First Quarter, 2024 Earnings Report

Forward Looking Information Variables used to estimate our Expected Credit Losses¹ Forward-Looking Information Variables As at January 31, 2024 Canadian GDP YOY Growth US GDP YOY Growth Avg. Value over the next 12 months Base Case Upside Case 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 Downside Case Avg. Value over the remaining forecast period Downside Case 0.6% 2.0% 1.7% 2.7% (0.6)% 1.0% 2.1% 1.9% 3.1% 3.0% 0.0% 0.6% Canadian Unemployment Rate 6.2% 5.9% 5.3% 5.3% 7.2% 6.9% US Unemployment Rate 4.1% 3.9% 3.3% 3.3% 5.6% 5.0% Canadian Housing Price Index YoY Growth 0.2% 3.5% 2.3% 5.0% (4.8)% 1.9% S&P 500 Index YoY Growth Rate 5.9% 5.9% 10.8% 10.2% (8.4)% (4.6)% Canadian Household Debt Service Ratio West Texas Intermediate Oil Price (US$) Forward-Looking Information Variables 15.4% $73 14.6% 14.9% 14.3% 15.9% 15.0% $76 $97 $129 $71 $57 Avg. Value over the next 12 months Avg. Value over the remaining forecast period Base Case Avg. Value over the next 12 months Avg. Value over the remaining forecast period Upside Case Avg. Value over the next 12 months Downside Case Avg. Value over the remaining forecast period Downside Case As at October 31, 2023 Canadian GDP YoY Growth Base Case Upside Case 0.6% 1.9% 2.0% 2.7% (0.7)% 1.3% US GDP YOY Growth 0.9% 1.7% 3.0% 3.1% (0.8)% 0.9% Canadian Unemployment Rate 6.1% 5.8% 5.3% 5.4% 7.1% 6.9% US Unemployment Rate 4.1% 4.0% 3.2% 3.2% 5.4% 4.9% Canadian Housing Price Index YoY Growth 0.8% 3.0% 4.4% 5.4% (7.8)% 0.4% S&P 500 Index YoY Growth Rate 5.5% 5.9% 12.5% 11.1% (2.5)% (0.5)% Canadian Household Debt Service Ratio 15.5% 14.8% 14.9% 14.5% 16.1% 15.0% West Texas Intermediate Oil Price (US$) $84 $76 $97 $110 $70 $58 Endnotes are included on slides 49 to 54. CIBC First Quarter, 2024 46 46

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