Investor Presentaiton

Canadian 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% HELOC insurance no longer available 1 3 Feb 2010 Jul 2008 Jan 2011 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% • • Second home mortgage insurance no longer available Tightened income verification rules for Self- Employed borrowers Insurance premiums increased by 15%, on average, for all LTV ranges Min. down payment for new insured mortgage will increase from 5% to 10% for the portion of the house price above CAD 500,000 5 Jun 2012 4 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 to 65% (from 80%) Apr-May 2014 Jun 2015 6 Insurance premiums for loans with LTV from 90% to 95% increased by 15% Feb 2016 7 CIBC Regulations related to Mortgage Default Insurance 1 Even if borrowers choose a mortgage with a lower interest rate and shorter term. CIBC Fixed Income Investor Presentation | 47

View entire presentation