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Management s discussion and analysis Management s discussion and analysis (MD&A) is provided to enable readers to assess CIBC s financial condition and results of operations as at and for the year ended October 31, 2017, compared with prior years. The MD&A should be read in conjunction with the audited consolidated financial statements. Unless otherwise indicated, all financial information in this MD&A has been prepared in accordance with International Financial Reporting Standards (IFRS or GAAP) and all amounts are expressed in Canadian dollars. Certain disclosures in the MD&A have been shaded as they form an integral part of the consolidated financial statements. The MD&A is current as of November 29, 2017. Additional information relating to CIBC, including the Annual Information Form, is available on SEDAR at www.sedar.com and on the U.S. Securities and Exchange Commission s (SEC) website at www.sec.gov. No information on CIBC s website (www.cibc.com) should be considered incorporated herein by reference. A glossary of terms used in the MD&A and the audited consolidated financial statements is provided on pages 178 to 183 of this Annual Report. 2 External reporting changes 3 Overview 3 CIBC s strategy 3 Performance against objectives 4 Economic and market environment 5 Financial performance overview 5 Financial highlights 6 2017 Financial results 6 Net interest income and margin 7 Non-interest income 7 Trading activities (TEB) 8 Provision for credit losses 8 Non-interest expenses 9 Taxes 9 Foreign exchange 10 Significant events 10 Fourth quarter review 11 Quarterly trend analysis 12 Review of 2016 financial performance 13 Outlook for calendar year 2018 14 Non-GAAP measures 17 Strategic business units overview 18 Canadian Personal and Small Business Banking 20 Canadian Commercial Banking and Wealth Management 23 U.S. Commercial Banking and Wealth Management 25 Capital Markets 28 Corporate and Other 29 Financial condition 29 Review of condensed consolidated balance sheet 30 Capital resources 39 Off-balance sheet arrangements 41 Management of risk 78 Accounting and control matters 78 Critical accounting policies and estimates 82 Financial instruments 82 Accounting developments 84 Regulatory developments 85 Related-party transactions 85 Policy on the Scope of Services of the Shareholders Auditors 85 Controls and procedures 86 Supplementary annual financial information 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 Annual 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 1995. These statements include, but are not limited to, statements made in the Message from the President and Chief Executive Officer, Overview Performance against objectives, Financial performance overview Taxes, Financial performance overview Significant events, Financial performance overview Outlook for calendar year 2018, Strategic business units overview Canadian Personal and Small Business Banking, Strategic business units overview Canadian Commercial Banking and Wealth Management, Strategic business units overview U.S. Commercial Banking and Wealth Management, Strategic business units overview Capital Markets, Financial condition Capital resources, Financial condition Off-balance sheet arrangements, 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, Accounting and control matters Financial instruments, Accounting and control matters Accounting developments, Accounting and control matters Regulatory developments and Accounting and control matters Controls and procedures 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 2018 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 Financial performance overview Outlook for calendar year 2018 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 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. CIBC 2017 ANNUAL REPORT 1

External reporting changes The following external reporting changes were made in 2017. Prior period amounts were reclassified accordingly. The changes impacted the results of our strategic business units (SBUs), but there was no impact on prior period consolidated net income resulting from these reclassifications. Fourth Quarter Changes to our organizational structure On June 20, 2017, we announced changes to CIBC s leadership team and organizational structure to further accelerate our transformation. As a result of these changes, our new reporting structure is as follows: Canadian Personal and Small Business Banking provides personal and small business clients across Canada with financial advice, products and services through a team of advisors in our banking centres, as well as through our direct, mobile and remote channels. Included in Canadian Personal and Small Business Banking are the following lines of business: Personal and small business banking; and Other. Canadian Commercial Banking and Wealth Management provides high-touch, relationship-oriented commercial and private banking, as well as wealth management services to meet the needs of middle-market companies, entrepreneurs, high-net-worth individuals and families, along with institutional clients across Canada. Included in Canadian Commercial Banking and Wealth Management are the following lines of business: Commercial banking; and Wealth management. U.S. Commercial Banking and Wealth Management provides high-touch, relationship-oriented commercial, personal and small business banking, as well as wealth management services to meet the needs of middle-market companies, executives, entrepreneurs, high-net-worth individuals and families in the markets we serve in the U.S. Included in U.S. Commercial Banking and Wealth Management are the following lines of business: Commercial banking; Wealth management; and Other. Capital Markets provides integrated global markets products and services, investment banking advisory and execution, corporate banking and topranked research to corporate, government and institutional clients around the world. Included in Capital Markets are the following lines of business: Global markets; Corporate and investment banking; and Other. Corporate and Other includes the following functional groups Administration, Client Connectivity and Innovation, Finance, Human Resources and Communications, Internal Audit, Risk Management, and Technology and Operations, as well as other support groups. The expenses of these functional and support groups are generally allocated to the business lines within the SBUs. The functional and support costs of CIBC Bank USA are recognized directly in the expenses of U.S. Commercial Banking and Wealth Management. Corporate and Other also includes the results of FirstCaribbean International Bank Limited (CIBC FirstCaribbean) and other strategic investments, as well as other income statement and balance sheet items not directly attributable to the business lines. In addition to the above: The results of Geneva Advisors, LLC (Geneva Advisors) is included in the wealth management line of business within U.S. Commercial Banking and Wealth Management, after the close of the acquisition on August 31, 2017; The results of CIBC Investor s Edge, previously reported in Canadian Wealth Management, are now included in Canadian Personal and Small Business Banking; and The historical results of our minority investment in American Century Investments (ACI) sold in 2016 were reclassified from Canadian Wealth Management to Corporate and Other. Changes to our transfer pricing methodology The transfer pricing methodology used by Treasury to charge and credit the SBUs for the cost and benefit of funding assets and liabilities, respectively, was enhanced to better align to our liquidity risk models. Third Quarter U.S. Commercial Banking and Wealth Management On June 23, 2017, we completed the acquisition of PrivateBancorp, Inc. (PrivateBancorp) and its subsidiary, The PrivateBank and Trust Company (The PrivateBank, subsequently rebranded as CIBC Bank USA). As a result of the acquisition, a new U.S. Commercial Banking and Wealth Management SBU was created. In addition to the results of CIBC Bank USA, U.S. Commercial Banking and Wealth Management includes: The results of CIBC Atlantic Trust Private Wealth Management (CIBC Atlantic Trust) in the wealth management line of business, previously reported in the private wealth management line of business within the Wealth Management SBU; and The results of U.S. real estate finance in the commercial banking line of business, previously reported in the corporate and investment banking line of business within Capital Markets. SBU name changes Given the addition of the U.S. Commercial Banking and Wealth Management SBU, we changed the name of our Retail and Business Banking SBU to Canadian Retail and Business Banking, and the name of our Wealth Management SBU to Canadian Wealth Management. Further changes to our SBU structure were made in the fourth quarter, as noted above. 2 CIBC 2017 ANNUAL REPORT

Overview CIBC is a leading Canadian-based global financial institution with a market capitalization of $50 billion and a Basel III Common Equity Tier 1 (CET1) ratio of 10.6%. Through our four strategic business units Canadian Personal and Small Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, and Capital Markets CIBC provides a full range of financial products and services to 11 million individual, small business, commercial, corporate and institutional clients in Canada, the U.S. and around the world. We have approximately 45,000 employees dedicated to providing our clients with banking that fits their lives, delivering consistent and sustainable earnings growth for our shareholders, and giving back to our communities. CIBC s strategy At CIBC, we are building a relationship-focused bank. We have been accelerating our transformation by concentrating on three strategic bank-wide priorities: Focusing on our clients we continue to shift our culture and drive towards our vision of being the leader in client relationships. Innovating for the future we are investing in technologies that meet our clients ever-evolving needs and improve their banking experience. Simplifying our bank we are simplifying our bank to free up resources for reinvestment and make CIBC more efficient. Performance against objectives For many years, CIBC has reported a scorecard of financial measures that we use to evaluate and report on our progress to external stakeholders. These measures can be categorized into five key areas of shareholder value earnings growth, efficiency ratio, return on common shareholders equity (ROE), total shareholder return (TSR) and balance sheet strength. To gauge our progress towards our goal of becoming the leader in client relationships, we report our Net Promoter Score (NPS) progress against our peers. We have set targets for each of these measures over the medium term, which we define as three to five years. Earnings growth (1) To assess our earnings growth, we monitor our earnings per share (EPS). Our target beginning in 2017 is average annual EPS growth of at least 5%. In 2017, we achieved our target, delivering reported and adjusted (1) diluted EPS growth of 5% and 9%, respectively. Going forward, we are maintaining our target to deliver average annual EPS growth of at least 5%. Reported diluted EPS ($) 8.11 7.86 8.87 10.70 11.24 Adjusted diluted EPS (1) ($) 11.11 10.22 9.45 8.65 8.94 13 14 15 16 17 13 14 15 16 17 Efficiency ratio (1) To assess how well we use our assets to generate net income, we measure and monitor our efficiency ratio, defined as the ratio of non-interest expenses to total revenue. In 2017, CIBC s reported and adjusted (1) efficiency ratios improved to 58.8% and 57.2%, respectively, from 59.7% and 58.0% in 2016. Reported efficiency ratio (%) 63.7 63.9 59.9 59.7 58.8 Adjusted efficiency ratio (1) (%) 59.6 59.0 58.0 57.2 56.5 CIBC has set a medium-term target of achieving a run rate efficiency ratio of 55% by 2019. 13 14 15 16 17 13 14 15 16 17 Return on common shareholders equity (1) ROE is another key measure of shareholder value. In 2017, CIBC s reported and adjusted (1) ROE were strong, at 18.3% and 18.1%, respectively, above our target of at least 15%. Going forward, we will continue to target a strong ROE of at least 15%. Reported return on common shareholders equity (%) 21.4 18.3 18.7 19.9 18.3 Adjusted return on common shareholders equity (1) (%) 22.9 20.9 19.9 19.0 18.1 (1) For additional information, see the Non-GAAP measures section. 13 14 15 16 17 13 14 15 16 17 CIBC 2017 ANNUAL REPORT 3

Total shareholder return TSR is the ultimate measure of shareholder value, and the output of delivering against the financial targets within our control. Reported dividend payout ratio (%) Adjusted dividend payout ratio (1) (%) We have two shareholder return targets: 1. For many years, we have consistently delivered adjusted dividend payout ratios in the range of 40% to 50% of earnings to common shareholders. Our key criteria for considering dividend increases are our current level of payout relative to our target and our view on the sustainability of our current earnings level through the cycle. In 2017, our reported and adjusted (1) dividend payout ratios were 45.6% and 46.2%, respectively. 46.8 50.0 48.4 44.3 45.6 43.9 44.0 45.4 46.4 46.2 Going forward, we will continue to target a dividend payout ratio of 40% to 50%. 2. We also have an objective to deliver a TSR that exceeds the industry average, which we have defined as the Standard & Poor s Ratings Services (S&P)/Toronto Stock Exchange (TSX) Composite Banks Index, over a rolling five-year period. For the five years ended October 31, 2017, CIBC delivered a TSR of 81.6%, which was below the Banks Index return over the same period of 103.6%. 13 14 15 16 17 125 100 75 50 13 14 15 16 Rolling five-year TSR (%) 17 25 0 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 CIBC 81.6% S&P/TSX Composite Index 49.7% S&P/TSX Composite Banks Index 103.6% Balance sheet strength Maintaining a strong balance sheet is foundational to our long-term success. Our goal is to maintain strong capital ratios that comfortably exceed regulatory targets. We look to constantly balance our objectives of holding a prudent amount of excess capital for unexpected events and environmental uncertainties, investing in our core businesses, growing through acquisitions and returning capital to our shareholders. At the end of 2017, our Basel III CET1 ratio on an all-in basis was 10.6%, well above the current all-in regulatory target set by the Office of the Superintendent of Financial Institutions (OSFI). 9.4 10.3 CET1 ratio (%) 10.8 11.3 10.6 In addition to our capital objectives, we remain focused on asset quality and a strong funding profile as key underpinnings of a strong and stable balance sheet. 13 14 15 16 17 Net promoter score The NPS is a measure of client experience and is calculated by subtracting the percentage of detractors from the percentage of promoters who respond to surveys conducted by a third party. It is a key measure of client loyalty. 13 Ipsos CSI NPS Gap to #1 (2) 14 15 16 17 While there is still work to be done to achieve our goal of #1 in client experience, CIBC s gap to the leader has narrowed from 26 points in 2013 to 16 points in 2017. 16.9 18.0 15.5 (1) For additional information, see the Non-GAAP measures section. (2) Gap to #1 is a measure of CIBC s ranking relative to Canada s Big 5 banks. 25.7 24.8 Economic and market environment CIBC operated in an environment of healthy economic growth in Canada and an improving backdrop abroad in 2017. Canada enjoyed low unemployment rates that supported an acceleration in spending and consumer credit. The housing sector and growth in mortgage credit showed some signs of cooling as the year progressed, capturing regulatory and interest rate policy decisions. Corporate credit quality improved on a rebound in oil prices and a generally healthy environment, while business loan demand grew at a somewhat slower pace. Bond market issuance activity by corporations and the federal government picked up, while equity issuance activity was lighter due to less merger and acquisition-driven activity. The U.S. economy showed steady growth and robust employment gains with somewhat slower national growth in bank lending and strong equity market gains. 4 CIBC 2017 ANNUAL REPORT

Financial performance overview Financial highlights As at or for the year ended October 31 2017 (1) 2016 2015 2014 2013 Financial results ($ millions) Net interest income $ 8,977 $ 8,366 $ 7,915 $ 7,459 $ 7,453 Non-interest income 7,303 6,669 5,941 5,904 5,252 Total revenue 16,280 15,035 13,856 13,363 12,705 Provision for credit losses 829 1,051 771 937 1,121 Non-interest expenses 9,571 8,971 8,861 8,512 7,608 Income before income taxes 5,880 5,013 4,224 3,914 3,976 Income taxes 1,162 718 634 699 626 Net income $ 4,718 $ 4,295 $ 3,590 $ 3,215 $ 3,350 Net income (loss) attributable to non-controlling interests 19 20 14 (3) (2) Preferred shareholders 52 38 45 87 99 Common shareholders 4,647 4,237 3,531 3,131 3,253 Net income attributable to equity shareholders $ 4,699 $ 4,275 $ 3,576 $ 3,218 $ 3,352 Financial measures Reported efficiency ratio 58.8 % 59.7 % 63.9 % 63.7 % 59.9 % Adjusted efficiency ratio (2) 57.2 % 58.0 % 59.6 % 59.0 % 56.5 % Loan loss ratio (3) 0.25 % 0.31 % 0.27 % 0.38 % 0.44 % Reported return on common shareholders equity 18.3 % 19.9 % 18.7 % 18.3 % 21.4 % Adjusted return on common shareholders equity (2) 18.1 % 19.0 % 19.9 % 20.9 % 22.9 % Net interest margin 1.66 % 1.64 % 1.74 % 1.81 % 1.85 % Net interest margin on average interest-earning assets 1.85 % 1.88 % 2.00 % 2.05 % 2.12 % Return on average assets 0.87 % 0.84 % 0.79 % 0.78 % 0.83 % Return on average interest-earning assets 0.97 % 0.96 % 0.91 % 0.89 % 0.95 % Total shareholder return 18.30 % 5.19 % 1.96 % 20.87 % 18.41 % Reported effective tax rate 19.8 % 14.3 % 15.0 % 17.9 % 15.8 % Adjusted effective tax rate (2) 20.3 % 16.6 % 15.5 % 15.4 % 16.5 % Common share information Per share ($) basic earnings $ 11.26 $ 10.72 $ 8.89 $ 7.87 $ 8.11 reported diluted earnings 11.24 10.70 8.87 7.86 8.11 adjusted diluted earnings (2) 11.11 10.22 9.45 8.94 8.65 dividends 5.08 4.75 4.30 3.94 3.80 book value 66.55 56.59 51.25 44.30 40.36 Share price ($) high 119.86 104.46 107.16 107.01 88.70 low 97.76 83.33 86.00 85.49 74.10 closing 113.56 100.50 100.28 102.89 88.70 Shares outstanding (thousands) weighted-average basic (4)(5) 412,636 395,389 397,213 397,620 400,880 weighted-average diluted (4) 413,563 395,919 397,832 398,420 401,261 end of period (4)(5) 439,313 397,070 397,291 397,021 399,250 Market capitalization ($ millions) $ 49,888 $ 39,906 $ 39,840 $ 40,850 $ 35,413 Value measures Dividend yield (based on closing share price) 4.5 % 4.7 % 4.3 % 3.8 % 4.3 % Reported dividend payout ratio 45.6 % 44.3 % 48.4 % 50.0 % 46.8 % Adjusted dividend payout ratio (2) 46.2 % 46.4 % 45.4 % 44.0 % 43.9 % Market value to book value ratio 1.71 1.78 1.96 2.32 2.20 On- and off-balance sheet information ($ millions) Cash, deposits with banks and securities $ 107,571 $ 101,588 $ 93,619 $ 73,089 $ 78,363 Loans and acceptances, net of allowance 365,558 319,781 290,981 268,240 256,380 Total assets 565,264 501,357 463,309 414,903 398,006 Deposits 439,706 395,647 366,657 325,393 315,164 Common shareholders equity 29,238 22,472 20,360 17,588 16,113 Average assets 542,365 509,140 455,324 411,481 403,546 Average interest-earning assets 485,837 445,134 395,616 362,997 351,687 Average common shareholders equity 25,393 21,275 18,857 17,067 15,167 Assets under administration (AUA) (6)(7) 2,192,947 2,041,887 1,846,142 1,703,360 1,499,885 Assets under management (AUM) (7) 221,571 183,715 170,465 151,913 105,123 Balance sheet quality (All-in basis) and liquidity measures Risk-weighted assets (RWA) ($ millions) CET1 capital RWA $ 203,321 $ 168,996 $ 156,107 $ 141,250 $ 136,747 Tier 1 capital RWA 203,321 169,322 156,401 141,446 136,747 Total capital RWA 203,321 169,601 156,652 141,739 136,747 Capital ratios CET1 ratio 10.6 % 11.3 % 10.8 % 10.3 % 9.4 % Tier 1 capital ratio 12.1 % 12.8 % 12.5 % 12.2 % 11.6 % Total capital ratio 13.8 % 14.8 % 15.0 % 15.5 % 14.6 % Basel III leverage ratio Leverage ratio exposure ($ millions) $ 610,353 $ 545,480 $ 502,552 n/a n/a Leverage ratio 4.0 % 4.0 % 3.9 % n/a n/a Liquidity coverage ratio (LCR) (8) 120 % 124 % 119 % n/a n/a Other information Full-time equivalent employees 44,928 43,213 44,201 44,424 43,039 (1) Includes the results of CIBC Bank USA following the completion of the acquisition on June 23, 2017. See Significant events for additional details. (2) For additional information, see the Non-GAAP measures section. (3) The ratio is calculated as the provision for credit losses on impaired loans to average loans and acceptances, net of allowance for credit losses. (4) Excludes 2,010,890 common shares which are issued and outstanding but which have not been acquired by a third party as at October 31, 2017 (2016: nil). These shares were issued as a component of our acquisition of The PrivateBank. These shares are currently held on behalf of CIBC, and may be cancelled at CIBC s discretion. (5) Excludes 190,285 unvested restricted shares as at October 31, 2017 (2016: nil). (6) Includes the full contract amount of AUA or custody under a 50/50 joint venture between CIBC and The Bank of New York Mellon of $1,723.9 billion as at October 31, 2017 (2016: $1,640.2 billion). (7) AUM amounts are included in the amounts reported under AUA. (8) Average for the three months ended October 31 for each respective year. n/a Not applicable. CIBC 2017 ANNUAL REPORT 5

2017 Financial results Reported net income for the year was $4,718 million, compared with $4,295 million in 2016. The current year included the results of CIBC Bank USA after the close of the acquisition on June 23, 2017, which contributed $96 million to net income. Adjusted net income (1) for the year was $4,665 million, compared with $4,104 million in 2016. Reported diluted EPS for the year was $11.24, compared with $10.70 in 2016. Adjusted diluted EPS (1) for the year was $11.11, compared with $10.22 in 2016. Reported and adjusted diluted EPS for the year included the results of CIBC Bank USA after the close of the acquisition on June 23, 2017. EPS was also impacted by the issuance of CIBC common shares, as detailed in Note 3 to our consolidated financial statements. 2017 Net income was affected by the following items of note: $299 million ($245 million after-tax) gain on the sale and lease back of certain retail properties (Canadian Personal and Small Business Banking); $104 million ($73 million after-tax) in transaction and integration-related costs as well as purchase accounting adjustments (2) associated with the acquisition of The PrivateBank and Geneva Advisors ($70 million after-tax in Corporate and Other, and $3 million after-tax in U.S. Commercial Banking and Wealth Management); $45 million ($33 million after-tax) increase in legal provisions in the third quarter (Corporate and Other); $41 million ($28 million after-tax) amortization of intangible assets ($4 million after-tax in Canadian Personal and Small Business Banking, $1 million after-tax in Canadian Commercial Banking and Wealth Management, $16 million after-tax in U.S. Commercial Banking and Wealth Management, and $7 million after-tax in Corporate and Other); $98 million ($71 million after-tax) in fees and charges related to the launch of Simplii Financial and the related wind-down of President s Choice Financial (Canadian Personal and Small Business Banking); and $18 million ($13 million after-tax) reduction in the portion of the collective allowance recognized in Corporate and Other (3) in the fourth quarter. The above items of note increased revenue by $305 million, provision for credit losses by $17 million and non-interest expenses by $259 million, and decreased income taxes by $24 million. In aggregate, these items of note increased net income by $53 million. 2016 Net income was affected by the following items of note: $428 million ($383 million after-tax) gain, net of related transaction costs, on the sale of our minority investment in American Century Investments (ACI) (Corporate and Other) (4) ; $134 million ($98 million after-tax) in restructuring charges primarily relating to employee severance (Corporate and Other); $109 million ($80 million after-tax) increase in the portion of the collective allowance recognized in Corporate and Other (3) ; $77 million ($56 million after-tax) increase in legal provisions (Corporate and Other); $53 million ($47 million after-tax) gain, net of related transaction and severance costs, on the sale of a processing centre (Corporate and Other); $40 million ($30 million after-tax) of loan losses in our exited European leveraged finance portfolio (Capital Markets); $30 million ($22 million after-tax) amortization of intangible assets ($5 million after-tax in Canadian Personal and Small Business Banking, $2 million after-tax in Canadian Commercial Banking and Wealth Management, $6 million after-tax in U.S. Commercial Banking and Wealth Management, and $9 million after-tax in Corporate and Other) (4) ; $30 million income tax recovery due to the settlement of transfer pricing-related matters (Canadian Personal and Small Business Banking); $15 million income tax recovery arising from a change in our expected utilization of certain tax loss carryforwards, primarily due to the sale of our minority investment in ACI (Corporate and Other); and $3 million ($2 million after-tax) gain from the structured credit run-off business (Capital Markets). The above items of note increased revenue by $505 million, provision for credit losses by $149 million and non-interest expenses by $262 million, and decreased income taxes by $97 million. In aggregate, these items of note increased net income by $191 million. (1) For additional information, see the Non-GAAP measures section. (2) Transaction costs include legal and other advisory fees, as well as financing costs associated with: (i) pre-funding the cash component of the merger consideration; (ii) interest incurred on the obligation payable to dissenting shareholders; and (iii) changes in the fair value of contingent consideration on the Geneva Advisors acquisition. Integration costs are comprised of direct and incremental costs incurred as part of planning for integrating the businesses of The PrivateBank (subsequently rebranded as CIBC Bank USA) and Geneva Advisors with CIBC, including enabling cross-sell opportunities and expansion of services in the U.S. market, the upgrade and conversion of systems and processes, project management, integration-related travel, severance, consulting fees and marketing costs related to rebranding activities. Purchase accounting adjustments, included as items of note beginning in the fourth quarter of 2017, include the accretion of the acquisition date fair value discount on the acquired loans of The PrivateBank, as well as the collective allowance established for new loan originations and renewals of acquired loans. (3) Relates to collective allowance, except for: (i) residential mortgages greater than 90 days delinquent; (ii) personal loans and scored small business loans greater than 30 days delinquent; (iii) net write-offs for the cards portfolio; and (iv) the collective allowance related to CIBC Bank USA, which are all reported in the respective SBUs. (4) Certain information has been reclassified to conform to the presentation adopted in the current year. See External reporting changes for additional details. Net interest income and margin $ millions, for the year ended October 31 2017 (1) 2016 2015 Average interest-earning assets $ 485,837 $ 445,134 $ 395,616 Net interest income 8,977 8,366 7,915 Net interest margin on average interest-earning assets 1.85 % 1.88 % 2.00 % (1) Includes the results of CIBC Bank USA following the completion of the acquisition on June 23, 2017. See Significant events for additional details. Net interest income was up $611 million or 7% from 2016, primarily due to volume growth across Canadian personal and commercial products, and the results of CIBC Bank USA, which included $45 million of accretion of the acquisition date fair value discount on the acquired loans, of which $31 million was included as an item of note in the fourth quarter of 2017. These factors were partially offset by lower trading income and narrower Canadian personal and commercial spreads. Net interest margin on average interest-earning assets was down three basis points due to higher average interest-earning assets, primarily driven by growth across CIBC s businesses, partially offset by lower short-term placements in treasury. The impact of higher average interest-earning assets was partially offset by higher net interest income. Additional information on net interest income and margin is provided in the Supplementary annual financial information section. 6 CIBC 2017 ANNUAL REPORT

Non-interest income $ millions, for the year ended October 31 2017 2016 2015 Underwriting and advisory fees $ 452 $ 446 $ 427 Deposit and payment fees 843 832 830 Credit fees 744 638 533 Card fees 463 470 449 Investment management and custodial fees (1)(2) 1,034 882 814 Mutual fund fees (2) 1,573 1,462 1,457 Insurance fees, net of claims 427 396 361 Commissions on securities transactions 349 342 385 Trading income (loss) 226 (88) (139) Available-for-sale (AFS) securities gains, net 143 73 138 Designated at fair value (FVO) gains (losses), net 1 17 (3) Foreign exchange other than trading 252 367 92 Income from equity-accounted associates and joint ventures (1) 101 96 177 Other 695 736 420 $ 7,303 $ 6,669 $ 5,941 (1) Custodial fees directly recognized by CIBC are included in Investment management and custodial fees, and our proportionate share of CIBC Mellon s custodial fees are included within Income from equity-accounted associates and joint ventures. (2) Investment management fees and mutual fund fees are driven by various factors, including the amount of AUM. Investment management fees in our asset management and private wealth management businesses are generally driven by the amount of AUM, while investment management fees in our retail brokerage business are driven by a combination of the amount of AUA and, to a lesser extent, other factors unrelated to the amount of AUA (e.g. flat fees on a per account basis). Non-interest income was up $634 million or 10% from 2016. Credit fees were up $106 million or 17%, primarily due to higher commercial lending volumes. Investment management and custodial fees were up $152 million or 17%, mainly due to AUM and AUA growth in our wealth management businesses. Mutual fund fees were up $111 million or 8%, primarily due to higher AUM in our Canadian wealth management business, driven by net sales of longterm mutual funds and market appreciation. Trading income was $226 million, compared with a trading loss of $88 million in 2016. See the Trading activities (TEB) section which follows for further details. AFS securities gains, net, were up $70 million or 96%, primarily due to higher investment portfolio gains in Capital Markets, partially offset by a gain in 2016 from the structured credit run-off business, shown as an item of note. Foreign exchange other than trading was down $115 million or 31%, as the prior year included a portion of the gain on the sale of our minority investment in ACI, shown as an item of note, partially offset by higher revenue from hedging activity. Other was down $41 million or 6%, as the prior year included a portion of the gain related to ACI noted above, and a gain on the sale of a processing centre, both shown as items of note. The current year included a gain on the sale and lease back of certain retail properties, shown as an item of note. Trading activities (TEB) $ millions, for the year ended October 31 2017 2016 (1) 2015 (1) Trading income (loss) consists of: Net interest income (2) $ 1,143 $ 1,482 $ 1,314 Non-interest income 226 (88) (139) $ 1,369 $ 1,394 $ 1,175 Trading income by product line: Interest rates $ 276 $ 293 $ 164 Foreign exchange 524 511 471 Equities 401 453 414 Commodities 111 106 78 Other 57 31 48 $ 1,369 $ 1,394 $ 1,175 (1) Certain information has been reclassified to conform to the presentation adopted in the current year. (2) Includes taxable equivalent basis (TEB) adjustment of $298 million (2016: $474 million; 2015: $482 million) reported within Capital Markets. See Strategic business units overview section for further details. Net interest income comprises interest and dividends relating to financial assets and liabilities associated with trading activities, net of interest expense and interest income associated with funding these assets and liabilities. Non-interest income includes realized and unrealized gains and losses on securities held-for-trading and income relating to changes in fair value of derivative financial instruments. 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. Trading income was down $25 million or 2% from 2016, primarily due to lower equity trading income, which included lower tax-exempt income in the second half of 2017, as the new rules eliminating the tax deductibility of certain dividends became fully effective (see Taxes section for further details), and lower interest rate trading income. The decrease was partially offset by higher trading income from U.S. real estate finance, foreign exchange, and the structured credit run-off business. CIBC 2017 ANNUAL REPORT 7

Provision for credit losses $ millions, for the year ended October 31 2017 (1) 2016 (2) 2015 (2) Canadian Personal and Small Business Banking $ 766 $ 736 $ 664 Canadian Commercial Banking and Wealth Management 16 29 5 U.S. Commercial Banking and Wealth Management 84 (2) 11 Capital Markets (4) 155 44 Corporate and Other (33) 133 47 $ 829 $ 1,051 $ 771 (1) Includes the results of CIBC Bank USA following the completion of the acquisition on June 23, 2017. See Significant events for additional details. (2) Certain information has been reclassified to conform to the presentation adopted in the current year. See External reporting changes for additional details. Provision for credit losses was down $222 million or 21% from 2016. In Canadian Personal and Small Business Banking, the provision was up primarily due to higher write-offs in the card and personal lending portfolios, and higher losses in the mortgage portfolio, partially offset by lower losses in the small business lending portfolio. In Canadian Commercial Banking and Wealth Management, the provision was down primarily due to lower losses in the commercial banking portfolio. In U.S. Commercial Banking and Wealth Management, the current year included a provision for credit losses compared with a reversal of credit losses in 2016, primarily due to the establishment of a $48 million collective allowance for new loan originations and renewals of acquired loans relating to CIBC Bank USA, of which $35 million was shown as an item of note in the fourth quarter of 2017. In addition, the current year included losses in our preexisting U.S. real estate finance portfolio. In Capital Markets, the current year included a reversal of credit losses compared with a provision for credit losses in 2016, primarily due to better performance in the oil and gas sector. The prior year also included losses in our exited European leveraged finance portfolio, shown as an item of note. In Corporate and Other, the current year included a reversal of credit losses compared with a provision for credit losses in 2016. The current year included a reduction in the collective allowance, shown as an item of note, which was net of a higher provision in the Caribbean region mainly due to the recent hurricanes. The prior year included increases in the collective allowance, shown as items of note. Non-interest expenses $ millions, for the year ended October 31 2017 (1) 2016 2015 Employee compensation and benefits Salaries $ 2,738 $ 2,741 $ 2,826 Performance-based compensation 1,745 1,580 1,568 Benefits 715 661 705 5,198 4,982 5,099 Occupancy costs 822 804 782 Computer, software and office equipment 1,630 1,398 1,292 Communications 317 319 326 Advertising and business development 282 269 281 Professional fees 229 201 230 Business and capital taxes 96 68 68 Other 997 930 783 $ 9,571 $ 8,971 $ 8,861 (1) Includes the results of CIBC Bank USA following the completion of the acquisition on June 23, 2017. See Significant events for additional details. Non-interest expenses increased by $600 million or 7% from 2016. Employee compensation and benefits increased by $216 million or 4%, primarily due to the inclusion of the results of CIBC Bank USA and higher performance-based compensation. The increase was partially offset by restructuring charges in 2016, primarily relating to employee severance, shown as an item of note. Computer, software and office equipment increased by $232 million or 17%, primarily due to higher spending on strategic initiatives. Other increased by $67 million or 7%, primarily due to fees and charges related to the launch of Simplii Financial and the related wind-down of President s Choice Financial, and transaction and integration-related costs associated with the acquisition of The PrivateBank, both shown as items of note. The increase was partially offset by lower legal provisions, shown as items of note in both years. 8 CIBC 2017 ANNUAL REPORT

Taxes $ millions, for the year ended October 31 2017 (1) 2016 2015 Income taxes $ 1,162 $ 718 $ 634 Indirect taxes (2) Goods and Services Tax (GST), Harmonized Sales Tax (HST) and sales taxes 390 361 342 Payroll taxes 242 239 239 Capital taxes 61 38 39 Property and business taxes 72 71 68 Total indirect taxes 765 709 688 Total taxes $ 1,927 $ 1,427 $ 1,322 Reported effective tax rate 19.8 % 14.3 % 15.0 % Total taxes as a percentage of net income before deduction of total taxes 29.0 % 24.9 % 26.9 % (1) Includes the results of CIBC Bank USA following the completion of the acquisition on June 23, 2017. See Significant events for additional details. (2) Certain amounts are based on a paid or payable basis and do not factor in capitalization and subsequent amortization. Income taxes include those imposed on CIBC as a Canadian legal entity, as well as on our domestic and foreign subsidiaries. Indirect taxes comprise GST, HST and sales, payroll, capital, property and business taxes. Indirect taxes are included in non-interest expenses. Total income and indirect taxes were up $500 million from 2016. Income tax expense was $1,162 million, compared with $718 million in 2016, largely due to substantially lower tax-exempt income and higher income in the current year. In addition, 2016 included income tax recoveries from the settlement of transfer pricing-related matters, and a change in our expected utilization of certain tax loss carryforwards, shown as items of note. Indirect taxes were up $56 million, mainly due to higher sales taxes, and higher capital taxes due to the acquisition of The PrivateBank. In prior years, the Canada Revenue Agency (CRA) issued reassessments disallowing the deduction of approximately $3 billion of the 2005 Enron settlement payments and related legal expenses. The matter is currently in litigation. The Tax Court of Canada trial on the deductibility of the Enron payments is expected to commence in 2018. Should we successfully defend our tax filing position in its entirety, we would recognize an additional accounting tax benefit of $231 million and taxable refund interest of approximately $198 million. Should we fail to defend our position in its entirety, we would incur an additional tax expense of approximately $820 million and non-deductible interest of approximately $157 million. The 2015 Canadian federal budget, released on April 21, 2015, contained new rules for synthetic equity arrangements which eliminated the tax deductibility of Canadian inter-corporate dividends for Canadian corporations in certain circumstances. The rules became law effective as of November 1, 2015, with a set of transition rules that applied between November 1, 2015 and April 30, 2017. The new rules have resulted in a higher effective tax rate, as the tax deductibility of certain Canadian corporate dividends is diminished. In June 2016, the CRA reassessed CIBC approximately $118 million of additional income tax by denying the tax deductibility of certain 2011 Canadian corporate dividends on the basis that they were part of a dividend rental arrangement. In May 2017, the CRA reassessed CIBC additional income tax of approximately $180 million related to the tax deductibility of dividends during the 2012 taxation year. The circumstances of the dividends subject to the reassessments are similar to those prospectively addressed by the rules in the 2015 Canadian federal budget. It is possible that subsequent years may be reassessed for similar activities. CIBC is confident that its tax filing positions were appropriate and intends to defend itself vigorously. Accordingly, no amounts have been accrued in the consolidated financial statements. The statutory income tax rate applicable to CIBC as a legal entity was 26.5% in 2017. The rate is expected to remain the same in future years. For a reconciliation of our income taxes in the consolidated statement of income with the combined Canadian federal and provincial income tax rate, see Note 20 to the consolidated financial statements. Foreign exchange The estimated impact of U.S. dollar translation on key lines of our consolidated statement of income, as a result of changes in average exchange rates, is as follows: $ millions, for the year ended October 31 2017 (1) vs. 2016 2016 vs. 2015 2015 vs. 2014 Estimated increase (decrease) in: Total revenue $ (36) $ 117 $ 281 Provision for credit losses (1) 8 7 Non-interest expenses (20) 61 145 Income taxes (1) 5 Net income (14) 48 124 Impact on EPS: Basic $ (0.03) $ 0.12 $ 0.31 Diluted (0.03) 0.12 0.31 Average USD appreciation (depreciation) relative to CAD (1.3) % 5.6 % 14.7 % (1) Includes the results of CIBC Bank USA following the completion of the acquisition on June 23, 2017. See Significant events for additional details CIBC 2017 ANNUAL REPORT 9

Significant events Acquisition of PrivateBancorp, Inc. On June 23, 2017, we completed the acquisition of PrivateBancorp, Inc. (PrivateBancorp) and its subsidiary, The PrivateBank and Trust Company (The PrivateBank, subsequently rebranded as CIBC Bank USA) for total consideration of US$5.0 billion (C$6.6 billion). This acquisition expands our U.S. presence which diversifies earnings and strengthens our platform for long-term growth. The acquisition also creates a platform for CIBC to deliver high-quality middle market commercial and private banking capabilities, which advances our client-focused strategy. The results of the acquired business have been consolidated from the date of close and are included in the U.S. Commercial Banking and Wealth Management SBU. For additional information, see Note 3 to our consolidated financial statements. Acquisition of Geneva Advisors On August 31, 2017, we completed the acquisition of Geneva Advisors, LLC (Geneva Advisors), an independent private wealth management firm with AUM of US$8.4 billion (C$10.4 billion), for total estimated consideration of US$179 million (C$224 million). This acquisition will expand CIBC s private wealth management client base and investment management capabilities in the U.S. The results of the acquired business have been consolidated from the date of close and are included in the U.S. Commercial Banking and Wealth Management SBU. For additional information, see Note 3 to our consolidated financial statements. Launch of Simplii Financial and wind-down of President s Choice Financial consumer banking offer On August 16, 2017, we announced both the launch of Simplii Financial and the wind-down of our President s Choice Financial branded consumer banking offer with Loblaw Companies Limited (Loblaw). Under the terms of the wind-down agreement negotiated with Loblaw, CIBC is required to pay certain fees to Loblaw. In addition, as a result of the agreement, we incurred ancillary asset impairment and severance costs, as well as ongoing projectrelated costs. In aggregate, CIBC incurred fees and charges of $98 million ($71 million after-tax) in the fourth quarter of 2017. Aeroplan developments Air Canada announced on May 11, 2017, that it will not be renewing its exclusive Aeroplan partnership with Aimia Inc. (Aimia) upon the expiry of the contract in 2020. CIBC s Aeroplan clients are not immediately impacted by this announcement, as Aeroplan members may continue to collect miles and redeem them for Air Canada travel until Aimia s contract with Air Canada expires in 2020. Lease of new premises On April 12, 2017, we announced that we had entered into a lease agreement to become the anchor tenant at a new office complex in downtown Toronto. We have agreed to lease up to 1.75 million square feet of total office space in two buildings to be constructed at the site within the next six years. The aggregate future minimum lease commitments related to the lease, which begins in 2020, are $2.3 billion. Sale and lease back of certain retail properties During the first quarter, we sold and leased back 89 retail properties located mainly in Ontario and British Columbia, and recognized a gain of $299 million ($245 million after-tax) in our Canadian Personal and Small Business Banking SBU. Fourth quarter review $ millions, except per share amounts, for the three months ended 2017 2016 Oct. 31 Jul. 31 Apr. 30 Jan. 31 Oct. 31 Jul. 31 Apr. 30 Jan. 31 Revenue (1) Canadian Personal and Small Business Banking $ 2,093 $ 2,039 $ 1,937 $ 2,303 $ 2,005 $ 1,946 $ 1,879 $ 1,918 Canadian Commercial Banking and Wealth Management 922 903 886 879 846 830 800 796 U.S. Commercial Banking and Wealth Management (2) 422 239 102 113 106 93 83 103 Capital Markets (2) 622 679 692 830 626 772 719 639 Corporate and Other (2) 210 244 81 84 98 495 150 131 Total revenue $ 4,269 $ 4,104 $ 3,698 $ 4,209 $ 3,681 $ 4,136 $ 3,631 $ 3,587 Net interest income $ 2,464 $ 2,276 $ 2,095 $ 2,142 $ 2,110 $ 2,113 $ 2,037 $ 2,106 Non-interest income 1,805 1,828 1,603 2,067 1,571 2,023 1,594 1,481 Total revenue 4,269 4,104 3,698 4,209 3,681 4,136 3,631 3,587 Provision for credit losses 229 209 179 212 222 243 324 262 Non-interest expenses 2,570 2,452 2,275 2,274 2,347 2,218 2,242 2,164 Income before income taxes 1,470 1,443 1,244 1,723 1,112 1,675 1,065 1,161 Income taxes 306 346 194 316 181 234 124 179 Net income $ 1,164 $ 1,097 $ 1,050 $ 1,407 $ 931 $ 1,441 $ 941 $ 982 Net income attributable to: Non-controlling interests $ 5 $ 4 $ 5 $ 5 $ 4 $ 6 $ 5 $ 5 Equity shareholders 1,159 1,093 1,045 1,402 927 1,435 936 977 EPS basic $ 2.60 $ 2.61 $ 2.59 $ 3.50 $ 2.32 $ 3.61 $ 2.35 $ 2.44 diluted $ 2.59 $ 2.60 $ 2.59 $ 3.50 $ 2.32 $ 3.61 $ 2.35 $ 2.43 (1) Certain information has been reclassified to conform to the presentation adopted in the current year. See External reporting changes for additional details. (2) Capital Markets and U.S. Commercial Banking and Wealth Management revenue and income taxes are reported on a TEB basis with an equivalent offset in the revenue and income taxes of Corporate and Other. Compared with Q4/16 Net income for the quarter was $1,164 million, up $233 million or 25% from the fourth quarter of 2016. Net interest income was up $354 million or 17%, primarily due to the inclusion of the results of CIBC Bank USA, which included $31 million of accretion of the acquisition date fair value discount on the acquired loans, included as an item of note, and volume growth across Canadian personal and commercial products, partially offset by lower trading income. Non-interest income was up $234 million or 15%, primarily due to trading income compared with trading losses in the same quarter last year, higher investment management and custodial fees driven by higher average AUM and AUA, and higher credit fees and investment portfolio gains. 10 CIBC 2017 ANNUAL REPORT