Mr. Victor Dodig reports

CIBC RELEASES 2023 ESG DISCLOSURES UPDATING ITS PROGRESS TOWARD A MORE SUSTAINABLE FUTURE

Canadian Imperial Bank of Commerce has releaed its annual environmental, social and governance (ESG) disclosures that include the 2023 sustainability report and public accountability statement and the 2023 climate report. The disclosures provide an update on the bank's ESG progress and outline how the bank is helping to drive positive change toward a more sustainable future.

"Our commitment to enabling a more secure, equitable and sustainable future has never been more important as we live our purpose of helping make ambitions real," said Victor G. Dodig, CIBC president and chief executive officer. "Banks are uniquely positioned to help address some of our biggest social and environmental challenges and we have a shared responsibility to act -- across our bank and the broader community."

Key highlights from the reports include the following.

Building integrity and trust:

• Advanced the evolution of its artificial intelligence (AI) governance and risk management processes. This includes generative AI guidelines for all CIBC team members, creation of a generative AI adoption and oversight council, and trustworthy AI principles, which are the foundation of its AI governance program;
• Enhanced its data ethics impact and risk assessment process to ensure it consistently enhances how it identifies ethical data risks, including impacts on clients, employees and its brand;
• Received five awards for its mobile banking services, which recognized CIBC for its client experience, innovative features, security and ease of use. These include No. 1 ranking overall in Surviscor's consumer mobile banking experience and tying for No. 1 ranking in customer satisfaction in the J.D. Power 2023 Canada banking mobile app satisfaction study.

Creating access to opportunities:

• Increased the share of women in board-approved executive roles to 39 per cent women and increased representation of people of colour in board-approved executive roles to 25 per cent (globally);
• Provided more than $66-million globally in corporate and team CIBC contributions to community investment initiatives, with a focus on supporting persons with disabilities, indigenous peoples and members of the black community;
• Named as the inaugural recipient of 2023 employment equity achievement award for indigenous reconciliation from the Canadian federal labour program for its commitment to partnerships with indigenous communities, innovative approaches to indigenous recruitment and reconciliation-focused training for Canadian team members.

Accelerating climate action:

• Achieved a 26.3-per-cent cumulative reduction in absolute greenhouse gas emissions (scope 1 and 2) from its operations in Canada and the United States since 2018 and it is on track to reach its goal of 30-per-cent reduction by 2028;
• Became platinum certified for leadership in energy and environmental design (LEED), the highest level of achievement under the LEED building rating system, for its workplace at CIBC Square, its global headquarters;
• Announced a 2030 interim net-zero target for its automotive manufacturing portfolio and demonstrated continued progress toward its 2030 interim net-zero targets for its oil and gas and power generation portfolios;
• Disclosed the absolute financed emissions for three new portfolios in addition to providing updates to previously disclosed portfolios using the partnership for carbon accounting financials (PCAF) methodology.

"In 2023, we focused on executing against our sustainability priorities and furthering initiatives across our bank to contribute to a more inclusive and prosperous future," said Kikelomo Lawal, CIBC executive vice-president, chief legal officer and chair of the senior executive ESG council. "We will continue to advance our progress, drive positive change and enable a more sustainable and inclusive future for our clients, team members, communities and the planet."

CIBC's sustainability report has been prepared with reference to the global reporting initiative (GRI) standards and mapped to the United Nations sustainable development goals.

About Canadian Imperial Bank of Commerce

CIBC is a leading North American financial institution with 14 million personal banking, business, public sector and institutional clients.

We seek Safe Harbor.