Investor Presentaiton

Canadian Mortgage Market Regulatory Developments (continued) 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 Vancouver Foreign Buyers' Tax increased to 20% 13 Temporary expansion of portfolio insurance eligibility criteria to allow the following for loans funded before March 20th, 2020: Refinances Maximum original amortization of 30 years (up from 25 years) Criteria expansion expected to be in place until December 31st, 2020 15 9 Oct 2016 Apr 2017 Feb 2018 Mar 2020 Aug 2016 Jan 2017 Jan 2018 Dec 2018 June 2020 8 10 14 CIBC 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% BC Government introduced a Speculation and Vacancy Tax aimed at increasing the supply of rental property inventory 16 Removal of exceptions to standard Gross/Total Debt Servicing (GDS/TDS) ratios At least one borrower (or guarantor) must have a minimum credit score of 680. Non-traditional sources of down payment will no longer be eligible to satisfy the minimum equity requirements Regulations related to Mortgage Default Insurance CIBC Fixed Income Investor Presentation | 48

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