#1CIBC Fixed Income Investor Presentation Q3 2019 CIBC#2Forward-Looking Statements A NOTE ABOUT FORWARD-LOOKING STATEMENTS: 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 CIBC to make assumptions, including the economic assumptions set out in the "CIBC Overview" 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 CIBC's control, affect its operations, performance and results, and could cause actual results to differ materially from the expectations expressed in any of CIBC's forward-looking statements. These factors include: credit, market, liquidity, strategic, insurance, operational, reputation and legal, regulatory and environmental risk; the effectiveness and adequacy of CIBC's risk management and valuation models and processes; legislative or regulatory developments in the jurisdictions where CIBC operates, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations issued and to be issued thereunder, the Organization 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 CIBC's estimates of reserves and allowances; changes in tax laws; changes to CIBC's credit ratings; political conditions and developments, including changes relating to economic or trade matters; the possible effect on CIBC's business of international conflicts and the war on terror; natural disasters, public health emergencies, disruptions to public infrastructure and other catastrophic events; reliance on third parties to provide components of CIBC's business infrastructure; potential disruptions to CIBC's information technology systems and services; increasing cyber security risks which may include theft 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 CIBC concerning clients and counterparties; the failure of third parties to comply with their obligations to CIBC and its 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 CIBC has operations, including increasing Canadian household debt levels and global credit risks; CIBC's 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; CIBC's ability to attract and retain key employees and executives; CIBC's ability to successfully execute its strategies and complete and integrate acquisitions and joint ventures; the risk that expected synergies and benefits of the acquisition of Private Bancorp, Inc. will not be realized within the expected time frame or at all; and CIBC's ability to anticipate and manage the risks associated with these factors. This list is not exhaustive of the factors that may affect any of CIBC's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on CIBC's 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 CIBC's 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. CIBC does not undertake to update any forward-looking statement that is contained in this report or in other communications except as required by law. CIBC Q3 2019 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 Q3 2019 Fixed Income Investor Presentation 3 4 10 26 32 37 38 CIBC 2#4Debt Programmes Summary Canada CIBC Secured Senior Best economic performance amongst G7 economies as measured by long term GDP growth rate during 2000- 20181 • Strong diversified stable economy Aaa/AAA/AAA/AAA (Moody's/S&P/Fitch/DBRS) The World Economic Forum ranked Canada's soundness of banks first in the world from 2008 to 2016 and second in the world in 2017 and 2018² Well capitalized top 5 Canadian Bank with CET1, Tier 1 and total capital ratios of 11.4%, 12.7% and 15.2% respectively, as of July 31, 2019³ • 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 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 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 2019 all-in minimum ratios plus a conservation buffer. Please see CIBC Q3, 2019 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. CIBC 5 Subject to conversion under the bank recapitalization "bail-in" regime 3#5Canadian Economy & Consumer Profile CIBC CIBC Q3 2019 Fixed Income Investor Presentation#6Canada 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% Population² Canada: Key Facts GDP(market prices)³ GDP per capita³ Labour Force4 Provinces/Territories 37.4 MM CAD 2,224 BN CAD 60,501 20.2 MM 10/3 Based on English common law, excluding Quebec which is based on civil law Legal System NL 1.5% 2017 Transparency International CPI 8th BC 13.2% AB SK MB QC 17.6% 3.5% 3.3% ON 19.0% 37.6% CIBC Q3 2019 Fixed Income Investor Presentation OT 5 2018 Forbes annual Best Countries Survey Economist Ranked No. 5 Best business environment: ranked 1st among G7; 4th globally5 Intelligence Unit PE (2014-2018) 0.3% Canada Sovereign NB NS Credit Ratings 1.6% 1.9% (M/S&P/F/DBRS) Moody's Aaa • S&P AAA • Fitch AAA DBRS AAA CIBC 1 Statistics Canada annual data (Q4 2017) 2 Statistics Canada (Q2 2019) 3 Statistics Canada (Q4 2018, annualized) 4 Seasonally adjusted. Statistics Canada (June 2019) 5 Economist Intelligence Unit (2014-2018)#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% 1.9% 2.0% 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 0.2% 0.0% Canada U.S. U.K. Germany France Japan Source: IMF, World Economic Outlook Database, April 2019 Italy 20 Canadian Federal Budget (Fiscal Year)1 10 O -10 -20 Election Oct '15 Projections -30 -40 -50 -60 2002-2003 2004-2005 2006-2007 2008-2009 2010-2011 2012-2013 2014-2015 G7 Total Government Net Debt-to-GDP Ratios (2018²) 2.00% 150 1.00% 125 - 0.00% 100 -1.00% -2.00% % of GDP 75 50 -3.00% 25 Amount -% of GDP -4.00% 0 2016-2017 2018-2019 2020-2021 2022-2023 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, 2018 to March 31, 2019. Canada Germany United United France Italy Japan Kingdom States Source: IMF, World Economic Outlook Database, April 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 Q3 2019 Fixed Income Investor Presentation#87 Canadian Labour Market Profile Percentage change from February 2008 15% 10% 5% -Canada -Germany Total Employment United States -United Kingdom 0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 -5% -10% Unemployment Rate Strong Job Creation Record • 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 June 2019 are 2,127,700 and 12,889,000, respectively Participation rate holding higher than in the U.S. and the U.K. Participation Rate -Canada United States 14% -Germany 70% 13% -United Kingdom Eurozone 12% 68% 11% 10% 66% 9% 8% 64% 7% 6% 5% 62% 4% 3% 2% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 - -Canada United States -United Kingdom 60% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 CIBC Source: Bloomberg (Index) - CANLNETJ, CANLEMPL, UKLFEMCH, UKLFEMPF, USEMNCHG, NFP T, CANLXEMR, UKEUILOR, USURTOT, UMRTEMU, CANLPRTR, UKLFMGWG and PRUSTOT. CIBC Q3 2019 Fixed Income Investor Presentation#9Canadian Economy Selected Indicators (%) 00 Unemployment Rate 10 9 8 7 6 5 4 3 -Canada (official rate) US Canada (comparable) 2 1 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Source: Statistics Canada; U.S. Bureau of Labor Statistics, March 2019 GDP Indexed to 2007 . • 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 Household Net Savings Ratio 8 20 125 20 -Canada 120 15 France Germany 115 Italy 10 10 110 -Japan -United Kingdom ୫ 5 105 -United States 0 100 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 -5 95 -Australia -10 -Germany Canada Norway Denmark Finland Sweden -United States 90 Source: IMF, World Economic Outlook Database, April 2019 Source: OECD, Economic Outlook No 105, May 2019 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 CIBC Q3 2019 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 (May 2019) Accommodation and food services, 2% Arts, entertainment and. recreation, 1% Health care and social. assistance, 7% Other services (except public administration), 2% Agriculture, forestry, fishing and hunting, 2% Mining, quarrying, and oil and gas extraction, 8% Starch and Vegetable Fat and Oil Manufacturing, 1% Exports: Top 25 Industries (2018) Other Plastic Product Manufacturing, 1%, Navigational, Measuring, Medical and Control Instruments Manufacturing, 1% Iron and Steel Mills and Ferro-Alloy Manufacturing, 1% Paper Mills, 1%. Oilseed (except Soybean) Farming, 1% Iron Ore Mining, 1% Recyclable Metal Wholesaler-Distributors, 1% Veneer, Plywood and Engineered Wood Product Manufacturing, 1% Educational services, 5%. Public administration, 7% Administrative and support, waste management and remediation services, 3% Professional, scientific and. technical services, 6% Manufacturing, 10% Wheat Farming, 1%. Coal Mining, 1%. Animal Slaughtering and. Processing, 1% Resin and Synthetic Rubber. Manufacturing, 1% Construction, 7% Éngine, Turbine and Power. Transmission Equipment Manufacturing, 1% Pulp Mills, 2%. Utilities, 2% Transportation and warehousing, 5% Information and cultural industries, 3% Other Non-Metallic Mineral, Mining and Quarrying, 2% Alumina and Aluminum. Production and Processing, Non Ferrous Metal (except_ Aluminum) Smelting and Refining, 2% 2% Pharmaceutical and, Medicine Manufacturing, 2% Wholesale trade, 5% Real Estate, 13%. Retail trade, 5% Finance and Insurance, 7% Source: Statistics Canada 1 Percentages may not add up to 100% due to rounding. CIBC Q3 2019 Fixed Income Investor Presentation Others, 39% 9 Oil and Gas Extraction, 16% Aerospace Product and Parts Manufacturing, 3% Petroleum Refineries, 4% Sawmills and Wood Preservation, 2% Gold and Silver Ore Mining, 3% Source: Statistics Canada Automobile and Light Duty Motor Vehicle Manufacturing, 9% CIBC#11CIBC Overview CIBC CIBC Q3 2019 Fixed Income Investor Presentation#12CIBC 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 46,000 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, July 31, 2019: YTD 2019 Adjusted Net Income by SBU1,2 CIBC's Stock ■ Market Cap ■ Dividend Yield Adjusted ROE¹ $46.1 billion 5.3% 15.6% ■ Five-Year TSR 29.7% Canadian Commercial Banking & Wealth Management 24% Canadian Personal ■ Clients ~10 million CIBC Banking Centres Employees 1,034 & Small Business Banking 45% 45,763 Capital Markets 17% ■ Total Assets $642.5 billion ■ Moody's Aa2 (Senior A2), Stable CIBC's Credit Rating³ ■ S&P Fitch ■ DBRS A+ (Senior BBB+), Stable AA- (Senior AA-), Stable AA (Senior AA (low)), Stable U.S. Commercial Banking & Wealth Management Adjusted results are non-GAAP measures. See the non-GAAP section of CIBC's Q3 2019 Report to Shareholders. (1) (2) Excludes the Corporate & Other segment. (3) 13% Long-term senior debt ratings. DBRS LT Issuer Rating; Moody's LT Deposit and Counterparty Risk Assessment Rating; S&P's Issuer Credit Rating; Fitch LT Issuer Default and Derivative Counterparty Rating. Includes: (a) Senior debt issued prior to September 23, 2018; and (b) Senior debt issued on or after September 23, 2018 which is excluded from the bank recapitalization "bail-in" regime. (4) Subject to conversion under the bank recapitalization "bail-in" regime CIBC Q3 2019 Fixed Income Investor Presentation CIBC 11#13Strong and Consistent Returns to Shareholders... Adjusted Diluted Earnings Per Share¹ (C$) Adjusted Return on Equity1 (%) 12.21 12.08 11.11 10.22 9.45 3.00 19.9 19.0 18.1 17.4 15.8 16.1 9.08 3.08 3.10 2.95 2.97 3.18 3.01 2015 2016 2017 2018 YTD Q3 2019 LTM Q3 2019 2015 2016 2017 2018 YTD Q3 2019 LTM Q3 2019 Q1 Q2 Q3 Q4 Dividends Per Share (C$) 5.52 5.32 5.08 4.75 4.30 1.36 4.16 1.33 1.40 1.33 1.40 1.30 1.36 2015 2016 2017 2018 YTD Q3 2019 LTM Q3 2019 Q1 Q2 Q3 Q4 Adjusted Dividend Payout Ratio 1,2 (%) 45.4 46.4 46.2 45.1 45.7 43.4 2015 2016 2017 2018 YTD Q3 2019 LTM Q3 2019 (1) Adjusted results are non-GAAP measures. See the non-GAAP section of CIBC's Q3 2019 Report to Shareholders. (2) Common dividends paid as a percentage of net income after preferred dividends and premium on preferred share redemptions. CIBC Q3 2019 Fixed Income Investor Presentation CIBC 12#14...Through Investments in Top-Line Growth and Efficiency... Adjusted Revenue (TEB) 1,2 (C$ billions) Adjusted Non-Interest Expenses¹ (C$ billions) +6% 10.1 10.3 9.3 8.5 8.7 2.5 7.7 2.5 2.6 2.5 2.6 2.5 2.5 2016 2017 2018 YTD Q3 2019 LTM Q3 2019 +8% 18.1 18.5 16.3 15.0 14.3 4.5 13.9 4.6 4.8 4.4 4.6 4.6 4.6 2015 2016 2017 2018 YTD Q3 2019 LTM Q3 2019 2015 Q1 Q2 Q3 Q4 Adjusted Efficiency Ratio (TEB) 1,2 Q1 Q2 Q3 Q4 Adjusted Net Income¹ (C$ billions) (%) (3) -4.0 59.6 58.0 57.2 55.6 55.3 55.5 +12% 5.4 5.4 4.7 1.3 4.1 4.0 3.8 1.4 1.4 1.3 1.3 1.4 1.3 2015 2016 2017 2018 YTD Q3 2019 LTM Q3 2019 2015 2016 2017 2018 YTD Q3 2019 LTM Q3 2019 Q1 Q2 Q3 Q4 (1) Adjusted results are non-GAAP measures. See the non-GAAP section of CIBC's Q2 2019 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. (3) 2015 to 2018 variance. CIBC CIBC Q3 2019 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 11.4 15.0 14.8 14.9 15.2 10.8 10.6 13.8 2015 2016 2017(1) 2018 YTD Q3 2019 2015 2016 2017 (1) 2018 YTD Q3 2019 Basel III Leverage Ratio² (%) 4.3 4.3 3.9 4.0 4.0 2015 2016 2017 2018 YTD Q3 2019 Liquidity Coverage Ratio² (%) 119.0 124.0 128.0 129.0 120.0 Q4 2015 Q4 2016 Q4 2017 Q4 2018 Q3 2019 CIBC (1) On June 23, 2017, CIBC completed the acquisition of Private Bancorp, 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 Q3 2019 Fixed Income Investor Presentation 14#16Our Strategy Drives Organic Growth and Shareholder Value Financial Measure Diluted Earnings Per Share Growth Medium-Term Target YTD Q3 2019 Results Reported Adjusted¹ 5%-10% on average, annually (2.7)% (1.4)% Return on Common Shareholders' Equity 15%+ Efficiency Ratio Basel III CET1 Ratio 52% run rate by 2022 Strong buffer to regulatory minimum Dividend Payout Ratio 40%-50% Total Shareholder Return (rolling five-year period) Exceed the industry average² (45.4% as of July 31, 2019) (1) Adjusted results are non-GAAP measures. See the non-GAAP section of CIBC's Q3 2019 Report to Shareholders (2) Defined as the S&P/TSX Composite Banks Index. CIBC Q3 2019 Fixed Income Investor Presentation 15.0% 15.8% 57.9% 55.3% 11.4% 48.2% 45.7% 29.7% CIBC 15#17Sustainable Returns to Shareholders ་ CIBC has a strong track record of shareholder returns CIBC has not missed a regular dividend or reduced its dividend since the first dividend payment in 1868 8.00% Quarterly Dividend (RHS) Yield (LHS) 7.50% 7.00% 6.50% 6.00% 5.50% 5.00% 4.50% 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% Q1 2003 Q4 2003 Q1 2006 Source: CIBC Note: Dividend of CAD 1.40 per share for the quarter ending October 31, 2019 payable on October 28, 2019 to shareholders of record at the close of business on September 27, 2019. CIBC Q3 2019 Fixed Income Investor Presentation Q1 2012 Q4 2012 Q3 2013 Q2 2014 Q1 2015 Q4 2015 Q3 2016 Q2 2017 Q1 2018 Q4 2018 Q3 2019 S- Dividends $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 $0.10 CIBC CAD 16#18Strong, High Quality Liquid Client Driven Balance Sheet Based on Q3/19 results 30% Liquid Assets Assets CAD 643BN Liabilities & Equity Cash and Repos 110% Coverage Unsecured Funding (Liquid Assets/ Trading & 27% Wholesale Funding Wholesale Funding) Investment Securities Secured Funding (3) 105% Residential Mortgages (1) Coverage (Deposits +Capital /Loans) 60% Loan Portfolio Other Retail Loans Corporate Loans Personal Deposits 63% Capital + Client related Business & Gov't Deposits funding Securitization & Covered Bonds Capital Other Liabilities (2) Mainly Derivatives Other Assets (2) (1) Securitized agency MBS are on balance sheet as per IFRS Mainly Derivatives (2) Derivatives related assets, are largely offset by derivatives related liabilities. Under IFRS derivative amounts with master netting agreements cannot be offset and the gross derivative assets and liabilities are reported on balance sheet. (3) Includes Obligations related to securities sold short, Cash collateral on securities lent and Obligations related to securities under repurchase agreements CIBC Q3 2019 Fixed Income Investor Presentation CIBC 17#19Capital CET1 Ratio 11.2% 32 bps (17) bps 6 bps 11.4% Q2/19 Earnings net of Dividends RWAS (excl. FX) Other Q3/19 Strong internal capital generation Partially offset by: ⚫ RWA increase driven by business growth CIBC Q3 2019 Fixed Income Investor Presentation CIBC 18#20Credit Review Provision For Credit Losses (PCL) 1.00% 0.75% 0.50% 0.25% PCL Loan loss ratio 0.00% 0 Q1/13 Q3/13 Q1/14 Q3/14 Q1/15 Q3/15 Q1/16 Q3/16 Q1/17 Q3/17 01/18 Q3/18 Q1/19 Q3/19 Fiscal Quarter 400 350 300 250 200 150 100 50 Provision for Impaired up QoQ Higher provisions in U.S. Commercial Banking and Capital Markets Lower provisions in Canadian Commercial Banking and Canadian Personal and Small Business Banking Reported & Adjusted¹ ($MM) Cdn. Personal & Small Business Q3/18 Q2/19 Q3/19 199 202 197 90+ Days Cdn. Commercial Banking & Wealth 2 25 15 Delinquency Rates 90+ Days Delinquency Rates Q3/18 Q2/19 Q3/19 U.S. Commercial Banking & Wealth 28 12 38 Residential Mortgages Capital Markets 1 6 18 Uninsured Corporate & Other 44 5 4 Insured Provision for Impaired 274 250 272 Credit Cards 0.24% 0.27% 0.27% 0.19% 0.21% 0.22% 0.33% 0.37% 0.38% 0.78% 0.79% 0.70% Provision for Performing (33) 5 19 Personal Lending 0.31% 0.34% 0.34% Total Provision for Credit Losses 241 255 291 Canadian Personal Banking 0.28% 0.31% 0.31% (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. CIBC (2) Source: CIBC Q3, 2019 Investor Presentation CIBC Q3 2019 Fixed Income Investor Presentation 19#21Regulatory Environment Continually Evolving 20 20 Capital Requirements Risk-Based Capital Ratios Liquidity Requirements Other Liquidity Coverage Ratio (LCR) Net Stable Funding Ratio (Proposed) Total Loss Absorbing Capacity (TLAC) ■ The Basel Committee has finalized its Basel III reforms. Key changes include: ■ A new Standardized Approach for credit, CVA and operational risk (2022) A new credit risk framework for constraining model-based approaches to reduce RWA variations (2022) ■ Revised market risk (2022), counterparty credit risk (2019), and securitization (2019) frameworks ■ 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 mandates minimum LCR for Canadian institutions of 100%, which became effective Jan 1, 2015. US Foreign Bank Organizations (FBOs) with <US$50B in total Non-Branch US Assets are not required to be LCR compliant The NSFR will require banks to maintain a stable funding profile in relation to the composition of their assets and off-balance sheet exposures Final Basel Committee on Banking Supervision (BCBS) guidelines were released in October 2014 OSFI consultation initiated in August 2016 and final rules expected by the spring of 2019 Official implementation of the metric is January 2020, with a minimum NSFR requirement of ≥100% 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 (23.25%¹ of RWA and 6.75% of leverage exposure) starting F2022 for Canadian D-SIBS 1 Increases to 23.50% when the Domestic Stability Buffer rises to 2.00% effective October 31, 2019#2224 21 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 2.0% of RWA effective October 31, 2019, 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 1.75% Domestic Stability 11.4% Buffer(2) Pillar 1 Minimum 8.0% for D-SIBS* OSFI Requirement CIBC (Q3/19) * Consists of 4.5% minimum plus 2.5% of capital conservation buffer plus 1.0% current D-SIB surcharge#23Diversification is Key to a Stable Wholesale Funding Profile Wholesale Funding Diversification Geography Instrument Investor Term CIBC Q3 2019 Fixed Income Investor Presentation 22 22 Well diversified across products, currencies, investor segments and geographic regions Achieve appropriate balance between cost and stability of funding Regular issuance to promote investor engagement and secondary market liquidity Well balanced maturity profile that is reflective of the maturity profile of our asset base CIBC#2423 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. 148.7BN), Maturity Profile 60 Wholesale deposits Canada, U.S. Credit card securitization Canada, U.S. ■Secured Unsecured 50 40 Global MTN programs Mortgage securitization programs 30 20 20 9 17 21 Covered Bond program Structured Notes 10 15 CIBC Q3 2019 Fixed Income Investor Presentation 28 22 22 Less than 1m-3m 1m 3m-6m 6m-12m 1y-2y Over 2y Source: CIBC Q3-2019 Report to Shareholders CIBC#25Wholesale Funding Geography CAD 48.9 BN Canada Mortgage Bonds Credit Cards Securitization Medium Term Notes Canadian Dollar Deposits Wholesale Funding By Currency EUR 8.5 BN, CHF 1.1 BN, GBP 2.9 BN, SEK 2.0 BN, NOK: 0.15 BN Covered Bonds Medium Term Notes USD 58.5 BN Covered Bond Program Credit Cards Securitization Medium Term Notes US Dollar Deposits Mortgage Securitization Credit Cards Securitization 9% 44% Covered Bonds 47% Wholesale Funding By Product Secured 26% Unsecured 74% " HKD 2.0 BN Medium Term Notes AUD 2.8 BN Covered Bonds Medium Term Notes Medium Term Notes 40.5% Term Deposits CD and CP 48.2% 1.1% Sub-debt 5.3% Bankers Acceptances 4.9% Source: CIBC Q3-2019 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 Q3 2019 Fixed Income Investor Presentation CIBC 24#26CIBC Funding Composition Funding Sources - July 20191 Bank deposits 1% Others (Includes derivatives) Covered bonds 3% Securitization 3% Capital² 7% Securities sold short or repurchase agreements 10% 25 25 Funding sources BN Personal deposits 175.2 Business and government deposits 153.3 8% Unsecured funding¹ 103.8 Personal Securities sold short or repurchase agreements 65.6 deposits 27% Capital² 43.4 Securitization 20.8 Covered bonds 18.4 Bank deposits 9.4 Others (Includes derivatives) 52.5 Total 642.5 Wholesale market, currency³ Unsecured USD Business and funding¹ 16% CAD Other Total government deposits 24% 1 Unsecured funding is comprised of wholesale bank deposits, certificates of deposit and commercial paper, bearer deposit notes and bankers' Source: CIBC Q3-2019 Supplementary Financial Information 2 acceptances, senior unsecured EMTN and senior unsecured structured notes © Capital includes subordinated liabilities 1 Percentages may not add up to 100% due to rounding. CIBC Q3 2019 Fixed Income Investor Presentation 3 Currency composition, in Canadian dollar equivalent, of funding sourced by CIBC in the wholesale market. Source: CIBC Q3-2019 Report to Shareholders BN 76.6 48.9 23.2 148.7 CIBC#27Canadian Bail-in Regime Update CIBC CIBC Q3 2019 Fixed Income Investor Presentation#28Canadian 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 23.25% 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 23.50% when the Domestic Stability Buffer rises to 2.00% effective October 31, 2019 CIBC Q3 2019 Fixed Income Investor Presentation CIBC 27#29Canadian 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 Q3 2019 Fixed Income Investor Presentation CIBC 28#30How 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 Other Senior Liabilities Bail-in Debt Loss Other Senior Liabilities Assets NVCC Sub- Debt Bail-in Debt Assets Assets NVCC NVCC Sub- Debt Preferred Equity Common Equity CIBC Q3 2019 Fixed Income Investor Presentation NVCC Preferred Equity Common Equity Other Senior Liabilities Bail-in Debt Common Equity CIBC 29#31Liquidation 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 Q3 2019 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 AT 1 Instruments Common Equity Deposits Resolution Securitizations, Covered Bonds Legacy Senior Debt Bail-in Debt Tier 2 Legacy (not NVCC) Preferred Shares CIBC Structured Notes Derivatives 30 30#3231 Common Equity Tier 1 Overview of Creditor Hierarchies in Bail-In Resolution National layers of bail-inable senior debt instruments 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 Loss absorption waterfall Non-Preferred Deposits Other Liabilities Additional Tier 1 Additional Tier 1 (5.125%) Tier 2 (PONV) HoldCo Senior Tier 2 (PONV) Legacy & "New" Non-Preferred Senior Additional Tier 1 (5.125%) Tier 2 (PONV) Additional Tier 1 (5.125%) Tier 2 (PONV) "New" Non- Preferred Senior "New" Non- Preferred Senior Additional Tier 1 (5.125%) Tier 2 (PONV) "New" Non- Preferred Senior 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 OpCo Senior Deposits ■ Non-Preferred Other Liabilities Discretionary exclusions possible Deposits Non-Preferred Other Liabilities Preferred Senior | Legacy & "New" Deposits Non-Preferred Other 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) Structured Senior ,,New" Preferred Senior Preferred Deposits (natural persons + micro + SMEs) Excluded Liabilities* Excluded Liabilities* Excluded Liabilities* Excluded Liabilities* Preferred Deposits 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 Q3 2019 Fixed Income Investor Presentation Preferred Deposits (natural persons + micro + SMEs) Excluded Liabilities* CIBC#33Canadian Mortgage Market CIBC CIBC Q3 2019 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 and UK or in foreclosure process in the US 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 40% Mortgage arrears have steadily declined from high of 0.45% in 2009 to 0.25% in 2019 Population in Top Four Cities 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 Q3 2019 Fixed Income Investor Presentation#35Canadian House Prices . Absolute price level is moderate compared to major global urban centers • 300 250 200 150 100 50 Canadian debt to income ratio in line with many developed nations Growth rates of house prices in Canada have diverged across regions Household Debt to Income Ratio Household Debt to Income Ratio Average Home Price City CAD USD Eq.1 Canada 499K 381K Toronto 801K 611K Vancouver 995K 760K Calgary 420K 321K Montreal 368K 281K Source: CREA, July 2019 11 USD 1.3101 CAD Housing Index Year over Year Change, by City Average 35% 30% 25% -Canada Toronto Vancouver Calgary Montreal 20% 15% 10% III 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 -5% U.S. Germany -10% -15% Source: Bloomberg, Teranet - National Bank House Price Index CIBC 0 Denmark Netherla... Norway Australia Sweden Canada Ireland U.K. France Japan Source: OECD, 2017 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. CIBC Q3 2019 Fixed Income Investor Presentation 34#36• CIBC's Mortgage Portfolio Condo Exposure Condo Mortgages CAD 24.8 BN CIBC Canadian Residential Mortgages: CAD 200.6 BN Condo Developers CAD 4.9 BN CAD 103 BN Uninsured 66% 69% Undrawn 71% CAD 42.1 BN ■Insured Uninsured Insured 34% Drawn 29% CAD 25.4 BN 73% 45% CAD 14.7BN CAD 15.5 BN 31% 58% 46% 27% 55% 42% 54% Ontario British Columbia and territories Alberta Quebec Other 34% of CIBC's Canadian residential mortgage portfolio is insured, with 72% of insurance being provided by CMHC The average loan to value¹ of the uninsured portfolio is 54% • The condo developer exposure is diversified across 104 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 July 31, 2019 and October 31, 2018 are based on the Forward Sortation Area (FSA) level indices from the Teranet - National Bank National Composite House Price Index (Teranet) as of June 30, 2019 and September 30, 2018 respectively. Teranet an independent estimate of the rate of change in Canadian home prices. CIBC Q3 2019 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 $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 Montreal $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 30% 1991 1993 Source: Federal Reserve, Statistics Canada 2 Indexed CIBC Q3 2019 Fixed Income Investor Presentation 1995 1997 1999 2001 United States 2003 2005 2007 2009 2011 2013 2015 2017 2019 12% 10% 8% 6% 4% 28º 2% 0% House Price & Household Income Growth CREA National Average Price -Canadian Household Disposable Income OECD Canada Wages Value M 1991 1993 1995 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 HRATCH PANOSSIAN, EXECUTIVE VICE-PRESIDENT Email: Hratch. [email protected] Phone: +1 416-956-3317 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 Q3 2019 Fixed Income Investor Presentation CIBC 37#39Appendix CIBC Q3 2019 Fixed Income Investor Presentation CIBC#40Canadian Mortgage Market Beneficial Mortgage Regulation in Canada Default Insurance • Under the Bank Act, banks can only advance uninsured mortgages up to an LTV ratio of 80% Borrowers have to purchase default insurance if the mortgage has an LTV > 80% Insurance covers the entire outstanding principal amount, up to 12 months accrued interest and, subject to certain caps, any out-of-pocket costs incurred by the lender (e.g. foreclosure expenses, legal fees, maintenance costs, property insurance, etc.) Mortgage default insurance is provided by CMHC and private mortgage insurers (Genworth, Canada Guaranty) Favourable Legal Environment • • Taxation In most provinces, lenders have robust legal recourse to recoup losses (e.g. garnishing wages) 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 Q3 2019 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 Q3 2019 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 7 9 Standardizing eligibility criteria for high-and low- ratio insured mortgages, including a mortgage rate stress test Closed the capital gains tax exemption loophole on the sale of a principal residence Ontario Government introduced Non- Resident speculation Tax (NRST) of 15% on properties in the Greater Golden Horseshoe area 11 Aug 2016 Feb 2016 8 Oct 2016 Jan 2017 10 Apr 2017 ■ Vancouver Foreign Buyers' Tax increased to 20% 13 Jan 2018 Feb 2018 Vancouver introduced 15% Foreign Buyers' Tax Vancouver introduced Empty Homes Tax of 1% of the assessed value of the home 12 Updated Guideline B-20 Residential Mortgage - Underwriting Practices and Procedures in effect Min. qualifying rate for uninsured mortgages greater of 5-yr. Bank of Canada benchmark rate or contractual rate +2% 1 Even if borrowers choose a mortgage with a lower interest rate and shorter term. Regulations related to Mortgage Default Insurance CIBC Q3 2019 Fixed Income Investor Presentation CIBC 41#43CIBC Canadian Real Estate Secured Personal Lending 90+ Days Q3/18 Q2/19 Q3/19 Delinquency Rates Total Mortgages 0.24% 0.27% 0.27% Uninsured Mortgages 0.19% 0.21% 0.22% Uninsured Mortgages in GVA¹ 0.07% 0.12% 0.16% Uninsured Mortgages in GTA¹ 0.10% 0.11% 0.14% Uninsured Mortgages in Oil Provinces 0.51% 0.59% 0.58% Mortgage Balances ($B; spot) 203 201 201 42 42 Delinquency rates remained flat in Q3/19 ⚫ The Greater Vancouver Area1 (GVA) and Greater Toronto Area (GTA) continue to outperform the Canadian average HELOC Balances ($B; spot) 22.0 21.8 21.6 112 111 111 12.4 12.2 12.1 63 63 63 6.8 6.8 6.7 28 27 27 2.8 2.8 2.8 Q3/18 Q2/19 Q3/19 Q3/18 Q2/19 Q3/19 ■GVA¹ ■GTA¹ ■Other Region 1 GVA and GTA definitions based on regional mappings from Teranet. CIBC Q3 2019 Fixed Income Investor Presentation ■GVA' ■GTA' Other Region CIBC#44CIBC Canadian Uninsured Residential Mortgages - Q3/19 Originations Beacon Distribution 5% 5% 5% 37% 37%39% 31% 30% 31% 16% °14% 15% 14% 11% 10% ≤650 651-700 701-750 751-800 >800 ■Canada ■GVA² ■GTA² Loan-to-value (LTV)1 Distribution 42% .32% 30% 29% 35% 24% 22%21% 17% 15% 10% 4% 7% 4% 8% <30% 30 to <45% 45 to <60% ■Canada ■GVA² ■GTA² 60 to ≤75% >75% 1 LTV ratios for residential mortgages are calculated based on weighted average. 2 GVA and GTA definitions based on regional mappings from Teranet. CIBC Q3 2019 Fixed Income Investor Presentation Originations of $9B in Q3/19 Average LTV1 in Canada: 64% GVA²: 57% GTA²: 62% CIBC 43#45CIBC Canadian Uninsured Residential Mortgages Beacon Distribution 39% 42% 40% 27% 23%26% 7% 6% 7% 13% 12% 13% 17% 14% 14% ≤650 651-700 701-750 751-800 >800 ■Canada ■GVA² ■GTA² Loan-to-value (LTV)1 Distribution 36% 28% 30%29% .32% 27% 23% 22% 15% 15% 9% 11% 11% 7% 5% <30% 30 to <45% 45 to <60% 60 to ≤75% >75% ■Canada GVA² ■GTA² 2 2 1 LTV ratios for residential mortgages are calculated based on weighted average. 2 GVA and GTA definitions based on regional mappings from Teranet. CIBC Q3 2019 Fixed Income Investor Presentation Better current Beacon and LTV1 distributions in GVA² and GTA² than the Canadian average • 1% of this portfolio has a Beacon score of 650 or lower and an LTV1 over 75% Average LTV1 in Canada: 54% GVA²: 46% GTA²: 50% CIBC 44#46Office 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 45 45 http://www.osfi-bsif.gc.ca/Eng/fi-if/rg-ro/gdn-ort/gl-ld/Pages/CAR18_chpt2.aspx#ToC222CriteriatobeconsideredintriggeringconversionofNVCC CIBC Q3 2019 Fixed Income Investor Presentation CIBC#47Outstanding Benchmark Covered Issuance 46 46 Series Currency Issued CBL3 EUR Maturity Туре 1,000,000,000 Soft Bullet Issue Date Maturity Date Extended Due for Payment Date Coupon Rate Issue Spread Fitch/Moody's 15-Oct-14 15-Oct-19 15-Oct-20 0.375% MS + 0% AAA/Aaa CBL5 EUR 1,000,000,000 Soft Bullet 28-Jan-15 28-Jan-20 28-Jan-21 0.25% MS + 0.05% AAA/Aaa CBL6 AUD CBL7 USD 300,000,000 Soft Bullet 1,200,000,000 Soft Bullet 12-Jun-15 12-Jun-20 12-Jun-21 BBSW + 0.65% BBSW + 0.65% AAA/Aaa 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 CBL11 AUD CBL12 EUR CBL15 GBP CBL15-2 GBP 150,000,000 Soft Bullet 400,000,000 Soft Bullet 1,250,000,000 Soft Bullet 325,000,000 Soft Bullet 300,000,000 Soft Bullet 22-Dec-15 22-Dec-25 22-Dec-26 0.125% MS + 0.05% AAA/Aaa 19-Apr-16 25-Jul-16 19-Apr-21 25-Jul-22 19-Apr-22 BBSW 1.10% BBSW 1.10% AAA/Aaa 25-Jul-23 0 MS + 0.06% AAA/Aaa 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 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 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 7-Dec-20 7-Dec-21 BBSW + 0.55% BBSW + 0.55% AAA/Aaa 24-Jan-18 24-Jan-23 24-Jan-24 0.25% MS - 0.05% AAA/Aaa 30-Apr-18 10-Oct-18 30-Apr-25 30-Apr-25 30-Apr-26 0.10% MS -0.08% AAA/Aaa 30-Apr-26 0.10% MS -0.04% AAA/Aaa 27-Jun-18 27-Jun-21 27-Jun-22 3.15% MS + 0.30% AAA/Aaa 9-Jul-19 9-Jul-27 9-Jul-28 0.04% MS + 0.09% AAA/Aaa CIBC Q3 2019 Fixed Income Investor Presentation#48Selected Legacy and TLAC Senior Programme Currency Issued Issue Date Maturity Date Coupon Rate Issue Spread EMTN AUD 100,000,000 25-Jul-13 25-Jul-19 4.75% MJDS USD 1,000,000,000 6-Sep-16 6-Sep-19 1.60% MJDS USD 500,000,000 6-Sep-16 6-Sep-19 LIBOR + 0.52% MJDS USD 1,000,000,000 16-Jun-17 16-Jun-22 2.55% MJDS USD 500,000,000 16-Jun-17 16-Jun-22 LIBOR + 0.72% EMTN/Formosa USD 300,000,000 31-Jul-17 31-Jul-47 MJDS USD 1,250,000,000 5-Oct-17 5-Oct-20 0.00% 2.10% MJDS USD 500,000,000 5-Oct-17 MJDS USD 750,000,000 2-Feb-18 5-Oct-20 2-Feb-21 LIBOR + 0.31% 2.70% MJDS USD 600,000,000 2-Feb-18 2-Feb-21 LIBOR + 0.315% EMTN¹ EUR 1,100,000,000 22-Mar-18 22-Mar-23 0.75% EMTN CHF 430,000,000 31-Jul-18 31-Jul-23 0.15% MJDS USD 1,000,000,000 13-Sep-18 13-Sep-23 3.50% MJDS USD 500,000,000 13-Sep-18 13-Sep-23 LIBOR + 0.66% CAD 1,250,000,000 15-Jan-19 15-Jan-24 3.29% EMTN CHF 100,000,000 30-Jan-19 30-Jan-25 0.60% AMTN AUD MJDS USD EMTN EUR MJDS 4NC3 USD 675,000,000 1,000,000,000 1,000,000,000 750,000,000 19-Feb-19 24-Feb-20 3mBBSW + 0.55% 2-Apr-19 2-Apr-24 3.10% 3-May-19 3-May-24 0.375% BBSW 0.93% T + 0.70% 0.52% T + 0.80% 0.72% 3ML + .45% T + 0.55% 0.31% T + 0.50% 0.315% 0.350% 0.2575% T + 0.80% 0.66% GoC+1.40% MS +0.70% 0.55% T + 0.92% 0.42% 7/22/2019 7/22/2023 2.606% T + 0.80% 1 Includes EUR 350,000,000 re-opening issued 29-Aug-18 CIBC TLAC Issuance CIBC Q3 2019 Fixed Income Investor Presentation 47