CIBC Investor Presentation Q1 F18

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1 CIBC Investor Presentation Q F8 February, 08

2 Forward-Looking Statements 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 report, 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 995. These statements include, but are not limited to, statements made in the Overview Financial results, Overview Significant events, Overview Economic outlook, Financial condition Capital resources, 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, Accounting and control matters Critical accounting policies and estimates, and Accounting and control matters Other regulatory developments sections of this report and other statements about our operations, business lines, financial condition, risk management, priorities, targets, ongoing objectives, strategies, the regulatory environment in which we operate and outlook for calendar year 08 and subsequent periods. Forward-looking statements are typically identified by the words believe, expect, anticipate, intend, estimate, forecast, target, objective and other similar expressions or future or conditional verbs such as will, should, would and could. By their nature, these statements require us to make assumptions, including the economic assumptions set out in the Overview Economic outlook section of this report, and are subject to inherent risks and uncertainties that may be general or specific. 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: credit, market, liquidity, strategic, insurance, operational, reputation and legal, regulatory and environmental risk; 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 Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations issued and to be issued thereunder, 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; the resolution of legal and regulatory proceedings and related 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; the possible effect on our business of international conflicts and the war on terror; natural disasters, public health emergencies, 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 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; global capital market activity; changes in monetary and economic policy; currency value and interest rate fluctuations, including as a result of market and oil price volatility; 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; 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 synergies and benefits of the acquisition of PrivateBancorp, Inc. 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 forwardlooking 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. Investor Relations contacts: Amy South, Senior Vice-President Investor Relations Fax Number Visit the Investor Relations section at

3 CIBC Overview Victor Dodig President and Chief Executive Officer

4 First Quarter, 08 Financial Review Kevin Glass Senior Executive Vice-President and Chief Financial Officer

5 First Quarter, 08 Highlights 5 Adjusted Q/7 Q4/7 Q/8 ($MM, except for EPS, Efficiency Ratio, ROE, and CET Ratio) Revenue 3,90 4,47 4,43 Non-Interest Expenses,68,40,59 Pre-Provision Earnings,64,87,903 Impaired 0 0 Non-Impaired (49) Provision for Credit Losses 53 Net Income Reported,407,64,38 Net Income Adjusted,66,63,433 Diluted EPS Reported $3.50 $.59 $.95 Diluted EPS Adjusted $.89 $.8 $3.8 Efficiency Ratio Adjusted TEB 56.3% 56.5% 55.% ROE Adjusted 0.% 7.% 8.8% CET Ratio.9% 0.6% 0.8% Earnings EPS growth of 0% YoY Operating Leverage of.4% ROE of 8.8% Revenue Balanced volume growth in Canadian Personal and Small Business Banking Double digit deposit growth in Canadian Commercial Banking Continued strong performance in CIBC Bank USA Expenses Efficiency ratio of 55.%, an improvement of 0bps YoY Provision for Credit Losses Strong credit performance IFRS 9 volatility Adjusted results are Non-GAAP financial measures. See slide 6 for further details. Reported results are on slide 0.

6 Canadian Personal and Small Business Banking 6 Strong, balanced growth from deepening client relationships Adjusted Q/7 Q4/7 Q/8 ($MM) Personal & Small Business Banking,99,086,5 Other 0 3 Revenue,004,096,38 Non-Interest Expenses,040,065,096 Pre-Provision Earnings 964,03,04 Impaired Non-Impaired 6 (3) Provision for Credit Losses Net Income Reported Net Income Adjusted Solid volume growth across products Well-contained expenses driving positive operating leverage of.3% Strong credit performance Efficiency Ratio Adjusted % 50.8% 5.3% Q/7 Q4/7 Q/8 Loans & Acceptances ($B) Deposits ($B) Net Interest Margin (bps) Q/7 Q4/7 Q/8 Adjusted results are Non-GAAP financial measures. See slide 6 for further details. Reported results are on slide 0.

7 Canadian Commercial Banking and Wealth Management 7 Continued volume growth driving strong results Adjusted Q/7 Q4/7 Q/8 ($MM) Commercial Banking Wealth Management Revenue Non-Interest Expenses Pre-Provision Earnings Impaired 4 4 Non-Impaired n/a n/a (3) Provision for Credit Losses 4 Net Income Reported Net Income Adjusted Loans and Deposits Wealth Management Strong volume growth in Commercial Banking Deposits up 0% YoY Loans up 8% YoY % YoY growth in retail mutual funds, ranking nd among Big 5 Canadian Banks Operating leverage of 3.5% Acquisition of Wellington Financial closed in January/ Q/7 Q4/7 Q/8 Loans & Acceptances ($B) 3 Deposits ($B) Q/7 Q4/7 Q/8 AUA ($B) 4 4 AUM ($B) Adjusted results are Non-GAAP financial measures. See slide 6 for further details. Reported results are on slide 0. 3 Comprises loans and acceptances and notional amount of letters of credit. 4 Assets under management (AUM) are included in assets under administration (AUA).

8 U.S. Commercial Banking and Wealth Management 8 Continued focus on building profitable client relationships Adjusted Q/7 Q4/7 Q/8 ($MM) Commercial Banking Wealth Management Other 3 4 Revenue Non-Interest Expenses Pre-Provision Earnings Impaired 3 4 Non-Impaired n/a - 0 Provision for Credit Losses 3 4 Net Income Reported Net Income Adjusted Net Income Adjusted ($MM) Wealth Management Revenue growth driven by U.S. commercial banking and private wealth capabilities added during 07 Fee revenue benefited from strong performance in derivatives and syndication fees Overall credit quality remains strong Q/7 Q4/7 Q/8 CIBC Bank USA Atlantic Trust, Real Estate Finance & Other Adjusted results are Non-GAAP financial measures. See slide 6 for further details. Revenue is reported on a taxable equivalent basis (TEB). 3 Reported results are on slide 0. 4 Assets under management (AUM) are included in assets under administration (AUA) Q/7 Q4/7 Q/8 4 4 AUA ($B) AUM ($B) Geneva ($B)

9 CIBC Bank USA (US$) 9 Adjusted (US$MM), for the three months ended 06 Dec Oct Jan. 3 3 Revenue Non-Interest Expenses Pre-Provision Earnings Impaired 0 3 Non-Impaired 5-7 Provision for Credit Losses Net Income Reported Net Income Adjusted (US$B) Average Loans Average Deposits Loans up US$.9B, or 3% YoY Commercial & Industrial up US$.4B, or 5% Commercial Real Estate & Construction up US$0.3B, or 8% Deposits up US$.0B, or 6% YoY Non-interest bearing demand deposits up US$0.6B, or % Net Income Adjusted (US$MM) Net Interest Margin Adjusted Pre-Acquisition Post-Acquisition Pre-Acquisition Post-Acquisition % 3.40% 3.45% Q4/6 Q4/7 Q/8 (Three months ended Dec. 3/6) (Three months ended Oct. 3/7) (Three months ended Jan. 3/8) Q4/6 Q4/7 Q/8 (Three months ended Dec. 3/6) (Three months ended Oct. 3/7) (Three months ended Jan. 3/8) Adjusted results are Non-GAAP financial measures. See slide 6 for further details. Results are for the calendar quarters as previously disclosed by PrivateBancorp, Inc. s public filings. 3 Loan balances exclude loans held for sale. Loan and deposit balances exclude the impact of purchase accounting.

10 Capital Markets 0 Delivering diversified earnings Adjusted Q/7 Q4/7 Q/8 ($MM) Global Markets Corporate & Investment Banking Other 0 (3) 0 Revenue Non-Interest Expenses Pre-Provision Earnings Impaired - - Non-Impaired n/a n/a (8) Provision for (reversal of) Credit Losses - - (6) Net Income Reported Net Income Adjusted Continued strong results in Global Markets and Corporate Banking Growth in U.S. platform across client segments Focused expense discipline delivering strong NIX ratio Revenue ($MM), Q/7 Q4/7 Q/8 Non-Trading Trading Adjusted results are Non-GAAP financial measures. See slide 6 for further details. Revenue is reported on a taxable equivalent basis (TEB). 3 Reported results are on slide 0.

11 Corporate and Other Adjusted Q/7 Q4/7 Q/8 ($MM) International Banking Other (95) 33 (53) Revenue Non-Interest Expenses Pre-Provision Earnings (09) (8) (78) Impaired 9 5 Non-Impaired (5) - (6) Provision for Credit Losses Net Income (Loss) Reported 3 (50) (3) (98) Net Income (Loss) Adjusted (49) () Consistent results in International Banking Higher TEB revenue offset QoQ Stable credit performance Q/7 Q4/7 Q/8 Revenue Expense Adjusted results are Non-GAAP financial measures. See slide 6 for further details. Revenue is reported on a taxable equivalent basis (TEB). 3 Reported results are on slide 0.

12 Capital CET Ratio (all-in basis) 36bps 4bps 0.6% (6)bps (7)bps (9)bps 0.8%.0% Q4/7 Internal Capital Generation Common Shares Issued RWAs (excl. FX) IFRS 9 Day Other (incl. Basel I Floor) Q/8 Q/8 Proforma (no Basel I Floor) Strong internal capital generation Capital issuance driven by DRIP Partially offset by: RWA growth and IFRS 9 Day impact CET ratio without Basel I Floor adjustment is at.0% Excludes the impact related to the final settlement of PrivateBancorp acquisition and the Wellington Financial acquisition.

13 First Quarter, 08 Risk Review Laura Dottori-Attanasio Senior Executive Vice-President and Chief Risk Officer

14 Provision for Credit Losses 4 IFRS 9 Adjusted Q/7 Q4/7 Q/8 ($MM) Canadian Personal and Small Business Banking Canadian Commercial Banking and Wealth Management U.S. Commercial Banking and Wealth Management IAS Capital Markets - - Corporate and Other 9 5 Provision for Impaired (IAS 39) / Stage 3 (IFRS 9) 0 0 Provision for Non-Impaired / Stage & (49) Total Provision for Credit Losses 53 Total Provision for Credit Losses Reported 9 53 Provision for Impaired (vs. Q4/7) Lower losses in Canadian Commercial Banking and CIBC Bank USA Higher losses in CIBC FirstCaribbean Provision for Non-Impaired (Q/8) Migrations within stage and resulted in lower provisions, driven by a more favourable macro-economic outlook 0.6% 0.5% 0.4% 0.3% 0.% Q/7 Q/7 Q3/7 Q4/7 Q/8 PCL (Stage 3 / Impaired Loans) Adjusted PCL Rate (Stage 3 / Impaired Loans) Adjusted results are Non-GAAP financial measures. See slide 6 for further details.

15 Credit Quality Gross Impaired Loans 5 IAS 39 IFRS 9 Reported Q/7 Q4/7 Q/8 Canadian Residential Mortgages 0.5% 0.4% 0.3% Canadian Personal Lending 0.34% 0.9% 0.30% CIBC Business & Government Loans 0.64% 0.40% 0.40% CIBC Bank USA n/a 0.67% 0.66% CIBC FirstCaribbean 6.8% 5.49% 5.54% Total Gross Impaired Loans 0.44% 0.36% 0.40% Gross Impaired Loan Ratio vs. Q4/7: Increase in Canadian residential mortgages gross impaired rate mainly due to adoption of IFRS 9 Under IFRS 9, all mortgages are impaired at 90 days past due regardless of insurance type Under IAS 39, mortgages insured by the government and private insurers were impaired at 365 days and 80 days past due, respectively.0% 0.80% 0.40% 0.00% Q/7 Q/7 Q3/7 Q4/7 Q/8 Consumer Business & Government CIBC Total Excludes CIBC Bank USA and CIBC FirstCaribbean business & government loans.

16 Credit Quality Net Write-offs 6 Reported Q/7 Q4/7 Q/8 Canadian Residential Mortgages 0.0% 0.0% 0.0% Canadian Credit Cards 3.5% 3.06%.99% Canadian Personal Lending 0.76% 0.7% 0.7% CIBC Business & Government Loans 0.% 0.08% 0.0% CIBC Bank USA n/a 0.0% -0.0% CIBC FirstCaribbean 0.45%.77% 0.77% Total Net Write-off Ratio 0.9% 0.4% 0.0% Overall net write-off ratio trended lower QoQ Net Write-off Ratio 0.60% 0.40% 0.0% 0.00% Q/7 Q/7 Q3/7 Q4/7 Q/8 Consumer Business & Government CIBC Total Excludes CIBC Bank USA and CIBC FCIB business & government loans.

17 Canadian Credit Cards and Unsecured Personal Lending 7 IAS 39 IFRS Days Delinquency Rates Q/7 Q4/7 Q/8 Canadian Credit Cards 0.88% 0.78% 0.94% Canadian Unsecured Personal Lending 0.5% 0.48% 0.5% 90+ days delinquency rate of cards portfolio up QoQ, primarily due to adoption of IFRS 9 (+6bps) and seasonality (+6bps) 90+ days delinquency rate of unsecured personal lending remained stable Balances ($B; spot) Q/7 Q/7 Q3/7 Q4/7 Q/8 Credit Cards Unsecured Personal Lending Includes unsecured personal lines of credit, loans and overdraft.

18 Appendix

19 Strong and Balanced Market Share Growth 9 Q/8 Balances ($B) YoY Growth Most Current Market Share Absolute Rank YoY Growth Rank Money-In Personal Deposits & GICs 45 4.% 6.8% 4 3 Canadian Retail Mutual Fund AUM % 5.4% 3 Small Business Deposits & GICs.7% 3.6% 4 5 Money-Out Real Estate Secured Personal Lending 5 9.6% 8.6% 4 Unsecured Personal Lending incl. Cards 8 4.6%.% 4 Small Business Lending 3 7.9% 0.4% 5 4 Market share is calculated using most current data available from OSFI (as at Dec/7), Canadian Bankers Association (as at Oct/7) and Investment Funds Institute of Canada (Dec/7), and is based on 6 banks (CIBC, BMO, BNS, NA, RBC and TD).

20 Reported Results ($MM) 0 Total Bank Q/7 Q4/7 Q/8 Canadian Personal & Small Business Banking Q/7 Q4/7 Q/8 Revenue 4,09 4,69 4,459 Personal & Small Business Banking,99,086,5 Non-Interest Expenses,74,570,578 Other Pre-Provision Earnings,935,699,88 Revenue,303,093,38 Provision for Credit Losses 9 53 Non-Interest Expenses,04,6,098 Income Before Income Taxes,73,470,78 Pre-Provision Earnings,6 93,040 Income Taxes Provision for Credit Losses Net Income Reported,407,64,38 Income Before Income Taxes, Net Income Adjusted,66,63,433 Income Taxes Net Income Reported Net Income Adjusted Canadian Commercial Banking & Wealth Management Q/7 Q4/7 Q/8 U.S. Commercial Banking & Wealth Management Q/7 Q4/7 Q/8 Commercial Banking Commercial Banking Wealth Management Wealth Management Revenue Other 3 4 Non-Interest Expenses Revenue Pre-Provision Earnings Non-Interest Expenses Provision for Credit Losses 4 Pre-Provision Earnings Income Before Income Taxes Provision for Credit Losses 48 4 Income Taxes Income Before Income Taxes Net Income Reported Income Taxes Net Income Adjusted Net Income Reported Net Income Adjusted Capital Markets Q/7 Q4/7 Q/8 Corporate & Other Q/7 Q4/7 Q/8 Global Markets International Banking Corporate & Investment Banking Other (95) 7 (45) Other 0 (3) 0 Revenue Revenue Non-Interest Expenses Non-Interest Expenses Pre-Provision Earnings () (4) (90) Pre-Provision Earnings Provision for (reversal of) Credit Losses 4 (3) 6 Provision for (reversal of) Credit Losses - - (6) Loss Before Income Taxes (5) () (96) Income Before Income Taxes Income Taxes (65) (08) (98) Income Taxes Net Income (Loss) Reported (50) (3) (98) Net Income Reported Net Income (Loss) Adjusted (49) () Net Income Adjusted Adjusted results are Non-GAAP financial measures. See slide 6 for further details. Revenue and income taxes are reported on a taxable equivalent basis (TEB).

21 Canadian Real Estate Secured Personal Lending 90+ Days Delinquency Rates Q/7 Q4/7 Q/8 Total Mortgages 0.6% 0.3% 0.3% Uninsured Mortgages 0.9% 0.7% 0.9% Uninsured Mortgages in GVA 0.06% 0.05% 0.07% Uninsured Mortgages in GTA 0.07% 0.08% 0.0% Uninsured mortgages in the Greater Vancouver Area (GVA) and Greater Toronto Area (GTA) have lower 90+ days delinquency rates than the Canadian average Mortgage Balances ($B; spot) Q/7 Q/7 Q3/7 Q4/7 Q/8 Other Region GVA GTA HELOC Balances ($B; spot) Q/7 Q/7 Q3/7 Q4/7 Q/8 Other Region GVA GTA GVA and GTA definitions based on regional mappings from Teranet. Restated.

22 Canadian Uninsured Residential Mortgages Q/8 Originations Beacon Distribution $9B of originations in Q/8 Average LTV in Canada: 64% 7% 6% 6% 7% 5% 7% 3% 35% 38% 37% 30% 3% 9% % 9% GVA : 57% GTA : 6% >800 Canada GVA GTA Loan-to-Value (LTV) Distribution 3% 6% 7% % 4% 8% 5% 7% 0% 4% 34% 36% 39% 3% 7% <30% 30 to <45% 45 to <60% 60 to 75% >75% Canada GVA GTA LTV ratios for residential mortgages are calculated based on weighted average. See page 8 of the Q/8 Report to Shareholders for further details. GVA and GTA definitions based on regional mappings from Teranet.

23 Canadian Uninsured Residential Mortgages 3 Beacon Distribution 39% 4% 40% 8% 6% 8% 4% 3% 4% 8% % 4% 6% 7% % >800 Canada GVA GTA Better current Beacon and LTV distributions in GVA and GTA than the Canadian average % of this portfolio has a Beacon score of 650 or lower and an LTV over 75% Average LTV in Canada: 54% GVA : 43% GTA : 5% Loan-to-Value (LTV) Distribution 6% 8% 9% % 40% 4% 37% 3% 3% 7% % % % % 9% <30% 30 to <45% 45 to <60% 60 to 75% >75% Canada GVA GTA LTV ratios for residential mortgages are calculated based on weighted average. See page 8 of the Q/8 Report to Shareholders for further details. GVA and GTA definitions based on regional mappings from Teranet.

24 Trading Revenue (TEB) Distribution 4 ($MM) (5) (0) ($MM) (5) (0) (5) Nov-7 Dec-7 Jan-8 (5) Trading Revenue VaR Non-GAAP financial measure. See slide 6 for further details. Trading revenue (TEB) comprises both trading net interest income and non-interest income and excludes underwriting fees, commissions, certain month-end transfer pricing and other miscellaneous adjustments. Trading revenue (TEB) excludes certain exited portfolios.

25 Q 08 Items of Note 5 Pre-Tax Effect ($MM) After-Tax & NCI Effect ($MM) EPS Effect ($/Share) Reporting Segments Charge from net tax adjustments resulting from the U.S. tax reforms enacted in the first quarter of Corporate & Other Amortization of intangible assets Canadian Personal & Small Business Banking/ U.S. Commercial Banking & Wealth Management/ Corporate & Other Purchase accounting adjustments net of transaction and integration-related costs associated with the acquisitions of The PrivateBank and Geneva Advisors Adjustment to Net Income attributable to common shareholders and EPS (0) (7) (0.0) U.S. Commercial Banking & Wealth Management/ Corporate & Other

26 Non-GAAP Financial Measures 6 Adjusted results are Non-GAAP financial measures that do not have any standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other issuers. For further details on items of note see slide 5 of this presentation; for Non-GAAP measures and reconciliation of Non-GAAP to GAAP measures see pages and of the Q/8 Supplementary Financial Information and pages 4 and 5 of the 07 Annual Report available on

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