#1CIBC CIBC Fixed Income Investor Presentation Q4 2020 די#2Disclaimer The material that follows is a presentation (the "Presentation") of general background information about Canadian Imperial Bank of Commerce ("CIBC") and its covered bond programme (the "Programme") as of the date of this document. It is information in summary form and does not purport to be complete. This document, together with any document (other than the Prospectus) distributed alongside it (collectively, the "Presentation") is an advertisement and is not a prospectus for the purposes of EU Directive 2003/71/EC as amended, including by Directive 2010/73/EU to the extent such amendments have been implemented in a relevant member state and includes any relevant implementing measure in each relevant member state (the "Prospectus Directive") and/or Part VI of the Financial Services and Markets Act 2000, as amended (the "FSMA"). Investors should not subscribe for any securities referred to in the Presentation except on the basis of the information contained in the final form Prospectus or Information Memorandum, as applicable, and any applicable Final Terms for Covered Bonds. The information in the Presentation has not been audited and no representation or warranty, express or implied, is made concerning, and no reliance should be placed on, the accuracy, fairness, completeness, correctness, sufficiency, or usefulness of the information presented or opinions contained in the Presentation. The Presentation has been prepared solely for use at the presentation to investors to be held in December 2020. By attending the meeting where the Presentation is made or by reading the Presentation slides, you agree to be bound by the limitations set out herein. This document may not be reproduced, redistributed or passed on to any other person or published, in whole or in part, for any purpose, without the prior written consent of CIBC. The Presentation and the information contained in this document are strictly confidential and are being supplied to you solely for your information in considering the Programme and may not, directly or indirectly, be reproduced, forwarded to any other person or published, in whole or in part, disclosed by recipients to any other person or used for any other purpose, including in any way that would constitute "market abuse". This Presentation is being delivered only to (a) persons other than U.S. persons (as defined in Regulation S ("Regulation S") under the Securities Act of 1933, as amended ("Securities Act")) or (b) "qualified institutional buyers" as defined in Rule 144A of the Securities Act ("Rule 144A"). The Presentation does not constitute or form, nor should it be construed as constituting or forming, any part of any offer, or invitation to sell or issue or purchase or subscribe for any securities. Neither the Presentation nor anything contained herein or any part of it, or the fact of its distribution shall form the basis of, or be relied on in connection with any contract, or commitment whatsoever. Under no circumstances shall the information presented in the Presentation constitute an offer, or invitation to sell or issue or purchase or subscribe for any securities nor shall there be any sale or offer of the securities in any jurisdiction in which such offer, solicitation, invitation, sale, issue, purchase or subscription would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Any such offer would be made only after a prospective participant had completed its own independent investigation of the securities issued pursuant to the Programme (the "Securities”) and related transactions and collateral pool, and received all information it required to make its own investment decision, including, where applicable, a review of any prospectus, prospectus supplement, offering circular or memorandum describing such security or instrument. That information would supersede the material in the Presentation and contain information not contained in the Presentation and to which prospective participants are referred. In addition, the information in the Presentation supersedes (to the extent applicable) all information previously delivered to you with respect to the Securities. We have no obligation to tell you when information in the Presentation is stale or may change, nor are we obligated to provide updated information on the Securities. The Securities and the Covered Bond Guarantee (as described herein) have not been and will not be registered under the Securities Act and may not be offered or sold within the United States or to or for the account or benefit of U.S. persons (as defined in Regulation S) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Accordingly, the Securities will only be offered in (a) in offshore transactions to persons other than U.S. persons (as defined in Regulation S) in reliance upon Regulation S under the Securities Act, and (b) to persons who are "qualified institutional buyers" as defined in Rule 144A in reliance upon Rule 144A. The Securities will not be transferable except in accordance with the transfer restrictions set forth in the offering memorandum with respect to the Securities. Any offering of Securities to be made in or into the United States will be made by means of an offering memorandum that may be obtained from the dealers. Such offering memorandum will contain, or incorporate by reference, detailed information about CIBC and its business and financial results, as well as information about the Programme. CIBC CIBC Fixed Income Investor Presentation | 2#3Disclaimer (continued) A final form prospectus (the "Prospectus") and any applicable final terms for Covered Bonds, other than Exempt Covered Bonds, (as defined in the Prospectus) to be admitted to trading on a regulated market (as defined in the Prospectus Directive) have been prepared and made available to the public in accordance with the Prospectus Directive. The final form Prospectus is available on the website of the "Market data & news" section operated by the Luxembourg Stock Exchange at https://www.bourse.lu/programme/Programme-CIBC/14556 under the name of Canadian Imperial Bank of Commerce and the headline "Prospectus". Investors that are U.S. persons (as defined in Regulation S) must obtain the offering memorandum prepared for purposes of offering the Securities within the United States, and may not rely on the Prospectus. The Prospectus will not be used as the basis of any offering in Australia. Investors in, or in respect of any securities offered in, Australia will be provided with AND must obtain the information memorandum prepared for any offering of Securities within Australia and may not rely on the Prospectus. The Securities may not be suitable for all investors. This material has been prepared and issued by CIBC for distribution to market professionals and institutional investor clients only. Other recipients should seek independent investment advice prior to making any investment decision based on this material. By accepting this presentation you acknowledge and agree that you shall be solely responsible for the lawfulness of the acquisition of any Securities with regard to any law, regulation or policy applicable to you. You are also deemed to acknowledge and agree that (a) this presentation does not constitute legal, tax or accounting advice, (b) there may be legal, tax or accounting risks associated with the Securities, (c) you should receive (and rely on) separate and qualified legal, tax and accounting advice, and (d) you should appraise senior management in your organization as to such legal, tax and accounting advice and any risks associated with the Securities and this disclaimer as to these matters. The value of and income from investments may vary because of changes in interest rates, foreign exchange rates, default rates, prepayment rates, securities/instruments prices, market indexes, operational or financial conditions of companies or other factors. Past performance is not necessarily a guide to future performance. Estimates of future performance are based on assumptions that may not be realized. Actual events may differ from those assumed and changes to any assumptions may have a material impact on any projections or estimates. All values are in Canadian dollars ("CAD") unless otherwise noted. Despite anything herein to the contrary, by attending or receiving the Presentation, you represent and warrant that (if you are located in Australia) you are either: (1) a "Sophisticated Investor" within the meaning of section 708 (8) of the Corporations Act 2001 (Cth) (the 'Corporations Act'); (2) a "Professional Investor" within the meaning of section 708 (11) of the Corporations Act; or (3) a person in respect of whom disclosure is not required under Parts 6D.2 or 7.9 of the Corporations Act. CIBC is registered as a foreign company in Australia and is a foreign authorised deposit-taking institution under the Banking Act 1959 of the Commonwealth of Australia (the "Australian Banking Act"). The Securities are not the obligation of any government and, in particular, are not guaranteed by the Commonwealth of Australia or the government of Canada nor do they benefit from the depositor protection provisions of Division 2 of Part II of the Australian Banking Act. However, under section 11F of the Australian Banking Act, if CIBC (whether in or outside Australia) suspends payment or becomes unable to meet its obligations, the assets of CIBC in Australia are to be available to meet its liabilities in Australia (including if those liabilities are in respect of the Securities) in priority to all other liabilities of CIBC. Further, under section 86 of the Reserve Bank Act 1959 of Australia, debts due by the bank to the Reserve Bank of Australia shall in a winding-up of the Bank have priority over all other debts of the bank. Securities issued by the bank under the programme do not evidence nor constitute deposits that are insured under the Canada Deposit Insurance Corporation Act. The Guarantor is not a bank nor an authorised deposit taking institution authorised to carry on banking business under the Australian Banking Act and it is not supervised by the Australian Prudential Regulation Authority. The Guarantor is not registered as a foreign company or otherwise registered, authorised or qualified to carry on financial services or other business in Australia. The Presentation is for information purposes only and is not a prospectus or product disclosure statement under Australian law, financial product or investment advice or a recommendation to acquire securities in CIBC. CIBC CIBC Fixed Income Investor Presentation | 3#4Disclaimer (continued) No prospectus or other disclosure document (within the meaning of the Corporations Act) has been, and it is not intended that any such prospectus or other disclosure document will be, lodged with the Australian Securities and Investments Commission. Any information or offering memorandum prepared for any offering of Securities in Australia will not be, and will not purport to be, a document containing disclosure to investors for the purposes of Part 6D.2 or Part 7.9 of the Corporations Act. It is not intended that the Presentation or any such document will be used in connection with any offer for which such disclosure is required and neither this presentation nor any such document will contain all the information that would be required by those provisions if they applied. Neither the Presentation nor any such document is to be provided to any 'retail client' as defined in section 761G of the Corporations Act and does not and will not take into account the individual objectives, financial situation or needs of any prospective investor. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek legal, accounting, and taxation advice appropriate to their jurisdiction. Neither CIBC nor the Guarantor is licensed in Australia to provide financial product advice in respect of its financial products. Cooling off rights do not apply to the acquisition of the Securities. The offer and sale of the Securities within Australia will be subject to certain restrictions that will be set out in the applicable information or offering memorandum. The Presentation is addressed to, directed at and is only being distributed to: (a) in the United Kingdom, persons who are "qualified investors": (i) within the meaning of Article 2(1)(e) of Directive 2003/71/EC (as amended, the Prospective Directive) and any relevant implementing measure in each Member State of the European Economic Area ("Qualified Investors") and Section 86(7) of the Financial Services and Markets Act 2000 ("FSMA"); (ii) (A) persons who have professional experience in matters relating to investments or (B) high net worth entities falling within Article 49(2)(a) to (d) of the FSMA (Financial Promotion) Order 2005 (as amended, the "Order"); (iii) or certified high net worth individuals within Article 48 of the FSMA (Financial Promotion) Order 2005; or (iv) persons to whom it may otherwise lawfully be communicated (collectively, "relevant persons"); and (b) in Member States of the European Economic Area which have implemented the Prospectus Directive (other than the United Kingdom), persons who are Qualified Investors. Any investment or investment activity to which the Presentation relates is available in the United Kingdom only to relevant persons and will be engaged in, in the United Kingdom, only with relevant persons. Any person who is not a relevant person should not act or rely on the Presentation. Other persons in those jurisdictions not falling within subparagraphs (a) or (b) above should not read, rely upon or act upon the contents of the Presentation. By attending the presentation to which the Presentation relates or by accepting receipt of the Presentation, the recipient will be taken to have represented, warranted and undertaken that: (i) It is a person who is permitted to attend or receive the presentation in accordance with the limitations set out in (a) and (b) above in this notice; (ii) It has read and agrees to comply with the contents of this notice; (iii) It will keep the information in this document and the Presentation and all information about the Programme confidential until such information has been made publicly available by CIBC and take all reasonable steps to preserve such confidentiality; and (iv) It will not at any time have any discussion, correspondence or contact concerning the information in this document and the Presentation with any of the directors or employees of CIBC or its subsidiaries nor with any of their suppliers or customers, or any government or regulatory body without the prior written consent of CIBC. The offer or sale of securities or transactions may be restricted by law. Potential investors are required to inform themselves of, and to observe any legal restrictions on their involvement in any transaction. There shall be no offer or sale of the Securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification under securities laws of such state or jurisdiction. This document is an advertisement and is not an issue prospectus nor a listing prospectus for the purposes of the Swiss code of obligations and the regulation of the SIX Swiss Exchange. A final form Prospectus and any applicable Final Terms for Covered Bonds denominated in CHF to be admitted for trading and listing on the SIX Swiss Exchange have been prepared and made available to the public in accordance with the regulation of the SIX Swiss Exchange. CIBC CIBC Fixed Income Investor Presentation | 4#5Debt Programmes Summary Canada • Best economic performance amongst G7 economies as measured by long term GDP growth rate during 2000-20191 Strong diversified stable economy Aaa/AAA/AA+/AAA (Moody's/S&P/Fitch/DBRS) • The World Economic Forum ranked Canada's soundness of banks first in the world from 2008 to 2016, second in the world in 2017 to 2018 and sixth in the world in 20192 CIBC Secured Well capitalized top 5 Canadian Bank with CET1, Tier 1 and total capital ratios of 12.1%, 13.6% and 16.1% respectively, as of October 31, 2020³ Deposit/Counterparty/Legacy Senior Aa2/A+/AA-/AA (Moody's/S&P/Fitch/DBRS) • Senior5 A2/BBB+/AA-/AA (low) (Moody's/S&P/Fitch/DBRS) CAD 60 billion Legislative Covered Bond Programme (Luxembourg) • AAA-rated (or equivalent) from minimum two rating agencies • Collateral consisting of Canadian residential mortgage loans with LTV capped at 80% CAD 11 billion Credit Card ABS Programme (CARDS II Trust) . Issuance in CAD and USD (Reg S/144A) AAA(sf)-rated (or equivalent) from at least two rating agencies (Senior Notes) International Debt Programmes Senior • • USD 10 billion Multi-jurisdictional Disclosure System (MJDS) Base Shelf (Toronto and New York) USD 20 billion Euro Medium Term Note (EMTN) Programme (Luxembourg) • USD 7.5 billion Structured Note Programme • USD 2 billion Medium Term Note (MTN) Programme • AUD 5 billion Medium Term Note Programme Domestic Debt Programmes • Senior Notes, prospectus exempt • CAD 10 billion Canadian Base Shelf (regulatory capital instruments) CIBC • 5 billion Principal at Risk (PaR) Structured Note Programme" 1. Source: International Monetary Fund, October 2020 2. Source: World Economic Forum, The Global Competitiveness Report 2019 3. CIBC capital requirements are determined in accordance with guidelines issued by the Office of the Superintendent of Financial Institutions (OSFI), which are based upon the risk-based capital standards developed by the Basel Committee on Banking Supervision (BCBS). OSFI requires all institutions to achieve target capital ratios that meet or exceed the 2020 all-in minimum ratios plus a conservation buffer. Please see CIBC Q3, 2020 supplementary financial information for additional details. 4. DBRS LT Issuer Rating; Moody's LT Deposit and Counterparty Risk Assessment Rating; S&P's Issuer Credit Rating; Fitch LT Issuer Default and Derivative Counterparty Rating. Includes: (a) Senior debt issued prior to September 23, 2018; and (b) Senior debt issued on or after September 23, 2018 which is excluded from the bank recapitalization "bail-in" regime. 5. Subject to conversion under the bank recapitalization “bail-in" regime CIBC Fixed Income Investor Presentation | 5#6CIBC Canadian Economy & Consumer Profile CIBC CIBC Fixed Income Investor Presentation#7Canada GDP broken down by province/territory continues to demonstrate that Canada's economy is well diversified Canada's GDP by Province / Territory 1 (%) YT 0.1% NT NU 0.2% 0.2% BC 12.9% AB 17.0% SK MB QC 4.1% 3.2% ON 19.1% 37.8% NL 1.6% Population² Canada: Key Facts GDP (market prices)³ GDP per capita³ Labour Force4 Provinces/Territories Legal System 2019 Transparency International CPI 2018 Forbes annual Best Countries Survey Economist Intelligence Unit (2019-2023) 38.0 MM CAD 2,057 BN CAD 58,808 20.4 MM 10 / 3 Based on English common law, excluding Quebec which is based on civil law 12th Ranked No. 5 Best business environment: ranked 1st among G7; 9th globally5 - 1 Percentages may not add up to 100% due to rounding PE 0.3% Canada Sovereign Credit Ratings (M/S&P/F/DBRS) Moody's Aaa S&P AAA NB NS Fitch AA+ 1.6% 1.9% DBRS AAA CIBC 1 Statistics Canada annual data (2019) 2 Statistics Canada (Q2 2020) 3 Statistics Canada (Q3 2020, annualized) 4 Seasonally adjusted. Statistics Canada (October 2020) 5 Economist Intelligence Unit (2019-2023) CIBC Fixed Income Investor Presentation | 7#8Canada GDP and Exports • Well diversified economy, with several key industries including finance, manufacturing, services and real estate Following the 2007-2008 global recession, the diversity had been a stabilizing factor and led to strong economic performance relative to other industrialized nations Monthly GDP (September 2020) Accommodation and food services, 2% Arts, entertainment and. recreation, 0% Health care and social assistance, 7% Educational services, 5%. Other services (except -public administration), 2% Agriculture, forestry, fishing and hunting, 2% Mining, quarrying, and oil and gas extraction, 7% Manufacturing, 10% Exports: Top 25 Industries (2019) Ferro-Alloy Manufacturing, Seafood Product Preparation and Packaging, 1% Iron and Steel Mills and Paper Mills, 1%. Starch and Vegetable Fat and -1% Oil Manufacturing, 1% Commercial and Service Industry Machinery Manufacturing, 1% Oilseed (except Soybean) Farming, 1% Other Plastic Product Manufacturing, 1%. Public administration, 7%. Administrative and support, waste management and remediation services, 2%. Professional, scientific and. technical services, 6% Construction, 7% Utilities, 2% Transportation and warehousing, 4% Information and cultural industries, 3% Wholesale trade, 5% Navigational, Measuring, Medical and Cdreropre Mining, 1%, Instruments Manufacturing.. 1% Coal Mining, 1% Wheat Farming, 1%. Pulp Mills, 1%. Engine, Turbine and Power. Transmission Equipment Manufacturing, 1% Resin and Synthetic Rubber, Manufacturing, 1% Animal Slaughtering and. Processing, 1% Sawmills and Wood. Preservation, 1% Alumina and Aluminum, Production and Processing. 2% Other Non-Metallic Mineral. Mining and Quarrying, 2% Non-Ferrous Metal (except. Aluminum) Smelting and Refining, 2% Real Estate, 14%. Retail trade, 5% Finance and Insurance, 8% 1 Percentages may not add up to 100% due to rounding. Source: Statistics Canada Others, 39% Pharmaceutical and Medicine Manufacturing, 2% Gold and Silver Ore Mining.. 3% Petroleum Refineries, 3% Aerospace Product and Parts Manufacturing, 3% CIBC Oil and Gas Extraction, 17% Automobile and Light-Duty Motor Vehicle Manufacturing, 9% Source: Statistics Canada CIBC Fixed Income Investor Presentation | 8#9CIBC CIBC Overview CIBC CIBC Fixed Income Investor Presentation#10CIBC Snapshot (TSE & NYSE: CM) CIBC $44B 10MM 44K 12.1% 9.1% #1 MOBILE MARKET-CAP1 CLIENTS1 EMPLOYEES¹ CET1 RATIO1 PRE-PROVISION EARNINGS (5-yr CAGR)² BANKING APP FOR 7 CONSECUTIVE YEARS³ DIVERSIFIED EARNINGS MIX STRONG CREDIT RATINGS Net Income by Strategic Business Unit4 Net Income Contribution by Region Agency Rating 1,5 18% 24% Moody's Aa2 (Senior A2), Stable $8.2B 42% 9% Pre-Provision Earnings 25% ■ Canadian Personal & Business Banking ■ Canadian Commercial Banking & Wealth Mgmt. ■ U.S. Commercial Banking & Wealth Mgmt. ■Capital Markets -25% 17% U.S. Mid-term Goal S&P A+ (Senior, BBB+), Stable 65% ■ Canada ■ United States ■ Other Fitch AA (Senior, AA-), Negative DBRS AA (Senior AA(low)), Stable LEADING CANADIAN FINANCIAL INSTITUTION WITH GROWING U.S. BUSINESS Note: All amounts are in Canadian dollars unless otherwise indicated. 1 As of 10/31/2020. 2 As of F2020. 3 As ranked by the Forrester Banking Wave™: Canadian Mobile Apps, Q4 2020. 42020. Excludes Corporate & Other. 5 Long-term senior debt ratings 6 Subject to conversion under the bank recapitalization "bail-in" regime CIBC Fixed Income Investor Presentation | 10#11COVID-19 Response CIBC OUR TEAM Supporting and Ensuring Our Team's Well-being . Enabled 75% of employees to work remotely, tripling the number from Q1/20 Enhanced safety protocols and incremental . financial compensation for those required to work onsite Provided employees with wellness resources to better manage stress OUR CLIENTS Assisting 500k+ Clients with Flexibility Implemented payment deferral programs on several credit products OUR COMMUNITIES Increasing Donations to Support Those Most at Risk Community Food Centres Canada United Way • Reduced interest rates on credit cards for eligible clients • Kids Help Phone Canadian Blood Services Launched fully-digital solutions for clients to access government support programs American Red Cross • Honoured our commitments to summer student hires • Provided "front-of-the-line" access to seniors and persons with disabilities • Supported front-line health care workers with Aventura reward points Proactively offered assistance to clients identified to have the most hardships Supported education of the next generation of health care workers with a bursary fund For quick dai banking SERVING AND HELPING ALL STAKEHOLDERS CIBC Mercall CTBC CIBC Fixed Income Investor Presentation | 11#12Most accommodations are now complete Weekly Account Accommodations - Canadian Personal Banking (000s) 61 79 43 30 20 20 21 16 97442211111111111111110000 03/22 04/05 04/19 05/03 05/17 05/31 06/14 06/28 07/12 07/26 08/09 08/23 09/06 09/20 10/04 10/18 11/01 Payment Deferrals CIBC New accommodation requests for Canadian Personal Banking down to minimal levels The majority of remaining mortgage balances run off in November and December Overall client patterns since returning from deferral are within expectations Q2 Q2 Q3 Q3 Balance Accounts Balance Accounts ($B) (# 000s) ($B) (# 000s) Q4 Q4 Balance Accounts ($B) (# 000s) Current³ Additional Details4 as at Q4 Canadian Personal Banking Mortgages 35.5 108 33.3 99 2.7 98% Uninsured: Average FICO: 721; Average LTV: 55% Credit Cards 1.8 270 1 Average FICO: 699 Reactive 0.8 75 1 94% Average FICO: 707 Proactive 1.0 195 - 75% Average FICO: 694 Other Personal Lending 2.3 70 0.8 Canadian Business Banking¹ 8.6 6 2.4 23 23 0.3 8 95% Average FICO: 700 0.5 1 99% U.S. Region (US$)² 0.6 0.1 1.2 0.2 0.4 100% 1 Includes Business Banking from the Canadian Personal & Business Banking, Canadian Commercial Banking & Wealth Management and Capital Markets segments. 2 Includes U.S. Commercial Banking & Wealth Management. 3 Includes clients that have exited deferral, and are current or <=30 days past due as at October 31st, including those who haven't reached their next payment due date, based on total balances. 4 Includes active and exited deferral accounts. CIBC Fixed Income Investor Presentation | 12#13Fourth Quarter 2020 Financial Results Reported ($MM) Revenue Q4/20 YOY QoQ • 4,600 (4%) (2%) Overall Performance - Adjusted¹ Earnings reflect resilience of diversified franchise Net interest income 2,792 (0%) Non-interest income 1,808 (8%) Non-Interest Expenses 2,891 2% Provision for Credit Losses 291 (28%) (45%) • Net Income 1,016 (15%) (13%) 2% (9%) 7% • Strong capital position with CET1 ratio of 12.1% Revenue Net interest income up 2% YoY • Moderating provision for credit losses Diluted EPS $2.20 (15%) (14%) . Improving balance growth in Personal & Business Banking Efficiency Ratio ROE CET1 Ratio 62.9% 340 bps 10.7% 12.1% (220) bps 550 bps (140) bps • Strong performance in Capital Markets driven by higher trading activity 56 bps 34 bps • Double-digit deposit growth in Canadian and U.S. Commercial businesses Non-interest income down 8% YoY • Decreased client activity contributing to lower consumer fees Adjusted¹ ($MM) Q4/20 YOY QoQ Revenue 4,600 (2%) (2%) Net interest income 2,792 2% 2% Non-interest income 1,808 (8%) (9%) Non-Interest Expenses 2,613 (2%) 0% . • Expenses Continued emphasis on expense discipline resulting in stable operating leverage Provision for Credit Losses (PCL) PCL continues to moderate from Q2 peak Pre-Provision Earnings² 1,987 (3%) (5%) • Total PCL ratio of 28 bps, down 12 bps YoY and 22 bps QoQ Provision for Credit Losses 291 (28%) (45%) • PCL ratio on impaired of 17 bps, down 16 bps YoY and 12 bps QoQ Net Income 1,280 (2%) 3% Diluted EPS $2.79 (2%) 3% Efficiency Ratio (TEB) 56.4% 40 bps 160 bps ROE 13.5% (70) bps 60 bps 1 Adjusted results are non-GAAP financial measures. See slide 38 for further details. Pre-provision earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 38 for further details. CIBC Fixed Income Investor Presentation | 13#141 Lending portfolio mix remains sound Overall Loan Mix (Outstanding) Consumer 66% Real Estate Secured Lending 58% • . Nearly two-thirds of our portfolio is consumer lending composed mainly of mortgages, with uninsured having an average loan-to-value of 52% Oil and gas is 2.2% of the loan portfolio; 44% investment grade The balance of our portfolio is in business and government lending with an average risk rating equivalent¹ to a BBB, with minimal exposure to the leisure and entertainment sectors Cards 3% Auto Lending 1% Canadian Uninsured Mortgage Loan-To-Value Ratios Personal Lending 4% Retail 1% $416B 53% 54% 53% Oil & Gas 2% 52% Leisure & 51% Entertainment 1% 49% 50% 48% Other Business & Government 20% Incorporates security pledged; equivalent to S&P/Moody's rating of BBB+/Baa2. Commercial Real Estate 10% 43% Business & Government 34% 43% 47% 46% Q4/17 Q4/18 Q4/19 Q4/20 Canada GVA GTA CIBC CIBC Fixed Income Investor Presentation | 14#15Provision for credit losses lower in both impaired and performing loans Reported & Adjusted¹ ($MM) Q4/19 Q3/20 Q4/20 Provision for Credit Losses down YoY & QoQ Cdn. Personal & Business Banking 255 220 130 Provisions were lower in Q4/20 after raising the allowance for performing loans in Q2/20 and Q3/20 Impaired 218 151 89 • Performing 37 69 41 Cdn. Commercial Banking & Wealth 80 57 25 Performing provisions were down QoQ in most business lines Impaired provisions in Canadian Personal & Business Banking were down due to lower write- offs, reflecting the impact of our client relief programs and government support Impaired 71 45 21 Performing 9 12 4 U.S. Commercial Banking & Wealth 17 160 82 Provision for Credit Losses Ratio Impaired 13 42 55 0.50% Performing 4 118 27 0.40% Capital Markets 45 61 8 0.28% Impaired 24 56 19 0.33% 0.29% Performing 21 (11) 0.17% Corporate & Other 5 27 46 225 Impaired (6) 72 Performing 1 21 52 113 Total PCL Impaired Performing 402 525 291 330 300 178 330 300 178 72 225 113 Q4/19 Q3/20 Q4/20 PCL on Impaired PCL Rate on Impaired PCL on Performing -Total PCL Rate • 1 Adjusted results are non-GAAP financial measures. See slide 38 for further details. CIBC Fixed Income Investor Presentation | 15#16Increased allowance to reflect the current economic backdrop Allowance for Credit Losses ($MM) Allowance for Credit Losses up YoY & QoQ 3,609 910 113 2,699 178 (178) 3,722 916 2,806 Q3/20 PCL on Performing PCL on Impaired Loans Loans Net Write-offs, FX and Other Q4/20 ■ Performing ■ Impaired Provision on Performing Loans ($MM) 128 82 113 (97) 1 Model Parameter Updates Net Transfer to Impaired Other Changes Performing PCL 1 Other includes forward looking indicator update, COVID-19 specific adjustments, credit migration and other movements. • Performing allowance remained stable in Q4 Impaired allowance increased this quarter due to higher impairments CIBC Fixed Income Investor Presentation | 16#17Strong capital, liquidity and balance sheet position $B Average Loans and Acceptances Q4/19 Q3/20 Q4/20 Q4 Highlights • 396.4 414.9 413.1 Continued capital, liquidity and balance sheet strength Average Deposits 485.6 557.4 568.7 CET1 capital 27.7 30.2 30.9 • CET1 Increase driven by internal capital generation and a net decrease in RWAs 23 bps capital generation from earnings, net of dividends CET1 ratio 11.6% 11.8% 12.1% • RWAs decreased $1.8B QoQ Risk-weighted assets (RWA) 239.9 256.7 254.9 Fully loaded CET1¹ ratio of 11.9% Leverage ratio 4.3% 4.6% 4.7% Liquidity coverage ratio (average) 125% 150% 145% HQLA (average) 119.4 178.0 187.2 CET1 Ratio 11.8% 5 bps 12 bps (6) bps 23 bps 12.1% Q3/20 Earnings net of Dividends RWA Movements (excl. FX and Migration) RWA from Credit Migration Other Q4/20 1 Fully loaded CET1 ratio is based on the CET1 capital excluding the benefit of the ECL transitional arrangement provided by OSFI as announced on March 27, 2020. CIBC Fixed Income Investor Presentation | 17#18Solid Returns to Shareholders... Adjusted Diluted EPS1,2 ($) $11.11 $10.22 2016 2017 $12.21 Adjusted Return on Equity 1,2 (%) 19.0% 18.1% $11.92 $9.69 $2.79 $2.71 $0.94 $3.24 2019 2020 2016 2017 2018 Pre-Provision Earnings ($B) 17.4% 2018 15.4% 11.7% 2019 Adjusted Dividend Payout Ratio 1,2,3 (%) 2020 60.0% $8.14 $7.77 $8.18 $6.66 $1.99 46.4% 46.2% 46.9% 43.4% $5.82 $2.10 $1.93 $2.16 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 CIBC Q1 Q2 Q3 Q4 1 Adj. results are non-GAAP measures. See non-GAAP section of CIBC's 2020 Report to Shareholders. 2 F20 results were affected by COVID-19 pandemic economic impacts. ³ Common dividends paid as a percentage of net income after preferred dividends and premium on preferred share redemptions. CIBC Fixed Income Investor Presentation | 18#19...Through Investments in Top-Line Growth and Improving Efficiency Adjusted Revenue (TEB) 1,2,3 ($B) Adjusted Non-Interest Expenses 1,3 ($B) $18.1 $16.3 $15.0 $18.7 $18.9 $10.1 $10.4 $9.3 $4.6 $8.7 $4.8 $4.6 $4.9 2019 2020 2016 2017 2018 2016 2017 2018 Adjusted Efficiency Ratio (TEB) 1,2,3 (%) 58.0% 57.2% 55.6% 55.5% 55.8% 2016 2017 2018 2019 2020 $10.6 $2.6 $2.6 $2.6 $2.7 2019 2020 Adjusted Net Income 1,3 ($B) $5.5 $5.4 $4.7 $4.1 $4.4 $1.3 $1.2 $0.4 $1.5 2016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 CIBC 1 Adj. results are non-GAAP measures. See non-GAAP section of CIBC's 2020 Report to Shareholders. 2 TEB = Taxable Equivalent Basis - a non-GAAP financial measure representing the gross up of tax-exempt revenue on certain securities to an equivalent before-tax basis to facilitate comparison of NII from both taxable and tax-exempt sources. 3 F20 results were affected by COVID-19 pandemic economic impacts. CIBC Fixed Income Investor Presentation | 19#20Underpinned by a Commitment to Balance Sheet Strength... Basel III CET1 Ratio (%) Basel III Total Capital Ratio (%) 11.3% 11.4% 10.6% 2016 20171 2018 12.1% 11.6% 16.1% 14.8% 14.9% 15.0% 13.8% 2019 2020 2016 20171 Basel III Leverage Ratio (%) 4.0% 4.0% 4.3% 2018 2019 2020 Liquidity Coverage Ratio (%) 4.7% 145.0% 4.3% 124.0% 128.0% 125.0% 120.0% 2016 2017 2018 2019 2020 Q4 2016 Q4 2017 Q4 2018 Q4 2019 Q4 2020 1 On June 23, 2017, CIBC completed the acquisition of Private Bancorp, Inc. and its subsidiary, The PrivateBank and Trust Company. CIBC CIBC Fixed Income Investor Presentation | 20#21...and Prudent Risk Management 0.56% 0.47% Allowance for Credit Losses/Gross Loans 1,2 (%) 2016 2017 38 36 0.45% 2018 Loan Loss Ratio 2,3,4 (bps) ■Impaired Total 0.51% 0.89% 2019 2020 34 27 31 27 28 29 25 25 26 23 2014 2015 Oil & Gas Crisis 2016 2017 2018 33 333 26 46 CIBC 61 2019 2020 COVID-19 Pandemic 1 Allowance for credit losses to gross carrying amount of loans. The gross carrying amount of loans include certain loans that are measured at FVTPL. 2 F20 results were affected by COVID-19 pandemic economic impacts. 3 Fiscal years 2011 to 2017 are under IAS 39. Effective November 1, 2017, we adopted IFRS 9. 4 The ratio is calculated as the provision for credit losses on impaired loans to average loans and acceptances, CIBC Fixed Income Investor Presentation | 21 net of allowance for credit losses.#22Sustainable Returns to Shareholders • CIBC has a strong track record of shareholder returns CIBC has not missed a regular dividend or reduced its dividend since the first dividend payment in 1868 8.00% Quarterly Dividend (RHS) Yield (LHS) 7.50% 7.00% 6.50% 6.00% 5.50% 5.00% 4.50% 4.00% 3.50% 3.00% IMNI!! 2.50% 2.00% 1.50% 1.00% 0.50% Q1 2003 Q4 2003 Q3 2004 Q2 2005 Q1 2006 Source: CIBC Q4 2006 Q3 2007 Q2 2008 Q1 2009 Q4 2009 Q3 2010 Q2 2011 Q1 2012] 'Q4 2012 Q3 2013 Q2 2014 Q1 2015 Q4 2015 $1.50 $1.40 $1.30 $1.20 $1.10 $1.00 $0.90 $0.80 $0.70 $0.60 $0.50 $0.40 + $0.30 $0.20 Note: Dividend of CAD 1.46 per share for the quarter ending January 31, 2021 payable on January 28, 2021 to shareholders of record at the close of business on December 29, 2020. CIBC Fixed Income Investor Presentation | 22 Q3 2016 Q2 2017 Q1 2018 Q4 2018 Q3 2019 Q2 2020 $0.10 CAD CIBC#23High-Quality, Client-Driven Balance Sheet (Based on Q4 2020 Results) 37% Liquid Assets Assets $770B Cash & Repos Trading & Investment Securities Residential Mortgages¹ Liabilities & Equity 137% Unsecured Funding 27% Coverage (Liquid Assets / Wholesale Funding Wholesale Funding) Secured Funding³ 53% Loan Portfolio Other Retail Loans 120% Coverage (Deposits + Capital / Loans) Corporate Loans 10% Other Assets² Mainly Derivatives Personal Deposits Business & Gov't Deposits Securitization & Covered Bonds Capital 64% Capital + Client-related Funding Other Liabilities² 9% Mainly Derivatives CIBC 1 Securitized agency MBS are on balance sheet as per IFRS. 2 Derivatives related assets, are largely offset by derivatives related liabilities. Under IFRS derivative amounts with master netting agreements cannot be offset and the gross derivative assets and liabilities are reported on balance sheet. 3 Includes obligations related to securities sold short, cash collateral on securities lent and obligations related to securities under repurchase agreements. CIBC Fixed Income Investor Presentation | 23#24Domestic Stability Buffer CIBC Background Canadian Domestic Systemically Important Banks (D-SIBS) are required to hold Pillar 2 capital buffer that is privately communicated to each bank, to address risks that are inadequately captured by the Pillar 1 minimum capital requirements D-SIBS are subject to publicly-disclosed Pillar 1 minimum of 8.0% and undisclosed non-public Pillar 2 buffer What Has Changed The Domestic Stability Buffer was decreased to 1.00% of RWA effective March 13, 2020 (buffer will not increase for at least 18 months; this was re-confirmed by OSFI on December 8, 2020), but could range between 0% to 2.5% depending on OSFI's assessment of systemic vulnerabilities D-SIBS face including Canadian consumer and institutional indebtedness, as well as asset imbalances in the Canadian market OSFI announced on June 20, 2018 a revised framework where a component of the Pillar 2 buffer for D-SIBS will be publicly disclosed (1) The purpose of public disclosure is to provide greater transparency to the market and other stakeholders, and to enhance the usability of the buffer by the banks in times of stress A breach would require a remediation plan from the bank OSFI will undertake a review of the buffer on a semi-annual basis, in June and December with any changes being made public Implications for Banks There is no incremental capital requirement for banks. This is a transition of the Pillar 2 capital buffer requirement from private to public domain. Given CIBC (and other Canadian D-SIBS) are well above the minimum requirement, we do not believe this will impact banks' capital planning in a material way Current Domestic Stability Buffer(2) 12.1% 1.00% Pillar 1 Minimum 8.0% for D-SIBS* 1. There may be an additional private component to Pillar 2 buffer specific to individual banks 2. The Domestic Stability Buffer was originally set at 1.5% when introduced OSFI Target CIBC (Q4/20) * Consists of 4.5% minimum plus 2.5% of capital conservation buffer plus 1.0% current D-SIB surcharge CIBC Fixed Income Investor Presentation | 24#25Diversification is Key to a Stable Wholesale Funding Profile Wholesale Funding Diversification Geography Instrument Investor Term • • Well diversified across products, currencies, investor segments and geographic regions Achieve appropriate balance between cost and stability of funding Regular issuance to promote investor engagement and secondary market liquidity. Well balanced maturity profile that is reflective of the maturity profile of our asset base CIBC CIBC Fixed Income Investor Presentation | 25#26CIBC Funding Strategy and Source Funding Strategy • CIBC's funding strategy includes access to funding through retail deposits and wholesale funding and deposits • CIBC updates its three-year funding plan on at least a quarterly basis • The wholesale funding strategy is to develop and maintain a sustainable funding base through which CIBC can access funding across many different depositors and investors, geographies, maturities, and funding instruments Wholesale Funding Sources Wholesale deposits Canada, U.S. Credit card securitization Canada, U.S. 60 00 Wholesale Market (CAD Eq. 152.3BN), Maturity Profile Secured 50 50 Unsecured 40 40 20 20 Mortgage securitization Global MTN programs Z30 programs 33 30 7 21 11 CIBC Less than 1m 1m-3m 3m-6m 6m-12m 1y-2y Over 2y 10 Covered Bond program 17 14 Structured Notes 12 Source: CIBC Annual Report 2020 CIBC Fixed Income Investor Presentation | 26#27Wholesale Funding Geography " CAD 50.8 BN Canada Mortgage Bonds Credit Cards Securitization Medium Term Notes Canadian Dollar Deposits Wholesale Funding By Currency¹ EUR 7.1 BN, CHF 2.2 BN, GBP 3.5 BN, SEK 2.0 BN, NOK: 0.15 BN Covered Bonds Medium Term Notes " USD 56.8 BN Covered Bond Program Credit Cards Securitization Medium Term Notes US Dollar Deposits Credit Cards Securitization 6% Wholesale Funding By Product1,3 Secured 26% Mortgage Securitization 45% Covered Bonds 49% Medium Term Notes 39.7% Unsecured? 75% Term Deposits 0.5% CD and CP 46.0% 123 1. Source: CIBC Annual Report 2. "Unsecured" includes Obligations related to securities sold short, Cash collateral on securities lent and Obligations related to securities under repurchase agreements. 3. Percentages may not add up to 100% due to rounding JPY 55.0 BN " Medium Term Notes HKD 3.7 BN Medium Term Notes Sub-debt 5.0% AUD 5.7 BN Covered Bonds Medium Term Notes Bankers Acceptances 9.0% CIBC CIBC Fixed Income Investor Presentation | 27#28CIBC Funding Composition Funding Sources - Oct 20201 Securitization & Covered Bonds 5% Others (Includes derivatives) 8% Capital² 6% Securities sold short or repurchase agreements 12% Unsecured funding1 16% Source: CIBC Q4-2020 Supplementary Financial Information 1 Percentages may not add up to 100% due to rounding. Personal deposits 26% Business and government deposits 27% Funding Sources BN Personal deposits 202.2 Business and government deposits 209.0 Unsecured funding¹ 119.4 Securities sold short or repurchase agreements 89.4 Others (Includes derivatives) 62.3 Capital² 47.0 Securitization & Covered Bonds 40.2 Total 769.6 Wholesale market, currency³ BN USD 75.4 CAD Other Total 50.8 26.1 152.3 1 Unsecured funding is comprised of wholesale bank deposits, certificates of deposit and commercial paper, bearer deposit notes and bankers' acceptances, senior unsecured EMTN and senior unsecured structured notes 2 Capital includes subordinated liabilities 3 Currency composition, in Canadian dollar equivalent, of funding sourced by CIBC in the wholesale market. Source: CIBC Annual Report 2020 CIBC CIBC Fixed Income Investor Presentation | 28#29CIBC CIBC Canadian Bail-in Regime Update Note: All amounts are in Canadian dollars unless otherwise indicated. CIBC Fixed Income Investor Presentation#30Canadian Bail-in Regime Update On April 18, 2018, Department of Finance published the bail-in regulations, and OSFI finalized the guidelines on Total Loss Absorbing Capacity (TLAC) and TLAC holdings. Department of Finance's bank recapitalization (bail-in) conversion regulations • Provide statutory powers to CDIC (through Governor in Council) to enact the bail-in regime including the ability to convert specified eligible shares and liabilities of D-SIBS into common shares in the event such bank becomes non-viable • Bail-in eligible liabilities include tradable (with CUSIP/ISIN), unsecured debt with original maturity of over 400 days • Excluded liabilities are covered bonds, consumer deposits, secured liabilities, derivatives, and structured notes¹ • Effective on September 23, 2018 • OSFI's TLAC Guideline • TLAC liabilities must be directly issued by the D-SIB, satisfy all of the requirements set out in the bail-in regulations, and have residual maturity greater than 365 days Minimum requirements: . TLAC ratio = TLAC measure / RWA > 21.5% TLAC leverage ratio = TLAC measure / Leverage exposure > 6.75% TLAC supervisory target ratio set at 22.50% RWA² Effective Fiscal 2022. Public disclosure began in Q1 2019 OSFI's TLAC Holdings • Our investment in other G-SIBS and other Canadian D-SIB's TLAC instruments are to be deducted from our own tier 2 capital if our aggregate holding, together with investments in capital instruments of other Fls, exceed 10% of our own CET1 capital Implementation started in Q1 2019 1 As referenced in the Bank Recapitalization (Bail-in) Regulations: http://laws-lois.justice.gc.ca/eng/regulations/SOR-2018-57/FullText.html CIBC 2 Decreased to 22.50% on March 13, 2020 upon decrease of Domestic Stability Buffer to 1.00% (buffer will not increase for at least 18 months; this was re-confirmed by OSFI on December 8, 2020) CIBC Fixed Income Investor Presentation | 30#31Canadian Bail-in Regime - Comparison to Other Jurisdictions Bail-in implementation in other jurisdictions has increased the riskiness of bail-inable bonds vs. non-bail-inable bonds: Legislative changes prohibit bail-outs, increasing the probability that bail-in will be relied on The hierarchy of claims places bail-in debt below deposits and senior debt through structural subordination, legislation or contractual means Bail-in is expected to rely on write-down of securities, imposing certain losses on investors The Canadian framework differs from other jurisdictions on several points: • The Canadian government has not introduced legislation preventing bail-outs Canadian senior term debt will be issued in a single class and will not be subordinated to another class of senior term debt like other jurisdictions such as the US and Europe Canada does not have a depositor preference regime; bail-in debt does not rank lower than other liabilities No Creditor Worse Off principle provides that no creditor shall incur greater losses than under insolvency proceedings • There are no write-down provisions in the framework Conversion formula under many scenarios may result in investor gains 1 As referenced in the Bank Recapitalization (Bail-in) Regulations: http://laws-lois.justice.gc.ca/eng/regulations/SOR-2018-57/FullText.html CIBC 2 Decreased to 22.50% on March 13, 2020 upon decrease of Domestic Stability Buffer to 1.00% (buffer will not increase for at least 18 months; this was re-confirmed by OSFI on December 8, 2020) CIBC Fixed Income Investor Presentation | 31#32How Bail-In Is Expected To Work When OSFI deems a bank has ceased to or may be about to cease to continue to be viable, it may trigger temporary takeover of the bank and carry out the bail-in conversion of NVCC capital and bail-in debt to common equity. There are no write-down provisions in the framework Conversion formula under many scenarios may result in investor gains 1. Pre-Loss Balance Sheet Loss Other Senior Liabilities Bail-in Debt 2. Loss Event 3. Post Bail-in Other Senior Liabilities Bail-in Debt Assets NVCC Sub- Debt Assets Assets NVCC Preferred NVCC Sub- Debt Equity Common Equity NVCC Preferred Equity Common Equity Other Senior Liabilities Bail-in Debt Common Equity CIBC Note: Diagram shown is for illustrative purposes only. It is not to scale nor does it update the magnitude of the bail-in security to match the loss. CIBC Fixed Income Investor Presentation | 32#33Liquidation to Resolution Comparison Liquidation Scenario Bail-in debt ranks pari passu with all other senior unsecured liabilities. Resolution Scenario Bail-in debt is partially or fully converted into common shares. No Creditor Worse Off No creditor shall incur greater losses than under insolvency proceedings. Bank shareholders and creditors may seek compensation should they be left worse off as a result of CDIC's actions to resolve a failed bank than they would have been if the bank had been liquidated. Loss Absorption Waterfall Note: Diagram shown is for illustrative purposes only. It is not to scale nor does it update the magnitude of the bail-in security to match the loss. AT 1 Instruments Common Equity Deposits Legacy Senior Debt Tier 2 Legacy (not NVCC) Preferred Shares Liquidation Securitizations, Covered Bonds Securitizations, Covered Bonds Structured Notes Derivatives Bail-in Debt Deposits Legacy Senior Debt Bail-in Debt Tier 2 AT 1 Instruments Legacy (not NVCC) Preferred Shares Common Equity CIBC Fixed Income Investor Presentation | 33 Resolution Structured Notes Derivatives CIBC#34Overview of Creditor Hierarchies in Bail-In Resolution Spanish Revised Insolvency Law Common Equity Tier 1 Common Equity Tier 1 Common Equity Tier 1 Common Equity Tier 1 Common Equity Tier 1 National layers of bail-inable senior debt instruments Canada Bank Recapitalization (Bail- in) Regulations Bank Insolvency Ordinance (BIO- FINMA) / BOE/PRA Resolution Mechanism Act (§46f KWG new) French Sapin 2 Italy Senior Unsecured Other Liabilities CIBC Loss absorption waterfall Deposits Non-Preferred Other Liabilities Preferred Senior Legacy &,,New" Preferred Shares/ AT1 Additional Tier 1 (PONV) Tier 2 (PONV) Additional Tier 1 (5.125%) Additional Tier 1 (5.125%) Additional Tier 1 (5.125%) Additional Tier 1 (5.125%) Tier 2 (PONV) Tier 2 (PONV) "New" Senior (issued post Sep. 23, 2018) Tier 2 (PONV) Legacy & "New" Non- HoldCo Senior Preferred Senior "New" Non-Preferred Senior "New" Non-Preferred "New" Non-Preferred Senior Senior Tier 2 (PONV) Tier 2 (PONV) Common Equity Tier 1 Loss absorption waterfall Deposits Other Liabilities before Sep. 23, 2018) Legacy Senior (issued OpCo Senior L Deposits Non-Preferred Other Liabilities Preferred Senior Legacy & "New" Excluded Liabilities* Preferred Deposits Preferred Deposits Non-Preferred Deposits Preferred Deposits Preferred (natural persons + micro + SMEs) (natural persons + micro + SMEs) (natural persons + micro + SMEs) Deposits (natural persons + micro- SMEs) Non-Preferred Deposits Other Liabilities Structured Senior ,,New" Preferred Senior Deposits Non-Preferred Other Liabilities Discretionary exclusions possible Preferred Deposits (natural persons + micro + SMEs) Other excluded Liabilities** Excluded Liabilities* Excluded Liabilities* Source: Commerzbank Sec. Obligations as well as Retail & SME Deposits <100k under Deposit Guarantee Scheme ** Sec. Obligations (e.g. Covered bonds) as well as CDIC Insured Deposits Excluded Liabilities* Excluded Liabilities* CIBC Fixed Income Investor Presentation | 34#35Office of the Superintendent of Financial Institutions (OSFI) Non Viability Criteria In assessing whether an institution has ceased, or is about to cease, to be viable, the following criteria can be considered, which may be mutually exclusive and should not be viewed as an exhaustive list¹ Whether the assets of the institution are, in the opinion of the Superintendent, sufficient to provide adequate protection to the institution's depositors and creditors. Whether the institution has lost the confidence of depositors or other creditors and the public. This may be characterized by ongoing increased difficulty in obtaining or rolling over short-term funding. Whether the institution's regulatory capital has, in the opinion of the Superintendent, reached a level, or is eroding in a manner, that may detrimentally affect its depositors and creditors. Whether the institution failed to pay any liability that has become due and payable or, in the opinion of the Superintendent, the institution will not be able to pay its liabilities as they become due and payable. Whether the institution failed to comply with an order of the Superintendent to increase its capital. Whether, in the opinion of the Superintendent, any other state of affairs exists in respect of the institution that may be materially prejudicial to the interests of the institution's depositors or creditors or the owners of any assets under the institution's administration, including where proceedings under a law relating to bankruptcy or insolvency have been commenced in Canada or elsewhere in respect of the holding body corporate of the institution. Whether the institution is unable to recapitalize on its own through the issuance of common shares or other forms of regulatory capital. For example, no suitable investor or group of investors exists that is willing or capable of investing in sufficient quantity and on terms that will restore the institution's viability, nor is there any reasonable prospect of such an investor emerging in the near-term in the absence of conversion or write-off of NVCC instruments. Further, in the case of a privately-held institution, including a Schedule II bank, the parent firm or entity is unable or unwilling to provide further support to the subsidiary. 1 Source: CAR Guideline, section 2.2.2, April 2018 http://www.osfi-bsif.gc.ca/Eng/fi-if/rg-ro/gdn-ort/gl-ld/Pages/CAR18_chpt2.aspx#ToC222Criteriatobeconsidered intriggeringconversionofNVCC CIBC CIBC Fixed Income Investor Presentation | 35#36CIBC Note: All amounts are in Canadian dollars unless otherwise indicated. Canadian Mortgage Market CIBC CIBC Fixed Income Investor Presentation#37Mortgage Market Performance and Urbanisation Rates Source: Canadian Banker's Association Canada has one of the highest urbanisation rates in the G7 Almost 40% of the Canadian population lives in one of the four largest cities A greater rate of urbanisation is a strong contributor to increases in property values Source: CML Research, CBA, MBA. *Mortgage Canada and UK or in foreclosure process in the US 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 arrears of 3+ months in 5.0% 4.5% Canada -U.K. U.S. 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% 2010 2011 Mortgage Arrears by Number of Mortgages 2012 2013 2014 2015 2016 2017 2018 2019 2020 Canadian mortgages consistently outperform U.S. and U.K. mortgages Low defaults and arrears reflect the strong Canadian credit culture Mortgage interest is generally not tax deductible, resulting in an incentive for mortgagors to limit their amount of mortgage debt In most provinces, lenders have robust legal recourse to recoup losses Mortgage arrears have steadily declined from high of 0.45% in 2009 to 0.24% in May 20201 40% 35% 30% % of Population €25% 20% 15% * 10% 5% 0% Canada Population in Top Four Cities U.K. U.S. Germany Source: 2014 Census for France, 2016 Census for Canada, 2011 Census for UK, Germany; 2010 Census for US France CIBC Fixed Income Investor Presentation | 37 CIBC#38Canadian House Prices Average Home Price • Absolute price level is moderate compared to major global urban centers City CAD USD Eq. Canada 607K 462K Canadian debt to income ratio in line with many developed nations Growth rates of house prices in Canada have diverged across regions Toronto 898K 683K Vancouver 1045K 795K Calgary 420K 319K Montreal 418K 318K 300 250 200 150 100 50 Household Debt to Income Ratio Household Debt to Income Ratio Average Denmark Netherla... Norway Australia Source: OECD, 2018 or latest available. Household debt ratios across countries can be significantly affected by different institutional arrangements, among which tax regulations regarding tax deductibility of interest payments. Sweden Canada Ireland U.K. France Japan U.S. Germany Source: CREA, October 2020, 11 USD = 1.3150 CAD Housing Index Year over Year Change, by City CIBC 35% -Canada Toronto -Vancouver -Calgary -Montreal 30% 25% 20% 15% 10% 5% 0% Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec 12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 -5% -10% Source: Bloomberg, Teranet - National Bank House Price Index -15% CIBC Fixed Income Investor Presentation | 38#39CIBC's Mortgage Portfolio CIBC Canadian Residential Mortgages: CAD 212.0 BN CAD 111 BN Condo Exposure Condo Mortgages Condo Developers 74% CAD 43 BN Insured ■Uninsured Uninsured 69% Undrawn 76% CAD 26 BN 76% CAD 16 BN 47% CAD 16 BN 26% 62% 50% 53% 24% 38% 50% Insured 31% Drawn Ontario British Columbia and territories Alberta Quebec Other 24% • 32% of CIBC's Canadian residential mortgage portfolio is insured, with 71% of insurance being provided by CMHC • The average loan to value¹ of the uninsured portfolio is 52% The condo developer exposure is diversified across 107 projects Condos account for approximately 13% of the total mortgage portfolio 1. LTV ratios for residential mortgages are calculated based on weighted average. The house price estimates for October 31, 2020 and 2019 are based on the Forward Sortation Area level indices from the Teranet - National Bank National Composite House Price Index (Teranet) as of September 30, 2020 and 2019, respectively. Teranet is an independent estimate of the rate of change in Canadian home prices. CIBC CIBC Fixed Income Investor Presentation | 39#40CIBC Investor Relations Contacts GEOFF WEISS, SENIOR VICE PRESIDENT Email: [email protected] Phone: +1 (416) 980-5093 JASON PATCHETT, SENIOR DIRECTOR Email: Jason. [email protected] Phone: +1 (416) 980-8691 ALICE DUNNING, SENIOR DIRECTOR Email: [email protected] Phone: +1 (416) 861-8870 CALLEN GLASS, SENIOR DIRECTOR Email: [email protected] Phone: +1 (416) 594-8188 CIBC CIBC Fixed Income Investor Presentation | 40#41CIBC Treasury Contacts PETER LEVITT, EXECUTIVE VICE PRESIDENT Email: [email protected] Phone: +1 (416) 594-8487 WOJTEK NIEBRZYDOWSKI, VICE PRESIDENT Email: Wojtek. [email protected] Phone: +1 (416) 594-6748 CIBC CIBC Fixed Income Investor Presentation | 41#42CIBC Appendix CIBC CIBC Fixed Income Investor Presentation#43Exposure to Oil & Gas Represents 2.2% of our Lending Portfolio Oil & Gas Mix (Outstanding) Midstream 24% Petroleum Distribution 10% O&G Services 5% $9.0B Exploration & Production 54% Downstream 6% Integrated 1% • $9.0B drawn exposure in Q4/20 44% investment grade The U.S. comprises 30% of drawn loan exposure • 76% of undrawn exposure is investment grade • • $40.0B of retail exposure¹ to oil provinces² ($31.8B mortgages) Alberta accounts for $31.8B or 80% of the retail exposure¹ 87% of retail loans are secured Exposure represents 15% of total retail loans Average LTV³ of 66% in the uninsured mortgage portfolio Retail Exposure in Oil Provinces 12.3% 11.1% 10.5% 10.0% 9.5% 39.6 40.7 40.4 39.9 40.0 Q4/16 Q4/17 Q4/18 Q4/19 Q4/20 % of Total Loans Retail Exposure ($B) Retail Drawn Exposure ($B) in Oil Provinces 5 Unsecured HELOC 15 Uninsured Mortgages 35 Secured 17 Insured Mortgages Comprises mortgages, HELOC, unsecured personal lines and loans, and credit cards. 2 Alberta, Saskatchewan and Newfoundland and Labrador. 3 LTV ratios for residential mortgages are calculated based on weighted average. CIBC CIBC Fixed Income Investor Presentation | 43#44Exposure to vulnerable sectors represents 2% of our lending portfolio Leisure & Entertainment Loans Outstanding Retailer Loans Outstanding Air Transport 17% Restaurants 31% $3.8B Hotels/Motels 12% Amusement & Recreation 40% 1 • 25% of drawn loans investment grade² • The U.S. comprises 16% of drawn exposure Other Retail 10% Retail Clothing 3% • Auto Dealers 44% $4.3B Department & Convenience Stores 7% Household Furnishing Stores 6% Auto Parts Retailers 12% Food, Beverage & Drug-Retail 18% 44% of drawn loans investment grade² The U.S. comprises 5% of drawn exposure CIBC 1 Includes amusement services, gambling operations, sports clubs, horse racing, movie theaters, ski facilities, golf courses, etc. 2 Incorporates security pledged; equivalent to S&P/Moody's rating of BBB-/Baa3 or higher CIBC Fixed Income Investor Presentation | 44#45Commercial Real Estate Exposure Remains Diversified Canadian Commercial Real Estate Exposure by Sector¹ Industrial Office 12% Residential 19% U.S. Commercial Real Estate Exposure by Sector² Industrial 15% Office 27% 9% Seniors Housing 7% $30.2B US$15.4B Other 5% Retail 12% Hotel 3% Retail 24% Multi Family 24% 69% of drawn loans investment grade³ Multi Family 27% • 31% of drawn loans investment grade³ Other 13% Residential 1% Healthcare 2% CIBC 1 Includes $2.6B in Multi Family that is included in residential mortgages in the Supplementary Financial Information package. 2 Includes US$1.4B in loans that are included in other industries in the Supplementary Financial Information package, but are included because of the nature of the security. 3 Incorporates security pledged; equivalent to S&P/Moody's rating of BBB-/Baa3 or higher. CIBC Fixed Income Investor Presentation | 45#46Canadian Mortgage Market Default Insurance • Under the Bank Act, banks can only advance uninsured mortgages up to an LTV ratio of 80% Borrowers have to purchase default insurance if the mortgage has an LTV > 80% Insurance covers the entire outstanding principal amount, up to 12 months accrued interest and, subject to certain caps, any out-of-pocket costs incurred by the lender (e.g. foreclosure expenses, legal fees, maintenance costs, property insurance, etc.) Mortgage default insurance is provided by CMHC and private mortgage insurers (Genworth, Canada Guaranty) Favourable Legal Environment In most provinces, lenders have robust legal recourse to recoup losses (e.g. garnishing wages) Taxation Mortgage interest is generally not tax deductible, which results in an incentive for mortgagors to limit their amount of mortgage debt CIBC 1. Source: International Monetary Fund, October 2020 2. Source: World Economic Forum, The Global Competitiveness Report 2019 3. CIBC capital requirements are determined in accordance with guidelines issued by the Office of the Superintendent of Financial Institutions (OSFI), which are based upon the risk-based capital standards developed by the Basel Committee on Banking Supervision (BCBS). OSFI requires all institutions to achieve target capital ratios that meet or exceed the 2020 all-in minimum ratios plus a conservation buffer. Please see CIBC Q3, 2020 supplementary financial information for additional details. 4. DBRS LT Issuer Rating; Moody's LT Deposit and Counterparty Risk Assessment Rating; S&P's Issuer Credit Rating; Fitch LT Issuer Default and Derivative Counterparty Rating. Includes: (a) Senior debt issued prior to September 23, 2018; and (b) Senior debt issued on or after September 23, 2018 which is excluded from the bank recapitalization "bail-in" regime. 5. Subject to conversion under the bank recapitalization “bail-in" regime CIBC Fixed Income Investor Presentation | 46#47Canadian Mortgage Market Regulatory Developments • • • Max. amortization reduced to 35 yrs. from 40 Set min. down payment to 5% Min. credit score of 620 45% max. TDS ratio New loan documentation standards Reduce max. amortization to 30 yrs. from 35 yrs. Refinancing max. LTV lowered to 85% from 90% HELOC insurance no longer available 1 3 Feb 2010 Jul 2008 Jan 2011 2 • Borrowers to meet standards for a five- year fixed mortgage 1 Refinancing max. LTV lowered to 90% from 95% Set min. down payment for non- owner-occupied properties to 20% • • Second home mortgage insurance no longer available Tightened income verification rules for Self- Employed borrowers Insurance premiums increased by 15%, on average, for all LTV ranges Min. down payment for new insured mortgage will increase from 5% to 10% for the portion of the house price above CAD 500,000 5 Jun 2012 4 Refinancing max. LTV lowered to 80% from 85% Insurance on properties valued greater than 1MM no longer available Reduce max. amortization to 25 yrs. from 30 yrs. • Max. GDS and TDS ratios set to 39% and 44%, respectively • Maximum LTV for HELOCS lowered to 65% (from 80%) Apr-May 2014 Jun 2015 6 Insurance premiums for loans with LTV from 90% to 95% increased by 15% Feb 2016 7 CIBC Regulations related to Mortgage Default Insurance 1 Even if borrowers choose a mortgage with a lower interest rate and shorter term. CIBC Fixed Income Investor Presentation | 47#48Canadian Mortgage Market Regulatory Developments (continued) Standardizing eligibility criteria for high-and low- ratio insured mortgages, including a mortgage rate stress test Closed the capital gains tax exemption loophole on the sale of a principal residence • Ontario Government introduced Non- Resident speculation Tax (NRST) of 15% on properties in the Greater Golden Horseshoe area 11 Vancouver Foreign Buyers' Tax increased to 20% 13 Temporary expansion of portfolio insurance eligibility criteria to allow the following for loans funded before March 20th, 2020: Refinances Maximum original amortization of 30 years (up from 25 years) Criteria expansion expected to be in place until December 31st, 2020 15 9 Oct 2016 Apr 2017 Feb 2018 Mar 2020 Aug 2016 Jan 2017 Jan 2018 Dec 2018 June 2020 8 10 14 CIBC Vancouver introduced 15% Foreign Buyers' Tax Vancouver introduced Empty Homes Tax of 1% of the assessed value of the home 12 Updated Guideline B-20 - Residential Mortgage Underwriting Practices and Procedures in effect Min. qualifying rate for uninsured mortgages greater of 5-yr. Bank of Canada benchmark rate or contractual rate +2% BC Government introduced a Speculation and Vacancy Tax aimed at increasing the supply of rental property inventory 16 Removal of exceptions to standard Gross/Total Debt Servicing (GDS/TDS) ratios At least one borrower (or guarantor) must have a minimum credit score of 680. Non-traditional sources of down payment will no longer be eligible to satisfy the minimum equity requirements Regulations related to Mortgage Default Insurance CIBC Fixed Income Investor Presentation | 48#49Canadian Real Estate Secured Personal Lending 90+ Days Delinquency Rates Q4/19 Q3/20 Q4/20 Total Mortgages 0.28% 0.36% 0.29% Uninsured Mortgages 0.22% 0.34% 0.28% Uninsured Mortgages in GVA¹ 0.15% 0.23% 0.21% Uninsured Mortgages in GTA¹ 0.13% 0.26% 0.16% Uninsured Mortgages in Oil Provinces² 0.65% 0.80% 0.72% Mortgage Balances ($B; spot) 202 212 207 112 115 118 • The Greater Vancouver Area¹ (GVA) and Greater Toronto Area¹ (GTA) continue to outperform the Canadian average HELOC Balances ($B; spot) 21.2 19.5 19.5 11.9 10.9 10.9 63 65 67 6.6 6.1 6.1 27 27 27 2.7 2.5 2.5 Q4/19 Q3/20 Q4/20 Q4/19 Q3/20 Q4/20 ■ GVA ■GTA ■ Other Region ■ GVA ■GTA ■ Other Region 1 GVA and GTA definitions based on regional mappings from Teranet. 2 Alberta, Saskatchewan and Newfoundland and Labrador. CIBC CIBC Fixed Income Investor Presentation | 49#50Canadian Uninsured Residential Mortgages - Q4/20 Originations Beacon Distribution 12% 11% 12% 4% 3% 3% ≤650 46% 41% 42% 28% 29% 23% 15% 17% 14% 651-700 701-750 751-800 >800 ■ Canada ■GVA² ■GTA² Loan-to-Value (LTV)1 Distribution 33% 28% 29% 19% 15% 16% 12% 9% 6% 7% 7% 5% <30% 44% 41% 29% 30 to <45% 45 to <60% 60 to ≤75% >75% ■ Canada ■ GVA² ■GTA² • Originations of $14B in Q4/20 Average LTV1 in Canada: 63% GVA²: 58% GTA²: 62% 1 LTV ratios for residential mortgages are calculated based on weighted average. See page 63 of the 2020 Annual Report for further details. 2 GVA and GTA definitions based on regional mappings from Teranet. CIBC CIBC Fixed Income Investor Presentation | 50#51Canadian Uninsured Residential Mortgages Beacon Distribution 12% 11% 11% 6% 5% 5% ≤650 25% 26% 22% 41% 43% 42% 19% 16% 16% 651-700 701-750 751-800 >800 2 2 ■ Canada ■ GVA ■GTA Loan-to-value (LTV)1 Distribution 17% 14% 12% 25% 35% 30% 27% 27% 28% 27% 23% 15% 9% 6% 5% <30% 30 to <45% 45 to <60% 60 to ≤75% >75% ■ Canada ■ GVA² ■GTA² Better current Beacon and LTV1 distributions in GVA² and GTA² than the Canadian average Less than 1% of this portfolio has a Beacon score of 650 or lower and an LTV1 over 75% Average LTV1 in Canada: 52% GVA²: 46% GTA²: 48% 1 LTV ratios for residential mortgages are calculated based on weighted average. See page 63 of the 2020 Annual Report for further details. 2 GVA and GTA definitions based on regional mappings from Teranet. CIBC CIBC Fixed Income Investor Presentation | 51#52Outstanding Benchmark Covered Issuance Extended Due for Payment Series Currency Issued Maturity Type Issue Date Maturity Date Coupon Rate Issue Spread Fitch/Moody's Date CBL9 CHF 200,000,000 Soft Bullet 22-Dec-15 22-Dec-25 22-Dec-26 CBL9-2 CHF 150,000,000 Soft Bullet 22-Dec-15 22-Dec-25 22-Dec-26 CBL11 AUD 400,000,000 Soft Bullet 19-Apr-16 19-Apr-21 CBL12 EUR 1,250,000,000 Soft Bullet 25-Jul-16 25-Jul-22 19-Apr-22 25-Jul-23 0.125% 0.125% BBSW + 1.10% MS +0% MS +0.05% AAA/Aaa AAA/Aaa BBSW + 1.10% AAA/Aaa 0.00% CBL15 GBP 325,000,000 Soft Bullet 10-Jan-17 10-Jan-22 10-Jan-23 CBL15-2 GBP 300,000,000 Soft Bullet 11-Jan-18 10-Jan-22 10-Jan-23 GBP LIBOR + 0.43% GBP LIBOR + 0.43% MS +0.06% GBP LIBOR + 0.43% GBP LIBOR + 0.21% AAA/Aaa AAA/Aaa AAA/Aaa CBL16 GBP 525,000,000 Soft Bullet 17-Jul-17 30-Jun-22 30-Jun-23 1.125% GBP LIBOR + 0.67% AAA/Aaa CBL17 USD 1,750,000,000 Soft Bullet 27-Jul-17 27-Jul-22 27-Jul-23 2.350% MS + 0.47% AAA/Aaa CBL19 EUR 1,250,000,000 Soft Bullet 24-Jan-18 24-Jan-23 24-Jan-24 0.25% MS -0.05% AAA/Aaa CBL20 CHF 150,000,000 Soft Bullet 30-Apr-18 30-Apr-25 30-Apr-26 0.10% MS -0.08% AAA/Aaa CBL20-2 CHF 100,000,000 Soft Bullet 10-Oct-18 30-Apr-25 30-Apr-26 0.10% MS -0.04% AAA/Aaa CBL21 USD 1,750,000,000 Soft Bullet 27-Jun-18 27-Jun-21 27-Jun-22 3.15% MS + 0.30% AAA/Aaa CBL22 EUR 1,000,000,000 Soft Bullet 9-Jul-19 9-Jul-27 9-Jul-28 0.04% CBL23 AUD 1,000,000,000 Soft Bullet 1-Aug-19 1-Aug-22 1-Aug-23 BBSW +0.50% MS +0.09% BBSW + 0.50% AAA/Aaa AAA/Aaa CBL24 GBP 500,000,000 Soft Bullet 28-Oct-19 28-Oct-22 28-Oct-23 SONIA + 0.48% SONIA + 0.48% AAA/Aaa CBL24-2 GBP 125,000,000 Soft Bullet 24-Mar-20 28-Oct-22 28-Oct-23 SONIA +0.48% SONIA + 0.82% AAA/Aaa CBL25 EUR 750,000,000 Soft Bullet 27-Mar-20 27-Sep-23 27-Sep-24 CBL25-2 EUR 250,000,000 Soft Bullet 4-May-20 27-Sep-23 27-Sep-24 CBL26 CHF 100,000,000 Soft Bullet 9-Apr-20 9-Oct-28 CBL27 CAD¹ 2,250,000,000 Soft Bullet 30-Mar-20 30-Sep-21 CBL28 CAD¹ 4,000,000,000 Soft Bullet 2-Apr-20 4-Apr-22 CBL29 CHF 580,000,000 Soft Bullet 24-Apr-20 24-Oct-23 9-Oct-29 30-Sep-22 4-Apr-23 24-Oct-24 0.250% 0.250% 0.1412% MS +0.48% AAA/Aaa MS + 0.46% ААА/Ааа MS + 0.40% AAA/Aaa 3M CDOR + 0.70% 3M CDOR + 0.70% AAA/Aaa 3M CDOR + 0.75% 3M CDOR + 0.75% AAA/Aaa CBL30 AUD 600,000,000 Soft Bullet 14-Apr-20 14-Apr-23 14-Apr-24 CBL30-2 AUD 200,000,000 Soft Bullet 30-Apr-20 14-Apr-23 14-Apr-24 0.1000% BBSW + 1.25% BBSW +1.25% MS + 0.68% BBSW + 1.25% BBSW + 0.95% AAA/Aaa AAA/Aaa ААА/Ааа CBL31 CAD¹ 2,000,000,000 Soft Bullet 22-Apr-20 22-Oct-22 22-Oct-23 3M CDOR + 0.45% 3M CDOR + 0.45% ААА/Ааа 1. Self issued for Bank of Canada Repo Program CIBC CIBC Fixed Income Investor Presentation | 52#53Selected Legacy and TLAC Senior¹ ISIN US136069TY74 Programme Currency MJDS USD Issued 1,000,000,000 Issue Date² 2 Maturity Date 16-Jun-17 16-Jun-22 US136069TZ40 MJDS USD 500,000,000 16-Jun-17 16-Jun-22 XS1646520921 EMTN/Formosa USD 300,000,000 31-Jul-17 31-Jul-47 US136069XY29 MJDS USD 750,000,000 02-Feb-18 02-Feb-21 2.70% US136069XZ93 MJDS USD 600,000,000 02-Feb-18 02-Feb-21 LIBOR +0.315% XS1796257092 EMTN EUR 1,100,000,000 22-Mar-18 22-Mar-23 0.75% CH0426621709 EMTN CHF 430,000,000 31-Jul-18 31-Jul-23 0.15% US13607RAD26 MJDS USD 1,000,000,000 13-Sep-18 13-Sep-23 3.50% US13607RAE09 MJDS USD 500,000,000 13-Sep-18 13-Sep-23 LIBOR + 0.66% CA1360695D97 CAD 1,250,000,000 15-Jan-19 15-Jan-24 3.29% Coupon Rate 2.55% LIBOR + 0.72% 0.00% Issue Spread T + 0.80% 0.72% 3ML + .45% T + 0.50% 0.315% 0.350% 0.2575% T + 0.80% 0.66% GOC+1.40% CH0419040826 EMTN CHF 100,000,000 30-Jan-19 30-Jan-25 0.60% MS + 0.70% US13607GAP90 MJDS USD 1,000,000,000 2-Apr-19 2-Apr-24 3.10% T + 0.92% XS1991125896 EMTN EUR 1,000,000,000 03-May-19 03-May-24 0.375% 0.42% US1360698A26 MJDS-4NC3 USD 750,000,000 22-Jul-19 22-Jul-23 2.606% T + 0.80% XS2056446524 EMTN GBP 300,000,000 25-Sep-19 25-Sep-25 1.625% CH0498400578 EMTN CHF 350,000,000 15-Oct-19 15-Oct-26 0.050% XS2066727061 EMTN JPY 55,000,000,000 18-Oct-19 18-Oct-24 0.295% US13607GKW32 MJDS USD 1,250,000,000 17-Dec-19 17-Mar-23 US13607GLZ53 MJDS USD 1,000,000,000 28-Jan-20 28-Jan-25 CA13607GPJ71 CAD 2,000,000,000 17-Apr-20 17-Apr-25 AU3FN0054441 AMTN AUD 575,000,000 09-Jun-20 09-Jun-23 SOFR +0.80% 2.250% 2.000% BBSW +1.35% 1.30% 0.66% YSO + 0.39% SOFR+0.80% T + 0.68% GOC+1.58% BBSW +1.35% AU3CB0272516 AMTN AUD 225,000,000 09-Jun-20 09-Jun-23 1.60% 1.35% US13607GRK21 MJDS USD 1,250,000,000 17-Jun-20 23-Jun-2023 0.950% T + 0.75% US13607GRR73 MJDS (Green Bond) USD 500,000,000 23-Oct-2020 US1360&GRS56 MJDS USD 750,000,000 14-Dec-2020 US13607GRT30 MJDS USD 600,000,000 14-Dec-2020 23-Oct-2023 14-Dec-2023 14-Dec-2023 0.950% T + 0.63% 0.500% T + 0.32% SOFR +0.40% SOFR + 0.40% 1. 2. The Base Prospectus for the Note Issuance Programme is available on: https://www.cibc.com/en/about-cibc/investor-relations/debt-information/note-issuance-programme.html Any bonds with an Issue Date post September 22nd, 2018 are TLAC Issuances CIBC CIBC Fixed Income Investor Presentation | 53#54Forward-Looking Statements A NOTE ABOUT FORWARD-LOOKING STATEMENTS: From time to time, we make written or oral forward-looking statements within the meaning of certain securities laws, including in this Annual Report, 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 2021", "Significant events", "Financial performance overview - Taxes", "Strategic business units overview - Canadian Personal and Business Banking", "Strategic business units overview - Canadian Commercial Banking and Wealth Management", "Strategic business units overview - U.S. Commercial Banking and Wealth Management", "Strategic business units overview - Capital Markets", "Financial condition - Capital management", "Financial condition - Off-balance sheet arrangements", "Management of risk - Risk overview", "Management of risk - Top and emerging risks", "Management of risk - Credit risk", "Management of risk - Market risk", "Management of risk - Liquidity risk", "Accounting and control matters - Critical accounting policies and estimates", "Accounting and control matters -Accounting developments", "Accounting and control matters - Other regulatory developments" and "Accounting and control matters - Controls and procedures" sections of this report and other statements about our operations, business lines, financial condition, risk management, priorities, targets, ongoing objectives, strategies, the regulatory environment in which we operate and outlook for calendar year 2021 and subsequent periods. Forward-looking statements are typically identified by the words "believe", "expect", "anticipate", "intend", "estimate", "forecast", "target", "objective" and other similar expressions or future or conditional verbs such as "will", "should", "would" and "could". By their nature, these statements require us to make assumptions, including the economic assumptions set out in the "Economic and market environment - Outlook for calendar year 2021" section of this report, and are subject to inherent risks and uncertainties that may be general or specific. Given the continuing impact of the coronavirus (COVID-19) pandemic on the global economy, financial markets, and our business, results of operations, reputation and financial condition and the expectation that oil prices will remain well below year- ago levels, there is inherently more uncertainty associated with our assumptions as compared to prior periods. A variety of factors, many of which are beyond our control, affect our operations, performance and results, and could cause actual results to differ materially from the expectations expressed in any of our forward-looking statements. These factors include: the occurrence, continuance or intensification of public health emergencies, such as the COVID-19 pandemic, and any related government policies and actions; credit, market, liquidity, strategic, insurance, operational, reputation, legal, conduct, regulatory and environmental and related social risk; currency value and interest rate fluctuations, including as a result of market and oil price volatility; the effectiveness and adequacy of our risk management and valuation models and processes; legislative or regulatory developments in the jurisdictions where we operate, including the Organisation for Economic Co-operation and Development Common Reporting Standard, and regulatory reforms in the United Kingdom and Europe, the Basel Committee on Banking Supervision's global standards for capital and liquidity reform, and those relating to bank recapitalization legislation and the payments system in Canada; amendments to, and interpretations of, risk-based capital guidelines and reporting instructions, and interest rate and liquidity regulatory guidance; the resolution of legal and regulatory proceedings and related matters; the effect of changes to accounting standards, rules and interpretations; changes in our estimates of reserves and allowances; changes in tax laws; changes to our credit ratings; political conditions and developments, including changes relating to economic or trade matters; the possible effect on our business of international conflicts and terrorism; natural disasters, disruptions to public infrastructure and other catastrophic events; reliance on third parties to provide components of our business infrastructure; potential disruptions to our information technology systems and services; increasing cyber security risks which may include theft or disclosure of assets, unauthorized access to sensitive information, or operational disruption; social media risk; losses incurred as a result of internal or external fraud; anti-money laundering; the accuracy and completeness of information provided to us concerning clients and counterparties; the failure of third parties to comply with their obligations to us and our affiliates or associates; intensifying competition from established competitors and new entrants in the financial services industry including through internet and mobile banking; technological change; global capital market activity; changes in monetary and economic policy; general business and economic conditions worldwide, as well as in Canada, the U.S. and other countries where we have operations, including increasing Canadian household debt levels and global credit risks; our success in developing and introducing new products and services, expanding existing distribution channels, developing new distribution channels and realizing increased revenue from these channels; changes in client spending and saving habits; our ability to attract and retain key employees and executives; our ability to successfully execute our strategies and complete and integrate acquisitions and joint ventures; the risk that expected benefits of an acquisition, merger or divestiture will not be realized within the expected time frame or at all; and our ability to anticipate and manage the risks associated with these factors. This list is not exhaustive of the factors that may affect any of our forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on our forward-looking statements. Any forward-looking statements contained in this report represent the views of management only as of the date hereof and are presented for the purpose of assisting our shareholders and financial analysts in understanding our financial position, objectives and priorities and anticipated financial performance as at and for the periods ended on the dates presented and may not be appropriate for other purposes. We do not undertake to update any forward-looking statement that is contained in this report or in other communications except as required by law. CIBC CIBC Fixed Income Investor Presentation | 54