#1B Quarterly Results Presentation Third Quarter 2023 August 31, 2023 All amounts are in Canadian dollars unless otherwise indicated.#2Forward-Looking Statements Third Quarter 2023 A NOTE ABOUT FORWARD-LOOKING STATEMENTS: From time to time, we make written or oral forward-looking statements within the meaning of certain securities laws, including in this Investor Presentation, in other filings with Canadian securities regulators or the SEC and in other communications. All such statements are made pursuant to the "safe harbour" provisions of, and are intended to be forward-looking statements under applicable Canadian and U.S. securities legislation, including the U.S. Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements made in the "Financial performance overview - Economic outlook", "Financial performance overview - Significant events", "Financial performance overview - Financial results review", "Financial performance overview - Review of quarterly financial information", "Financial condition - Capital management", "Management of risk - Risk overview", "Management of risk - Top and emerging risks", "Management of risk - Credit risk", "Management of risk - Market risk", "Management of risk - Liquidity risk", "Accounting and control matters Critical accounting policies and estimates", "Accounting and control matters - Accounting developments", and "Accounting and control matters - Other regulatory developments" sections of our Q3/23 Report to Shareholders and other statements about our operations, business lines, financial condition, risk management, priorities, targets and sustainability commitments (including with respect to net-zero emissions and our environmental, social and governance (ESG) related activities), ongoing objectives, strategies, the regulatory environment in which we operate and outlook for calendar year 2023 and subsequent periods. Forward-looking statements are typically identified by the words "believe", "expect", "anticipate", "intend", "estimate", "forecast”, “target”, “predict", "commit", "ambition", "goal", "strive", "project", "objective" and other similar expressions or future or conditional verbs such as "will", "may", "should", "would" and "could". By their nature, these statements require us to make assumptions, including the economic assumptions set out in the "Financial performance overview - Economic outlook" section of our Q3/23 Report to Shareholders, and are subject to inherent risks and uncertainties that may be general or specific. Given the continuing impact of high inflation, rising interest rates, ongoing adverse developments in the U.S. banking sector which adds pressure on liquidity and funding conditions for the financial industry, the impact of hybrid work arrangements and higher interest rates on the U.S. real estate sector, potential recession and the war in Ukraine on the global economy, financial markets, and our business, results of operations, reputation and financial condition, there is inherently more uncertainty associated with our assumptions as compared to prior periods. A variety of factors, many of which are beyond our control, affect our operations, performance and results, and could cause actual results to differ materially from the expectations expressed in any of our forward-looking statements. These factors include: inflationary pressures; global supply-chain disruptions; geopolitical risk, including from the war in Ukraine, the occurrence, continuance or intensification of public health emergencies, such as the impact of COVID-19, and any related government policies and actions; credit, market, liquidity, strategic, insurance, operational, reputation, conduct and legal, regulatory and environmental risk; currency value and interest rate fluctuations, including as a result of market and oil price volatility; the effectiveness and adequacy of our risk management and valuation models and processes; legislative or regulatory developments in the jurisdictions where we operate, including the Organisation for Economic Co-operation and Development Common Reporting Standard, and regulatory reforms in the United Kingdom and Europe, the Basel Committee on Banking Supervision's global standards for capital and liquidity reform, and those relating to bank recapitalization legislation and the payments system in Canada; amendments to, and interpretations of, risk- based capital guidelines and reporting instructions, and interest rate and liquidity regulatory guidance; exposure to, and the resolution of, significant litigation or regulatory matters, our ability to successfully appeal adverse outcomes of such matters and the timing, determination and recovery of amounts related to such matters; the effect of changes to accounting standards, rules and interpretations; changes in our estimates of reserves and allowances; changes in tax laws; changes to our credit ratings; political conditions and developments, including changes relating to economic or trade matters; the possible effect on our business of international conflicts, such as the war in Ukraine, and terrorism; natural disasters, disruptions to public infrastructure and other catastrophic events; reliance on third parties to provide components of our business infrastructure; potential disruptions to our information technology systems and services; increasing cyber security risks which may include theft or disclosure of assets, unauthorized access to sensitive information, or operational disruption; social media risk; losses incurred as a result of internal or external fraud; anti-money laundering; the accuracy and completeness of information provided to us concerning clients and counterparties; the failure of third parties to comply with their obligations to us and our affiliates or associates; intensifying competition from established competitors and new entrants in the financial services industry including through internet and mobile banking; technological change; global capital market activity; changes in monetary and economic policy; general business and economic conditions worldwide, as well as in Canada, the U.S. and other countries where we have operations, including increasing Canadian household debt levels and global credit risks; climate change and other ESG related risks; our success in developing and introducing new products and services, expanding existing distribution channels, developing new distribution channels and realizing increased revenue from these channels; changes in client spending and saving habits; our ability to attract and retain key employees and executives; our ability to successfully execute our strategies and complete and integrate acquisitions and joint ventures; the risk that expected benefits of an acquisition, merger or divestiture will not be realized within the expected time frame or at all; and our ability to anticipate and manage the risks associated with these factors. This list is not exhaustive of the factors that may affect any of our forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on our forward- looking statements. Any forward-looking statements contained in this Investor Presentation represent the views of management only as of the date hereof and are presented for the purpose of assisting our shareholders and financial analysts in understanding our financial position, objectives and priorities and anticipated financial performance as at and for the periods ended on the dates presented, and may not be appropriate for other purposes. We do not undertake to update any forward-looking statement that is contained in this Investor Presentation or in other communications except as required by law. 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 CIBC◇ Third Quarter, 2023 2#3CIBC Overview Victor Dodig President & Chief Executive Officer CIBC◇#4CIBC Overview Continued momentum in our core business performance Strong execution against our strategic priorities... Diluted EPS Reported EPS $1.47 Adjusted EPS1,2 $1.52 YoY -17%-18%2 Revenue $5.9B Reported / Adjusted² YoY +5% +6%2 + РРРТ3 NIAT Reported PPPT $2.5B Adjusted PPPT2$2.6B YoY +6% +5%2 Reported NIAT $1.4B Adjusted NIAT2 $1.5B YoY-14%-15%2 ROE4 Reported ROE 11.6% Adjusted ROE 2,511.9% YoY -3% -3%2 Robust Capital Framework CET16 ratio of 12.2%, up 30 bps QoQ, primarily driven by solid capital generation capabilities Margin Expansion NIM7 (ex-trading) up 2 bps QoQ, supported by strength in the Canadian P&C business [+10 bps QoQ] Expense Management Contained expense growth [+2% QoQ], as investments are strategically focused for the longer term Credit Quality Prudent credit allowance coverage - ACL ratio remains above pre- pandemic levels Client Growth & Acquisition⁹ Continued momentum in new client growth - net new clients grew +650K over the last twelve months Connectivity 10 across the Bank Increasing connectivity drove double-digit YoY growth in cross-LOB referrals for our U.S. franchise Digital Capabilities Rapidly growing digital suite anchors the number of Personal Banking transactions conducted digitally11 [94%] Environmental Sustainability Named global leader in investment banking and sustainable infrastructure finance by Global Finance 12 Endnotes are included on slides 46 to 51. CIBC Third Quarter, 2023#5Executing Against Our Strategic Priorities Disciplined approach to resource allocation and execution of our client-focused strategy Our Strategic Priorities High growth, high touch segments Grow our North American Affluent and Private Wealth franchise Leverage our highly connected platform Funds managed¹ growth of $14B (+5%) in Imperial Service on a year-to-date basis 30% of Commercial clients have an executive with a PWM relationship in Canada, and 16% of strategic Commercial clients² are also PWM clients in the U.S. Future differentiators Deliver leading digital banking solutions to our Canadian customers Core renewables and energy transition Digital adoption rate³ of 84% in Canadian Personal Banking, with +32% of core retail products being sold digitally Net new client acquisition4 of +165K in Simplii Financial over the last twelve months Enabling and simplifying Develop and enhance new and existing Cloud capabilities Operational efficiencies ~$100MM of efficiencies Q3YTD through the optimization and simplification of processes across our business 50% of applications operating on the Cloud driving scale and speed Endnotes are included on slides 46 to 51. CIBC Third Quarter, 2023 5#6Financial Overview Hratch Panossian Senior Executive Vice-President & Chief Financial Officer CIBC◇#7Financial Results Overview Third quarter reflects ongoing franchise growth and balance sheet strength Diluted Earnings Per Share Return on Equity Revenue Operating Leverage¹ Reported $1.47 Reported 11.6% Adjusted² $1.52 Adjusted2 11.9% PPPT4 $5.9B +5%/+6% YoY Reported/Adjusted² Reported 1.1% Adjusted 2.3 0.1% PCL Ratio5 54 bps Impaired 35 bps CET1 Ratio 12.2% +43 bps YoY vs. OSFI requirement of 11% (as of Jul/23) Liquidity Coverage Ratio? 131% +8% YoY vs. OSFI requirement of >100% Reported $2.5B Adjusted² $2.6B Total Endnotes are included on slides 46 to 51. CIBC Third Quarter, 2023 7#8Financial Results Overview Results demonstrate revenue momentum and expense agility in an uncertain environment Revenue • Revenue up 5% YoY, broad-based (6% YoY adjusted¹) • • • Net interest income up 8% excluding trading 1,2 Non-interest income up 0% excluding trading (1% YoY adjusted) 1,3 • Trading revenue up 10%4 Expenses Expense growth of 4% YoY and 5% sequentially, or 6% YoY and 2% sequentially on an adjusted basis¹ • • Proactive expense containment without sacrificing strategic investments and long-term growth Reported expenses include the amortization of acquisition-related intangible assets Adjusted¹ expense growth reflects the moderating impact of inflation, higher operating costs, and increasing investments through 2022 Provision for Credit Losses (PCL) Higher YoY due to normalizing impairments, US office portfolio, and unfavourable change in economic outlook Net Income Diluted EPS Efficiency Ratio5 ROE • Total PCL ratio of 54 bps . PCL ratio on impaired of 35 bps Endnotes are included on slides 46 to 51. CIBC◇ Reported ($MM) Revenue Q3/23 YOY QoQ 5,850 5% 3% Non-Trading Net Interest Income 3,338 8% 6% Non-Trading Non-Interest Income 2,066 0% 1% Trading Revenue 446 10% (10%) Expenses 3,307 4% 5% Provision for Credit Losses 736 203% 68% 1,430 (14%) (15%) $1.47 (17%) (16%) 56.5% (60) bps 140 bps 11.6% (300) bps (290) bps CET1 Ratio 12.2% 43 bps 30 bps Adjusted ($MM) Q3/23 YOY QoQ Revenue¹ 5,884 6% 3% Non-Trading Net Interest Income 12 3,338 8% 6% Non-Trading Non-Interest Income 1,3 2,100 1% 3% Trading Revenue 446 10% (10%) Expenses¹ 3,284 6% 2% PPPT 1,6 2,600 5% 5% Provision for Credit Losses¹ 736 203% 68% Net Income¹ 1,473 (15%) (9%) Diluted EPS1 $1.52 (18%) (11%) Efficiency Ratio (TEB) 1,7 55.2% 0 bps (80) bps ROE1 11.9% (320) bps (200) bps Third Quarter, 2023 8#9Net Interest Income (NII) Robust NII (ex-trading) growth of 8%, supported by strong P&C margins and higher volume Net Interest Margin on Average Interest-Earning Assets (NIM)1 Total Bank NIM (ex. Trading) 1.68% 1.61% 1.66% 1.65% 1.61% 1.67% 1.49% 1.54% 1.51% 1.49% 141 53 (60) 26 (102) 1.65% 3,265 3,338 3,095 3,132 3,161 5 bps (1)bp (2) bps -1 bp YoY 1.67% Q3/22 Q4/22 Q1/23 Q2/23 Non-Trading NII ($MM) Trading NII ($MM)² -NIM Q3/23 NIM (ex. Trading) Q2/23 Canadian P&C Capital Markets Other Q3/23 Canadian Personal & Commercial NIM1,3 U.S. Commercial & Wealth NIM¹ Reported Adjusted4 +15 bps YoY +16 bps YoY 10 bps 3 bps 2.67% (3) bps 2.57% 5 bps 3 bps +10 bps YoY 3.46% 3.41% (3) bps Q2/23 Deposit Margin Asset Margin Other Q3/23 Q2/23 Deposit Margin Asset Margin Other Q3/23 Endnotes are included on slides 46 to 51. CIBC Third Quarter, 2023 9#10Balance Sheet NII continues to benefit from B/S growth and repricing to reflect prevailing market rates Average Assets ($B) & Yields 1,2,3 Average Liabilities and Equity ($B), & Costs 1,4,5 3.63% 3.86% 5.17% 5.35% 3.28% 4.77% 3.89% 2.89% 2.38% 1.28% 948 953 948 953 933 944 933 900 900 50 50 51 944 52 49 245 234 209 211 216 384 389 362 381 368 190 189 196 177 174 2.79% 3.27% 3.77% 3.79% 2.01% 140 155 166 167 118 1.66% 2.66% 3.48% 3.90% 4.17% 203 212 510 3.46% 526 529 535 5.57% 537 1.09% 2.13% 214 3.05% 209 203 3.49% 3.82% 4.38% 5.19% 5.78% 162 0.36% 157 0.70% 150 145 141 0.88% 0.93% 0.77% Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Loans & Acceptances Securities Other Yield on Avg. Interest-Earning Assets Notice/Demand - Personal Notice/Demand - Corporate & Commercial Term - Client Other Equity Cost of Liabilities over Avg. Interest-Earning Assets Client Deposit Mix (Spot Balances)6 25% Q3/22 $491B 51% 32% 24% Q2/23 $514B 47% 21% 32% Q3/23 $510B 47% 21% Interest-Bearing Deposits - Notice / Demand Interest-Bearing Deposits - Term Non-Interest-Bearing Deposits Endnotes are included on slides 46 to 51. CIBC◇ Third Quarter, 2023 • Loan yields continue to expand (YoY and sequentially), capturing rate increases by the Bank of Canada and the Fed Despite mix shift to higher-cost term deposits as a result of changes in client behaviour, demand and notice deposit betas behaving generally as expected in response to changes in the environment 10#11Non-Interest Income Strong trading activity and transactional fees Non-Interest Income by Category ($MM)4 Reported: $2,614MM 2,722 2,6485 2,515 2,335 265 2,203 670 548 470 282 Market-Related Fees4 Transactional Fees 4,5 Underwrit & Advis. 8% Trading 32% Credit 44% 1,134 1,043 1,147 1,132 1,143 Mutual Fund 25% $1.7B +21% YoY Other 8% 717 725 752 725 801 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 ■Market-related (excl. trading)1 = Trading 2 ■Transactional 1 ■Other3 Investment Mgmt & Custodial 27% $801MM5 +12% YoY Deposit & Payment 33% FX 10% Card 13%5 Reported: $767MM +7% YoY • • • Non-interest income up 12% YoY (13% on an adjusted 5 basis), or 1% excluding trading . Reported non-interest income impacted by the commodity tax charge related to the retroactive impact of the 2023 Federal Budget Transactional revenues up 7% YoY (12% on an adjusted² basis) driven mainly by higher credit and deposit and payment fees, and strong client-related foreign exchange income; sequential increase supported in part due to more days in the quarter Market-sensitive fees excluding trading were up 1% YoY and sequentially, sustained by stronger underwriting and advisory activity, and higher investment management revenue, largely offset by other fees and commissions Endnotes are included on slides 46 to 51. CIBC◇ Third Quarter, 2023 11#12Non-Interest Expenses Moderating inflation, stabilizing investment, and continued realization of efficiencies Reported: $3,183MM Reported: $3,307MM YoY Expense Growth Reported expenses up 4% YoY Adjusted¹ expenses up 6% YoY • • Relatively stable investment for future growth, driving 1% increase on a YoY basis Excluding investments and performance- based compensation, adjusted¹ expense growth of 3% due to moderating impact of inflation and continued realization of operational efficiencies QoQ Expense Growth • Reported expenses up 5% QoQ • Adjusted¹ expenses grew 2% QoQ • Stabilizing investment spend and • performance-based compensation Remaining operating cost increase largely due to three more days in the quarter Endnotes are included on slides 46 to 51. CIBC YoY ($MM) Adjusted 3,100 +3% +6% 41 116 3,189 (27) .... 54 3,284 Investments² Perf. Based Q3/23 Comp. Q3/22 Operating Costs Net Efficiencies Inflation Other Reported: $3,140MM QoQ ($MM) Adjusted¹ 3,227 +2% +1% Reported: $3,307MM 5 3,284 16 36 3,263 Q2/23 Operating Costs Investments² Perf. Based Comp. Q3/23 Third Quarter, 2023 12#13Capital & Liquidity Disciplined balance sheet management continues to support organic growth and prudent returns Capital & Liquidity Position • CET1 ratio of 12.2%, up 30 bps QoQ, and above current regulatory requirements; strong sequential increase reflects: • Strong organic generation and share issuances Excluding the impact of FX, risk-weighted assets were stable due to disciplined resource allocation Liquidity position continues to remain well above minimum requirements CET1 Ratio $B Q3/22 Q2/23 Q3/23 Average Loans and Acceptances¹ 510.0 534.8 537.3 Average Deposits¹ CET1 Capital² 673.6 702.8 712.4 35.7 38.2 38.7 CET1 Ratio 11.8% 11.9% 12.2% Risk-Weighted Assets (RWA)2 303.7 321.2 317.8 Leverage Ratio² 4.3% 4.2% 4.2% Liquidity Coverage Ratio (average)² 123% 124% 131% HQLA (average)2 167.7 177.3 182.3 Net Stable Funding Ratio² 117% 117% 117% RWA ($B) 11.9% 17 bps 2 bps 12.2% 11 bps 321.2 (1.5) 1.3 317.8 (3.2) Q2/23 Earnings Net of Dividends Share Issuances RWA Growth Q3/23 Q2/23 Credit Risk & Other Market & Operational Risk FX Q3/23 Endnotes are included on slides 46 to 51. CIBC Third Quarter, 2023 13#14Canadian Banking: Personal & Business Banking Strong margins and proactive expense management drive PPPT growth momentum Net interest income up 7% YoY (8% on an adjusted 1,2 basis) driven by strong net interest margins Non-interest income down 7% YoY (down 1% on an adjusted 1,3 basis) primarily due to a commodity tax charge incurred during the quarter Reported expenses down 1% YoY, and include the amortization of acquisition-related intangible assets • Adjusted expenses¹ up 4% driven by higher spend on strategic initiatives Reported operating leverage of 5% (2% on an adjusted basis¹) Provision for Credit Losses: ($MM) Revenue • Total PCL ratio of 53 bps • PCL ratio on impaired of 31 bps Reported Adjusted¹ Q3/23 YOY QoQ Q3/23 YOY QoQ Net Interest Income² Non-Interest Income³ Expenses PPPT4 2,412 1,898 Provision for Credit Losses Net Income 4% 6% 7% 10% 514 (7%) (6%) 1,303 (1%) 2% 1,109 10% 10% 423 2,446 6% 7% 1,898 8% 10% 548 (1%) 0% 1,296 4% 2% 1,150 8% 14% $223 $300 423 $223 $300 497 (16%) (22%) 527 (17%) (18%) Loans (Average, $B) 5,6 318 3% 1% 318 3% 1% Deposits (Average, $B)6 218 6% 0% 218 6% 0% Net Interest Margin (bps) 238 9 11 238 10 11 Q3/23 | Key Highlights +590K Net New Client Growth [LTM]7 Continued momentum in client growth $14B Funds Managed Growth [YTD] in Imperial Service 94% Digital Transactions⁹ Record high number completed digitally Endnotes are included on slides 46 to 51. CIBC◇ Third Quarter, 2023 14#15Canadian Banking: Commercial Banking & Wealth Management Leading client franchise which continues to grow as a result of our relationship-focused strategy • • Net interest income stable YoY supported by higher volumes, offset by unfavourable margins • Reported & Adjusted¹ ($MM) Revenue Net Interest Income Q3/23 YOY QoQ 1,350 1% 1% 443 0% (2%) Non-Interest Income 907 1% 3% 674 1% 0% 676 1% 2% Provision for Credit Losses 40 $30 ($6) 467 (4%) 3% Commercial Banking - Loans (Average, $B)³,6 Commercial Banking - Deposits (Average, $B)6 Net Interest Margin (bps) 92 6% 0% 91 8% 1% 335 (5) (14) Assets Under Administration 4,5 (AUA, $B) Assets Under Management 4,5 (AUM, $B) 350 5% 1% 225 5% 1% • Volume growth slowing on both sides of the balance sheet as we remain cautious Non-interest income up 1% YoY and 3% QoQ • Higher fee-based revenues driven by market appreciation throughout the quarter, partly offset by lower commissions from decreased client activity AUA and AUM continue to increase against the backdrop of recovering markets Expenses up 1% YoY driven by moderating strategic investment, offset partly by lower employee-related and performance-based compensation Provision for Credit Losses: Expenses PPPT2 Net Income • Total PCL ratio of 18 bps • PCL ratio on impaired of 17 bps Q3/23 | Key Highlights 6% / 8% Loan & Deposit Growth 3,6 Continued growth momentum 4.2% Annualized Net Flows7/AUA from Private Wealth Management $2.6B Annualized Referral Volume³ Continued stability in volumes Endnotes are included on slides 46 to 51. CIBC◇ Third Quarter, 2023 15#16U.S. Region: Commercial Banking & Wealth Management Continued revenue growth while expense base begins to stabilize Net interest income up 10% YoY driven by margins and higher loan volumes • Deposits down 6% YoY, and mix shift to interest- bearing products; however, outflows are dissipating Non-interest income down 5% YoY, driven primarily by lower market-related fees Reported expenses down 1% YoY, and include the amortization of acquisition-related intangible assets • Adjusted expenses¹ stable YoY, as steady investment in our people, technology and infrastructure is offset by lower variable expenses driven by market factors Provision for Credit Losses Reported Adjusted¹ (US $MM) Revenue Q3/23 YoY QoQ Q3/23 YOY QoQ 499 5% 5% 499 5% 5% Net Interest Income 358 10% 6% 358 10% 6% Non-Interest Income 141 (5%) 1% 141 (5%) 1% Expenses 258 (1%) (1%) 248 0% 0% PPPT² 241 14% 12% 251 12% 10% Provision for Credit Losses 191 $163 $8 191 $163 $8 Net Income 55 (64%) 38% 62 (62%) 24% Loans (Average, $B) 3,5 41 7% 1% 41 7% 1% • Total PCL ratio of 188 bps Deposits (Average, $B)5 33 (6%) (4%) 33 (6%) (4%) • PCL ratio on impaired of 128 bps, primarily due to impairments in the Commercial Real Estate - Office portfolio Net Interest Margin (bps) 346 10 5 346 10 5 AUA4 ($B) 101 9% 7% 101 9% 7% AUM ($B) 76 6% 5% 76 6% 5% Q3/23 | Key Highlights +14% Cross-LOB Referrals 6 Double-digit year-over-year growth $2.7B Net Flows from New Clients7 Over the last twelve months ~$100MM Invested over 12 months Moderating spend and harvesting investments Endnotes are included on slides 46 to 51. CIBC◇ Third Quarter, 2023 16#17Capital Markets Double-digit revenue growth led by strong performance in Global Markets and DFS • Revenue growth of 13% YoY, driven in part by strong trading activity during the quarter • • Trading revenues up 16% YoY driven mainly by higher Interest Rate, Equities and Commodities trading Strong growth momentum in Direct Financial Services (DFS), supported primarily by higher deposit margins Expenses up 13% driven by investment in key growth initiatives, and higher performance-based compensation Provision for Credit Losses: • Total PCL ratio of 3 bps PCL ratio on impaired of 3 bps Reported & Adjusted¹ ($MM) Revenue² Q3/23 YOY QoQ 1,355 13% (1%) Non-Trading Net Interest Income 500 6% 5% Non-Trading Non-Interest Income 336 20% 6% Trading Revenue Expenses PPPT³ 519 16% (9%) 673 13% 1% 682 13% (2%) Provision for Credit Losses 6 $15 ($13) Net Income 494 11% (1%) Loans (Average, $B)4,5 71 11% 1% Deposits (Average, $B)5 117 19% (3%) Q3/23 | Key Highlights +165K Net New Client Growth [LTM]6 in Simplii Financial +13% U.S. Revenue Growth $112MM increase over YTD Q3/22 +26% DFS Revenue Growth Driven by Simplii Financial & ASG7 Endnotes are included on slides 46 to 51. CIBC◇ Third Quarter, 2023 17#18Corporate & Other PPPT impacted by expense growth and a pressured revenue environment Revenue lower YoY and sequentially Reported Adjusted² • Net interest income lower due to favourable Treasury-related revenues in the prior year • • International Banking up 29% YoY, benefitting from margin expansion and FX translation impacts Reported expenses up 14% YoY and 78% QoQ Excluding impact of the amortization of acquisition-related intangible assets: Adjusted expenses² up 14% and 8% QoQ, mainly due to the timing of investments, employee-related (including severance), and inflationary costs ($MM) Revenue¹ Q3/23 YOY QoQ 67 ($42) ($9) Q3/23 YOY QoQ 67 ($42) ($9) Net Interest Income (43) $7 ($23) (43) $7 ($23) Non-Interest Income 110 ($49) $14 110 ($49) $14 Expenses 312 $39 $137 309 $39 $23 PPPT3 (245) Provision for Credit Losses 12 Net Income (101) ($81) ($146) $5 ($48) ($148) (242) ($81) ($32) $10 12 $5 $10 (98) ($48) ($65) Endnotes are included on slides 46 to 51. CIBC◇ Third Quarter, 2023 18#19Looking Ahead Well-positioned to navigate through uncertainty and deliver stakeholder value Solid results demonstrate profitable franchise growth against a challenging market backdrop Strong, well capitalized balance sheet provides flexibility Disciplined resource management with a focus on profitability will deliver long-term sustainable value CIBC◇ Third Quarter, 2023 19#20Risk Overview Frank Guse Senior Executive Vice-President & Chief Risk Officer CIBC◇#21Key Messages for Q3/23 Prudent build in performing allowances driven by refinements to our economic outlook Expected normalization of impaired provisions continues While the U.S. Office sector faces headwinds, overall our portfolios continue to perform well and remain resilient CIBC◇ Third Quarter, 2023 21#22Allowance for Credit Losses Allowances for credit losses trended higher . • • . Our total provision for credit losses was $736MM in Q3/23, compared to $438MM last quarter Total allowance coverage increased from 66bps in Q2/23 to 73bps this quarter About 80% of our performing provision in Q3/23 was driven by updates to our economic outlook • • Debt service ratio for Canadian retail Remainder was largely attributable to portfolio growth, credit migration and other movements Provision on impaired loans was $478MM, up $99MM quarter-over-quarter Impaired provision was attributable to both retail and business and government loans portfolios Allowance for Credit Losses ($MM) - Q3/23 Movements Allowance Coverage 1 62bps 66bps +5bps +5bps +2bps +2bps -7bps 73bps QoQ increase (+7bps) 89 125 3,936 ( 381 ) 264 258 3,581 3,276 Impaired Provisions $478MM Q4/22 Allowance Q2/23 Allowance Performing Provisions Impaired Provisions Retail 2 Impaired Provisions - Office Impaired Provisions - Other 3 Net Write-offs & Other Q3/23 Allowance Endnotes are included on slides 46 to 51. CIBC◇ Third Quarter, 2023 22#23Credit Performance - Gross Impaired Loans Gross impaired loan ratios up YoY and QoQ . Gross impaired loan ratio was up, mainly attributable to the U.S. commercial real estate sector Gross Impaired Loan Ratios Q1/20 • New formations were up in business and government loans • The overall consumer lending portfolio has shown a continued trend back to pre-pandemic levels Canadian Residential Mortgages Canadian Personal Lending Business & Government Loans¹ CIBC FirstCaribbean Q3/22 0.30% 0.14% 0.16% 0.37% 0.34% 0.43% 0.45% 0.59% 0.44% 0.63% 0.79% Q2/23 Q3/23 0.17% 3.80% 4.18% 4.30% 3.84% Total 0.47% 0.33% 0.43% 0.48% Gross Impaired Loan Ratio² New Formations ($MM)² 1,009 1,074 0.48% 0.43% 0.33% 721 573 528 537 483 485 232 2,616 151 2,328 140 91 1,701 489 481 501 343 386 394 Q3/22 Q2/23 Q3/23 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Gross Impaired Loans ($MM) Gross Impaired Loan Ratio Consumer ■ Business & Government Endnotes are included on slides 46 to 51. CIBC◇ Third Quarter, 2023 23#24Canadian Consumer Lending Net write-offs and delinquencies are in line with expectations • Net Write-offs: Overall consumer net write-off ratio remained stable QoQ YoY increase in credit cards and personal lending was driven by the return towards pre-pandemic levels and rising interest rates 90+ Days Delinquencies: Reported Net Write-Offs Q1/20 Q3/22 Q2/23 Q3/23 Canadian Residential Mortgages 0.01% 0.01% <0.01% <0.01% Canadian Credit Cards 3.16% 2.02% 2.95% 2.69% Canadian Personal Lending 0.77% 0.52% 0.76% 0.80% Unsecured 1.80% 1.05% 1.52% 1.54% Secured 0.02% 0.02% 0.02% 0.03% Total 0.28% 0.17% 0.25% 0.25% • Overall consumer 90+ days delinquency ratio was up slightly QoQ 90+ Days Delinquency Rates¹ Canadian Residential Mortgages Q1/20 Q3/22 Q2/23 Q3/23 0.30% 0.14% 0.16% 0.17% YoY increase largely driven by the return towards the pre-pandemic level and rising interest rate environment Uninsured 0.24% 0.11% 0.15% 0.15% Insured 0.43% 0.26% 0.24% 0.25% Canadian Credit Cards 0.82% 0.66% 0.65% 0.58% Canadian Personal Lending 0.37% 0.34% 0.43% 0.45% Unsecured 0.47% 0.41% 0.51% 0.53% Secured 0.32% 0.24% 0.37% 0.33% Total 0.34% 0.19% 0.22% 0.23% Net Write-off Ratio¹ Balances ($B; principal) 315 321 324 16 17 18 39 41 41 54 50 49 0.25% 0.25% 0.17% 137 206 213 216 198 207 Q3/22 Q2/23 Net Write-offs ($MM) 1 Q3/23 Net Write-off Ratio Endnotes are included on slides 46 to 51. CIBC◇ Q3/22 Q2/23 Q3/23 ■Uninsured Mortgages Insured Mortgages Personal Lending Cards Third Quarter, 2023 24#25Canadian Real Estate Secured Personal Lending Uninsured mortgage delinquencies continue to remain low Mortgage balance growth has been driven by clients with deep and balanced relationships 87% of mortgages are owner-occupied; investor mortgages performance is strong and compares favourably with owner-occupied mortgages We continue to connect with clients in negative amortization mortgages to offer proactive solutions where appropriate • The portion of non-amortizing variable mortgages is $50B, representing 56% of the total variable rate mortgages Mortgages 90+ Days Delinquency Rates - Investor vs. Owner Occupied 0.50% 0.40% 0.30% 0.20% 0.10% 0.00% Q3/19 Q3/20 Q3/21 Q3/22 Q3/23 -Investor Owner Occupied Mortgage Balances ($B; principal) 260 140 263 265 90+ Days Delinquency Rates Q1/20 Q3/22 Q2/23 Q3/23 Total Mortgages 0.30% 0.14% 0.16% 0.17% Uninsured Mortgages 0.24% 0.11% 0.15% 0.15% Uninsured Mortgages in GVA¹ 0.15% 0.08% 0.20% 0.17% Uninsured Mortgages in GTA¹ 0.14% 0.06% 0.10% 0.13% HELOC Balances ($B; principal) 19.4 142 143 10.6 19.0 19.1 10.3 10.4 86 87 88 6.3 6.2 6.2 34 34 34 2.5 2.5 2.5 Q3/22 Q2/23 Q3/23 Q3/22 Q2/23 Q3/23 ■ GVA1 ■GTA¹ ■ Other Region ■GVA¹ ■GTA¹ ■ Other Region Endnotes are included on slides 46 to 51. CIBC◇ Third Quarter, 2023 25#26U.S. Commercial Real Estate Office Portfolio - The book is diverse by location, borrower and tenant mix • • The U.S. Office portfolio is less than 1% of total loan exposure and comprises 20% of overall U.S. Commercial Real Estate Approximately 50% of the portfolio is Class A; average loan-to-value at origination was 60% • 50% of the portfolio is Suburban, 18% Urban, 29% Central Business District • 2.4 7.6% allowance for credit loss coverage of loans, with a net charge-off ratio of less than 1% Maturity Breakdown for FY23-FY25 in % of the Office Portfolio and US$B $2.1B 2.0 1.6 1.2 0.8 15% $0.6B 0.4 0.0 FY23 as of Q4/22 Q4/23 33% $1.3B FY24 Portion of the corresponding maturity extended forward in Q1-Q3/23 CIBC◇ Geographic Diversification by Metropolitan, US$B Chicago-Naperville-Elgin 0.4 Washington-Arlington-Alexandria 0.3 Boston-Cambridge-Newton 0.3 Miami-Fort Lauderdale-West Palm Beach 0.3 Minneapolis-St. Paul-Bloomington 0.2 Dallas-Fort Worth-Arlington 0.2 San Francisco-Oakland-Hayward 0.2 24% $0.9B New York-Newark-Jersey City 0.2 Los Angeles-Long Beach-Anaheim 0.1 Austin-Round Rock 0.1 Other 1.5 Total 3.8 FY25 Third Quarter, 2023 26#27In Summary Overall credit performance in line with expectation and proactively managing exposures Prudent allowance coverage reflect ongoing uncertainties in the macroeconomic environment Performance within expectations notwithstanding headwinds causing pressure in certain sectors Thorough risk and account management in place to mitigate risk from uncertainties CIBC◇ Third Quarter, 2023 27#28Appendix CIBC◇#29Our Digital Footprint Growing Digital Adoption & Engagement¹ Digital Adoption Rate² +2% Active Digital Banking Users³ (MM) +8% 84.4% 82.4% Q3/22 Digital Transactions4 (MM) +17% Q3/23 6.2 Q3/22 Transactions by Channel4 6.7% Digital Channel Usage (# of Sessions, MM) +13% 335 6.8 296 Q3/23 Q3/22 Q3/23 5.9% 69 58 18 93.3% 94.1% 16 70 60 Q3/22 Q3/23 Q3/22 Q3/23 ■ eTransfers ■ Bill Payments 5 ■ Other ■Digital Channel Non-Digital Channel Endnotes are included on slides 46 to 51. CIBC◇ Third Quarter, 2023 29 29#30Canadian Personal & Commercial Banking 1 Continued loan and deposit growth underlying the Canadian P&C business Net Income ($MM) Net Interest Margin on Average Interest Earning Assets (bps)³ (8)% YoY Reported (12)% QoQ Reported (9)% YoY Adjusted² (10)% QoQ Adjusted² 985 1027 991 996 856 870 1027 1033 903 933 Reported: 252 Adjusted²: 251 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 ■ Reported ■ Adjusted 2 Average Loans ($B)4,5 +4% 248 247 248 247 Q3/22 Q4/22 Q1/23 Reported NIM (bps) Average Deposits ($B)4 +5% 257 257 Q2/23 --- Adjusted NIM (bps) 2 406 418 421 335 335 320 91 95 96 117 121 121 315 323 325 203 214 214 Q3/22 Endnotes are included on slides 46 to 51. CIBC◇ Q2/23 Q3/23 ■ Personal ■ Business Third Quarter, 2023 Q3/22 Q2/23 Q3/23 ■ Personal ■ Business 267 267 Q3/23 30#31Canadian Personal & Commercial Banking 1 Margins benefit from higher rates, moderating headwinds from deposit mix and mortgage pricing Adjusted NIM² Trajectory Reported Asset & Deposit Margin Contribution to Segment NIMS (QoQ change, bps) 2.39% 2.38% 2.35% 2.36% 2.52% 2.67% 2.57% 2.51% 2.47% 2.48% Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Client Deposit Mix³ (Spot Balances) $305B 30% $337B $336B 26% 25% 18% 32% 33% 53% 42% 42% Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 -Asset -Deposit Mortgage Portfolio Spreads (bps)4 Q4/21 Q2/23 Interest-Bearing Deposits - Notice / Demand Q3/23 Interest-Bearing Deposits - Term Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Total Portfolio Spread Gross Inflow Spread Non-Interest-Bearing Deposits Endnotes are included on slides 46 to 51. CIBC Third Quarter, 2023 Q3/23 Q2/23 Gross Outflow Spread 31#32U.S. Region: Commercial Banking & Wealth Management (C$) Continued revenue growth while expense base begins to stabilize Reported Adjusted¹ Q3/23 YOY QoQ Q3/23 YOY QoQ 666 10% 3% 666 10% 3% Net Interest Income 477 15% 4% 477 15% 4% Non-Interest Income 189 0% 1% 189 0% 1% Expenses PPPT² 345 3% (3%) 332 5% (1%) 321 19% 9% 334 16% 7% Provision for Credit Losses 255 $220 $7 255 $220 $7 Net Income 73 (62%) 33% 83 (60%) 22% Loans (Average, $B) 3,5 55 12% 1% 55 12% 1% Deposits (Average, $B)5 44 (2%) (6%) 44 (2%) (6%) Net Interest Margin (bps) 346 10 346 10 5 133 12% 4% 133 12% 4% 100 9% 2% 100 9% 2% Net interest income up 15% YoY driven by margins and higher loan volumes Deposits down 2% YoY with a greater mix shift to interest-bearing products; outflows dissipating Non-interest income flat YoY, driven primarily by lower market-related fees Reported expenses up 3% YoY, and include the amortization of acquisition-related intangible assets • Adjusted expenses¹ up 5% YoY, as steady investment in our people, technology and infrastructure is offset by lower variable expenses driven by market factors Provision for Credit Losses • Total PCL ratio of 188 bps PCL ratio on impaired of 128 bps, primarily due to impairments in the Commercial Real Estate - Office portfolio ($MM) Revenue AUA4 ($B) AUM4 ($B) Q3/23 | Key Highlights +14% Cross-LOB Referrals 6 Double-digit year-over-year growth $3.6B Net Flows from New Clients7 Over the last twelve months ~$133MM Invested over 12 months Moderating spend and harvesting investments Endnotes are included on slides 46 to 51. CIBC◇ Third Quarter, 2023 32#33Funding & Liquidity A well-diversified, high-quality, client-driven balance sheet . Liquidity and funding position continue to remain well above regulatory requirement • Client deposits are the primary source of funding, comprising over $500B of the total funding base • • Funding strategy is supplemented in part by wholesale funding, which is diversified across investor type, geographies, currencies, maturities, security and funding instruments Wholesale funding comprises mostly of long-term funding, across both secured and unsecured 100% Minimum Requirement Total Loss Absorbing Capacity (TLAC)1 TLAC Composition ($B) and Ratio 96.0 45.7 External Instruments 6.7 4.9 Tier 2 Instruments Additional Tier 1 Instruments 38.7 CET1 Capital TLAC Composition Endnotes are included on slides 46 to 51. CIBC◇ 30.2% Q3/23 | 117% Net Stable Funding Ratio Minimum Requirement [21.5%] Funding Mix ($B, Spot) Repos 11% Other (incl. Derivatives 8% Capital 5% Client Deposits 55% Q3/23 131% Average Liquidity Coverage Ratio Q3/23 $943B WSF $201B Third Quarter, 2023 < 1 Year Maturity 11% > 1 Year Maturity 10% 33 33#34Interest Rate Sensitivity Well-positioned for higher interest rates Net Interest Income Sensitivity to a +/- 100 bps change ($MM)1 Year 1 SBU Composition of Structural Interest Rate Sensitivity 1,2 1% 414 (396) Interest Rate Environment in Canada and the U.S.3 Historic 6.00 Actuals 18% 5.00 4.00 3.00 Q3/23 54% 17% 2.00 1.00 10% +100 bps - 100 bps Personal & Business Banking U.S. Commercial & Wealth Cdn. Commercial & Wealth Capital Markets Corporate & Other Oct-17 Apr-18 Oct-18- Apr-19 Oct-19 Apr-20 Oct-20 Apr-21 Oct-21 Apr-22 Oct-22 Apr-23- Oct-23 CAD 5-YR Swap Rate BoC Overnight Rate USD 5-YR Swap Rate Fed Funds Rate Year 1 benefit of approximately $414MM from an immediate and sustained 100 bps increase to our net interest income as at July 31, 2023, with approximately 60% driven by short-term rates • Year 2 benefit from rising rates (+100 bps) of approximately $700MM, driven primarily by long rates Year 1 impact of approximately -$396MM from an immediate and sustained 100 bps decrease to our net interest income as at July 31, 2023, with approximately 60% from short-term rates Endnotes are included on slides 46 to 51. CIBC Third Quarter, 2023 Implied Forwards Apr-24 Oct-24 34#35Provision for Credit Losses (PCL) Both impaired and performing PCLs trended higher Provision for Credit Losses up YoY and QoQ Impaired provisions up in Q3/23, largely due to higher impairments in business and government loans, mainly in the U.S Performing provision in Q3/23 mainly driven by an unfavourable change in economic outlook, specifically around debt service ratio for our retail portfolio and deteriorating economic conditions in the U.S., along with expected negative credit migration within our retail portfolios ($ MM) Q3/22 Q2/23 Q3/23 Canadian Personal & Business Banking Impaired 200 123 423 136 231 244 Performing 64 (108) 179 Canadian Commercial Banking & Wealth Impaired 10 46 40 9 33 38 Performing 1 13 2 U.S. Commercial Banking & Wealth Impaired 35 24 255 15 100 174 Provision for Credit Losses Ratio¹ 0.54% Performing 20 148 81 Capital Markets (9) 19 6 0.34% Impaired (15) 4 5 0.19% 0.35% 0.29% Performing (6) 15 1 Corporate & Other 7 2 12 0.12% Impaired 11 11 17 258 Performing (4) (9) (5) 59 478 87 379 156 Total PCL Impaired Performing 243 438 736 156 379 478 87 59 258 Q3/22 Q2/23 Q3/23 PCL on Impaired Impaired PCL Ratio 1 PCL on Performing Total PCL Ratio Endnotes are included on slides 46 to 51. CIBC◇ 35 Third Quarter, 2023#36Allowance Coverage Allowance coverage increase is driven by updated portfolio performance and economic outlook Total allowance coverage ratio up YoY and QoQ Total Allowance Coverage Q1/20 Q4/20 Q3/22 Q2/23 Q3/23 • Increase QoQ is due to higher allowances in both performing and impaired portfolios Canadian Credit Cards 4.0% 6.2% 4.9% 4.3% 4.3% Canadian Residential Mortgages <0.1% 0.1% <0.1% <0.1% 0.1% • Current allowance coverage remains higher than the pre- pandemic level Canadian Personal Lending 1.3% 1.9% 1.9% 2.0% 2.1% Canadian Small Business 2.3% 2.9% 2.0% 2.3% 2.4% Canadian Commercial Banking 0.5% 0.9% 0.4% 0.5% 0.6% U.S. Commercial Banking 0.5% 1.4% 0.7% 1.3% 1.7% Capital Markets¹ 0.4% 1.1% 0.2% 0.2% 0.2% CIBC FirstCaribbean (FCIB) Total 3.3% 5.1% 4.1% 0.51% 0.89% 0.58% 0.66% 4.0% 3.7% 0.73% Total Allowance Coverage Ratio² 0.58% 0.73% 0.66% Performing and Impaired Allowance Coverage Ratios 38% 38% 38% 0.54% 3,936 0.46% 0.50% 3,581 3,002 Q3/22 Q2/23 Allowance for Credit Losses ($MM) Q3/23 Allowance Coverage Ratio Q3/22 Q2/23 2 Impaired ACL to GIL Endnotes are included on slides 46 to 51. CIBC◇ Third Quarter, 2023 Q3/23 -Performing ACL to Performing Loans 2 36#37Credit Portfolio Breakdown Lending Portfolio has a strong risk profile • • . Nearly two-thirds of our portfolio is consumer lending, composed mainly of mortgages, with uninsured having an average loan-to- value of 51% Total variable rate mortgage portfolio accounts for 33% of the Canadian mortgage portfolio Balance of portfolio is in business and government lending with an average risk rating equivalent¹ to BBB Canadian Uninsured Mortgage Loan-To-Value² Ratios Overall Loan Mix (Net Outstanding Loans and Acceptances) Consumer 62% Mortgages 51% HELOC 4% Auto Lending 1% Personal Lending 3% Cards 3% 52% 51% 48% 47% 50% 46% 45% 46% 42% 45% 44% 41% Q3/20 Q3/21 Q3/22 Q3/23 3 3 -Canada GVA GTA Endnotes are included on slides 46 to 51. CIBC◇ Third Quarter, 2023 $538B Oil & Gas 1% Other Business & Government 25% Commercial Real Estate 11% Retailers 1% Business & Government 38% 37#38Canadian Uninsured Residential Mortgages Credit bureau score¹ and LTV2 distributions remain healthy Endnotes are included on slides 46 to 51. CIBC◇ Credit Bureau Score¹ Distribution 20%17%20%21% 14% 12% 13% 14% 3% 3% 3% 3% 6% 4% 5% 6% ≤650 651-700 701-750 3 751-800 3 ■Canada Total ■GVA ■GTA ■Canada Variable Rate Loan-to-Value (LTV)2 Distribution 27% 27% .27%26% 28% 24% 24% 23% 23% 22% 22% 18% 19% 17% 16% 13% <30% 30 to <45% 45 to <60% 3 3 ■Canada Total ■ GVA ■GTA 60 to ≤75% ■Canada Variable Rate Third Quarter, 2023 57% 64% 59% 56% >800 16% 12% 11% 5% >75% 38#39Canadian Uninsured Residential Mortgages - Q3/23 Originations1 Credit quality of new originations continues to remain high Originations of $11B in Q3/23 Average LTV² in Canada: 66%, GVA³: 61%, GTA³: 65% Credit Bureau Score 4 Distribution Endnotes are included on slides 46 to 51. CIBC◇ 11% 11% 9% 9% 3% 1% 3% 2% ≤650 38% 39% 35% 36% 24% 25% 22% 22% 651-700 701-750 3 3 ■Canada Total ■ GVA Loan-to-Value (LTV)2 Distribution 751-800 ■GTA ■Canada Variable Rate 20% 16% 16% 14% 11% 8% 9% 7% 4% 5% 4% 6% <30% 30% 30% 27% 23% > 800 47% 42% 39% 34% 30% 31% 29% 28% 30 to <45% 45 to <60% 60 to ≤75% >75% 3 3 ■Canada Total ■ GVA ■GTA ■Canada Variable Rate Third Quarter, 2023 39#40Canadian Mortgages Renewing in the Next 12 Months The portfolio is resilient to interest rate increases, with renewal metrics stable QoQ . . There are $37B of mortgages renewing in the next 12 months based on current terms - $30B fixed and $7B variable. 73% of $37B is uninsured As interest rates rise, most of our variable rate mortgages with fixed payments are impacted through an extension of amortization until renewal . At renewal, the mortgage reverts to the original amortization schedule, which may require additional payments • Proactive outreach included a number of programs and initiatives throughout the year to help our clients through a rising rate environment $37B mortgages renewing in the next 12 months $228B Endnotes are included on slides 46 to 51. CIBC◇ Uninsured mortgages for clients at higher risk¹ renewing in the next 12 months by LTV bands $140MM iVariable Rate, $7B $120MM $100MM ■ Variable ■Fixed $80MM $60MM $40MM $20MM Fixed Rate, $30B $OMM <20 20-30 30-40 40-50 50-60 60-70 70-80 ≥80 . Less than $35MM comprising balances with higher risk clients and LTVs ≥ 70% • Higher risk clients renewing in the next 12 months account for $330MM Third Quarter, 2023 40#41Commercial Real Estate Commercial real estate exposure is well diversified . Canada represents 62% of total Canadian & U.S. real estate exposure Gross impaired loans as a percentage of total Canadian & U.S. real estate is 1.32% Trailing five-year average loan losses for Canadian & U.S. real estate is 17bps Canadian Commercial Real Estate Exposure by Sector¹ Residential (Housing) 21% Multi Family 26% Other 4% $41.5B Office 10% Retail 21% Industrial 13% U.S. Commercial Real Estate Exposure by Sector² Residential (Housing) 1% Seniors Housing 5% . 69% of drawn loans investment grade³ . Endnotes are included on slides 46 to 51. CIBC◇ Third Quarter, 2023 Other 14% Multi Family 30% Office 20% US$19.0B Retail 9% Industrial 21% Healthcare 3% Hotel 2% 57% of drawn loans investment grade³ 41#42Trading Revenue (TEB) Distribution1 Robust trading performance in recent volatile market ($MM) 40 30 30 20 20 10 0 (10) (20) May-23 Jun-23 Trading Revenue Endnotes are included on slides 46 to 51. CIBC◇ Third Quarter, 2023 ($MM) 40 30 30 20 20 LL 10 10 0 (10) Jul-23 (20) -VaR 42#43Forward Looking Information Variables used to estimate our Expected Credit Losses¹ Forward-Looking Information Variables As at July 31, 2023 Avg. Value over the next 12 months Base Case Avg. Value over the remaining forecast period Base Case Avg. Value over the next 12 months Upside Case Avg. Value over the remaining forecast period Upside Case Avg. Value over the next 12 months Avg. Value over the remaining forecast period Downside Case Downside Case Canadian GDP YOY Growth 0.8% 1.9% 2.1% 2.5% (1.5)% 1.2% US GDP YOY Growth 0.7% 1.7% 2.6% 3.1% (2.1)% 0.9% Canadian Unemployment Rate 5.8% 5.9% 5.4% 5.4% 6.8% 6.8% US Unemployment Rate 4.2% 4.2% 3.2% 3.3% 5.3% 4.9% Canadian Housing Price Index YoY Growth (0.9)% 4.0% 4.1% 6.7% (8.5)% 0.5% S&P 500 Index YoY Growth Rate 3.3% 5.9% 9.3% 10.8% (8.8)% (1.5)% 15.7% $82 14.9% 15.1% 14.6% 16.6% 15.1% $78 $94 $105 $68 $59 Base Case 0.8% 2.0% 0.9% 1.8% Canadian Household Debt Service Ratio West Texas Intermediate Oil Price (US$) Forward-Looking Information Variables As at April 30, 2023 Canadian GDP YOY Growth US GDP YOY Growth Avg. Value over the next 12 months Avg. Value over the remaining forecast period Base Case Avg. Value over the next 12 months Avg. Value over the remaining forecast period Upside Case Avg. Value over the next 12 months Avg. Value over the remaining forecast period Upside Case Downside Case Downside Case 2.1% 2.5% (1.6)% 1.3% 2.9% 3.0% (3.0)% 1.0% Canadian Unemployment Rate 5.7% 5.9% 5.4% 5.5% 6.6% 6.9% US Unemployment Rate 4.2% 4.1% 3.3% 3.3% 5.5% 4.9% Canadian Housing Price Index YoY Growth (9.4)% 3.2% (0.3)% 6.3% (16.8)% (1.2)% S&P 500 Index YoY Growth Rate 0.1% 5.9% 6.6% 10.4% (21.0)% (1.4)% Canadian Household Debt Service Ratio 15.3% 14.6% 14.7% 14.4% 16.3% 14.9% West Texas Intermediate Oil Price (US$) $80 $81 $101 $105 $68 $60 Endnotes are included on slides 46 to 51. CIBC◇ Third Quarter, 2023 43#44Items of Note Third quarter 2023 Period Commodity tax charge related to the retroactive impact of the 2023 Canadian Federal budget Amortization of acquisition-related intangible assets Q3/23 Reporting Segments Pre-Tax Effect After-Tax & NCI Effect EPS ($MM) ($MM) Effect ($/Share) 34 34 25 25 0.03 23 23 18 0.02 Adjustment to Net Income attributable to common shareholders and EPS 57 43 0.05 CIBC◇ Third Quarter, 2023 Canadian Personal and Business Banking Canadian Personal and Business Banking U.S. Commercial Banking and Wealth Management Corporate and Other 44#45Reconciliation GAAP (reported) to non-GAAP (adjusted) results¹ $MM Q3/23 Endnotes are included on slides 46 to 51. CIBC Reported non-interest income CIBC Total 2,614 Impact of item of note Commodity tax charge related to the retroactive impact of the 34 2023 Canadian Federal budget Adjusted non-interest income¹ 2,648 Non interest income - trading revenue² Adjusted non-interest income excluding trading revenue¹ (548) 2,100 Third Quarter, 2023 45#46Endnotes Third quarter 2023 23456 Slide 4 CIBC Overview 1 See note 1 on slide 53. Adjusted results are non-GAAP measures. See slide 52 for further details. Pre-provision, pre-tax earnings (PPPT) is revenue net of non-interest expenses and is a non-GAAP measure. See slide 52 for further details. For additional information on the composition, see the "Glossary" section on pages 51-57 in the Q3/23 Report to Shareholders, available on SEDAR+ at www.sedarplus.ca. See note 2 on slide 53. 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 Q3/23 Report to Shareholders, available on SEDAR+ at www.sedarplus.ca. Includes net client acquisition from Personal and Business Banking and Simplii Financial over the last twelve months (LTM) - Aug/22 to Jul/23. 7 See note 3 on slide 53. 8 See note 13 on slide 54. 9 172 10 11 Metric refers to referrals made across lines of business (LOB) within the US Commercial and Wealth Management segment. Represents financial transactions only from Canadian Personal Banking. Represents CIBC's recognition as the Best Investment Bank in Canada and for Outstanding Leadership in Sustainable Infrastructure Finance at the Global Finance World's Best Investment Bank and Sustainable Finance Awards for 2023. Slide 5 - Executing Against Our Strategic Priorities 1 2 3 4 Funds managed from Imperial Service include loans and acceptances, deposits, and client investments. Loans are gross (do not include allowance for credit losses). We believe that funds managed provides the reader with a better understanding of how management assesses the size of our total client relationships. Strategic Commercial clients are defined as client relationships with deposit or loan balances in excess of $1MM or greater than $10K of annual revenue. Digital Adoption (Penetration) Rate represents the percentage share of Digital Registered Customers who have been engaged on CIBC Online Banking and/or CIBC Mobile Banking at least once in the last 90 calendar days out of all Canadian Personal Banking customers engaged across any channel. Includes net client acquisition from Simplii Financial over the last twelve months (LTM) - Aug/22 to Jul/23. Slide 7 Financial Results Overview 1 For additional information on the composition, see the "Glossary" section on pages 51-57 in the Q3/23 Report to Shareholders, available on SEDAR+ at www.sedarplus.ca. Adjusted results are non-GAAP measures. See slide 52 for further details. 234567 See note 4 on slide 53. Pre-provision, pre-tax earnings (PPPT) is revenue net of non-interest expenses and is a non-GAAP measure. See slide 52 for further details. See notes 9 and 10 on slide 53. OSFI requirement of 11% includes Pillar 1 minimum and Domestic Stability Buffer. 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 Q3/23 Report to Shareholders, available on SEDAR+ at www.sedarplus.ca. Slide 8 Financial Results Overview 1 Adjusted results are non-GAAP measures. See slide 52 for further details. 2 3 24567 Adjusted results are non-GAAP measures. See slide 52 for further details. For Q3/22, adjusted net interest income excludes $6MM for the accretion of the acquisition date fair value discount on the acquired Costco credit card receivables, treated as an item of note, from reported net interest income in that period. We adjust our net interest income to remove the impact of trading activities to calculate the non- trading net interest income - see note 7 on page 53. Refer to Note 11 on page 53 for additional details on "Trading Revenues". Adjusted results are non-GAAP measures. See slide 52 for further details. For further details on the composition of the measure, see notes 5 and 6 on slide 53. See note 11 on slide 53. For additional information on the composition, see the "Glossary" section on pages 51-57 in the Q3/23 Report to Shareholders, available on SEDAR+ at www.sedarplus.ca. Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 52 for further details. See note 12 on slide 54. CIBC◇ Third Quarter, 2023 46#47Endnotes Third quarter 2023 Slide 9 - Net Interest Income (NII) 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 Q3/23 Report to Shareholders, available on SEDAR+ at www.sedarplus.ca. 1 2 See note 11 on slide 53. 3 4 Includes the results of Canadian Personal and Business Banking and Canadian Commercial Banking, and Simplii Financial and CIBC Investor's Edge, in Capital Markets. Adjusted results are non-GAAP measures. See slide 52 for further details. Adjusted NIM on average interest-earning assets is calculated in the same manner as reported NIM on average interest-earning assets, except that adjusted NIM excludes $6MM for Q3/22 for the accretion of the acquisition date fair value discount on the acquired Costco credit card receivables, treated as an item of note, from reported net interest income in that period. Slide 10 Balance Sheet 1 2 3 4 5 6 Average balances are calculated as weighted average of daily closing balances. Average interest-earning assets include interest-bearing deposits with banks, interest-bearing demand deposits with Bank of Canada, securities, cash collateral on securities borrowed, securities purchased under resale agreements, loans net of allowances for credit losses, and certain sublease-related assets. The yield for loans and acceptances is calculated as interest income on loans as a percentage of average loans and acceptances, net of allowance for credit losses. The yield on securities is calculated as interest income on securities as a percentage of average securities. Total yield on average interest-earning assets is calculated as interest income on assets as a percentage of average interest-earning assets. These metrics do not have a standardized meaning and may not be comparable to similar measures disclosed by other financial institutions. Other includes balances related to cash and deposits with banks, reverse repos, and other. The yield for Personal-Notice/Demand deposits is calculated as interest expense on Personal-Notice/Demand deposits as a percentage of average Personal-Notice/Demand deposits. The yield for Corporate & Commercial-Notice/Demand deposits is calculated as interest expense on Corporate & Commercial-Notice/Demand deposits as a percentage of average Corporate & Commercial-Notice/Demand deposits. The yield for Term-Client deposits is calculated as interest expense on Term-Client deposits as a percentage of average Term-Client deposits. Term-Client deposits are term deposits less wholesale funding. Total cost on average interest-earning assets is calculated as interest expense on liabilities as a percentage of average interest-earning assets. These metrics do not have a standardized meaning and may not be comparable to similar measures disclosed by other financial institutions. Other includes wholesale funding, sub-debt, repos and other liabilities. Deposit base represents client deposits, excluding wholesale funding. Reflects spot balances as of the respective period ends. Slide 11 - Non-Interest Income 1 Market-related fees include underwriting and advisory, investment management and custodial, and mutual fund fees, commissions on securities transactions, gains/losses from financial instruments measured at FVTPL, debt securities measured at FVOCI, and the amount of foreign-exchange other than trading income (loss) that is market-driven. Transactional fees include deposit and payment, credit, and card fees, and the portion of foreign exchange other than trading that is transactional in nature. 2 See note 11 on slide 53. 3 Other primarily includes insurance fees, income from equity-accounted associates and joint ventures, and other. 4 Charts reflect the allocation of foreign-exchange other than trading income (loss) between market-driven and transactional revenues. 5 Adjusted results are non-GAAP measures. See slide 52 for further details. Reported non-interest income has been adjusted to remove the $34MM pre-tax impact of the commodity tax charge related to the retroactive impact of the 2023 Canadian Federal budget. This has impacted total Transactional Fees and the Cards balance within the Transactional Fees by $34MM. Slide 12 Non-Interest Expenses 1 Adjusted results are non-GAAP measures. See slide 52 for further details. 2 Initiatives include incremental costs associated with front-line hires related to growth initiatives, investments in enterprise initiatives, investments in infrastructure in the U.S., and other growth initiatives. Slide 13 Capital & Liquidity 1 2 Average balances, where applicable, are calculated as a weighted average of daily closing balances. RWA and our capital balances and ratios are calculated pursuant to OSFI's CAR Guideline, the leverage ratio is calculated pursuant to OSFI's Leverage Requirements Guideline, LCR, HQLA and NSFR are calculated pursuant to OSFI's LAR Guideline, all of which are based on BCBS standards. For additional information, see the "Capital management" and "Liquidity risk" sections in the Q3/23 Report to Shareholders available on SEDAR+ at www.sedarplus.ca. CIBC Third Quarter, 2023 47#48Endnotes Third quarter 2023 Slide 14 - Canadian Banking: Personal & Business Banking 345678 1 Adjusted results are non-GAAP measures. See slide 52 for further details. 2 9 Adjusted results are non-GAAP measures. See slide 52 for further details. For Q3/22, adjusted net interest income excludes $6MM for the accretion of the acquisition date fair value discount on the acquired Costco credit card receivables, treated as an item of note, from reported net interest income in that period. Adjusted results are non-GAAP measures. See slide 52 for further details. For further details on the composition of the measure, see note 5 on slide 53 and slide 45 for a reconciliation. Adjusted pre-provision, pre-tax earnings is revenue net of non-interest expenses before any related allowances. Loan amounts are stated before any related allowance. 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) - Aug/22 to Jul/23. Funds managed from Imperial Service include loans and acceptances, deposits, and client investments. Loans are gross (do not include allowance for credit losses). We believe that funds managed provides the reader with a better understanding of how management assesses the size of our total client relationships. Reflects financial transactions only. Slide 15 Canadian Banking: Commercial Banking & Wealth Management 1234567 8 1234 Adjusted results are non-GAAP measures. See slide 52 for further details. Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 52 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). For additional information on the composition, see the "Glossary" section on pages 51-57 in the Q3/23 Report to Shareholders, available on SEDAR+ at www.sedarplus.ca. Commercial Banking only. Loan and deposit growth is calculated using average balances. Average balances are calculated as a weighted average of daily closing balances. Annual net flows are calculated based on net investment sales from Private Wealth Management and include the impact of reinvested income. The YTD balance is adjusted for the number of days to determine the annualized number. A referral is defined as a single opportunity received by one line of business, from another line of business. The opportunity could be for an existing client of the referring party, or a new client to the Bank. The YTD balance is adjusted for the number of days to determine the annualized number. Slide 16-U.S. Region: Commercial Banking & Wealth Management 569 7 1234567 Adjusted results are non-GAAP measures. See slide 52 for further details. Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 52 for further details. Loan amounts are stated before any related allowances or purchase accounting adjustments. Assets under management (AUM) are included in assets under administration (AUA). Includes certain Canadian Commercial Banking and Wealth Management assets that U.S. Commercial Banking and Wealth Management provides sub-advisory services for. Loan and deposit growth is calculated using average balances. Average balances are calculated as a weighted average of daily closing balances. Metric refers to referrals made across lines of business (LOB) within the US Commercial and Wealth Management segment. Net flows from new clients refers to any inflows (excluding reinvested dividends) related to a client within a 12-month period of client inception. Slide 17 Capital Markets - Adjusted results are non-GAAP measures. See slide 52 for further details. Revenue is reported on a taxable equivalent basis (TEB). TEB adjustment in Q3/23 was $66 million. Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 52 for further details. Loan amounts are before any related allowances or purchase accounting adjustments. Loan and deposit growth is calculated using average balances. Average balances are calculated as a weighted average of daily closing balances. Includes net client acquisition from Simplii Financial over the last twelve months (LTM) - Aug/22 to Jul/23. ASG refers to the Alternate Solutions Group within the Direct Financial Services business line. CIBC Third Quarter, 2023 48#49Endnotes Third quarter 2023 Slide 18 Corporate & Other 1 Revenue is reported on a taxable equivalent basis (TEB). TEB adjustment in Q3/23 was $66 million. 2 Adjusted results are non-GAAP measures. See slide 52 for further details. 3 Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 52 for further details. Slide 22 - Allowance for Credit Losses 1 See note 13 on slide 54. 2 Includes residential mortgages, credit card and personal lending. 3 Includes all business and government loans except the office sector. Slide 23 Credit Performance Excludes CIBC FirstCaribbean business & government loans. 1 2 See notes 16 and 17 on slide 54. Gross Impaired Loans Slide 24 - Canadian Consumer Lending 1 See notes 18-20 on slide 54. Slide 25 Canadian Real Estate Secured Personal Lending 1 GVA and GTA definitions based on regional mappings from Teranet. Slide 29 Our Digital Footprint Canadian Personal Banking only, excluding Simplii Financial. Based on spot balances as at July 31 for the respective periods. Digital Adoption (Penetration) Rate represents the percentage share of Digital Registered Customers who have been engaged on CIBC Online Banking and/or CIBC Mobile Banking at least once in the last 90 calendar days out of all Canadian Personal Banking customers engaged across any channel. 1 2 3 4 5 Other includes transfers and eDeposits. Active Digital Users represent the 90-day Active clients in Canadian Personal Banking. Reflects financial transactions only. Slide 30 - Canadian Personal & Commercial Banking 1 Includes the results of Canadian Personal and Business Banking and Canadian Commercial Banking, as well as Simplii Financial and CIBC Investor's Edge, in Capital Markets. 2 3 Adjusted results are non-GAAP measures. See slide 52 for further details. Q3/22, Q4/22, Q1/23, Q2/23 and Q3/23 adjusted net income exclude ($81MM), ($42MM), ($14MM), ($5MM), ($6MM) and ($30MM) after-tax, respectively, in items associated with the acquisition of the Canadian Costco credit card portfolio and the Commodity Tax Charge related to the 2023 Canadian Federal budget. Adjusted NIM excludes $6MM for Q3/22 and $6MM for Q4/22 for the accretion of the acquisition date fair value discount on the acquired Costco credit card receivables, treated as an item of note, from reported net interest income in that period. 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 Q3/23 Report to Shareholders, available on SEDAR+ at www.sedarplus.ca. 4 Average balances are calculated as a weighted average of daily closing balances. 5 Average loans and acceptances, before any related allowances. 6 Commercial Banking loans comprise loans and acceptances and notional amount of letters of credit. CIBC◇ Third Quarter, 2023 49#50Endnotes Third quarter 2023 Slide 31 - Canadian Personal & Commercial Banking 1 2 3 4 Includes the results of Canadian Personal and Business Banking and Canadian Commercial Banking, as well as Simplii Financial and CIBC Investor's Edge, in Capital Markets. Adjusted results are non-GAAP measures. See slide 52 for further details. Adjusted NIM excludes $6MM for Q3/22 and $6MM for Q4/22 for the accretion of the acquisition date fair value discount on the acquired Costco credit card receivables, treated as an item of note, from reported net interest income in that period. Deposit base represents client deposits for Canadian Personal and Business Banking and Canadian Commercial Banking, as well as Simplii Financial and CIBC Investor's Edge, in Capital Markets. Reflects spot balances as of the respective period ends. Gross inflow spread (ex Open, ex. Refi) represents the client rate less cost of funds. Excluding Open is shown as Open mortgages tend to be for clients that have reached end of term and not arranged for a more permanent renewal, are outstanding for a short period of time and have much higher rates and therefore, spreads than the rest of the portfolio originations. Slide 32 - U.S. Region: Commercial Banking & Wealth Management (C$S) 1234 5 6 7 Adjusted results are non-GAAP measures. See slide 52 for further details. Pre-provision, pre-tax earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 52 for further details. Loan amounts are stated before any related allowances or purchase accounting adjustments. Assets under management (AUM) are included in assets under administration (AUA). Includes certain Canadian Commercial Banking and Wealth Management assets that U.S. Commercial Banking and Wealth Management provides sub-advisory services for. Loan and deposit growth is calculated using average balances. Average balances are calculated as a weighted average of daily closing balances. Metric refers to referrals made across lines of business (LOB) within the US Commercial and Wealth Management segment. Net flows from new clients refers to any inflows (excluding reinvested dividends) related to a client within a 12-month period of client inception. Slide 33 - Funding & Liquidity 1 TLAC is calculated pursuant to OSFI's TLAC Guideline, which is based on BCBS standards. For additional information, see the "Capital Management" section in the Q3/23 Report to Shareholders, available on SEDAR+ at www.sedarplus.ca. Slide 34 Interest Rate Sensitivity 1 2 A number of assumptions are used to measure Structural Interest Rate Sensitivity. For additional information, see the "Market risk" Non-trading activities section on page 41 in the Q3/23 Report to Shareholders, available on SEDAR+ at www.sedarplus.ca. SBU allocation includes the structural repricing exposure arising from our capital and zero/partially rate sensitive deposits and excludes exposure from other short-term factors such as rate resets and position management. 3 Source: Bloomberg, August 22, 2023. Slide 35 Provision for Credit Losses (PCL) 1 See notes 9 and 10 on slide 53. Slide 36 Allowance Coverage 1 2 Capital Markets excludes allowance for credit losses related to Simplii Financial which is included in the respective Canadian retail products. See notes 13-15 on slide 54. CIBC◇ Third Quarter, 2023 50#51Endnotes Third quarter 2023 Slide 37 Credit Portfolio Breakdown LTV ratios for residential mortgages are calculated based on weighted average. See page 35 of the Q3/23 Report to Shareholders for further details. 1 Incorporates security pledged; equivalent to S&P/Moody's rating of BBB/Baa2. 2 3 GVA and GTA definitions based on regional mappings from Teranet. Slide 38 Canadian Uninsured Residential Mortgages 1 2 3 Starting Q2/23, our primary credit score provider for current score is TransUnion as opposed to Equifax in the prior quarters. The scores are not identical, so score distributions up to Q1/23 are not directly comparable to score distributions from Q2/23 and onwards. This change in credit score provider had no material impacts on provision for credit losses. LTV ratios for residential mortgages are calculated based on weighted average. See page 35 of the Q3/23 Report to Shareholders for further details. GVA and GTA definitions based on regional mappings from Teranet. Slide 39 - Canadian Uninsured Residential Mortgages - Q3/23 Originations 1 2 3 4 Originations include refinancing of existing mortgages but not renewals. LTV ratios for residential mortgages are calculated based on weighted average. See page 35 of the Q3/23 Report to Shareholders for further details. GVA and GTA definitions based on regional mappings from Teranet. Starting Q3/23, our primary credit score provider for origination score is TransUnion as opposed to Equifax in the prior quarters. The scores are not identical, so score distributions up to Q2/23 are not directly comparable to score distributions starting Q3/23 and onwards. This change in credit score provider had no material impacts on provision for credit losses. Slide 40-Canadian Mortgages Renewing in the Next 12 Months 1 Clients at higher risk comprises shallower relationship clients and credit bureau score < 650. Starting Q2/23, our primary credit score provider is TransUnion. Slide 41 Commercial Real Estate 1 Includes $3.9B in Multi Family that is reported in residential mortgages in the Supplementary Financial Information package. 2 3 Includes US$1.5B in loans that are reported in other industries in the Supplementary Financial Information package, but are included here because of the nature of the security. Incorporates security pledged; equivalent to S&P/Moody's rating of BBB-/Baa3 or higher. In Q1/23, CIBC Bank USA Loans were re-rated, and converted from the Legacy CIBC Bank USA internal rating methodology to the CIBC internal risk rating methodology. The internal risk rating system gives more benefit to certain secured loans and less benefit to certain higher risk loans, which had a significant impact on the risk ratings for these exposures. Slide 42 - Trading Revenue (TEB) Distribution 1 See note 11 on slide 53. Slide 43 - Forward Looking Information 1 See page 74 of the Q3/23 Report to Shareholders for further details. Slide 45 Reconciliation 1 2 Adjusted results are non-GAAP measures. See slide 52 for further details. For further details on the composition of the measure, see notes 5 and 6 on slide 53 and slide 45 for a reconciliation. See note 11 on slide 53. CIBC◇ Third Quarter, 2023 51#52Non-GAAP Measures Third quarter 2023 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 53, remove items of note from reported results to calculate our adjusted results. Items of note include the amortization of intangible assets, and certain items of significance that arise from time to time which management believes are not reflective of underlying business performance. Adjusted measures represent non-GAAP measures. We believe that adjusted measures provide the reader with a better understanding of how management assesses underlying business performance and facilitates a more informed analysis of trends. While we believe that adjusted measures may facilitate comparisons between our results and those of some of our Canadian peer banks, which make similar adjustments in their public disclosure, it should be noted that there is no standardized meaning for adjusted measures under GAAP. We also adjust our results to gross up tax-exempt revenue on certain securities to a TEB, being the amount of fully taxable revenue, which, were it to have incurred tax at the statutory income tax rate, would yield the same after-tax revenue. See the "Strategic business units overview" section of our Q3/23 Report to Shareholders, available on SEDAR+ at www.sedarplus.ca, and Note 30 to our consolidated financial statements included in our 2022 Annual Report for further details, available on SEDAR+ at www.sedarplus.ca. Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found in the "Non-GAAP measures" section on pages 8 to 14 of our Q3/23 Report to Shareholders, available on SEDAR+ at www.sedarplus.ca, including the quantitative reconciliations therein of reported GAAP measures to: adjusted total revenue, adjusted provision for credit losses, adjusted non-interest expenses, adjusted income before income taxes, adjusted income taxes, and adjusted net income on pages 9 to 13; pre-provision, pre-tax earnings and adjusted pre-provision, pre-tax earnings on page 14. CIBC◇ Third Quarter, 2023 52#53Glossary Third quarter 2023 Definition 1 Adjusted Diluted EPS 2 Adjusted ROE 3 Net Interest Margin (Ex-Trading) 4 Adjusted Operating Leverage 5 Adjusted Non-Interest Income 6 7 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. Net interest income, excluding trading revenues, as a percentage of average interest-earning assets. Refer to Note 11 on page 53 for additional details on "Trading Revenues". We adjust our reported revenue and non-interest expenses to remove the impact of items of note and gross up tax-exempt revenue to bring it to a TEB, to calculate the adjusted operating leverage. We adjust our reported non-interest income to remove the pre-tax impact of items of note, to calculate the adjusted non-interest income. We believe that adjusted measures provide the reader with a better understanding of how management assesses underlying business performance and facilitates a more informed analysis of trends. We adjust our reported non-interest income to remove the pre-tax impact of items of note and trading activities, to calculate the adjusted non- Adjusted Non-Trading Non-Interest Income trading non-interest income. Refer to Note 11 on page 53 for additional details on "Trading Revenues". We believe that adjusted measures Adjusted Net Interest Income & Adjusted Non-Trading Net Interest Income 8 Adjusted Total PCL Ratio 9 Total PCL Ratio 10 11 Impaired PCL Ratio Trading Revenues CIBC◇ provide the reader with a better understanding of how management assesses underlying business performance and facilitates a more informed analysis of trends. We adjust our reported net interest income to remove the pre-tax impact of items of note, to calculate adjusted net interest income, and we adjust our reported net interest income to remove the pre-tax impact of items of note and trading activities, to calculate the adjusted non- trading net interest income. Refer to Note 11 on page 53 for additional details on "Trading Revenues". 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. We adjust our reported provision for (reversal of) credit losses to remove the impact of items of note, to calculated adjusted total PCL ratio. Provision for (reversal of) credit losses to average loans and acceptances, net of allowance for credit losses. Provision for (reversal of) credit losses on impaired loans to average loans and acceptances, net of allowance for credit losses. Trading activities is based on the risk definition of trading for regulatory capital and trading market risk. Starting in Q1/23, trading activities also include certain fixed income financing activities. Positions in a trading book are considered trading provided the book and positions continue to meet OSFI-defined trading book criteria set out in OSFI's CAR guideline. Trading revenue comprises net interest income and non-interest income. Net interest income arises from interest and dividends related to trading assets and liabilities other than derivatives and is reported net of interest expense and income associated with funding these assets and liabilities. Non-interest income includes unrealized gains and losses on security positions held, and gains and losses that are realized from the purchase and sale of securities. Non-interest income also includes realized and unrealized gains and losses on trading derivatives. Trading revenue includes the impact of funding valuation adjustments and related hedges, which are not considered trading activities for regulatory purposes. Trading revenue excludes underwriting fees and commissions on securities transactions, which are shown separately in the consolidated statement of income. Third Quarter, 2023 53#54Glossary Third quarter 2023 Definition 12 Adjusted Efficiency Ratio 13 Total Allowance Coverage Ratio 14 Impaired ACL to GIL 15 Performing ACL to Performing Loans 16 Gross Impaired Loan Ratio 17 New Formations 18 Net Write-Off Ratio 19 90+ Days Delinquency Rate We adjust our reported revenue and non-interest expenses to remove the impact of items of note and gross up tax-exempt revenue to bring it to a TEB, to calculate the adjusted efficiency ratio. 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. Allowance for credit losses on impaired loans as a percentage of gross impaired loans. Allowance for credit losses on performing loans as a percentage of the gross carrying amount of performing loans. The gross carrying amount of performing loans include certain loans that are measured at FVTPL. Gross impaired loans as a percentage of the gross carrying amount of loans. The gross carrying amount of loans include certain loans that are measured at FVTPL. New formations represent gross carrying amount of loans which are newly classified as impaired during the quarter. Net write-offs as a percentage of average loan balances. 90+ days delinquencies as a percentage of the gross carrying amount of loans. 20 Net Write-Offs Net write-offs include write-offs net of recoveries. CIBC◇ Third Quarter, 2023 54