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CIBC Investor Presentation June 2025 All amounts are in Canadian dollars unless otherwise indicated.
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First Quarter, 2024 Disclaimer 1 The material that follows is a presentation (the "Presentation") of general background information about Canadian Imperial Bank of Commerce ("CIBC") and its covered bond Program (the "Program") as of the date of this document. It is information in summary form and does not purport to be complete. This document, together with any document (other than the Prospectus) distributed alongside it (collectively, the “Presentation”) is an advertisement and is not a prospectus for the purposes of EU Directive 2003/71/EC as amended, including by Directive 2010/73/EU to the extent such amendments have been implemented in a relevant member state and includes any relevant implementing measure in each relevant member state (the “Prospectus Directive”) and/or Part VI of the Financial Services and Markets Act 2000, as amended (the “FSMA”). Investors should not subscribe for any securities referred to in the Presentation except on the basis of the information contained in the final form Prospectus or Information Memorandum, as applicable, and any applicable Final Terms for Covered Bonds. The information in the Presentation has not been audited and no representation or warranty, express or implied, is made concerning, and no reliance should be placed on, the accuracy, fairness, completeness, correctness, sufficiency, or usefulness of the information presented, or opinions contained in the Presentation. The Presentation has been prepared solely for use at the presentation to investors that are held post the release of CIBC’s Q2-2025 results. By attending the meeting where the Presentation is made or by reading the Presentation slides, you agree to be bound by the limitations set out herein. This document may not be reproduced, redistributed or passed on to any other person or published, in whole or in part, for any purpose, without the prior written consent of CIBC. The Presentation and the information contained in this document are strictly confidential and are being supplied to you solely for your information in considering the Program and may not, directly or indirectly, be reproduced, forwarded to any other person or published, in whole or in part, disclosed by recipients to any other person or used for any other purpose, including in any way that would constitute “market abuse”. This presentation does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there by any sale of securities, in any jurisdiction in which any offer, solicitation or sale would be unlawful. If CIBC were to conduct an offering of covered bonds in the United States in the future, it would be made only to (a) persons other than U.S. persons (as defined in Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (“Securities Act”)) or (b) “qualified institutional buyers” as defined in Rule 144A of the Securities Act (“Rule 144A”). If CIBC were to conduct an offering in the United States of securities other than covered bonds in the future, it would be made under CIBC’s registration statement (including base prospectus) filed with the U.S. Securities and Exchange Commission (the “SEC”) and only by means of a prospectus supplement and accompanying prospectus filed with the SEC. In the event that CIBC conducts an offering of in the United States of securities other than covered bonds in the future, you may obtain a copy of the prospectus supplement and accompanying prospectus for the offering by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, you may obtain a copy of the prospectus supplement and accompanying prospectus for the offering by calling CIBC collect at (416) 980-6657, or any underwriter or any dealer participating in the offering will arrange to send you the prospectus supplement and accompanying prospectus if you request it. Under no circumstances shall the information presented in the Presentation constitute an offer, or invitation to sell or issue or purchase or subscribe for any securities nor shall there be any sale or offer of the securities in any jurisdiction in which such offer, solicitation, invitation, sale, issue, purchase or subscription would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Any such offer would be made only after a prospective participant had completed its own independent investigation of the securities issued pursuant to the Program (the “Securities”) and related transactions and collateral pool and received all information it required to make its own investment decision, including, where applicable, a review of any prospectus, prospectus supplement, offering circular or memorandum describing such security or instrument. That information would supersede the material in the Presentation and contain information not contained in the Presentation and to which prospective participants are referred. In addition, the information in the Presentation supersedes (to the extent applicable) all information previously delivered to you with respect to the Securities. We have no obligation to tell you when information in the Presentation is stale or may change, nor are we obligated to provide updated information on the Securities.
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First Quarter, 2024 Disclaimer (continued) 2 The Securities and the Covered Bond Guarantee (as described herein) have not been and will not be registered under the Securities Act and may not be offered or sold within the United States or to or for the account or benefit of U.S. persons (as defined in Regulation S) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Accordingly, the Securities will only be offered in (a) in offshore transactions to persons other than U.S. persons (as defined in Regulation S) in reliance upon Regulation S under the Securities Act, and (b) to persons who are “qualified institutional buyers” as defined in Rule 144A in reliance upon Rule 144A. The Securities will not be transferable except in accordance with the transfer restrictions set forth in the offering memorandum with respect to the Securities. Any offering of Securities to be made in or into the United States will be made by means of an offering memorandum that may be obtained from the dealers. Such offering memorandum will contain, or incorporate by reference, detailed information about CIBC and its business and financial results, as well as information about the Program. A final form prospectus (the “Prospectus”) and any applicable final terms for Covered Bonds, other than Exempt Covered Bonds, (as defined in the Prospectus) to be admitted to trading on a regulated market (as defined in the Prospectus Directive) have been prepared and made available to the public in accordance with the Prospectus Directive. The final form Prospectus is available on the website of the “Market data & news” section operated by the Luxembourg Stock Exchange at https://www.bourse.lu/Program/Program-CIBC/14556 under the name of Canadian Imperial Bank of Commerce and the headline “Prospectus”. Investors that are U.S. persons (as defined in Regulation S) must obtain the offering memorandum prepared for purposes of offering the Securities within the United States, and may not rely on the Prospectus. The Prospectus will not be used as the basis of any offering in Australia. Investors in, or in respect of any securities offered in, Australia will be provided with AND must obtain the information memorandum prepared for any offering of Securities within Australia and may not rely on the Prospectus. The Securities may not be suitable for all investors. This material has been prepared and issued by CIBC for distribution to market professionals and institutional investor clients only. Other recipients should seek independent investment advice prior to making any investment decision based on this material. By accepting this presentation you acknowledge and agree that you shall be solely responsible for the lawfulness of the acquisition of any Securities with regard to any law, regulation or policy applicable to you. You are also deemed to acknowledge and agree that (a) this presentation does not constitute legal, tax or accounting advice, (b) there may be legal, tax or accounting risks associated with the Securities, (c) you should receive (and rely on) separate and qualified legal, tax and accounting advice, and (d) you should appraise senior management in your organization as to such legal, tax and accounting advice and any risks associated with the Securities and this disclaimer as to these matters. The value of and income from investments may vary because of changes in interest rates, foreign exchange rates, default rates, prepayment rates, securities/instruments prices, market indexes, operational or financial conditions of companies or other factors. Past performance is not necessarily a guide to future performance. Estimates of future performance are based on assumptions that may not be realized. Actual events may differ from those assumed and changes to any assumptions may have a material impact on any projections or estimates. All values are in Canadian dollars (“CAD”) unless otherwise noted. Despite anything herein to the contrary, by attending or receiving the Presentation, you represent and warrant that (if you are located in Australia) you are either: (1) a "Sophisticated Investor" within the meaning of section 708(8) of the Corporations Act 2001 (Cth) (the ‘Corporations Act’); (2) a "Professional Investor" within the meaning of section 708(11) of the Corporations Act; or (3) a person in respect of whom disclosure is not required under Parts 6D.2 or 7.9 of the Corporations Act. CIBC is registered as a foreign company in Australia and is a foreign authorised deposit-taking institution under the Banking Act 1959 of the Commonwealth of Australia (the “Australian Banking Act”). The Securities are not the obligation of any government and, in particular, are not guaranteed by the Commonwealth of Australia or the government of Canada nor do they benefit from the depositor protection provisions of Division 2 of Part II of the Australian Banking Act. However, under section 11F of the Australian Banking Act, if CIBC (whether in or outside Australia) suspends payment or becomes unable to meet its obligations, the assets of CIBC in Australia are to be available to meet its liabilities in Australia (including if those liabilities are in respect of the Securities) in priority to all other liabilities of CIBC. Further, under section 86 of the Reserve Bank Act 1959 of Australia, debts due by the bank to the Reserve Bank of Australia shall in a winding-up of the Bank have priority over all other debts of the bank. Securities issued by the bank under the Program do not evidence nor constitute deposits that are insured under the Canada Deposit Insurance Corporation Act.
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First Quarter, 2024 Disclaimer (continued) 3 The Guarantor is not a bank nor an authorised deposit taking institution authorised to carry on banking business under the Australian Banking Act and it is not supervised by the Australian Prudential Regulation Authority. The Guarantor is not registered as a foreign company or otherwise registered, authorised or qualified to carry on financial services or other business in Australia. The Presentation is for information purposes only and is not a prospectus or product disclosure statement under Australian law, financial product or investment advice or a recommendation to acquire securities in CIBC. No prospectus or other disclosure document (within the meaning of the Corporations Act) has been, and it is not intended that any such prospectus or other disclosure document will be, lodged with the Australian Securities and Investments Commission. Any information or offering memorandum prepared for any offering of Securities in Australia will not be, and will not purport to be, a document containing disclosure to investors for the purposes of Part 6D.2 or Part 7.9 of the Corporations Act. It is not intended that the Presentation or any such document will be used in connection with any offer for which such disclosure is required and neither this presentation nor any such document will contain all the information that would be required by those provisions if they applied. Neither the Presentation nor any such document is to be provided to any 'retail client' as defined in section 761G of the Corporations Act and does not and will not take into account the individual objectives, financial situation or needs of any prospective investor. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek legal, accounting, and taxation advice appropriate to their jurisdiction. Neither CIBC nor the Guarantor is licensed in Australia to provide financial product advice in respect of its financial products. Cooling off rights do not apply to the acquisition of the Securities. The offer and sale of the Securities within Australia will be subject to certain restrictions that will be set out in the applicable information or offering memorandum. The Presentation is addressed to, directed at and is only being distributed to: in the United Kingdom, persons who are “qualified investors”: (i) within the meaning of Article 2(1)(e) of Directive 2003/71/EC (as amended, the Prospective Directive) and any relevant implementing measure in each Member State of the European Economic Area (“Qualified Investors”) and Section 86(7) of the Financial Services and Markets Act 2000 (“FSMA”); (ii) (A) persons who have professional experience in matters relating to investments or (B) high net worth entities falling within Article 49(2)(a) to (d) of the FSMA (Financial Promotion) Order 2005 (as amended, the "Order"); (iii) or certified high net worth individuals within Article 48 of the FSMA (Financial Promotion) Order 2005; or (iv) persons to whom it may otherwise lawfully be communicated (collectively, “relevant persons”); and in Member States of the European Economic Area which have implemented the Prospectus Directive (other than the United Kingdom), persons who are Qualified Investors. Any investment or investment activity to which the Presentation relates is available in the United Kingdom only to relevant persons and will be engaged in, in the United Kingdom, only with relevant persons. Any person who is not a relevant person should not act or rely on the Presentation. Other persons in those jurisdictions not falling within subparagraphs (a) or (b) above should not read, rely upon or act upon the contents of the Presentation. By at tending the presentation to which the Presentation relates or by accepting receipt of the Presentation, the recipient will be taken to have represented, warranted and undertaken that: It is a person who is permitted to attend or receive the presentation in accordance with the limitations set out in (a) and (b) above in this notice; It has read and agrees to comply with the contents of this notice; It will keep the information in this document and the Presentation and all information about the Program confidential until such information has been made publicly available by CIBC and take all reasonable steps to preserve such confidentiality; and It will not at any time have any discussion, correspondence or contact concerning the information in this document and the Presentation with any of the directors or employees of CIBC or its subsidiaries nor with any of their suppliers or customers, or any government or regulatory body without the prior written consent of CIBC. The offer or sale of s ecurities or transactions may be restricted by law. Potential investors are required to inform themselves of, and to observe any legal restrictions on their involvement in any transaction. There shall be no offer or sale of the Securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification under securities laws of such state or jurisdiction. This document is an advertisement and is not an issue prospectus nor a listing prospectus for the purposes of the Swiss code of obligations and the regulation of the SIX Swiss Exchange. A final form Prospectus and any applicable Final Terms for Covered Bonds denominated in CHF to be admitted for trading and listing on the SIX Swiss Exchange have been prepared and made available to the public in accordance with the regulation of the SIX Swiss Exchange.
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First Quarter, 2024 Forward-Looking Statements 4 A NOTE ABOUT FORWARD-LOOKING STATEMENTS: From time to time, we make written or oral forward-looking statements within the meaning of certain securities laws, including in this investor presentation, in other filings with Canadian securities regulators or the SEC and in other communications. All such statements are made pursuant to the “safe harbour” provisions of, and are intended to be forward-looking statements under applicable Canadian and U.S. securities legislation, including the U.S. Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements made in the “Financial performance overview – Economic outlook”, “Financial performance overview – Significant events”, “Financial performance overview – Financial results review”, “Financial performance overview – Review of quarterly financial information”, “Financial condition – Capital management”, “Management of risk – Risk overview”, “Management of risk – Top and emerging risks”, “Management of risk – Credit risk”, “Management of risk – Market risk”, “Management of risk – Liquidity risk”, and “Accounting and control matters – Critical accounting policies and estimates” sections of this report and other statements about our operations, business lines, financial condition, risk management, priorities, targets and sustainability commitments (including with respect to our 2050 net-zero ambition and our environmental, social and governance (ESG) related activities), ongoing objectives, strategies, the regulatory environment in which we operate and outlook for calendar year 2025 and subsequent periods. Forward looking statements are typically identified by the words “believe”, “expect”, “anticipate”, “intend”, “estimate”, “forecast”, “target”, “predict”, “commit”, “ambition”, “goal”, “strive”, “project”, “objective” and other similar expressions or future or conditional verbs such as “will”, “may”, “should”, “would” and “could”. By their nature, these statements require us to make assumptions, including the economic assumptions set out in the “Financial performance overview – Economic outlook” section of this report, and are subject to inherent risks and uncertainties that may be general or specific. Given the potential imposition of U.S. tariffs on Canadian goods and energy and Canadian counter-tariffs on U.S. goods, and the continuing impact of hybrid work arrangements and high interest rates on the U.S. real estate sector, and the war in Ukraine and conflict in the Middle East on the global economy, financial markets, and our business, results of operations, reputation and financial condition, there is inherently more uncertainty associated with our assumptions as compared to prior periods. A variety of factors, many of which are beyond our control, affect our operations, performance and results, and could cause actual results to differ materially from the expectations expressed in any of our forward-looking statements. These factors include: trade policies and tensions, including tariffs; inflationary pressures in the U.S.; global supply-chain disruptions; geopolitical risk, including from the war in Ukraine and conflict in the Middle East, the occurrence, continuance or intensification of public health emergencies, such as the impact of post-pandemic hybrid work arrangements, and any related government policies and actions; credit, market, liquidity, strategic, insurance, operational, reputation, conduct and legal, regulatory and environmental risk; currency value and interest rate fluctuations, including as a result of market and oil price volatility; the effectiveness and adequacy of our risk management and valuation models and processes; legislative or regulatory developments in the jurisdictions where we operate, including the Organisation for Economic Co-operation and Development Common Reporting Standard, and regulatory reforms in the United Kingdom and Europe, the Basel Committee on Banking Supervision’s global standards for capital and liquidity reform, and those relating to bank recapitalization legislation and the payments system in Canada; amendments to, and interpretations of, risk-based capital guidelines and reporting instructions, and interest rate and liquidity regulatory guidance; exposure to, and the resolution of, significant litigation or regulatory matters, our ability to successfully appeal adverse outcomes of such matters and the timing, determination and recovery of amounts related to such matters; the effect of changes to accounting standards, rules and interpretations; changes in our estimates of reserves and allowances; changes in tax laws; changes to our credit ratings; political conditions and developments, including changes relating to economic or trade matters such as tariffs; the possible effect on our business of international conflicts, such as the war in Ukraine and conflict in the Middle East, and terrorism; natural disasters, disruptions to public infrastructure and other catastrophic events; reliance on third parties to provide components of our business infrastructure; potential disruptions to our information technology systems and services; increasing cyber security risks which may include theft or disclosure of assets, unauthorized access to sensitive information, or operational disruption; social media risk; losses incurred as a result of internal or external fraud; anti-money laundering; the accuracy and completeness of information provided to us concerning clients and counterparties; the failure of third parties to comply with their obligations to us and our affiliates or associates; intensifying competition from established competitors and new entrants in the financial services industry including through internet and mobile banking; technological change including the use of data and artificial intelligence in our business; global capital market activity; changes in monetary and economic policy; general business and economic conditions worldwide, as well as in Canada, the U.S. and other countries where we have operations, including increasing Canadian household debt levels and global credit risks; climate change and other ESG related risks including our ability to implement various sustainability-related initiatives internally and with our clients under expected time frames and our ability to scale our sustainable finance products and services; our success in developing and introducing new products and services, expanding existing distribution channels, developing new distribution channels and realizing increased revenue from these channels; changes in client spending and saving habits; our ability to attract and retain key employees and executives; our ability to successfully execute our strategies and complete and integrate acquisitions and joint ventures; the risk that expected benefits of an acquisition, merger or divestiture will not be realized within the expected time frame or at all; and our ability to anticipate and manage the risks associated with these factors. This list is not exhaustive of the factors that may affect any of our forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on our forward-looking statements. Any forward-looking statements contained in this report represent the views of management only as of the date hereof and are presented for the purpose of assisting our shareholders and financial analysts in understanding our financial position, objectives and priorities and anticipated financial performance as at and for the periods ended on the dates presented, and may not be appropriate for other purposes. We do not undertake to update any forward-looking statement that is contained in this report or in other communications except as required by law.
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First Quarter, 2024 Table of Contents 5 1 CIBC Overview - 6 2 CIBC Credit Portfolio and Performance - 14 3 Canadian Economy - 24 4 Debt Programs Overview – 33 5 Appendix - 41
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CIBC Overview 6
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First Quarter, 2024 A Leading, Well-Diversified North American Financial Institution 1867 FOUNDED 1867 FOUNDED 1867 FOUNDED 1867 FOUNDED 1867 FOUNDED 1867 FOUNDED 1867 FOUNDED 1867 FOUNDED 14MM CLIENTS 49K EMPLOYEES1 $28B REVENUE (LTM)2 13.9% ROE3 (LTM)2 42% TSR4 (1-YR) 13.4% CET1 RATIO5 (Q2/25) DIVERSIFIED EARNINGS MIX Net Income by Strategic Business Unit (LTM)6,7 $8B Canadian Commercial & Wealth28% U.S. Commercial & Wealth 11% Capital Markets 23% Canadian Personal & Business Banking 38% Revenue Contribution by Region8 (LTM)6 $28B U.S.9 18% Canada 72% Other 12% Endnotes are included on slide 62 to 66. STRONG CREDIT RATINGS 7 Agency Rating10 Moody’s Aa2 (Senior11, A2), Stable S&P A+ (Se nior 11, A-), Stable Fitch AA (Senior11, AA-), Stable Morningstar DB RS AA (Se nior 11, AA(low)), Stable
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First Quarter, 2024 Our Strategic Priorities 8 A modern, relationship-oriented bank that generates value for all stakeholders Growing Our Mass Affluent & Private Wealth Franchise Deliver high touch, best-in-class advice, solutions and service for our Mass Affluent & High-Net-Worth clients in Canada and the U.S. Expanding Our Digital-First Personal Banking Capabilities Build a digital-first platform providing all Canadian consumer clients with seamless digital interactions, insights, and personalized advice Delivering Connectivity and Differentiation to Our Clients Deliver our connected franchise to our clients to deepen relationships, grow recurring revenues, and enhance returns Enabling, Simplifying & Protecting Our Bank Enable our business growth priorities while continuing to build a more agile, resilient, and cost-effective CIBC
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First Quarter, 2024 9 Our Strategy Is Aligned With Our Capital Deployment Priorities Organic Growth • Remains our top priority • Strong marginal ROEs • Minimizes unproductive goodwill CAPITAL DEPLOYMENT F20 – F241 $10B 2 (32%) Dividend Payout • 40-50% target payout ratio4 • Maintained or increased dividend every quarter since inceptio n $15B (47%) Inorganic Growth • Track record of successful acquisitions • Open to opportunities subject to strict strategic and financial criteria $0.5B 3 (2%) Share Buyback • Used to deploy excess capital opportunistically • Purchases made systematically with strong governance $0.8B (2%) Endnotes are included on slide 62 to 66.
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First Quarter, 2024 Delivering Value For Shareholders By Driving Sustainable Growth And Profitability1 10 Endnotes are included on slide 62 to 66. Revenue ($B) 2020 19 19 2021 20 20 2022 22 22 2023 23 23 2024 26 26 LTM 28 28 Non-Interest Expense ($B) 2020 11 11 2021 12 11 2022 13 12 2023 14 13 2024 14 14 LTM 15 15 Diluted EPS2 ($) 2020 4.11 4.85 2021 6.96 7.23 2022 6.68 7.05 2023 5.17 6.73 2024 7.28 7.40 LTM 7.95 8.09 Return on Common Shareholders’ Equity3 (%) 2020 10.0 11.7 2021 16.1 16.7 2022 14.0 14.7 2023 10.3 13.4 2024 13.4 13.7 LTM 13.9 14.1 Reported Adjusted4
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First Quarter, 2024 Underpinned By Our Balance Sheet Strength And Prudent Risk Management 11 Endnotes are included on slide 62 to 66. CET1 Ratio1 2020 12.1% 2021 12.4% 2022 11.7% 2023 12.4% 2024 13.3% Q2/25 13.4% Total Allowance Coverage Ratio2 2020 0.89% 2021 0.64% 2022 0.62% 2023 0.76% 2024 0.73% Q2/25 0.77% Liquidity Coverage Ratio1 Q4/20 145% Q4/21 127% Q4/22 129% Q4/23 135% Q4/24 129% Q2/25 131% Impaired PCL Ratio3 (bps) 2020 26 2021 16 2022 14 2023 30 2024 32 Q2/25 33
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First Quarter, 2025 12 Q2/25 Overview – Strong Results Underpinned By Our Client-Focused Strategy and Financial Strength F I N A N C I A L R E S U L T S Endnotes are included on slide 62 to 66. Diluted EPS Adjusted1,2 $2.05 | +17% YoY Reported $2.04 | +14% YoY ROE4 Adjusted2,5 13.9% | +50 bps YoY Reported 13.8% | +10 bps YoY Revenue Adjusted2 $7.0B | +14% YoY Reported $7.0B | +14% YoY PPPT3 Adjusted2 $3.2B | +19% YoY Reported $3.2B | +20% YoY NIAT Adjusted2 $2.0B | +17% YoY Reported $2.0B | +15% YoY Credit Impaired6 33 bps | (1) bps YoY Total6 44 bps | +5 bps YoY C R E D I T S T R E N G T H Allowance Coverage Ratio7 Q2/24 75 bps Q2/25 77 bps Total PCL Ratio6 Q2/24 34 bps 5 bps 39 bps Q2/25 33 bps 10 bps 44 bps Performing Impaired6 C O N T I N U E D M O M E N T U M Broad-Based Revenue Growth $7.0B +14% YoY U.S Region Earnings:+32% CM2,9 20% of Total Bank8 +15% USCW9 C&O9 +8% PBB 9 +13% CCW 9 Strong YoY Margin Expansion10 Q2/24 1.72% Q2/25 1.88% +16 bps Positive Operating Leverage11 Revenue Growth Expense Growth ` (3.4)% Q2/24 0.5% 1.5% 0.6% 3.0% 1.8% 5.1% 1.9% 4.9% Q2/25 4.3% Sound Capital Position Adj. Dividend Payout Ratio12 47.2% Target: 40% - 50% CET1 Ratio14 13.4% +30 bps YoY Buybacks13 # of shares (MM) 8.5 Prior Quarters 6.0 Q2/25 14.5 To-Date Rpt. Adj.
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First Quarter, 2024 13 Capital and Liquidity – Strong Balance Sheet Positioned For Uncertainty Endnotes are included on slide 62 to 66. Capital Position • Balance sheet continues to remain well positioned to support organic growth • CET1 ratio of 13.4%, down 10 basis points from prior quarter • Strong internal capital generation • Offset by RWA increases and share buybacks • Bought back 6 million shares in the quarter $B Q2/24 Q1/25 Q2/25 Average Loans and Acceptances1 540.4 564.7 568.4 Average Deposits1 733.1 794.2 793.6 CET1 Capital2 42.7 46.2 45.8 CET1 Ratio 13.1% 13.5% 13.4% Risk-Weighted Assets (RWA)2 326.5 341.9 341.2 Leverage Ratio2 4.3% 4.3% 4.3% Liquidity Coverage Ratio (average)2 129% 132% 131% HQLA (average)2 193.7 212.7 211.8 Net Stable Funding Ratio2 115% 113% 113% CET1 Ratio Q1/25 13.5% Earnings Net of Dividends 29 bps RWA Growth (20) bps NCIB3 (14) bps Other (incl. FX) (5) bps Q2/25 13.4% RWA ($B) Q1/25 341.9 Credit Risk (excl. FX) 5.8 Market & Operational Risk (0.8) FX (5.7) Q2/25 341.2
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CIBC Credit Portfolio and Performance 14
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First Quarter, 2024 15 Credit Portfolio Breakdown (as at Q2/25) Tariff Impacted Exposure is Manageable • Industries that may be impacted by tariffs are diversified and represent only 4% of the total lending portfolio • Key industries include Agriculture, Manufacturing (including Steel and Aluminum), Transportation, Oil and Gas, Mining and Forest Products • Based on the thorough, bottom-up review of our wholesale book, we believe we are navigating this uncertainty from a position of strength. Less than 1% of our total loan book has been assessed as high risk. Overall Loan Mix (Net Outstanding Loans and Acceptances) $572B Auto Lending 2% Personal Lending 3% Commercial Real Estate 10% Retailers 1% Real Estate Secured Lending 50% Consumer 61% Business & Government 39%
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First Quarter, 2025 PCL On Impaired Loans1 – Trending Down Relative To Peers Total Bank ($MM, bps) Peer Average 34 bps 35 bps 41 bps 51 bps 42 bps Q2/24 447 34 Q3/24 404 29 Q4/24 417 30 Q1/25 446 31 Q2/25 463 33 PCL on Impaired PCL ratio on Impaired Canadian Personal & Business Banking ($MM, bps) Q2/24 278 35 Q3/24 307 37 Q4/24 292 35 Q1/25 307 37 Q2/25 357 44 20 25 30 35 40 45 200 240 280 320 360 400 440 • Total bank impaired PCL trending down YoY and outperforming the peer average loss rate. • Canadian Personal & Business Banking impaired PCL relatively stable. • Q2/25 Credit card 90+ day delinquencies and net write-offs outperforming peer average. • 4 quarter rolling average Canadian Commercial Banking losses at low end of peer group. • US Commercial impaired PCL has stabilized after elevated Office CRE losses early in 2024 Canadian Commercial Banking & Wealth ($MM, bps) Q2/24 5 2 Q3/24 35 15 Q4/24 19 8 Q1/25 13 5 Q2/25 34 14 -15 -5 5 15 25 0 10 20 30 40 50 60 70 16 Capital Markets ($MM, bps) Q2/24 -2 -1 Q3/24 37 24 Q4/24 21 13 Q1/25 7 4 Q2/25 2 1 -30 -10 10 30 50 -20 0 20 40 60 80 100 US Commercial Banking & Wealth ($MM, bps) Q2/24 161 123 Q3/24 15 11 Q4/24 84 61 Q1/25 107 73 Q2/25 64 45 -100 -50 0 50 100 150 200 250 0 50 100 150 200 250 300 350 400 Endnotes are included on slide 62 to 66. 21 26 31 200 300 400 500 600
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First Quarter, 2024 17 Credit Performance – Gross Impaired Loans • Gross impaired loan ratio was flat QoQ, with an increase in consumer, offset by a decrease in business and government loans • GIL Ratio is lowest among the peer group • New formations were down in both consumer loans and business and government loans • The increase in residential mortgages is not expected to migrate into meaningful write-offs, given the strong portfolio loan-to-value ratio and low historical net write-off ratio Gross Impaired Loan Ratios Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Canadian Residential Mortgages1 0.26% 0.36% 0.28% 0.31% 0.33% Canadian Personal Lending2 0.58% 0.59% 0.57% 0.59% 0.60% Business & Government Loans3 0.75% 0.64% 0.73% 0.79% 0.78% CIBC Caribbean 3.53% 3.48% 3.32% 3.54% 3.50% Total 0.52% 0.50% 0.52% 0.57% 0.57% Gross Impaired Loan Ratio4 Endnotes are included on slide 62 to 66. Q2/24 2,849 0.52% Q3/24 2,757 0.50% Q4/24 2,914 0.52% Q1/25 3,262 0.57% Q2/25 3,295 0.57% -0.05% 0.05% 0.15% 0.25% 0.35% 0.45% 0.55% 0.65% 0.75% - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 Gross Impaired Loans ($MM) Gross Impaired Loan Ratio New Formations ($MM)4 Q2/24 673 399 1,072 Q3/24 736 421 1,157 Q4/24 733 572 1,305 Q1/25 844 564 1,408 Q2/25 829 396 1,225 Consumer Business & Government
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First Quarter, 2024 Allowance Coverage Total allowance coverage ratio up slightly QoQ and YoY • Total allowance is up 8% year to date • Q2/25 Allowance increase is reflective of an unfavourable change in our overall economic outlook, including the uncertainties of tariffs, net of credit migration Total Allowance Coverage Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Canadian Credit Cards 4.0% 4.1% 4.6% 4.9% 4.9% Canadian Residential Mortgages 0.1% 0.1% 0.1% 0.1% 0.1% Canadian Personal Lending 2.3% 2.3% 2.0% 2.2% 2.2% Canadian Small Business 2.5% 2.4% 2.6% 2.6% 2.9% Canadian Commercial Banking 0.4% 0.4% 0.4% 0.4% 0.5% U.S. Commercial Banking 1.9% 1.8% 1.8% 1.8% 1.8% Capital Markets 0.2% 0.3% 0.3% 0.3% 0.4% CIBC Caribbean 3.2% 3.2% 3.0% 3.0% 2.9% Total 0.75% 0.74% 0.73% 0.76% 0.77% Total Allowance Coverage Ratio1 18 Endnotes are included on slide 62 to 66. Q2/24 4,086 0.75% Q3/24 4,118 0.74% Q4/24 4,114 0.73% Q1/25 4,376 0.76% Q2/25 4,455 0.77% Performing and Impaired Allowance Coverage Ratios1 Q2/24 0.59% 31% Q3/24 0.59% 0.58% Q4/24 0.59% 28% Q1/25 0.61% 28% Q2/25 0.62% 28% Impaired ACL to GIL Performing ACL to Performing Loans
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First Quarter, 2024 Canadian Consumer Lending (as at Q2/25) Net Write-offs: • Overall consumer net write-offs increased QoQ, driven by seasonal lending behaviours in credit cards and an environment with rising unemployment • Mortgage losses continue to remain low, reflective of strong average loan-to-value ratios within the portfolio 90+ Days Delinquency: • Total delinquency rates remained mostly stable QoQ with the increases in mortgages and personal lending being offset by the decrease in credit cards • Credit Cards’ decrease QoQ is supported by risk mitigation activities having a positive impact • Unemployment rate trends will continue to be a driver of performance for these portfolios going forward Balances (principal) $333B Resiential Mortgages $269B 81% Personal Lending $43B 13% Cards $21B 6% Reported Net Write-offs2 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Canadian Residential Mortgages1 <0.01% <0.01% <0.01% <0.01% <0.01% Canadian Credit Cards 3.25% 3.43% 3.45% 3.38% 3.81% Canadian Personal Lending3 1.06% 1.18% 1.13% 1.06% 1.16% Total 0.32% 0.36% 0.35% 0.33% 0.37% 90+ Days Delinquency Rates2 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Canadian Residential Mortgages1 0.26% 0.30% 0.28% 0.31% 0.33% Canadian Credit Cards 0.81% 0.76% 0.76% 0.87% 0.82% Canadian Personal Lending3 0.58% 0.59% 0.57% 0.59% 0.60% Total 0.34% 0.37% 0.35% 0.39% 0.40% 19 Endnotes are included on slide 62 to 66.
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First Quarter, 2025 20 Canadian Real Estate Secured Personal Lending (as at Q2/25) Canadian Uninsured Mortgage Loan-To-Value1 Ratios Q2/24 45% 52% 53% Q3/24 45% 51% 52% Q4/24 45% 52% 53% Q1/25 46% 53% 55% Q2/25 47% 53% 55% Canada GVA 2 GTA 2 90+ Days Delinquency Rates3 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Total Mortgages 0.26% 0.30% 0.28% 0.31% 0.33% Insured Mortgages 0.29% 0.33% 0.37% 0.39% 0.39% Uninsured Mortgages 0.26% 0.30% 0.27% 0.31% 0.33% Uninsured Mortgages in GVA2 0.27% 0.29% 0.21% 0.23% 0.29% Uninsured Mortgages in GTA2 0.24% 0.31% 0.29% 0.36% 0.38% HELOC Balances (principal) $19.5B GTA2 $6.6B 34% Other Region $10.3B 53% GVA2 $2.6B 13% Mortgage Balances (principal) $269B GTA2 $92B 34% Other Region $144B 53% GVA2 $33B 12% Endnotes are included on slide 62 to 66.
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First Quarter, 2024 Canadian Mortgages Renewal Profile – 3 Year Outlook (as at Q2/25) • Mortgage renewal risk has been meaningfully reduced given the declining rate environment 21 Endnotes are included on slide 62 to 66. Current Balances by Renewal Year1 ($B) Variable Rate Fixed Rate 28 6 34 61 25 86 48 36 84 4.5% Interest Rate 4% Interest Rate Average Customer Profile by Renewal Year FY252 FY26 FY27 Original qualification rate3 4.9% 5.3% 5.6% Current LTV 45% 51% 58% Monthly payment increase $82 $107 $8 % of monthly payment increase 6% 7% 0% Payment increase as % of total income at origination 0.7% 0.8% 0.1% Monthly payment increase $158 $201 $110 % of monthly payment increase 10% 11% 5% Payment increase as % of total income at origination 1.3% 1.5% 0.8% • Using illustrative 4.0% and 4.5% mortgage rates at time of renewal, and no borrower income growth since origination, average mortgage payment increases are forecasted to be less than 1.5% of clients’ income • Low loan-to-value of renewal mortgages ranging from 45% to 58% over the next three years • Proactive outreach included a number of initiatives throughout the years to help our clients through the higher-interest rate environment
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First Quarter, 2024 22 Business and Government Lending (as at Q2/25) Business & Government Portfolio is well diversified by geography and industry • ~50% Canada >50% of the portfolio is investment grade • Watch list and impaired loans steady over time (~1% each) Diversified Business & Government Portfolio $223B Canada 50% U.S. 40% Other 10% $223B Real estate and construction 27% Financial institutions 23% Business services 8% Utilities 7% Retail and wholesale 6% Education, health and social services 5% Agriculture 4% Transportation 4% Manufacturing - consumer goods 3% Hardware and software 3% Other 9% Business & Government Rating Distribution 2020 1% 41% 58% 2021 1% 1% 41% 57% 2022 1% 1% 49% 49% 2023 1% 1% 47% 51% 2024 1% 1% 47% 51% Q2/25 1% 1% 47% 51% Investment Grade Non-Investment Grade Watch List Impaired Endnotes are included on slide 62 to 66.
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First Quarter, 2024 23 Commercial Real Estate (as at Q2/25) • Canada represents 64% of total Canadian & U.S. real estate loans outstanding • Gross impaired loans as a percentage of total Canadian & U.S. real estate is 1.06% • Overall, while the U.S. multi-family portfolio charge-offs have increased, the overall portfolio benefits from solid underlying fundamentals • In the U.S. office portfolio, gross impaired loan ratio was 5.2% as of Q2/25 • Condominium developer loans are $3.1B, representing less than 1% of our total loan portfolio • Exposure is well diversified, focusing on broad and long-standing client relationships, with experienced builders Multi-Family Portfolio Metrics Canada US Total outstanding ($B) C$11.9 US$5.4 Weighted Average LTV1 59% 55% Watchlist2 Loan Ratio 0.1% 7.2% Gross Impaired Loan Ratio 0.1% 2.7% Annualized Net Charge-off Ratio 0% 1.7% Investment Grade Mix of Drawn Loans 63% 48% Endnotes are included on slide 62 to 66. Canadian Commercial Real Estate Loans Outstanding by Sector3 $44.1 B Multi Family 27% Retail 20% Seniors Housing 4%Industrial 14% Office 8 % Other 5% R e s i d e n t i a l ( H o u s i n g ) 2 2 % • 66% of drawn loan investment grade5 U.S. Commercial Real Estate Loans Outstanding by Sector4 US$17.9B Residential (Housing) 1% M u l t i F a m i l y 3 0 % Retail 8% Healthcare 4%Hotel 2% Industrial 21% Office 16% Other 18% • 60% of drawn loan investment grade5
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Canadian Economy 24
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First Quarter, 2024 Snapshot Of The Canadian Economy Canada’s GDP by Province / Territory1 (%) AB 15.4% SK 3.5% MB 3.2% ON 38.8% QC 19.6% NB 1.6% BC 13.9% PEI 0.3% NT 0.2% NU 0.2% YT 0.2% NS 2.0% NL 1.3% Geographical GDP distribution continues to demonstrate that Canada’s economy is well diversified 25 Endnotes are included on slide 62 to 66. Canada: Key Facts Population2 41.5 MM GDP (Market Prices)3 CAD $3,134 BN GDP per capita4 CAD $75,595 Labour Force5 22.5 MM Provinces / Territories 10 / 3 Economist Intelligence Unit (2024-2028) Best business environment: ranked 3rd among G7; 6th globally6 2024 Transparency International Corruption Perception Index Ranked 15th globally Canada Sovereign Credit Ratings (M/S&P/F/DBRS) • Moody’s Aaa • S&P AAA • Fitch AA+ • DBRS AAA
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First Quarter, 2024 Canadian Economic Indicators Demonstrate Resilience And Performance • Canadian unemployment increased to 6.9% in April, up from March’s rate of 6.7% • Canadian headline consumer price inflation in April was 1.7% year over year, following an increase of 2.3% in March. • Excluding energy, annual price growth was 2.9% 26 Unemployment Rate (%)1,2 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 Canadian Inflation Has Tracked the U.S.3 -3 -2 -1 0 1 2 3 4 5 6 7 8 9 10 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 Canada CPI US CPIEndnotes are included on slide 62 to 66.
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First Quarter, 2024 Canadian Economic Indicators Demonstrate Resilience And Performance • Well diversified services-driven economy, with several key industries including finance, manufacturing, services and real estate • Following the 2007-2008 global recession, diversification had been a stabilizing factor and has led to strong economic performance relative to other industrialized nations 27 Monthly GDP (February 2025)1 Endnotes are included on slide 62 to 66. Accommodation and food services , 2% Otherservices(except public administration) , 2% Agriculture, forestry, fishing and hunting , 2% Mining, quarrying, and oil and gas extraction , 6% ---- Utilities , 2% Construction, 8% Manufacturing , 10% Wholesale trade , 6% Retail trade , 6% Transportation and warehousing , 5% Information and cultural industries , 4% Finance and insurance, 8% Real estate and rental and leasing , 14% Professional, scientific and technical services , 8% Administrative and support, w aste management and remediation services , 3% Educational services , 6% Health care and social assistance , 9% Arts , entertainment and recreation , 1 % CIBCO [ GDP Indexed to 2007 (%)2 90 100 110 120 130 140 2007 2009 2011 2013 2015 2017 2019 2021 2023 Canada France Germany Italy Japan United Kingdom United States
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First Quarter, 2024 Tariff Overview: U.S. - Canada Trade Balances • Canada and the U.S. share the largest bilateral trading relationship in the world. Nearly US$2.5 billion worth of goods and services crosses the Can-U.S. border each day • In 2023, the U.S. merchandise trade deficit with Canada was US$64.3 billion and entirely driven by energy products 28 Exports to U.S. Top 10 Industries (2023)1 Automotives 19.6% Machinery11.1% Plastics4.7% Precious Stones & Metals 4.6% Aluminum 3.9% Wood 3.9% Electronics 3.4% Iron & Steel 2.9% Aircraft 2.8% Energy 43.1% US goods trade surplus with Canada (excludes oil & gas, US$bn)2 -40 -30 -20 -10 0 10 20 30 40 50 60 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 Endnotes are included on slide 62 to 66.
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First Quarter, 2024 Tariff Overview: U.S. - Canada Trade Balances 29 • About 70% of U.S. imports from Canada are used in the manufacturing of other goods • 36 states have Canada as their top export market U.S. Imports from Canada by Product Use (2023)1 Intermediate Inputs 59.0% Capital Goods 21.0% Final Consumption 10.0% Other Goods 10.0% States with Canada as their top Export Market (2023)1 Canada is the state’s #1 export market Canada is the state’s #2 or #3 export marketEndnotes are included on slide 62 to 66.
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First Quarter, 2024 30 Economic Outlook1 Endnotes are included on slide 62 to 66. Economic Indicators (%)2,3 Canada United States (U.S.) 2024A2 2025F2 2026F2 2024A2 2025F2 2026F2 Real GDP Growth 1.5 1.0 2.0 2.8 1.7 2.1 Inflation 2.4 2.7 1.6 2.9 3.0 2.6 Unemployment Rate 6.4 6.9 6.2 4.0 4.4 4.3 Interest Rate Forecast (%)4,5 June 20255 December 20255 December 20265 June 20255 December 20255 December 20265 Overnight target rate (Canada)/Federal funds rate (midpoint) (U.S.) 2.50 2.25 2.25 4.375 3.875 3.375 Canada: ➢ Although Canadian tariffs and higher U.S. production costs will put some upward pressure on inflation, most of that will be offset by softer gasoline prices and higher unemployment that will constrain consumer purchasing power for domestic goods and services. ➢ Weak business capital spending and consumer confidence tied to trade uncertainties could see Canadian real GDP decline in the short term, and then rebound modestly if negotiations relieve some of the pressure on Canada-U.S. and global trade. ➢ Fiscal policy could also mitigate an economic downturn through tax reductions or targeted relief for affected sectors; results are dependent on the degree to which the trade shock would be offset by more substantial monetary and fiscal stimulus. U.S.: ➢ Labour markets remain resilient, but both consumer and business confidence have weakened in the face of trade policy uncertainties, and higher prices for goods subject to tariffs will reduce gains in household purchasing power. Slowing population growth, the impact of still-elevated interest rates, are also expect to limit growth this year. ➢ The Federal Reserve is expected to maintain its pause on interest rates through the first half of the year, awaiting greater clarify on the extent to which tariffs and fiscal policy will put upward pressure on inflation. Should tariffs moderate from earlier proposed levels, and should the federal budget offset tax cuts with spending restraint, the central bank could ease interest rates by a further 50 basis points in the latter half of the year.
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First Quarter, 2024 31 Mortgage Market Supported By Strong Fundamentals Mortgage Arrears by Number of Mortgages1 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 declined from high of 0.45% in 2009 to 0.23% in February 2025 2 Canada has one of the highest urbanization rates in the G7 • Over 45% of the Canadian population lives in one of the four largest cities • A greater rate of urbanization is a strong contributor to increases in property values Population in Top Four Cities3 1.08% 0.65% 0.69% 0.43% 0.30% Average Annual Population Growth (2014-2023)4 Endnotes are included on slide 62 to 66.
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First Quarter, 2024 32 Canadian House Price Growth Has Normalized • Absolute price level is moderate compared to major global urban centers • Canadian debt to income ratio in line with many developed nations • Growth rates of house prices in Canada have converged across regions Endnotes are included on slide 62 to 66. Average Home Price (in $000’s) Region CAD1 USD Eq.2 YoY % Change3 Canada 680 486 0.2% Toronto 1,009 722 (3.5)% Vancouver 1,185 847 (0.7)% Calgary 583 417 4.9% Montreal 575 411 6.6% Ottawa 631 451 3.0% Household Debt to Income Ratio4 Housing Index Year over Year Change, by City5
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Debt Programs Overview 33
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First Quarter, 2024 34 High-Quality, Client-Driven Balance Sheet (as at Q2/25)1 Assets 8% Mainly Derivatives Other Assets3 53% Loan Portfolio Corporate Loans Other Retail Loans Residential Mortgages2 39% Liquid Assets Trading & Investment Securities Cash & Repos $1,090B 129% Coverage (Liquid Assets / Wholesale Funding) 118% Coverage (Deposits + Capital / Loans) Liabilities & Equity 7% Mainly Derivatives Other Liabilities3 62% Capital + Client-related Funding Capital5 Securitization & Covered Bonds Business & Gov’t Deposits Personal Deposits 31% Wholesale-sourced Funding Secured Funding4 Unsecured Funding Endnotes are included on slide 62 to 66.
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First Quarter, 2024 Diversified Liquidity And Funding Positions Continue To Be Well Above Regulatory Requirements • Liquidity and funding position continue to remain well-above regulatory requirements • Client deposits are the primary source of funding, comprising over $500B of the total funding base • Funding strategy is supplemented in part by wholesale funding, which is diversified across investor type, geographies, currencies, maturities, security and funding instruments • Wholesale funding comprises of both short-term and long-term funding, across both secured and unsecured 100% Minimum Requirement Q2/25 | 113% Net Stable Funding Ratio Q2/25 | 131% Liquidity Coverage Ratio Total Loss Absorbing Capacity (TLAC)1 TLAC Composition ($B) TLAC Composition Other (Deductions) CET1 Capital 45.8 Additional Tier 1 Capital 6.0 Tier 2 Instruments 8.9 External Instruments 49.2 109.8 TLAC Ratio TLAC Ratio Minimum Requirement 25.0% 32.2% Funding Mix Q2/25 $1,090B Client Deposits 52% Repos 15% Other (incl. Derivatives) 7% Capital 6% WSF $226B > 1 Year Maturity 9% < 1 Year Maturity 11% Endnotes are included on slide 62 to 66. 35
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First Quarter, 2024 CIBC Wholesale Funding Strategy And Sources Funding Strategy • CIBC’s funding strategy includes access to funding through retail deposits and wholesale funding and deposits • CIBC updates its three-year funding plan on at least a quarterly basis • The wholesale funding strategy is to develop and maintain a sustainable funding base through which CIBC can access funding across many different depositors and investors, geographies, maturities, and funding instruments Wholesale Funding Sources Wholesale deposits Canada, U.S. Credit card securitization Canada, U.S. Global MTN programs Mortgage & HELOC securitization programs Covered Bond program Structured Notes Wholesale Market (CAD Eq. 225.9BN), Maturity Profile1 Secured Unsecured Less than 1m 19 1 m-3m 4 18 3m-6m o 3 1 6m-12m 10 4 1 1y-2y 17 19 Over 2y 27 37 Endnotes are included on slide 62 to 66. 36 Funding Strategy • CIBC’s funding strategy includes access to funding through retail deposits and wholesale funding and deposits • CIBC updates its three-year funding plan on at least a quarterly basis • The wholesale funding strategy is to develop and maintain a sustainable funding base through which CIBC can access funding across many different depositors and investors, geographies, maturities, and funding instruments Structured Notes Wholesale deposits Canada, U.S. Credit card securitization Canada, U.S. Global MTN programs Mortgage & HELOC securitization programs Covered Bond program Wholesale Funding Sources CIBC Wholesale Funding Strategy And Sources Endnotes are included on slide 62 to 66. Wholesale Market (CAD Eq. 225.9BN), Maturity Profile1
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First Quarter, 2024 Diversification Is Key To A Stable Wholesale Funding Profile Wholesale Funding Diversification Geography Instrument Investor Term • Well diversified across products, currencies, investor segments and geographic regions • Regular issuance to promote investor engagement and secondary market liquidity • Well balanced maturity profile that is reflective of the maturity profile of our asset base • Achieve appropriate balance between cost and stability of funding 37
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First Quarter, 2024 Wholesale Funding Geography CAD 50.5 BN ▪ Canada Mortgage Bonds ▪ Credit Cards Securitization ▪ Medium Term Notes ▪ Canadian Dollar Deposits ▪ Secured Lines of Credit Securitization USD 88.9 BN ▪ Covered Bond Program ▪ Credit Cards Securitization ▪ Medium Term Notes ▪ US Dollar Deposits EUR 14.0 BN, CHF 2.4 BN, GBP 6.7 BN, NOK: 4.4 BN ▪ Covered Bonds ▪ Medium Term Notes ▪ Certificates of Deposit JPY 73.0 BN ▪ Medium Term Notes HKD 5.7 BN ▪ Medium Term Notes ▪ Certificates of Deposit AUD 9.7 BN ▪ Covered Bonds ▪ Medium Term Notes ▪ Certificates of Deposit Wholesale Funding By Product1,3 Credit Cards Securitization 6% Covered Bonds 68% Mortgage Securitization 2 6% Secured 27% Unsecured 2 73% Medium Term Notes 41% Sub-debt 5% Deposi ts banks from 4% Bankers' acceptances 2% CD and CP 47% Other 0% Endnotes are included on slide 62 to 66. 38
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First Quarter, 2024 Debt Programs Summary Canada Outperformed most G7 economies as measured by long term GDP growth rate during 2014-20231 • Strong diversified stable economy • Aaa/AAA/AA+/AAA (Moody’s/S&P/Fitch/DBRS) CIBC Well capitalized top 5 Canadian Bank with CET1, Tier 1 and total capital ratios of 13.4%, 15.2% and 17.8% respectively, as of April 30th, 20252 • Deposit/Counterparty/Legacy Senior3 Aa2/A+/AA/AA (Moody’s/S&P/Fitch/DBRS) • Senior4 A2/A-/AA-/AA (low) (Moody’s/S&P/Fitch/DBRS) Secured CAD 60 billion Legislative Covered Bond Program (Luxembourg) • AAA-rated (or equivalent) from minimum two rating agencies • Collateral consisting of Canadian residential mortgage loans with original LTV capped at 80% Credit Card ABS Program (CARDS II Trust) • Issuance in CAD and USD (Reg S/144A) • AAA(sf)-rated (or equivalent) from at least two rating agencies (Senior Notes) Real Estate Secured Line of Credit Program (HELOCS Trust) • Issuance in CAD • AAA(sf)-rated (or equivalent) from at least two rating agencies (Senior Notes) Senior International Debt Programs • USD 40 billion Euro Medium Term Note (EMTN) Program (Luxembourg) • USD 20 billion (SEC) Base Shelf (New York) • USD Structured Note Program (Luxembourg) • USD 15 billion Medium Term Note (MTN) Program (New York) • AUD 5 billion Medium Term Note Program Domestic Debt Programs • Senior Notes, prospectus exempt • CAD 10 billion Canadian Base Shelf (regulatory capital instruments) • Principal at Risk (PaR) Structured Note Program Endnotes are included on slide 62 to 66. 39
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First Quarter, 2024 Contacts 40 WOJTEK NIEBRZYDOWSKI, VICE PRESIDENT GLOBAL TERM FUNDING Email: Wojtek.Niebrzydowski@CIBC.com Phone: +1 (416) 956-6748 GEOFF WEISS, SENIOR VICE PRESIDENT INVESTOR RELATIONS Email: Geoffrey.Weiss@cibc.com Phone: +1 (416) 980-5093
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Appendix 41
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First Quarter, 2024 Legislative Covered Bond Program Summary 42 Program Size CAD 60,000,000,000 Ratings Aaa / AAA by Moody’s / Fitch Asset Percentage Currently at 93.0% Currency Most Convertible Currencies Guarantor CIBC Covered Bond (Legislative) Guarantor Limited Partnership Listing Luxembourg Law Canadian Legislative Framework (National Housing Act) Collateral Pool Eligibility Canadian uninsured residential loans Arrangers CIBC / HSBC Tenor 3-10 year expected issuance Coupon Fixed or Float Bullet Type Hard or soft [All issuance to date has been soft] ECBC Covered Bond Label Joined in 2018
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First Quarter, 2024 Covered Bond Structure1 43 CIBC Seller Loans and Related Security CIBC Covered Bond (Legislative) Guarantor LP Guarantor Repayment of Intercompany Loan CIBC Issuer / Bank Covered Bonds Covered Bondholders CIBC Interest Rate Swap Provider CIBC Covered Bond Swap Provider Consideration Computershare Trust Company of Canada Bond Trustee / Custodian Trust Deed (incl. Covered Bond Guarantee) and Security Agreement Intercompany Loan Proceeds CMHC Registrar Ernst & Young Asset Monitor • In April 2012, the Canadian government introduced legislation which provides a framework for the issuance of covered bonds by Canadian financial institutions • In July 2012, the National Housing Act was amended to establish a legal framework for covered bond Programs in Canada • Eligible collateral consists of uninsured Canadian residential mortgage loans and home equity lines of credit 1 • There will be monthly monitoring tests completed on the Program that are independently verified by auditors on at least an annual basis, as well as periodic reviews completed by the rating agencies • On a monthly basis, investor reports are published on the CIBC Investor Relations website ( www.cibc.com/ca/investor-relations/debt- info/legislative-covered-bond-program.html) • CMHC has been given responsibility to administer the legal framework for Canadian registered covered bond Programs Endnotes are included on slide 62 to 66.
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First Quarter, 2024 Cover Pool 44 Endnotes are included on slide 62 to 66. Summary Statistics (April 30, 2025)1 Current Collateral Pool Canadian uninsured residential mortgages Asset Percentage Requirement 93.00% Current Balance CAD 46,479,829,836 Outstanding Covered Bonds CAD Eq.39,773,221,500 Number of Loans 145,583 Average Balance CAD 319,267 Weighted Ave Original LTV 69.71% Weighted Ave Current Indexed LTV 49.83% Weighted Ave Current Unindexed LTV 60.27% Weighted Ave Remaining Term 20 months Weighted Ave Remaining Amortization 268 months Weighted Ave Seasoning 56 months 90 day + Arrears2 0.12% Insured No Fixed 2,3 71.13% Owner Occupied2,4 80.95%
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First Quarter, 2024 Cover Pool (April 2025) 45 Remaining Term Geographic Distribution Current Indexed Loan to Value Property Type Detached, 66.20% Multi- Residential, 4.64% Other, 0.50% Semi Detached, 5.94% Townhouse, 5.69% Condominium, 17.03% % of current loan balance . First Quarter, 2024 Cover Pool (April 2025) 45 Remaining Term Property Type Geographic Distribution Current Indexed Loan to Value
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First Quarter, 2025 46 Canadian Uninsured Residential Mortgages (as at Q2/25) Credit bureau score1 and LTV2 distributions remain healthy Credit Bureau Score1 Distribution Endnotes are included on slide 62 to 66. ≤650 5% 4% 5% 5% 651-700 6% 4% 6% 6% 13% 701-750 11% 12% 13% 751-800 19% 17% 18% 19% >800 57% 64% 59% 57% Canada Total GVA3 GTA 3 Canada Variable Rate Loan-to-Value (LTV)2 Distribution <30% 15% 23% 15% 13% 30 to <45% 20% 24% 19% 18% 24% 45 to <60% 25% 22% 23% 60 to ≤75% 24% 19% 23% 26% >75% 17% 9% 21% 20% Canada Total GVA3 GTA 3 Canada Variable Rate
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First Quarter, 2024 Canadian Mortgage Market 47 Beneficial Mortgage Regulation in Canada Default Insurance • Under the Bank Act, banks can only advance uninsured mortgages up to an LTV ratio of 80% • Borrowers have to purchase default insurance if the mortgage has an LTV > 80% • Insurance covers the entire outstanding principal amount, up to 12 months accrued interest and, subject to certain caps, any out-of-pocket costs incurred by the lender (e.g. foreclosure expenses, legal fees, maintenance costs, property insurance, etc.) • Mortgage default insurance is provided by CMHC and private mortgage insurers (Sagen, Canada Guaranty) Favourable Legal Environment • In most provinces, lenders have robust legal recourse to recoup losses (e.g. garnishing wages) Taxation • Mortgage interest is generally not tax deductible, which results in an incentive for mortgagors to limit their amount of mortgage debt This combination of factors results in consistently low credit losses on the Canadian banks’ mortgage books
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First Quarter, 2024 48 Canadian Mortgage Market Regulatory Developments1 Jul ‘08 • 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 Feb ‘10 • Borrowers to meet standards for a five-year fixed mortgage 2 • Refinancing max. LTV lowered to 90% from 95% • Set min. down payment for non-owner-occupied properties to 20% Mar ‘11 • Reduce max. amortization to 30 yrs. from 35 yrs. • Refinancing max. LTV lowered to 85% from 90% • HELOC insurance no longer available Jun-Jul ‘12 • 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 ‘14 • 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 Jun ‘15 Insurance premiums for loans with LTV from 90% to 95% increased by 15% Feb ‘16 Min. down payment for new insured mortgage will increase from 5% to 10% for the portion of the house price above CAD 500,000 Aug ‘16 Vancouver introduced 15% Foreign Buyers’ Tax Oct ‘16 • Standardizing eligibility criteria for high-and low- ratio insured mortgages, including a mortgage rate stress test • Closed the capital gains tax exemption loophole on the sale of a principal residence Jan ‘17 Vancouver introduced Empty Homes Tax of 1% of the assessed value of the home Apr ‘17 Ontario Government introduced Non-Resident speculation Tax (NRST) of 15% on properties in the Greater Golden Horseshoe area Jan ‘18 • Updated Guideline B-20 – Residential Mortgage Underwriting Practices and Procedures in effect • Min. qualifying rate for uninsured mortgages greater of 5-yr. Bank of Canada benchmark rate or contractual rate +2% Endnotes are included on slide 62 to 66.
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First Quarter, 2024 Endnotes are included on slide 62 to 66. 49 Canadian Mortgage Market Regulatory Developments (continued)1 Feb ‘18 Vancouver Foreign Buyers’ Tax increased to 20% Dec ‘18 BC Government introduced a Speculation and Vacancy Tax aimed at increasing the supply of rental property inventory Mar ‘20 • Temporary expansion of portfolio insurance eligibility criteria to allow the following for loans funded before March 20th, 2020: • Refinances • Maximum original amortization of 30 years (up from 25 years) • Criteria expansion expected to be in place until December 31st, 2020 Jun ‘20 • Removal of exceptions to standard Gross/Total Debt Servicing (GDS/TDS) ratios • At least one borrower (or guarantor) must have a minimum credit score of 680. • Non-traditional sources of down payment will no longer be eligible to satisfy the minimum equity requirements Jun ‘21 Minimum qualifying rate (MQR) of greater of 5.25% or contractual rate +2% introduced for insured mortgages, in addition to uninsured mortgage MQR that was introduced in Jan 2018; reconfirmed in December 2023 Oct ‘22 Effective October 25, 2022, the Non-Resident Speculation Tax (NRST) rate was increased to 25 per cent. This tax applies on the purchase or acquisition of an interest in residential property located anywhere in Ontario by individuals who are foreign nationals (individuals who are not Canadian citizens or permanent residents of Canada) or by foreign corporations or taxable trustees Jan ‘23 Jan ‘23 • Effective January 1st, 2023 a two-year ban on the purchase of residential property by non- Canadians takes effect. The ban applies to foreign corporations and individuals who are not citizens or permanent residents of Canada and includes direct and indirect purchases. • Toronto introduced Vacant Home Tax of 1% of the assed value of the home Jan ‘24 Effective January 2024, Toronto increased the Vacant Home Tax to 3% Dec ‘24 • Effective Dec. 15, 2024, Department of Finance increased the home price cap for customer insured mortgages from $1MM to $1.5MM • Expanded eligibility for 30- year mortgage amortizations to all first-time homebuyers and buyers of new builds
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First Quarter, 2024 Canadian Bail-In Regime Update On April 18, 2018, Department of Finance published the bail-in regulations, and OSFI finalized the guidelines on Total Loss Absorbing Capacity (TLAC) and TLAC holdings. Department of Finance’s bank recapitalization (bail-in) conversion regulations • Provide statutory powers to CDIC (through Governor in Council) to enact the bail-in regime including the ability to convert specified eligible shares and liabilities of D-SIBs into common shares in the event such bank becomes non-viable • Bail-in eligible liabilities include tradable (with CUSIP/ISIN), unsecured debt with original maturity of over 400 days • Excluded liabilities are covered bonds, consumer deposits, secured liabilities, derivatives, and structured notes1 • Effective on September 23, 2018 OSFI’s TLAC Guideline • TLAC liabilities must be directly issued by the D-SIB, satisfy all of the requirements set out in the bail-in regulations, and have residual maturity greater than 365 days • Minimum requirements: • TLAC ratio = TLAC measure / RWA > 21.5% • TLAC leverage ratio = TLAC measure / Leverage exposure > 6.75% • TLAC supervisory target ratio set at 25.00% RWA2 • Effective Fiscal 2022. Public disclosure began in Q1 2019 OSFI’s TLAC Holdings • Our investment in other G-SIBs and other Canadian D-SIB’s TLAC instruments are to be deducted from our own tier 2 capital if our aggregate holding, together with investments in capital instruments of other FIs, exceed 10% of our own CET1 capital • Implementation started in Q1 2019 50 Endnotes are included on slide 62 to 66.
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First Quarter, 2024 51 Canadian Bail-In Regime – Comparison To Other Jurisdictions Bail-in implementation in other jurisdictions has increased the riskiness of bail-inable bonds vs. non-bail-inable bonds: • Legislative changes prohibit bail-outs, increasing the probability that bail-in will be relied on • The hierarchy of claims places bail-in debt below deposits and senior debt through structural subordination, legislation or contractual means • Bail-in is expected to rely on write-down of securities, imposing certain losses on investors The Canadian framework differs from other jurisdictions on several points: • The Canadian government has not introduced legislation preventing bail-outs • Canadian senior term debt will be issued in a single class and will not be subordinated to another class of senior term debt like other jurisdictions such as the US and Europe • Canada does not have a depositor preference regime; bail-in debt does not rank lower than other liabilities • No Creditor Worse Off principle provides that no creditor shall incur greater losses than under insolvency proceedings • There are no write-down provisions in the framework • Conversion formula under many scenarios may result in investor gains
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First Quarter, 2024 How Bail-In Is Expected To Work When OSFI deems a bank has ceased to or may be about to cease to continue to be viable, it may trigger temporary takeover of the bank and carry out the bail-in conversion of NVCC capital and bail-in debt to common equity. ▪ There are no write-down provisions in the framework 52 ▪ Conversion formula under many scenarios may result in investor gains 1. Pre-Loss Balance Sheet Assets Other Senior Liabilities Bail-in Debt NVCC Sub- Debt NVCC Preferred Equity Common Equity 2. Loss Event Loss Assets Other Senior Liabilities Bail-in Debt NVCC Sub- Debt NVCC Preferred Equity Common Equity 3. Post Bail-in Assets Other Senior Liabilities Bail-in Debt Common Equity 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.
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First Quarter, 2024 53 How Bail-In Is Expected To Work 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. Liquidation Securitizations, Covered Bonds Loss Absorption Waterfall Deposits Legacy Senior Debt Structured Notes Derivatives Bail-in Debt Tier 2 AT 1 Instruments Legacy (not NVCC) Preferred Shares Common Equity Resolution Securitizations, Covered Bonds Deposits Legacy Senior Debt Structured Notes Derivatives Bail-in Debt Tier 2 AT 1 Instruments Legacy (not NVCC) Preferred Shares Common Equity 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.
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First Quarter, 2024 54 Comparison Of Canadian And European Hierarchies In Bail-In Resolution1 Endnotes are included on slide 62 to 66. Loss absorption waterfall Canada Bank Recapitalization (Bail-in) Regulations Common Equity Tier 1 Preferred Shares/ AT1 (PONV) Tier 2 (PONV) Senior (issued post Sep. 23, 2018) Deposits Other Liabilities Legacy Senior (issued before Sep. 23, 2018) Other excluded Liabilities3 European norm Discretionary exclusions possible Common Equity Tier 1 Additional Tier 1 Tier 2 (PONV) Non-Preferred Senior Legacy & Preferred Senior Other Liabilities Non- Preferred Deposits Preferred Deposits (natural persons + micro + SMEs) Excluded Liabilities2 Loss absorption waterfall Layers of bail-inable senior debt instruments
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First Quarter, 2024 55 Office Of The Superintendent Of Financial Institutions (OSFI) Non-Viability Criteria In assessing whether an institution has ceased, or is about to cease, to be viable, the following criteria can be considered, which may be mutually exclusive and should not be viewed as an exhaustive list1. Whether the assets of the institution are, in the opinion of the Superintendent, sufficient to provide adequate protection to the institution’s depositors and creditors. Whether the institution has lost the confidence of depositors or other creditors and the public. This may be characterized by ongoing increased difficulty in obtaining or rolling over short-term funding. Whether the institution’s regulatory capital has, in the opinion of the Superintendent, reached a level, or is eroding in a manner, that may detrimentally affect its depositors and creditors. Whether the institution failed to pay any liability that has become due and payable or, in the opinion of the Superintendent, the institution will not be able to pay its liabilities as they become due and payable. Whether the institution failed to comply with an order of the Superintendent to increase its capital. Whether, in the opinion of the Superintendent, any other state of affairs exists in respect of the institution that may be materially prejudicial to the interests of the institution’s depositors or creditors or the owners of any assets under the institution’s administration, including where proceedings under a law relating to bankruptcy or insolvency have been commenced in Canada or elsewhere in respect of the holding body corporate of the institution. Whether the institution is unable to recapitalize on its own through the issuance of common shares or other forms of regulatory capital. For example, no suitable investor or group of investors exists that is willing or capable of investing in sufficient quantity and on terms that will restore the institution’s viability, nor is there any reasonable prospect of such an investor emerging in the near-term in the absence of conversion or write-off of NVCC instruments. Further, in the case of a privately-held institution, including a Schedule II bank, the parent firm or entity is unable or unwilling to provide further support to the subsidiary. Endnotes are included on slide 62 to 66.
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First Quarter, 2024 56 Domestic Stability Buffer Background • Canadian Domestic Systemically Important Banks (D-SIBs) are required to hold Pillar 2 capital buffer that is privately communicated to each bank, to address risks that are inadequately captured by the Pillar 1 minimum capital requirements • D-SIBs are subject to publicly-disclosed Pillar 1 minimum of 8.0% and undisclosed non-public Pillar 2 buffer What Has Changed • The Domestic Stability Buffer increased to 3.50% of RWA effective November 1, 2023 from 3.00%; it can range between 0% to 4% depending on OSFI’s assessment of systemic vulnerabilities D-SIBs face including Canadian consumer and institutional indebtedness, as well as asset imbalances in the Canadian market • OSFI announced on June 20, 2018 a revised framework where a component of the Pillar 2 buffer for D-SIBs will be publicly disclosed 1 • The purpose of public disclosure is to provide greater transparency to the market and other stakeholders, and to enhance the usability of the buffer by the banks in times of stress • A breach would require a remediation plan from the bank • OSFI will undertake a review of the buffer on a semi-annual basis, in June and December with any changes being made public Implications for Banks • There is no incremental capital requirement for banks. This is a transition of the Pillar 2 capital buffer requirement from private to public domain. • Given CIBC (and other Canadian D-SIBs) are well above the minimum requirement, we do not believe this will impact banks’ capital planning in a material way OSFI Target 8.00 Pillar 1 Minimum for D-SIBs* 3.50%Current Domestic Stability Buffer2,3 CIBC (Q2/25) 13.4% * Consists of 4.5% minimum plus 2.5% of capital conservation buffer plus 1.0% current D-SIB surcharge Endnotes are included on slide 62 to 66.
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First Quarter, 2024 57 Outstanding Covered Issuances Endnotes are included on slide 62 to 66. Series Currency Issued Issue Date1 Maturity Date2 Coupon Rate Issue Spread1 CBL9 CHF 350,000,000 22-Dec-15 22-Dec-25 0.1250% MS + 0% CBL22 EUR 1,000,000,000 09-Jul-19 09-Jul-27 0.0400% MS + 0.09% CBL26 CHF 100,000,000 09-Apr-20 09-Oct-28 0.1412% MS + 0.40% CBL32 EUR 1,000,000,000 30-Apr-21 30-Apr-29 0.0100% MS + 0.05% CBL33 GBP 1,250,000,000 23-Jun-21 23-Jun-26 SONIA + 1.00% SONIA + 0.28% CBL34 USD 2,000,000,000 08-Jul-21 08-Jul-26 1.1500% MS + 0.22% CBL35 AUD 1,500,000,000 14-Sep-21 14-Sep-26 BBSW + 0.37% BBSW + 0.37% CBL36 EUR 1,500,000,000 07-Oct-21 07-Oct-26 0.0100% MS + 0.04% CBL37 GBP 1,000,000,000 15-Dec-21 15-Dec-25 SONIA + 1.00% SONIA + 0.28% CBL38 USD 2,500,000,000 19-Jan-22 19-Jan-27 1.8460% SOFR + 0.48% CBL39 EUR 2,500,000,000 10-Mar-22 10-Mar-26 0.3750% MS + 0.06% CBL41 CHF 200,000,000 26-Apr-22 26-Apr-29 0.9675% MS + 0.15% CBL42 GBP 625,000,000 30-Jun-22 30-Jun-25 SONIA + 0.53% SONIA + 0.53% CBL43 CHF 215,000,000 13-Jul-22 13-Jul-27 1.7125% MS + 0.15% CBL44 AUD 1,350,000,000 15-Jul-22 15-Jul-25 BBSW + 0.93% BBSW + 0.93% CBL45 AUD 650,000,000 15-Jul-22 15-Jul-25 4.4000% BBSW + 0.93% CBL46 CAD 560,000,000 19-Dec-22 23-Dec-25 4.2620% GoC + 0.80% CBL47 EUR 1,500,000,000 31-Mar-23 31-Mar-27 3.250% MS + 0.33% CBL48 GBP 750,000,000 13-Apr-23 13-Apr-26 SONIA + 0.63% SONIA + 0.63% CBL49 AUD 1,500,000,000 21-Apr-23 21-Apr-26 BBSW + 0.80% BBSW + 0.80% CBL50 USD 1,750,000,000 08-Jun-23 08-Jun-28 4.414% SOFR + 0.92% CBL51 USD 250,000,000 21-Jun-23 08-Jan-26 SOFR + 0.68% SOFR + 0.68% CBL52 CHF 300,000,000 14-Jul-23 14-Jul-28 1.910% MS + 0.18%
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First Quarter, 2024 58 Outstanding Covered Issuances (continued) Endnotes are included on slide 62 to 66. Series Currency Issued Issue Date 1 Maturity Date2 Coupon Rate Issue Spread 1 CBL53 USD 500,000,000 16-Aug-23 28-Sep-26 SOFR + 0.72% SOFR + 0.68% CBL54 NOK 2,500,000,000 14-Sep-23 14-Sep-33 4.640% NOK MS + 0.52% CBL55 EUR 1,250,000,000 01-Oct-24 01-Oct-29 2.6250% MS + 0.35% CBL56 GBP 800,000,000 03-Oct-24 10-Oct-29 SONIA + 0.62% SONIA + 0.62% CBL57 AUD 1,100,000,000 20-Dec-24 20-Dec-27 BBSW + 0.69% BBSW + 0.69% CBL58 AUD 400,000,000 20-Dec-24 20-Dec-27 4.495% BBSW + 0.69% CBL59 USD 1,500,000,000 14-Jan-25 14-Jan-30 4.876% SOFR + 0.71% CBL60 EUR 1,250,000,000 07-May-25 07-May-30 2.5000% MS + 0.41%
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First Quarter, 2024 59 Selected Outstanding TLAC Senior1 Endnotes are included on slide 62 to 66. ISIN Programme Currency Issued Issue Date Maturity Date Coupon Rate Issue Spread XS2056446524 EMTN GBP 300,000,000 25-Sep-19 25-Sep-25 1.625% 1.30% CH0498400578 EMTN CHF 350,000,000 15-Oct-19 15-Oct-26 0.050% 0.66% CA13607GRU09 CAD 1,250,000,000 19-Jan-21 19-Jan-26 1.100% T + 0.62% CA13607HMS80 CAD 1,250,000,000 04-Mar-21 4-Mar-25 (4NC3) CORRA + 0.46% CORRA + 0.46% CA13607HUM29 CAD 1,500,000,000 08-Jun-21 10-Jun-24 (3NC2) 3M CDOR + 0.23% 3M CDOR + 0.23% CA13607HVV19 CAD 1,100,000,000 15-Jul-21 15-Jul-26 1.700% GoC + 0.78% CA13607HVW91 CAD 400,000,000 15-Jul-21 15-Jul-26 CORRA + 0.58% CORRA + 0.58% CH1137407412 EMTN CHF 275,000,000 20-Oct-21 20-Apr-29 0.180% MS + 0.41% CA13607HC349 CAD 1,750,000,000 07-Jan-22 07-Jan-27 2.250% GoC + 0.91% XS2437353514 EMTN GBP 325,000,000 27-Jan-22 27-Jan-26 1.875% UKT + 1.00% CH1151526212 EMTN CHF 315,000,000 03-Feb-22 03-Feb-27 0.283% MS + 0.40% US13607HR535 SEC USD 1,000,000,000 30-Mar-22 07-Apr-32 3.60% T + 1.30% US13607HR618 SEC USD 1,000,000,000 30-Mar-22 07-Apr-27 3.450% T + 1.05% CA13607HR792 CAD 1,000,000,000 07-Apr-22 07-Apr-32 (10NC5) 4.200% GoC + 1.78% CA13607HV661 CAD 2,000,000,000 29-Jun-22 29-Jun-27 4.950% GoC + 1.73% US13607H6M92 SEC USD 1,350,000,000 04-Aug-22 04-Aug-25 3.945% T + 1.15% CA13607H5C22 CAD 1,750,000,000 07-Oct-22 07-Oct-27 5.050% GoC + 1.58% CA13607LPY34 CAD 1,250,000,000 14-Jul-23 14-Jan-28 5.500% GoC + 1.63% CA13607LBK85 CAD 500,000,000 14-Jul-23 14-Jul-26 5.935% GoC + 1.54%
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First Quarter, 2024 60 Selected Outstanding TLAC Senior (continued)1 Endnotes are included on slide 62 to 66. ISIN Programme Currency Issued Issue Date Maturity Date Coupon Rate Issue Spread US13607LWU33 SEC USD 350,000,000 02-Oct-23 02-Oct-26 SOFR + 1.22% SOFR + 1.22% US13607LWT69 SEC USD 850,000,000 02-Oct-23 02-Oct-26 5.926% T + 1.100% US13607LWV16 SEC USD 700,000,000 02-Oct-23 02-Oct-28 5.986% T + 1.375% US13607LWW98 SEC USD 1,100,000,000 02-Oct-23 03-Oct-33 6.092% T + 1.550% CA13607LSJ30 CAD 1,250,000,000 07-Dec-23 07-Dec-26 5.000% GoC + 1.20% XS2755443459 EMTN EUR 500,000,000 29-Jan-24 29-Jan-27 EURIBOR + 0.70% EURIBOR + 0.70% CA13607L3Y79 CAD 1,250,000,000 02-Apr-24 02-Apr-27 4.900% GoC + 0.86% US13608JAA51 SEC USD 750,000,000 08-Apr-24 08-Apr-29 5.260% T + 0.93% US13607L8C03 SEC USD 1,350,000,000 26-Jun-24 26-Jun-27 5.237% T + 0.78% US13607L8D85 SEC USD 500,000,000 26-Jun-24 26-Jun-27 SOFR + 0.94% SOFR + 0.94% US13608JAA51 SEC USD 400,000,000 26-Jun-24 08-Apr-29 5.260% T + 0.98% XS2856773606 EMTN EUR 500,000,000 09-Jul-24 09-Jul-29 3.807% EURIBOR + 0.90% US13607PHT49 SEC USD 1,000,000,000 11-Sep-24 11-Sep-27 4.508% T + 0.75% US13607PHU12 SEC USD 500,000,000 11-Sep-24 11-Sep-27 SOFR + 0.93% SOFR + 0.93% US13607PHS65 SEC USD 750,000,000 11-Sep-24 11-Sep-30 4.631% T + 1.08% XS2921540030 EMTN EUR 500,000,000 18-Oct-24 18-Oct-28 EURIBOR + 0.80% EURIBOR + 0.80% US13607PNF70 LRCN USD 500,000,000 05-Nov-24 28-Jan-30 (60NC5) 6.950% T + 2.833% CA13607L4C41 CAD 750,000,000 10-Dec-24 10-Dec-28 (4NC3) 3.65% GoC + 0.72% CA13607LF997 CAD 1,750,000,000 10-Dec-24 10-Dec-30 (6NC5) 3.80% GoC + 0.88%
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First Quarter, 2024 61 Selected Outstanding TLAC Senior (continued)1 Endnotes are included on slide 62 to 66. ISIN Programme Currency Issued Issue Date Maturity Date Coupon Rate Issue Spread US13607PVP60 SEC USD 1,000,000,000 06-Jan-25 13-Jan-27 4.862% T + 0.60% US13607PVR27 SEC USD 400,000,000 06-Jan-25 13-Jan-27 SOFR + 0.72% SOFR + 0.72% US13607PVQ44 SEC USD 900,000,000 06-Jan-25 13-Jan-30 5.245% T + 0.83% XS2992015979 EMTN EUR 600,000,000 03-Feb-25 03-Feb-28 (3NC2) EURIBOR + 0.62% EURIBOR + 0.62% US13607PH984 SEC USD 1,400,000,000 31-Mar-25 30-Mar-29 4.857% T + 0.85% US13607PJ212 SEC USD 400,000,000 31-Mar-25 30-Mar-29 SOFR + 1.03% SOFR + 1.03%
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First Quarter, 2024 62 Endnotes Slide 7 – A Leading, Well-Diversified North American Financial Institution 1. Global regular head count for CIBC. This excludes FCIB, temporary employees and contingent workers. 2. Last twelve months (LTM) results as of April 30, 2025 (Q2/25). 3. For additional information on the composition, see the "Glossary" section in the Q2/25 Quarterly Report to Shareholders, available on S EDAR+ at www.sedarplus.com. 4. TSR is calculated based on common share price appreciation plus reinvested dividend income as at April 30, 2025. 5. Calculated pursuant to Office of the Superintendent of Financial Institutions (OSFI) Capital Adequacy Requirements (CAR) Guideline, which is based on Basel Committee on Banking Supervision (BCBS) standards. 6. Net income (loss) attributable to equity shareholders. 7. Corporate & Other not shown, and as a result, the chart may not add to 100%. Certain prior period information has been restated. See the “External reporting changes” section in the Q2/25 Quarterly Report to Shareholders, available on SEDAR+ at www.sedarplus.com. 8. Reflects the business line regional breakdown of revenue based on our management reporting view rather than the legal entity location where the results are recorded. 9. Includes revenue from U.S. Commercial Banking & Wealth Management, and revenue from Capital Markets operations in the U.S. 10. Moody’s Long-Term Deposit and Counterparty Risk Assessment Rating; S&P issuer Credit Rating; Fitch Long-Term Deposit Rating and Derivative Counterparty Rating; DBRS Long-Term Issuer Rating as at Q2/25. 11. Subject to conversion under the bank recapitalization “bail-in” regime. Slide 9 – Our Strategy Is Aligned With Our Capital Deployment Priorities 1. Does not include Common Equity Tier 1 “CET1” Accretion and may not total to 100% due to rounding. CET1 accretion refers to capital deploy ed to support CET1 ratio growth from F19 (11.6%) to F24 (13.3%). CET1 accretion represents 16% of total capital deployment. 2. Capital deployment for organic growth is measured as capital deployed to support RWA growth (excluding acquisition date RWA increases and changes in FX since October 31, 2019) and capitalized technology software investment (net of related deferred tax liabilities) from F20-F24. 3. Capital deployment for inorganic growth is measured as capital deployment to support acquisition date increases in RWAs and capital deductions (primarily related to goodwill and intangible assets, after netting related deferred tax liabilities) for material transactions (including the impact of Canadian Costco credit card portfolio acquisition). 4. Based on adjusted measures. See slide 67 for further details. See note 5 on slide 68. Slide 10 – Delivering Value For Shareholders By Driving Sustainable Growth And Profitability 1. Last twelve months (LTM) results as of April 30, 2025 (Q2/25). 2. All per common share amounts reflect the two for one common share split effective May 13, 2022, and prior periods have been restated for comparative purposes.See note 1 on slide 68. 3. Return on Common Shareholders’ Equity last twelve months (LTM) denominator is the average of the last four quarters (Q3/24 – Q2/25) average common shareholders’ equity. See note 2 on slide 68. 4. Adjusted results are non-GAAP measures. See slide 67 for further details. Slide 11 – Underpinned By Our Balance Sheet Strength And Prudent Risk Management 1. Capital ratios are calculated pursuant to the OSFI's CAR Guideline, and the liquidity coverage ratio is calculated pursuant to OSF I’s Liquidity Adequacy Requirements (LAR) Guideline, all of which are based on the Basel Committee on BCBS standards. For additional information, see the “Capital management” and “Liquidity risk” sections in the Q2/25 Quarterly Report to Shareholders, available on SEDAR+ at www.sedarplus.com. 2. Total allowance for credit losses to gross carrying amount of loans. The gross carrying amount of loans include certain loans that are measured at fair value through profit or loss (FVTPL). 3. Provision for (reversal of) credit losses on impaired loans to average loans and acceptances, net of allowance for credit losses.
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First Quarter, 2024 63 Endnotes Slide 12 – Q2/25 Overview – Strong Results Underpinned By Our Client-Focused Strategy and Financial Strength 1. See note 1 on slide 68. 2. Adjusted results are non-GAAP measures. See slide 67 for further details. 3. Pre-provision, pre-tax earnings (PPPT) is revenue net of non-interest expenses and is a non-GAAP measure. See slide 67 for further details. 4. For additional information on the composition, see the "Glossary" section in the Q2/25 Quarterly Report to Shareholders, available on SEDAR+ at www.sedarplus.com. 5. See note 2 on slide 68. 6. See note 6 and 7 on slide 68. 7. See note 11 on slide 69. 8. See note 8 on slide 68. 9. PBB= Personal and Business Banking; CCW=Canadian Commercial Banking and Wealth Management; CM=Capital Markets, USCW=U.S. Commercial Banking and Wealth Management; C&O= Corporate and Other 10. Net interest margin excluding Trading. See note 3 on slide 68. 11. See note 4 on slide 68. 12. See note 5 on slide 68. 13. Normal Course Issuer Bid. On September 6, 2024, we announced that the Toronto Stock Exchange had accepted the notice of our intention to commence an NCIB. Purchases under this bid will be completed upon the earlier of: (i) CIBC purchasing 20 million common shares; (ii) CIBC providing a notice of termination; or (iii) September 9, 2025. 6 million common shares have been purchased and cancelled during the quarter at an average price of $81.53 for a total amount of $0.5 billion. For the six months ended April 30, 2025, we purchased and cancelled 9.5 million shares for a total amount of $0.8 billion. Since the inception of this NCIB, 14.5 million common shares have been purchased and cancelled for a total amount of $1.2 billion. 14. Our capital ratios are calculated pursuant to OSFI’s Capital Adequacy Requirements (CAR) Guideline, which is based on BCBS standards. For additional information, see the “Capital management” section in Q2/25 Quarterly Report to Shareholders, available on SEDAR+ at www.sedarplus.com. Slide 13 - Capital and Liquidity – Strong Balance Sheet Positioned For Uncertainty 1. Average balances are calculated as a weighted average of daily closing balances. 2. RWA and our capital balances and ratios are calculated pursuant to OSFI’s CAR Guideline, the leverage ratio is calculated pursuant to OSFI’s Leverage Requirements Guideline, LCR, HQLA and NSFR are calculated pursuant to OSFI’s LAR Guideline, all of which are based on BCBS standards. For additional information, see the “Capital management” and “Liquidity risk” sections in Q2/25 Quarterly Report to Shareholders available on SEDAR+ at www.sedarplus.com. 3. Normal Course Issuer Bid. On September 6, 2024, we announced that the Toronto Stock Exchange had accepted the notice of our intention to commence an NCIB. Purchases under this bid will be completed upon the earlier of: (i) CIBC purchasing 20 million common shares; (ii) CIBC providing a notice of termination; or (iii) September 9, 2025. 6 million common shares have been purchased and cancelled during the quarter at an average price of $81.53 for a total amount of $0.5 billion. For the six months ended April 30, 2025, we purchased and cancelled 9.5 million shares for a total amount of $0.8 billion. Since the inception of this NCIB, 14.5 million common shares have been purchased and cancelled for a total amount of $1.2 billion. Slide 16 – PCL On Impaired Loans – Trending Down Relative To Peers 1. See note 7 on slide 68. Slide 17 – Credit Performance – Gross Impaired Loans 1. Includes multi-family mortgages. 2. Includes wealth management loans under Canadian Commercial Banking and Wealth Management. 3. Excludes CIBC Caribbean business & government loans. 4. See notes 14 and 15 on slide 69. Slide 18 – Allowance Coverage 1. See notes 11-13 on slide 69. Slide 19 – Canadian Consumer Lending (as at Q2/25) 1. Includes multi-family mortgages. 2. See notes 16-18 on slide 69. 3. Includes wealth management loans under Canadian Commercial Banking and Wealth Management. Slide 20 – Canadian Real Estate Secured Personal Lending (as at Q2/25) 1. LTV ratios for residential mortgages are calculated based on weighted average. See page 33 of Q2/25 report to shareholders, available on SEDAR+ at www.sedarplus.com for further details. 2. GVA and GTA definitions based on regional mappings from T eranet. 3. Total mortgages include multi-family mortgages while the categories of insured mortgages, uninsured mortgages, uninsured mortgages in GVA and GTA exclude multi-family mortgages.
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First Quarter, 2024 64 Endnotes Slide 21 – Canadian Mortgage Renewal Profile – 3 Year Outlook (as at Q2/25) 1. Excludes third party mortgages which were not originated by CIBC. 2. Includes remaining renewals only. 3. Based on average original qualification rate of all cohorts. Slide 23 – Commercial Real Estate (as at Q2/25) 1. Excludes accounts with no LTV. 2. Watchlist is classified as loans CCC+ to C by S&P Global Rating Standards. 3. Includes $7.1B in Multi Family that is reported in residential mortgages in the Supplementary Financial Information package. 4. Includes US$1.2B in loans that are reported in other industries in the Supplementary Financial Information package but are included here because of the nature of the security. 5. Incorporates security pledged; equivalent to S&P/Moody’s rating of BBB-/Baa3 or higher. In Q1/23, CIBC Bank USA Loans were re-rated, and converted from the Legacy CIBC Bank USA internal rating methodology to the CIBC internal risk rating methodology. The internal risk rating system gives more benefit to certain secured loans and less benefit to certain higher risk loans, which had a significant impact on the risk ratings for these exposures. Slide 25 - Snapshot Of The Canadian Economy 1. Percentage may not add up to 100% due to rounding. 2. Source: Statistics Canada. Table 17-10-0009-01 Population estimates, quarterly 3. Source: Statistics Canada. Table 36-10-0104-01 Gross domestic product, expenditure-based, Canada, quarterly (x 1,000,000) 4. Source: Statistics Canada, tables 36-10-0104-01 and 17-10-0009-01 5. Source: Statistics Canada. Table 14-10-0287-01 Labour force characteristics, monthly, seasonally adjusted and trend-cycle, last 5 months 6. Source: Economist Intelligence Unit, 2024 (2024-2028). Slide 26 - Canadian Economic Indicators Demonstrate Resilience And Performance 1. Source: Statistics Canada; U.S. Bureau of Labor Statistics, April 2025 2. Certain groups of people in Canada are counted as unemployed but are deemed as not participating in the labour force in the U.S. – e.g. job seekers who only looked at job ads, or individuals not able to work due to family responsibilities. 3. Source: Statistics Canada Canadian Economic Tracker Dashboard. Slide 27 – Canadian Economic Indicators Demonstrate Resilience And Performance 1. Source: Statistics Canada. Table 36-10-0402-02; Percentages may not add up to 100% due to rounding 2. Source: IMF, World Economic Outlook Database, October 2024 . Slide 28 – Tariff Overview: U.S. - Canada Trade Balances 1. Source: Statistics Canada Canadian Economic Tracker Dashboard 2. Source: Census Bureau, CIBC Slide 29 – Tariff Overview: U.S. - Canada Trade Balances 1. Source: Office of the Chief Economist, Global Affairs Canada Slide 30 – Economic Outlook 1. This slide contains forward looking-statements. Refer to Forward Looking Statements on slide 4. 2. Data is real % change, seasonally adjusted annual rate, unless otherwise noted. 3. Source: CIBC Economics. Estimates as of March 13th, 2025. 4. Source: CIBC Economics. Estimates as of May 14th, 2025. 5. Data is end of period. Slide 31 – Mortgage Market Supported By Strong Fundamentals 1. Source: UK Finance, CBA, MBA. *Mortgage arrears of 3+ months in Canada and UK or in foreclosure process in the US. 2. Source: Canadian Banker’s Association. 3. Source: 2014 Census for France; 2021 Census for Canada, UK; 2022 Census for Germany; 2020 Census for US. 4. Source: United Nations, Department of Economic and Social Affairs, Population Division (2024). World Population Prospects 2024, Online Edition.
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First Quarter, 2024 65 Endnotes Slide 32 – Canadian House Price Growth Has Normalized 1. Source: CREA, April 2025. 2. 1 USD = 1.3988 CAD. 3. Source: Teranet – National Bank House Price Index. 4. Source: OECD. Household debt ratios across countries can be significantly affected by different institutional arrangements, among which tax regulations regarding tax deductibility of interest payments. 5. Source: Bloomberg, Teranet – National Bank House Price Index, April 2025. Slide 34 – High-Quality, Client-Driven Balance Sheet (as at Q2/25) 1. Percentages may not add up to 100% due to rounding. 2. Securitized agency MBS are on balance sheet as per IFRS. 3. Derivatives related assets, are largely offset by derivatives related liabilities. Under IFRS derivative amounts with master netting agreements cannot be offset and the gross derivative assets and liabilities are reported on balance sheet. 4. Includes obligations related to securities sold short, cash collateral on securities lent and obligations related to securities under repurchase agreements. 5. Capital includes subordinated liabilities. Slide 35 – Diversified Liquidity And Funding Positions Continue To Be Well Above Regulatory Requirements 1. TLAC is calculated pursuant to OSFI’s TLAC Guideline, which is based on BCBS standards. For additional information, see the “Capital Management” section in Q2/25 Quarterly Report to Shareholders, available on SEDAR+ at www.sedarplus.com. Slide 36 – CIBC Wholesale Funding Strategy And Sources 1. Source: CIBC Q2/25 Quarterly Report to Shareholders. Slide 38 – Wholesale Funding Geography 1. Source: CIBC Q2/25 Quarterly Report to Shareholders. 2. “Unsecured” includes Obligation related to securities sold short, Cash collateral on securities lent and Obligations related to securities under repurchase agreements. 3. Percentages may not add up to 100% due to rounding. Slide 39 – Debt Programs Summary 1. International Monetary Fund, April 2025. 2. CIBC capital requirements are determined in accordance with guidelines issued by the Office of the Superintendent of Financial Institutions (OSFI), which are based upon the risk-based capital standards developed by the Basel Committee on Banking Supervision (BCBS). OSFI requires all institutions to achieve target capital ratios that meet or exceed the 2021 all-in minimum ratios plus a conservation buffer. Please see CIBC Q1, 2025 supplementary financial information for additional details. 3. DBRS LT Issuer Rating; Moody’s LT Deposit and Counterparty Risk Assessment Rating; S&P’s Issuer Credit Rating; Fitch LT Issuer Default and Derivative Counterparty Rating. Includes: (a) Senior debt issued prior to September 23, 2018; and (b) Senior debt issued on or after September 23, 2018, which is excluded from the bank recapitalization “bail-in” regime. 4. Subject to conversion under the bank recapitalization “bail-in” regime. Slide 43 – Covered Bond Structure 1. No plans to include home equity lines of credit in the near future. Slide 44 – Cover Pool 1. Collateral information available on https://www.cibc.com/ca/investor-relations/debt-info/legislative-covered-bond-program.html . 2. As a percentage of current balance. 3. No interest only loans. 4. Inclusive of “combined” occupancy status loans where the mortgagor both resides in and sublets a portion of the mortgaged property. Slide 46 – Canadian Uninsured Residential Mortgages (as at Q2/25) 1. Starting Q2/23, our primary credit score provider is TransUnion as opposed to Equifax in the prior quarters. The scores are not identical, so score distributions up to Q1/23 are not directly comparable to score distributions from Q2/23 and onwards. This change in credit score provider had no material impacts on provision for credit losses. 2. LTV ratios for residential mortgages are calculated based on weighted average. See page 33 of Q2/25 report to shareholders, available on SEDAR+ at www.sedarplus.com for further details. 3. GVA and GTA definitions based on regional mappings from Teranet.
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First Quarter, 2024 66 Endnotes Slide 48 – Canadian Mortgage Market Regulatory Developments 1. Note: Burgundy arrowed and grey boxed items pertain to regulations related to Mortgage Default Insurance. 2. Even if borrowers choose a mortgage with a lower interest rate and shorter term. Slide 49 – Canadian Mortgage Market Regulatory Developments (continued) 1. Note: Burgundy arrowed and grey boxed items pertain to regulations related to Mortgage Default Insurance. Slide 50 – Canadian Bail-In Regime Update 1. As referenced in the Bank Recapitalization (Bail-in) Regulations: http://laws-lois.justice.gc.ca/eng/regulations/SOR-2018-57/FullText.html. 2. Increased to 25.00% on November 1, 2023 upon increase of Domestic Stability Buffer to 3.50% (versus the maximum of 4.00%) from 3.00%. Slide 54 – Comparison Of Canadian And European Hierarchies In Bail-In Resolution 1. Source: Commerzbank. 2. Sec. Obligations as well as Retail & SME Deposits <100k under Deposit Guarantee Scheme. 3. Sec. Obligations (e.g. Covered bonds) as well as CDIC Insured Deposits. Slide 55 – Office Of The Superintendent Of Financial Institutions (OSFI) Non-Viability Criteria 1. Source: CAR Guideline, section 2.2.2, April 2018 http://www.osfi-bsif.gc.ca/Eng/fi-if/rg-ro/gdn-ort/gl-ld/Pages/CAR18_chpt2.aspx#ToC222CriteriatobeconsideredintriggeringconversionofNVCC . Slide 56 – Domestic Stability Buffer 1. There may be an additional private component to Pillar 2 buffer specific to individual banks. 2. The Domestic Stability Buffer was originally set at 1.5% when introduced. 3. Domestic Stability Buffer level reconfirmed by OSFI at 3.5% on June 18, 2024. Slide 57 – Outstanding Covered Issuances 1. For original issuance. 2. Legal Final Maturity is the Maturity Date + one year. Slide 58 – Outstanding Covered Issuances (continued) 1. For original issuance. 2. Legal Final Maturity is the Maturity Date + one year. Slide 59 – Selected Outstanding TLAC Senior 1. The Base Prospectus for the Note Issuance Program is available on: https://www.cibc.com/en/about-cibc/investor-relations/debt-information/note-issuance-Program.html . Slide 60 – Selected Outstanding TLAC Senior (continued) 1. The Base Prospectus for the Note Issuance Program is available on: https://www.cibc.com/en/about-cibc/investor-relations/debt-information/note-issuance-Program.html . Slide 61 – Selected Outstanding TLAC Senior (continued) 1. The Base Prospectus for the Note Issuance Program is available on: https://www.cibc.com/en/about-cibc/investor-relations/debt-information/note-issuance-Program.html .
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First Quarter, 2024 Non-GAAP Measures 67 We use a number of financial measures to assess the performance of our business lines as described below. Some measures are calculated in accordance with GAAP (IFRS), while other measures do not have a standardized meaning under GAAP, and accordingly, these measures may not be comparable to similar measures used by other companies. Investors may find these non-GAAP measures, which include non-GAAP financial measures and non-GAAP ratios as defined in National Instrument 52-112 “Non-GAAP and Other Financial Measures Disclosure”, useful in understanding how management views underlying business performance. Management assesses results on a reported and adjusted basis and considers both as useful measures of performance. Adjusted measures, which include adjusted total revenue, adjusted provision for credit losses, adjusted non-interest expenses, adjusted income before income taxes, adjusted income taxes and adjusted net income, in addition to the adjusted measures noted below, remove items of note from reported results to calculate our adjusted results. Items of note include the amortization of intangible assets, and certain items of significance that arise from time to time which management believes are not reflective of underlying business performance. We believe that adjusted measures provide the reader with a better understanding of how management assesses underlying business performance and facilitates a more informed analysis of trends. While we believe that adjusted measures may facilitate comparisons between our results and those of some of our Canadian peer banks, which make similar adjustments in their public disclosure, it should be noted that there is no standardized meaning for adjusted measures under GAAP. Prior to the third quarter of 2024, we also adjusted our SBU results to gross up tax-exempt revenue on certain securities to a TEB, being the amount of fully taxable revenue, which, were it to have incurred tax at the statutory income tax rate, would yield the same after-tax revenue. In the third quarter of 2024, with the enactment of the denial of the dividends received deduction for Canadian banks in respect of dividends received on Canadian shares (applicable as of January 1, 2024), TEB is no longer being applied to these dividends. In addition, TEB recognized in the first and second quarters of 2024 on impacted dividends was reversed in the third quarter of 2024. See the "Strategic business units overview" section and Note 29 to our consolidated financial statements included in our 2024 Annual Report for further details. Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found in the “Non-GAAP measures” section on pages 8 to 14 of our Q2/25 Quarterly Report to Shareholders, available on SEDAR+ at www.sedarplus.com, including the quantitative reconciliations therein of reported GAAP measures to: adjusted total revenue, adjusted provision for credit losses, adjusted non-interest expenses, adjusted income before income taxes, adjusted income taxes, and adjusted net income on pages 8 to 13; pre-provision, pre-tax earnings and adjusted pre-provision, pre-tax earnings on page 14. Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found in the “Non-GAAP measures” section on pages 14 to 20 of our 2024 Annual Report to Shareholders, available on SEDAR+ at www.sedarplus.com, including the quantitative reconciliations therein of reported GAAP measures to: adjusted total revenue, adjusted provision for credit losses, adjusted non-interest expenses, adjusted income before income taxes, adjusted income taxes, and adjusted net income on pages 15 to 20; pre-provision, pre-tax earnings and adjusted pre-provision, pre-tax earnings on page 20.
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First Quarter, 2024 Glossary 68 Definition 1 Adjusted Diluted EPS We adjust our reported diluted EPS to remove the impact of items of note, net of income taxes, to calculate the adjusted EPS. 2 Adjusted ROE We adjust our reported net income attributable to common shareholders to remove the impact of items of note, net of income taxes, to calculate the adjusted return on common shareholders’ equity. Net Interest Margin on Average Interest-Earning Assets 3 (Excluding Trading) Net interest margin on average interest-earning assets (excluding trading) is computed using total net interest income minus trading net interest income, divided by total average interest-earning assets excluding average trading interest-earning assets. Refer to Note 9 on page 68 for additional details on “Trading Revenue” and Note 10 on Page 68 for additional details on “Average Interest-Earning Assets”. 4 Adjusted Operating Leverage We adjust our reported revenue and non-interest expenses to remove the impact of items of note. Commencing the first quarter of 2024, we no longer gross up tax-exempt revenue to bring it to a TEB for the application of this ratio to our consolidated results. Prior period amounts have been restated to conform with the change in presentation adopted in the first quarter of 2024. 5 Adjusted Dividend Payout Ratio We adjust our reported net income attributable to common shareholders to remove the impact of items of note, net of income taxes, to calculate the adjusted dividend payout ratio. 6 Total PCL Ratio Provision for (reversal of) credit losses to average loans and acceptances, net of allowance for credit losses. 7 Impaired PCL Ratio Provision for (reversal of) credit losses on impaired loans to average loans and acceptances, net of allowance for credit losses. 8 U.S. Region Earnings Contribution Net income for the U.S. Commercial Banking and Wealth Management segment and Capital Markets U.S. region results as a percentage of net income for the entire Bank. 9 Trading Revenue Trading activities includes those that meet the risk definition of trading for regulatory capital and trading market risk management purposes as defined in accordance with the OSFI’s CAR Guideline. Starting in the first quarter of 2024, a revised risk definition for trading was implemented resulting in a change in the classification of certain fixed income financing activities that were previously considered non-trading that are now classified as trading, which included the fixed income financing activities that were already included in trading activities starting in the first quarter of 2023. The revised definition was adopted as part of our implementation of the Fundamental Review of the Trading Book (FRTB) rules under the Basel III reforms for market risk that became effective on November 1, 2023. Trading revenue comprises net interest income and non-interest income. Net interest income arises from interest and dividends related to trading assets and liabilities other than derivatives and is reported net of interest expense and income associated with funding these assets and liabilities. Non-interest income includes unrealized gains and losses on security positions held, and gains and losses that are realized from the purchase and sale of securities. Non- interest income also includes realized and unrealized gains and losses on trading derivatives. Trading revenue includes the impact of funding valuation adjustments and related hedges, which are not considered trading activities for regulatory purposes. Trading revenue excludes underwriting fees and commissions on securities transactions, which are shown separately in the consolidated statement of income. Trading activities and related risk management strategies can periodically shift income between net interest income and non-interest income. Therefore, we view total trading revenue as the most appropriate measure of trading performance. 10 Average Interest-Earning Assets Average interest-earning assets include interest-bearing deposits with banks, interest-bearing demand deposits with the Bank of Canada, securities, cash collateral on securities borrowed or securities purchased under resale agreements, loans net of allowance for credit losses, and certain sublease related assets. Average balances are calculated as a weighted average of average daily closing balances.
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First Quarter, 2024 Glossary 69 Definition 11 Total Allowance Coverage Ratio Total allowance for credit losses to gross carrying amount of loans. The gross carrying amount of loans include certain loans that are measured at FVTPL. 12 Impaired ACL to GIL Allowance for credit losses on impaired loans as a percentage of gross impaired loans. 13 Performing ACL to Performing Loans Allowance for credit losses on performing loans as a percentage of the gross carrying amount of performing loans. The gross carrying amount of performing loans include certain loans that are measured at FVTPL. 14 Gross Impaired Loan Ratio Gross impaired loans as a percentage of the gross carrying amount of loans. The gross carrying amount of loans include certain loans that are measured at FVTPL. 15 New Formations New formations represent gross carrying amount of loans which are newly classified as impaired during the quarter. 16 Net Write-Off Ratio Net write-offs as a percentage of average loan balances, net of allowance for credit losses. 17 90+ Days Delinquency Rate 90+ days delinquencies as a percentage of the gross carrying amount of loans. 18 Net Write-Offs Net write-offs include write-offs net of recoveries.