Covered Bond Program Overview

Covered Bond Structural Summary - Triggers Trigger CIBC◇ Issuer Event of Default¹ Issuer fails to pay any principal or interest in respect of the Covered Bonds within 10 business days in the case of principal and 30 days in the case of interest, in each case of the respective date • Failure of Issuer to perform or observe any other obligation under the Covered Bond programme for more than 30 days • • Insolvency Event of the Issuer Failure to satisfy ACT and this remains not remedied by the Guarantor Payment Date immediately following the Calculation Date: following service of ACT Breach Notice Failure of Pre-Maturity Test less than 6 months prior to Final Maturity Date, and remains not remedied before the earlier of: (1) 10 business days from the day of notification, and (2) Final Maturity Date Failure to take prescribed remedial action within specified timeframe after ratings trigger breach (unless the Guarantor is independent)1 • Consequences Delivery of Issuer Acceleration Notice Bond Trustee will serve a Notice to Pay on the Guarantor Covered Bonds become due and payable against Issuer but not accelerated against Guarantor Guarantor will make payments of Guaranteed Amounts when the same become due for payment No more additional Covered Bond issuances Liquidation GP assumes the management responsibilities of the Managing GP All amounts received from Borrowers are directed into the GDA Account Title Trigger Event occurs At the option of the Guarantor, if the Interest Rate Swap Provider is the Issuer, the Interest Rate Swap Agreement may be terminated • At the option of the Guarantor, if the Covered Bond Swap Provider is the Issuer, the Covered Bond Swap Agreement may be terminated If the Account Bank is the Issuer, the Guarantor Accounts moved to the Standby Account Bank 1. Note the exception does not apply if the triggers are the Account Bank Threshold Ratings, Standby Account Bank Threshold Ratings, Cash Management Deposit Ratings and the Servicer Deposit Threshold Ratings 60

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