Q2 2023 Financial Results

Mortgage Market Performance and Urbanization Rates Mortgage Arrears by Number of Mortgages¹ 5.0% 4.5% -Canada -U.K. ⚫U.S. 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% 1995 2005 2011 2013 2015 2017 2019 2021 2023 Canada has one of the highest urbanization rates in the G7 • • Over 45% of the Canadian population lives in one of the four largest cities A greater rate of urbanization is a strong contributor to increases in property values CIBC◇ For footnoted information refer to slide 40. % of Population . Canadian mortgages consistently outperform U.S. and U.K. mortgages Low defaults and arrears reflect the strong Canadian credit culture Mortgage interest is generally not tax deductible, resulting in an incentive for mortgagors to limit their amount of mortgage debt In most provinces, lenders have robust legal recourse to recoup losses Mortgage arrears have steadily declined from high of 0.45% in 2009 to 0.16% in February 20232 Population in Top Four Cities³ 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Canada U.K. U.S. Germany France 29

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