Covered Bond Program Overview

CIBC Liquidation to Resolution Comparison Liquidation Scenario Bail-in debt ranks pari passu with all other senior unsecured liabilities. Resolution Scenario Bail-in debt is partially or fully converted into common shares. No Creditor Worse Off No creditor shall incur greater losses than under insolvency proceedings. Bank shareholders and creditors may seek compensation should they be left worse off as a result of CDIC's actions to resolve a failed bank than they would have been if the bank had been liquidated. Loss Absorption Waterfall Liquidation Securitizations, Covered Bonds Securitizations, Covered Bonds Deposits Legacy Senior Debt Structured Notes AT 1 Instruments Tier 2 Legacy (not NVCC) Preferred Shares Note: Diagram shown is for illustrative purposes only. It is not to scale nor does it update the magnitude of the bail-in security to match the loss. Common Equity Derivatives Bail-in Debt AT 1 Instruments Deposits Resolution Legacy Senior Debt Bail-in Debt Tier 2 Structured Notes Legacy (not NVCC) Preferred Shares Common Equity 55 Derivatives

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