24 YOY QoQ Q1/24 YOY QoQ 1,561 5% 21% 1,509 2% 17% Net Interest Income 358 (33)% (7)% 306 (43)% (20)% Non-Interest Income 1,203 27% 33% 1,203 27% 33% Expenses 712 10% (3)% 712 10% (3)% PPPT3 849 2% 53% 797 (4)% 43% Provision for Credit Losses 8 $18 $4 8 $18 $4 Net Income 612 0% 60% 575 (6)% 50% Loans (Average, $B)4,5 71 3% 0% 71 3% 0% Deposits (Average, $B)5 119 0% 2% 119 0% 2% +5% Total Revenue (excl. TEB) Growth Strong momentum throughout the quarter +14% U.S. Region Revenue Growth [YTD] Expanding our North American platform First Quarter, 2024 17#19Corporate & Other Improved results supported by normalizing Treasury revenues Revenue lower YoY and higher sequentially (adjusted¹ revenue higher YoY and sequentially): • Net interest income higher due to favourable Treasury- related revenues during the quarter Reported Adjusted¹ ($MM) Revenue² Q1/24 YOY QoQ Q1/24 YOY QoQ 108 $(21) $47 160 $31 $99 50 $29 $73 102 $81 $125 Non-Interest Income 58 $(50) $(26) 58 $(50) $(26) Expenses 326 $(1,151) $(7) 326 $21 $23 PPPT3 (218) $1,130 $54 (166) $10 $76 Provision for Credit Losses (16) $(19) $(11) (16) $(19) $(11) Net Income (23) $1,416 $52 (23) $24 $25 Reported revenue and income taxes continue to include the TEB offsets Reported expenses down 78% YoY and 2% sequentially • • Reported expenses include an increase in legal provision in the prior year treated as an item of note Adjusted expenses² up 7% YoY and 8% sequentially Net Interest Income Endnotes are included on slides 49 to 54. CIBC First Quarter, 2024 18#20In Conclusion A continued focus on execution and sustainable growth CIBC Continued momentum across our diversified business is driving sustainable and profitable growth Consistently delivering against communicated targets through strong execution of our client-focused strategy Robust balance sheet with capital and liquidity above operating targets provides flexibility in an evolving environment First Quarter, 2024 19#21Risk Overview Frank Guse Senior Executive Vice-President & Chief Risk Officer CIBC◇#22Key Messages Loan Loss Performance Credit Performance Prudent Coverage Q1 loan loss performance within our expectations despite macroeconomic environment Retail delinquencies trended higher, as expected, while the business and government loans portfolio remains well diversified Allowance coverage is strong; we are prepared for expected changes in the economy CIBC◇ First Quarter, 2024 21#23Allowance for Credit Losses Allowance for credit losses continued to increase Our total provision for credit losses was $585MM in Q1/24, compared to $541MM last quarter Provision on impaired loans was $492MM, up $14MM quarter-over-quarter • Higher impaired provisions in retail loan portfolio, were partially offset by decreases in the business and government loan portfolio • The performing provision in Q1/24 was driven by increased provisions for the U.S. office sector, routine model parameter updates, and credit migration Total allowance coverage increased from 76bps in Q4 to 77bps this quarter Allowance for Credit Losses ($MM) - Q1/24 Movements Allowance Coverage 1 63bps Endnotes are included on slides 49 to 54. CIBC 76bps +1bps +5bps +3bps -8bps 77bps QoQ increase (+1bp) 207 285 4,117 93 4,182 ( 520 ) 3,371 Impaired Provisions $492MM Q1/23 Allowance Q4/23 Allowance Performing Provisions Retail Business and Government Net write-offs and other movements Q1/24 Allowance First Quarter, 2024 22 22#24Credit Performance - Gross Impaired Loans Gross impaired loan ratios stabilized and flat QoQ • Gross impaired loan ratio was flat QoQ, with increases in retail offset by write- offs in business and government loans Gross Impaired Loan Ratios Q1/20 Q1/23 Q4/23 Q1/24 Canadian Residential Mortgages 0.30% 0.16% 0.21% 0.25% New formations remained relatively stable, with an increase in retail offset by a reduction in business and government loans Canadian Personal Lending¹ 0.37% 0.41% 0.48% 0.53% Business & Government Loans² 0.59% 0.46% 0.92% 0.87% CIBC FirstCaribbean Total 3.80% 4.38% 3.67% 3.62% 0.47% 0.36% 0.55% 0.55% Gross Impaired Loan Ratio³ 0.36% 1,942 New Formations ($MM)³ 1,074 1,091 1,089 0.55% 0.55% 1,009 721 509 456 573 528 485 232 2,990 2,997 91 582 633 489 481 501 394 Q1/23 Q4/23 Q1/24 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Gross Impaired Loans ($MM) Gross Impaired Loan Ratio ■Consumer Business & Government Endnotes are included on slides 49 to 54. CIBC First Quarter, 2024 23#25Canadian Consumer Lending Net write-offs and delinquencies trending in line with our expectations Net Write-offs: . Overall consumer net write-offs increased slightly QoQ, mainly attributable to credit cards • • YoY increases in personal lending were driven by sustained high interest rates and increasing unemployment rates Cards remained below pre-pandemic levels due to favourable insolvencies performance and the acquired Costco portfolio credit quality 90+ Days Delinquencies: While mortgage delinquencies have increased in-line with expectation, they remain below pre-pandemic levels Credit cards & personal lending QoQ increase is due to seasonality, combined with rising unemployment, and sustained high interest rates Reported Net Write-Offs Canadian Residential Mortgages Canadian Credit Cards Canadian Personal Lending Unsecured HELOC Q1/20 Q1/23 Q1/24 0.01% <0.01% <0.01% <0.01% Q4/23 3.16% 2.65% 2.64% 2.93% 0.77% 0.59% 0.96% 0.96% 1.80% 1.20% 1.86% 1.86% 0.02% 0.01% 0.02% 0.03% Total 0.28% 0.21% 0.27% 0.29% 90+ Days Delinquency Rates¹ Q1/20 Q1/23 Q4/23 Q1/24 Canadian Residential Mortgages Canadian Credit Cards Canadian Personal Lending² Unsecured 0.30% 0.16% 0.21% 0.25% 0.82% 0.74% 0.66% 0.78% 0.37% 0.41% 0.48% 0.53% 0.47% 0.52% 0.58% 0.67% HELOC 0.32% 0.27% 0.34% 0.46% Total 0.34% 0.22% 0.27% 0.32% Net Write-off Ratio¹ 0.29% 0.27% 0.21% 225 241 173 Q1/23 Q4/23 Q1/24 Net Write-offs ($MM) Net Write-off Ratio Endnotes are included on slides 49 to 54. CIBC Balances ($B; principal) 319 325 325 16 19 121 18 22 22 19 821 19 12 22 19 51 47 46 211 219 219 Q1/23 ■Uninsured Mortgages Q4/23 Q1/24 ■Insured Mortgages ■ HELOC Unsecured Personal Cards (including auto lending) First Quarter, 2024 24 24#26Canadian Real Estate Secured Personal Lending Mortgage delinquencies perform in line with expectation • Mortgage originations continue to be driven by clients with deep and balanced relationships 90+ Days Delinquency Rates Q1/20 Q1/23 Q4/23 Q1/24 Total Mortgages 0.30% 0.16% 0.21% 0.25% • • 87% of mortgages are owner-occupied; investor mortgages performance is strong and compares favourably with owner-occupied mortgages Canadian uninsured mortgage loan-to-value ratios are 51%, with GTA and GVA at 51% and 44% respectively Insured Mortgages 0.43% 0.26% 0.29% 0.30% Uninsured Mortgages 0.24% 0.14% 0.20% 0.24% Uninsured Mortgages in GVA1 0.15% 0.17% 0.28% 0.28% • The portion of non-amortizing variable mortgages is $38B, down from a high of $52B in Q1/23, and represents 45% of the total variable rate mortgages Uninsured Mortgages in GTA¹ 0.14% 0.09% 0.16% 0.21% HELOC Balances ($B; principal) 19.1 19.0 19.0 10.4 10.3 10.3 Mortgage Balances ($B; principal) 263 266 265 142 143 143 87 89 89 6.2 6.2 6.2 2.5 2.5 2.5 34 34 33 Q1/23 Q4/23 Q1/24 Q1/23 Q4/23 Q1/24 ■GVA ■GTA ■ Other Region ■ GVA ■GTA ■ Other Region Endnotes are included on slides 49 to 54. CIBC First Quarter, 2024 25#27U.S. Commercial Real Estate - Office Portfolio Majority of challenges behind us • Progress made as we work through maturity profile • • Gross impaired loan ratio has only moderately increased this quarter; we would expect this to decline going forward 13.7% allowance for credit loss coverage of loans in Q1/24, with an annualized net charge-off ratio of 5.6% Loan Balances (US$B) 6.0 5.0 12.5% Decrease 4.0 3.0 2.0 4.0 4.0 3.8 3.7 3.5 1.0 0.0 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Watchlist¹ Loan Ratio 16.0% 17.3% 14.2% 11.5% 4.9% Gross Impaired Loan Ratio 1.8% 8.0% 13.4% 18.1% 19.7% Gross Impaired Balances (US$MM) 71 322 518 664 684 Annualized Net Charge-off Ratio 0.0% 0.0% 3.7% 11.0% 5.6% Endnotes are included on slides 49 to 54. CIBC First Quarter, 2024 26 26#28In Summary Credit performance in line with expectation CIBC Macroeconomic factors are expected to remain dynamic Our commercial real estate team has managed through the majority of substantive issues in the US office sector; remainder of portfolio remains stable and well-diversified Robust provisions prepare us for any headwinds ahead, with prudent allowance levels First Quarter, 2024 27#29Appendix CIBC◇#30Business Segment Trends Canadian Banking: Personal & Business Banking Revenue ($MM)2,3 Non-Interest Expenses ($MM) & Efficiency Ratio (%) 1,310 2,414 2,448 2,458 2,458 2,497 2,497 2,262 2,262 2,282 2,282 1,300 1,307 1,303 1,301 1,296 60.0% 516 550 550 550 570 570 1,290 1,280 553 553 550 550 1,283 1,280 1,274 1,268 1,270 157.0% 56.7% ROE 64.0% 1,280 Reported 23.6% 1,273 133.0% Adjusted¹ 23.8% 55.8% 1,898 1,898 1,908 1,908 1,709 1,709 1,732 1,732 1,927 1,9271,280 YoY (3)%(3)%1 55.6% 54.0% 53.2% 1,250 53.0% 52.9% 1,240 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q1/23 Q2/23 ■Net Interest Income Reported ■Net Interest Income - Adjusted 1 Non-Interest Income - Reported ■Non-Interest Income - Adjusted 1 Net Interest Margin on Average Interest-Earning Assets4 Non-Interest Expenses - Reported Efficiency Ratio - Reported Average Loans & Deposits ($B)5,6 $4.0% 51.2% 51.0% 49.0% Q3/23 Q4/23 Q1/24 Non-Interest Expenses - Adjusted¹ -Efficiency Ratio - Adjusted¹ Operating Leverage (Rolling 4Q Avg.) 6.3% 2.16% Q1/23 2.27% 315 315 318 320 2.41% 18 2.38% 2.38% 21 21 22 22 320 19 22 217 218 218 221 223 274 274 275 276 276 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/23 Q3/23 Q4/23 Q1/24 Real Estate Secured Personal Lending ■Credit Card Other Personal Lending Business Lending ■ Deposits Endnotes are included on slides 49 to 54. CIBC First Quarter, 2024 Debit & Credit Card Purchase Volumes +9% YoY 29#31Business Segment Trends Growing Digital Adoption & Engagement in Canadian Personal Banking1 Digital Adoption Rate² Active Digital Banking Users³ (MM) 85.8% Digital Channel Usage (# of Sessions, MM) 83.6% 374 اس اس اس Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Digital Transactions4 (MM) 163 157 157 145 146 Transactions by Channel4 Digital Sales 70 69 68 34.8% 62 62 6.0% 5.7% 5.9% 5.6% 5.2% 17 17 18 18 17 65 66 70 72 76 94.0% 94.3% 94.1% 94.4% 94.8% 38.2% 36.9% 32.1% 32.3% Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 ■ eTransfers ■ Bill Payments Other5 ■Digital Channel ■Non-Digital Channel Endnotes are included on slides 49 to 54. CIBC First Quarter, 2024 Awards & Recognition Ranked #1 for overall satisfaction in mobile banking by J.D. Power for the third year Ranked #1 for mobile banking experience by the Surviscor Consumer Mobile Banking Experience Review for the sixth time in seven years Ranked #1 in the Canadian Mobile & Online Banking Scorecard by Javelin across 180 different functionalities 30 30#32Business Segment Trends Canadian Banking: Commercial Banking & Wealth Management Revenue ($MM) Net Interest Margin on Average Interest-Earning Assets² 3.49% 3.49% 1,351 1,336 1,350 1,366 1,374 887 883 907 914 925 464 453 443 452 449 Q1/23 Q2/23 Q3/23 ■Net Interest Income Q4/23 Non-Interest Income Average Loans & Deposits ($B)3,4 3.37% 3.35% 685 Non-Interest Expenses ($MM) & Efficiency Ratio (%) €80 675 670 49.2% 665 3.31% 665 680 50.4% 679 49.9% 674 49.7% 673 51.0% 50.5% 50.0% 40.5% 669 40.0% 48.7% 48.5% 48.0% Q1/24 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q1/23 Q2/23 Non-Interest Expenses Q3/23 Q4/23 Q1/24 Efficiency Ratio 93 97 94 95 96 96 96 98 7 2 6 2 5 2 95 2 98 2 90 90 92 90 92 91 94 92 93 92 AUM & AUA ($B)5,6 342 362 347 350 332 233 220 224 225 214 Q1/23 Q2/23 Q3/23 ■Commercial Banking Loans ■Commercial Banking Deposits Q4/23 Wealth Management Loans Wealth Management Deposits Q1/24 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 ■AUA AUM Endnotes are included on slides 49 to 54. CIBC First Quarter, 2024 ROE Reported & Adjusted¹ 21.3% YoY 0% Net Wealth Client Growth? +9% YOY Net Sales (incl. reinvestment income)8 $2.5B (YTD) 31#33Business Segment Trends Canadian Banking: Personal & Commercial Banking1 Revenue ($MM) 3,4 3,121 3,121 3,131 3,131 3,289 3,323 757 791 3,332 3,332 784 784 3,363 3,363 804 804 782 782 783 783 Margins benefit from higher rates, moderating headwinds from deposit mix and mortgage pricing Net Interest Margin on Average Interest-Earning Assets5 Mortgage Portfolio Spreads (bps)6 2.67% 2.67% 2.68% 2.67% 2.67% 2.68% 2.57% 2,339 2,339 2,348 2,348 2,532 2,532 2,548 2,548 2,559 2,559 2.52% 2.57% 2.47% 2.48% 2.51% 2.48% 2.39% 2.47% Q1/23 Q2/23 Q3/23 ■Net Interest Income Reported ■Net Interest Income - Adjusted² Non-Interest Expenses ($MM) & Efficiency Ratio (%) Q4/23 Q1/24 2.38% Non-Interest Income Reported ■ Non-Interest Income - Adjusted 2 Q2/22 Q3/22 Q4/22 Q1/23 -Net Interest Margin - Reported Q2/23 Q3/23 Q4/23 Q1/24 Q2/22 Q3/22 Q4/22 ――Net Interest Margin - Adjusted² - Total Portfolio Spread 1,80 1,45/0 1,576 1,570 1,570 1,563 1,498803 1,552 1,450 1,545 1,552 1,545 1,541 1,540 1,535 49.8% 1,430 49.2% 49.5% 47.7% 1,490 49.0% 47.3% 47.1% 47.0% 1,410 Q1/23 Q2/23 Q3/23 Q4/23 Non-Interest Expenses - Reported Efficiency Ratio - Reported Non-Interest Expenses - Adjusted² Efficiency Ratio - Adjusted² Endnotes are included on slides 49 to 54. CIBC Average Loans & Deposits ($B)7,8 416 418 421 424 424 94 95 96 97 96 334 335 335 339 341 121 121 121 123 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 - Gross Inflow Spread Gross Outflow Spread Asset & Client Deposit Mix⁹ (Spot Balances) $325B $331B $330B $334B $342B $341B 5% 6% 6% 13% 13% 13% 26% 24% 23% 122 31% 33% 34% 82% 81% 81% 43% 43% 43% 322 323 325 327 328 213 214 214 216 219 48. Q1/23 Q4/23 Q1/24 Q1/23 46.1% 45.9% હતો. Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Residential Mortgages Personal Lending Q1/24 ■ Personal Loans O Business Loans ■Personal Deposits Business Deposits Credit Cards First Quarter, 2024 Q4/23 Q1/24 Interest-Bearing Deposits - Notice/Demand Interest-Bearing Deposits-Term Non-Interest-Bearing Deposits 32#34Business Segment Trends U.S. Region: Commercial Banking & Wealth Management ($US) Revenue ($MM) Net Interest Margin on Average Interest-Earning Assets² Non-Interest Expenses ($MM) & Efficiency Ratio (%) 400 80.0% 356 340 85.0% 3.54% 526 507 477 499 492 171 141 139 144 161 80.0% ROE 300 283 284 283 271 278 3.49% 261 258 248 248 745.0% 3.46% 250 Reported (0.3)% 70.1% 3.44% 70.0% 200 Adjusted¹ 2.2% 3.41% 65.0% 140 YoY (7)%(5)%1 57.8% 60.0% 355 338 358 348 346 100 54.7% 53.7% 56.2% 51.9% 55.6% 4.0% 50 51.5% 50.0% 51.9% 49.9% 44.0% Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 ■Net Interest Income ■Non-Interest Income Average Loans & Deposits ($B)3,4 Non-Interest Expenses - Reported Efficiency Ratio - Reported AUM & AUA ($B)5,6 Non-Interest Expenses - Adjusted 1 Efficiency Ratio- Adjusted 1 Clients with Private Banking & Wealth? 15% 40 40 37 41 4 41 4 40 4 4 35 33 11 10 9 34 =4 9 44 40 94 36 8 35 36 37 36 35 28 25 25 24 25 Q1/23 Q2/23 Q3/23 ■Commercial Banking Loans ■Interest-Bearing Deposits Endnotes are included on slides 49 to 54. CIBC Q4/23 72 94 73 101 93 76 70 101 78 Q1/24 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 ■AUA AUM Wealth Management Loans ■ Non-Interest-Bearing Demand Deposits First Quarter, 2024 Net Flows from New Clients³ $2.9B (LTM) 33#35Business Segment Trends Capital Markets & Direct Financial Services Revenue (TEB) ($MM)1 Revenue Composition by Line of Business ($MM)1 1,561 1,509 1,481 1,481 1,561 1,509 1,481 1,481 1,362 1,362 1,355 1,355 321 1,362 1,362 1,355 1,355 306 306 1,290 1,290 321 1,290 1,290 298 298 321 321 705 312 312 653 ROE 683 683 571 571 519 519 443 488 488 389 389 443 395 395 430 430 423 423 Reported 26.4% 266 266 336 336 317 317 303 303 352 352 Adjusted² 24.8% 786 786 797 745 YoY 1% / (1)%2 669 669 604 604 555 555 532 532 475 475 500 500 499 499 504 504 Q1/23 Q2/23 Q3/23 | Non-Trading Net Interest Income - Reported Non-Trading Non-Interest Income - Reported Trading Revenue (TEB) - Reported Q4/23 Q1/24 Non-Trading Net Interest Income - Adjusted² Non-Trading Non-Interest Income - Adjusted² Trading Revenue (TEB) - Adjusted 2,3 Non-Interest Expenses ($MM) & Efficiency Ratio (%) Q1/23 Q2/23 ■Global Markets - Reported ■Global Markets - Adjusted 2,3 Q3/23 Q4/23 Corp. & Inv. Bnkg - Reported Corp. & Inv. Bnkg - Adjusted² Q1/24 DFS - Reported DFS - Adjusted² DFS Revenue Growth Average Loans & Deposits ($B)4,5 760) 56.9% 60.0% 119 121 117 117 119 740 48.8% 49.7% 734 1200) 43.9% 47.2% 50.0% 45.6% 712 40.0% 700 69 71 71 70 71 680 673 30.0% 664 660 650 20.0% 640 10.0% 620 600 0.0% Q1/23 Q2/23 Q3/23 Q4/23 Non-Interest Expenses Efficiency Ratio - Reported Q1/24 Efficiency Ratio - Adjusted2 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 ■Loans Deposits Endnotes are included on slides 49 to 54. CIBC First Quarter, 2024 +5% YOY Total Trading Revenue Growth (excl. TEB) +5% YOY 34#36Funding & Liquidity A well-diversified, high-quality, client-driven balance sheet Liquidity and funding position continue to remain well-above regulatory requirement Client deposits are the primary source of funding, comprising over $500B of the total funding base • Funding strategy is supplemented in part by wholesale funding, which is diversified across investor type, geographies, currencies, maturities, security and funding instruments Wholesale funding comprises mostly of long-term funding, across both secured and unsecured 100% Minimum Requirement Total Loss Absorbing Capacity (TLAC)1 TLAC Composition ($B) and Ratio 99.8 Other (Deductions) 46.1 External Instruments 31.6% 7.7 Tier 2 Instruments 4.9 Additional Tier 1 Instruments 21.5% 41.2 CET1 Capital TLAC Composition Endnotes are included on slides 49 to 54. CIBC TLAC Ratio Q1/24 | 115% Net Stable Funding Ratio Minimum Requirement Funding Mix ($B, Spot) Repos 12% Other (incl. Derivatives 7% Client Deposits 55% First Quarter, 2024 Capital 5% Q1/24 $972B WSF Q1/24 | 137% Average Liquidity Coverage Ratio $200B < 1 Year Maturity 11% > 1 Year Maturity 10% 35#37Interest Rate Sensitivity Well-positioned to demonstrate agility in a changing rate environment Net Interest Income Sensitivity to a +/- 100 bps change ($MM)1 Year 1 SBU Composition of Structural Interest Rate Sensitivity 1,2 1% Endnotes are included on slides 49 to 54. CIBC (328) +100 bps Year 1 - 100 bps 277 6.00 5.00 22% 4.00 45% 3.00 Q1/24 2.00 21% 1.00 11% Personal & Business Banking U.S. Commercial & Wealth Cdn. Commercial & Wealth Capital Markets Corporate & Other Interest Rate Environment in Canada and the U.S.3 Historic Actuals Oct-17 Apr-18 | Oct-18 CAD 5-YR Swap Rate BoC Overnight Rate Apr-19- Oct-19 Apr-20 Oct-20- Apr-21 Oct-21 Apr-22 Oct-22 Apr-23 Oct-23 • Year 1 benefit of $277MM from an immediate and sustained 100 bps increase to our net interest income as at January 31, 2024, with approximately 45% driven by short-term rates Year 2 benefit from rising rates (+100 bps) of approximately $600MM, driven primarily by long rates Year 1 impact of $(328)MM from an immediate and sustained 100 bps decrease to our net interest income as at January 31, 2024, with approximately 55% from short-term rates First Quarter, 2024 USD 5-YR Swap Rate Fed Funds Rate Apr-24- Oct-24- 36 Implied Forwards#38Provision for Credit Losses (PCL) Total PCLs trended higher in Q1/24 • Provision for Credit Losses up YoY and QoQ Impaired provisions were up in Q1/24, largely due to higher impairments in the Canadian retail portfolio, partially offset by lower impairments in the U.S. commercial portfolio Performing provision in Q1/24 largely driven by U.S. commercial portfolio reflective of an allowance increase for the office sector and model parameter updates, and Canadian retail portfolio reflective of unfavourable credit migration Provision for Credit Losses Ratio¹ ($MM) Q1/23 Q4/23 Q1/24 Cdn. Personal & Business Banking Impaired Performing 158 282 329 188 259 285 (30) 23 44 Cdn. Commercial Banking & Wealth 46 11 20 Impaired 26 11 16 Performing 20 4 U.S. Commercial Banking & Wealth 98 249 244 0.43% 0.40% Impaired 41 205 189 0.22% 0.36% Performing 57 44 55 0.35% 0.19% Capital Markets (10) 4 8 Impaired (11) 6 93 63 Performing 1 (2) 2 Corporate & Other 3 (5) (16) 36 478 492 259 Impaired Performing 15 (3) (4) (12) (2) (12) Q1/23 Q4/23 -Impaired PCL Ratio Endnotes are included on slides 49 to 54. Q1/24 PCL on Impaired PCL on Performing Total PCL Ratio Total Impaired Performing 295 541 585 259 478 492 36 63 93 CIBC First Quarter, 2024 37#39Allowance Coverage Allowance coverage remains higher than the pre-pandemic level Total allowance coverage ratio up YoY and QoQ Total Allowance Coverage Q1/20 Q4/20 Q1/23 Q4/23 Q1/24 • Increase QoQ is due to higher allowances in the performing portfolio Canadian Credit Cards 4.0% 6.2% 5.1% 4.2% 4.2% Canadian Residential Mortgages <0.1% 0.1% <0.1% 0.1% 0.1% Canadian Personal Lending 1.3% 1.9% 2.0% 2.3% 2.4% Canadian Small Business 2.3% 2.9% 3.2% 2.7% 2.6% Canadian Commercial Banking 0.5% 0.9% 0.5% 0.6% 0.4% U.S. Commercial Banking 0.5% 1.4% 1.0% 1.8% 2.1% Capital Markets¹ 0.4% 1.1% 0.2% 0.2% 0.2% CIBC FirstCaribbean 3.3% 5.1% 4.0% 3.4% 3.3% Total 0.51% 0.89% 0.63% 0.76% 0.77% Total Allowance Coverage Ratio² 0.63% 0.76% 0.77% Performing and Impaired Allowance Coverage Ratios 38% 36% 36% 4,117 4,182 0.56% 0.58% 0.49% 3,371 Q1/23 Q4/23 Q1/24 Allowance for Credit Losses ($MM) Allowance Coverage Ratio Endnotes are included on slides 49 to 54. CIBC First Quarter, 2024 Q1/23 Q4/23 Impaired ACL to GIL Q1/24 Performing ACL to Performing Loans 38#40Credit Portfolio Breakdown Lending Portfolio has a strong risk profile Credit portfolio is well diversified Overall Loan Mix (Net Outstanding Loans and Acceptances) • 62% of our portfolio is consumer lending, composed mainly of mortgages, with uninsured having an average loan-to-value of 51% Total variable rate mortgage portfolio accounts for 32% of the Canadian mortgage portfolio Balance of portfolio is in business and government lending with an average risk rating equivalent¹ to BBB Canadian Uninsured Mortgage Loan-To-Value² Ratios Consumer 62% HELOC 4% Cards 3% Auto Lending 1% Personal Lending 3% Real Estate Secured Lending 51% 52% 52% 51% 49% 48% 51% 51% 47% 46% 46% 45% 44% Q1/21 Q1/22 Q1/23 Q1/24 Canada -GVA³ GTA³ Endnotes are included on slides 49 to 54. CIBC First Quarter, 2024 - $539B Other Business & Government 25% Commercial Real Estate 10% Business & Government 38% Oil Retailers 2% & Gas 1% 39#41Canadian Uninsured Residential Mortgages Credit bureau score¹ and LTV2 distributions remain healthy Endnotes are included on slides 49 to 54. CIBC Credit Bureau Score¹ Distribution 57% 63% 58% 55% 13% 13% 13% 14% 20% 17% 19% 20% 4% 3% 4% 5% 6% 4% 6% 6% ≤650 651-700 701-750 751-800 >800 ■ Canada Total ■ GVA³ ■GTA³ ■Canada Variable Rate Loan-to-Value (LTV)2 Distribution 25% 27% 27%27% 27% 22% 22% 24% 24% 23% 22% 16% 18% 19% 13% 17% 45 to <60% 60 to ≤75% GTA³ Canada Variable Rate <30% 30 to <45% ■ Canada Total GVA³ First Quarter, 2024 17% 14% 12% 4% >75% 40 40#42Canadian Uninsured Residential Mortgages - Q1/24 Originations1 Credit quality of new originations continues to remain high • Originations of $7B in Q1/24 • Average LTV² in Canada: 67%, GVA³: 62%, GTA³: 66% Endnotes are included on slides 49 to 54. CIBC Credit Bureau Score4 Distribution 24% 23% 24% 25% 19% 16% 18% 18% 9% 7% 7% 7% 3% 1% 2% 1% ≤650 651-700 3 ■ Canada Total ■GVA 701-750 ■GTA 3 751-800 ■Canada Variable Rate 53% 49%49% 45% >800 Loan-to-Value (LTV)2 Distribution 47% 45% 43% 28% 32%29%28% 32% 15% 16% 16% 14% 12% 8% 8% 8% 7% 4% 4% 4% <30% 30 to <45% 3 3 ■ Canada Total ■GVA 45 to <60% ■GTA³ ■ Canada Variable Rate 60 to ≤75% >75% First Quarter, 2024 41#43Canadian Mortgages Renewal Profile Impacts of payment increases at renewal expected to be manageable • • • Using an illustrative 6% rate at time of renewal, and no borrower income growth since origination, mortgage payment increases are forecasted to be less than 4.1% of clients' income Low LTV of renewal mortgages ranging from 42% to 61% over the next 5 years Proactive outreach included a number of initiatives throughout the year to help our clients through the rising interest rate environment 90 Current Balances by Renewal Year¹ ($B) Assumes interest rates stay constant at 6% and income at origination does not increase; for illustrative purposes 69 29 Variable Rate Fixed Rate 13 55 ah. 33 34 5 61 56 28 15 21 11 Average Customer Profile by Renewal Year FY24 FY25 FY26 FY27 FY28+ Original qualification rate 4.9% 5.0% 5.2% 5.4% 6.3% Current LTV 42% 46% 52% 61% 60% Monthly payment increase $344 $446 $527 $563 $140 % of monthly payment increase 21% 25% 27% 24% 8% Payment increase as % of total income 3.0% 3.6% 3.9% 4.1% 1.1% at origination Endnotes are included on slides 49 to 54. CIBC First Quarter, 2024 42#44Commercial Real Estate Commercial real estate exposure is well diversified . Canada represents 63% of total Canadian & U.S. real estate exposure Gross impaired loans as a percentage of total Canadian & U.S. real estate is 1.71% Canadian Commercial Real Estate Exposure by Sector¹ U.S. Commercial Real Estate Exposure by Sector² US Office Portfolio - Geographic Breakdown, US$B Residential (Housing) 1% Chicago-Naperville-Elgin 0.3 Washington-Arlington-Alexandria 0.3 Residential (Housing) 22% Multi Family 24% Other 18% Boston-Cambridge-Newton 0.3 Multi Family 28% Miami-Fort Lauderdale-West Palm Beach 0.3 Minneapolis-St. Paul-Bloomington 0.2 Other 4% $41.3B US$18.3B Office 19% Dallas-Fort Worth-Arlington 0.2 New York-Newark-Jersey City 0.1 Office 10% Retail 7% Retail 21% Industrial 14% Los Angeles-Long Beach-Anaheim 0.1 San Francisco-Oakland-Hayward 0.1 Industrial 22% Healthcare 3% Pittsburgh 0.1 Seniors Housing 5% 56% of drawn loan investment grade³ Hotel 2% Other 1.5 Total 3.5 56% of drawn loan investment grade³ Endnotes are included on slides 49 to 54. CIBC First Quarter, 2024 43#45Commercial Real Estate - Multi-Family Loans Credit quality continues to remain strong • Multi-family portfolios¹ are well diversified across various regions in both Canada and the U.S., with healthy risk-ratings and robust overall loan-to-values No impaired balances as at Q1/24 Canada Ontario US Chicago-Naperville-Elgin IL-IN-WI GTA 31% Atlanta-Sandy Springs-Roswell GA Non-GTA 17% Phoenix-Mesa-Scottsdale AZ Quebec 21% Dallas-Fort Worth-Arlington TX British Columbia 16% Houston-The Woodlands-Sugar Land TX Atlantic 7% Orlando-Kissimmee-Sanford FL Alberta Other 6% 2% Detroit-Warren-Dearborn MI Raleigh NC Nashville-Davidson--Murfreesboro--Franklin TN Austin-Round Rock TX Other (Including over 40+ MSAs with no single MSAs accounting for more than 3%) Total outstanding ($B) Weighted Average LTV² Watchlist Loan Ratio Gross Impaired Loan Ratio Annualized Net Charge-off Ratio Endnotes are included on slides 49 to 54. CIBC 57% of drawn loans are investment grade C$9.9 Total outstanding ($B) 59% Weighted Average LTV² 0.2% Watchlist Loan Ratio 0.0% Gross Impaired Loan Ratio 0.0% Annualized Net Charge-off Ratio First Quarter, 2024 12% 8% 7% 7% 5% 5% 4% 3% 3% 3% 43% US$5.3 55% 3.7% 0.0% 0.0% 62% of drawn loans are investment grade 44#46Trading Revenue (TEB) Distribution¹ Robust trading performance in recent volatile market ($MM) 30 20 20 10 0 ($MM) 30 20 20 10 0 (10) (20) Nov-23 Dec-23 Jan-24 (20) Trading Revenue VaR (10) Endnotes are included on slides 49 to 54. CIBC First Quarter, 2024 45 45#47Forward Looking Information Variables used to estimate our Expected Credit Losses¹ Forward-Looking Information Variables As at January 31, 2024 Canadian GDP YOY Growth US GDP YOY Growth Avg. Value over the next 12 months Base Case Upside Case Avg. Value over the remaining forecast period Base Case Avg. Value over the next 12 months Avg. Value over the remaining forecast period Upside Case Avg. Value over the next 12 months Downside Case Avg. Value over the remaining forecast period Downside Case 0.6% 2.0% 1.7% 2.7% (0.6)% 1.0% 2.1% 1.9% 3.1% 3.0% 0.0% 0.6% Canadian Unemployment Rate 6.2% 5.9% 5.3% 5.3% 7.2% 6.9% US Unemployment Rate 4.1% 3.9% 3.3% 3.3% 5.6% 5.0% Canadian Housing Price Index YoY Growth 0.2% 3.5% 2.3% 5.0% (4.8)% 1.9% S&P 500 Index YoY Growth Rate 5.9% 5.9% 10.8% 10.2% (8.4)% (4.6)% Canadian Household Debt Service Ratio West Texas Intermediate Oil Price (US$) Forward-Looking Information Variables 15.4% $73 14.6% 14.9% 14.3% 15.9% 15.0% $76 $97 $129 $71 $57 Avg. Value over the next 12 months Avg. Value over the remaining forecast period Base Case Avg. Value over the next 12 months Avg. Value over the remaining forecast period Upside Case Avg. Value over the next 12 months Downside Case Avg. Value over the remaining forecast period Downside Case As at October 31, 2023 Canadian GDP YoY Growth Base Case Upside Case 0.6% 1.9% 2.0% 2.7% (0.7)% 1.3% US GDP YOY Growth 0.9% 1.7% 3.0% 3.1% (0.8)% 0.9% Canadian Unemployment Rate 6.1% 5.8% 5.3% 5.4% 7.1% 6.9% US Unemployment Rate 4.1% 4.0% 3.2% 3.2% 5.4% 4.9% Canadian Housing Price Index YoY Growth 0.8% 3.0% 4.4% 5.4% (7.8)% 0.4% S&P 500 Index YoY Growth Rate 5.5% 5.9% 12.5% 11.1% (2.5)% (0.5)% Canadian Household Debt Service Ratio 15.5% 14.8% 14.9% 14.5% 16.1% 15.0% West Texas Intermediate Oil Price (US$) $84 $76 $97 $110 $70 $58 Endnotes are included on slides 49 to 54. CIBC First Quarter, 2024 46 46#48Items of Note First quarter 2024 Period Charge related to the special assessment imposed by the Federal Deposit Insurance Corporation (FDIC) on U.S. depository institutions, which impacted CIBC Bank USA Recovery to income tax that would be eliminated by a Federal proposal, if enacted in its current form1 Amortization of acquisition-related intangible assets Q1/24 Reporting Segments Pre-Tax Effect ($MM) After-Tax & NCI Effect ($MM) EPS Effect ($/Share) 91 68 0.07 U.S. Commercial Banking and Wealth Management (37) (0.04) 15 11 Adjustment to Net Income attributable to common shareholders and EPS 106 42 42 Endnotes are included on slides 49 to 54. CIBC First Quarter, 2024 Corporate and Other Capital Markets and Direct Financial Services 0.01 Canadian Personal and Business Banking U.S. Commercial Banking and Wealth Management 0.04 47#49Reconciliation GAAP (reported) to non-GAAP (adjusted) results 1 $MM Q1/24 Reported revenue Non-trading revenue Trading revenue¹ Total Reporting Segment 1,561 (856) 705 Impact of item of note Corresponding impact on TEB in Capital Markets and Direct Financial Services of a recovery to income tax that would be eliminated by a Federal proposal, if enacted in its current form Adjusted trading revenue 2,3 (52) 653 Capital Markets and Direct Financial Services Q1/24 Reported revenue Corporate & Investment Banking revenue Direct Financial Services revenue Global Markets revenue 1,561 (443) (321) 797 Capital Markets and Direct Financial Services Impact of item of note Corresponding impact on TEB in Capital Markets and Direct Financial Services of a recovery to income tax that would be eliminated by a Federal proposal, if enacted in its current form Adjusted Global Markets revenue² (52) 745 Endnotes are included on slides 49 to 54. CIBC First Quarter, 2024 48#50Endnotes First quarter 2024 Slide 3 CIBC Overview 1. See note 1 on slide 56. 2. 3. 4. 5. Adjusted results are non-GAAP measures. See slide 55 for further details. Pre-provision, pre-tax earnings (PPPT) is revenue net of non-interest expenses and is a non-GAAP measure. See slide 55 for further details. For additional information on the composition, see the "Glossary" section on pages 41-47 in the Q1/24 Report to Shareholders, available on SEDAR+ at www.sedarplus.com. See note 2 on slide 56. 6. See note 3 on slide 56. 7. 8. For additional information on the composition, see the "Glossary" section on pages 41-47 in the Q1/24 Report to Shareholders, available on SEDAR+ at www.sedarplus.com. See note 13 on slide 57. 9. 10. 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 Q1/24 Report to Shareholders, available on SEDAR+ at www.sedarplus.com. Includes net client acquisition from Personal and Business Banking and Simplii Financial over the last twelve months (LTM) - Feb/23 to Jan/24. Slide 4 Our Progress 1. 2. 3. 4. 5. Money-in balances include investments, deposits and GICs from both Personal and Business clients in CIBC's Imperial Service offering. We believe that money-in balances provide the reader with a better understanding of how management assesses the size and quality of our Imperial Service client relationships. Includes net client acquisition from Simplii Financial over the last twelve months (LTM) - Feb/23 to Jan/24. 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. Represents the percentage of Canadian Commercial Banking clients, at the household level, that also have a relationship with Canadian Private Wealth Management. Expense efficiencies represent incremental direct operating expense (DOE) savings from cost saving initiatives implemented over the last twelve months. Slide 7 - Financial Results Overview 1. Adjusted results are non-GAAP measures. See slide 55 for further details. 2. See note 4 on slide 56. 3. Pre-provision, pre-tax earnings (PPPT) is revenue net of non-interest expenses and is a non-GAAP measure. See slide 55 for further details. 4. See notes 9 and 10 on slide 56. 5. 6. OSFI requirement of 11.5% includes Pillar 1 minimum and Domestic Stability Buffer, and includes the 50 bps increase to the Domestic Stability Buffer effective Nov/23. 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 Q1/24 Report to Shareholders available on SEDAR+ at www.sedarplus.com. Slide 8 Financial Results Overview Adjusted results are non-GAAP measures. See slide 55 for further details. For additional information on the composition, see the "Glossary" section on pages 41-47 in the Q1/24 Report to Shareholders, available on SEDAR+ at www.sedarplus.com. 1. 2. See note 11 on slide 56. 3. 4. 5. See note 12 on slide 57. Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 55 for further details. Slide 9 Net Interest Income (NII) Certain additional disclosures for net interest margin on average interest-earning assets (NIM) have been incorporated by reference and can be found on pages 41-47 in the Q1/24 Report to Shareholders, available on SEDAR+ at www.sedarplus.com. See note 11 on slide 56. 1. 2. 3. See note 3 on slide 56. 4. 5. 6. Includes the results of Canadian Personal and Business Banking and Canadian Commercial Banking, and Simplii Financial and CIBC Investor's Edge, in Capital Markets. The USD 5YR Swap Rate and Fed Funds Rate move in sync with the CAD 5YR Swap Rate and BoC Overnight Rate, therefore, depict a similar rate curve. Deposit and loan portfolio include the mix shift between products, and balance sheet mix includes the balance change between asset and liability balances. CIBC First Quarter, 2024 49 49#51Endnotes First quarter 2024 Slide 10 - Balance Sheet 1. 2. 3. 4. 5. 6. Average balances are calculated as weighted average of daily closing balances. Average interest-earning assets include interest-bearing deposits with banks, interest-bearing demand deposits with Bank of Canada, securities, cash collateral on securities borrowed, securities purchased under resale agreements, loans net of allowances for credit losses, and certain sublease-related assets. The yield for loans and acceptances is calculated as interest income on loans as a percentage of average loans and acceptances, net of allowance for credit losses. The yield on securities is calculated as interest income on securities as a percentage of average securities. Total yield on average interest-earning assets is calculated as interest income on assets as a percentage of average interest-earning assets. These metrics do not have a standardized meaning and may not be comparable to similar measures disclosed by other financial institutions. Other includes balances related to cash and deposits with banks, reverse repos, and other. The yield for Personal-Notice/Demand deposits is calculated as interest expense on Personal-Notice/Demand deposits as a percentage of average Personal-Notice/Demand deposits. The yield for Corporate & Commercial-Notice/Demand deposits is calculated as interest expense on Corporate & Commercial-Notice/Demand deposits as a percentage of average Corporate & Commercial-Notice/Demand deposits. The yield for Term-Client deposits is calculated as interest expense on Term-Client deposits as a percentage of average Term-Client deposits. Term-Client deposits are term deposits less wholesale funding. Total cost on average interest-earning assets is calculated as interest expense on liabilities as a percentage of average interest-earning assets. These metrics do not have a standardized meaning and may not be comparable to similar measures disclosed by other financial institutions. Other includes wholesale funding, sub-debt, repos and other liabilities. Deposit base represents client deposits, excluding wholesale funding. Reflects spot balances as of the respective period ends. Slide 11 Non-Interest Income Market-related fees include underwriting and advisory, investment management and custodial, and mutual fund fees, commissions on securities transactions, gains/losses from financial instruments measured at FVTPL, debt securities measured at FVOCI, and the amount of foreign-exchange other than trading income (loss) that is market-driven. Transactional fees include deposit and payment, credit, and card fees, and the portion of foreign exchange other than trading that is transactional in nature. 1. See note 11 on slide 56. 2. 3. 4. 5. 6. Other primarily includes insurance fees, income from equity-accounted associates and joint ventures, and other. Charts reflect the allocation of foreign-exchange other than trading income (loss) between market-driven and transactional revenues. Adjusted results are non-GAAP measures. See slide 55 for further details. Reported non-interest income has been adjusted to remove the $34MM pre-tax impact of the commodity tax charge related to the retroactive impact of the 2023 Canadian Federal budget. Prior period information has been restated to reflect the adoption of IFRS 17. See "External reporting changes" in the Q1/24 Report to Shareholders for additional details. Slide 12 Non-Interest Expenses 1. 2. 3. 4. Adjusted results are non-GAAP measures. See slide 55 for further details. The 3-year compound annual growth rate (CAGR) is calculated over a twelve-quarter period from each quarter disclosed (i.e. for Q1/24, from the periods of Q1/21 to Q1/24). Efficiencies include incremental direct operating expense (DOE) savings from cost saving initiatives implemented relative to the prior year. Investments 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. Slide 13 Capital & Liquidity 1. 2. 3. Average balances are calculated as a weighted average of daily closing balances. RWA and our capital balances and ratios are calculated pursuant to OSFI's CAR Guideline, the leverage ratio is calculated pursuant to OSFI's Leverage Requirements Guideline, LCR, 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 Q1/24 Report to Shareholders available on SEDAR+ at www.sedarplus.com. Relates to regulatory changes implemented on an industry-wide basis and any capital methodology changes implemented within CIBC for our portfolios. Methodology changes in Q1/24 included our application of IRB approach to the majority of our credit portfolios within CIBC Bank USA which reduced credit risk RWA, the regulatory changes related to mortgages in negative amortization which increased credit risk RWA, and the implementation of Basel III reforms related to market risk and CVA. Slide 14 - Canadian Banking: Personal & Business Banking Adjusted results are non-GAAP measures. See slide 55 for further details. Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 55 for further details. 1. 2. 3. Loan amounts are stated before any related allowance. 4. Average balances are calculated as a weighted average of daily closing balances. 5. Includes net client acquisition from Personal and Business Banking over the last twelve months (LTM) - Feb/23 to Jan/24. 6. 7. Money-in balances include investments, deposits and GICs from both Personal and Business clients in CIBC's Imperial Service offering. We believe that money-in balances provide the reader with a better understanding of how management assesses the size and quality of our Imperial Service client relationships. Reflects financial transactions only. CIBC First Quarter, 2024 50 50#52Endnotes First quarter 2024 Slide 15 Canadian Banking: Commercial Banking & Wealth Management 1. 2. 3. 4. 5. 6. 7. 8. Adjusted results are non-GAAP measures. See slide 55 for further details. Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 55 for further details. Comprises loans and acceptances and notional amount of letters of credit. Loan amounts are stated before any related allowances. Commercial Banking only. Average balances are calculated as a weighted average of daily closing balances. Loan and deposit growth is calculated using average balances. Assets under management (AUM) are included in assets under administration (AUA). For additional information on the composition, see the "Glossary" section on pages 41-47 in the Q1/24 Report to Shareholders, available on SEDAR+ at www.sedarplus.com. Annual net flows are calculated based on net investment sales from Private Wealth Management, including the impact of reinvested income, as a percentage of Private Wealth Management assets under administration. Assets under management (AUM) are included in assets under administration (AUA). For additional information on the composition of AUM and AUA, see the "Glossary" section on pages 41-47 in the Q1/24 Report to Shareholders, available on SEDAR+ at www.sedarplus.com. The YTD balance is adjusted for the number of days to determine the annualized number. Referrals represent funds managed related to existing Canadian Commercial and Wealth clients that have developed a new relationship within Canadian Wealth Management. Funds managed include loans (before any related allowances), deposits and GICs, and investments. We believe that funds managed provide the reader with a better understanding of how management assesses the size of our total client relationships. Slide 16-U.S. Region: Commercial Banking & Wealth Management 1. Adjusted results are non-GAAP measures. See slide 55 for further details. 2. 3. 4. 5. 6. 7. Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 55 for further details. Loan amounts are stated before any related allowances or purchase accounting adjustments. Average balances are calculated as a weighted average of daily closing balances. 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. Net flows from new clients refers to any inflows (excluding reinvested dividends) related to a client within a 12-month period of client inception. Metric refers to the number of referrals made across lines of business (LOB) within the US Commercial and Wealth Management segment, as well as referrals made to the Capital Markets segment. Slide 17 Capital Markets & Direct Financial Services Adjusted results are non-GAAP measures. See slide 55 for further details. Revenue is reported on a taxable equivalent basis (TEB). TEB adjustment in Q1/24 was $68 million, and the adjusted TEB adjustment in Q1/24 was $16MM. Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 55 for further details. 1. 2. 3. 4. Loan amounts are before any related allowances. 5. Average balances are calculated as a weighted average of daily closing balances. 6. Includes net client acquisition from Simplii Financial over the last twelve months (LTM) - Feb/23 to Jan/24. Slide 18 Corporate & Other 1. 2. 3. Adjusted results are non-GAAP measures. See slide 55 for further details. Revenue is reported on a taxable equivalent basis (TEB). TEB adjustment in Q1/24 was $68 million, and the adjusted TEB adjustment in Q1/24 was $16MM. Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 55 for further details. Slide 22 - Allowance for Credit Losses 1. See note 13 on slide 57. Slide 23 Credit Performance - Gross Impaired Loans Includes wealth management loans under Canadian Commercial Banking and Wealth Management 1. 2. 3. See notes 16-17 on slide 57. Excludes CIBC FirstCaribbean business & government loans. CIBC◇ First Quarter, 2024 51#53Endnotes First quarter 2024 Slide 24-Canadian Consumer Lending 1. See notes 18-20 on slide 57. 2. Includes wealth management loans under Canadian Commercial Banking and Wealth Management Slide 25 Canadian Real Estate Secured Personal Lending 1. GVA and GTA definitions based on regional mappings from Teranet. Slide 26 U.S. Commercial Real Estate - Office Portfolio 1. Watchlist is classified as loans CCC+ to C by S&P Global Rating standards Slide 29 Business Segment Trends: Canadian Personal & Commercial Banking For Q3/23, reported non-interest income has been adjusted to remove the $34MM pre-tax impact of the commodity tax charge related to the retroactive impact of the 2023 Canadian Federal budget. 1. Adjusted results are non-GAAP measures. See slide 55 for further details. 2. Prior period information has been restated to reflect the adoption of IFRS 17. See "External reporting changes" in the Q1/24 Report to Shareholders for additional details. 3. 4. 5. 6. Certain additional disclosures for net interest margin on average interest-earning assets (NIM) have been incorporated by reference and can be found on pages 41-47 in the Q1/24 Report to Shareholders, available on SEDAR+ at www.sedarplus.com. Loan amounts are stated before any related allowance. Average balances are calculated as a weighted average of daily closing balances. Slide 30 Business Segment Trends: Digital 1. 2. 3456 Canadian Personal Banking only, excluding Simplii Financial. Based on spot balances as at January 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. Active Digital Users represent the 90-day Active clients in Canadian Personal Banking. Reflects financial transactions only. Other includes transfers and eDeposits. Reflects applications initiated in a digital channel, and core retail (acquisition) sales units only, which cover Deposits, Cards and Lending. Slide 31 Business Segment Trends: Canadian Commercial Banking & Wealth Management Adjusted results are non-GAAP measures. See slide 55 for further details. Certain additional disclosures for net interest margin on average interest-earning assets (NIM) have been incorporated by reference and can be found on pages 41-47 in the Q1/24 Report to Shareholders, available on SEDAR+ at www.sedarplus.com. Comprises loans and acceptances and notional amount of letters of credit. Loan amounts are stated before any related allowances. 1. 2. 3. 4. Average balances are calculated as a weighted average of daily closing balances 5. 6. 7. 8. Assets under management (AUM) are included in assets under administration (AUA). For additional information on the composition, see the "Glossary" section on pages 41-47 in the Q1/24 Report to Shareholders, available on SEDAR+ at www.sedarplus.com. Includes clients acquired from Wood Gundy, Private Banking and CPIC less the number attrited over the last twelve months. Represents net investment sales from Private Wealth Management and includes the impact of reinvested income. Slide 32 - Business Segment Trends: Personal & Commercial Banking 1. 2. 3. 4. Includes the results of Canadian Personal and Business Banking and Canadian Commercial Banking, as well as Simplii Financial and CIBC Investor's Edge, in Capital Markets. Adjusted results are non-GAAP measures. See slide 55 for further details. Prior period information has been restated to reflect the adoption of IFRS 17. See "External reporting changes" in the Q1/24 Report to Shareholders for additional details. For Q3/23, reported non-interest income has been adjusted to remove the $34MM pre-tax impact of the commodity tax charge related to the retroactive impact of the 2023 Canadian Federal budget. CIBC◇ First Quarter, 2024 52#54Endnotes First quarter 2024 Slide 32 - Business Segment Trends: Personal & Commercial Banking cont'd... 5. 6. 7. 8. 9. Certain additional disclosures for net interest margin on average interest-earning assets (NIM) have been incorporated by reference and can be found on pages 41-47 in the Q1/24 Report to Shareholders, available on SEDAR+ at www.sedarplus.com. Gross inflow spread (excluding open and refinancing) represents the client rate less cost of funds. We show gross inflow spreads excluding open as open mortgages tend to be for clients that have reached end of term and not arranged for a more permanent renewal, are outstanding for a short period of time, have much higher rates and hence, spreads than the rest of the portfolio originations. We show ex-refinancing as refinancing mortgages may have blended client rates without directly offsetting changes in our measurement for cost of funds. Average balances are calculated as a weighted average of daily closing balances. Average loans and acceptances, before any related allowances. Asset base represents residential mortgage, personal lending and credit card balances for Canadian Personal and Business Banking and Canadian Commercial Banking, as well as Simplii Financial and CIBC Investor's Edge, in Capital Markets. Deposit base represents client deposits for Canadian Personal and Business Banking and Canadian Commercial Banking, as well as Simplii Financial and CIBC Investor's Edge, in Capital Markets. Reflects spot balances as of the respective period ends. Slide 33 Business Segment Trends: U.S. Region: Commercial Banking & Wealth Management 1. 2. 3. 4. 5. 6. 7. 8. Adjusted results are non-GAAP measures. See slide 55 for further details. Certain additional disclosures for net interest margin on average interest-earning assets (NIM) have been incorporated by reference and can be found on pages 41-47 in the Q1/24 Report to Shareholders, available on SEDAR+ at www.sedarplus.com. Loan amounts are stated before any related allowances or purchase accounting adjustments. Average balances are calculated as a weighted average of daily closing balances. 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. For additional information on the composition, see the "Glossary" section on pages 41-47 in the Q1/24 Report to Shareholders, available on SEDAR+ at www.sedarplus.com. Represents the percentage of U.S. Commercial clients, at the household level, that also have a relationship with US Private Wealth Management and Private Banking. Net flows from new clients refers to any inflows (excluding reinvested dividends) related to a client within a 12-month period of client inception. Slide 34 Business Segment Trends: Capital Markets & Direct Financial Services 1. 2. 3. 4. 5. Revenue is reported on a taxable equivalent basis (TEB). TEB adjustment in Q1/24 was $68 million, and the adjusted TEB adjustment in Q1/24 was $16MM. Adjusted results are non-GAAP measures. See slide 55 for further details. Adjusted results are non-GAAP measures. See slide 55 for further details. For further details on the composition of the measure, see slide 48 for a reconciliation. Loan amounts are before any related allowances. Average balances are calculated as a weighted average of daily closing balances. Slide 35 Funding & Liquidity 1. TLAC is calculated pursuant to OSFI's TLAC Guideline, which is based on BCBS standards. For additional information, see the "Capital Management" section in Q1/24 Report to Shareholders, available on SEDAR+ at www.sedarplus.com. Slide 36 Interest Rate Sensitivity 1. 2. 3. 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 Q1/24 Report to Shareholders, available on SEDAR+ at www.sedarplus.com. SBU allocation includes the structural repricing exposure arising from our capital and zero/partially rate sensitive deposits and excludes exposure from other short-term factors such as rate resets and position management. Source: Bloomberg, February 12, 2024. Slide 37 Provision for Credit Losses (PCL) 1. See notes 9 and 10 on slide 56. Slide 38 Allowance Coverage Capital Markets excludes allowance for credit losses related to Simplii Financial which is included in the respective Canadian retail products. 1. 2. See notes 13-15 on slide 57. Slide 39 Credit Portfolio Breakdown 1. 2. 3. LTV ratios for residential mortgages are calculated based on weighted average. See page 27 of the Q1/24 Report to Shareholders, available on SEDAR+ at www.sedarplus.com for further details. GVA and GTA definitions based on regional mappings from Teranet. Incorporates security pledged; equivalent to S&P/Moody's rating of BBB/Baa2. CIBC First Quarter, 2024 53 33#55Endnotes First quarter 2024 Slide 40 - Canadian Uninsured Residential Mortgages 1. Starting Q2/23, our primary credit score provider is TransUnion as opposed to Equifax in the prior quarters. The scores are not identical, so score distributions up to Q1/23 are not directly comparable to score distributions from Q2/23 and onwards. This change in credit score provider had no material impacts on provision for credit losses. LTV ratios for residential mortgages are calculated based on weighted average. See page 27 of the Q1/24 Report to Shareholders, available on SEDAR+ at www.sedarplus.com for further details. 2. 3. GVA and GTA definitions based on regional mappings from Teranet. Slide 41 - Canadian Uninsured Residential Mortgages - Q3/23 Originations 1. 2. 3. 4. Originations include refinancing of existing mortgages but not renewals. LTV ratios for residential mortgages are calculated based on weighted average. See page 27 of the Q1/24 Report to Shareholders, available on SEDAR+ at www.sedarplus.com for further details. GVA and GTA definitions based on regional mappings from Teranet. Starting Q3/23, our primary credit score provider is TransUnion as opposed to Equifax in the prior quarters. The scores are not identical, so score distributions up to Q2/23 are not directly comparable to score distributions starting Q3/23 and onwards. This change in credit score provider had no material impacts on provision for credit losses. Slide 42-Canadian Mortgage Renewal Profile 1. Clients at higher risk comprises shallower relationship clients and credit bureau score < 650. Starting Q2/23, our primary credit score provider is TransUnion. Slide 43 Commercial Real Estate 1. Includes $4.4B 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. In Q1/23, CIBC Bank USA Loans were re-rated, and converted from the Legacy CIBC Bank USA internal rating methodology to the CIBC internal risk rating methodology. The internal risk rating system gives more benefit to certain secured loans and less benefit to certain higher risk loans, which had a significant impact on the risk ratings for these exposures. Slide 44 Commercial Real Estate - Multi-Family Loans Includes $4.4B in Multi Family that is reported in residential mortgages in the Supplementary Financial Information package. 1. 2. Excludes accounts with no LTV. 3. Watchlist is classified as loans CCC+ to C by S&P Global Rating Standards. Slide 45 Trading Revenue (TEB) Distribution 1. See note 11 on slide 56. Slide 46 Forward Looking Information 1. See page 63 of the Q1/24 Report to Shareholders, available on SEDAR+ at www.sedarplus.com for further details. Slide 47 Items of Note 1. This item of note reports the impact on consolidated income tax expense that could be subject to an adjustment to our reported results in future periods if a Federal tax proposal were to be substantively enacted in its current form. The corresponding impact on TEB in Capital Markets and Direct Financial Services and Corporate and Other is also included in this item of note with no impact on the consolidated item of note. Slide 48 - Reconciliation 1. See note 11 on slide 56. 2. Adjusted results are non-GAAP measures. See slide 55 for further details. 3. See note 22 on slide 57. CIBC◇ First Quarter, 2024 54#56Non-GAAP Measures First quarter 2024 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 56 and 57, remove items of note from reported results 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. We believe that adjusted measures provide the reader with a better understanding of how management assesses underlying business performance and facilitates a more informed analysis of trends. While we believe that adjusted measures may facilitate comparisons between our results and those of some of our Canadian peer banks, which make similar adjustments in their public disclosure, it should be noted that there is no standardized meaning for adjusted measures under GAAP. We also adjust our strategic business units (SBUS) results to gross up tax-exempt revenue on certain securities to a taxable equivalent basis (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. For additional information, see the "Strategic business units overview" section and Note 30 to our consolidated financial statements of our 2023 Annual Report. 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 8 to 11 of our Q1/24 Report to Shareholders, available on SEDAR+ at www.sedarplus.com, including the quantitative reconciliations therein of reported GAAP measures to: adjusted total revenue, adjusted provision for credit losses, adjusted non-interest expenses, adjusted income before income taxes, adjusted income taxes, and adjusted net income on pages 9 to 11; pre-provision, pre-tax earnings and adjusted pre-provision, pre-tax earnings on page 11. CIBC◇ First Quarter, 2024 55#57Glossary First quarter 2024 Definition 1 Adjusted Diluted EPS 2 Adjusted ROE 3 Net Interest Margin on Average Interest-Earning Assets (Excluding Trading) 4 Adjusted Operating Leverage 5 Adjusted Non-Interest Income 6 Adjusted Non-Trading Non-Interest Income 7 Adjusted Net Interest Income & Adjusted Non-Trading Net Interest Income 8 Adjusted Dividend Payout Ratio 9 Total PCL Ratio 10 Impaired PCL Ratio 11 Trading Revenue 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. Net interest margin on average interest-earning assets (excluding trading) is computed using total net interest income minus trading net interest income, excluding the taxable equivalent basis (TEB) adjustment included therein, divided by total average interest-earning assets excluding average trading interest-earning assets. Refer to Note 11 on page 56 for additional details on "Trading Revenue" and Note 21 on Page 57 for additional details on average interest-earning assets. We adjust our reported revenue and non-interest expenses to remove the impact of items of note. Commencing Q1/24, we no longer gross up tax-exempt revenue to bring it to a TEB for the application of this ratio to our consolidated results. Prior period amounts have been restated to conform with the current quarter's presentation. We adjust our reported non-interest income to remove the pre-tax impact of items of note, to calculate the adjusted non-interest income. We believe that adjusted measures provide the reader with a better understanding of how management assesses underlying business performance and facilitates a more informed analysis of trends. We adjust our reported non-interest income to remove the pre-tax impact of items of note and trading activities, to calculate the adjusted non-trading non-interest income. Refer to Note 11 on page 56 for additional details on "Trading Revenue". We believe that adjusted measures provide the reader with a better understanding of how management assesses underlying business performance and facilitates a more informed analysis of trends. We adjust our reported net interest income to remove the pre-tax impact of items of note, to calculate adjusted net interest income, and we adjust our reported net interest income to remove the pre-tax impact of items of note and trading activities, to calculate the adjusted non-trading net interest income. Refer to Note 11 on page 56 for additional details on "Trading Revenue". We believe that adjusted measures provide the reader with a better understanding of how management assesses underlying business performance and facilitates a more informed analysis of trends. 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 dividend payout ratio. 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 includes those that meet the risk definition of trading for regulatory capital and trading market risk management purposes as defined in accordance with the OSFI's CAR Guideline. Starting in the first quarter of 2024, a revised risk definition for trading was implemented resulting in a change in the classification of certain fixed income financing activities that were previously considered non-trading that are now classified as trading, which included the fixed income financing activities that were already included in trading activities starting in the first quarter of 2023. The revised definition was adopted as part of our implementation of the Fundamental Review of the Trading Book (FRTB) rules under the Basel III reforms for market risk that became effective on November 1, 2023. Trading revenue comprises net interest income and non-interest income. Net interest income arises from interest and dividends related to trading assets and liabilities other than derivatives and is reported net of interest expense and income associated with funding these assets and liabilities. Non-interest income includes unrealized gains and losses on security positions held, and gains and losses that are realized from the purchase and sale of securities. Non- interest income also includes realized and unrealized gains and losses on trading derivatives. Trading revenue includes the impact of funding valuation adjustments and related hedges, which are not considered trading activities for regulatory purposes. Trading revenue excludes underwriting fees and commissions on securities transactions, which are shown separately in the consolidated statement of income. Trading activities and related risk management strategies can periodically shift income between net interest income and non-interest income. Therefore, we view total trading revenue as the most appropriate measure of trading performance. CIBC First Quarter, 2024 56#58Glossary First quarter 2024 12 Adjusted Efficiency Ratio 13 Total Allowance Coverage Ratio 14 Impaired ACL to GIL 15 Performing ACL to Performing Loans 16 Gross Impaired Loan Ratio 17 New Formations 18 Net Write-Off Ratio 19 90+ Days Delinquency Rate Definition We adjust our reported revenue and non-interest expenses to remove the impact of items of note. Commencing Q1/24, we no longer gross up tax-exempt revenue to bring it to a TEB for the application of this ratio to our consolidated results. Prior period amounts have been restated to conform with the current quarter's presentation. Total 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 percentage of gross impaired loans. Allowance for credit losses on performing loans as a percentage 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 percentage of the gross carrying amount of loans. The gross carrying amount of loans include certain loans that are measured at FVTPL. New formations represent gross carrying amount of loans which are newly classified as impaired during the quarter. Net write-offs as a percentage of average loan balances, net of allowance for credit losses. 90+ days delinquencies as a percentage of the gross carrying amount of loans. 20 Net Write-Offs 21 21 22 22 Average Interest-Earning Assets Adjusted Trading Revenue Net write-offs include write-offs net of recoveries. Average interest-earning assets include interest-bearing deposits with banks, interest-bearing demand deposits with the Bank of Canada, securities, cash collateral on securities borrowed or securities purchased under resale agreements, loans net of allowance for credit losses, and certain sublease related assets. Average balances are calculated as a weighted average of average daily closing balances. We adjust our reported trading revenue to remove the pre-tax impact of items of note, to calculate the adjusted trading revenue. Refer to Note 11 on page 56 for additional details on "Trading Revenue". We believe that adjusted measures provide the reader with a better understanding of how management assesses underlying business performance and facilitates a more informed analysis of trends. CIBC◇ First Quarter, 2024 57 40