#1B Quarterly Results Presentation Fourth Quarter 2023 November 30, 2023 All amounts are in Canadian dollars unless otherwise indicated.#2Forward-Looking Statements Fourth quarter and fiscal 2023 A NOTE ABOUT FORWARD-LOOKING STATEMENTS: From time to time, we make written or oral forward-looking statements within the meaning of certain securities laws, including in this Investor Presentation, in other filings with Canadian securities regulators or the SEC and in other communications. All such statements are made pursuant to the "safe harbour" provisions of, and are intended to be forward-looking statements under applicable Canadian and U.S. securities legislation, including the U.S. Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements made in the "Message from the President and Chief Executive Officer", "Overview - Performance against objectives", "Economic and market environment - Outlook for calendar year 2024", "Significant events", "Financial performance overview - Taxes", "Strategic business units overview - Canadian Personal and Business Banking", "Strategic business units overview - Canadian Commercial Banking and Wealth Management", "Strategic business units overview - U.S. Commercial Banking and Wealth Management", "Strategic business units overview - Capital Markets and Direct Financial Services", "Financial condition - Capital management", "Financial condition - Off-balance sheet arrangements", "Management of risk - Risk overview", "Management of risk - Top and emerging risks", "Management of risk - Credit risk", "Management of risk - Market risk", "Management of risk - Liquidity risk", "Accounting and control matters - Critical accounting policies and estimates", "Accounting and control matters - Accounting developments", "Accounting and control matters - Other regulatory developments" and "Accounting and control matters - Controls and procedures" sections of the 2023 Annual 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 "Economic and market environment - Outlook for calendar year 2024" section of the 2023 Annual Report, and are subject to inherent risks and uncertainties that may be general or specific. Given the continuing impact of high inflation, rising interest rates, 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; our success in developing and introducing new products and services, expanding existing distribution channels, developing new distribution channels and realizing increased revenue from these channels; changes in client spending and saving habits; our ability to attract and retain key employees and executives; our ability to successfully execute our strategies and complete and integrate acquisitions and joint ventures; the risk that expected benefits of an acquisition, merger or divestiture will not be realized within the expected time frame or at all; and our ability to anticipate and manage the risks associated with these factors. This list is not exhaustive of the factors that may affect any of our forward looking statements. These and other factors should be considered carefully and readers should not place undue reliance on our forward-looking statements. Any forward-looking statements contained in this Investor Presentation represent the views of management only as of the date hereof and are presented for the purpose of assisting our shareholders and financial analysts in understanding our financial position, objectives and priorities and anticipated financial performance as at and for the periods ended on the dates presented, and may not be appropriate for other purposes. We do not undertake to update any forward-looking statement that is contained in this Investor Presentation or in other communications except as required by law. CIBC◇ Investor Relations contacts: Geoff Weiss, Senior Vice-President 416 980-5093 Visit the Investor Relations section at www.cibc.com/en/about-cibc/investor-relations.html Fourth Quarter, 2023 2#3CIBC Overview Victor Dodig President & Chief Executive Officer CIBC◇#4Key Messages Performance underpinned by our client-focused strategy and financial strength CIBC Strength in Financial Results Advancing our Competitive Advantages Well-Positioned for Growth Strong margins Positive operating leverage Strong allowance coverage Balance sheet strength Mass affluent and private wealth franchise Digital banking solutions Connectivity Simplification & efficiencies Client-focused strategy Disciplined resource allocation Experienced leadership Fourth Quarter, 2023#5Endnotes are included on slides 58 to 66. CIBC >>>>>>>> CIBC Overview Solid performance in 2023 against a backdrop of moderate economic growth Results reflect strong execution against our strategic priorities Diluted EPS Revenue PPPT 3 NIAT ROE4 Reported $5.16 Reported $23.3B Adjusted 1,2 $6.72 Adjusted² $23.4B Reported Adjusted² $9.0B $10.2B Reported $5.0B Reported 10.3% Adjusted² YoY (23)%(5)%2 YoY +7% +7%² YoY (1)% +8%2 $6.5B YoY (19)%(2)%2 Adjusted 2,5 13.3% YoY (4)%/(1)%2 >>>>>>> + Continued to drive new client growth - net new clients grew +650K over the last twelve months6 Strengthened capital position - resulting in a CET17 ratio of 12.4%, up 65 bps YoY Expanded margins - NIM8 (ex-trading) up 6 bps YoY, supported by pricing discipline and strategies Contained expense growth (+6% YoY), resulting in positive operating leverage for the year Maintained strong allowance coverage ACL ratio⁹ above pre- pandemic levels >>>>>> Client Growth & Acquisition Robust Capital Framework Margin Expansion Expense Management Credit Quality Fourth Quarter, 2023 << >>>>>>>>> 5#6Our Purpose To help make your ambition a reality Our Strategic Priorities G Mass Affluent & Private Wealth Franchise Grow and become a leader with our mass affluent and private wealth franchise in Canada and the U.S. Digital Banking Solutions Leverage our digital capabilities to expand our digital banking offerings Highly Connected Franchise Deliver solutions from products and services across the Bank to our clients in Canada and the U.S. Enabling & Simplifying our Bank Develop and improve capabilities to create efficiencies and enhance operational resilience CIBC Fourth Quarter, 2023 6#7Our Progress Key accomplishments against our strategic priorities +650,000 net new clients ÅÅÅ ÅÅÅÅÅ across CIBC and Simplii over 12 months¹ $17B of referrals since fiscal 2019 across Canadian Commercial Banking and Private Wealth Management² Avivi +15% of U.S. Commercial clients have a Private Wealth relationship5 GÅ Top 10 Registered Investment Advisor by Barron's for the 4th consecutive year Ranked #1 by J.D. Power's Mobile App Satisfaction Study 85% Digital Adoption Rate in Canadian Personal Banking3,4 +20% of total Capital Markets revenue originated from the U.S. region Ranked #1 by J.D. Power's 2023 Small Business Banking Satisfaction Study Ranked #1 by the Investment Executive Report Card on Banks for branch advisor ratings Wood Gundy ranked #2 by the Investment Executive Brokerage Report Card's survey of advisors Kol +26% YoY Direct Financial Services (DFS) revenue growth Best Investment Bank in Canada by Global Finance Endnotes are included on slides 58 to 66. CIBC◇ Fourth Quarter, 2023 7#8In Summary Strong execution will drive profitable growth and top-tier returns Strength in Financial Results Advancing our Competitive Advantages Well-Positioned for Growth Strategic investments in our core businesses and disciplined allocation of resources supported a strong fiscal 2023 Continue to prioritize financial strength and risk discipline while advancing our purpose- driven culture and client- focused strategy Our approach, strategy and strong execution will drive strong earnings and top-tier shareholder returns CIBC◇ Fourth Quarter, 2023 8#9Financial Overview Hratch Panossian Senior Executive Vice-President & Chief Financial Officer CIBC◇#10Financial Results Overview Fourth quarter results continue to demonstrate the momentum and resilience of our business Diluted Earnings Per Share Return on Equity Revenue Operating Leverage¹ Reported $1.53 Reported 11.8% Adjusted² $1.57 Adjusted2 12.1% $5.8B +8%/+9% YoY Reported/Adjusted² Reported 9.7% Adjusted 2.3 6.2% PPPT4 $2.4B +26% +18% YoY Reported/Adjusted² PCL Ratio5 Total 40 bps Impaired 35 bps CET1 Ratio 12.4% +65 bps YoY vs. OSFI requirement of 11% (as of Oct/23) Liquidity Coverage Ratio? 135% +6% YOY vs. OSFI requirement of >100% Endnotes are included on slides 58 to 66. CIBC Fourth Quarter, 2023 10#11Financial Results Overview Results demonstrate revenue growth and operating agility in a challenging market • Revenue Broad-based revenue growth of 8% YoY (9% YoY adjusted¹) • • Net interest income up 8% excluding trading 1, Non-interest income up 7% excluding trading 1,2 • Trading revenue up 26%³ Expenses • • Expenses were down 1% on a reported basis, or up 3% YoY on an adjusted basis¹ over the prior year • Reported expenses include the amortization and impairment of acquisition-related intangible assets Adjusted¹ expenses include $114MM of severance, offset by a pension plan amendment gain of $73MM Provision for Credit Losses (PCL) Increased YoY due to higher impairments, including in the US Office portfolio, partly offset by lower performing provisions • Total PCL ratio of 40 bps PCL ratio on impaired of 35 bps Diluted EPS Efficiency Ratio4 ROE CET1 Ratio Endnotes are included on slides 58 to 66. CIBC◇ Reported ($MM) Q4/23 YOY QoQ Revenue 5,844 8% (0)% Non-Trading Net Interest Income 3,368 8% 1% Non-Trading Non-Interest Income 2,053 7% (1)% Trading Revenue³ 423 26% (5)% Expenses 3,440 (1)% 4% Provision for Credit Losses 541 24% (26)% Net Income 1,483 25% 4% $1.53 21% 4% 58.9% (570) bps 240 bps 11.8% 170 bps 20 bps 12.4% 65 bps 18 bps Adjusted ($MM) Q4/23 YOY QoQ Revenue¹ 5,844 9% (1)% Non-Trading Net Interest Income 1,2 3,368 8% 1% Non-Trading Non-Interest Income 1,2 2,053 7% (2)% Trading Revenue³ 423 26% (5)% Expenses¹ 3,395 3% 3% PPPT 1,5 2,449 18% (6)% Provision for Credit Losses 541 24% (26)% Net Income¹ 1,520 16% 3% Diluted EPS1 $1.57 13% 3% Efficiency Ratio (TEB) 1,6 57.5% (340) bps 230 bps ROE1 12.1% 90 bps 20 bps Fourth Quarter, 2023 11#12Net Interest Income (NII) NII (ex-trading) grew 8%, supported by strong margins and volume growth Net Interest Income Trailing 5Q NIM Trends¹ 3.49% 3.54% 3.41% 3.46% 3.44% 3,185 53 3,205 3,236 3,197 3,187 (60) 26 (102) (171) 2.67% 2.67% 2.57% 2.47% 2.48% 3,265 3,338 3,368 3,132 3,161 1.60% 1.66% 1.65% 1.67% 1.66% Q4/22 Q1/23 1.51% 1.49% 1.54% 1.49% 1.44% Q2/23 Q3/23 Q4/23 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Trading NII ($MM)² Total Bank Total Bank (ex. Trading)³ -P&C4 -U.S C&W Non-Trading NII ($MM) Canadian Personal & Commercial NIM 1,4,5 2.67% U.S. Commercial & Wealth NIM1,5 4 bps (1) bp 3.46% +20 bps YoY (1) bp 2.67% (2) bps (2) bps (0) bps 3 bps -5 bps YoY 3.44% (3) bps Q3/23 Deposit Portfolio Asset Portfolio Balance Sheet Mix Other Q4/23 Q3/23 Deposit Portfolio Asset Portfolio Balance Sheet Mix Other Q4/23 Endnotes are included on slides 58 to 66. CIBC◇ Fourth Quarter, 2023 12#13Balance Sheet NII continues to benefit from B/S growth and margin expansion Average Assets ($B) & Yields 1,2,3 3.89% 4.77% Average Liabilities and Equity ($B), & Costs 1,4,5 5.17% 5.35% 5.60% 4.16% 3.63% 3.86% 2.38% 3.28% 948 953 962 933 944 948 50 953 50 933 51 944 52 962 53 213 245 234 209 211 389 384 362 381 391 177 190 189 196 210 3.27% 3.77% 3.79% 4.08% 2.79% 140 2.66% 155 3.48% 166 167 171 3.90% 4.17% 4.37% 526 4.38% 529 535 5.57% 537 5.78% 539 212 5.19% 6.04% 2.13% 214 3.05% 209 203 207 3.49% 3.82% 3.96% 157 0.70% 150 145 141 140 0.88% 0.93% 0.77% 1.19% Q4/22 Q1/23 Q2/23 I Loans & Acceptances Q3/23 Securities Other → Yield on Avg. Interest-Earning Assets Q4/23 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Notice/Demand - Personal Notice/Demand - Corporate & Commercial Term - Client Other Equity Cost of Liabilities over Avg. Interest-Earning Assets Client Deposit Mix (Spot Balances)6 27% Q4/22 $507B 50% 23% 32% Q3/23 $510B 47% 21% 33% Interest-Bearing Deposits - Notice/Demand Interest-Bearing Deposits - Term Endnotes are included on slides 58 to 66. CIBC◇ Q4/23 $528B 47% 20% Non-Interest-Bearing Deposits Fourth Quarter, 2023 • Loan yields continue to expand (YoY and sequentially), capturing rate increases by the Bank of Canada and the Fed Mix shift to higher-cost term deposits largely stabilized; demand and notice deposit betas behaving in aggregate generally as expected with some exceptions in either direction 13#14Non-Interest Income Double-digit growth driven by strong trading momentum and higher fees Non-Interest Income by Category ($MM)4 Market-Related Fees4 Transactional Fees4 Reported: $2,614MM 2,722 2,6485 2,647 2,515 2,203 282 670 Underwrit 548 470 594 Trading 35% & Advis. 8% Credit 48% 1,147 1,132 1,143 1,127 1,043 725 752 725 801 770 Q4/22 Q1/23 ■Market-related (excl. trading)1 Q2/23 Q3/23 Q4/23 Trading 2 Transactional 1 ■ Other3 Mutual Fund 24% $1.7B +30% YoY Other 7% Investment Mgmt & Custodial 26% Non-interest income up 20% YoY, or 7% excluding trading • Transactional revenues up 6% YoY driven mainly by higher credit and deposit and payment fees • $770MM +6% YoY Deposit & Payment 30% FX 9% Card 13% Market-sensitive fees excluding trading were up 8% YoY, sustained by higher investment management revenue and foreign exchange gains on Treasury Funding activities, partly offset by weaker underwriting and advisory Trading non-interest income up 111% YoY, and 8% on a sequential basis Endnotes are included on slides 58 to 66. CIBC◇ Fourth Quarter, 2023 14#15Non-Interest Expenses Contained through focused investments and continued realization of efficiencies Adjusted¹ Expenses ($B) and YoY Expense Growth (%) Operating Leverage (%) Reported ($B) 3.5 4.5 3.1 3.3 3.4 F23 3-Year Average 5-Year Average 3.4 3.3 3.3 3.3 3.2 (5.2)% (0.6)% (1.5)% (0.1)% 1.2% 0.0% Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Adjusted¹ Growth 12% 9% 7% 6% 3% Reported Growth Reported Adjusted¹ 11% 48% 1% 4% (1)% YoY ($MM) Reported: $12,803MM Reported: $14,349MM +6% +4% Adjusted 12,429 F23: 1% efficiencies realized F24+: 1-2% annual savings target in efficiency initiatives in F23 +60% of savings from support functions 53 13,173 240 561 +$160 MM invested 12,880 (110) F22 Operating Costs Net Efficiencies Investments² Perform. Based Comp. F23 Endnotes are included on slides 58 to 66. CIBC Fourth Quarter, 2023 5% reduction in full- time equivalent employees +50% of apps/ services migrated to the Cloud 15#16Capital Ending the year with a significantly stronger balance sheet Capital Position • • CET1 ratio of 12.4%, up 18 bps sequentially • Increase primarily due to organic generation and share issuances net of RWA growth during the quarter RWA growth driven largely by FX and is capital neutral Pro forma CET1 impact of U.S. IRB³ net of Q1/24 regulatory changes: ~ +20 bps4 $B CET1 Ratio 12.2% 19 bps 11 bps Q4/22 Q3/23 Q4/23 Average Loans and Acceptances¹ 525.6 537.3 539.5 Average Deposits¹ 703.8 712.4 721.2 CET1 Capital² 37.0 38.7 40.3 CET1 Ratio 11.7% 12.2% 12.4% Risk-Weighted Assets (RWA)2 315.6 317.8 326.1 Leverage Ratio² 4.4% 4.2% 4.2% Liquidity Coverage Ratio (average)² 129% 131% 135% HQLA (average)2 181.5 182.3 187.8 Net Stable Funding Ratio² 118% 117% 118% RWA ($B) Pro forma +20 bps4 12.4% (4) bps (8) bps 1.2 0.9 317.8 6.2 326.1 Q3/23 Earnings Net of Dividends Share Issuances RWA Growth Other Q4/23 Q3/23 Credit Risk Market & Operational Risk FX Q4/23 Endnotes are included on slides 58 to 66. CIBC Fourth Quarter, 2023 16#17Canadian Banking: Personal & Business Banking Net income growth supported by strong margin expansion and expense discipline • Net interest income up 11% YoY driven by strong margins and higher volumes • Net interest margin up 19 bps YoY ($MM) Revenue Q4/23 Reported YOY Adjusted¹ QoQ Q4/23 YOY QoQ 2,455 9% • YoY deposit growth outpaced loans Net Interest Income 1,908 11% • Non-interest income up 1% YoY Reported expenses comparable to prior year, including amortization of acquisition-related intangible assets Adjusted expenses¹ up 1% Provision for Credit Losses: Total PCL ratio of 35 bps Impaired PCL ratio of 32 bps Non-Interest Income² 547 1% 2% 2,455 1% 1,908 6% 9% 0% 11% 1% 547 1% (0)% Expenses PPPT³ 1,307 (0)% 0% 1,301 1% 0% 1,148 21% 4% 1,154 19% 0% Provision for Credit Losses 282 $(23) $(141) 282 $(23) $(141) Net Income 635 35% 28% 639 32% 21% Loans (Average, $B)4,5 320 2% 1% 320 2% 1% Deposits (Average, $B)5 221 4% 1% 221 4% 1% Net Interest Margin (bps) 238 19 0 238 19 0 Q4/23 | Key Highlights +585K Net New Client Growth [YTD]6 Continued momentum in client growth +9% / +8% Reported / Adjusted 1 Op. Leverage Stabilizing expense growth 94% Digital Transactions? Record high number completed digitally Endnotes are included on slides 58 to 66. CIBC◇ Fourth Quarter, 2023 17#18Canadian Banking: Commercial Banking & Wealth Management Solid performance driven by client relationship focus through a challenging economic backdrop • Net interest income comparable to the prior year Reported & Adjusted¹ ($MM) Q4/23 YoY QoQ • • Net interest margin down 1 bp YoY but improved 2 bps on a sequential basis Modest growth in commercial banking loans and deposits offset by decline in wealth deposits Non-interest income up 6% YoY • Higher fee-based and transactional revenues Modest increase in AUA and AUM (+2% YoY), in- line with broader markets Expenses up 3% YoY driven by higher employee- related costs Provision for Credit Losses: Total PCL ratio of 5 bps Net Interest Income Revenue 1,366 4% 1% 452 0% 2% Non-Interest Income 914 6% 1% Expenses PPPT² 679 3% 1% 687 4% 2% Provision for Credit Losses 11 $(10) $(29) Net Income 490 4% 5% Commercial Banking - Loans (Average, $B)3,4 Commercial Banking - Deposits (Average, $B)4 94 4% 1% 92 5% 2% Net Interest Margin (bps) 337 (1) 2 Assets Under Administration 5,6 (AUA, $B) 332 2% (5)% • Impaired PCL ratio of 5 bps Assets Under Management 5,6 (AUM, $B) 214 2% (5)% Q4/23 | Key Highlights 4% / 5% Loan & Deposit Growth 3,4 Continued growth momentum Endnotes are included on slides 58 to 66. CIBC◇ 5 bps $1.8B Impaired PCL Ratio Down 12 bps QoQ Annual Referral Volume? Continued stability in volumes Fourth Quarter, 2023 18#19U.S. Region: Commercial Banking & Wealth Management Disciplined growth through relationship focused strategy despite market challenges Net interest income up 1% YoY driven by margins and loan volumes, partially offset by deposit volumes • Deposits down 6% YoY due partly to mix shift to investment products; up 3% sequentially Non-interest income up 5% YoY, driven primarily by asset management fees Reported expenses up 8% YoY, and include the amortization of acquisition-related intangible assets Adjusted expenses¹ up 11% YoY due to higher severance, as well as continued investments in technology and infrastructure Provision for Credit Losses Reported Adjusted¹ (US $MM) Q4/23 YOY QoQ Q4/23 YOY QoQ Revenue 492 2% (1)% 492 2% (1)% Net Interest Income 348 1% (3)% 348 1% (3)% Non-Interest Income 144 5% 2% 144 5% 2% Expenses 284 8% 10% 278 11% 12% PPPT² 208 (5)% (14)% 214 (8)% (15)% Provision for Credit Losses 183 $107 $(8) 183 $107 $(8) Net Income 35 (70)% (36)% 39 (69)% (37)% Loans (Average, $B)³,4 40 3% (2)% 40 3% (2)% • Total PCL ratio of 183 bps Deposits (Average, $B)4 34 (6)% 3% 34 (6)% 3% Impaired PCL ratio of 150 bps, primarily due to impairments in the CRE Office portfolio Net Interest Margin (bps) 344 (5) (2) 344 (5) (2) AUA5 ($B) 93 5% (8)% 93 5% (8)% AUM5 ($B) 70 10 3% (8)% 70 70 3% (8)% Q4/23 | Key Highlights 35% Cross-LOB Referrals in F236 versus 10% in F22 $2.7B Net Flows from New Clients7 over the last twelve months ~$120MM Invested over the Year Investments in people, technology, infrastructure Endnotes are included on slides 58 to 66. CIBC◇ Fourth Quarter, 2023 19#20Capital Markets & Direct Financial Services Revenue growth underpinned by robust trading activity in Global Markets Revenue growth of 9% YoY: Reported & Adjusted¹ ($MM) Q4/23 YOY QoQ • Trading revenues up 23% YoY driven mainly by higher equities, interest rate, and FX trading activity Revenue² 1,290 9% (5)% • • • Strong growth momentum in Direct Financial Services (DFS), supported primarily by higher deposit margins Corporate and Investment Banking down 4% YoY mainly from weaker underwriting activity, partly offset by Corporate loan growth Expenses up 12% driven by higher severance, as well as investments to support key growth initiatives Provision for Credit Losses: Non-Trading Net Interest Income 499 1% (0)% Non-Trading Non-Interest Income 303 4% (10)% Trading Revenue 488 23% (6)% Expenses 734 12% 9% PPPT³ 556 6% (18)% Provision for Credit Losses 4 $5 $(2) Net Income 383 1% (22)% • Total PCL ratio of 2 bps • Impaired PCL ratio of 3 bps Loans (Average, $B)4,5 70 4% (1)% Deposits (Average, $B)5 117 4% (0)% Q4/23 | Key Highlights +170K Net New Client Growth [YTD] 6 in Simplii Financial +12% DFS Revenue Growth Driven by Simplii Financial & ASG7 +18% U.S. Region Revenue Growth [YTD] Expanding our North American Platform Endnotes are included on slides 58 to 66. CIBC◇ Fourth Quarter, 2023 20 20#21Corporate & Other Strong results supported by International Banking and lower expenses • Revenue higher YoY and lower sequentially • • International Banking up 6% YoY, benefitting from margin expansion and FX translation Net interest income higher due to favourable Treasury-related revenues during the quarter Reported expenses down 33% YoY and up 7% on a sequential basis Adjusted expenses² down 18% YoY and 2% sequentially largely due to pension plan amendment gain net of severance PPPT³ Endnotes are included on slides 58 to 66. CIBC◇ Reported Adjusted² ($MM) Revenue¹ Q4/23 YOY QoQ Q4/23 YOY QoQ 61 $86 $(6) 61 $86 $(6) Net Interest Income Non-Interest Income (23) $30 $20 (23) $30 $20 84 $56 $(26) 84 $56 $(26) Expenses Provision for Credit Losses Net Income (75) 333 $(167) $21 (272) $253 $(27) (5) $(16) $(17) $219 $26 303 $(66) $(6) (242) $152 $0 (5) $(16) $(17) (48) $149 $50 Fourth Quarter, 2023 21#22Business Performance & Outlook Well-positioned to navigate uncertainty and deliver stakeholder value Fiscal 2023 Highlights Revenue Growth Reported & Adjusted¹ 7% YoY Expense Growth Reported: 12% YoY Adjusted¹: 6% YoY ☑ PPPT Growth² Reported: (1)% YoY Adjusted¹: 8% YoY Diluted EPS Growth Reported: (23)% YoY Adjusted 13: (5)% YoY Impaired Loss Ratio 29.8 bps +16 bps YoY Operating Leverage Reported: (5.2)% Adjusted 14: 1.2% CET1 Ratio 12.4% +65 bps YoY Return on Equity Reported: 10.3% Adjusted 15: 13.3% Looking Ahead Results demonstrate solid momentum through a strategy that will continue generating top-line growth Disciplined and proactive resource management will support positive operating leverage Strong capital position, well ahead of current regulatory requirements provides flexibility Well positioned to grow EPS and ROE as normalizing credit losses and rising capital levels stabilize Endnotes are included on slides 58 to 66. CIBC◇ Fourth Quarter, 2023 22#23Risk Overview Frank Guse Senior Executive Vice-President & Chief Risk Officer CIBC◇#24Key Messages CIBC◇ 2023 loan loss performance in line with expectations despite higher U.S. office losses Credit continued to normalize, in line with expected performance across consumer and business portfolios The overall loan portfolio remains healthy and resilient Fourth Quarter, 2023 24#25Allowance for Credit Losses Allowances for credit losses continued to increase Our total provision for credit losses was $541MM in Q4/23, compared to $736MM last quarter . • Provision on impaired loans was $478MM, flat QoQ • Impaired provision was attributable to both retail and business and government loan portfolios Our performing provision in Q4/23 was driven by updates to our forward-looking information assumptions, credit migration, routine model parameter updates and portfolio growth Total allowance coverage increased from 73bps in Q3 to 76bps this quarter Allowance for Credit Losses ($MM) - Q4/23 Movements Allowance Coverage 1 62bps Endnotes are included on slides 58 to 66. CIBC◇ 73bps +1bps +4bps +4bps -6bps 76bps QoQ increase (+3bps) 218 260 4,117 3,936 63 (360) 3,276 Impaired Provisions $478MM Q4/22 Allowance Q3/23 Allowance Performing Provisions Impaired Provisions Retail Impaired Provisions - B&G Net Write-offs, Time Value of Money Provision & FX Q4/23 Allowance Fourth Quarter, 2023 25#26Credit Performance - Gross Impaired Loans Gross impaired loan ratios up YoY and QoQ . Gross impaired loan ratio was up, mainly attributable to the headwinds in the U.S. commercial real estate sector Gross Impaired Loan Ratios Q1/20 Q4/22 Q3/23 Q4/23 • New formations remained relatively stable, with an increase in retail offset by a reduction in business and government loans Canadian Residential Mortgages Canadian Personal Lending Business & Government Loans¹ CIBC FirstCaribbean 0.30% 0.13% 0.17% 0.21% 0.37% 0.37% 0.45% 0.48% 0.59% 0.41% 0.79% 0.92% 3.80% 4.10% 3.84% 3.67% Total 0.47% 0.33% 0.48% 0.55% Gross Impaired Loan Ratio² 0.33% 1,743 New Formations ($MM)² 0.55% 0.48% 1,009 1,074 1,091 721 509 573 528 537 485 232 2,990 2,616 151 91 582 489 481 501 386 394 Q4/22 Q3/23 Q4/23 Q3/22 Q4/22 Q1/23 Gross Impaired Loans ($MM) Gross Impaired Loan Ratio ■Consumer Endnotes are included on slides 58 to 66. CIBC Fourth Quarter, 2023 Q2/23 Q3/23 Q4/23 ■ Business & Government 26#27Canadian Consumer Lending Net write-offs and delinquencies trending in line with our expectations Net Write-offs: Overall consumer net write-offs increased slightly QoQ from Unsecured Personal Lending due to sustained high interest rates and rising unemployment rates YoY increases in credit cards and personal lending were driven by clients' behavior normalization and increasing unemployment rates Cards remained favourable to pre-pandemic levels due to favourable insolvencies performance and the acquired Costco portfolio credit quality 90+ Days Delinquencies: Consumer 90+ delinquency ratio was up QoQ (4bps) and YoY (7bps) Mortgage delinquencies were slowly increasing due to vintage seasoning but remain lower than pre-pandemic levels Cards QoQ increase was due to seasonality, with performance remaining favorable YoY and compared to pre-pandemic Net Write-off Ratio¹ Reported Net Write-Offs Total Q1/20 Canadian Residential Mortgages Canadian Credit Cards Canadian Personal Lending Q4/22 Q3/23 Q4/23 0.01% <0.01% <0.01% <0.01% 3.16% 2.20% 2.69% 2.64% 0.77% 0.51% 0.80% 0.96% Unsecured Secured 1.80% 1.02% 1.54% 1.86% 0.02% 0.02% 0.03% 0.02% 0.28% 0.18% 0.25% 0.27% 90+ Days Delinquency Rates¹ Canadian Residential Mortgages Q1/20 Q4/22 Q3/23 Q4/23 0.30% 0.13% 0.17% 0.21% Canadian Credit Cards Canadian Personal Lending 0.82% 0.74% 0.58% 0.66% 0.37% 0.37% 0.45% 0.48% Unsecured 0.47% 0.47% 0.53% 0.58% Secured 0.32% 0.26% 0.33% 0.34% 0.34% 0.20% 0.23% 0.27% Total Balances ($B; principal) 319 325 324 17 18 18 40 41 41 0.27% 53 49 47 0.25% 0.18% 142 209 216 219 207 225 Q4/22 Q3/23 Q4/23 Net Write-offs ($MM) 1 Net Write-off Ratio Endnotes are included on slides 58 to 66. CIBC◇ Q4/22 Q3/23 Q4/23 ■ Uninsured Mortgages Insured Mortgages Personal Lending Cards Fourth Quarter, 2023 27#28Canadian Real Estate Secured Personal Lending Mortgage delinquencies continue to perform better than pre-pandemic levels . Mortgage growth has been driven by clients with deep and balanced relationships 87% of mortgages are owner-occupied; investor mortgages performance is strong and compares favourably with owner-occupied mortgages We continue to connect with clients in negative amortization mortgages to offer proactive solutions where appropriate The portion of non-amortizing variable mortgages is $43B, down from $50B last quarter, and represent 50% of the total variable rate mortgages Mortgages 90+ Days Delinquency Rates - Investor vs. Owner Occupied 0.40% 90+ Days Delinquency Rates Q1/20 Q4/22 Q3/23 Q4/23 Total Mortgages 0.30% 0.13% 0.17% 0.21% 0.30% Insured Mortgages 0.43% 0.24% 0.25% 0.29% 0.20% Uninsured Mortgages 0.24% 0.11% 0.15% 0.20% Uninsured Mortgages in GVA¹ 0.15% 0.07% 0.17% 0.28% 0.10% Uninsured Mortgages in GTA1 0.14% 0.08% 0.13% 0.16% 0.00% Q4/19 Q4/20 Q4/21 Q4/22 Q4/23 --Investor -Owner Occupied Mortgage Balances ($B; principal) 262 141 87 34 Q4/22 265 266 143 143 HELOC Balances ($B; principal) 19.4 10.6 19.1 19.0 10.4 10.3 88 89 6.3 6.2 6.2 34 34 2.5 2.5 2.5 Q3/23 Q4/23 Q4/22 Q3/23 Q4/23 ■GVA 1 ■GTA 1 ■ Other Region ■GVA¹ ■GTA 1 ■ Other Region Endnotes are included on slides 58 to 66. CIBC Fourth Quarter, 2023 28#29Canadian Mortgages Renewal Profile Impacts of payment increases at renewal expected to be manageable • Using an illustrative 6% rate at time of renewal, and no borrower income growth since origination, mortgage payment increases are forecasted to be less than 5.1% of clients' income • Low LTV of renewal mortgages ranging from 41% to 60% over the next 5 years • Proactive outreach included a number of initiatives throughout the year to help our clients through the rising interest rate environment Current Balances by Renewal Year1 ($B) 90 ■ Variable Rate Fixed Rate Assumes interest rates stay constant at 6% and income at origination does not increase; for illustrative purposes 70 30 30 14 49 41 7 56 60 32 60 34 13 17 Average Customer Profile by 9 Renewal Year FY24 FY25 FY26 FY27 FY28+ Original qualification rate² 4.9% 5.0% 5.2% 5.2% 6.2% Current LTV 41% 46% 51% 60% 59% Monthly payment increase $349 $462 $555 $690 $175 % of monthly payment increase 21% 26% 28% 30% 10% Payment increase as % of total income at 3.0% 3.7% 4.1% 5.1% 1.4% origination Endnotes are included on slides 58 to 66. CIBC Fourth Quarter, 2023 29 29#30U.S. Commercial Real Estate - Office Portfolio Progress made as we work through maturity profile • . The US Office portfolio is less than 1% of total loan exposure and is 20% of overall U.S. Commercial Real Estate 48% of the portfolio is Class A; average loan-to-value at origination was 60%; 50% of the portfolio is Suburban, 19% Urban, 30% Central Business District • As of Q4/23 we had 9.1% allowance for credit loss coverage of loans, with a net charge-off ratio of 2.7% for the quarter $2.4 $2.1B $2.0 $1.6 Maturity Breakdown for FY24-FY27+ in US$B $1.3B $1.2 $0.8 $0.4 $- $1B $0.3B $0.3B FY23 as of Q4/22 FY24 FY25 FY26 FY27+ Total Maturity Profile Extended from FY23 Existing Contractual Maturity CIBC◇ Excludes $0.8B of non-accruals and extensions being considered Fourth Quarter, 2023 30 30#31In Summary Overall credit performance in line with expectations CIBC◇ Macro - economic environment is expected to remain dynamic Continued proactive management of portfolio exposure to mitigate risk Allowance coverage remains robust heading into the year ahead Fourth Quarter, 2023 31#32Appendix CIBC◇#33Medium-Term Objectives Financial performance against our objectives Medium-Term Objectives 1,2 3-Year 5-Year Diluted EPS Growth of 7% - 10% Reported: 7.9% Reported: (2.4)% (CAGR³) Adjusted 4.5: 11.5% Adjusted 45: 1.9% Return on Equity of 16%+ Reported: 13.5% Reported: 13.0% (Average) Adjusted 4.6: 14.9% Adjusted 4.6: 14.4% Reported: (0.6)% Positive Operating Leverage (Average) Reported 9: (1.5)% Adjusted 4.7: 0.0% Adjusted 47: (0.1)% Reported: 55.6% Reported: 52.4% Dividend Payout Ratio of 40% - 50% (Average) Adjusted 48: 45.9% Endnotes are included on slides 58 to 66. CIBC Fourth Quarter, 2023 Adjusted 48: 48.9% 33 33#34Canadian Banking: Personal & Business Banking Helping our clients achieve their ambitions, and delivering market-leading performance Our retail business in review Revenue Reported & Adjusted¹ PPPT2 NIAT Operating Leverage Balance Sheet (Avg.) $9.4B Reported Adjusted¹ $4.2B $4.3B Reported Adjusted¹ $2.4B $2.4B Reported Adjusted¹ 1.6% Loans 3,4 $317B YoY +6% YoY +8%/+6%1 YoY +5% +0%¹ 0.1% YoY +5% +1%1 Deposits4 $218B YoY +5% +7% Credit Imp. PCL Ratio5 29bps PCL Ratio6 31bps YoY +12bps/+5bps #1 by J.D. Power's Mobile App Satisfaction Study Fiscal 2023 against Investor Day targets Return on Equity Target +31% #1 in cardholder experience in Canada in the 2023 Loyalty Report by Bond Only Big-5 bank to improve YoY in Ipsos NPS for primary clients Revenue Growth Target: 7-10% CAGR Imperial Service Personal Funds Managed³ Target 10% CAGR Franchising Funds Managed⁹ Target 2% CAGR Business Banking Loan & Deposit Growth 10 Target 5% CAGR F23 Reported | 25.0% F23 Adjusted | 25.5% F23 | +6% YoY F23 | 3% YoY F23 | 2% YoY F23|(6)% YoY Our focus for 2024 1 Delivering exceptional client experiences with personalized advice and high-touch service and solutions through our Imperial Service offering 2 Growing our Personal Banking business with a digital-first mindset by making it easier for clients to bank with us digitally 3 Establishing a culture of operational excellence, enabled through our talent, technology and processes Endnotes are included on slides 58 to 66. CIBC Fourth Quarter, 2023 34#35Canadian Banking: Commercial Banking & Wealth Management Becoming Canada's leader in financial advice and generating consistent growth Our Canadian commercial and wealth franchise in review Revenue Reported & Adjusted¹ $5.4B PPPT2 Reported & Adjusted¹ $2.7B YoY +3% YoY +4% NIAT Reported & Adjusted¹ $1.9B YoY (1)% Operating Leverage Reported & Adjusted¹ 1.5% YoY (2)% Balance Sheet (Avg.) Loans 3,4 $94B Deposits4 $97B YoY +8%+3% Delivery of ~7K financial plans from GoalPlanner drove +$3.5B in AUA Fiscal 2023 against Investor Day targets5 Return on Equity Target: +22% F23 | 22.2% Wood Gundy ranked #2 by the Investment Executive Brokerage Report Card Revenue Growth Target: 7-10% CAGR Commercial Banking Loan & Deposit Growth³,4 Target: Above Market Achieved highest-ever Net Promoter Score results Endnotes are included on slides 58 to 66. CIBC F23 +3% YoY F23 +8%/+7% YOY Annual Net Flows / Retail AUA6 Target: 6% F23 | 2% Client Referral Volume7 F23 $7.2B Target: $12B-$15B (F22-F25 Cumulative) Innovation Banking NIBT F23 | $184MM Target: 3x F21 NIBT of $59MM Fourth Quarter, 2023 Credit Imp. PCL Ratio 12bps PCL Ratio 16bps YoY +9bps / +13bps Our focus for 2024 1 Delivering risk-controlled growth in our Commercial Bank, while continuing to foster strong referrals across CIBC 2 Accelerating the growth of Private Wealth with a focus on financial planning to deepen client relationships 3 Evolving our Asset Management business to increase connectivity and support advisors with digital tools and technology to deepen client relationships 35#36U.S. Region: Commercial Banking & Wealth Management ($US) Relationship-oriented solutions with a focus on organic growth and seamless connectivity Our U.S. commercial and wealth business in review Revenue Reported & Adjusted¹ $2.0B PPPT2 NIAT Operating Leverage Balance Sheet (Avg.) Reported Adjusted1 YoY +5% $0.9B $0.9B YoY +4%+2%1 Reported Adjusted¹ $0.3B $0.3B YoY (52)%(51)%1 Reported Adjusted¹ (0.7)% Loans 3,4 $40B (2.2)% Deposits4 $35B YoY +6%/+5%1 YoY +8% (2)% Credit Imp. PCL Ratio 97bps PCL Ratio 158bps YoY +73bps/+112bps CIBC Private Wealth remains most awarded firm in the industry over 12 years Fiscal 2023 against Investor Day targets5 Return on Equity Target: +9% Ranked "Best High Net Worth Investment Platform" based on 2023 Private Asset Management Awards Top Ten Registered Investment Advisor 888 by Barron's for the fourth year Revenue Growth Target: 10-13% CAGR Commercial Banking Loan & Deposit Growth 3,4 Target: Above Market Private Wealth Management AUM Target: 15% CAGR F23 Reported | 3.3% F23 Adjusted | 3.7% F23 | +5% YoY F23 +9% (1)% YoY F23 | 3% YoY Client Referral Volume6 Target: +10% F23 +35% YoY Our focus for 2024 1 Expanding Private Wealth Management with a focus on high-touch relationships and building scale 2 Growing Commercial Banking by delivering industry expertise and unique solutions leveraging the strength of our franchise to provide lending and deposit services 3 Investing in people, technology and infrastructure to scale our platform, drive connectivity, and improve capabilities and decision-making Endnotes are included on slides 58 to 66. CIBC◇ Fourth Quarter, 2023 36#37Capital Markets & Direct Financial Services Deliver leading solutions through best-in-class insight, advice and execution Our capital markets franchise in review Revenue1 Reported & Adjusted² $5.5B YoY +10% PPPT 3 Reported & Adjusted² $2.8B NIAT Reported & Adjusted² $2.0B Operating Leverage Balance Sheet (Avg.) Credit YoY +4% Reported & Adjusted² (1.9)% YoY +3% Loans 4,5 $70B Deposits5 $118B Imp. PCL Ratio PCL Ratio 1bp 3bps YoY +13% +18% YoY +6bps / +13bps YoY +8% Recognized as Best Investment Bank in Canada by Global Finance Fiscal 2023 against Investor Day targets Our focus for 2024 U.S. Middle Market Investment Banking named Top 50 M&A Investment Banker by Atlas Awards Return on Equity Target: +18% F23 | 23.0% Revenue Growth Target: 7-10% CAGR F23 +10% YoY Awarded Best Issuer and Best Principal at Risk Issuer by SPi Canada U.S. Revenue Growth Target: 10% CAGR F23 +18% YoY DFS Revenue Growth Target: 15% CAGR F23 +26% YoY 1 Maintaining our focused approach to client coverage in Canada 2 Growing our North American platform by further expanding our U.S. reach and broadening the services offered to clients 3 Strengthening our connectivity, technology and innovation efforts to bring more of our bank's offerings to our clients Endnotes are included on slides 58 to 66. CIBC Fourth Quarter, 2023 37#38Our Digital Footprint Growing Digital Adoption & Engagement¹ Digital Adoption Rate² +2% Active Digital Banking Users³ (MM) +10% 85.0% 82.8% Q4/22 Digital Transactions4 (MM) +14% 6.3 Q4/23 Q4/22 68 88 Transactions by Channel4 Digital Channel Usage (# of Sessions, MM) +12% 6.9 301 335 Q4/23 Q4/22 Q4/23 6.5% 5.6% 61 17 93.5% 94.4% 16 72 61 Q4/22 Q4/23 Q4/22 ■ eTransfers ■ Bill Payments ■ Other5 ■Digital Channel Endnotes are included on slides 58 to 66. CIBC◇ Q4/23 ■Non-Digital Channel Fourth Quarter, 2023 38#39Canadian Personal & Commercial Banking 1 Continued loan and deposit growth underlying the Canadian P&C business Net Income ($MM) Net Interest Margin on Average Interest Earning Assets (bps)³ +24% YoY Reported +17% QoQ Reported +22% YoY Adjusted² +14% QoQ Adjusted² 991 996 1027 1033 856 870 1060 1064 903 933 Q4/22 Q1/23 Q2/23 ■Reported ■ Adjusted² Average Loans ($B)4,5 +3% Q3/23 Q4/23 248 247 257 267 267 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Net Interest Margin (bps) Average Deposits ($B)4 +3% 413 421 424 329 335 339 93 96 97 120 121 123 320 325 327 209 214 216 Q4/22 Endnotes are included on slides 58 to 66. CIBC Q3/23 Q4/23 ■ Personal ■ Business6 Fourth Quarter, 2023 Q4/22 Q3/23 Q4/23 ■ Personal ■ Business 39#40Canadian Personal & Commercial Banking 1 Margins benefit from higher rates, moderating headwinds from deposit mix and mortgage pricing Adjusted NIM² Trajectory Reported Asset & Deposit Contribution to Segment NIMS (QoQ change, bps) 2.52% 2.67% 2.67% 2.39% 2.57% 2.51% 2.47% 2.48% 2.36% 2.38% Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 -Asset -Deposit Asset & Client Deposit Mix³ (Spot Balances) $304B $330B $331B $313B $336B $342B 4% 13% 6% 6% 13% 13% 25% 24% 30% 18% 33% 33% 83% 81% 81% 52% 42% 43% Q1/22 Q3/23 Q4/23 Q1/22 Residential Mortgages Personal Lending Credit Cards Endnotes are included on slides 58 to 66. CIBC◇ Q3/23 Q4/23 Interest-Bearing Deposits - Notice/Demand Interest-Bearing Deposits - Term Non-Interest-Bearing Deposits Mortgage Portfolio Spreads (bps)4 Q1/22 Q2/22 Q3/22 Total Portfolio Spread Fourth Quarter, 2023 Q4/22 Q1/23 Q2/23 1 Gross Inflow Spread Q3/23 Q4/23 Gross Outflow Spread 40#41U.S. Region: Commercial Banking & Wealth Management (C$) Disciplined relationship focused growth despite market challenges Net interest income up 2% YoY driven by margins and loan volumes, partially offset by deposit volumes • Deposits down 5% YoY as mix shift to interest- bearing products continue; up 5% sequentially Non-interest income up 5% YoY, driven primarily by asset management fees Reported expenses up 9% YoY, and include the amortization of acquisition-related intangible assets • Adjusted expenses¹ up 12% YoY due to higher severance, as well as continued investments in technology and infrastructure. Provision for Credit Losses • Total PCL ratio of 183 bps Impaired PCL ratio of 150 bps, primarily due to impairments in the CRE Office portfolio Q4/23 | Key Highlights 35% Cross-LOB Referrals 6 +25% from F22 Endnotes are included on slides 58 to 66. CIBC Reported Adjusted¹ ($MM) Revenue Q4/23 YOY QoQ Q4/23 YOY QoQ 672 3% 1% 672 3% 1% Net Interest Income 476 2% (0)% 476 2% (0)% Non-Interest Income 196 5% 4% 196 5% 4% Expenses PPPT2 387 9% 12% 378 12% 14% 285 (4)% (11)% 294 (6)% (12)% Provision for Credit Losses 249 $149 $(6) 249 $149 $(6) Net Income 50 (69)% (32)% 56 (68)% (33)% Loans (Average, $B)³,4 55 4% 1% 55 4% 1% Deposits (Average, $B)4 46 (5)% 5% 46 (5)% 5% Net Interest Margin (bps) 344 (5) (2) 344 (5) (2) AUA5 ($B) 129 7% (3)% 129 7% (3)% AUM5 ($B) 97 4% (3)% 97 4% (3)% $3.6B Net Flows from New Clients7 over the last twelve months ~$160 MM Invested over F23 Investments in people, technology, infrastructure Fourth Quarter, 2023 41#42Funding & 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 100.2 48.1 External Instruments 30.7% 6.8 4.9 Tier 2 Instruments Additional Tier 1 Instruments 21.5% 40.3 CET1 Capital TLAC Composition Endnotes are included on slides 58 to 66. CIBC Q4/23 118% | Net Stable Funding Ratio Minimum Requirement Funding Mix ($B, Spot) Repos 12% Other (incl. Derivatives 8% Capital Client Deposits TLAC Ratio 54% 5% Q4/23 | 135% Average Liquidity Coverage Ratio Q4/23 $976B WSF $202B Fourth Quarter, 2023 < 1 Year Maturity 11% > 1 Year Maturity 10% 42#43Interest Rate Sensitivity Well-positioned for higher interest rates Net Interest Income Sensitivity to a +/- 100 bps change ($MM)1 Year 1 SBU Composition of Structural Interest Rate Sensitivity 1,2 1% 394 (415) Interest Rate Environment in Canada and the U.S.3 6.00 16% 5.00 4.00 Historic Implied 3.00 Actuals 20% Q4/23 51% Forwards 2.00 1.00 12% +100 bps Y100 bps Personal & Business Banking U.S. Commercial & Wealth Cdn. Commercial & Wealth Capital Markets Corporate & Other Oct-17 Apr-18 Oct-18 Apr-19 Oct-19- Apr-20- Oct-20 Apr-21 Oct-21 Oct-23. Apr-24- Oct-24 CAD 5-YR Swap Rate BoC Overnight Rate USD 5-YR Swap Rate Fed Funds Rate Year 1 benefit of approximately $394MM from an immediate and sustained 100 bps increase to our net interest income as at October 31, 2023, with approximately 60% driven by short-term rates • Year 2 benefit from rising rates (+100 bps) of approximately $700MM, driven primarily by long rates Year 1 impact of approximately $415MM from an immediate and sustained 100 bps decrease to our net interest income as at October 31, 2023, with approximately 60% from short-term rates Endnotes are included on slides 58 to 66. CIBC◇ Fourth Quarter, 2023 43#44Furthering Our ESG Strategy Advancing our strategy by building on our history of ESG leadership Committed to ESG Leadership & Creating a Competitive Advantage We are focused on embedding ESG principles into our business strategy, purpose and everyday decision-making, while responding to stakeholder interests and operating in line with their expectations to support our business goals. Building integrity and trust Creating access to opportunities Accelerating climate action Developed a future-ready artificial intelligence governance framework based on our Trustworthy Al Principles Committed to helping make life easier and removing barriers to access for newcomers through tailored financial solutions Goal to mobilize $300B towards sustainable finance activities between 2018 and 20301 Enhanced our Data Ethics Impact and Risk Assessment process to ensure we consistently enhance how we identify ethical data risks including impacts on clients, employees and our brand Goal of $800MM in corporate giving, community sponsorships, employee giving and fundraising over the next 10 years (2023-2032)² Committed to providing $100 MM in limited partnership investments to climate technology and energy transition funds to support transition to net-zero carbon economy Endnotes are included on slides 58 to 66. CIBC Fourth Quarter, 2023 44#45Provision for Credit Losses (PCL) Total PCLs trended lower in Q4/23 driven by lower performing provision Provision for Credit Losses up YoY and down QoQ Impaired provisions remained flat in Q4/23, largely due to higher impairments in the U.S. commercial and Canadian retail portfolios, offset by lower impairments in the Canadian commercial portfolio and CIBC FirstCaribbean Performing provision in Q4/23 largely driven by U.S. commercial portfolio reflective of an allowance increase for the office sector, and Canadian retail portfolio reflective of unfavourable credit migration Provision for Credit Losses Ratio¹ ($MM) Cdn. Personal & Business Banking Impaired Performing Q4/22 Q3/23 Q4/23 305 423 282 158 244 259 147 179 23 Cdn. Commercial Banking & Wealth 21 40 11 Impaired Performing 14 38 11 7 2 U.S. Commercial Banking & Wealth Impaired 100 255 249 34 174 205 Performing 66 81 44 Capital Markets (1) 6 4 0.54% 0.40% Impaired (5) 5 6 0.33% Performing 4 1 0.35% 0.35% Corporate & Other 11 12 Impaired 18 17 (3) 0.16% Performing (7) (5) (2) 258 63 Total PCL Impaired Performing 436 736 541 219 478 478 217 258 63 217 478 478 219 Q4/22 Q3/23 PCL on Impaired -Impaired PCL Ratio¹ Endnotes are included on slides 58 to 66. CIBC Q4/23 PCL on Performing Total PCL Ratio 1 Fourth Quarter, 2023 45#46Allowance Coverage Allowance coverage remains higher than the pre-pandemic level Total allowance coverage ratio up YoY and QoQ • • Increase QoQ is due to higher allowances in both performing and impaired portfolios Allowance coverage increase is driven by updated portfolio performance and economic outlook Total Allowance Coverage Ratio² 0.62% 0.73% 0.76% Total Allowance Coverage Canadian Credit Cards Q1/20 Q4/20 Q4/22 Q3/23 Q4/23 4.0% 6.2% 5.3% 4.3% 4.2% Canadian Residential Mortgages <0.1% 0.1% <0.1% 0.1% 0.1% Canadian Personal Lending 1.3% 1.9% 2.0% 2.1% 2.3% Canadian Small Business 2.3% 2.9% 3.1% 2.4% 2.7% Canadian Commercial Banking 0.5% 0.9% 0.5% 0.6% 0.6% U.S. Commercial Banking 0.5% 1.4% 0.8% 1.7% 1.8% Capital Markets¹ 0.4% 1.1% 0.2% 0.2% 0.2% CIBC FirstCaribbean (FCIB) 3.3% 5.1% 4.1% 3.7% 3.4% Total 0.76% 0.51% 0.89% 0.62% 0.73% Performing and Impaired Allowance Coverage Ratios 38% 38% 36% 3,936 4,117 0.49% 0.54% 0.56% 3,276 Q4/22 Q3/23 Q4/23 Q4/22 Q3/23 Q4/23 2 2 Allowance Coverage Ratio Impaired ACL to GIL Performing ACL to Performing Loans Allowance for Credit Losses ($MM) Endnotes are included on slides 58 to 66. CIBC Fourth Quarter, 2023 46#47Credit Portfolio Breakdown Lending Portfolio has a strong risk profile • • 62% of our portfolio is consumer lending, composed mainly of mortgages, with uninsured having an average loan-to-value of 50% 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 Overall Loan Mix (Net Outstanding Loans and Acceptances) Consumer 62% Mortgages 51% HELOC 4% Auto Lending 1% Personal Lending 3% Cards 3% 52% 50% 49% 48% 48% 49% 47% 48% 46% 45% 44% 44% Q4/20 Q4/21 Q4/22 Q4/23 3 3 -Canada GVA GTA Endnotes are included on slides 58 to 66. CIBC◇ Fourth Quarter, 2023 $540B Oil & Gas 1% Other Business & Government 25% Commercial Real Estate 11% Retailers 1% Business & Government 38% 47#48Canadian Uninsured Residential Mortgages Credit bureau score¹ and LTV2 distributions remain healthy Endnotes are included on slides 58 to 66. CIBC◇ Credit Bureau Score¹ Distribution 13% 13% 13% 14% 20%17% 19%20% 4% 3% 4% 4% 6% 4% 6% 6% ≤650 651-700 751-800 701-750 3 3 ■Canada Total ■ GVA Loan-to-Value (LTV)2 Distribution ■GTA ■Canada Variable Rate 27% 28%27%. 28% 25% 26% 25% 23% 23% 23% 22% 20% 20% 17% 17% 14% <30% 30 to <45% 45 to <60% 60 to ≤75% ■ Canada Total ■ GVA3 ■GTA3 Canada Variable Rate Fourth Quarter, 2023 57% 63% 58% 56% >800 13% 9% 9% 4% >75% 48#49Canadian Uninsured Residential Mortgages - Q4/23 Originations1 Credit quality of new originations continues to remain high Originations of $10B in Q4/23 Average LTV² in Canada: 66%, GVA³: 61%, GTA³: 65% Credit Bureau Score4 Distribution Endnotes are included on slides 58 to 66. CIBC 44% 50% 48% 45% 26% 26% 26% 26% 19% 19% 16% 16% 8% 8% 7% 5% 3% 3% 2% 3% ≤650 651-700 ■ Canada Total 701-750 751-800 >800 3 3 ■ GVA ■GTA ■Canada Variable Rate Loan-to-Value (LTV)2 Distribution 14% 15% 16% 16% 12% 9% 9% 8% 4% 6% 5% 3% 48% 42% 40% 33% 30% 30% 29% 31% <30% 30 to <45% 45 to <60% 60 to ≤75% >75% ■ Canada Total ■ GVA 3 ■GTA³ ■Canada Variable Rate Fourth Quarter, 2023 49#50Commercial Real Estate Commercial real estate exposure is well diversified . • Canada represents 62% of total Canadian & U.S. real estate exposure Gross impaired loans as a percentage of total Canadian & U.S. real estate is 1.75% Trailing five-year average loan losses for Canadian & U.S. real estate is 22bps Canadian Commercial Real Estate Exposure by Sector U.S. Commercial Real Estate Exposure by Sector² US Office Portfolio Geographic Breakdown, US$B Residential (Housing) 1% Chicago-Naperville-Elgin 0.4 Washington-Arlington-Alexandria 0.3 Residential (Housing) 22% Multi Family 25% Other 18% Multi Family 29% Boston-Cambridge-Newton 0.3 Miami-Fort Lauderdale-West Palm Beach 0.3 Dallas-Fort Worth-Arlington 0.2 Other 5% Office 9% $41.5B US$18.5B Office 20% San Francisco-Oakland-Hayward 0.2 Retail 7% Minneapolis-St. Paul-Bloomington 0.2 Retail 21% Industrial 13% Austin-Round Rock 0.1 Industrial 22% New York-Newark-Jersey City 0.1 Healthcare 3% Seniors Housing 5% Hotel 2% Los Angeles-Long Beach-Anaheim Other 0.1 1.5 Total 3.7 " 56% of drawn loans investment grade³ " 56% of drawn loans investment grade³ Endnotes are included on slides 58 to 66. CIBC Fourth Quarter, 2023 50#51Trading Revenue (TEB) Distribution1 Robust trading performance in recent volatile market ($MM) 30 20 20 10 0 (10) (20) Aug-23 Sep-23 Trading Revenue Endnotes are included on slides 58 to 66. CIBC Fourth Quarter, 2023 ($MM) 30 30 20 20 10 0 (10) Oct-23 (20) -VaR 51#52Forward Looking Information Variables used to estimate our Expected Credit Losses¹ Forward-Looking Information Variables 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 Avg. Value over the remaining forecast period Downside Case As at October 31, 2023 Canadian GDP YOY Growth Base Case Upside Case Downside 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)% 15.5% $84 14.8% 14.9% 14.5% 16.1% 15.0% $76 $97 $110 $70 $58 Base Case 0.8% 1.9% 0.7% 1.7% Canadian Household Debt Service Ratio West Texas Intermediate Oil Price (US$) Forward-Looking Information Variables As at July 31, 2023 Canadian GDP YOY Growth US GDP YOY Growth Avg. Value over the next 12 months Avg. Value over the remaining forecast period Base Case Avg. Value over the next 12 months Upside Case Avg. Value over the remaining forecast period Upside Case Avg. Value over the next 12 months Avg. Value over the remaining forecast period Downside Case Downside Case 2.1% 2.5% (1.5)% 1.2% 2.6% 3.1% (2.1)% 0.9% Canadian Unemployment Rate 5.8% 5.9% 5.4% 5.4% 6.8% 6.8% US Unemployment Rate 4.2% 4.2% 3.2% 3.3% 5.3% 4.9% Canadian Housing Price Index YoY Growth (0.9)% 4.0% 4.1% 6.7% (8.5)% 0.5% S&P 500 Index YoY Growth Rate 3.3% 5.9% 9.3% 10.8% (8.8)% (1.5)% Canadian Household Debt Service Ratio 15.7% 14.9% 15.1% 14.6% 16.6% 15.1% West Texas Intermediate Oil Price (US$) $82 $78 $94 $105 $68 $59 Endnotes are included on slides 58 to 66. CIBC◇ Fourth Quarter, 2023 52#53Items of Note Fourth quarter and fiscal 2023 Period Income tax charge related to the Canada Recovery Dividend tax and the 1.5% tax increase from the 2022 Canadian Federal Budget¹ Increase in legal provisions Commodity tax charge related to the retroactive impact of the 2023 Canadian Federal budget Amortization and impairment of acquisition- related intangible assets Adjustment to Net Income attributable to common shareholders and EPS Endnotes are included on slides 58 to 66. CIBC◇ Q4/23 FY23 After-Tax After-Tax Reporting Segments Pre-Tax Effect ($MM) & NCI Effect EPS Effect ($/Share) Pre-Tax Effect ($MM) ($MM) & NCI Effect ($MM) EPS Effect ($/Share) 45 55 545 0.60 Corporate and Other 1,055 762 0.82 Corporate and Other =4 34 25 0.03 Canadian Personal and Business Banking 32 37 0.04 121 45 45 37 40 Canadian Personal and Business Banking 96 96 0.11 U.S. Commercial and Wealth Management 0.04 1,210 1,428 1.56 Fourth Quarter, 2023 Corporate and Other 53#54Reconciliation GAAP (reported) to non-GAAP (adjusted) results 1 $ millions, for the three months ended October 31, 2023 Operating results - reported Total revenue Provision for (reversal of) credit losses Non-interest expenses Income (loss) before income taxes Income taxes Net income (loss) Net income attributable to non-controlling interests Canadian Personal and Canadian Commercial Business Banking Banking and Wealth Management U.S. Commercial Banking Capital Markets and and Wealth Direct Financial Management Services Corporate and Other U.S. Commercial Banking and Wealth Management CIBC Total ($US) $ 2,455 $ 1,366 $ 672 $ 1,290 $ 61 $ 5,844 $ 492 282 11 249 4 (5) 541 183 1,307 679 387 734 333 3,440 284 866 676 36 552 (267) 1,863 25 231 186 (14) 169 (192) 380 (10) 635 490 50 383 (75) 1,483 35 8 8 635 490 50 383 (83) 1,475 35 $ 1.53 Net income (loss) attributable to equity shareholders Diluted EPS ($) Impact of items of note Non-interest expenses Amortization and impairment of acquisition-related intangible assets $ (6) $ $ (9) $ $ (30) $ (45) $ (6) Impact of items of note on non-interest expenses (6) (9) (30) (45) (6) Total pre-tax impact of items of note on net income 6 9 30 45 6 Income taxes Amortization and impairment of acquisition-related intangible assets Impact of items of note on income taxes Total after-tax impact of items of note on net income 224 3 3 6 3 8 2 3 8 2 27 37 4 $ 0.04 Impact of items of note on diluted EPS ($) Operating results adjusted2 Total revenue - adjusted³ Provision for (reversal of) credit losses - adjusted Non-interest expenses - adjusted $ 2,455 $ 282 1,366 $ 672 $ 1,290 $ 61 $ 5,844 $ 492 11 249 4 (5) 541 183 1,301 679 378 734 303 3,395 278 Income (loss) before income taxes - adjusted 872 676 45 552 (237) 1,908 31 Income taxes - adjusted 233 186 (11) 169 (189) 388 (8) Net income (loss) - adjusted 639 490 56 383 (48) 1,520 39 8 8 Net income attributable to non-controlling interests - adjusted Net income (loss) attributable to equity shareholders - adjusted Adjusted diluted EPS ($) 639 490 56 383 (56) 1,512 39 $ 1.57 Endnotes are included on slides 58 to 66. CIBC Fourth Quarter, 2023 54#55Reconciliation GAAP (reported) to non-GAAP (adjusted) results 1 $ millions, for the three months ended July 31, 2023 Operating results - reported Total revenue Provision for (reversal of) credit losses Non-interest expenses Income (loss) before income taxes Income taxes Net income (loss) Net income attributable to non-controlling interests Canadian Personal and Business Banking Banking and Wealth Management Canadian Commercial U.S. Commercial Banking and Wealth Management Capital Markets and Direct Financial Services Corporate and Other CIBC Total U.S. Commercial Banking and Wealth Management ($US) $ 2,412 $ 1,350 $ 666 $ 1,355 $ 67 $ 423 40 255 6 12 5,850 736 $ 499 191 1,303 674 345 673 312 3,307 258 686 636 66 676 (257) 1,807 50 189 169 (7) 182 (156) 377 (5) 497 467 73 494 (101) 1,430 55 10 10 497 467 73 494 (111) 1,420 55 $ 1.47 Net income (loss) attributable to equity shareholders Diluted EPS ($) Impact of items of note Revenue Commodity tax charge related to the retroactive impact of the 2023 Canadian Federal budget Impact of items of note on revenue $ 34 $ 34 Non-interest expenses Amortization and impairment of acquisition-related intangible assets Impact of items of note on non-interest expenses Total pre-tax impact of items of note on net income Income taxes Amortization and impairment of acquisition-related intangible assets Commodity tax charge related to the retroactive impact of the 2023 Canadian Federal budget Impact of items of note on income taxes Total after-tax impact of items of note on net income Impact of items of note on diluted EPS ($) Operating results - adjusted² Total revenue - adjusted³ Provision for (reversal of) credit losses - adjusted Non-interest expenses - adjusted Income (loss) before income taxes - adjusted Income taxes - adjusted Net income (loss) - adjusted Net income attributable to non-controlling interests - adjusted Net income (loss) attributable to equity shareholders - adjusted Adjusted diluted EPS ($) Endnotes are included on slides 58 to 66. CIBC◇ (7) (13) (7) (13) 41 13 2 3 9 11 30 3 10 $ $ $ 34 $ 34 (3) $ (23) $ (3) (23) (10) (10) 3 57 10 LO 5 3 9 14 3 3 43 7 $ 0.05 $ 2,446 $ 1,350 $ 666 $ 1,355 $ 67 $ 5,884 $ 499 423 40 255 6 12 736 191 1,296 674 332 673 309 3,284 248 727 636 79 676 (254) 1,864 60 200 169 (4) 182 (156) 391 (2) 527 467 83 494 (98) 1,473 62 10 10 527 467 83 494 (108) 1,463 62 $ 1.52 Fourth Quarter, 2023 55#56Reconciliation GAAP (reported) to non-GAAP (adjusted) results 1 $ millions, for the three months ended October 31, 2022 Operating results - reported Total revenue Provision for (reversal of) credit losses Non-interest expenses Income (loss) before income taxes Income taxes Net income (loss) Net income attributable to non-controlling interests Canadian Personal and Business Banking Canadian Commercial Banking and Wealth Management U.S. Commercial Banking and Wealth Management Capital Markets and Direct Financial Services Corporate and Other CIBC Total U.S. Commercial Banking and Wealth Management ($US) $ 2,262 $ 305 1,316 $ 653 $ 1,182 $ (25) $ 21 100 (1) 11 5,388 436 $ 483 76 1,313 658 356 656 500 3,483 264 644 637 197 527 (536) 1,469 143 173 168 36 149 (242) 284 27 471 469 161 378 (294) 1,185 116 7 7 471 469 161 378 (301) 1,178 116 $ 1.26 Net income (loss) attributable to equity shareholders Diluted EPS ($) Impact of items of note¹ Revenue Acquisition and integration-related costs as well as purchase accounting adjustments² Impact of items of note on revenue $ (6) $ $ (6) Non-interest expenses Amortization and impairment of acquisition-related intangible assets (7) Acquisition and integration-related costs as well as purchase accounting adjustments² (18) Charge related to the consolidation of our real estate portfolio Increase in legal provisions Impact of items of note on non-interest expenses (17) (25) (17) 19 17 FF $ $ (6) $ (6) (3) (27) (13) (18) (37) (37) (91) (91) (131) (173) (13) 131 167 13 Total pre-tax impact of items of note on net income Income taxes Amortization and impairment of acquisition-related intangible assets 1 5 6 4 Acquisition and integration-related costs as well as purchase accounting adjustments² 4 4 Charge related to the consolidation of our real estate portfolio 5 14 5 12 °**。 10 10 24 24 34 44 4 97 123 9 $ 0.13 Increase in legal provisions Impact of items of note on income taxes Total after-tax impact of items of note on net income Impact of items of note on diluted EPS ($) Operating results - adjusted³ Total revenue - adjusted* Provision for (reversal of) credit losses - adjusted Non-interest expenses - adjusted Income (loss) before income taxes - adjusted Income taxes - adjusted Net income (loss) - adjusted Net income attributable to non-controlling interests - adjusted Net income (loss) attributable to equity shareholders - adjusted Adjusted diluted EPS ($) Endnotes are included on slides 58 to 66. CIBC◇ $ 2,256 $ 305 1,316 $ 653 $ 1,182 $ (25) $ 5,382 $ 483 21 100 (1) 11 436 1,288 658 339 656 369 3,310 251 663 637 214 527 (405) 1,636 178 168 41 149 (208) 328 485 469 173 378 (197) 1,308 7 7 485 469 173 378 (204) 1,301 བྷུ་ྒུཆཙཾ, ཙྩ 76 156 31 125 $ 1.39 Fourth Quarter, 2023 56#57Reconciliation GAAP (reported) to non-GAAP (adjusted) results 1 Canadian Personal and Canadian Commercial Banking U.S. Commercial Banking Capital Markets and Business $ millions, for the three months ended 2023 Banking and Wealth Management and Wealth Direct Financial Management Corporate U.S. Commercial Banking and Wealth Management Services and Other CIBC Total ($US) Net income (loss) $ 635 $ 490 $ 50 $ 383 $ Oct. 31 Add: provision for (reversal of) credit losses 282 11 249 4 (75) $ (5) 1,483 $ 35 541 183 Add: income taxes 231 186 (14) 169 (192) 380 (10) Pre-provision (reversal), pre-tax earnings (losses) 1 1,148 687 285 556 (272) 2,404 208 Pre-tax impact of items of note² 6 9 30 45 6 Adjusted pre-provision (reversal), pre-tax earnings (losses) ³ $ 1,154 $ 687 $ 294 $ 556 $ (242) $ 2,449 $ 214 2023 Net income (loss) $ 497 $ 467 $ 73 $ 494 $ (101) $ 1,430 $ 55 Jul. 31 Add: provision for (reversal of) credit losses 423 40 255 6 12 736 191 Add: income taxes 189 169 (7) 182 (156) 377 Pre-provision (reversal), pre-tax earnings (losses)¹ 1,109 676 321 682 (245) 2,543 (5) 241 Pre-tax impact of items of note² 41 13 3 57 10 Adjusted pre-provision (reversal), pre-tax earnings (losses) ³ $ 1,150 $ 676 $ 334 $ 682 $ (242) $ 2,600 $ 251 2022 Oct. 31 Net income (loss) $ 471 $ 469 $ 161 $ 378 $ (294) $ 1,185 $ 116 Add: provision for (reversal of) credit losses 305 21 100 (1) 11 436 16 76 Add: income taxes 173 168 36 149 (242) 284 27 Pre-provision (reversal), pre-tax earnings (losses) 949 658 297 526 (525) 1,905 219 Pre-tax impact of items of note² 19 17 131 167 13 Adjusted pre-provision (reversal), pre-tax earnings (losses) ³ $ 968 $ 658 $ 314 $ 526 $ (394) $ 2,072 $ 232 Endnotes are included on slides 58 to 66. CIBC Fourth Quarter, 2023 57#58Endnotes Fourth quarter and fiscal 2023 Slide 5 CIBC Overview 1. See note 1 on slide 68. 2. 3. 4. 24567 Adjusted results are non-GAAP measures. The quantitative reconciliations for these non-GAAP measures for the years ended October 31, 2023 and October 31, 2022 have been incorporated by reference and can be found in the Non-GAAP measures section on pages 14 to 20 of our 2023 Annual Report, available on SEDAR+ at www.sedarplus.ca. See slide 67 for further details. Pre-provision, pre-tax earnings (PPPT) is revenue net of non-interest expenses and is a non-GAAP measure. See slide 67 for further details. For additional information on the composition, see the "Glossary" section on pages 101-107 in the 2023 Annual Report, available on SEDAR+ at www.sedarplus.ca. See note 2 on slide 68. Includes net client acquisition from Personal and Business Banking and Simplii Financial over the last twelve months (LTM) - Nov/22 to Oct/23. 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 2023 Annual Report, available on SEDAR+ at www.sedarplus.ca. 6. 7. 8. See note 3 on slide 68. 9. See note 13 on slide 69. Slide 7 Our Progress 1. Includes net client acquisition from Personal and Business Banking and Simplii Financial over the last twelve months (LTM) - Nov/22 to Oct/23. 2. 3. 4. 5. Referrals represent funds managed (on a cumulative basis since fiscal 2019) 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. Canadian Personal Banking only, excluding Simplii Financial. Based on spot balances as at October 31 for the respective periods. Digital Adoption (Penetration) Rate represents the percentage share of Digital Registered Customers who have been engaged on CIBC Online Banking and/or CIBC Mobile Banking at least once in the last 90 calendar days out of all Canadian Personal Banking customers engaged across any channel. Represents the % of U.S. Commercial strategic clients, at the household level, that also have a relationship with US Private Wealth Management. Strategic commercial clients are defined as client relationships with deposit or loan balances in excess of US$1MM or greater than US$10K of annual revenue. Slide 10 Financial Results Overview 1. 2. 23456 6. 7. For additional information on the composition, see the "Glossary" section on pages 101-107 in the 2023 Annual Report, available on SEDAR+ at www.sedarplus.ca. Adjusted results are non-GAAP measures. See slide 67 for further details. See note 4 on slide 68. Pre-provision, pre-tax earnings (PPPT) is revenue net of non-interest expenses and is a non-GAAP measure. See slide 67 for further details. See notes 9 and 10 on slide 68. OSFI requirement of 11% includes Pillar 1 minimum and Domestic Stability Buffer, and excludes 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 2023 Annual Report available on SEDAR+ at www.sedarplus.ca. CIBC◇ Fourth Quarter, 2023 58#59Endnotes Fourth quarter and fiscal 2023 Slide 11 Financial Results Overview 1. 2. 3456 Adjusted results are non-GAAP measures. See slide 67 for further details. Adjusted results are non-GAAP measures. See slide 67 for further details. For Q3/23, adjusted non-interest income excludes $34MM related to the pre-tax impact of the commodity tax charge related to the retroactive impact of the 2023 Canadian Federal budget, treated as an item of note, from reported non-interest income in that period. We adjust our non-interest income to remove the impact of trading activities to calculate the non-trading non-interest income. For further details on the composition of the measure, see notes 5 and 6 on slide 68. For Q4/22, adjusted net interest income excludes $6MM for the accretion of the acquisition date fair value discount on the acquired Costco credit card receivable, treated as an item of note, from reported net interest income in that period. We adjust our net interest income to remove the impact of trading activities to calculate the non-trading net interest income - see note 7 on page 68. Refer to Note 11 on page 68 for additional details on "Trading Revenues". See note 11 on slide 68. For additional information on the composition, see the "Glossary" section on pages 101-107 in the 2023 Annual Report, available on SEDAR+ at www.sedarplus.ca. Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 67 for further details. See note 12 on slide 69. Slide 12 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 101-107 in the 2023 Annual Report, available on SEDAR+ at www.sedarplus.ca. 1. 2. See note 11 on slide 68. 3. See note 3 on slide 68. 4. 5. Includes the results of Canadian Personal and Business Banking and Canadian Commercial Banking, and Simplii Financial and CIBC Investor's Edge, in Capital Markets. Deposit and asset portfolio include the mix shift between products, and balance sheet mix includes the balance change between asset and liability balances. Slide 13 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 14 Non-Interest Income 1. 2. 234 5. 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. See note 11 on slide 68. 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 67 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. This has impacted total Transactional Fees and the Cards balance within the Transactional Fees by $34MM. CIBC Fourth Quarter, 2023 59#60Endnotes Fourth quarter and fiscal 2023 Slide 15 Non-Interest Expenses 1. Adjusted results are non-GAAP measures. See slide 67 for further details. 2. 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 16 Capital & Liquidity 1. 2. 3. 4. Average balances, where applicable, 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 the 2023 Annual Report available on SEDAR+ at www.sedarplus.ca. In October 2023, we obtained approval from OSFI to apply the IRB approach for the majority of our credit portfolios within CIBC Bank USA, which we expect to apply in the first quarter of 2024. In addition to the impact of applying the IRB approach to certain credit portfolios within CIBC Bank USA, the estimate includes the impacts of the revised CVA and market risk frameworks as well the increased capital requirement relating to mortgages in negative amortization with a loan-to-value ratio above 65%. Slide 17 Canadian Banking: Personal & Business Banking 3. 1234567 Adjusted results are non-GAAP measures. See slide 67 for further details. Adjusted results are non-GAAP measures. See slide 67 for further details. For further details on the composition of the measure, see note 5 on slide 68. Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 67 for further details. Loan amounts are stated before any related allowance. Average balances are calculated as a weighted average of daily closing balances. Includes net client acquisition from Personal and Business Banking over the last twelve months (LTM) - Nov/22 to Oct/23. 7. Reflects financial transactions only. Slide 18 Canadian Banking: Commercial Banking & Wealth Management Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 67 for further details. Comprises loans and acceptances and notional amount of letters of credit. Loan amounts are stated before any related allowances. 1. Adjusted results are non-GAAP measures. See slide 67 for further details. 234569 2. 3. 4. 6. 7. 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 101-107 in the 2023 Annual Report, available on SEDAR+ at www.sedarplus.ca. 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 19 U.S. Region: Commercial Banking & Wealth Management Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 67 for further details. 12345 1. Adjusted results are non-GAAP measures. See slide 67 for further details. 2. 3. Loan amounts are stated before any related allowances or purchase accounting adjustments. 4. 5. 6. 69 7. 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. Metric refers to 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. Net flows from new clients refers to any inflows (excluding reinvested dividends) related to a client within a 12-month period of client inception. CIBC Fourth Quarter, 2023 60#61Endnotes Fourth quarter and fiscal 2023 Slide 20 Capital Markets & Direct Financial Services Revenue is reported on a taxable equivalent basis (TEB). TEB adjustment in Q4/23 was $62 million. Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 67 for further details. Loan amounts are before any related allowances. 1. Adjusted results are non-GAAP measures. See slide 67 for further details. 2. 134569 4. 6. 7. Average balances are calculated as a weighted average of daily closing balances. Includes net client acquisition from Simplii Financial over the last twelve months (LTM) - Nov/22 to Oct/23. ASG refers to the Alternate Solutions Group within the Direct Financial Services business line. Slide 21 Corporate & Other 1. Revenue is reported on a taxable equivalent basis (TEB). TEB adjustment in Q4/23 was $62 million. WN. 2. Adjusted results are non-GAAP measures. See slide 67 for further details. 3. Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 67 for further details. Slide 22 - Business Performance & Outlook 1. 2. 23 Adjusted results are non-GAAP measures. See slide 67 for further details. Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 67 for further details. See note 1 on slide 68. 4. See note 4 on slide 68. 5. See note 2 on slide 68. Slide 25 Allowance for Credit Losses 1. See note 13 on slide 69. Slide 26 Credit Performance - Gross Impaired Loans Excludes CIBC FirstCaribbean business & government loans. 1. 2. See notes 16-17 on slide 69. Slide 27 Canadian Consumer Lending 1. See notes 18-20 on slide 69. Slide 28 Canadian Real Estate Secured Personal Lending 1. GVA and GTA definitions based on regional mappings from Teranet. Slide 29 Canadian Mortgages Renewal Profile 1. 2. Excludes third party mortgages which were not originated by CIBC. Based on average original qualification rate of all cohorts. CIBC Fourth Quarter, 2023 61#62Endnotes Fourth quarter and fiscal 2023 Slide 33 Medium-Term Objectives -23 1. 2. 3. 4. 4 5 6 7 8 9 Based on adjusted measures. Adjusted measures are non-GAAP measures. See slide 67 for further details. Medium-term targets are defined as through the cycle, which is currently defined as three to five years, assuming a normal business environment and credit cycle. The 3-year compound annual growth rate (CAGR) is calculated from 2020 to 2023 and the 5-year CAGR is calculated from 2018 to 2023. On April 7, 2022, CIBC shareholders approved a two-for-one share split (Share Split) of CIBC's issued and outstanding common shares. Each shareholder of record at the close of business on May 6, 2022 (Record Date) received one additional share on May 13, 2022 (Payment Date) for every one share held on the Record Date. All common share numbers and per common share amounts have been adjusted to reflect the Share Split as if it was retroactively applied to the beginning of 2022. Adjusted results are non-GAAP measures. See slide 67 for further details. See note 1 on slide 68. See note 2 on slide 68. See note 4 on slide 68. 7. 8. See note 8 on slide 68. 9. For additional information on the composition, see the "Glossary" section on pages 101-107 in the 2023 Annual Report, available on SEDAR+ at www.sedarplus.ca. Slide 34 Canadian Banking: Personal & Business Banking 1. Adjusted results are non-GAAP measures. See slide 67 for further details. 2. 3. 1234567 6. 7. 8. 9. 10. Pre-provision, pre-tax earnings (PPPT) is revenue net of non-interest expenses and is a non-GAAP measure. See slide 67 for further details. Loan amounts are stated before any related allowances. Average balances are calculated as weighted average of daily closing balances. See note 10 on slide 68. See note 9 on slide 68. Investor Day targets are medium-term targets and based on adjusted measures. Adjusted measures are non-GAAP measures. See slide 67 for further details. Medium-term targets are defined as through the cycle, which is currently defined as three to five years, assuming a normal business environment and credit cycle. Refers to funds managed from Imperial Service, which include loans and acceptances, deposits, and client investments. Loans are gross (do not include allowance for credit losses). We believe that funds managed provides the reader with a better understanding of how management assesses the size of our total client relationships. The year-over-year growth measures the annualized CAGR covering the period Nov 1, 2021 to Sep 30, 2023. Franchising Funds Managed measures the net growth in funds managed from Personal clients who have increased holdings to two or more categories in the Transaction, Investments, Borrowing and Credit Card (TIBC) products less net decline in funds managed for clients who have decreased their holdings. Funds managed include loans and acceptances, deposits and client investments. Loans are gross (do not include allowance for credit losses). We believe that funds managed provides the reader with a better understanding of how management assesses the growth of our total client relationships. Business banking loan and deposit growth is based on average loan and deposit balances which are calculated as a weighted average of daily closing balances. Loans are gross (do not include allowance for credit losses). We believe that business banking loan and deposit growth provides the reader with a better understanding of how management assesses the growth in our total client relationships. Slide 35 Canadian Banking: Commercial Banking & Wealth Management 12345 1. Adjusted results are non-GAAP measures. See slide 67 for further details. 2. 3. 4. 5. 6. 7. Pre-provision, pre-tax earnings (PPPT) is revenue net of non-interest expenses and is a non-GAAP measure. See slide 67 for further details. Loan amounts are stated before any related allowances and comprise loan and acceptances and notional amounts of letters of credit. Average balances are calculated as weighted average of daily closing balances. Investor Day targets are medium-term targets and based on adjusted measures. Adjusted measures are non-GAAP measures. See slide 67 for further details. Medium-term targets are defined as through the cycle, which is currently defined as three to five years, assuming a normal business environment and credit cycle. Annual net flows / retail AUA are calculated based on Canadian Wealth net sales as a percentage of total Canadian Wealth 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 101-107 in the 2023 Annual Report, available on SEDAR+ at www.sedarplus.ca. Referrals represent funds managed (on a cumulative basis since fiscal 2022) 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. CIBC◇ Fourth Quarter, 2023 62#63Endnotes Fourth quarter and fiscal 2023 Slide 36 – U.S. Region: Commercial Banking & Wealth Management ($US) Pre-provision, pre-tax earnings (PPPT) is revenue net of non-interest expenses and is a non-GAAP measure. See slide 67 for further details. 1. Adjusted results are non-GAAP measures. See slide 67 for further details. 2345 2. 3. Loan amounts are stated before any related allowances or purchase accounting adjustments. Average balances are calculated as weighted average of daily closing balances. 5. 6. Investor Day targets are medium-term targets and based on adjusted measures. Adjusted measures are non-GAAP measures. See slide 67 for further details. Medium-term targets are defined as through the cycle, which is currently defined as three to five years, assuming a normal business environment and credit cycle. Metric refers to 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 37 - Capital Markets & Direct Financial Services 123456 Revenue is reported on a taxable equivalent basis (TEB). TEB adjustment for F23 was $254MM. Adjusted results are non-GAAP measures. See slide 67 for further details. Pre-provision, pre-tax earnings (PPPT) is revenue net of non-interest expenses and is a non-GAAP measure. See slide 67 for further details. Loan amounts are before any related allowances or purchase accounting adjustments. Average balances are calculated as a weighted average of daily closing balances. Investor Day targets are medium-term targets and based on adjusted measures. Adjusted measures are non-GAAP measures. See slide 67 for further details. Medium-term targets are defined as through the cycle, which is currently defined as three to five years, assuming a normal business environment and credit cycle. Slide 38 Our Digital Footprint 1. 2. 3. 4. 5. Canadian Personal Banking only, excluding Simplii Financial. Based on spot balances as at October 31 for the respective periods. Digital Adoption (Penetration) Rate represents the percentage share of Digital Registered Customers who have been engaged on CIBC Online Banking and/or CIBC Mobile Banking at least once in the last 90 calendar days out of all Canadian Personal Banking customers engaged across any channel. Active Digital Users represent the 90-day Active clients in Canadian Personal Banking. Reflects financial transactions only. Other includes transfers and eDeposits. Slide 39 Canadian Personal & Commercial Banking 1. 12 2. 3. 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 67 for further details. Q4/22, Q1/23, Q2/23, Q3/23 and Q4/23 adjusted net income exclude ($14MM), ($5MM), ($6MM), ($30MM) and ($4MM) after-tax, respectively, in items associated with the acquisition of the Canadian Costco credit card portfolio, the Commodity Tax Charge related to the 2023 Canadian Federal budget and the amortization and impairment of acquisition-related intangible assets. Adjusted NIM excludes $6MM for Q4/22 for the accretion of the acquisition date fair value discount on the acquired Costco credit card receivables, treated as an item of note, from reported net interest income in that period. Certain additional disclosures for net interest margin on average interest-earning assets (NIM) have been incorporated by reference and can be found on pages 101-107 in the 2023 Annual Report available on SEDAR+ at www.sedarplus.ca. 4. Average balances are calculated as a weighted average of daily closing balances. 456 5. Average loans and acceptances, before any related allowances. 6. Commercial Banking loans comprise loans and acceptances and notional amount of letters of credit. CIBC Fourth Quarter, 2023 63#64Endnotes Fourth quarter and fiscal 2023 Slide 40 Canadian 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 67 for further details. Adjusted NIM excludes $4MM for Q2/22, $6MM for Q3/22, $6MM for Q4/22 for the accretion of the acquisition date fair value discount on the acquired Costco credit card receivables, treated as an item of note, from reported net interest income in that period. Asset base represents residential mortgage, personal lending and credit card balances for Canadian Personal and Business Banking and Canadian Commercial Banking, as well as Simplii Financial and CIBC Investor's Edge, in Capital Markets. Deposit base represents client deposits for Canadian Personal and Business Banking and Canadian Commercial Banking, as well as Simplii Financial and CIBC Investor's Edge, in Capital Markets. Reflects spot balances as of the respective period ends. Gross inflow spread (excluding open and refinancing) represents the client rate less cost of funds. We show gross inflow spreads excluding open as open mortgages tend to be for clients that have reached end of term and not arranged for a more permanent renewal, are outstanding for a short period of time, and have much higher rates and therefore spreads than the rest of the portfolio originations. We show ex-refinancing as refinancing mortgages may have blended client rates without directly offsetting changes in our measurement for cost of funds. Slide 41 U.S. Region: Commercial Banking & Wealth Management (C$S) Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 67 for further details. 1. Adjusted results are non-GAAP measures. See slide 67 for further details. 2. 3. Loan amounts are stated before any related allowances or purchase accounting adjustments. 4. 5. 6. 7. 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. Metric refers to 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. 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 42 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 the 2023 Annual Report, available on SEDAR+ at www.sedarplus.ca. Slide 43 Interest Rate Sensitivity 1. 2. 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 75 in the 2023 Annual Report, available on SEDAR+ at www.sedarplus.ca. 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. 3. Source: Bloomberg, November 19, 2023. Slide 44 Furthering Our ESG Strategy 1. 2. Sustainable financing largely relates to client activities that support, but are not limited to, sectors such as renewable and emission-free energy, energy efficiency, sustainable infrastructure or technology, sustainable real estate, affordable housing and basic infrastructure, and products such as, sustainability linked and green financial products. The services offered by CIBC included in our sustainable finance commitment to support these client activities include loans and loan syndications, debt and equity underwritings, M&A advisory and principal investments. The affordable housing sector includes loans and investments that meet our obligations under the U.S. Community Reinvestment Act. Includes donations from CIBC to CIBC Foundation as well as donations from the CIBC Foundation funded from investment growth. CIBC◇ Fourth Quarter, 2023 64#65Endnotes Fourth quarter and fiscal 2023 Slide 45 Provision for Credit Losses (PCL) 1. See notes 9 and 10 on slide 68. Slide 46 Allowance Coverage 1. 2. Capital Markets excludes allowance for credit losses related to Simplii Financial which is included in the respective Canadian retail products. See notes 13-15 on slide 69. Slide 47 Credit Portfolio Breakdown 1. 2. 3. Incorporates security pledged; equivalent to S&P/Moody's rating of BBB/Baa2. LTV ratios for residential mortgages are calculated based on weighted average. See page 67 of the 2023 Annual Report for further details. GVA and GTA definitions based on regional mappings from Teranet. Slide 48 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 67 of the 2023 Annual Report for further details. 2. 3. GVA and GTA definitions based on regional mappings from Teranet. Slide 49 Canadian Uninsured Residential Mortgages - Q4/23 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 67 of the 2023 Annual Report 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 50 Commercial Real Estate 1. Includes $4.1B in Multi Family that is reported in residential mortgages in the Supplementary Financial Information package. 2. Includes US$1.4B 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. 23 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 51 Trading Revenue (TEB) Distribution 1. See note 11 on slide 68. Slide 52 - Forward Looking Information 1. See page 147 of the 2023 Annual Report for further details. CIBC◇ Fourth Quarter, 2023 65#66Endnotes Fourth quarter and fiscal 2023 Slide 53 Items of Note 1. The income tax charge is comprised of $510 million for the present value of the estimated amount of the Canada Recovery Dividend (CRD) tax of $555 million, and a charge of $35 million related to the fiscal 2022 impact of the 1.5% increase in the tax rate applied to taxable income of certain bank and insurance entities in excess of $100 million for periods after April 2022. The discount of $45 million on the CRD tax accretes over the four-year payment period from initial recognition. Slide 54 Reconciliation 1. Items of note are removed from reported results to calculate adjusted results. 2. 3. Adjusted to exclude the impact of items of note. Adjusted measure are non-GAAP measures. See slide 67 for further details. CIBC total results exclude a tax equivalent basis (TEB) adjustment of $62 million. Our adjusted efficiency ratio and adjusted operating leverage are calculated on a TEB. Slide 55 Reconciliation 1. Items of note are removed from reported results to calculate adjusted results. 2. 3. Adjusted to exclude the impact of items of note. Adjusted measure are non-GAAP measures. See slide 67 for further details. CIBC total results exclude a tax equivalent basis (TEB) adjustment of $66 million. Our adjusted efficiency ratio and adjusted operating leverage are calculated on a TEB. Slide 56 Reconciliation 1. 2. 3. 4. Items of note are removed from reported results to calculate adjusted results. Acquisition and integration costs are comprised of incremental costs incurred as part of planning for and executing the integration of the Canadian Costco credit card portfolio, including enabling franchising opportunities, the upgrade and conversion of systems and processes, project delivery, communication costs and client welcome bonuses. Purchase accounting adjustments include the accretion of the acquisition date fair value discount on the acquired Canadian Costco credit card receivables. Adjusted to exclude the impact of items of note. Adjusted measure are non-GAAP measures. See slide 67 for further details. CIBC total results exclude a tax equivalent basis (TEB) adjustment of $51 million. Our adjusted efficiency ratio and adjusted operating leverage are calculated on a TEB. Slide 57 Reconciliation 1. 2. Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 67 for further details. Items of note are removed from reported results to calculate adjusted results. 3. Adjusted to exclude the impact of items of note. Adjusted measures are non-GAAP measures. See slide 67 for further details. CIBC◇ Fourth Quarter, 2023 66#67Non-GAAP Measures Fourth quarter and fiscal 2023 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 68 and 69, 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 results to gross up tax-exempt revenue on certain securities to a TEB, being the amount of fully taxable revenue, which, were it to have incurred tax at the statutory income tax rate, would yield the same after-tax revenue. See the "Strategic business units overview" and Note 30 to our consolidated financial statements included in our 2023 Annual Report for further details, available on SEDAR+ at www.sedarplus.ca. Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found in the "Non-GAAP measures" section on pages 14 to 20 of our 2023 Annual Report, available on SEDAR+ at www.sedarplus.ca, 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 15 to 19; pre-provision, pre-tax earnings and adjusted pre-provision, pre-tax earnings on page 20. CIBC◇ Fourth Quarter, 2023 67#68Glossary Fourth quarter and fiscal 2023 Definition 1 Adjusted Diluted EPS 2 Adjusted ROE 3 Net Interest Margin on Average Interest- Earning Assets (Ex-Trading) 4 Adjusted Operating Leverage 5 Adjusted Non-Interest Income 6 7 Adjusted Non-Trading Non-Interest Income 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 Revenues CIBC◇ 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 68 for additional details on "Trading Revenues" and Note 21 on Page 69 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 and gross up tax-exempt revenue to bring it to a TEB, to calculate the adjusted operating leverage. 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 68 for additional details on "Trading Revenues". 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 68 for additional details on "Trading Revenues". 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 is based on the risk definition of trading for regulatory capital and trading market risk. Starting in Q1/23, trading activities also include certain fixed income financing activities. Positions in a trading book are considered trading provided the book and positions continue to meet OSFI-defined trading book criteria set out in OSFI's CAR guideline. 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. Fourth Quarter, 2023 68#69Glossary Fourth quarter and fiscal 2023 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 Definition We adjust our reported revenue and non-interest expenses to remove the impact of items of note and gross up tax-exempt revenue to bring it to a TEB, to calculate the adjusted efficiency ratio. 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. 19 90+ Days Delinquency Rate 90+ days delinquencies as a percentage of the gross carrying amount of loans. 18 Net Write-Off Ratio 20 20 21 21 Net Write-Offs Average Interest-Earning Assets 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. CIBC◇ Fourth Quarter, 2023 69