Annual Report 2021

1 Annual Report 2021 CIBC s purpose is to help make your ambition a reality This year we introduced a new brand that symbolizes our purpose and refects our commitment to our clients and their ambitions. These changes include our bold and modern new logo that represents the transformative role we play in helping clients achieve their goals. It s a fresh take on our frst logo, which was crafted in 1966 to celebrate Canada s centennial anniversary.

2 It embraces our rich history while moving us further into the future. Who we are CIBC is a leading North American fnancial institution committed to creating enduring value for all our stakeholders our clients, team, communities and shareholders. We are guided by our purpose to help make your ambition a reality, and our focus on creating a more secure, equitable and sustainable future through our environmental, social and governance (ESG) principles. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, our 45,000 employees provide a full range of fnancial products and services to 11 million personal banking, business, public sector and institutional clients in Canada, the and around the world.

3 Our strategy In 2021, we continued to focus on building a modern, relationship-oriented bank. Through these eforts, we re delivering superior client experience and top-tier shareholder returns while maintaining our fnancial strength, risk discipline and advancing our purpose-driven culture. Foundational to our progress is a consistent focus on three strategic priorities: strengthening our Canadian consumer and growing our resilient North American Commercial Banking, Wealth Management, and Capital Markets businesses ongoing investments in growth initiatives$ Reported net income $ Adjusted net income(1) $68B Market capitalization Basel III CET1 ratio(2) 11M Clients Client experience 2021 CIBC Enterprise Net Promoter Score (1)Adjusted measures are non-GAAP measures.

4 For additional information, see the Non-GAAP measures section of the management s discussion and analysis (MD&A). (2)Calculated pursuant to Ofce of the Superintendent of Financial Institutions (OSFI) Capital Adequacy Requirements (CAR) Guideline, which is based on Basel Committee on Banking Supervision (BCBS) standards. Table of contents 2021 performance at a glance ESG strategy i 2021 ESG performance highlights iiClient experience iiiMessage from the President and Chief Executive Ofcer ivMessage from the Chair of the Board ixEnhanced Disclosure Task Force xManagement s discussion and analysis 1 Consolidated fnancial statements 107 Notes to the consolidated fnancial statements 122 Quarterly review 198 Ten-year statistical review 200 Shareholder information 203 Business mix (% reported net income)

5 2021 business mix 39% Canadian Personal and Business Banking 26% Canadian Commercial Banking and Wealth Management 14% Commercial Banking and Wealth Management 29% Capital Markets -8% Corporate and Other 2021 performance at a glance Reported revenue ($ billions) Reported earnings per share ($) Adjusted earnings per share(1) ($) Dividend ($/share) 19 20 21 19 20 21 19 20 21 19 20 21 (1) Adjusted measures are non-GAAP measures. For additional information, see the Non-GAAP measures section of the MD&A. Financial highlights For the year ended October 31 (Canadian $ in billions, except as noted) 2021 2020 Financial results Revenue Provision for credit losses Expenses Reported/Adjusted net income(1) Financial measures (%) Reported(2)/Adjusted efciency ratio(1) Reported(2)/Adjusted return on common shareholders equity (ROE)(1) Net interest margin(2) Total shareholder return ( ) Common share information Reported/Adjusted earnings per share(1) Market capitalization Dividends (%) Dividend yield Reported(2)/Adjusted dividend payout ratio(1) Net income by strategic business unit Canadian Personal and Business Banking(3)

6 Canadian Commercial Banking and Wealth Management Commercial Banking and Wealth Management(3) Capital Markets(3) (1)Adjusted measures are non-GAAP measures. For additional information, see the Non-GAAP measures section of the MD&A. (2)For additional information on the composition of these specifed fnancial measures, see the Glossary section of the MD&A. (3)Certain prior period information has been revised. For additional information, see the External reporting changes section of the MD&A. Financial scorecard Target(1) 2021 reported results 2021 adjusted results(2) Diluted earnings per share (EPS) growth 5% 10% annually $ , up 69% from 2020 $ , up 49% from 2020 Return on equity (ROE) 15%+ Operating leverage(3) Positive , an increase of 930 basispoints from 2020 , an increase of 130 basis points from 2020 Basel III CET1 ratio Strong bufer to regulatory minimum Dividend payout ratio 40% 50% Total shareholder return Outperform the S&P/TSX Composite Banks Index over a rolling fve-year period CIBC Banks Index (1)Based on adjusted measures.

7 Adjusted measures are non-GAAP measures. For additional information, see the Non-GAAP measures section of the MD&A. (2)Adjusted measures are non-GAAP measures. For additional information, see the Non-GAAP measures section of the MD&A. (3)For additional information on the composition of this specifed fnancial measure, see the Glossary section of the MD&A. Our commitment to ESG ESG strategy Ambitions in action We re activating our resources to create positive change for our team, our clients, our communities and our planet, contributing to a more secure, equitable and sustainable future where everyone s ambitions are made real. We are putting our ESG commitments into action by: CIBC 2021 Annual Report i Building integrity and trustCreating access to opportunitiesAccelerating climate actionWe act with integrity and transparency to maintain the trust that clients have placed in partner to build equitable and resilient communities where ambitions are more attainable for support solutions to address climate change , to help transition to a sustainable, lower carbon Highlights Building integrity and trust We continue to foster CIBC s principles-based approach and align CIBC s Code of Conduct (Code) to refect changing business conditions.

8 We have enhanced our Code to reinforce the importance of information security practices, and health and safety protocols; 100% of our team members completed ethical training on our Code(1). We consistently add to the layers of security in place to protect our clients, including new technology such as digital identity verifcation and voice biometrics to prevent fraud. Our investment in market-leading public cloud technology will reinforce and expand critical foundations in data protection and security and enable us to support faster, real-time, data-driven decisions, to quickly launch and scale new innovations for enhanced client experience. Creating access to opportunities We remained focused on actively supporting the growth ambitions of business owners, with $ billion in new loan authorizations provided to small and medium-sized enterprises(2) in 2021, including a new banking program designed for Black-owned businesses that provides solutions, advice and resources tailored to their unique banking needs and includes access to expert advice through our Black Entrepreneurship Specialists team.

9 Over 200,000 clients participated in our fnancial education seminars ofered at no cost, over the past three years, helping them better understand options to secure their fnancial future with a focus on the unique needs of women, members of the LGBTQ+ community and Indigenous peoples. We are committed to engage 250,000 clients in fnancial education seminars and events over the next three years (2022 2024). Following the end of our fscal year we announced the CIBC Foundation which will serve our commitment to create a more equitable society and help make ambitions real for communities. CIBC has made donations totalling $70 million in 2021 to launch the Foundation, with plans to grow to $155 million over time. Accelerating climate action In 2021, we announced our ambition to achieve net-zero greenhouse gas (GHG) emissions from our operations and fnancing activities by 2050.

10 As part of this goal and as a leader in fnancing renewable energy initiatives, we also doubled our commitment to mobilizing sustainable fnance to a target of $300 billion by 2030(3) as we play a role in accelerating the transition to a lower-carbon economy. In addition, we joined sustainability-focused industry partnerships, advisory bodies and research groups to contribute to market-led and public policy solutions to facilitate the transition to a low-carbon economy. In 2021, these included the Net-Zero Banking Alliance to collaborate on a global efort to combat climate change , the Partnership for Carbon Accounting Financials, an initiative developed by the fnancial industry to create a global standard to measure and disclose GHG emissions on loans and investments, as well as Canada s Sustainable Finance Action Council, the Institute for Sustainable Finance, the Rocky Mountain Institute s Center for climate -Aligned Finance and climate Engagement Canada.