#1CIBC Investor Presentation August 31, 2023#2Forward-Looking Statements - A NOTE ABOUT FORWARD-LOOKING STATEMENTS: From time to time, we make written or oral forward-looking statements within the meaning of certain securities laws, including in this Investor Presentation, in other filings with Canadian securities regulators or the SEC and in other communications. All such statements are made pursuant to the "safe harbour" provisions of, and are intended to be forward-looking statements under applicable Canadian and U.S. securities legislation, including the U.S. Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements made in the "Financial performance overview - Economic outlook", "Financial performance overview - Significant events", "Financial performance overview - Financial results review", "Financial performance overview - Review of quarterly financial information", "Financial condition Capital management", "Management of risk - Risk overview", "Management of risk - Top and emerging risks", "Management of risk - Credit risk", "Management of risk - Market risk", "Management of risk - Liquidity risk", "Accounting and control matters - Critical accounting policies and estimates", "Accounting and control matters - Accounting developments", and "Accounting and control matters - Other regulatory developments" sections of our Q3/23 Report to Shareholders 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 2023 and subsequent periods. Forward-looking statements are typically identified by the words "believe", "expect", "anticipate", "intend", "estimate", "forecast", "target", "predict", "commit", "ambition", "goal", "strive", "project", "objective" and other similar expressions or future or conditional verbs such as "will", "may", "should", "would" and "could". By their nature, these statements require us to make assumptions, including the economic assumptions set out in the "Financial performance overview - Economic outlook" section of our Q3/23 Report to Shareholders, 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 on the global economy, financial markets, and our business, results of operations, reputation and financial condition, there is inherently more uncertainty associated with our assumptions as compared to prior periods. A variety of factors, many of which are beyond our control, affect our operations, performance and results, and could cause actual results to differ materially from the expectations expressed in any of our forward-looking statements. These factors include: inflationary pressures; global supply-chain disruptions; geopolitical risk, including from the war in Ukraine, the occurrence, continuance or intensification of public health emergencies, such as the impact of COVID-19, 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 terrorism; natural disasters, disruptions to public infrastructure and other catastrophic events; reliance on third parties to provide components of our business infrastructure; potential disruptions to our information technology systems and services; increasing cyber security risks which may include theft or disclosure of assets, unauthorized access to sensitive information, or operational disruption; social media risk; losses incurred as a result of internal or external fraud; anti-money laundering; the accuracy and completeness of information provided to us concerning clients and counterparties; the failure of third parties to comply with their obligations to us and our affiliates or associates; intensifying competition from established competitors and new entrants in the financial services industry including through internet and mobile banking; technological change; global capital market activity; changes in monetary and economic policy; general business and economic conditions worldwide, as well as in Canada, the U.S. and other countries where we have operations, including increasing Canadian household debt levels and global credit risks; climate change and other 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 1#3About CIBC CIBC◇ CIBCO ONCO#4A leading Canadian financial institution1 1867 13MM 49K $1.4B 11.6% 46.0% 12.2% FOUNDED CLIENTS EMPLOYEES² NET-INCOME (Q3/23) ROE3 (Q3/23) TSR4 (3-YR) CET1 RATIO5 (Q3/23) DIVERSIFIED EARNINGS MIX STRONG CREDIT RATINGS Net Income by Strategic Business Unit (Q3/23)6 Net Income Contribution by Region (Q3/23)6 Agency Rating8 Other US7 Moody's Capital Markets Canadian Personal & Business Banking Aa2 (Senior⁹, A2), Stable 13% 15% 35% 35% Canadian S&P A+ (Senior⁹, A-), Stable Fitch AA (Senior⁹, AA-), Stable 5% 33% US Commercial 72% DBRS AA (Senior⁹, AA(low)), Stable & Wealth Canada Commercial & Wealth CIBC◇ For footnoted information refer to slide 35. 3#5Disciplined approach to resource allocation and execution of our client-focused strategy High growth, high touch segments Grow our North American Affluent and Private Wealth franchise Leverage our highly connected platform Our Strategic Priorities Future differentiators Deliver leading digital banking solutions to our Canadian customers Core renewables and energy transition Enabling and simplifying Develop and enhance new and existing Cloud capabilities Operational efficiencies Funds managed¹ growth of $14B (+5%) in Imperial Service on a year-to-date basis 30% of Commercial clients have an executive with a PWM relationship in Canada, and 16% of strategic Commercial clients² are also PWM clients in the U.S. Digital adoption rate³ of 84% in Canadian Personal Banking, with +32% of core retail products being sold digitally Net new client acquisition of +165K in Simplii Financial over the last twelve months ~$100MM of efficiencies Q3YTD through the optimization and simplification of processes across our business 50% of applications operating on the Cloud driving scale and speed CIBC◇ For footnoted information refer to slide 35. 4#6...and providing the foundation to deliver sustainable outperformance through the cycle CIBC Through the Cycle Financial Objectives 1,2 For footnoted information refer to slide 35. Earnings Growth 7%-10% Return on Equity • 16%+ • Operating Leverage Positive Dividend Payout Ratio • 40%-50% 5#7Furthering our ESG strategy by putting our ambitions into action CIBC◇ Renewable energy #6 in North America for renewable energy financings 1 Leadership 38% 2 women in Board-approved executive roles (Global) For footnoted information refer to slide 35. Credit authorizations $4.6B in new or increased credit authorizations to small and medium-sized enterprises (Canada)² Employee experience 90% employee engagement score² Community investment $81M invested in community organizations globally 2 Leadership 24% 3 people of colour in Board-approved executive roles (Global) Climate action Financial education Sustainable finance 2050 target year to achieve net-zero greenhouse gas (GHG) emissions from our operational and financing activities 78,400 participants engaged in financial education seminars and events 2 $35.9B in sustainable finance activities² 6#8External recognition¹ for our commitment to sustainability CDP 2022 Climate Change Score Scale: D- to A (best) = B MSCI OD 2022 ESG Rating = AA Industry-Adjusted Score = 7.9 Scale: CCC to AAA (best) 0 to 10 (best) SUSTAINALYTICS 2022 ESG Risk Rating = 17.7 (low risk) or 9th percentile among banks Scale: 1 or 1st percentile (best) to 40+ ISS▷ 2022 QualityScore: E = 1; S = 2; G = 1 Scale: 1 (best) to 10 2022 Corporate Rating = C- Scale: D- to A+ (best) - = FTSE4Good 2023 Rating 4.3 or 87th percentile Scale: 1 to 5 (best); 100th percentile (best) vigeoiris 2022 ESG Score = 49 Sector rank: 6/13 Scale: 0 to 100 (best) CIBC◇ For footnoted information refer to slide 35. 7#9Financial Performance CIBC◇ CIBCO ONCO#10Q1 Q1 Q2 Q2 Investments in top-line growth delivering for shareholders Revenue ($B) Q1 Q1 Non-Interest Expense ($B) Q2 Q2 Operating Leverage¹ (%) Q3 Q3 Q3 5.3 Q3 12.8 21.8 21.8 Q4 8 12.4 Q4 Q4 Q4 20.0 20.0 11.4 11.5 11.2 10.9 18.6 18.5 18.7 18.7 10.9 5.4 5.4 17.5 17.5 10.4 10.6 3.5 3.3 9.8 3.3 5.9 5.9 5.6 5.6 3.3 3.2 3.1 0.2 1.1 0.7 0.1 3.1 5.7 5.7 5.4 5.4 3.2 3.1 3.0 (1.5) (0.6) (1.9) (1.9) 4.5 5.5 5.5 5.9 5.9 3.0 3.0 3.3 (4.0) 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 2019 2020 2021 2022 Q3/23 Diluted EPS2 ($) 5.96 5.60 4.85 4.11 Q1 Q2 Q2 7.23 6.96 7.05 6.68 Q3 Q3 15.4 Q4 14.5 1.39 Q4 1.26 5.15 1.85 1.78 1.52 3.63 1.62 1.77 1.47 1.70 Q1 Return on Common Shareholders' Equity (%) Dividend Payout Ratio¹ (%) 11.7 10.0 16.7 16.1 14.7 14.0 11.6 11.9 49.9 46.9 70.7 60.0 59.0 57.2 48.8 46.3 41.8 40.3 1.76 2.01 2.04 1.94 2021 2022 0.39| 2023 2019 2020 2021 2022 Q3/23 2019 2020 2021 2022 Q3/23 For footnoted information refer to slide 35. Reported Adjusted³ 2019 2020 CIBC◇ 9#11Solid returns underpinned by a commitment to balance sheet strength Basel III CET1 Ratio¹ (%) Basel III Total Capital Ratio¹ (%) 12.1 11.6 12.4 12.2 16.1 11.7 15.0 16.2 15.3 15.9 2019 2020 2021 2022 Q3/23 2019 2020 2021 2022 Q3/23 Basel III Leverage Ratio¹ (%) 4.7 4.3 2019 CIBC◇ 2020 4.7 2021 For footnoted information refer to slide 35. Liquidity Coverage Ratio (LCR) 1 (%) 145 4.4 4.2 125 127 129 131 2022 Q3/23 2019 2020 2021 2022 Q3/23 10#12Asset yields and funding costs Average Assets ($B) & Yields 1,2,3 3.89% 2.89% 5.17% 5.35% 4.77% Average Liabilities and Equity ($B), & Costs 1,4,5 2.38% 1.28% 3.28% 3.63% 3.86% 948 953 948 953 933 944 900 900 50 50 933 51 944 52 49 245 234 209 211 216 384 389 362 381 368 177 190 189 196 174 2.79% 3.27% 3.77% 3.79% 2.01% 140 118 1.66% 2.66% 155 3.48% 166 167 3.90% 4.17% 203 212 510 3.46% 526 529 4.38% 5.19% 535 5.57% 537 1.09% 2.13% 214 3.05% 209 203 3.49% 3.82% 5.78% 162 0.36% 157 0.70% Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q3/22 Q4/22 150 0.88% Q1/23 145 141 0.93% 0.77% Q2/23 Q3/23 Loans & Acceptances Securities Other Yield on Avg. Interest-Earning Assets Client Deposit Mix (Spot Balances)6 Notice/Demand - Personal Equity Notice/Demand - Corporate & Commercial Cost of Liabilities over Avg. Interest-Earning Assets Term - Client Other 25% Q3/22 $491B 51% 32% 24% Q2/23 $514B 47% 21% 32% Interest-Bearing Deposits - Notice / Demand Interest-Bearing Deposits - Term CIBC◇ For footnoted information refer to slide 36. Q3/23 $510B 47% 21% Non-Interest-Bearing Deposits • Loan yields continue to expand (YoY and sequentially), capturing rate increases by the Bank of Canada and the Fed Despite mix shift to higher-cost term deposits as a result of changes in client behaviour, demand and notice deposit betas behaving generally as expected in response to changes in the environment 11#13Prudent risk management¹ 29 0.51 0.89 2019 2020 2019 33 33 CIBC◇ For footnoted information refer to slide 36. 61 Total Allowance Coverage Ratio² (%) 0.64 2021 Loan Loss Ratio (bps) 0.73 0.62 2022 Q3/23 35 26 21 16 14 4 2020 2021 2022 Q3/23 Impaired³ Total4 54 12#14Lending portfolio has a strong risk profile • • Nearly two-thirds of our portfolio is consumer lending, composed mainly of mortgages, with uninsured having an average loan-to-value of 51% Total variable rate mortgage portfolio accounts for 33% 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 52% 51% 48% 47% 50% 46% 45% 46% 42% 45% 44% 41% Q3/20 Q3/21 Q3/22 Q3/23 3 3 Canada GVA -GTA CIBC◇ For footnoted information refer to slide 36. Overall Loan Mix (Net Outstanding Loans and Acceptances) HELOC 4% Auto Lending 1% Consumer 62% Cards 3% Personal Lending 3% Mortgages 51% I $538B Oil & Gas 1% Other Business & Government 25% Commercial Real Estate 11% Retailers 1% Business & Government 38% 13#15Strategic Unit Business Performance CIBC◇ CIBCO ONCO#16Highlights - Canadian Personal and Business Banking Strategic priorities accelerating growth Differentiating with high-touch, personalized advice to win in Affluent Reported Adjusted¹ ($MM) Q3/23 YOY QoQ Q3/23 YOY QoQ Revenue 2,412 4% 6% 2,446 6% 7% Net Interest Income 1,898 7% 10% 1,898 8% 10% Non-Interest Income² 514 (7%) (6%) 548 (1%) 0% Expenses 1,303 (1%) 2% 1,296 4% 2% PPPT3 1,109 10% 10% 1,150 8% 14% ☐ Provision for Credit Losses 423 $223 $300 423 $223 $300 Net Income 497 (16%) (22%) 527 (17%) (18%) Loans (Average, $B)4,5 318 3% 1% 318 3% 1% Deposits (Average, $B)5 218 6% 0% 218 6% 0% Net Interest Margin (bps) 238 11 238 10 11 Focusing on mass market through digital client experiences to drive simplicity and speed Increasing productivity and operational excellence to win at client relationships Q3/23 | Key Highlights +590K Net New Client Growth [LTM]7 Continued momentum in client growth $14B Funds Managed Growth [YTD] in Imperial Service 94% Digital Transactions⁹ Record high number completed digitally CIBC For footnoted information refer to slide 36. 15#17Growing Digital Adoption and Engagement¹ Digital Adoption Rate² Active Digital Banking Users³ (MM) +2% 82.4% 84.4% Q3/22 Q3/23 Digital Transactions4 (MM) +17% 69 6.2 Q3/22 +8% Transactions by Channel4 6.7% Digital Channel Usage (# of Sessions, MM) +13% 335 6.8 296 Q3/23 Q3/22 Q3/23 5.9% 58 18 93.3% 94.1% 16 70 60 Q3/22 Q3/23 Q3/22 ■ eTransfers ■ Bill Payments ■ Other5 ■Digital Channel CIBC For footnoted information refer to slide 37. Q3/23 Non-Digital Channel 16#18Loan & Deposit Highlights - Canadian Personal and Business Banking1 Real Estate Secured Personal Loans² ($B) 264.8 274.8 Credit Card Loans² ($B) 17.4 18.2 238.1 2021 2022 10.8 Q3/23 2021 Other Personal and Business Loans² ($B) 2021 3.1 Other Personal Loans CIBC◇ 20.1 3.3 22.0 3.4 13.9 2022 Q3/23 Deposits ($B) 218.3 204.0 187.9 2022 Q3/23 2021 2022 Q3/23 Business Loans Other Personal Loans Business Loans For footnoted information refer to slide 37. 17#19Highlights - Canadian Commercial Banking & Wealth Management Reported & Adjusted¹ ($MM) Q3/23 YOY QoQ Strategic priorities accelerating growth Revenue 1,350 1% 1% Net Interest Income Non-Interest Income Expenses 443 0% (2%) 907 1% 3% Investing in our platforms to maintain commercial banking momentum & capitalize on wealth management opportunities 674 1% 0% PPPT² 676 1% 2% Provision for Credit Losses 40 $30 ($6) Net Income 467 (4%) 3% Increasing connectivity to attract and deepen high- value relationships Commercial Banking - Loans (Average, $B)³,6 92 6% 0% Commercial Banking - Deposits (Average, $B)6 91 8% 1% Net Interest Margin (bps) 335 (5) (14) Assets Under Administration 4,5 (AUA, $B) 350 5% 1% J Focusing on future differentiators and faster growing sectors Assets Under Management 4,5 (AUM, $B) 225 5% 1% CIBC◇ Q3/23 | Key Highlights 6% / 8% Loan & Deposit Growth 3,6 Continued growth momentum 4.2% Annualized Net Flows7 / AUA from Private Wealth Management $2.6B Annualized Referral Volume Continued stability in volumes For footnoted information refer to slide 37. 18#20Highlights - US Commercial Banking & Wealth Management Strategic priorities accelerating growth Reported Adjusted¹ (US$MM) Revenue Q3/23 YOY QoQ Q3/23 YOY QoQ 499 5% 5% 499 5% 5% Net Interest Income 358 10% 6% 358 10% 6% Non-Interest Income 141 (5%) 1% 141 (5%) 1% Expenses 258 (1%) (1%) 248 0% 0% PPPT2 241 14% 12% 251 12% 10% Provision for Credit Losses 191 $163 $8 191 $163 $8 Net Income 55 (64%) 38% 62 (62%) 24% Loans (Average, $B) 3,5 41 7% 1% 41 7% 1% Deposits (Average, $B)5 33 (6%) (4%) 33 (6%) (4%) Net Interest Margin (bps) 346 10 5 346 10 5 ☑ AUA4 ($B) 101 9% 7% 101 9% 7% AUM ($B) 76 6% 5% 76 6% 5% CIBC◇ Q3/23 | Key Highlights +14% $2.7B Growing Commercial Banking by delivering expertise and unique solutions to meet clients' needs Expanding Private Wealth Management with continued focus on high-touch relationships and building scale Investing in technology and infrastructure to scale our platform and drive connectivity ~$100MM Cross-LOB Referrals6 Double-digit year-over-year growth Net Flows from New Clients7 Over the last twelve months Invested over 12 months Moderating spend and harvesting investments For footnoted information refer to slide 37. 19#21Highlights - Capital Markets Reported & Adjusted¹ ($MM) Q3/23 YOY QoQ Revenue² 1,355 13% (1%) Non-Trading Net Interest Income 500 6% 5% Non-Trading Non-Interest Income 336 20% 6% Trading Revenue 519 16% (9%) Expenses 673 13% 1% PPPT³ 682 13% (2%) Provision for Credit Losses 6 $15 ($13) Net Income 494 11% (1%) Loans (Average, $B)4,5 71 11% 1% Deposits (Average, $B) 5 117 19% (3%) Q3/23 | Key Highlights +165K Strategic priorities accelerating growth +13% Leverage our leading platform, capabilities and expertise in Canada to grow with our clients Expand our franchise in the US, to continue delivering double-digit growth Focus on connectivity to accelerate Direct Financial Services and deepen relationships across our bank +26% Net New Client Growth [LTM]6 in Simplii Financial U.S. Revenue Growth $112MM increase over YTD Q3/22 DFS Revenue Growth Driven by Simplii Financial & ASG7 CIBC◇ For footnoted information refer to slide 37. 20 20#22Funding Strategy and Sources CIBC◇ CIBCO ONCO#23High-Quality, Client-Driven Balance Sheet (Based on Q3-2023 Results) CIBC◇ Assets Liabilities & Equity $943B Wholesale-sourced Funding Cash & Repos 36% 131% Coverage Unsecured Funding 27% Liquid Assets Trading & Investment (Liquid Assets/ Wholesale Funding) Secured Funding³ Securities Residential Mortgages¹ 56% Loan Portfolio Other Retail Loans 115% Coverage (Deposits + Capital / Loans) Corporate Loans 8% Other Assets² Mainly Derivatives For footnoted information refer to slide 38. Personal Deposits Business & Gov't Deposits 65% Capital + Client-related Funding Securitization & Covered Bonds Capital4 Other Liabilities² 8% Mainly Derivatives 22 222#24CIBC Funding Strategy and Sources Funding Strategy CIBCO • CIBC's funding strategy includes access to funding through retail deposits and wholesale funding and deposits • CIBC updates its three-year funding plan on at least a quarterly basis The wholesale funding strategy is to develop and maintain a sustainable funding base through which CIBC can access funding across many different depositors and investors, geographies, maturities, and funding instruments Wholesale Funding Sources Wholesale Market (CAD Eq. 200.9BN), Maturity Profile 80 Wholesale deposits Canada, U.S. Credit card securitization Canada, U.S. ■Secured ■ Unsecured 70 60 31 50 Global MTN programs Mortgage securitization 贡 40 programs 30 20 44 19 37 19 28 10 8 Covered Bond program Structured Notes 8 4 1 2 Less than 1m-3m 3m-6m 6m-12m 1y-2y Over 2y 1m Source: CIBC Q3-2023 Report to Shareholders 23#25Wholesale Funding Geography CAD 47.4 BN Canada Mortgage Bonds Credit Cards Securitization Medium Term Notes ☐ Canadian Dollar Deposits CIBC◇ USD 81.1 BN Covered Bond Program Credit Cards Securitization Medium Term Notes ■ US Dollar Deposits Mortgage Securitization 28% Credit Cards Securitization 9% Covered Bonds 63% For footnoted information refer to slide 38. Wholesale Funding By Currency1 EUR 15.1 BN, CHF 3.5 BN, GBP 7.7BN, NOK: 1.9 BN Covered Bonds Medium Term Notes Certificates of Deposit Wholesale Funding By Product1,3 JPY 116.0 BN Medium Term Notes HKD 11.9 BN Medium Term Notes Certificates of Deposit " AUD 10.6 BN Covered Bonds Medium Term Notes Certificates of Deposit Secured 26% Medium Term Notes 43% Sub-debt 4% Unsecured² 74% CD and CP Other 0% 46% Deposits from banks 4% Bankers' acceptances 2% 24 24#26CIBC Funding Composition Funding Sources - July 20234 Others (Includes Securitization & Covered Bonds 5% Funding Sources derivatives) 8% Capital² 5% Securities sold short or repurchase agreements 11% Unsecured funding1 16% CIBC◇ For footnoted information refer to slide 38. BN Personal deposits 235.6 Business, Bank and Government deposits 274.5 Unsecured funding¹ 148.6 Personal Securities sold short or repurchase agreements 104.7 deposits 25% Others (Includes derivatives) 75.9 Capital² 51.4 Securitization & Covered Bonds 52.3 Total 943.0 Wholesale market, currency³ BN USD 107.4 CAD 47.4 Business, Bank Other 46.1 and government Total 200.9 deposits 29% 25#27Canadian Mortgage Market CIBC◇ CIBCO ONCO#28Mortgage Market Performance and Urbanization Rates 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 0.15% in June 20231 1 Source: Canadian Banker's Association Population in Top Four Cities A greater rate of urbanisation is a strong contributor to increases in property values CIBC◇ • Over 45% of the Canadian population lives in one of the four largest cities Canada has one of the highest urbanisation rates in the G7 Source: UK Finance, CBA, MBA. *Mortgage arrears of 3+ months in Canada and UK or in foreclosure process in the US 1995 1997 1999 2001 2003 2005 2007 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% 2009 2011 2013 Mortgage Arrears by Number of Mortgages 2015 2017 2019 2021 2023 % of Population 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Canada U.K. U.S. Germany France Source: 2014 Census for France, 2021 Census for Canada, 2011 Census for UK, Germany; 2020 Census for US 27#29Canadian House Prices • Absolute price level is moderate compared to major global urban centers CIBC◇ • Canadian debt to income ratio in line with many developed nations 300 • Growth rates of house prices in Canada have diverged across regions 250 Average Home Price 200 150 100 YoY % Region CAD1 USD Eq.² Change³ 50 Canada 629K 476K -2% Toronto 1147K 868K -2% Vancouver 1205K 912K -1% 40% Calgary 522K 395K 3% 30% Montreal 528K 399K -3% 20% 10% Ottawa 671K 508K -5% For footnoted information refer to slide 38. Household Debt to Income Ratio4 Norway Denmark Netherlands Household Debt to Income Ratio -Average Australia Sweden Canada U.K. France Ireland Japan U.S. Germany Housing Index Year over Year Change, by City5 -Canada -Montreal Toronto Ottawa Vancouver Quebec Calgary Halifax 0% Dec- Dec- Dec- Dec Dec- 07 08 09 10 11 12 Dec Dec- Dec. Dec. Dec. Dec- Dec Dec. Dec- Dec- 13 14 15 16 17 18 21 19 20 -10% -20% Dec-Dec- 22 23 28#30CIBC's Mortgage Portfolio CIBC Canadian Residential Mortgages: CAD 264.8 BN CAD 148 BN 86% CAD 52 BN Insured Uninsured CAD 27 BN 87% CAD 22 BN CAD 16 BN 57% 77% 13% 13% 42% 22% 63% 37% Ontario BC & Territories Alberta Quebec Other CIBC◇ • Condo Exposure: CAD 48.1 BN Condo Mortgages Condo Developers CAD 39.9 BN CAD 8.2 BN Uninsured 81% Undrawn 73% Drawn Insured 27% 19% 18% of CIBC's Canadian residential mortgage portfolio is insured, with 59% of insurance being provided by CMHC • The average loan to value of the uninsured portfolio is 51% The condo developer exposure is diversified across 120 projects Condos account for approximately 15% of the total mortgage portfolio For footnoted information refer to slide 38. 29#31Canadian Bail-in Regime Update CIBC◇ CIBCO ONCO#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 CIBC◇ 1. Pre-Loss Balance Sheet Other Senior Liabilities Bail-in Debt Loss 2. Loss Event 3. Post Bail-in Other Senior Liabilities Bail-in Assets NVCC Sub-Debt Debt Assets Assets NVCC Preferred NVCC Sub- Debt Equity NVCC Preferred Common Equity Equity Common Equity Other Senior Liabilities Bail-in Debt Common Equity 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. 31#33Canadian 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 25.00% RWA 2 Effective Fiscal 2022. Public disclosure began in Q1 2019 OSFI's TLAC Holdings Our investment in other G-SIBS and other Canadian D-SIB's TLAC instruments are to be deducted from our own tier 2 capital if our aggregate holding, together with investments in capital instruments of other Fls, exceed 10% of our own CET1 capital Implementation started in Q1 2019 CIBC◇ For footnoted information refer to slide 38. 32#34Canadian Bail-in Regime - Comparison to Other Jurisdictions Bail-in implementation in other jurisdictions has increased the riskiness of bail-inable bonds vs. non-bail-inable bonds: • Legislative changes prohibit bail-outs, increasing the probability that bail-in will be relied on The hierarchy of claims places bail-in debt below deposits and senior debt through structural subordination, legislation or contractual means Bail-in is expected to rely on write-down of securities, imposing certain losses on investors The Canadian framework differs from other jurisdictions on several points: • The Canadian government has not introduced legislation preventing bail-outs Canadian senior term debt will be issued in a single class and will not be subordinated to another class of senior term debt like other jurisdictions such as the US and Europe Canada does not have a depositor preference regime; bail-in debt does not rank lower than other liabilities No Creditor Worse Off principle provides that no creditor shall incur greater losses than under insolvency proceedings. There are no write-down provisions in the framework Conversion formula under many scenarios may result in investor gains CIBC 33#35CIBC Investor Relations Contacts CIBC◇ GEOFF WEISS, SENIOR VICE PRESIDENT Email: [email protected] Phone: +1 (416) 980-5093 JASON PATCHETT, SENIOR DIRECTOR CALLEN GLASS, ASSOCIATE VICE PRESIDENT Email: [email protected] Phone: +1 (416) 980-8691 Email: [email protected] Phone: +1 (416) 594-8188 34#36Notes on slides 3-10 Slide 3 - A leading Canadian financial institution All results are in Canadian dollars unless otherwise indicated. Global regular head count for CIBC. This excludes FCIB, temporary employees and contingent workers. For additional information on the composition, see the "Glossary" section on pages 51-57 in the Q3/23 Report to Shareholders, available on SEDAR at www.sedar.com. 1. 2. 3. 4. TSR is calculated based on common share price appreciation plus reinvested dividend income as at July 31, 2023. 5. 6. 7. Includes revenue from US Commercial Banking & Wealth Management, and revenue from Capital Markets operations in the US. 8. 9. Calculated pursuant to Office of the Superintendent of Financial Institutions (OSFI) Capital Adequacy Requirements (CAR) Guideline, which is based on Basel Committee on Banking Supervision (BCBS) standards. Corporate & Other not included in total NIAT. Moody's Long-Term Deposit and Counterparty Risk Assessment Rating; S&P issuer Credit Rating; Fitch Long-Term Deposit Rating and Derivative Counterparty Rating; DBRS Long-Term Issuer Rating as at Q3/23. Subject to conversion under the bank recapitalization "bail-in" regime. Slide 4 Disciplined approach to resource allocation and execution of our client-focused strategy 1. 2. 3. 4. Funds managed from Imperial Service 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. Strategic Commercial clients are defined as client relationships with deposit or loan balances in excess of $1MM or greater than $10K of annual revenue. 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. Includes net client acquisition from Simplii Financial over the last twelve months (LTM) - Aug/22 to Jul/23. Slide 5 ...and providing the foundation to deliver sustainable outperformance through the cycle 1. 2. We have set through the cycle targets for each of these measures, which we currently define as three to five years, assuming a normal business environment and credit cycle. Based on adjusted measures. See the non-GAAP section on slide 39. Slide 6 - Furthering our ESG strategy by putting our ambitions into action 1. 2. 3. Source: Inframation. For transactions that closed from January 1, 2022 to December 31, 2022 (North American Renewables League Tables). Refer to footnotes in Section 1.3 of CIBC's Sustainability Report 2022, ESG scorecard for more information. Our Independent Assurance and Verification Statements can be found on our website at www.cibc.com. Slide 7 External recognition for our commitment to sustainability 1. Ratings are not a recommendation to make an investment in any security of CIBC and may be revised or withdrawn at any time by the issuing organization. Slide 9 Investments in top-line growth delivering for shareholders 1. 2. 3. For additional information on the composition, see the "Glossary" section on pages 51-57 in the Q3/23 Report to Shareholders, available on SEDAR at www.sedar.com. All per common share amounts reflect the two for one common share split effective May 13, 2022, and prior periods have been restated for comparative purposes. Adjusted results are non-GAAP measures. For additional information see slide 39. Slide 10 Solid returns underpinned by a commitment to balance sheet strength 1. Capital ratios are calculated pursuant to the Office of the Superintendent of Financial Institution's (OSFI's) Capital Adequacy Requirements (CAR) Guideline, the leverage ratio is calculated pursuant to OSFI's Leverage Requirements Guideline, and the LCR is calculated pursuant to OSFI's Liquidity Adequacy Requirements (LAR) Guideline, all of which are based on the Basel Committee on Banking Supervision (BCBS) standards. For additional information, see the "Capital management" and "Liquidity risk" sections in the Q3/23 Report to Shareholders, available on SEDAR at www.sedar.com. CIBC 35#37Notes on slides 11-15 Slide 11 - Asset yields and funding costs 1. 2. 3. 4. 5. 6. 56 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. Prudent risk management Slide 12 1. 2. 3. 4. All results are on a Reported basis and in Canadian dollars unless otherwise indicated. Allowance for credit losses to gross carrying amount of loans. The gross carrying amount of loans include certain loans that are measured at fair value through profit or loss (FVTPL). Provision for (reversal of) credit losses on impaired loans to average loans and acceptances, net of allowance for credit losses Provision for (reversal of) credit losses to average loans and acceptances, net of allowance for credit losses. Slide 13 - Lending portfolio has a strong risk profile 1. 2. 3. Incorporates security pledged; equivalent to S&P/Moody's rating of BBB/Baa2. LTV ratios for residential mortgages are calculated based on weighted average. See page 35 of the Q3/23 Report to Shareholders for further details. GVA and GTA definitions based on regional mappings from Teranet. Slide 15 Highlights - Canadian Personal & Business Banking 1. 2. 3. 4. Adjusted results are non-GAAP measures. See slide 39 for further details. Adjusted results are non-GAAP measures. See slide 39 for further details. For Q3/22, adjusted net interest income excludes $6MM 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. Adjusted results are non-GAAP measures. See slide 39 for further details. For further details on the composition of the measure, see note 4 on slide 40 and slide 41 for a reconciliation. Adjusted pre-provision, pre-tax earnings is revenue net of non-interest expenses before any related allowances. 5. Loan amounts are stated before any related allowance. 34567%0 6. Loan and deposit growth is calculated using average balances. Average balances are calculated as a weighted average of daily closing balances. 7. 8. 9. Includes net client acquisition from Personal and Business Banking over the last twelve months (LTM) - Aug/22 to Jul/23. Funds managed from Imperial Service 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. Reflects financial transactions only. CIBC 36#38Notes on slides 16-20 Slide 16 Growing digital adoption and engagement 1. 1 234 4 Canadian Personal Banking only, excluding Simplii Financial. Based on spot balances as at July 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 17 - Loan & Deposit Highlights - Canadian Personal & Business Banking All figures represent average balances. Average balances are calculated as a weighted average of daily closing balances. Loan amounts are stated before any related allowances. Adjusted results are non-GAAP measures. See slide 39 for further details. Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 39 for further details. 1. 2. Slide 18 Highlights ― Canadian Commercial Banking & Wealth Management 1. 2. 3. 4. 5. 6. 7. -234567 8. Comprises loans and acceptances and notional amount of letters of credit. Loan amounts are stated before any related allowances. Assets under management (AUM) are included in assets under administration (AUA). For additional information on the composition, see the "Glossary" section on pages 51-57 in the Q3/23 Report to Shareholders, available on SEDAR+ at www.sedarplus.ca. Commercial Banking only. Loan and deposit growth is calculated using average balances. Average balances are calculated as a weighted average of daily closing balances. Annual net flows are calculated based on net investment sales from Private Wealth Management and include the impact of reinvested income. The YTD balance is adjusted for the number of days to determine the annualized number. A referral is defined as a single opportunity received by one line of business, from another line of business. The opportunity could be for an existing client of the referring party, or a new client to the Bank. The YTD balance is adjusted for the number of days to determine the annualized number. - Slide 19 Highlights - U.S. Commercial Banking & Wealth Management - 23+ 1. 2. 3. 4. 567 6. 7. Adjusted results are non-GAAP measures. See slide 39 for further details. Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 39 for further details. Loan amounts are stated before any related allowances or purchase accounting adjustments. Assets under management (AUM) are included in assets under administration (AUA). Includes certain Canadian Commercial Banking and Wealth Management assets that U.S. Commercial Banking and Wealth Management provides sub-advisory services for. Loan and deposit growth is calculated using average balances. Average balances are calculated as a weighted average of daily closing balances. Metric refers to referrals made across lines of business (LOB) within the US Commercial and Wealth Management 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 20 Highlights - Capital Markets -23 4. 5. 6. 7. Adjusted results are non-GAAP measures. See slide 39 for further details. Revenue is reported on a taxable equivalent basis (TEB). TEB adjustment in Q3/23 was $66 million. Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 39 for further details. Loan amounts are before any related allowances or purchase accounting adjustments. Loan and deposit growth is calculated using average balances. 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) - Aug/22 to Jul/23. ASG refers to the Alternate Solutions Group within the Direct Financial Services business line. CIBC◇ 37#39Notes on slides 22-32 Slide 22 - High-quality, client-driven balance sheet 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. 1. Securitized agency MBS are on balance sheet as per IFRS. 2. 3. 4. Capital includes subordinated liabilities Includes obligations related to securities sold short, cash collateral on securities lent and obligations related to securities under repurchase agreements. Slide 24 Wholesale funding geography 1. 2. 3. Source: CIBC Q3-2023 Report to Shareholders. "Unsecured" includes Obligation related to securities sold short, Cash collateral on securities lent and Obligations related to securities under repurchase agreements Percentages may not add up to 100% due to rounding Slide 25 CIBC funding composition 1. 2. 3. 4. Unsecured funding is comprised of wholesale bank deposits, certificates of deposit and commercial paper, bearer deposit notes and bankers' acceptances, senior unsecured EMTN and senior unsecured structured notes Capital excludes subordinated liabilities Currency composition, in Canadian dollar equivalent, of funding sourced by CIBC in the wholesale market Percentages may not add up to 100% due to rounding. Source: CIBC Q3-2023 Report to Shareholders. Slide 27 - Mortgage Market Performance and Urbanization Rates 1. 2. 3. Source: UK Finance, CBA, MBA. *Mortgage arrears of 3+ months in Canada and UK or in foreclosure process in the US Source: Canadian Banker's Association Source: 2014 Census for France, 2021 Census for Canada, 2011 Census for UK, Germany; 2020 Census for US Slide 28 Canadian House Prices Source: CREA, July 2023 1. 2. 1 USD = 1.3215 CAD 3. 45 Source: Teranet - National Bank House Price Index 4. Source: OECD, 2022 or latest available. Household debt ratios across countries can be significantly affected by different institutional arrangements, among which tax regulations regarding tax deductibility of interest payments. Source: Bloomberg, Teranet - National Bank House Price Index 5. Slide 29 - CIBC's Mortgage Portfolio 1. LTV ratios for residential mortgages are calculated based on weighted average. The house price estimates for July 31, 2023 and October 31, 2022 are based on the Forward Sortation Area level indices from the Teranet - National Bank National Composite House Price Index (Teranet) as of June 30, 2023 and September 30, 2022, respectively. Teranet is an independent estimate of the rate of change in Canadian home prices. Slide 32 Canadian Bail-In Regime Update 1. 2. As referenced in the Bank Recapitalization (Bail-in) Regulations: http://laws-lois.justice.gc.ca/eng/regulations/SOR-2018-57/FullText.html Increases to 25.00% on November 1, 2023 upon increase of Domestic Stability Buffer to 3.50% (versus the maximum of 4.00%) from 3.00% CIBC 38#40Non-GAAP Measures We use a number of financial measures to assess the performance of our business lines. Some measures are calculated in accordance with International Financial Reporting Standards (IFRS or GAAP), while other measures do not have a standardized meaning under GAAP, and accordingly, these measures may not be comparable to similar measures used by other companies. Investors may find these non-GAAP measures, which include non-GAAP financial measures and non-GAAP ratios as defined in National Instrument 52-112 “Non-GAAP and Other Financial Measures Disclosure", useful in understanding how management views underlying business performance. Management assesses results on a reported and adjusted basis and considers both as useful measures of performance. Adjusted measures, which include adjusted total revenue, adjusted provision for credit losses, adjusted non-interest expenses, adjusted income before income taxes, adjusted income taxes, adjusted net income and adjusted pre-provision, pre-tax earnings, in addition to the adjusted measures on slide 50, 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" section of our Q3/23 Report to Shareholders, available on SEDAR+ at www.sedarplus.ca, and Note 30 to our consolidated financial statements included in our 2022 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 8 to 14 of our Q3/23 Report to Shareholders, 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 9 to 13; pre-provision, pre-tax earnings and adjusted pre-provision, pre-tax earnings on page 14. CIBC◇ 39#41Glossary 1 Adjusted Diluted EPS 2 Adjusted ROE 3 Total Allowance Coverage Ratio 4 Adjusted Non-Interest Income CIBC◇ Definition We adjust our reported diluted EPS to remove the impact of items of note, net of income taxes, to calculate the adjusted EPS. We adjust our reported net income attributable to common shareholders to remove the impact of items of note, net of income taxes, to calculate the adjusted return on common shareholders' equity. 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. 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. 40 40#42Reconciliation $MM Q3/23 Reported non-interest income Impact of item of note Commodity tax charge related to the retroactive impact of the 2023 Canadian Federal budget Adjusted non-interest income¹ Non interest income - trading revenue² Adjusted non-interest income excluding trading revenue¹ CIBC◇ CIBC Total 2,614 34 2,648 (548) 2,100 40 40