#1CIBC Investor Presentation May 25, 2023#2Forward-Looking Statements A NOTE ABOUT FORWARD-LOOKING STATEMENTS: From time to time, we make written or oral forward-looking statements within the meaning of certain securities laws, including in this Investor Presentation, in other filings with Canadian securities regulators or the SEC and in other communications. All such statements are made pursuant to the "safe harbour" provisions of, and are intended to be forward-looking statements under applicable Canadian and U.S. securities legislation, including the U.S. Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements made in the "Financial performance overview - Economic outlook", "Financial performance overview - Significant events", "Financial performance overview - Financial results review", "Financial performance overview - Review of quarterly financial information", "Financial condition - Capital management", "Management of risk - Risk overview", "Management of risk - Top and emerging risks", "Management of risk - Credit risk", "Management of risk - Market risk", "Management of risk - Liquidity risk", "Accounting and control matters - Critical accounting policies and estimates", "Accounting and control matters - Accounting developments", and "Accounting and control matters - Other regulatory developments" sections of our Q2/23 Report to Shareholders and other statements about our operations, business lines, financial condition, risk management, priorities, targets and sustainability commitments (including with respect to net-zero emissions and our environmental, social and governance (ESG) related activities), ongoing objectives, strategies, the regulatory environment in which we operate and outlook for calendar year 2023 and subsequent periods. Forward-looking statements are typically identified by the words "believe", "expect", "anticipate", "intend", "estimate", "forecast”, “target”, “predict", "commit", "ambition", "goal", "strive", "project", "objective" and other similar expressions or future or conditional verbs such as "will", "may", "should", "would" and "could". By their nature, these statements require us to make assumptions, including the economic assumptions set out in the "Financial performance overview - Economic outlook" section of our Q2/23 Report to Shareholders, and are subject to inherent risks and uncertainties that may be general or specific. Given the continuing impact of high inflation, rising interest rates, recent events in the U.S. banking sector which adds pressure on liquidity and funding conditions for the financial industry, the impact of hybrid work arrangements and higher interest rates on the U.S. real estate sector, potential recession and the war in Ukraine on the global economy, financial markets, and our business, results of operations, reputation and financial condition, there is inherently more uncertainty associated with our assumptions as compared to prior periods. A variety of factors, many of which are beyond our control, affect our operations, performance and results, and could cause actual results to differ materially from the expectations expressed in any of our forward-looking statements. These factors include: inflationary pressures; global supply-chain disruptions; geopolitical risk, including from the war in Ukraine, the occurrence, continuance or intensification of public health emergencies, such as the impact of COVID-19, and any related government policies and actions; credit, market, liquidity, strategic, insurance, operational, reputation, conduct and legal, regulatory and environmental risk; currency value and interest rate fluctuations, including as a result of market and oil price volatility; the effectiveness and adequacy of our risk management and valuation models and processes; legislative or regulatory developments in the jurisdictions where we operate, including the Organisation for Economic Co-operation and Development Common Reporting Standard, and regulatory reforms in the United Kingdom and Europe, the Basel Committee on Banking Supervision's global standards for capital and liquidity reform, and those relating to bank recapitalization legislation and the payments system in Canada; amendments to, and interpretations of, risk-based capital guidelines and reporting instructions, and interest rate and liquidity regulatory guidance; exposure to, and the resolution of, significant litigation or regulatory matters, our ability to successfully appeal adverse outcomes of such matters and the timing, determination and recovery of amounts related to such matters; the effect of changes to accounting standards, rules and interpretations; changes in our estimates of reserves and allowances; changes in tax laws; changes to our credit ratings; political conditions and developments, including changes relating to economic or trade matters; the possible effect on our business of international conflicts, such as the war in Ukraine, and terrorism; natural disasters, disruptions to public infrastructure and other catastrophic events; reliance on third parties to provide components of our business infrastructure; potential disruptions to our information technology systems and services; increasing cyber security risks which may include theft or disclosure of assets, unauthorized access to sensitive information, or operational disruption; social media risk; losses incurred as a result of internal or external fraud; anti-money laundering; the accuracy and completeness of information provided to us concerning clients and counterparties; the failure of third parties to comply with their obligations to us and our affiliates or associates; intensifying competition from established competitors and new entrants in the financial services industry including through internet and mobile banking; technological change; global capital market activity; changes in monetary and economic policy; general business and economic conditions worldwide, as well as in Canada, the U.S. and other countries where we have operations, including increasing Canadian household debt levels and global credit risks; climate change and other ESG related risks; our success in developing and introducing new products and services, expanding existing distribution channels, developing new distribution channels and realizing increased revenue from these channels; changes in client spending and saving habits; our ability to attract and retain key employees and executives; our ability to successfully execute our strategies and complete and integrate acquisitions and joint ventures; the risk that expected benefits of an acquisition, merger or divestiture will not be realized within the expected time frame or at all; and our ability to anticipate and manage the risks associated with these factors. This list is not exhaustive of the factors that may affect any of our forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on our forward-looking statements. Any forward-looking statements contained in this Investor Presentation represent the views of management only as of the date hereof and are presented for the purpose of assisting our shareholders and financial analysts in understanding our financial position, objectives and priorities and anticipated financial performance as at and for the periods ended on the dates presented, and may not be appropriate for other purposes. We do not undertake to update any forward-looking statement that is contained in this Investor Presentation or in other communications except as required by law. CIBC◇ Investor Relations contacts: Geoff Weiss, Senior Vice-President 416 980-5093 Visit the Investor Relations section at www.cibc.com/en/about-cibc/investor-relations.html 1#3About CIBC CIBC◇ CIBCO ONCO#4A leading Canadian financial institution1 1867 13MM 49K $1.7B 14.5% 60.6% 11.9% FOUNDED CLIENTS EMPLOYEES² NET-INCOME (Q2/23) ROE3 (Q2/23) TSR4 (3-YR) CET1 RATIO5 (Q2/23) DIVERSIFIED EARNINGS MIX STRONG CREDIT RATINGS Net Income by Strategic Business Unit Net Income Contribution by Region Agency Rating8 (Q2/23)6 (Q2/23)6 Capital Markets 30% 39% Canadian Personal & Business Banking Other US7 Moody's Aa2 (Senior⁹, A2), Stable 14% 11% S&P A+ (Senior⁹, A-), Stable Fitch AA (Senior⁹, AA-), Stable 28% 75% 3% DBRS AA (Senior⁹, AA(low)), Stable US Commercial & Wealth Canada Canadian Commercial & Wealth CIBC◇ For footnoted information refer to slide 37. 3#5Clear purpose, well-defined strategy creating enduring value for stakeholders OUR AMBITION: To deliver top-tier shareholder returns over the medium term while maintaining financial strength and risk discipline OUR STRATEGY Focusing on high- growth, high-touch segments • Focusing on high-growth, high-touch segments Leveraging our unique capabilities to be a leader with Canadian affluent and high-net-worth clients Expanding our US Private Wealth platform to drive new client acquisition Further enhancing connectivity across our North American Corporate, Commercial and Wealth franchise • Simplifying our Bank Investing in future differentiators • CIBC◇ Investing in future differentiators within faster-growing markets Accelerating growth of our digital direct banking and investing platforms Expanding our leading renewables, sustainable finance and energy transition franchise Simplifying our Bank Optimizing processes, enhancing digital capabilities and leveraging data to enhance client experience Increasing operational efficiency with end-to-end process automation and digitization 4#6Our disciplined approach to resource allocation continues to drive profitable growth High-growth, high touch segments Affluent & high net worth | The private economy Strategic Investments Future differentiators The new economy Simplifying our bank Automation |Digitization | Data & analytics +$5B (LTM) in cross-business referrals in Canadian operations¹ +79% YoY revenues in Simplii driven by wider deposit margins Digital Adoption Rate of 84%, increase of 3% YoY en +$10B (LTM) of net funds managed from franchising2 . +47% YoY NIBT growth in Innovation Banking US Private Wealth awarded "Best High Net Worth Investment Platform"³ CIBC◇ For footnoted information refer to slide 37. ◉ Loan pricing tool, Precision Lender launched in Canada Up to $1B provided in new sustainable finance offering with EDC4 50% of applications operating on the Cloud (incl. SaaS/AMS)5 5#7Robust operational framework underpinning strength and stability of our bank... The resilience of our bank is underpinned by a strong balance sheet, a sustainable funding profile, and disciplined risk and capital management practices. Resilient capital base Strong liquidity position Quality deposit franchise Prudent lending standards Solid capital generation capabilities to withstand market headwinds Well-diversified, high- quality, and client- centric funding structure Deep client relationships and diversification across industries Proactively managed portfolios with strong risk profiles CET1 ratio of 11.9%; strong capital generation; insignificant net impact of Basel III reforms Average LCR² of 124%; well above the minimum regulatory requirement of 100% by OSFI Client deposits comprise 55% of total funding; wholesale funding constitutes ~20% Allowance coverage ratio³ of 0.66%; above pre-pandemic levels in response to economic uncertainties CIBC◇ For footnoted information refer to slide 37. 6#8...and providing the foundation to deliver sustainable outperformance through the cycle CIBC Through the Cycle Financial Objectives 1,2 For footnoted information refer to slide 37. Earnings Growth 7%-10% Return on Equity • 16%+ • Operating Leverage Positive Dividend Payout Ratio • 40%-50% 7#9Furthering our ESG strategy by putting our ambitions into action CIBC◇ Renewable energy #6 in North America for renewable energy financings 1 Leadership 38% 2 women in Board-approved executive roles (Global) For footnoted information refer to slide 37. Credit authorizations $4.6B in new or increased credit authorizations to small and medium-sized enterprises (Canada)² Employee experience 90% employee engagement score² Community investment $81M invested in community organizations globally 2 Leadership 24% 3 people of colour in Board-approved executive roles (Global) Climate action Financial education Sustainable finance 2050 target year to achieve net-zero greenhouse gas (GHG) emissions from our operational and financing activities 78,400 participants engaged in financial education seminars and events 2 $35.9B in sustainable finance activities² 8#10External recognition¹ for our commitment to sustainability CDP 2022 Climate Change Score = B Scale: D- to A (best) MSCI OD 2022 ESG Rating = AA Industry-Adjusted Score = 8.4 Scale: CCC to AAA (best) 0 to 10 (best) SUSTAINALYTICS 2022 ESG Risk Rating = 17.7 (low risk) or 9th percentile among banks Scale: 1 or 1st percentile (best) to 40+ ISS▷ 2022 QualityScore: E = 1; S = 2; G = 1 Scale: 1 (best) to 10 2022 Corporate Rating = C- Scale: D- to A+ (best) = FTSE4Good 2022 Rating 3.7 or 61st percentile Scale: 1 to 5 (best); 100th percentile (best) vigeoiris 2022 ESG Score = 49 Sector rank: 6/13 Scale: 0 to 100 (best) CIBC◇ For footnoted information refer to slide 37. 9#11Financial Performance CIBC◇ CIBCO ONCO#12Investments in top-line growth delivering for shareholders Revenue ($B) 21.8 21.8 20.0 20.0 18.6 18.5 18.7 18.7 5.4 5.4 ន ន ន ១ Q1 Q1 Q1 Q1 Q2 Q2 Non-Interest Expense ($B) Q2 Q2 Operating Leverage¹ (%) Q3 Q3 Q3 5.3 Q3 5.2 12.8 Q4 8 12.4 Q4 Q4 Q4 11.4 11.5 11.2 10.9 10.4 10.6 3.5 3.3 5.6 5.6 11.6 11.6 5.7 5.7 5.4 5.4 5.5 5.5 5.9 5.9 7.6 3.2 3.1 6.5 0.2 3.1 3.2 3.1 3.0 (1.5) 4.5 3.0 3.0 3.3 0.7 (0.6) (0.3) (1.9) (1.9) (4.0) 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 2019 2020 2021 2022 Q2/23 Diluted EPS2 ($) 5.60 5.96 4.85 4.11 7.23 6.96 7.05 6.68 1.39 1.26 Q1 Return on Common Shareholders' Equity (%) Dividend Payout Ratio¹ (%) ន ន ន ១ Q1 Q2 Q2 Q3 Q3 15.4 Q4 14.5 Q4 1.85 1.78 3.64 11.7 10.0 16.7 16.1 14.7 14.5 14.0 13.9 49.9 46.9 70.7 60.0 50.0 48.8 48.1 46.3 41.8 40.3 1.62 1.77 1.70 2.15 1.76 2.01 2.04 1.94 0.39 2021 2022 2023 2019 2020 2021 2022 Q2/23 2019 2020 2021 2022 Q2/23 For footnoted information refer to slide 37. Reported Adjusted³ 2019 2020 CIBC◇ 11#13Solid returns underpinned by a commitment to balance sheet strength Basel III CET1 Ratio¹ (%) Basel III Total Capital Ratio¹ (%) 12.1 11.6 12.4 11.7 11.9 16.1 15.0 16.2 15.3 15.5 2019 2020 2021 2022 Q2/23 2019 2020 2021 2022 Q2/23 Basel III Leverage Ratio¹ (%) 4.7 4.3 2019 CIBC◇ 2020 4.7 2021 For footnoted information refer to slide 38. 134 4.4 4.2 Liquidity Coverage Ratio (LCR)1 (%) 131 134 125 124 2022 Q2/23 Q2/19 Q2/20 Q2/21 Q2/22 Q2/23 12#14Asset yields and funding costs Average Assets ($B) & Yields 1,2,3 5.17% 4.77% 3.89% 2.89% 2.21% Average Liabilities and Equity ($B), & Costs 1,4,5 1.28% 0.60% 2.38% 3.63% 3.28% 948 953 933 900 882 882 900 948 50 953 50 933 51 49 48 245 234 209 216 212 384 389 362 361 368 177 190 189 177 174 3.27% 3.77% 1.54% 2.01% 2.79% 140 106 118 0.95% 1.66% 2.66% 155 3.48% 166 3.90% 493 2.84% 510 526 529 535 201 203 212 214 209 0.45% 1.09% 2.13% 3.05% 3.49% 3.46% 4.38% 5.19% 5.57% 166 162 157 150 145 0.20% 0.36% 0.70% 0.88% 0.93% Q2/22 Q3/22 Q4/22 Loans & Acceptances Securities Q1/23 Other Q2/23 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Yield on Avg. Interest-Earning Assets Notice/Demand - Personal Equity Notice/Demand - Corporate & Commercial Term - Client Other Cost of Liabilities over Avg. Interest-Earning Assets • • Loan yields continue to expand (YoY and sequentially), capturing rate increases by the Bank of Canada and the Fed Despite mix shift to higher-yield term deposits as a result of changes in client behaviour, demand and notice deposit betas behaving generally as expected and driving relative stability in interest expense CIBC◇ For footnoted information refer to slide 38. 22% Client Deposit Mix (Spot Balances)6 Q2/22 $477B 52% 32% 26% Q2/23 $514B 47% 21% Interest-Bearing Deposits - Notice/Demand Interest-Bearing Deposits - Term Non-Interest- Bearing Deposits 13#15Prudent risk management¹ 29 0.51 0.89 2019 2020 2019 33 33 CIBC◇ For footnoted information refer to slide 38. 61 Total Allowance Coverage Ratio² (%) 0.64 2021 Loan Loss Ratio (bps) 0.66 0.62 2022 Q2/23 29 29 34 26 21 16 14 4 2020 2021 2022 Q2/23 Impaired³ Total4 14#16Lending portfolio has a strong risk profile Nearly two-thirds of our portfolio is consumer lending, composed mainly of mortgages, with uninsured having an average loan-to- value of 53% • • Total variable rate mortgage portfolio accounts for 36% of the Canadian mortgage portfolio Overall Loan Mix (Outstanding Loans and Acceptances) Balance of portfolio is in business and government lending with an average risk rating equivalent¹ to BBB Consumer 62% CIBC◇ Canadian Uninsured Mortgage Loan-To-Value? Ratios 53% 53% 51% 52% 49% 49% 46% 44% 46% 47% 46% 43% Q2/20 Q2/21 Q2/22 Q2/23 Canada -GVA³ -GTA³ 3 For footnoted information refer to slide 38. Real Estate Secured Lending 55% $538B Cards 3% Auto Lending 1% Personal Lending 3% Other Business & Government 25% Commercial Real Estate 11% Business & Government 38% Oil Retailers 1% & Gas 1% 15#17Strategic Unit Business Performance CIBC◇ CIBCO ONCO#18Highlights - Canadian Personal and Business Banking Reported Adjusted² Strategic priorities accelerating growth ($MM) Q2/23 YOY QoQ Q2/23 YOY QoQ Revenue 2,280 6% 1% 2,280 7% 1% 8° Differentiating with high-touch, personalized advice to win in Affluent Net Interest Income 1,732 9% 1% 1,732 10% 1% Non-Interest Income 548 (2%) (1%) 548 (2%) (1%) Expenses 1,274 6% (1%) 1,268 8% (1%) PPPT1 1,006 6% 4% 1,012 5% 4% ☐ Provision for Credit Losses 123 ($150) ($35) 123 ($56) ($35) Focusing on mass market through digital client experiences to drive simplicity and speed Net Income 637 28% 8% 643 11% 8% Loans (Average, $B)3,4 315 6% 0% 315 6% 0% Deposits (Average, $B)4 218 8% 0% 218 8% 0% ☑ Net Interest Margin (bps) 227 8 11 227 9 11 Increasing productivity and operational excellence to win at client relationships and Q2/23 | Key Highlights +685K Net New Client Growth [LTM]5 +375K excluding co-brand clients +$10B Net Funds Managed [LTM] from franchising new and existing clients6 94% Digital Transactions? Record high number completed digitally CIBC◇ For footnoted information refer to slide 38. 17#19Growing Digital Adoption and Engagement¹ Digital Adoption Rate² Active Digital Banking Users³ (MM) CIBC +3% 84.2% 81.5% Q2/22 Digital Channel Usage (# of Sessions, MM) +19% Q2/23 5.8 +14% Active Digital Banking Users³ (Existing Personal Banking Clients vs. Co-brand) 90% 78% 6.6 Q2/22 Q2/23 Existing Clients New (Costco) Clients Digital Transactions4 (MM) +15% Transactions by Channel4 6.7% 5.7% 62 53 321 270 18 93.3% 94.3% 16 58 66 Q2/22 Q2/23 Q2/22 Q2/23 Q2/22 Q2/23 ■ eTransfers ■ Bill Payments Other 5 Digital Channel ■Non-Digital Channel For footnoted information refer to slide 39. 18#20Loan & Deposit Highlights - Canadian Personal and Business Banking1 Real Estate Secured Personal Loans² ($B) 264.8 273.6 Credit Card Loans² ($B) 16.3 18.2 238.1 2021 2022 10.8 Q2/23 2021 Other Personal and Business Loans² ($B) 2021 3.1 Other Personal Loans CIBC◇ 20.1 3.3 21.4 3.4 13.9 2022 Q2/23 Deposits ($B) 217.7 204.0 187.9 2022 Q2/23 2021 2022 Q2/23 Business Loans Other Personal Loans Business Loans For footnoted information refer to slide 39. 19#21Highlights - Canadian Commercial Banking & Wealth Management Reported & Adjusted¹ ($MM) Revenue Net Interest Income Q2/23 YOY QoQ Strategic priorities accelerating growth 1,336 3% (1%) 453 13% (2%) Non-Interest Income 883 (2%) (0%) ☐ Investing in our platforms to maintain commercial banking momentum & capitalize on wealth management opportunities Expenses 673 3% 1% PPPT² 663 2% (3%) Provision for Credit Losses 46 $50 $0 Net Income 452 (6%) (4%) Increasing connectivity to attract and deepen high- value relationships Commercial Banking - Loans (Average, $B) 3,6 92 10% 2% Commercial Banking - Deposits (Average, $B)6 90 8% 0% Net Interest Margin (bps) 349 13 0 J Focusing on future differentiators and faster growing sectors Assets Under Administration 4,5 (AUA, $B) 347 2% 2% Assets Under Management 4,5 (AUM, $B) 224 2% 2% Q2/23 | Key Highlights 10% / 8% Loan & Deposit Growth 3,6 Continued growth momentum 5.3% Annualized Net Flows7 / AUA from Private Wealth Management $2.5B Annualized Referral Volume8 Continued stability in volumes CIBC◇ For footnoted information refer to slide 39. 20 20#22Highlights - US Commercial Banking & Wealth Management Strategic priorities accelerating growth Reported Adjusted¹ (US$MM) Q2/23 YOY QoQ Q2/23 YOY QoQ Revenue 477 2% (9%) 477 Net Interest Income 338 11% (5%) 338 2% 11% (5%) (9%) Non-Interest Income 139 (15%) (19%) 139 (15%) (19%) Expenses 261 3% (8%) 248 4% (8%) PPPT² 216 1% (11%) 229 0% (10%) Provision for Credit Losses 183 $140 $110 183 $140 $110 Net Income 40 (72%) (73%) 50 (67%) (69%) Loans (Average, $B)3,5 41 11% 3% 41 11% 3% Deposits (Average, $B) 5 35 0% (6%) 35 0% (6%) Net Interest Margin (bps) 341 2 (13) 341 2 (13) ☑ AUA4 ($B) 94 2% 0% 94 2% 0% AUM ($B) 73 2% 0% 73 2% 0% Growing Commercial Banking by delivering expertise and unique solutions to meet clients' needs Expanding Private Wealth Management with continued focus on high-touch relationships and building scale Investing in technology and infrastructure to scale our platform and drive connectivity Q2/23 | Key Highlights +10% Cross-LOB Referrals6 Double-digit year-over-year growth $2.6B Net Flows from New Clients Over 12 months ~$100MM Invested over 12 months Flat relative to Q2/22 CIBC◇ For footnoted information refer to slide 39. 21 2#23Highlights - Capital Markets Reported & Adjusted¹ ($MM) Revenue² Q2/23 YOY QoQ 1,362 3% (8%) Non-Trading Net Interest Income 475 (2%) (11%) Non-Trading Non-Interest Income 317 32% 19% Trading Revenue 571 (3%) (16%) Expenses 664 12% 2% PPPT³ 698 (4%) (16%) Provision for Credit Losses 19 $33 $29 Net Income 497 (8%) (19%) Loans (Average, $B) 4,5 71 15% 3% Deposits (Average, $B)5 121 25% 2% Strategic priorities accelerating growth Leverage our leading platform, capabilities and expertise in Canada to grow with our clients Expand our franchise in the US, to continue delivering double-digit growth Focus on connectivity to accelerate Direct Financial Services and deepen relationships across our bank Q2/23 | Key Highlights +160K Net New Client Growth [LTM]6 in Simplii Financial +7% U.S. Revenue Growth $43MM increase over YTD Q2/22 +34% DFS Revenue Growth Continued momentum across the businesses CIBC◇ For footnoted information refer to slide 39. 22 222#24Funding Strategy and Sources CIBC◇ CIBCO ONCO#25High-quality, client-driven balance sheet (Based on Q2-2023 Results) Assets Liabilities & Equity $935B Cash & Repos 131% Unsecured Funding 27% 35% Liquid Assets Coverage Wholesale-sourced Funding Trading & Investment (Liquid Assets/ Wholesale Funding) Secured Funding³ Securities CIBC◇ Residential Mortgages1 57% Loan Portfolio Other Retail Loans 116% Coverage (Deposits + Capital / Loans) Corporate Loans 8% Other Assets² Mainly Derivatives For footnoted information refer to slide 40. Personal Deposits Business & Gov't Deposits 66% Capital + Client-related Funding Securitization & Covered Bonds Capital4 Other Liabilities² 8% Mainly Derivatives 24 24#26CIBC 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. 198.2BN), Maturity Profile CIBCO 80 Wholesale deposits Canada, U.S. Credit card securitization Canada, U.S. 函 40 Mortgage securitization Global MTN programs programs 50 30 825232 ■Secured ■ Unsecured 70 60 31 20 34 39 27 28 16 10 12 4 1 4 Covered Bond program Structured Notes Less than 1m-3m 3m-6m 6m-12m 1y-2y Over 2y 1m Source: CIBC Q2-2023 Report to Shareholders 25#27Wholesale funding geography CAD 49.5 BN ■ Canada Mortgage Bonds ■ Credit Cards Securitization ■ Medium Term Notes ■ Canadian Dollar Deposits CIBC◇ USD 69.6 BN Covered Bond Program Credit Cards Securitization Medium Term Notes US Dollar Deposits Credit Cards Securitization 7% Mortgage Securitization 31% Covered Bonds 62% For footnoted information refer to slide 40. Wholesale Funding By Currency¹ EUR 13.7 BN, CHF 3.2 BN, GBP 7.6BN, NOK: 1.9 BN Covered Bonds Medium Term Notes Certificates of Deposit Wholesale Funding By Product1,3 Secured 25% Unsecured² 75% Other 2% Medium Term Notes 46% JPY 106.0 BN Medium Term Notes HKD 15.0 BN Medium Term Notes ■ Certificates of Deposit AUD 11.3 BN Covered Bonds Medium Term Notes Certificates of Deposit Sub-debt CD and CP 42% 4% Deposits from banks 5% Bankers' acceptances 1% 26#28CIBC funding composition Funding Sources - April 20231 Others Securitization & Covered Bonds 5% (Includes derivatives) 8% Capital² 6% Securities sold short or repurchase agreements 11% Funding Sources BN Personal deposits 236.7 Business, Bank and Government deposits 277.7 Unsecured funding³ 148.6 Securities sold short or repurchase agreements 98.4 Personal deposits 25% Others (Includes derivatives) 72.8 Capital² 51.5 Securitization & Covered Bonds 49.5 Total 935.2 Wholesale market, currency BN USD 102.3 CAD 49.5 Other 46.4 Business, Bank Unsecured funding³ 16% and Total 198.2 government deposits 30% CIBC◇ For footnoted information refer to slide 40. 27#29Canadian Mortgage Market CIBC◇ CIBCO ONCO#30Mortgage Market Performance and Urbanization Rates Mortgage Arrears by Number of Mortgages¹ 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% 1995 2005 2011 2013 2015 2017 2019 2021 2023 Canada has one of the highest urbanization rates in the G7 • • Over 45% of the Canadian population lives in one of the four largest cities A greater rate of urbanization is a strong contributor to increases in property values CIBC◇ For footnoted information refer to slide 40. % of Population . 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 0.16% in February 20232 Population in Top Four Cities³ 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Canada U.K. U.S. Germany France 29#31Canadian House Prices . Absolute price level is moderate compared to major global urban centers . Canadian debt to income ratio in line with many developed nations 300 Growth rates of house prices in Canada have diverged across regions 250 200 Average Home Price 150 Household Debt to Income Ratio4 Household Debt to Income Ratio -Average Region CAD1 USD Eq.² Canada 716K YoY % Change³ 100 527K 50 -9% Toronto 1146K 844K -12% Vancouver 1171K 862K Norway Denmark Netherlands -9% Calgary 538K 40% 396K 7% -Canada -Montreal Australia Sweden Canada U.K. Montreal 519K 30% 382K Housing Index Year over Year Change, by City5 -Toronto -Ottawa -Vancouver -Quebec -Calgary -Halifax France Ireland Japan U.S. Germany -3% Ottawa 20% 636K 468K -10% 10% CIBC◇ For footnoted information refer to slide 40. 0% Dec- Dec- Dec- 07 08 09 12 13 14 15 16 Dec Dec- Dec Dec- Dec- Dec. Dec. Dec- Dec. Dec. Dec- Dec- Dec- 10 11 17 18 19 20 21 22 -10% -20% 30#32CIBC's Mortgage Portfolio CIBC Canadian Residential Mortgages: CAD 263.0 BN CAD 147 BN Condo Exposure: CAD 47.6 BN Condo Mortgages Condo Developers 86% CAD 52 BN Insured Uninsured CAD 27 BN 87% CAD 22 BN CAD 16 BN 57% 77% 14% 13% 43% 23% 63% 37% Ontario BC & Territories Alberta Quebec Other . CAD 39.4 BN CAD 8.2 BN Uninsured 80% Undrawn 73% Insured 20% Drawn 27% 19% of CIBC's Canadian residential mortgage portfolio is insured, with 60% of insurance being provided by CMHC The average loan to value¹ of the uninsured portfolio is 53% • The condo developer exposure is diversified across 120 projects • Condos account for approximately 15% of the total mortgage portfolio CIBC◇ For footnoted information refer to slide 40. 31#33Canadian Bail-in Regime Update CIBC◇ CIBCO ONCO#34How Bail-In Is Expected To Work When OSFI deems a bank has ceased to or may be about to cease to continue to be viable, it may trigger temporary takeover of the bank and carry out the bail-in conversion of NVCC capital and bail-in debt to common equity. ■ There are no write-down provisions in the framework ■ Conversion formula under many scenarios may result in investor gains CIBC◇ 1. Pre-Loss Balance Sheet Other Senior Liabilities Loss 2. Loss Event 3. Post Bail-in Other Senior Liabilities Bail-in Debt Assets NVCC Sub- Debt Bail-in Debt Assets Assets NVCC NVCC Sub-Debt Preferred Equity Common Equity NVCC Preferred Equity Common Equity Note: Diagram shown is for illustrative purposes only. It is not to scale nor does it update the magnitude of the bail-in security to match the loss. Other Senior Liabilities Bail-in Debt Common Equity 33#35Canadian Bail-in Regime Update On April 18, 2018, Department of Finance published the bail-in regulations, and OSFI finalized the guidelines on Total Loss Absorbing Capacity (TLAC) and TLAC holdings. • Department of Finance's bank recapitalization (bail-in) conversion regulations Provide statutory powers to CDIC (through Governor in Council) to enact the bail-in regime including the ability to convert specified eligible shares and liabilities of D-SIBS into common shares in the event such bank becomes non-viable • Bail-in eligible liabilities include tradable (with CUSIP/ISIN), unsecured debt with original maturity of over 400 days • Excluded liabilities are covered bonds, consumer deposits, secured liabilities, derivatives, and structured notes¹ • Effective on September 23, 2018 OSFI's TLAC Guideline • TLAC liabilities must be directly issued by the D-SIB, satisfy all of the requirements set out in the bail-in regulations, and have residual maturity greater than 365 days Minimum requirements: • TLAC ratio = TLAC measure / RWA > 21.5% • TLAC leverage ratio = TLAC measure / Leverage exposure > 6.75% • TLAC supervisory target ratio set at 24.50% RWA 2 Effective Fiscal 2022. Public disclosure began in Q1 2019 OSFI's TLAC Holdings Our investment in other G-SIBS and other Canadian D-SIB's TLAC instruments are to be deducted from our own tier 2 capital if our aggregate holding, together with investments in capital instruments of other Fls, exceed 10% of our own CET1 capital • Implementation started in Q1 2019 CIBC◇ For footnoted information refer to slide 40. 34#36Canadian 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◇ 35#37CIBC Investor Relations Contacts CIBC◇ GEOFF WEISS, SENIOR VICE PRESIDENT Email: [email protected] Phone: +1 (416) 980-5093 JASON PATCHETT, SENIOR DIRECTOR CALLEN GLASS, ASSOCIATE VICE PRESIDENT Email: [email protected] Phone: +1 (416) 980-8691 Email: [email protected] Phone: +1 (416) 594-8188 36#38Notes on slides 3-11 Slide 3 - A leading Canadian financial institution All results are in Canadian dollars unless otherwise indicated. Global regular head count for CIBC. This excludes FCIB, temporary employees and contingent workers. For additional information on the composition, see the "Glossary" section on pages 51-57 in the Q2/23 Report to Shareholders, available on SEDAR at www.sedar.com. 1. 2. 3. 4. TSR is calculated based on common share price appreciation plus reinvested dividend income as at April 30, 2023. 5. 6. 7. Includes revenue from US Commercial Banking & Wealth Management, and revenue from Capital Markets operations in the US. 8. 9. Calculated pursuant to Office of the Superintendent of Financial Institutions (OSFI) Capital Adequacy Requirements (CAR) Guideline, which is based on Basel Committee on Banking Supervision (BCBS) standards. Corporate & Other not included in total NIAT. Moody's Long-Term Deposit and Counterparty Risk Assessment Rating; S&P issuer Credit Rating; Fitch Long-Term Deposit Rating and Derivative Counterparty Rating; DBRS Long-Term Issuer Rating as at Q2/23. Subject to conversion under the bank recapitalization "bail-in❞ regime. Slide 5 - Our disciplined approach to resource allocation continues to drive profitable growth 1. 2. 3. 4. 5. Slide 6 1. 2. 3. Reflects referrals over a twelve-month period Apr/22 to Mar/23. Net incremental funds managed from Personal clients by Personal & Business Banking, which include loans and acceptances, deposits, and AUA/investments. Based on the 2023 Private Asset Management Awards. Reflects CIBC's collaboration with Export Development Canada (EDC) towards a new sustainable finance offering. The Sustainable Finance Guarantee (SFG) pilot program is a risk-sharing solution aimed at helping with lending activities that contribute to decarbonizing the economy, and will provide up to $1 billion in financing over the next three years. Applications migrated to the Cloud cover our hybrid strategy of private, public and external SaaS/AMS Cloud services. - Robust operational framework underpinning strength and stability of our bank... Our capital ratios are calculated pursuant to OSFI's Capital Adequacy Requirements (CAR) Guideline, which is based on BCBS standards. For additional information, see the "Capital management" section in the Q2/23 Report to Shareholders, available on SEDAR at www.sedar.com. LCR is calculated pursuant to OSFI's Liquidity Adequacy Requirements (LAR) Guideline, which is based on BCBS standards. For additional information, see the "Liquidity risk" section in the Q2/23 Report to Shareholders, available on SEDAR at www.sedar.com. See note 3 on slide 42. Slide 7...and providing the foundation to deliver sustainable outperformance through the cycle 1. 2. We have set through the cycle targets for each of these measures, which we currently define as three to five years, assuming a normal business environment and credit cycle. Based on adjusted measures. See the non-GAAP section on slide 41. Slide 8 - Furthering our ESG strategy by putting our ambitions into action 1. 2. 3. Source: Inframation. For transactions that closed from January 1, 2022 to December 31, 2022 (North American Renewables League Tables). Refer to footnotes in Section 1.3 of CIBC's Sustainability Report 2022, ESG scorecard for more information. Our Independent Assurance and Verification Statements can be found on our website at www.cibc.com. Slide 9 - External recognition for our commitment to sustainability 1. Ratings are not a recommendation to make an investment in any security of CIBC and may be revised or withdrawn at any time by the issuing organization. Slide 11 Investments in top-line growth delivering for shareholders 1. 2. 3. For additional information on the composition, see the "Glossary" section on pages 51-57 in the Q2/23 Report to Shareholders, available on SEDAR at www.sedar.com. All per common share amounts reflect the two for one common share split effective May 13, 2022, and prior periods have been restated for comparative purposes. Adjusted results are non-GAAP measures. For additional information see slide 41. CIBC 37#39Notes on slides 12-17 Slide 12 Solid returns underpinned by a commitment to balance sheet strength 1. Capital ratios are calculated pursuant to the Office of the Superintendent of Financial Institution's (OSFI's) Capital Adequacy Requirements (CAR) Guideline, the leverage ratio is calculated pursuant to OSFI's Leverage Requirements Guideline, and the LCR is calculated pursuant to OSFI's Liquidity Adequacy Requirements (LAR) Guideline, all of which are based on the Basel Committee on Banking Supervision (BCBS) standards. For additional information, see the "Capital management" and "Liquidity risk" sections in the Q2/23 Report to Shareholders, available on SEDAR at www.sedar.com. Slide 13 Asset yields and funding costs 1. 2. 3. 4. Certain additional disclosures for net interest margin on average interest-earning assets (NIM) have been incorporated by reference and can be found on pages 51-57 in the Q2/23 Report to Shareholders, available on SEDAR at www.sedar.com. The yield for loans and acceptances is calculated as interest income on loans as a percentage of average loans and acceptances, net of allowance for credit losses. The yield on securities is calculated as interest income on securities as a percentage of average securities. Total yield on average interest-earning assets is calculated as interest income on assets as a percentage of average interest-earning assets. These metrics do not have a standardized meaning and may not be comparable to similar measures disclosed by other financial institutions. Other includes balances related to cash and deposits with banks, reverse repos, and other. The yield for Personal-Notice/Demand deposits is calculated as interest expense on Personal-Notice/Demand deposits as a percentage of average Personal-Notice/Demand deposits. The yield for Corporate & Commercial-Notice/Demand deposits is calculated as interest expense on Corporate & Commercial-Notice/Demand deposits as a percentage of average Corporate & Commercial-Notice/Demand deposits. The yield for Term-Client deposits is calculated as interest expense on Term-Client deposits as a percentage of average Term-Client deposits. Term-Client deposits are term deposits less wholesale funding. Total cost on average interest-earning assets is calculated as interest expense on liabilities as a percentage of average interest-earning assets. These metrics do not have a standardized meaning and may not be comparable to similar measures disclosed by other financial institutions. 5. Other includes wholesale funding, sub-debt, repos and other liabilities. 51 6. Deposit base represents client deposits excluding wholesale funding. Reflects spot balances as of 4/30/2023 Slide 14 - Prudent risk management 1. 2. 3. 4. All results are on a Reported basis and in Canadian dollars unless otherwise indicated. Allowance for credit losses to gross carrying amount of loans. The gross carrying amount of loans include certain loans that are measured at fair value through profit or loss (FVTPL). Provision for (reversal of) credit losses on impaired loans to average loans and acceptances, net of allowance for credit losses Provision for (reversal of) credit losses to average loans and acceptances, net of allowance for credit losses. - Slide 15 Lending portfolio has a strong risk profile 1. Incorporates security pledged; equivalent to S&P/Moody's rating of BBB/Baa2. 2. 3. LTV ratios for residential mortgages are calculated based on weighted average. See page 35 of the Q2/23 Report to Shareholders for further details. GVA and GTA definitions based on regional mappings from Teranet. Slide 17 Highlights - Canadian Personal & Business Banking 1. 2. 3. 4. 231 567 7. - Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 41 for further details. Adjusted results are non-GAAP measures. See slide 41 for further details. Loan amounts are stated before any related allowances. Loan and deposit growth is calculated using average balances. Average balances are calculated as a weighted average of daily closing balances. Includes net client acquisition from Personal and Business Banking over the last twelve months (LTM) - May/22 to April/23. Net incremental funds managed from Personal clients, which include loans and acceptances, deposits, and AUA/investments over a twelve-month period from Apr/22 to Mar/23. Reflects financial transactions only. CIBC◇ 38#40Notes on slides 18-22 Slide 18 Growing digital adoption and engagement 1. 2. 3. 4. 5. Canadian Personal Banking only, excluding Simplii Financial. Based on spot balances as at April 30 for the respective periods. Digital Adoption (Penetration) Rate represents the percentage share of Digital Registered Customers who have been engaged on CIBC Online Banking and/or CIBC Mobile Banking at least once in the last 90 calendar days out of all Canadian Personal Banking customers engaged across any channel. Active Digital Users represent the 90-day Active clients in Canadian Personal Banking. Reflects financial transactions only. Other includes transfers and eDeposits. Slide 19 Loan & Deposit Highlights - Canadian Personal & Business Banking 1. 2. All figures represent average balances. Average balances are calculated as a weighted average of daily closing balances. Loan amounts are stated before any related allowances. Slide 20 Highlights - Canadian Commercial Banking & Wealth Management 1. 2. 3. 4. Adjusted results are non-GAAP measures. See slide 41 for further details. Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 41 for further details. Comprises loans and acceptances and notional amount of letters of credit. Loan amounts are stated before any related allowances. Assets under management (AUM) are included in assets under administration (AUA). 5. For additional information on the composition, see the "Glossary" section on pages 51-57 in the Q2/23 Report to Shareholders, available on SEDAR at www.sedar.com. Loan and deposit growth is calculated using average balances. Average balances are calculated as a weighted average of daily closing balances. 56980 6. 7. 8. Annual net flows are calculated based on net investment sales from Private Wealth Management and include the impact of reinvested income. A referral is defined as a single opportunity received by one line of business, from another line of business. The opportunity could be for an existing client of the referring party, or a new client to the Bank. Slide 21 Highlights - U.S. Commercial Banking & Wealth Management 1234 3. 56 - Adjusted results are non-GAAP measures. See slide 41 for further details. Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 41 for further details. Loan amounts are stated before any related allowances or purchase accounting adjustments. Assets under management (AUM) are included in assets under administration (AUA). Includes certain Canadian Commercial Banking and Wealth Management assets that U.S. Commercial Banking and Wealth Management provides sub-advisory services for. Loan and deposit growth is calculated using average balances. Average balances are calculated as a weighted average of daily closing balances. Metric refers to referrals made across lines of business (LOB) within the US Commercial and Wealth Management segment. Slide 22 Highlights - Capital Markets 1. Adjusted results are non-GAAP measures. See slide 41 for further details. 2. Revenue is reported on a taxable equivalent basis (TEB). TEB adjustment in Q2/23 was $64 million. 3. 23456 5. Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 41 for further details. Loan amounts are before any related allowances or purchase accounting adjustments. Loan and deposit growth is calculated using average balances. Average balances are calculated as a weighted average of daily closing balances. Includes net client acquisition from Simplii Financial over the last twelve months (LTM) - May/22 to April/23. CIBC 39#41Notes on slides 24-34 Slide 24 - High-quality, client-driven balance sheet 1. 2. 3. 4. Securitized agency MBS are on balance sheet as per IFRS. 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. Includes obligations related to securities sold short, cash collateral on securities lent and obligations related to securities under repurchase agreements. Capital includes subordinated liabilities Slide 26 Wholesale funding geography 1. 2. 3. Source: CIBC Q2-2023 Report to Shareholders. "Unsecured" includes Obligation related to securities sold short, Cash collateral on securities lent and Obligations related to securities under repurchase agreements Percentages may not add up to 100% due to rounding Slide 27 CIBC funding composition Percentages may not add up to 100% due to rounding. Source: CIBC Q2-2023 Report to Shareholders. 1. 2. Capital excludes subordinated liabilities 3. 4. Unsecured funding is comprised of wholesale bank deposits, certificates of deposit and commercial paper, bearer deposit notes and bankers' acceptances, senior unsecured EMTN and senior unsecured structured notes Currency composition, in Canadian dollar equivalent, of funding sourced by CIBC in the wholesale market Slide 29 - Mortgage Market Performance and Urbanization Rates 1. 2. 3. Source: UK Finance, CBA, MBA. *Mortgage arrears of 3+ months in Canada and UK or in foreclosure process in the US Source: Canadian Banker's Association Source: 2014 Census for France, 2021 Census for Canada, 2011 Census for UK, Germany; 2020 Census for US Slide 30 Canadian House Prices Source: CREA, April 2023 1. 2. 1 USD = 1.3578 CAD 3. 4. 5. Source: Teranet - National Bank House Price Index Source: OECD, 2022 or latest available. Household debt ratios across countries can be significantly affected by different institutional arrangements, among which tax regulations regarding tax deductibility of interest payments. Source: Bloomberg, Teranet - National Bank House Price Index Slide 31 - CIBC's Mortgage Portfolio 1. LTV ratios for residential mortgages are calculated based on weighted average. The house price estimates for April 30, 2023 and October 31, 2022 are based on the Forward Sortation Area level indices from the Teranet - National Bank National Composite House Price Index (Teranet) as of March 31, 2023 and September 30, 2022, respectively. Teranet is an independent estimate of the rate of change in Canadian home prices Slide 34 Canadian Bail-In Regime Update 1. 2. As referenced in the Bank Recapitalization (Bail-in) Regulations: http://laws-lois.justice.gc.ca/eng/regulations/SOR-2018-57/FullText.html Increased to 24.50% on February 1, 2023 upon increase of Domestic Stability Buffer to 3.00% (versus the maximum of 4.00%) from 2.50% CIBC◇ 40 40#42Non-GAAP Measures We use a number of financial measures to assess the performance of our business lines. Some measures are calculated in accordance with International Financial Reporting Standards (IFRS or GAAP), while other measures do not have a standardized meaning under GAAP, and accordingly, these measures may not be comparable to similar measures used by other companies. Investors may find these non-GAAP measures, which include non-GAAP financial measures and non-GAAP ratios as defined in National Instrument 52-112 "Non-GAAP and Other Financial Measures Disclosure", useful in understanding how management views underlying business performance. Management assesses results on a reported and adjusted basis and considers both as useful measures of performance. Adjusted measures, which include adjusted total revenue, adjusted provision for credit losses, adjusted non-interest expenses, adjusted income before income taxes, adjusted income taxes, adjusted net income and adjusted pre-provision, pre-tax earnings, in addition to the adjusted measures on slide 42, remove items of note from reported results to calculate our adjusted results. Items of note include the amortization of intangible assets, and certain items of significance that arise from time to time which management believes are not reflective of underlying business performance. Adjusted measures represent non-GAAP measures. We believe that adjusted measures provide the reader with a better understanding of how management assesses underlying business performance and facilitates a more informed analysis of trends. While we believe that adjusted measures may facilitate comparisons between our results and those of some of our Canadian peer banks, which make similar adjustments in their public disclosure, it should be noted that there is no standardized meaning for adjusted measures under GAAP. We also adjust our results to gross up tax-exempt revenue on certain securities to a TEB, being the amount of fully taxable revenue, which, were it to have incurred tax at the statutory income tax rate, would yield the same after-tax revenue. See the "Strategic business units overview" section of our Q2/23 Report to Shareholders, available on SEDAR at www.sedar.com, and Note 30 to our consolidated financial statements included in our 2022 Annual Report for further details, available on SEDAR at www.sedar.com. Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found in the "Non-GAAP measures" section on pages 8 to 14 of our Q2/23 Report to Shareholders, available on SEDAR at www.sedar.com, including the quantitative reconciliations therein of reported GAAP measures to: adjusted total revenue, adjusted provision for credit losses, adjusted non-interest expenses, adjusted income before income taxes, adjusted income taxes, and adjusted net income on pages 9 to 13; pre-provision, pre-tax earnings and adjusted pre-provision, pre-tax earnings on page 14. CIBC◇ 41#43Glossary 1 Adjusted Diluted EPS 2 Adjusted ROE 3 Total Allowance Coverage Ratio CIBC◇ Definition We adjust our reported diluted EPS to remove the impact of items of note, net of income taxes, to calculate the adjusted EPS. We adjust our reported net income attributable to common shareholders to remove the impact of items of note, net of income taxes, to calculate the adjusted return on common shareholders' equity. Total allowance for credit losses to gross carrying amount of loans. The gross carrying amount of loans include certain loans that are measured at FVTPL. 12 42