#1CIBC Investor Presentation Fourth Quarter 2020 December 3, 2020 All amounts are in Canadian dollars unless otherwise indicated.#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 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 Investor Relations contacts: Geoff Weiss, Senior Vice-President 416 980-5093 Visit the Investor Relations section at www.cibc.com/en/about-cibc/investor-relations.html Fourth Quarter, 2020 2#3CIBC Overview Victor Dodig President and Chief Executive Officer CIBC#4Fiscal 2020 Key Performance Measures EPS PPE² Efficiency Ratio CET1 Ratio Reported $8.22 Reported $7.4B Reported 60.6% 12.1% +56 bps YoY $9.69 Adjusted¹ Adjusted¹ $8.2B Adjusted (TEB)1 -19% YoY +0% YoY 55.8% +30 bps YoY ROE Divided Payout Ratio PCL Ratio Reported 10.0% Reported 70.7% Total 61 bps +28 bps YoY Adjusted¹ 11.7% Adjusted¹ 60.0% Impaired 26 bps -3 bps YoY CIBC 1 Adjusted results are non-GAAP financial measures. See slide 38 for further details. 2 Pre-provision earnings (PPE) is revenue net of non-interest expenses and is a non-GAAP measure. See slide 38 for further details. 3 Allowance for credit loss to gross carrying amount of loans. The gross carrying amount of loans include certain loans that are measured at FVTPL. Allowance for Credit Losses Coverage Ratio³ 0.89% +38 bps YoY Fourth Quarter, 2020 4#5• • Fiscal 2020 Highlights COVID-19 Response: >500K clients supported Leveraging technology in our continued transformation • Proactively extended payment relief to clients needing short term support • First bank to: . Reduce interest rates on credit cards for clients experiencing hardships Announce readiness to accept CEBA applications using fully digital process Establish priority service for seniors in our banking centres and on the phone Introduced CIBC Virtual Assistant, the first of its kind across Canadian financial institutions, which completes banking transactions on behalf of clients Started roll-out of CIBC Goal Planner in Q4, our innovative new advice platform for a best-in-class financial planning experience Continued modernization strategy with upgrades to our cash management, capital markets and payments platforms • • Awards and Recognition #1 among the big 5 Canadian banks for customer satisfaction in mobile banking by JD Power Achieved largest YoY Net Promoter Score (NPS) growth among the big 5 Canadian banks in the IPSOS Customer Service Index Best Consumer Digital Bank in North America by Global Finance magazine Recognized as the top performing banking brand during the pandemic as a result of our focus and commitment to clients CIBC Environmental, social & governance progress Inaugural issuance of US$500MM, five-year Green Bond Committed $42.1B to sustainable financing activities since 2018, achieving 28% of our $150B target by 2027 Invested $75MM in community organizations across Canada and the U.S. in 2020, achieving 44% of our five-year $350MM goal 40% representation by women on CIBC's Board of Directors, exceeding our target of at least 30% women and 30% men Fourth Quarter, 2020 5#6CIBC Our Purpose: To help make your ambition a reality لا % Key Near-Term Priorities Reinvigorate our Canadian consumer franchise Our Strategy Focus on key client segments to accelerate earnings growth Accelerate the pace of transformation and simplification Simplify and transform to deliver a modern relationship banking proposition Protect and grow market share Advance our purpose- driven culture Fourth Quarter, 2020 6#7Financial Review Hratch Panossian Senior Executive Vice-President and Chief Financial Officer CIBC#8Fourth Quarter 2020 Financial Results Reported ($MM) Revenue Q4/20 YOY QoQ 4,600 (4%) (2%) 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%) Diluted EPS $2.20 (15%) (14%) Efficiency Ratio ROE CET1 Ratio 62.9% 340 bps 550 bps • 10.7% 12.1% (220) bps 56 bps (140) bps 34 bps 2% (9%) 7% QoQ (2%) Overall Performance - Adjusted¹ • • Earnings reflect resilience of diversified franchise . Moderating provision for credit losses Strong capital position with CET1 ratio of 12.1% Revenue • Net interest income up 2% YoY . Improving balance growth in Personal & Business Banking Strong performance in Capital Markets driven by higher trading activity Double-digit deposit growth in Canadian and U.S. Commercial businesses Non-interest income down 8% YoY • Decreased client activity contributing to lower consumer fees Expenses Continued emphasis on expense discipline resulting in stable operating leverage Provision for Credit Losses (PCL) PCL continues to moderate from Q2 peak Adjusted¹ ($MM) Revenue Net interest income Q4/20 YOY 4,600 (2%) 2,792 2% 2% Non-interest income 1,808 (8%) (9%) Non-Interest Expenses 2,613 (2%) 0% • Pre-Provision Earnings² 1,987 (3%) (5%) Provision for Credit Losses 291 (28%) (45%) 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 CIBC 2 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. • Total PCL ratio of 28 bps, down 12 bps YoY and 22 bps QoQ PCL ratio on impaired of 17 bps, down 16 bps YoY and 12 bps QoQ Fourth Quarter, 2020 8#9Strong capital, liquidity and balance sheet position Q4 Highlights $B Average Loans and Acceptances Q4/19 Q3/20 Q4/20 • 396.4 414.9 413.1 Continued capital, liquidity and balance sheet strength Average Deposits 485.6 557.4 568.7 CET1 Increase driven by internal capital generation and a net decrease in RWAS CET1 capital 27.7 30.2 30.9 • 23 bps capital generation from earnings, net of dividends CET1 ratio 11.6% 11.8% 12.1% • RWAs decreased $1.8B QoQ Risk-weighted assets (RWA) 239.9 256.7 254.9 Fully loaded CET11 ratio of 11.9% Leverage ratio 4.3% 4.6% 4.7% Liquidity coverage ratio (average) 125% 150% 145% HQLA (average) 119.4 178.0 187.2 CET1 Ratio CIBC 1 11.8% 5 bps 12 bps (6) bps 23 bps 12.1% Q3/20 Earnings net of Dividends RWA Movements (excl. FX and Migration) RWA from Credit Migration Other Q4/20 Fully loaded CET1 ratio is based on the CET1 capital excluding the benefit of the ECL transitional arrangement provided by OSFI as announced on March 27, 2020. Fourth Quarter, 2020 9#10Personal & Business Banking - results reflect improving sequential trends Reported ($MM) While performance continues to be affected by the pandemic, continuing to see positive trends reflecting ongoing efforts to revitalize the segment Lower net interest income YoY driven by lower rates, partially offset by improving balance growth • Revenue Q4/20 2,139 YOY QoQ (4%) 4% • Net interest income 1,599 (2%) 4% Non-interest income 540 (9%) 4% Non-Interest Expenses 1,149 (1%) 0% • Provision for Credit Losses 130 (49%) (41%) Net Income 634 5% 25% Adjusted¹ ($MM) Q4/20 YOY QoQ Revenue 2,139 (4%) 4% Net interest income 1,599 (2%) 4% Non-interest income 540 (9%) 4% Non-Interest Expenses 1,147 (1%) 0% • Pre-Provision Earnings² 992 (7%) 9% . Provision for Credit Losses 130 (49%) (41%) Net Income 635 5% 25% • NIM up 5 bps QoQ and down 9 bps YoY Loan balances up 2% YoY Deposit balances up 15% YoY Non-interest income down 9% YoY Improving consumer activity resulted in an increase in deposit fees, but still below pre-pandemic levels • Cards purchase volumes down 4% YoY and up 10% QoQ Continued focus on expense management to offset top-line headwinds Provision for Credit Losses: • Total PCL ratio of 20 bps Loans and Deposits ($B) CIBC 252 238 243 PCL ratio on impaired of 14 bps Transaction Volumes ($B, Debit and Credit) 7.2 7.1 7.2 -2% YoY 1% YoY -1% YoY 257 259 263 180 200 208 Q4/19 Q3/20 Deposits Loans & Acceptances 1 Adjusted results are non-GAAP financial measures. See slide 38 for further details. 2 Pre-provision earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 38 for further details. Q4/20 August September October -Net Interest Margin (bps) Fourth Quarter, 2020 10#11Canadian Commercial & Wealth - stable performance in the current environment Reported ($MM) Revenue Q4/20 1,028 YOY QoQ 0% 1% Net interest income 294 (3%) (8%) Non-interest income 734 2% 6% Non-Interest Expenses 540 2% 4% Provision for Credit Losses 25 (69%) (56%) Net Income 340 11% 6% Adjusted¹ ($MM) Revenue Net interest income Non-interest income Non-Interest Expenses Pre-Provision Earnings² Provision for Credit Losses Net Income QoQ 1% (8%) Results reflect pressure on margins and slowing loan growth in Commercial Banking • Commercial loan balances up 1% YoY Commercial deposit balances up 23% YoY NIM up 4 bps YoY and down 2 bps QoQ Non-interest income up 2% YoY • • AUM up 4% YoY Higher fees in Commercial Banking Provision for Credit Losses: Q4/20 YOY 1,028 0% 294 (3%) • Total PCL ratio of 16 bps 734 2% 6% 539 2% 4% PCL ratio on impaired of 13 bps 489 (2%) (1%) 25 (69%) (56%) 341 11% 7% Commercial Banking Loans and Deposits ($B) 308 314 312 65 58 67 65 66 71 Q4/19 Loans & Acceptances Q3/20 Deposits Q4/20 Net Interest Margin - segment (bps) CIBC 1 Adjusted results are non-GAAP financial measures. See slide 38 for further details. 2 Pre-provision earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 38 for further details. 3 Comprises loans and acceptances and notional amount of letters of credit. 4 Assets under management (AUM) are included in assets under administration (AUA). Wealth Management ($B) 289 291 288 182 191 189 Q4/19 Q3/20 Q4/20 ■ AUA 4 ■AUM 4 Fourth Quarter, 2020 11#12Q4/20 YOY QoQ 515 3% 0% 352 3% (1%) 163 2% 3% U.S. Commercial Banking & Wealth Management - strong pre-provision earnings¹ growth Reported (C$MM) Revenue Net interest income Non-interest income • Focus on expanding client relationships contributing to solid growth in net interest income despite significant margin compression Deposit balances up 33% YoY . Loan balances up 13% YoY Non-Interest Expenses 270 (6%) (0%) • NIM down 22 bps YoY and up 1 bp QoQ Provision for Credit Losses 82 NM Net Income 131 (27%) (49%) 111% • • Strong organic growth in AUM driving increase in non-interest income Expenses down 4% YoY driven by strong expense management Adjusted² (C$MM) Revenue Q4/20 YOY QoQ • Operating leverage of 8.4% 515 4% 0% • Provision for Credit Losses: Net interest income 352 5% (1%) • Total PCL ratio of 77 bps Non-interest income Non-Interest Expenses Pre-Provision Earnings¹ 163 2% 3% PCL ratio on impaired of 51 bps 253 (4%) 1% 262 13% (1%) Provision for Credit Losses Net Income 82 NM (49%) 144 (24%) 87% Loans and Deposits - Average (US$B) CIBC 299 276 2 277 2 29 31 28 31 29 22 Q4/19 Loans Q3/20 3 PPP Loans Deposits Q4/20 NIM - adjusted (bps) 2 1 Pre-provision earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 38 for further details. 2 Adjusted results are non-GAAP financial measures. See slide 38 for further details. 3 Loan amounts are stated before any related allowances or purchase accounting adjustments. 4 Assets under management (AUM) are included in assets under administration (AUA). Wealth Management (US$B) 68 74 73 52 56 57 Q4/19 Q3/20 Q4/20 ■ AUA⭑■AUM 4 Fourth Quarter, 2020 12#13Capital Markets - revenue growth and expense discipline driving positive operating leverage Reported & Adjusted¹ ($MM) Revenue² Net interest income Non-interest income Q4/20 YOY QoQ Solid revenue growth YoY 792 7% (21%) Strong trading activity in Interest Rates and Commodities 541 49% 3% • 251 (34%) (47%) • Non-Interest Expenses 384 (1%) (7%) Corporate Banking revenues driven by 10% growth in commitments Continued growth in revenues from non-Capital Markets clients in F20 Provision for Credit Losses: Pre-Provision Earnings³ 408 15% (30%) • Total PCL ratio of 9 bps Provision for Credit Losses 8 (82%) Net Income 267 16% (87%) (32%) • PCL ratio on impaired of 21 bps Revenue ($MM)² 507 361 352 388 493 U.S. Region Revenue (US$MM)² 197 153 147 431 Q4/19 Q3/20 Q4/20 Q4/19 Q3/20 Q4/20 ■ Non-Trading Trading 1 CIBC Adjusted results are non-GAAP financial measures. See slide 38 for further details. 2 Revenue is reported on a taxable equivalent basis (TEB). 3 Pre-provision earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 38 for further details. Fourth Quarter, 2020 13#14Corporate and Other Reported ($MM) Revenue¹ Net interest income Q4/20 YOY QoQ 126 (55%) 1% 6 (96%) NM • Non-interest income 120 3% (8%) Non-Interest Expenses 548 14% 55% • Provision for Credit Losses 46 NM 70% Net Income (356) NM NM • Reported results impacted by a number of significant items . Lower Treasury revenues primarily due to the costs of carrying elevated levels of liquidity, despite partial improvement in the current quarter FCIB performance impacted by lower rates and decreased client activity Provision for Credit Losses: • Total PCL ratio of 181 bps Revenue ($MM)² Adjusted² ($MM) Revenue¹ Q4/20 YOY QoQ 126 (41%) 1% Net interest income Non-interest income 6 (94%) NM 18 120 3% (8%) Non-Interest Expenses 290 (10%) 4% 212 (81) (23) Pre-Provision Earnings³ (164) (46%) (6%) 126 Provision for Credit Losses Net Income 46 NM 70% (107) NM (91%) Q4/19 Treasury FCIB Other Q4/20 CIBC 1 Revenue is reported on a taxable equivalent basis (TEB). 2 Adjusted results are non-GAAP financial measures. See slide 38 for further details. 3 Pre-provision earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 38 for further details. Fourth Quarter, 2020 14#152020 Financial Results Reported ($MM) Revenue Net interest income FY20 YOY 18,741 1% 11,044 5% Non-interest income 7,697 (5%) Non-Interest Expenses 11,362 5% Provision for Credit Losses 2,489 94% Net Income 3,792 (26%) Diluted EPS $8.22 (27%) • Efficiency Ratio ROE CET1 Ratio 60.6% 230 bps 10.0% (450) bps 12.1% 56 bps • Adjusted¹ ($MM) FY20 YOY Revenue 18,741 1% Net interest income 11,044 6% Non-interest income 7,697 (5%) Non-Interest Expenses 10,565 2% • Pre-Provision Earnings² 8,176 0% Provision for Credit Losses 2,489 94% Net Income 4,447 (18%) Diluted EPS $9.69 (19%) Efficiency Ratio (TEB) 55.8% 30 bps ROE 11.7% (370) bps CIBC 2 1 Adjusted results are non-GAAP financial measures. See slide 38 for further details. Pre-provision earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 38 for further details. • Overall Performance - Adjusted¹ Record pre-provision earnings despite a challenging economic environment and revenue headwinds Operating leverage of -0.6% Revenue growth of 1% Net interest income up 6% YoY Record trading activity in Capital Markets Solid balance growth in Canada and the U.S., particularly in deposits Offset by the impact of the rate environment Non-interest income down 5% YoY primarily due to lower consumer activity Expense growth contained to 2% Strong focus on managing expenses to adapt to the current environment, while continuing to invest and grow our business Elevated PCL moderating in back half of the year Total PCL ratio of 61 bps, up 28 bps YoY PCL ratio on impaired of 26 bps, down 3 bps YoY Fourth Quarter, 2020 15#16Risk Review Shawn Beber Senior Executive Vice-President, Chief Risk Officer CIBC#17Provision for credit losses lower in both impaired and performing loans Reported & Adjusted¹ ($MM) Q4/19 Q3/20 Q4/20 Cdn. Personal & Business Banking 255 220 130 Impaired 218 151 89 Performing 37 69 41 Cdn. Commercial Banking & Wealth 80 57 25 Impaired 71 45 21 Provision for Credit Losses down YoY & QoQ Provisions were lower in Q4/20 after raising the allowance for performing loans in Q2/20 and Q3/20 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 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 Impaired Performing 422 45 61 8 0.28% 24 56 19 0.33% 0.29% 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 CIBC 1 Adjusted results are non-GAAP financial measures. See slide 38 for further details. Fourth Quarter, 2020 17#18Increased allowance to reflect the current economic backdrop Allowance for Credit Losses ($MM) Allowance for Credit Losses up YoY & QoQ 3,609 910 113 2,699 178 3,722 • (178) 916 2,806 Q3/20 PCL on Performing PCL on Impaired Loans Loans Net Write-offs, FX and Other Q4/20 ■ Performing ■ Impaired Provision on Performing Loans ($MM) 128 82 113 (97) 1 Model Parameter Updates Net Transfer to Impaired Other Changes Performing PCL CIBC 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 Fourth Quarter, 2020 18#19Increased allowance to reflect the current economic backdrop Reported Q4/19 Q3/20 Q4/20 • Canadian Credit Cards 3.8% 6.2% 6.2% Canadian Residential Mortgages <0.1% 0.1% 0.1% Canadian Personal Lending 1.2% 2.0% 1.9% Canadian Small Business 2.3% 3.4% 2.9% Canadian Commercial Banking 0.4% 0.9% 0.9% U.S. Commercial Banking 0.5% 1.2% 1.4% Capital Markets 0.5% 1.1% 1.1% CIBC FirstCaribbean (FCIB) 3.4% 4.8% 5.1% Total 0.5% 0.9% 0.9% Total Allowance Coverage Ratio¹ 0.5% 2,044 0.9% 0.9% Allowance coverages were up YoY and QoQ Reflective of updates to forward looking indicators, and increased provisions related to COVID-19 Performing and Impaired Allowance Coverage Ratios 35% 35% 0.65% 3,609 3,722 0.35% Q4/19 Q3/20 Q4/20 Allowance for Credit Losses ($MM) Allowance Coverage Ratio CIBC 1 Allowance for credit loss to gross carrying amount of loans. The gross carrying amount of loans include certain loans that are measured at FVTPL. 39% 0.67% Q4/19 Q3/20 -Impaired ACL to GIL Q4/20 Performing ACL to Total Loans Fourth Quarter, 2020 19#20Lending portfolio mix remains sound Overall Loan Mix (Outstanding) Consumer 66% CIBC 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% 54% 53% 53% $416B Oil & Gas 2% 52% Leisure & 50% Entertainment 1% 48% 51% Commercial Real Estate 10% 49% 47% 46% Other Business & Government 20% 1 Incorporates security pledged; equivalent to S&P/Moody's rating of BBB/Baa2. 43% 43% Business & Government 34% Q4/17 Q4/18 Q4/19 Q4/20 Canada -GVA GTA Fourth Quarter, 2020 20#21Most accommodations are now complete Weekly Account Accommodations - Canadian Personal Banking (000s) 79 61 20 20 43 30 21 16 97442211111111111111110000 03/22 04/05 04/19 05/03 05/17 05/31 06/14 06/28 07/12 07/26 08/09 08/23 09/06 09/20 10/04 10/18 11/01 Payment Deferrals • • New accommodation requests for Canadian Personal Banking down to minimal levels The majority of remaining mortgage balances run off in November and December Overall client patterns since returning from deferral are within expectations Q2 Balance Q2 ($B) Accounts (# 000s) Q3 Balance ($B) Q3 Accounts (# 000s) Q4 Balance ($B) Q4 Accounts (# 000s) Current³ Additional Details as at Q4 Canadian Personal Banking Mortgages 35.5 108 33.3 99 2.7 8 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 23 23 0.3 8 95% Average FICO: 700 Canadian Business Banking¹ 8.6 6 2.4 3 0.5 1 99% U.S. Region (US$)² 0.6 0.1 1.2 0.2 0.4 100% CIBC 1 Includes Business Banking from the Canadian Personal & Business Banking, Canadian Commercial Banking & Wealth Management and Capital Markets segments. 2 Includes U.S. Commercial Banking & Wealth Management. 3 Includes clients that have exited deferral, and are current or <=30 days past due as at October 31st, including those who haven't reached their next payment due date, based on total balances. 4 Includes active and exited deferral accounts. Fourth Quarter, 2020 21#22Credit Quality - gross impaired loans trended lower in Q4 Reported Q4/19 Q3/20 Q4/20 Balances were up YoY & down QoQ Canadian Residential Mortgages 0.28% 0.36% 0.29% Lower consumer impairments in Q4 due to payment deferrals and collections performance Canadian Personal Lending 0.37% 0.38% 0.32% Business & Government Loans¹ 0.60% 0.91% 0.89% Impairments in business and government loans and CIBC FirstCaribbean remained relatively stable in Q4 CIBC FirstCaribbean (FCIB) 3.96% 3.72% 3.56% Total 0.47% 0.62% 0.56% Gross Impaired Loan Ratio 0.62% 0.56% CIBC 0.47% 1,866 New Formations ($MM) 961 874 723 669 685 316 468 217 144 328 2,583 2,349 506 525 558 493 357 Q4/19 Q3/20 Q4/20 Q4/19 Q1/20 Gross Impaired Loans ($MM) -Gross Impaired Loan Ratio 1 Excludes CIBC FirstCaribbean business & government loans. Q2/20 Q3/20 Q4/20 ■Consumer ■Business & Government Fourth Quarter, 2020 22#23Credit Quality - Canadian Consumer Reported Net Write-Offs Canadian Residential Mortgages Canadian Credit Cards Personal Lending Total Net write-offs were down YoY & QoQ Q4/19 Q3/20 Q4/20 Net Write-off Ratio 0.01% 0.01% 0.01% 0.30% 3.20% 1.84% 1.76% 0.86% 0.74% 0.51% 0.30% 0.20% 0.16% 196 0.20% 0.16% 128 The low level of write-offs was due to assistance offered to clients from our payment deferral programs and from government support, as well as changes in clients spending and payment behaviours. Q4/19 Q3/20 Also due to lower insolvencies, which were in line with the national Canadian trend, as a result of limited consumer filing channels. Net Write-offs ($MM) 105 Q4/20 -Net Write-off Ratio 90+ Days Delinquency Rates Q4/19 Q3/20 Q4/20 Balances ($B; spot) Canadian Residential Mortgages 0.28% 0.36% 0.29% 253 255 260 Uninsured Insured 0.22% 0.34% 0.28% 13 11 11 0.41% 0.43% 0.33% 39 37 37 Canadian Credit Cards 0.76% 0.43% 1.12% 66 65 67 Personal Lending 0.37% 0.38% 0.32% Total 0.33% 0.40% 0.34% 135 142 145 90+ Days Delinquency rates up YoY & down QoQ • Increase in credit cards driven by some customers who exited the client relief program and continue to have financial difficulties Decrease in mortgages driven by non-deferral customers making payments reflective of an improved environment and collection actions. CIBC Q4/19 Q3/20 Q4/20 ■ Uninsured Mortgages ■ Insured Mortgages ■ Personal Lending ■ Cards Fourth Quarter, 2020 23#24Appendix CIBC#25Digital Engagement and Adoption1 Digital Adoption Rate² Active Digital Banking Users³ (MM) 6.8% 11.2% 4.2 74.4% 3.8 3.9 67.6% 68.9% Digital Channel Usage (# of Sessions, MM) 27.9% 229 191 179 46.5% 50.3% 55.8% 2.6 2.9 3.2 178 146 125 Q4/18 Q4/19 Q4/20 Q4/18 ■ Mobile Q4/19 Q4/20 Q4/18 ■ Mobile Digital Transactions4 Transactions by Channel4 (MM) 41.7% 109 8.0% Q4/19 ■ Mobile Q4/20 Banking Centres -2.6% 1,049 1,024 1,022 89 12.1% 10.6% 77 46 42 38 16 87.9% 89.4% 92.0% 15 15 47 32 24 Q4/18 Q4/19 ■ eTransfers ■ Bill Payments Q4/20 ■ Other 5 Q4/18 Q4/19 ■Digital Channel Q4/20 ■Non-Digital Channel Q4/18 Q4/19 Q4/20 CIBC 1 Canadian Personal Banking excluding Simplii Financial. 2 Digital Adoption Rate calculated using 90-day active users. 3 Active Digital Users represent the 90-day Active clients in Canadian Personal Banking. 4 Reflect financial transactions only. 5 Other includes transfers and eDeposits. Fourth Quarter, 2020 25#26Canadian Personal and Commercial Banking Net Income - Adjusted ($MM)1 Net Interest Margin (bps) 256 256 250 248 244 817 763 829 688 275 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Average Loans & Acceptances² ($B) Average Deposits ($B) 322 325 328 238 67 69 69 19 19 19 13 -11 - -11 81 223 226 229 157 Q4/19 ■RESL 265 279 99 91 174 180 Q3/20 Q4/20 Q4/19 Q3/20 Q4/20 ■Cards ■Other Personal Lending ■Business ■ Personal Deposits ■ Business Deposits CIBC 1 Adjusted results are non-GAAP financial measures. See slide 38 for further details. 2 Loan amounts are stated before any related allowances. Fourth Quarter, 2020 26#27Reported (US$MM) Revenue Q4/20 YOY QoQ 390 3% 3% Net interest income 266 3% 2% Non-interest income 124 2% 6% U.S. Commercial Banking & Wealth Management (US$) Focus on expanding client relationships contributing to solid growth in net interest income despite significant margin compression Deposit balances up 33% YoY . Loan balances up 13% YoY Non-Interest Expenses 204 (6%) 3% • NIM down 22 bps YoY and up 1 bp QoQ Provision for Credit Losses 61 NM (50%) • Net Income 100 (26%) NM • Strong organic growth in AUM driving increase in non-interest income Expenses down 4% YoY driven by strong expense management Adjusted¹ (US$MM) Revenue Q4/20 YOY QoQ • Operating leverage of 8.4% 390 5% 3% • Net interest income 266 6% 2% Non-interest income Non-Interest Expenses Pre-Provision Earnings² 124 2% 6% Provision for Credit Losses: Total PCL ratio of 77 bps PCL ratio on impaired of 51 bps 191 (5%) 4% 199 15% 2% Provision for Credit Losses Net Income 61 NM (50%) 110 (23%) NM Loans and Deposits - Average (US$B) CIBC 299 276 2 277 2 29 31 28 31 29 22 Q4/19 3 Loans PPP Loans Q3/20 Deposits Q4/20 -NIM - adjusted (bps) 1 1 Adjusted results are non-GAAP financial measures. See slide 38 for further details. 2 Pre-provision earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 38 for further details. 3 Loan amounts are stated before any related allowances or purchase accounting adjustments. 4 Assets under management (AUM) are included in assets under administration (AUA). Wealth Management (US$B) 68 74 73 52 56 57 Q4/19 Q3/20 Q4/20 4 4 ■ AUA AUM Fourth Quarter, 2020 27#28Improved Diversification - Growth in the U.S. Region CIBC U.S. Region Earnings Contribution - Adjusted¹ 17.3% 17.1% 15.8% 8.7% F17 U.S Region AUA (US$B)² F18 F19 F20 73 75 67 63 F17 1 Adjusted results are non-GAAP financial measures. See slide 38 for further details. 2 Assets under management (AUM) are included in assets under administration (AUA). F18 F19 F20 Fourth Quarter, 2020 28#29Exposure to vulnerable sectors represents 2% of our lending portfolio Leisure & Entertainment Loans Outstanding Air Transport 17% Restaurants 31% Hotels/Motels 12% $3.8B Amusement & Recreation' 40% • 25% of drawn loans investment grade² The U.S. comprises 16% 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. Retailer Loans Outstanding Other Retail 10% Retail Clothing 3% Auto Dealers 44% $4.3B Department & Convenience Stores 7% Household Furnishing Stores 6% Food, Beverage & Auto Parts Retailers 12% Drug - Retail 18% • 44% of drawn loans investment grade² The U.S. comprises 5% of drawn exposure Fourth Quarter, 2020 29#30Commercial Real Estate exposure remains diversified Canadian Commercial Real Estate Exposure by Sector¹ CIBC Industrial 9% Retail 24% Office 12% Residential 19% Seniors Housing 7% U.S. Commercial Real Estate Exposure by Sector² Industrial 15% Office 27% $30.2B Other 5% Retail 12% US$15.4B Hotel 3% Multi Family • 69% of drawn loans investment grade³ 24% Multi Family 27% 31% of drawn loans investment grade³ 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. Incorporates security pledged; equivalent to S&P/Moody's rating of BBB-/Baa3 or higher. 3 Other 13% Residential 1% Healthcare 2% Fourth Quarter, 2020 30#31Exposure to Oil & Gas represents 2.2% of our lending portfolio Oil & Gas Mix (Outstanding) $9.0B drawn exposure in Q4/20 • 44% investment grade Midstream 24% Petroleum Distribution 10% • The U.S. comprises 30% of drawn loan exposure • 76% of undrawn exposure is investment grade . O&G Services 5% $9.0B $40.0B of retail exposure¹ to oil provinces² ($31.8B mortgages) • Alberta accounts for $31.8B or 80% of the retail exposure1 • Downstream 6% 87% of retail loans are secured • Integrated 1% Exposure represents 15% of total retail loans Exploration & Production 54% Retail Exposure in Oil Provinces 12.3% 11.1% 10.5% 10.0% 9.5% • Average LTV³ of 66% in the uninsured mortgage portfolio Retail Drawn Exposure ($B) in Oil Provinces 5 Unsecured HELOC Uninsured 15 35 Mortgages 35 Secured 39.6 40.7 40.4 39.9 40.0 17 Insured Mortgages Q4/16 CIBC Q4/17 Q4/18 Q4/19 Q4/20 % of Total Loans Retail Exposure ($B) 1 Comprises mortgages, HELOC, unsecured personal lines and loans, and credit cards 2 Alberta, Saskatchewan and Newfoundland and Labrador 3 LTV ratios for residential mortgages are calculated based on weighted average Fourth Quarter, 2020 31#32Canadian Real Estate Secured Personal Lending 90+ Days Delinquency Rates Q4/19 Q3/20 Q4/20 Total Mortgages 0.28% 0.36% 0.29% Uninsured Mortgages 0.22% 0.34% 0.28% Uninsured Mortgages in GVA¹ 0.15% 0.23% 0.21% Uninsured Mortgages in GTA¹ 0.13% 0.26% 0.16% Uninsured Mortgages in Oil Provinces² 0.65% 0.80% 0.72% Mortgage Balances ($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 1 1 1 1 ■GVA ■GTA ■ Other Region ■ GVA ■GTA ■ Other Region CIBC 1 GVA and GTA definitions based on regional mappings from Teranet. 2 Alberta, Saskatchewan and Newfoundland and Labrador. Fourth Quarter, 2020 32#33Canadian Uninsured Residential Mortgages – Beacon Distribution 12% 11% 12% 4% 3% 3% ≤650 46% 41% 42% 28% 29% 23% - Q4/20 Originations 17% 15% 14% 651-700 701-750 751-800 >800 ■ Canada ■ GVA² 2 ■GTA² 2 Loan-to-value (LTV)1 Distribution 6% 7% CIBC <30% 33% 28% 29% 19% 15% 16% 12% 9% 7% 5% 44% 41% 29% 30 to <45% 45 to <60% 60 to ≤75% >75% ■ Canada ■ GVA² 2 2 ■GTA 1 LTV ratios for residential mortgages are calculated based on weighted average. See page 63 of the Annual Report for further details. 2 GVA and GTA definitions based on regional mappings from Teranet. • Originations of $14B in Q4/20 Average LTV1 in Canada: 63% . GVA²: 58% • GTA²: 62% Fourth Quarter, 2020 33#34Canadian Uninsured Residential Mortgages Beacon Distribution 12% 11% 11% 6% 5% 5% ≤650 25% 26% 22% 41% 43% 42% Better current Beacon and LTV1 distributions in GVA² and GTA² than the Canadian average Less than 1% of this portfolio has a Beacon score of 650 or lower and an LTV1 over 75% Average LTV1 in Canada: 52% 19% • GVA²: 46% 16% 16% • GTA²: 48% 651-700 701-750 751-800 >800 ■ Canada ■ GVA² ■GTA ² Loan-to-value (LTV)1 Distribution 17% 14% 12% CIBC 25% 35% 30% 27% 27% 28% 27% 23% 15% 9% 6% 5% <30% 30 to <45% 45 to <60% 60 to ≤75% >75% ■ Canada ■ GVA 2 ■GTA² 2 1 LTV ratios for residential mortgages are calculated based on weighted average. See page 63 of the Annual Report for further details. 2 GVA and GTA definitions based on regional mappings from Teranet. Fourth Quarter, 2020 34#35Trading Revenue (TEB)¹ Distribution² ($MM) 15 LO 5 15 (15) Aug-20 Sep-20 Trading Revenue VaR (SMM) 15 5 (5) Oct-20 (15) CIBC 1 Non-GAAP financial measure. See slide 38 for further details. 2 Trading revenue (TEB) comprises both trading net interest income and non-interest income and excludes underwriting fees, commissions, certain month-end transfer pricing and other miscellaneous adjustments. Trading revenue (TEB) excludes certain exited portfolios. Fourth Quarter, 2020 35#36Forward-looking Information Variables used to estimate our Expected Credit Loss¹ Forward-Looking Information Variables Avg. Value over the next 12 months Avg. Value over the remaining forecast period Avg. Value over the next 12 months Avg. Value over the remaining forecast period Avg. Value over the next 12 months Avg. Value over the remaining forecast period As at October 31, 2020 Base Case Base Case Upside Case Upside Case Downside Case Downside Case Canadian GDP YoY Growth US GDP YOY Growth 1.6% 3.8% 3.6% 4.6% 0.03% 2.0% 1.7% 3.5% 3.0% 4.2% (0.6)% 1.7% Canadian Unemployment Rate 8.7% 6.7% 7.4% 5.9% 9.5% 8.4% US Unemployment Rate 7.4% 4.7% 5.1% 3.5% 9.2% 7.3% Canadian Housing Price Index Growth 2.4% 3.0% 11.2% 10.4% (6.9)% (0.8)% S&P 500 Index Growth Rate 5.6% 4.8% 11.2% 7.7% (3.5)% (5.3)% West Texas Intermediate Oil Price (US$) $42 $53 $51 $60 $34 $39 Forward-Looking Information Variables Avg. Value over the next 12 months Avg. Value over the remaining forecast period Avg. Value over the next 12 months Avg. Value over the remaining forecast period Avg. Value over the next 12 months Avg. Value over the remaining forecast period As at July 31, 2020 Base Case Base Case Upside Case Upside Case Downside Case Downside Case Canadian GDP YOY Growth (0.7)% 4.3% 0.8% 5.5% (5.3)% 1.6% US GDP YOY Growth (0.4)% 4.6% 1.4% 5.4% (5.1)% 1.1% Canadian Unemployment Rate 9.2% 7.6% 7.9% 6.3% 10.9% 9.4% US Unemployment Rate 8.0% 5.7% 6.6% 4.8% 12.2% 10.3% Canadian Housing Price Index Growth (0.3)% 1.8% 5.5% 6.5% (9.4)% (2.9)% S&P 500 Index Growth Rate 4.1% 4.8% 9.8% 8.7% (13.1)% West Texas Intermediate Oil Price (US$) $39 $48 $48 $65 $32 (11.8)% $39 CIBC 1 See pages 142 and 143 of 2020 Annual Report for further details. Fourth Quarter, 2020 36#37Items of Note Goodwill impairment charge related to our controlling interest in CIBC FirstCaribbean Charge related to the consolidation of our real estate portfolio Q4 2020 FY 2020 Pre-Tax After-Tax & Effect NCI Effect ($MM) ($MM) EPS Effect ($/Share) Pre-Tax Effect ($MM) After-Tax & NCI Effect ($MM) EPS Effect ($/Share) 220 220 0.49 248 248 0.55 114 84 0.19 114 84 0.19 Gain as a result of plan amendments related to pension and other post- employment plans (79) (58) (0.13) (79) (58) (0.13) Amortization of acquisition-related intangible assets 23 23 18 0.04 105 80 0.19 80 Restructuring charge 339 250 0.56 Increase in legal provisions 70 51 0.11 Adjustment to Net Income attributable to common shareholders and EPS 278 264 0.59 797 655 1.47 CIBC Fourth Quarter, 2020 37#38Non-GAAP Financial Measures We use a number of financial measures to assess the performance of our business lines. Some measures are calculated in accordance with GAAP (IFRS), 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 useful in understanding how management views underlying business performance. Adjusted results are non-GAAP financial measures that do not have any standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other issuers. Adjusted results remove items of note from reported results. For further details on items of note, see slide 37 of this presentation. For additional information about our non-GAAP measures see pages 1 to 3 of the Q4/20 Supplementary Financial Information package and pages 16 and 17 of the 2020 Annual Report available on www.cibc.com. CIBC Fourth Quarter, 2020 38