Covered Bond Program Overview

S&P Global Ratings Upgrade On Feb. 22, 2022, S&P Global Ratings affirmed its 'A+/A-1' long- and short-term issuer credit ratings on Canadian Imperial Bank of Commerce (CIBC). At the same time, S&P Global Ratings raised its ratings on CIBC's bail-inable senior debt, and its non-viability contingent capital (NVCC) subordinated and hybrid capital instruments, and legacy non-NVCC subordinated debt by one notch to A-, BBB+ and BBB- respectively, reflecting improvements in the bank's stand-alone creditworthiness. The decision rationale is as follows: Strong Risk Management Strong risk culture and capability Lower HELOC exposures vs peers Lower unsecured consumer lending vs peers Improved loan geographical diversification Conservative Residential Mortgage Portfolio Low uninsured mortgage portfolio LTV of 48% (Q1 2022) Very low loan losses of 1 bp on overall mortgage portfolio Strong Asset Quality Moderately lower net charge-offs and gross nonperforming assets vs peers Strong coverage ratio: reserves to NPA of 150% Diversified Commercial Real Estate Portfolio Highly diversified commercial and industrial loan portfolio, with limited individual name exposures Vast majority is secured and largely investment-grade Capital Markets Contributions Focus on more stable fee-generating segments from Direct Financial Services (DFS) mitigates risk High proportion of capital markets business derived from underwriting and advisory fees Expansion of Wealth Management Supports stable operating performance and steady fee income growth Organic growth focus for US wealth management CIBC 8

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