Annual Report 2020 Who we are CIBC is a leading North American fnancial institution and ended 2020 with a market capitalization of $44 billion and a Basel III Common Equity Tier 1 capital ratio of 12.1%. Across Personal and Business Banking, Commercial Banking and Wealth $3.8B Management, and Capital Markets businesses, our 44,000 employees Reported net income provide a full range of fnancial products and services to 10 million personal banking, business, public sector and institutional clients in Canada, the U.S. and around the world. Our purpose CIBC’s purpose is to help make your ambition a reality. $4.4B Adjusted net income Our strategy At CIBC, our goal is to deliver superior client experience and top-tier shareholder returns while maintaining our fnancial strength. To achieve our ambition, we are executing on three strategic priorities: 1. Focusing on key client segments to accelerate our earnings growth 2. Simplifying and transforming to deliver a modern relationship- $44B banking proposition Market capitalization 3. Advancing our purpose-driven culture Creating value for our shareholders At CIBC, we are committed to delivering sustainable earnings growth to our shareholders. We are guided by our purpose – to help % make our clients’ ambition a reality – as we reinvest in our business to 12.1 accelerate revenue growth and reduce our structural cost base while Basel III CET1 ratio keeping a keen focus on industry-leading fundamentals in capital, expenses and risk management. 10M Clients Table of contents 2020 Performance at a glance Management’s discussion and analysis 1 Environmental, social and governance (ESG) scorecard i C onsolidated fnancial statements 99 Our response to COVID-19 ii Notes to the consolidated fnancial statements 114 Message from the President and Chief Executive Ofcer iv Quarterly review 191 Message from the Chair of the Board ix Ten-year statistical review 193 Enhanced Disclosure Task Force x Glossary 196 Shareholder information 203 2020 performance at a glance Business mix % adjusted net income(1) 44% -6% Canadian Personal Corporate and Other and Business Banking 25% 62.8 Capital Markets 27% Client experience 2020 CIBC Canadian Commercial 10% Enterprise Net Banking and Wealth U.S. Commercial Banking Promoter Score Management and Wealth Management Reported revenue Reported earnings Adjusted earnings Dividend ($ billions) per share per share(1) ($/share) ($) ($) 18.6 18.7 11.65 12.21 11.92 5.60 5.82 17.8 11.19 5.32 9.69 8.22 18 19 20 18 19 20 18 19 20 18 19 20 (1) 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) 2020 2019 Financial results Revenue 18.7 18.6 Provision for credit losses 2.5 1.3 Expenses 11.4 10.9 Reported/Adjusted net income(1) 3.8/4.4 5.1/5.4 Financial measures (%) Reported/Adjusted efciency ratio(1) 60.6/55.8 58.3/55.5 Reported/Adjusted return on common shareholders’ equity (ROE)(1) 10.0/11.7 14.5/15.4 Net interest margin 1.50 1.65 Total shareholder return (5.9) 4.2 Common share information Reported/Adjusted earnings per share(1) 8.22/9.69 11.19/11.92 Market capitalization 44.4 50.0 Dividends (%) Dividend yield 5.9 5.0 Reported/Adjusted dividend payout ratio(1) 70.7/60.0 49.9/46.9 Net income by strategic business unit Canadian Personal and Business Banking 2.0 2.3 Canadian Commercial Banking and Wealth Management 1.2 1.3 U.S. Commercial Banking and Wealth Management 0.4 0.7 Capital Markets 1.1 1.0 (1) For additional information, see the “Non-GAAP measures” section of the MD&A. Financial scorecard Target 2020 reported results 2020 adjusted results(1) Earnings per share (EPS) 5%–10% annually $8.22, $9.69, growth(2) down 27% from 2019 down 19% from 2019 Return on equity (ROE)(2) 15%+ 10.0% 11.7% Efciency ratio 52% run rate in 2022 60.6%, 55.8%, increased 230 basis points increased 30 basis points from 2019 from 2019 Basel III CET1 ratio Strong bufer to 12.1% regulatory minimum Dividend payout ratio(2) 40%–50% 70.7% 60.0% Total shareholder return Outperform the S&P/TSX Composite CIBC – 27.7% Banks Index over a rolling Banks Index – 35.3% fve-year period (1) For additional information, see the “Non-GAAP measures” section of the MD&A. (2) Through the cycle. Environmental, social and governance (ESG) scorecard Material topics Target 2020 performance Status Client • Continuous improvement • CIBC Enterprise Net Promoter Score experience was 62.8, a two point increase from 2019 Privacy and • No privacy fndings against CIBC • 3 privacy fndings against CIBC X(1) information by regulators by regulators(1) security Sustainable • $150 billion in support for environmental • $15. 7 billion in environmental and fnance and sustainable fnancing over 10 years sustainable fnancing 28%(2) (2018–2027) achieved to date ($42 billion) Inclusive • Eng age 200,000 clients in fnancial • 20 20 performance will be updated in N/A banking education seminars and events over three CIBC’s 2020 Sustainability Report years (2019–2021) • P rovide $9 billion in new loans to SMEs • $6. 9 billion in new loans to small and over four years (2020–2023) medium-sized enterprises (SMEs) 77% achieved to date • Gr ow our commercial banking Indigenous • 23% growth in commercial banking business by 10% in 2020 Indigenous business Belonging • At least 30% women and at least 30% • 40% women on the CIBC Board of at work men on the CIBC Board of Directors Directors • At a minimum, between 35% and 40% • 33% women in board-approved women in board-approved executive roles executive roles (Global) by 2022 (Global) • A t least 22% visible minorities in • 20% visible minorities in board-approved board-approved executive roles by executive roles (Canada) 2022 (Canada) • 4% Black leaders in board-approved • 3% leaders from the Black community in executive roles by 2023 (Canada) board-approved executive roles (Canada) • 8%–9% of external hires in 2020 are • 5% of external hires are persons with X(3) persons with disabilities (Canada) disabilities (Canada)(3) • 2% of external hires in 2020 are • 3% of external hires are Indigenous Indigenous peoples (Canada) peoples (Canada) • At least 5% of student recruitment from • Student recruitment from the Starting in 2021 the Black community Black community Employee • CIBC’ s employee engagement score • CIBC’ s engagement score of 90% was engagement >109% of the Willis Towers Watson 111% of the Willis Towers Watson global global fnancial services norm fnancial services norm • V oluntary turnover <12.5% in 2020 • 7.3% voluntary turnover (Canada) (Canada) • 100% of employees will have • 100% of employees had performance performance reviews in 2020 reviews Community • $350 million in total corporate • Invested $75 million in community relationships and employee giving over fve years organizations across Canada and the U.S. 44% (2019–2023) achieved to date ($154 million) Business • 100% employee completion rate for • 100% of employees completed CIBC ethics ethical training on our Code of Conduct ethical training on our Code of Conduct (1) Cases against CIBC by the Ofce of the Privacy Commissioner of Canada. (2) Represents the cumulative results of 2018 through 2020. (3) The full picture of our hiring for persons with disabilities is likely not refected due to low self-disclosure in the survey utilized for data collection. CIBC 2020 ANNUAL REPORT i Our response to COVID-19 The COVID-19 pandemic triggered signifcant economic disruption and public health concerns around the world. From the largest corporations to families planning for their future, many clients faced a crisis that afected their immediate well-being and put their long-term ambitions at risk. Drawing on our 153-year history of being there for our clients in challenging times, everyone across our bank immediately understood the role we needed to play – for our clients, for our communities, and for each other. And we did. From our teams in Asia and Europe who were frst to initiate business continuity plans to support our clients through the pandemic, to our teams across North America who were proactive in preparing for this disruption and stepped forward when called on, our global team delivered for all of our stakeholders and honoured our history. ii CIBC 2020 ANNUAL REPORT Our team Our clients Our communities Our global team of 44,000 was the As the disruption caused by COVID-19 As the impacts of COVID-19 continue driving force behind our strong, client- created pressure on the fnances of to be felt across our communities, our focused response to the pandemic. individuals, families and businesses promise is to help revive the sector Protecting their health and well-being, alike, our entire bank leaned in with by harnessing our investments and along with that of our clients and purpose as we leveraged the strength genuinely caring culture. This includes our communities, has been our and commitment of our team to helping through our people and top priority. implement a range of support fnancial support. As public health measures were measures to help our clients during To date Team CIBC has delivered being enacted, an unprecedented a challenging time. nearly 1,000 hours of COVID-19 70% of our team members switched During the year, we assisted more related volunteer time. In addition, to working remotely. We stayed than 500,000 clients facing fnancial we increased donations for those connected and focused on our hardship through payment deferral most at risk and reassured our clients thanks to our investments in programs on mortgages, loans and community partners that our support technology and collaboration tools credit cards, and reduced interest would remain in place.