#1CIBC Fixed Income Investor Presentation Q1 2020 CIBC#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 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 "Financial performance overview - Economic outlook", "Financial performance overview - Significant events", "Financial performance overview - Financial results review", "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 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 2020 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 "Financial performance overview - Economic outlook" section of this report, and are subject to inherent risks and uncertainties that may be general or specific. 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: credit, market, liquidity, strategic, insurance, operational, reputation, conduct and legal, regulatory and environmental risk; 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 Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations issued and to be issued thereunder, 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, public health emergencies, 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; currency value and interest rate fluctuations, including as a result of market and oil price volatility; 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 synergies and benefits of an acquisition 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 Q1 2020 Fixed Income Investor Presentation CIBC#3Table of Contents 1. Debt Programmes Summary 2. Canadian Economy & Consumer Profile 3. Canadian Imperial Bank of Commerce ("CIBC") Overview 4. Canadian Bail-in Regime Update 5. Canadian Mortgage Market 6. Contacts 7. Appendix - Canadian Mortgage Market, OSFI Non Viability Criteria, Issuance History CIBC Q1 2020 Fixed Income Investor Presentation 3 4 10 25 32 37 38 CIBC 2#4Debt Programmes Summary Best economic performance amongst G7 economies as measured by long term GDP growth rate during 2000- 20181 Canada • • Strong diversified stable economy Aaa/AAA/AAA/AAA (Moody's/S&P/Fitch/DBRS) CIBC Secured • The World Economic Forum ranked Canada's soundness of banks first in the world from 2008 to 2016 and second in the world in 2017 and 2018² Well capitalized top 5 Canadian Bank with CET1, Tier 1 and total capital ratios of 11.3%, 12.5% and 14.5% respectively, as of January 31, 2020³ • Deposit/Counterparty/Legacy Senior Aa2/A+/AA-/AA (Moody's/S&P/Fitch/DBRS) • Senior A2/BBB+/AA-/AA (low) (Moody's/S&P/Fitch/DBRS) CAD 30 billion Legislative Covered Bond Programme (Luxembourg) . • AAA-rated (or equivalent) from minimum two rating agencies Collateral consisting of Canadian residential mortgage loans with LTV capped at 80% CAD 11 billion Credit Card ABS Programme (CARDS II Trust) . Issuance in CAD and USD (Reg S/144A) • AAA(sf)-rated (or equivalent) from at least two rating agencies International Debt Programmes • USD 20 billion Euro Medium Term Note (EMTN) Programme (Luxembourg) . USD 10 billion Multi-jurisdictional Disclosure System (MJDS) Base Shelf (Toronto and New York) • USD 7.5 billion Structured Note Programme • USD 2 billion Medium Term Note (MTN) Programme Senior AUD 5 billion Medium Term Note Programme Domestic Debt Programmes • Senior Notes, prospectus exempt . CAD 10 billion Canadian Base Shelf (regulatory capital instruments) • 5 billion Principal at Risk (PaR) Structured Note Programme 1 Source: International Monetary Fund, April 2019 2 3 4 5 Source: World Economic Forum, The Global Competitiveness Report 2017-2018 CIBC capital requirements are determined in accordance with guidelines issued by the Office of the Superintendent of Financial Institutions (OSFI), which are based upon the risk-based capital standards developed by the Basel Committee on Banking Supervision (BCBS). OSFI requires all institutions to achieve target capital ratios that meet or exceed the 2020 all-in minimum ratios plus a conservation buffer. Please see CIBC Q1, 2020 supplementary financial information for additional details. DBRS LT Issuer Rating; Moody's LT Deposit and Counterparty Risk Assessment Rating; S&P's Issuer Credit Rating; Fitch LT Issuer Default and Derivative Counterparty Rating. Includes: (a) Senior debt issued prior to September 23, 2018; and (b) Senior debt issued on or after September 23, 2018 which is excluded from the bank recapitalization "bail-in" regime. Subject to conversion under the bank recapitalization "bail-in" regime CIBC 3#5Canadian Economy & Consumer Profile CIBC CIBC Q1 2020 Fixed Income Investor Presentation#6Canada OT 5 GDP broken down by province / territory continues to demonstrate that Canada's economy is well diversified Canada's GDP by Province / Territory 1 (%) YT 0.1% NT NU 0.2% 0.1% BC 12.8% AB 16.8% SK MB 4.2% 3.3% QC ON 19.2% 37.8% Population² Canada: Key Facts GDP (market prices)³ GDP per capita³ Labour Force4 Provinces/Territories Legal System NL 1.6% 2019 Transparency International CPI 2018 Forbes annual Best Countries Survey Economist Intelligence Unit PE (2019-2023) 0.3% Canada Sovereign NB NS Credit Ratings 1.6% 2.0% (M/S&P/F/DBRS) 37.8 MM CAD 2,099 BN CAD 55,846 20.3 MM 10/3 Based on English common law, excluding Quebec which is based on civil law 12th Ranked No. 5 Best business environment: ranked 1st among G7; 9th globally5 Moody's Aaa • S&P AAA • Fitch AAA DBRS AAA CIBC Percentages may not add up to 100% due to rounding. CIBC Q1 2020 Fixed Income Investor Presentation 1 Statistics Canada annual data (Q4 2018) 2 Statistics Canada (Q4 2019) 3 Statistics Canada (Q3 2019, annualized) 4 Seasonally adjusted. Statistics Canada (January 2020) 5 Economist Intelligence Unit (2019-2023)#7Canadian Economic Trends Compare Favourably to Peer G7 Members Strong Economic Fundamentals Long Term GDP Growth Rate (2000-2018) 2.5% . Lowest total government net debt-to-GDP ratio among G7 in 2018 2.0% 2.0% 1.9% 1.6% . Only G7 nation to balance its budget for 11 consecutive years (1998-2008), and one of the 1.5% 1.3% 1.2% 1.0% 0.9% first to balance its annual budget post credit crisis 0.5% • Canada has the highest long term GDP growth rate (CAGR) between 2000 and 2018 among the G7 0.0% Canada U.S. Source: IMF, World Economic Outlook Database, October 2019 U.K. Germany France Japan 20 20 Canadian Federal Budget (Fiscal Year)1 Election Oct '15 Projections 10 10 0 -10 -20 -30 -40 -50 -60 2002-2003 2004-2005 2006-2007 2008-2009 2010-2011 2012-2013 2014-2015 0.2% Italy G7 Total Government Net Debt-to-GDP Ratios (2018²) 2.00% 150 1.00% 125 - 0.00% 100 -1.00% -2.00% % of GDP 18 75 50 -3.00% 25 Amount % of GDP -4.00% 0 2016-2017 2018-2019 2020-2021 2022-2023 Canada Germany United United France Italy Japan Kingdom States Source: Statistics Canada, Department of Finance 1 The Fiscal Year runs from April to March. For example, the 2018 Fiscal Year period is from April 1, 2019 to March 31, 2020. Source: IMF, World Economic Outlook Database, October 2019 CIBC 2. Canada's total government net debt-to-GDP ratio, which includes the net debt of the federal, provincial/territorial and local governments, as well as net assets held in the CPP and QPP. CIBC Q1 2020 Fixed Income Investor Presentation#87 Canadian Labour Market Profile Percentage change from February 2008 15% 10% 5% Total Employment -Canada -Germany Strong Job Creation Record United States -United Kingdom • 0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 -5% • Canada regained all jobs lost during the recession by January 2010, before the United Kingdom and the United States Net employment increases in Canada and the United States from February 2008 to January 2020 are 2,243,900 and 14,225,000, respectively Participation rate consistently higher than in the U.S. and the U.K. -10% Unemployment Rate -Canada United States 14% 13% -United Kingdom Eurozone 12% Participation Rate -Germany 70% -Canada United States -United Kingdom 68% 11% 10% 66% 9% 8% 7% 64% 6% 5% 62% 4% 3% 60% 2% T 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 CIBC Source: Bloomberg (Index) - CANLNETJ, CANLEMPL, UKLFEMCH, UKLFEMPF, USEMNCHG, NFP T, CANLXEMR, UKEUILOR, USURTOT, UMRTEMU, CANLPRTR, UKLFMGWG and PRUSTOT. CIBC Q1 2020 Fixed Income Investor Presentation#9Canadian Economy Selected Indicators 10 9 8 7 16 (%) Unemployment Rate 5 4 3 -- Canada (official rate) US -Canada (comparable) 2 1 0 . • Canada's unemployment rate less volatile in the past decade, and not directly comparable to the United States unemployment rate¹ • As measured by GDP indexed to 2007, the Canadian economy has outperformed other major economies since the financial crisis of 2008 . Canadian savings rate consistently positive in the past decade 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Source: Statistics Canada; U.S. Bureau of Labor Statistics, January 2020 GDP Indexed to 2007 Household Net Savings Ratio 8 125 20 -Canada 120 France 15 Germany 115 Italy 10 Japan 110 United Kingdom 5 105 United States 0 100 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 -5 95 90 -10 Source: IMF, World Economic Outlook Database, October 2019 Australia ― Canada -Finland -Germany Norway Sweden United States Source: OECD, Economic Outlook No 105, November 2019 CIBC Denmark 1 Certain groups of people in Canada are counted as unemployed, but are deemed to not participate in the labour force in the U.S. - e.g. job seekers who only looked at job ads, or individuals not able to work due to for family responsibilities. CIBC Q1 2020 Fixed Income Investor Presentation#10Canada GDP and Exports Well diversified economy, with several key industries including finance, manufacturing, services and real estate Following the 2007-2008 global recession, the diversity had been a stabilizing factor and led to strong economic performance relative to other industrialized nations Monthly GDP (November 2019) Exports: Top 25 Industries (2019) Iron and Steel Mills and Ferro-Alloy Manufacturing. Seafood Product Preparation and Packaging, 1% Accommodation and food services, 2% Arts, entertainment and. recreation, 1% Health care and social. assistance, 7% Educational services, 5%. Other services (except public administration), 2% Agriculture, forestry, _fishing and hunting, 2% Mining, quarrying, and oil and gas extraction, 7% Manufacturing, 10% Public administration, 7%- Administrative and support, waste management and remediation services, 3%- Professional, scientific and. technical services, 6% Paper Mills, 1% Starch and Vegetable Fat and. -1% Oil Manufacturing, 1% Commercial and Service Industry Machinery Manufacturing, 1% Oilseed (except Soybean) Farming, 1% Construction, 7% Utilities, 2% Transportation and warehousing, 4% Information and cultural industries, 3% Other Plastic Product Manufacturing, 1%. Navigational, Measuring, Medical and ControPre Mining, 1% Instruments Manufacturing,. 1% Coal Mining, 1%. Wheat Farming, 1%. Pulp Mills, 1%. Engine, Turbine and Power Transmission Equipment Manufacturing, 1% Resin and Synthetic Rubber Manufacturing, 1% Animal Slaughtering and. Processing, 1% Sawmills and Wood Preservation, 1% Alumina and Aluminum Production and Processing, 2% Other Non-Metallic Mineral Mining and Quarrying, 2% Non-Ferrous Metal (except Aluminum) Smelting and Refining, 2% Pharmaceutical and Medicine Manufacturing, 2% Gold and Silver Ore Mining,. 3% Aerospace Product and Parts Manufacturing, 3% Source: Statistics Canada Wholesale trade, 5% Real Estate, 13% LRetail trade, 5% Finance and Insurance, 7% Source: Statistics Canada 1 Percentages may not add up to 100% due to rounding. CIBC Q1 2020 Fixed Income Investor Presentation Others, 39% 9 Oil and Gas Extraction, 17% Petroleum Refineries, 3% Automobile and Light-Duty Motor Vehicle Manufacturing, 9%#11CIBC Overview CIBC CIBC Q1 2020 Fixed Income Investor Presentation#1211 CIBC Snapshot CIBC (CM: TSX, NYSE) is a leading North American financial institution. Through our four strategic business units - Canadian Personal and Small Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, and Capital Markets - our 45,000 employees provide a full range of financial products and services to 10 million personal banking, business, public sector and institutional clients in Canada, the U.S. and around the world. As at, or for the period ended, January 31, 2020: Q1 2020 Adjusted Net Income by SBU1,2 CIBC's Stock ■ Market Cap ■ Dividend Yield Adjusted ROE¹ $48.0 billion 5.3% 16.1% ■ Five-Year TSR 55.7% Canadian Personal & Small Business Banking 42% ■ Clients Banking Centres ~10 million 1,022 CIBC ■ Employees 45,083 ■ Total Assets ■ Moody's CIBC's Credit Rating³ ■ S&P Fitch $672.1 billion Aa2 (Senior A2), Stable A+ (Senior BBB+), Stable AA- (Senior AA-), Stable ■ DBRS AA (Senior AA (low)), Stable U.S. Commercial Banking & Wealth Management 13% Adjusted results are non-GAAP measures. See the non-GAAP section of CIBC's Q1 2020 Report to Shareholders. (1) (2) Excludes the Corporate & Other segment. (3) Long-term senior debt ratings. DBRS LT Issuer Rating; Moody's LT Deposit and Counterparty Risk Assessment Rating; S&P's Issuer Credit Rating; Fitch LT Issuer Default and Derivative Counterparty Rating. Includes: (a) Senior debt issued prior to September 23, 2018; and (b) Senior debt issued on or after September 23, 2018 which is excluded from the bank recapitalization "bail-in" regime. (4) Subject to conversion under the bank recapitalization "bail-in" regime CIBC Q1 2020 Fixed Income Investor Presentation Canadian Commercial Banking & Wealth Management 23% Capital Markets 23% CIBC#13Strong and Consistent Returns to Shareholders... Adjusted Diluted Earnings Per Share¹ (C$) Adjusted Return on Equity¹ (%) 12.21 11.92 12.15 19.0 11.11 18.1 17.4 10.22 16.1 2.84 15.4 15.8 3.10 2.97 3.24 3.01 2016 2017 2018 2019 Q1 2020 LTM Q1 2020 2016 2017 2018 2019 Q1 2020 LTM Q1 2020 Q1 Q2 Q3 Q4 Dividends Per Share (C$) Adjusted Dividend Payout Ratio 1,2 (%) 5.60 5.68 5.32 5.08 4.75 1.44 1.40 1.40 1.44 1.36 2016 2017 Q1 Q2 Q3 2018 2019 Q1 2020 LTM Q1 2020 Q4 46.4 46.2 46.9 46.7 43.4 44.3 2016 2017 2018 2019 Q1 2020 LTM Q1 2020 CIBC (1) Adjusted results are non-GAAP measures. See the non-GAAP section of CIBC's Q1 2020 Report to Shareholders. (2) Common dividends paid as a percentage of net income after preferred dividends and premium on preferred share redemptions. CIBC Q1 2020 Fixed Income Investor Presentation 12#14...Through Investments in Top-Line Growth and Efficiency... Adjusted Revenue (TEB)1,2 (C$ billions) Adjusted Non-Interest Expenses¹ (C$ billions) +5% 18.1 18.7 19.0 16.3 15.0 4.7 4.8 4.6 4.9 4.6 2016 2017 2018 2019 Q1 2020 LTM Q1 2020 2016 Q1 Q2 Q3 Q4 +4% 10.1 10.4 10.6 9.3 8.7 2.7 2.6 2.6 2.7 2.5 2017 2018 2019 Q1 2020 LTM Q1 2020 Q1 Q2 Q3 Q4 Adjusted Efficiency Ratio (TEB) 1,2 (%) Adjusted Net Income¹ (C$ billions) 58.0 57.2 55.6 55.5 55.0 55.6 +6% 5.5 5.4 5.6 4.7 4.1 1.3 1.4 1.4 1.5 1.4 2016 2017 2018 2019 Q1 2020 LTM Q1 2020 2016 2017 2018 2019 Q1 2020 LTM Q1 2020 Q1 Q2 Q3 Q4 (1) Adjusted results are non-GAAP measures. See the non-GAAP section of CIBC's Q1 2020 Report to Shareholders. (2) TEB = Taxable Equivalent Basis - a non-GAAP financial measure representing the gross up of tax-exempt revenue on certain securities to an equivalent before-tax basis to facilitate comparison of net interest income from both taxable and tax-exempt sources. CIBC CIBC Q1 2020 Fixed Income Investor Presentation 13#15...Underpinned by a Commitment to Balance Sheet Strength Basel III CET1 Ratio (%) Basel III Total Capital Ratio (%) 11.3 11.4 11.6 11.3 14.8 14.9 15.0 14.5 10.6 13.8 (1) 2016 2017 2018 2019 Q1 2020 2016 2017 (1) 2018 2019 Q1 2020 Basel III Leverage Ratio² (%) 4.3 4.3 4.3 4.0 4.0 Liquidity Coverage Ratio² (%) 128.0 124.0 125.0 125.0 120.0 2016 2017 2018 2019 Q1 2020 Q4 2016 Q4 2017 Q4 2018 Q4 2019 Q1 2020 (1) On June 23, 2017, CIBC completed the acquisition of PrivateBancorp, Inc. and its subsidiary, The PrivateBank and Trust Company. (2) Public disclosure of the Basel III Leverage Ratio and the Liquidity Coverage Ratio was required effective January 1, 2015. CIBC CIBC Q1 2020 Fixed Income Investor Presentation 14#16Sustainable Returns to Shareholders ་ CIBC has a strong track record of shareholder returns CIBC has not missed a regular dividend or reduced its dividend since the first dividend payment in 1868 Dividends 8.00% Quarterly Dividend (RHS) Yield (LHS) 7.50% 7.00% 6.50% 6.00% 5.50% 5.00% 4.50% 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% $1.50 $1.40 $1.30 $1.20 $1.10 $1.00 $0.90 $0.80 $0.70 $0.60 $0.50 $0.40 $0.30 $0.20 $0.10 Q1 2003 Q4 2003 Q3 2004 Q2 2005 Q1 2006 Q4 2006 Q3 2007. Q2 2008 Q1 2009 Q4 2009 Q3 2010 Q2 2011 Q1 2012 Q4 2012 Q3 2013 Q2 2014 22 Source: CIBC Q1 2015 Q4 2015 Q3 2016. Q2 2017 Q1 2018 Q4 2018 Q3 2019 $- Note: Dividend of CAD 1.46 per share for the quarter ending April 30, 2020 payable on April 28, 2020 to shareholders of record at the close of business on March 27, 2020. CIBC Q1 2020 Fixed Income Investor Presentation CAD CIBC 15#17Strong, High Quality Liquid Client Driven Balance Sheet Based on Q1/20 results Assets 32% Liquid Assets CAD 672BN Liabilities & Equity Cash and Repos Trading & 120% Coverage (Liquid Assets/ Wholesale Funding) Unsecured Funding 27% Wholesale Funding Investment Securities Secured Funding (3) 106% Coverage (Deposits Residential Mortgages (1) +Capital /Loans) Personal Deposits 64% 59% Loan Portfolio Other Retail Loans Capital + Client related Business & Gov't Deposits funding Corporate Loans Securitization & Covered Bonds Mainly Derivatives Other Assets (2) (1) Securitized agency MBS are on balance sheet as per IFRS Capital Other Liabilities (2) Mainly Derivatives (2) Derivatives related assets, are largely offset by derivatives related liabilities. Under IFRS derivative amounts with master netting agreements cannot be offset and the gross derivative assets and liabilities are reported on balance sheet. (3) Includes Obligations related to securities sold short, Cash collateral on securities lent and Obligations related to securities under repurchase agreements CIBC Q1 2020 Fixed Income Investor Presentation CIBC 16#18Capital position continues to be strong CET1 Ratio 33 bps 11.6% (36) bps Pro forma 11.7% (10) bps (14) bps 11.3% Q4/19 Earnings net of Dividends RWAS (excl. FX) Restructuring Charge Regulatory/Model Updates and Other Q1/20 Q1 Highlights • Strong internal capital generation Strong organic RWA growth which includes some timing related items • Share buyback included in Other (-7 bps) • Pro forma CET1 ratio of 11.7% after expected sale of controlling interest in FCIB Liquidity coverage ratio of 125% and leverage ratio of 4.3% CIBC Q1 2020 Fixed Income Investor Presentation CIBC 17#19Credit Review Provision For Credit Losses (PCL) 18 1.00% PCL -Loan loss ratio 400 Reported & Adjusted¹ ($MM) Q1/19 Q4/19 Q1/20 350 Cdn. Personal & Small Business 208 255 215 0.75% 300 Impaired 192 218 192 250 Performing 16 37 23 Cdn. Commercial Banking & Wealth 43 80 35 0.50% 200 Impaired 48 71 34 150 Performing (5) 9 1 0.25% 100 U.S. Commercial Banking & Wealth 16 17 15 Impaired 5 13 16 50 Performing 11 4 (1) 0.00% Q1/13 Q3/13 Q1/14 Q3/14 Q1/15 Q3/15 Q1/16 Q3/16 Q1/17 Q3/17 Q1/18 Q3/18 Q1/19 Q3/19 Q1/20 Capital Markets 66 Fiscal Quarter Impaired 42 90+ Days Delinquency Rates Performing 24 422 45 (10) 24 (5) 21 (5) Corporate & Other 5 LO 6 90+ Days Q1/19 Q4/19 Q1/20 Delinquency Rates Impaired Performing 8 4 7 (3) 1 (1) Canadian Residential Mortgages 0.27% 0.28% 0.30% Total PCL 338 402 261 Uninsured Insured 0.21% 0.22% 0.24% 0.37% 0.41% 0.43% Impaired Performing 295 330 244 43 72 17 Canadian Credit Cards 0.82% 0.76% 0.82% Personal Lending Total 0.34% 0.37% 0.37% 0.31% 0.33% 0.34% (1) 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 Canadian Banks. (2) Source: CIBC Q1, 2020 Investor Presentation CIBC Q1 2020 Fixed Income Investor Presentation CIBC#2019 Regulatory Environment Continually Evolving Capital Requirements Risk-Based Capital Ratios Liquidity Coverage Ratio (LCR) Liquidity Requirements Net Stable Funding Ratio (Proposed) Other ☐ ☐ " ☐ ☐ Total Loss Absorbing Capacity (TLAC) ☐ ☐ In December 2017, the Basel Committee finalized its Basel III reforms. Key changes include: A revised Standardized Approach for credit risk (2022) A new credit risk framework for constraining model-based approaches to reduce RWA variations (2022) Revised market risk and CVA frameworks (2022) A capital "output" floor based on the revised Standardized Approach to replace the existing Basel I Capital Floor. Floor calibrated at 50% starting 2022 and increasing to 72.5% in 2027 Finalized leverage ratio framework with new leverage ratio buffer for G-SIBS and revised treatment of off-balance sheet and derivative exposures OSFI implemented a revised capital floor based on Basel II Standardized Approaches starting Q2/18. In effect until the new capital floor comes in 2022. In July 2018, OSFI issued a discussion paper on the domestic implementation of the Basel III reforms. Proposal includes new risk weight functions for mortgages and credit cards, accelerated adoption of revised operational risk framework (2021), no phase-in of the capital "output" floor (2022) and increased leverage ratio requirements for D-SIBS In June 2018, OSFI announced revisions to Pillar 2 buffer requirements (details on next slide). OSFI introduced guideline amendments primarily concerning the treatment of deposits in Spring 2019 for implementation January 1, 2020; regulatory requirement is to maintain >100% In April 2019, the Federal Reserve Board (FRB) proposed tailoring the post-crisis regulatory framework for foreign banking organizations (FBOs) Enhanced Prudential Standards (EPS) Proposal is US FBOs with <US$100B in total US Assets are not required to be LCR compliant The NSFR is defined as the amount of available stable funding relative to the amount of required stable funding Final OSFI guidelines provided in April 2019, for implementation January 1, 2020, with minimum NSFR requirement of ≥100% Disclosures to be provided in DSIB financial reporting (MD&A) beginning January 2021 Requirement for too-big-to-fail banks to have loss-absorbing liabilities (e.g. wholesale funding) Canadian Bail-in Regime came into force on September 23, 2018 TLAC minimum (23.50%¹ of RWA and 6.75% of leverage exposure) starting F2022 for Canadian D-SIBS 1 Increases to 23.75% when the Domestic Stability Buffer rises to 2.25% effective April 30, 2020#2120 20 Domestic Stability Buffer Background Canadian Domestic Systemically Important Banks (D-SIBS) are required to hold Pillar 2 capital buffer that is privately communicated to each bank, to address risks that are inadequately captured by the Pillar 1 minimum capital requirements D-SIBS are subject to publicly-disclosed Pillar 1 minimum of 8.0% and undisclosed non-public Pillar 2 buffer What Has Changed This Domestic Stability Buffer will increase to 2.25% of RWA effective April 30, 2020, but could range between 0% to 2.5% depending on OSFI's assessment of systemic vulnerabilities D-SIBS face including Canadian consumer and institutional indebtedness, as well as asset imbalances in the Canadian market OSFI announced on June 20th 2018 a revised framework where a component of the Pillar 2 buffer for D-SIBS will be publicly disclosed (1) The purpose of public disclosure is to provide greater transparency to the market and other stakeholders, and to enhance the usability of the buffer by the banks in times of stress A breach would require a remediation plan from the bank OSFI will undertake a review of the buffer on a semi-annual basis, in June and December with any changes being made public Implications for Banks There is no incremental capital requirement for banks. This is a transition of the Pillar 2 capital buffer requirement from private to public domain. Given CIBC (and other Canadian D-SIBS) are well above the minimum requirement, we do not believe this will impact banks' capital planning in a material way (1) There may be an additional private component to Pillar 2 buffer specific to individual banks (2) The Domestic Stability Buffer was originally set at 1.5% when introduced Current 2.00% Domestic Stability 11.3% Buffer(2) Pillar 1 Minimum 8.0% for D-SIBS* OSFI Requirement CIBC (Q1/20) * Consists of 4.5% minimum plus 2.5% of capital conservation buffer plus 1.0% current D-SIB surcharge#22Diversification is Key to a Stable Wholesale Funding Profile Wholesale Funding Diversification 21 24 Geography Instrument Well diversified across products, currencies, investor segments and geographic regions Achieve appropriate balance between cost and stability of funding Regular issuance to promote investor engagement and secondary market liquidity Well balanced maturity profile that is reflective of the maturity profile of our asset base Investor Term CIBC Q1 2020 Fixed Income Investor Presentation CIBC#2322 22 CIBC Funding Strategy and Sources Funding Strategy ▸ CIBC's funding strategy includes access to funding through retail deposits and wholesale funding and deposits ▸ CIBC updates its three year funding plan on at least a quarterly basis ▸ The wholesale funding strategy is to develop and maintain a sustainable funding base through which CIBC can access funding across many different depositors and investors, geographies, maturities, and funding instruments Wholesale Funding Sources Wholesale Market (CAD Eq. 152.6BN), Maturity Profile Wholesale deposits Canada, U.S. Credit card securitization Canada, U.S. 60 60 Secured Unsecured 50 40 40 Global MTN programs Mortgage securitization programs 30 20 33 23 Covered Bond program Structured Notes 10 16 13 22 22 8 23 8 Less than 1m-3m 1m 3m-6m 6m-12m 1y-2y Over 2y CIBC Q1 2020 Fixed Income Investor Presentation Source: CIBC Q1-2020 Report to Shareholders#24Wholesale Funding Geography CAD 49.8 BN Canada Mortgage Bonds Credit Cards Securitization Medium Term Notes Canadian Dollar Deposits Wholesale Funding By Currency EUR 6.3 BN, CHF 1.5 BN, GBP 3.6 BN, SEK 2.0 BN, NOK: 0.15 BN Covered Bonds Medium Term Notes USD 60.4.3 BN Covered Bond Program Credit Cards Securitization Medium Term Notes US Dollar Deposits Mortgage Securitization 45% Credit Cards Securitization 10% Covered Bonds 45% Wholesale Funding By Product Secured 25% Unsecured 75% " Term Deposits 0.5% JPY 55.0 BN Medium Term Notes HKD 2.0 BN Medium Term Notes AUD 4.3 BN Covered Bonds Medium Term Notes Medium Term Notes 42.0% CD and CP 48.4% Sub-debt 4.2% Bankers Acceptances 4.9% Source: CIBC Q1-2020 Quarterly Report to Shareholders, Bloomberg Unsecured includes Obligations related to securities sold short, Cash collateral on securities lent and Obligations related to securities under repurchase agreements. Percentages man not add up to 100% due to rounding CIBC Q1 2020 Fixed Income Investor Presentation CIBC 23#25CIBC Funding Composition Funding Sources - January 20201 Others (Includes derivatives) 8% Securitization & Covered Bonds 6% Capital² Securities sold short or repurchase agreements 11% 7% 24 Funding sources BN Personal deposits 182.8 Business and government deposits 164.3 Unsecured funding¹ 112.4 Personal Securities sold short or repurchase agreements 76.2 deposits 27% Others (Includes derivatives) 54.1 Capital² 43.9 Securitization & Covered Bonds 38.4 Total 672.1 Wholesale market, currency³ BN USD 79.0 CAD 49.8 Unsecured funding1 17% Business and Other 23.8 Total 152.6 government deposits 24% 1 Unsecured funding is comprised of wholesale bank deposits, certificates of deposit and commercial paper, bearer deposit notes and bankers' acceptances, senior unsecured EMTN and senior unsecured structured notes 2 Capital includes subordinated liabilities 3 Currency composition, in Canadian dollar equivalent, of funding sourced by CIBC in the wholesale market. Source: CIBC Q1-2020 Quarterly Report 2020 Source: CIBC Q1-2020 Supplementary Financial Information 1 Percentages may not add up to 100% due to rounding. CIBC Q1 2020 Fixed Income Investor Presentation CIBC#26Canadian Bail-in Regime Update CIBC CIBC Q1 2020 Fixed Income Investor Presentation#2726 26 Canadian 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. 1. 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 ☐ 2. 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 23.50% RWA² ▪ Effective Fiscal 2022. Public disclosure began in Q1 2019. 3. OSFI's TLAC holdings ■ Our investment in other G-SIBS and other Canadian D-SIB's TLAC instruments are to be deducted from our own tier 2 capital if our aggregate holding, together with investments in capital instruments of other Fls, exceed 10% of our own CET1 capital Implementation started in Q1 2019 1 As referenced in the Bank Recapitalization (Bail-in) Regulations: http://laws-lois.justice.gc.ca/eng/regulations/SOR-2018-57/FullText.html 2 Increases to 23.75% when the Domestic Stability Buffer rises to 2.25% effective April 30, 2020 CIBC Q1 2020 Fixed Income Investor Presentation CIBC#28Canadian 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 Q1 2020 Fixed Income Investor Presentation CIBC 27#29How 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. ■ At bail-in, all NVCC instruments would be fully converted to common equity based on pre-determined conversion ratios ■ Portion of the bail-in debt that would be converted to common equity as well as the conversion ratio would be determined by the authorities on a case-by-case basis 1. Pre-Loss Balance Sheet 2. Loss Event 3. Post Bail-in Loss Other Senior Liabilities Bail-in Debt Other Senior Liabilities Assets NVCC Sub- Debt Bail-in Debt Assets Assets NVCC NVCC Sub- Debt Preferred Equity Common Equity CIBC Q1 2020 Fixed Income Investor Presentation NVCC Preferred Equity Common Equity Other Senior Liabilities Bail-in Debt Common Equity CIBC 28#30Liquidation to Resolution Comparison Liquidation Scenario Bail-in debt ranks pari passu with all other senior unsecured liabilities. Resolution Scenario Bail-in debt is partially or fully converted into common shares. No Creditor Worse Off No creditor shall incur greater losses than under insolvency proceedings. Bank shareholders and creditors may seek compensation should they be left worse off as a result of CDIC's actions to resolve a failed bank than they would have been if the bank had been liquidated. CIBC Q1 2020 Fixed Income Investor Presentation Loss Absorption Waterfall AT 1 Instruments Common Equity Liquidation Securitizations, Covered Bonds Deposits Legacy Senior Debt Tier 2 Structured Notes Legacy (not NVCC) Preferred Shares Derivatives Bail-in Debt Deposits Resolution Securitizations, Covered Bonds Legacy Senior Debt Bail-in Debt Tier 2 AT 1 Instruments Legacy (not NVCC) Preferred Shares Common Equity CIBC Structured Notes Derivatives 29#31Overview of Creditor Hierarchies in Bail-In Resolution National layers of bail-inable senior debt instruments Common Equity Tier 1 30 30 Common Equity Tier 1 Bank Insolvency Ordinance (BIO-FINMA) / BOE/PRA Resolution Mechanism Act ($46f KWG new) French Sapin 2 Italy Spanish Revised Insolvency Law "New" Non- Preferred Senior "New" Non- Preferred Senior Additional Tier 1 Additional Tier 1 (5.125%) Tier 2 (PONV) Tier 2 (PONV) Additional Tier 1 (5.125%) Tier 2 (PONV) Additional Tier 1 (5.125%) Tier 2 (PONV) Additional Tier 1 (5.125%) Tier 2 (PONV) Common Equity Tier 1 Common Equity Tier 1 Common Equity Tier 1 Common Equity Tier 1 Canada Bank Recapitalization (Bail-in) Regulations Loss absorption waterfall Preferred Shares/ AT1 (PONV) Tier 2 (PONV) "New" Senior (issued post Sep. 23, 2018) Other Liabilities Legacy Senior (issued before Sep. 23, 2018) Deposits HoldCo Senior OpCo Senior Discretionary exclusions possible Other Liabilities Deposits ■ Non-Preferred Legacy & "New" Non-Preferred Senior "New" Non- Preferred Senior Deposits Non-Preferred Other Liabilities Preferred Senior | Legacy & "New" Deposits Non-Preferred Other Liabilities Structured Senior ,,New" Preferred Senior Preferred Deposits (natural persons + micro + SMEs) Excluded Liabilities* Preferred Deposits Senior Unsecured Other Liabilities Non-Preferred Deposits Preferred Deposits Preferred Senior Legacy &,,New" (natural persons + micro + SMEs) (natural persons + micro + SMEs) (natural persons + micro + SMEs) Preferred Deposits Excluded Liabilities* Excluded Liabilities* Excluded Liabilities* Source: Commerzbank Sec. Obligations as well as Retail & SME Deposits <100k under Deposit Guarantee Scheme ** Sec. Obligations (e.g. Covered bonds) as well as CDIC Insured Deposits Other excluded Liabilities** CIBC Q1 2020 Fixed Income Investor Presentation Other Liabilities Loss absorption waterfall Non-Preferred Deposits Preferred Deposits (natural persons + micro + SMEs) Excluded Liabilities* CIBC#32Office of the Superintendent of Financial Institutions (OSFI) Non Viability Criteria ☐ ☐ " In assessing whether an institution has ceased, or is about to cease, to be viable, the following criteria can be considered, which may be mutually exclusive and should not be viewed as an exhaustive list¹ Whether the assets of the institution are, in the opinion of the Superintendent, sufficient to provide adequate protection to the institution's depositors and creditors. Whether the institution has lost the confidence of depositors or other creditors and the public. This may be characterized by ongoing increased difficulty in obtaining or rolling over short-term funding. Whether the institution's regulatory capital has, in the opinion of the Superintendent, reached a level, or is eroding in a manner, that may detrimentally affect its depositors and creditors. Whether the institution failed to pay any liability that has become due and payable or, in the opinion of the Superintendent, the institution will not be able to pay its liabilities as they become due and payable. Whether the institution failed to comply with an order of the Superintendent to increase its capital. Whether, in the opinion of the Superintendent, any other state of affairs exists in respect of the institution that may be materially prejudicial to the interests of the institution's depositors or creditors or the owners of any assets under the institution's administration, including where proceedings under a law relating to bankruptcy or insolvency have been commenced in Canada or elsewhere in respect of the holding body corporate of the institution. Whether the institution is unable to recapitalize on its own through the issuance of common shares or other forms of regulatory capital. For example, no suitable investor or group of investors exists that is willing or capable of investing in sufficient quantity and on terms that will restore the institution's viability, nor is there any reasonable prospect of such an investor emerging in the near-term in the absence of conversion or write-off of NVCC instruments. Further, in the case of a privately-held institution, including a Schedule II bank, the parent firm or entity is unable or unwilling to provide further support to the subsidiary. 1 Source: CAR Guideline, section 2.2.2, April 2018 http://www.osfi-bsif.gc.ca/Eng/fi-if/rg-ro/gdn-ort/gl-ld/Pages/CAR18_chpt2.aspx#ToC222CriteriatobeconsideredintriggeringconversionofNVCC 31 CIBC Q1 2020 Fixed Income Investor Presentation CIBC#33Canadian Mortgage Market CIBC CIBC Q1 2020 Fixed Income Investor Presentation#3433 Mortgage Market Performance and Urbanisation Rates Mortgage Arrears by Number of Mortgages 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% 1998 1999 Source: CML Research, CBA, MBA. *Mortgage arrears of 3+ months in Canada 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 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 0.25% in 2019 Population in Top Four Cities and UK or in foreclosure process in the US 40% 35% Canada has one of the highest urbanisation rates in the G7 30% ■ Almost 40% of the Canadian population lives in one of the four largest cities % of Population 25% 20% 15% 10% ■ A greater rate of urbanisation is a strong contributor to increases in property values 5% 0% Canada U.K. U.S. Germany France Source: 2014 Census for France, 2016 Census for Canada, 2011 Census for UK, Germany; 2010 Census for US CIBC CIBC Q1 2020 Fixed Income Investor Presentation#35Canadian House Prices Average Home Price . Absolute price level is moderate compared to major global urban centers City CAD USD Eq. Canada 504K 385K . Canadian debt to income ratio in line with many developed nations Toronto 828K 633K Vancouver 1009K 771K Growth rates of house prices in Canada have diverged across regions Calgary 412K 314K Montreal 384K 293K 300 250 200 150 Household Debt to Income Ratio Household Debt to Income Ratio 34 100 50 0 Denmark Netherla... Norway CIBC Q1 2020 Fixed Income Investor Presentation Australia Sweden Source: OECD, 2018 or latest available. Household debt ratios across countries can be significantly Canada Ireland U.K. France Japan U.S. Germany Source: Bloomberg, Teranet - National Bank House Price Index CIBC affected by different institutional arrangements, among which tax regulations regarding tax deductibility of interest payments. Average 35% -Canada Toronto Vancouver Calgary Montreal 30% 25% 20% 15% 10% 5% 0% Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec 12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 -5% -10% -15% Source: CREA, January 2020 11 USD 1.3087 CAD Housing Index Year over Year Change, by City#36CIBC's Mortgage Portfolio Condo Exposure • Condo Mortgages CIBC Canadian Residential Mortgages: CAD 202.2 BN Condo Developers CAD 104 BN Uninsured 67% 69% Undrawn 77% Insured 33% Drawn 23% CAD 41.9 BN ■Insured ■ Uninsured CAD 25.3 BN 73% 45% CAD 15.5 BN 31% 58% 46% 27% 55% 42% 54% Ontario British Columbia and territories Alberta Quebec Other 32% of CIBC's Canadian residential mortgage portfolio is insured, with 71% of insurance being provided by CMHC • The average loan to value¹ of the uninsured portfolio is 53% • The condo developer exposure is diversified across 109 projects • Condos account for approximately 13% of the total mortgage portfolio (1) LTV ratios for residential mortgages are calculated based on weighted average. The house price estimates for January 31, 2020 and October 31, 2019 are based on the Forward Sortation Area (FSA) level indices from the Teranet - National Bank National Composite House Price Index (Teranet) as of December 31, 2019 and September 30, 2019, respectively. Teranet is an independent estimate of the rate of change in Canadian home prices. CIBC Q1 2020 Fixed Income Investor Presentation CIBC 35 555#37Canadian Mortgage Market World Home Prices Per Square Foot (USD) Hong Kong 375 $2,446 350 London $1,876 325 Tokyo New York Paris $1,516 $1,398 300 $1,189 275 Shanghai Vancouver San Francisco Sydney Stockholm Boston Toronto Copenhagen Montreal $1,099 250 $1,080 225 $1,000 200 $995 175 5952 $924 Source: Global Property Guide, OREB, CREB GMREB, MAR, TREB, CAR, REBGV (2018) 150 125 $858 100 $606 $454 Calgary $370 55 75 50 Ottawa/Gatineau $347 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 80% 70% 60% 50% 40% Consistently High Owner's Equity² -Canada 2011 2013 2015 2017 2019 30% 1991 1993 Source: Federal Reserve, Statistics Canada 2 Indexed CIBC Q1 2020 Fixed Income Investor Presentation 1995 1997 1999 2001 United States 2003 2005 2007 2009 12% 10% 8% 6% 96 4% 28º 2% 0% House Price & Household Income Growth 1991 1993 1995 -CREA National Average Price Canadian Household Disposable Income OECD Canada Wages Value M 1997 1999 2001 2003 Canada United States Household Debt Service Ratio¹ 2005 2007 2009 2011 2013 2015 Source: Bloomberg, CREA 2017 2019 1991 1993 1995 1997 1999 2001 Source: Federal Reserve, Statistics Canada 1 Includes interest component only 2003 2005 2007 2009 2011 2013 2015 2017 2019 CIBC 36#38CIBC Investor Relations Contacts GEOFFREY WEISS, SENIOR VICE-PRESIDENT Email: [email protected] Phone: +1 416-980-5093 JASON PATCHETT, SENIOR DIRECTOR Email: Jason. [email protected] Phone: +1 416-980-8691 ALICE DUNNING, SENIOR DIRECTOR Email: Alice. [email protected] Phone: +1 416-861-8870 CIBC Q1 2020 Fixed Income Investor Presentation CIBC 37#39Appendix CIBC Q1 2020 Fixed Income Investor Presentation CIBC#40Canadian Mortgage Market Beneficial Mortgage Regulation in Canada Default Insurance Favourable Legal Environment • . • • Under the Bank Act, banks can only advance uninsured mortgages up to an LTV ratio of 80% Borrowers have to purchase default insurance if the mortgage has an LTV > 80% Insurance covers the entire outstanding principal amount, up to 12 months accrued interest and, subject to certain caps, any out-of-pocket costs incurred by the lender (e.g. foreclosure expenses, legal fees, maintenance costs, property insurance, etc.) Mortgage default insurance is provided by CMHC and private mortgage insurers (Genworth, Canada Guaranty) CMHC is the dominant residential mortgage insurance provider in Canada In most provinces, lenders have robust legal recourse to recoup losses (e.g. garnishing wages) • Taxation Mortgage interest is generally not tax deductible, which results in an incentive for mortgagors to limit their amount of mortgage debt This combination of factors results in consistently low credit losses on the Canadian banks' mortgage books CIBC Q1 2020 Fixed Income Investor Presentation CIBC 39#41Canadian Mortgage Market Regulatory Developments ◉ Max. amortization ◉ ■ ■ reduced to 35 yrs. from 40 Set min. down payment to 5% Min. credit score of 620 45% max. TDS ratio New loan documentation standards Reduce max. amortization to 30 yrs. from 35 yrs. ■ Refinancing max. LTV lowered to 85% from 90% Second home mortgage insurance no longer available Tightened income verification rules for Self- Employed borrowers HELOC insurance no longer available Insurance premiums increased by 15%, on average, for all LTV ranges Jul 2008 3 Feb 2010 Jan 2011 4 2 ■ Borrowers to meet ■ ■ standards for a five- year fixed mortgage 1 Refinancing max. LTV lowered to 90% from 95% Set min. down payment for non- owner occupied properties to 20% 1 Even if borrowers choose a mortgage with a lower interest rate and shorter term. Regulations related to Mortgage Default Insurance CIBC Q1 2020 Fixed Income Investor Presentation 5 Jun 2012 Jun 2015 Apr-May 2014 6 40 40 Refinancing max. LTV lowered to 80% from 85% Insurance on properties valued greater than 1MM no longer available Reduce max. amortization to 25 yrs. from 30 yrs. Max. GDS and TDS ratios set to 39% and 44%, respectively Maximum LTV for HELOCS lowered Insurance premiums for loans with LTV from 90% to 95% increased by 15% to 65% (from 80%) CIBC#42Canadian Mortgage Market Regulatory Developments (continued) ■ Min. down payment for new insured mortgage will increase from 5% to 10% for the portion of the house price above CAD 500,000 ■ Standardizing eligibility criteria for high-and low- ratio insured mortgages, including a mortgage rate stress test Closed the capital gains tax exemption loophole on the sale of a principal residence Ontario Government introduced Non- Resident speculation Tax (NRST) of 15% on properties in the Greater Golden Horseshoe area Vancouver Foreign Buyers' Tax increased to 20% 13 7 11 Aug 2016 Jan 2017 Feb 2016 Oct 2016 Apr 2017 8 10 41 Qualifying rate for mortgages changed to new benchmark of "weekly median" 5-yr. fixed insured mortgage rate +2% 15 Jan 2018 Feb 2018 Apr 2020 Dec 2018 Vancouver introduced 15% Foreign Buyers' Tax Vancouver introduced Empty Homes Tax of 1% of the assessed value of the home 1 Even if borrowers choose a mortgage with a lower interest rate and shorter term. Regulations related to Mortgage Default Insurance CIBC Q1 2020 Fixed Income Investor Presentation ◉ - 12 Updated Guideline B-20 Residential Mortgage Underwriting Practices and Procedures in effect Min. qualifying rate for uninsured mortgages greater of 5-yr. Bank of Canada benchmark rate or contractual rate +2% 14 BC Government introduced a Speculation and Vacancy Tax aimed at increasing the supply of rental property inventory CIBC#43CIBC Canadian Real Estate Secured Personal Lending 42 42 90+ Days Delinquency Rates Total Mortgages Uninsured Mortgages Uninsured Mortgages in GVA¹ Q1/19 Q4/19 Q1/20 0.21% 0.22% 0.10% 0.27% 0.28% 0.30% 0.24% 0.15% 0.15% Uninsured Mortgages in GTA¹ 0.13% 0.13% 0.14% Uninsured Mortgages in Oil Provinces² 0.54% 0.65% 0.69% • Total mortgage delinquency rate trended slightly higher in Q1/20 The Greater Vancouver Area¹ (GVA) and Greater Toronto Area (GTA) continue to outperform the Canadian average Mortgage Balances ($B; spot) 201 202 202 HELOC Balances ($B; spot) 21.8 21.2 20.5 111 112 112 12.3 11.9 11.6 63 63 63 6.7 6.6 6.3 27 27 27 2.8 2.7 2.6 Q1/19 Q4/19 Q1/20 Q1/19 Q4/19 Q1/20 ■GVA ■GTA ■Other Region ■GVA ■GTA ■ Other Region 1 GVA and GTA definitions based on regional mappings from Teranet. 2 Alberta, Saskatchewan and Newfoundland. CIBC Q1 2020 Fixed Income Investor Presentation CIBC#44CIBC Canadian Uninsured Residential Mortgages - Q1/20 Originations Beacon Distribution 16%15%15% 5% 4% 5% ≤650 41% 38% 36% 32% 31% 25% 15% 11% 11% 651-700 701-750 751-800 >800 ■Canada GVA ■GTA Loan-to-value (LTV)1 Distribution 41% 34% 31% 30% 33% 24% 22%20% 16% 13% 9% °11% 7% 4% 5% <30% 30 to <45% 45 to <60% ■Canada GVA ■GTA 60 to ≤75% >75% " Originations of $9B in Q1/20 Average LTV1 in Canada: 64% GVA²: 57% • GTA²: 61% 1 LTV ratios for residential mortgages are calculated based on weighted average. See page 58 of the 2019 Annual Report for further details. 2 GVA and GTA definitions based on regional mappings from Teranet. CIBC Q1 2020 Fixed Income Investor Presentation CIBC 43#45CIBC Canadian Uninsured Residential Mortgages - Q1/20 Beacon Distribution 40% 42%41% 26% 26% 23% 13%12%13% 7% 6% 6% 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: 53% 17%. 14% 14% . GVA²: 47% ≤650 651-700 701-750 751-800 >800 Canada GVA ■GTA Loan-to-value (LTV) Distribution 33% 29% 30%30% 29% 28% 23% 23% 16% 14% 12% 9% 11% 7% 6% <30% 30 to <45% 45 to <60% 60 to ≤75% ■Canada GVA ■GTA >75% . GTA²: 50% 1 LTV ratios for residential mortgages are calculated based on weighted average. See page 24 of the Q1 2020 Quarterly Report for further details. 2 GVA and GTA definitions based on regional mappings from Teranet. CIBC Q1 2020 Fixed Income Investor Presentation CIBC 44#46Outstanding Benchmark Covered Issuance 45 45 Series Currency Issued CBL6 AUD Maturity Type 300,000,000 Soft Bullet Issue Date Maturity Date Extended Due for Payment Date Coupon Rate Issue Spread Fitch/Moody's 12-Jun-15 12-Jun-20 12-Jun-21 BBSW + 0.65% BBSW + 0.65% AAA/Aaa CBL7 USD 1,200,000,000 Soft Bullet 21-Jul-15 21-Jul-20 21-Jul-21 2.25% MS + 0.47% AAA/Aaa CBL9 CHF 200,000,000 Soft Bullet 22-Dec-15 22-Dec-25 22-Dec-26 0.125% MS + 0% AAA/Aaa CBL9-2 CHF 150,000,000 Soft Bullet 22-Dec-15 22-Dec-25 22-Dec-26 0.125% MS + 0.05% AAA/Aaa CBL11 AUD CBL12 EUR 400,000,000 Soft Bullet 1,250,000,000 Soft Bullet 19-Apr-16 19-Apr-21 25-Jul-16 25-Jul-22 19-Apr-22 25-Jul-23 BBSW 1.10% BBSW 1.10% AAA/Aaa 0.00% MS + 0.06% AAA/Aaa CBL15 GBP CBL15-2 GBP 325,000,000 Soft Bullet 300,000,000 Soft Bullet 10-Jan-17 10-Jan-22 10-Jan-23 GBP LIBOR + 0.43% GBP LIBOR + 0.43% AAA/Aaa 11-Jan-18 10-Jan-22 10-Jan-23 GBP LIBOR + 0.43% GBP LIBOR + 0.21% AAA/Aaa CBL16 GBP CBL17 USD CBL18 AUD CBL19 EUR CBL20 CHF CBL20-2 CHF CBL21 USD CBL22 EUR CBL23 AUD CBL24 GBP 525,000,000 Soft Bullet 1,750,000,000 Soft Bullet 700,000,000 Soft Bullet 1,250,000,000 Soft Bullet 150,000,000 Soft Bullet 100,000,000 Soft Bullet 1,750,000,000 Soft Bullet 1,000,000,000 Soft Bullet 1,000,000,000 Soft Bullet 500,000,000 Soft Bullet 17-Jul-17 30-Jun-22 30-Jun-23 1.125% GBP LIBOR + 0.67% AAA/Aaa 27-Jul-17 27-Jul-22 27-Jul-23 2.350% MS + 0.47% AAA/Aaa 7-Sep-17 24-Jan-18 7-Dec-20 7-Dec-21 BBSW + 0.55% BBSW + 0.55% AAA/Aaa 24-Jan-23 24-Jan-24 0.25% MS - 0.05% AAA/Aaa 30-Apr-18 30-Apr-25 30-Apr-26 0.10% MS -0.08% AAA/Aaa 10-Oct-18 27-Jun-18 30-Apr-25 27-Jun-21 30-Apr-26 0.10% MS - 0.04% AAA/Aaa 27-Jun-22 3.15% MS + 0.30% AAA/Aaa 28-Oct-19 9-Jul-19 1-Aug-19 1-Aug-22 28-Oct-22 9-Jul-27 9-Jul-28 0.04% MS + 0.09% AAA/Aaa 1-Aug-23 BBSW + 0.50% BBSW +0.50% AAA/Aaa 28-Oct-23 SONIA + 0.48% SONIA +0.48% AAA/Aaa CIBC CIBC Q1 2020 Fixed Income Investor Presentation#47Selected Legacy and TLAC Senior¹ 46 46 ISIN Programme Currency Issued Issue Date Maturity Date US136069TY74 MJDS USD 1,000,000,000 16-Jun-17 16-Jun-22 US136069TZ40 MJDS USD 500,000,000 16-Jun-17 16-Jun-22 XS1646520921 EMTN/Formosa USD 300,000,000 31-Jul-17 31-Jul-47 0.00% US136069VX63 MJDS USD 1,250,000,000 5-Oct-17 5-Oct-20 2.10% US136069VY47 MJDS USD 500,000,000 5-Oct-17 5-Oct-20 LIBOR +0.31% Coupon Rate 2.55% LIBOR 0.72% Issue Spread T + 0.80% 0.72% 3ML + .45% T + 0.55% 0.31% US136069XY29 MJDS USD 750,000,000 2-Feb-18 2-Feb-21 2.70% T + 0.50% US136069XZ93 MJDS USD 600,000,000 2-Feb-18 2-Feb-21 LIBOR +0.315% XS1796257092 EMTN EUR 1,100,000,000 22-Mar-18 22-Mar-23 0.75% CH0426621709 EMTN CHF 430,000,000 31-Jul-18 31-Jul-23 0.15% 0.315% 0.350% 0.2575% US13607RAD26 MJDS USD 1,000,000,000 13-Sep-18 13-Sep-23 3.50% T + 0.80% US13607RAE09 MJDS USD 500,000,000 13-Sep-18 13-Sep-23 LIBOR + 0.66% CA1360695D97 CAD 1,250,000,000 15-Jan-19 15-Jan-24 3.29% 0.66% GoC+1.40% CH0419040826 EMTN CHF 100,000,000 30-Jan-19 30-Jan-25 0.60% MS + 0.70% US13607GAP90 MJDS USD 1,000,000,000 2-Apr-19 2-Apr-24 3.10% T + 0.92% XS1991125896 EMTN EUR 1,000,000,000 3-May-19 3-May-24 0.375% 0.42% US1360698A26 MJDS - 4NC3 USD 750,000,000 22-Jul-19 22-Jul-23 2.606% T + 0.80% XS2056446524 EMTN GBP 300,000,000 25-Sep-19 25-Sep-25 1.625% CH0498400578 EMTN CHF 350,000,000 15-Oct-19 15-Oct-26 0.050% XS2066727061 EMTN JPY 55,000,000,000 18-Oct-19 18-Oct-24 0.295% US13607GKW32 MJDS USD US13607GLZ53 MJDS USD 1,250,000,000 1,000,000,000 17-Dec-19 17-Mar-23 SOFR +0.80% 1.30% 0.66% YSO + 0.39% SOFR + 0.80% 28-Jan-20 28-Jan-25 2.250% T + 0.68% 1. The Base Prospectus for the Note Issuance Programme is available on: https://www.cibc.com/en/about-cibc/investor-relations/debt-information/note-issuance-programme.html TLAC Issuance CIBC Q1 2020 Fixed Income Investor Presentation CIBC