Investor Presentaiton

Mortgage Market Performance and Urbanization Rates Canadian mortgages consistently outperform U.S. and U.K. mortgages Low defaults and arrears reflect the strong Canadian credit culture Mortgage interest is generally not tax deductible, resulting in an incentive for mortgagors to limit their amount of mortgage debt In most provinces, lenders have robust legal recourse to recoup losses Mortgage arrears have steadily declined from high of 0.45% in 2009 to 0.15% in June 20231 1 Source: Canadian Banker's Association Population in Top Four Cities A greater rate of urbanisation is a strong contributor to increases in property values CIBC◇ • Over 45% of the Canadian population lives in one of the four largest cities Canada has one of the highest urbanisation rates in the G7 Source: UK Finance, CBA, MBA. *Mortgage arrears of 3+ months in Canada and UK or in foreclosure process in the US 1995 1997 1999 2001 2003 2005 2007 5.0% 4.5% -Canada -U.K. ⚫U.S. 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% 2009 2011 2013 Mortgage Arrears by Number of Mortgages 2015 2017 2019 2021 2023 % of Population 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Canada U.K. U.S. Germany France Source: 2014 Census for France, 2021 Census for Canada, 2011 Census for UK, Germany; 2020 Census for US 27

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