February 2016 CONFIDENTIAL CIBC Capital Markets We are a strong banking partner dedicated to delivering integrated and customized financial solutions that meet the unique needs and challenges of our clients across the globe.

1 CONFIDENTIAL Welcome to CIBC Capital Markets Our seasoned professionals partner with corporations, governments and institutions in key financial centres around the world to develop customized solutions that draw on the breadth of our capabilities We strive to forge strong and deep relationships with each client enabling us to understand and address their unique challenges and needs And, we keep our eye on the future by continually evolving our products, services and support to help our clients keep pace with market developments We help our clients raise capital, grow and invest to drive their business strategies.

2 CONFIDENTIAL Our Parent Company With 44,000 employees worldwide, CIBC provides a full range of financial products and services to nearly 11 million individual, small business, commercial, corporate and institutional clients in Canada and around the world through three businesses –Retail & Business Banking, Wealth Management and CIBC Capital Markets CIBC is the strongest publicly traded bank in Canada – and the only North American bank in the ranking for the last five years 1 1 Bloomberg Markets, Source: CIBC Annual report – IFRS as at Oct 31, Moody’s and S&P changed the outlook to negative on senior debt ratings. Quick Facts (as of October 31, 2015) 2 Revenue:$ 13.9 billion Net Income:$ 3.6 billion Total Assets:$ billion Market Capitalization:$ 39.8 billion Tier 1 Capital Ratio:10.8% Credit Rating 3 :Moody’s: Aa3, S&P: A+ CIBC (TSX, NYSE: CM), a leading Canadian-based global financial institution with a reputation for excellent client service, reliability and leading technology solutions.

3 CONFIDENTIAL CIBC Capital Markets Locations The AmericasGlobal Offices We have a strong domestic and global presence enabling us to respond quickly to the needs of our clients located around the world.

4 CONFIDENTIAL What We Do Access to Capital Debt Financing Equity Financing Corporate Lending Trade Finance Securitization Prime Brokerage Margin Financing Securities Lending Capital Introduction Correspondent Brokerage Research Economics Equity Research Macro Strategy Portfolio Strategy & Quantitative Research Technical Analysis Advisory Mergers & Acquisitions Acquisitions Divestitures Mergers Recapitalizations Fairness Opinions & Valuations Strategic Defense Reorganizations Treasury Management Cash Management & Deposits Global Banks: Payment Solutions Risk Management Solutions Investing & Risk Management Asset Classes Fixed Income Foreign Exchange Commodities Equities Growth Markets Sales & Trading Idea Generation Execution Electronic Execution Tailored Products CIBC Capital Markets Our specialists leverage the breadth of our organization to create tailored solutions for different client needs.

5 CONFIDENTIAL CIBC Capital Markets Business Units CIBC Capital Markets Global Markets CommoditiesDerivatives Electronic ExecutionEquities Fixed Income Foreign Exchange Growth MarketsMoney Market Prime BrokerageResearch SecuritizationStructured Notes Trading & Hedging Solutions Global Investment Banking 1 Debt Capital Markets Equity Capital Markets Mergers and Acquisitions (M&A) Corporate Banking 1 Corporate Cash Management Corporate Lending & Syndicated Loans Global Banks Diversified IndustriesFinancial Sponsors Project Finance & Infrastructure EnergyMining Real Estate Financial InstitutionsPower & UtilitiesTechnology, Media & Telecommunications (TMT) Industry Expertise 1 Global Investment Banking and Corporate Banking are combined in external reporting. Our product and service offering is based on deep market knowledge across three inter-linked business units.