Investor Relations Bi-Weekly Friday, September 5, 2014 Vol. 12:12 Performance, Valuation Metrics, And Analyst Estimates CAD Banks CIBC Royal Bank Bank of Montreal Scotiabank TD Bank National Bank Ticker Market Cap (($B)) Share Price (($)) Rating g Target Price (($)) 13A 14E CM RY BMO BNS TD NA 42.07 116.42 54.52 87.72 106.01 17.34 105.96 80.76 84.34 72.07 57.48 52.87 Hold Hold Hold Hold Buy Hold 107.78 85.97 86.11 76.54 61.56 52.62 8.78 5.58 6.30 5.14 3.73 4.21 8.79 6.17 6.60 5.55 4.35 4.48 Cash EPS Adj ($) YoY ((%)) 15E 0.1 10.6 4.8 7.9 16.5 6.4 9.27 6.54 7.00 5.90 4.66 4.74 7.7 Big 6 Average S&P/TSX Banks STBANKX 436.09 2,865.14 CAD Insurers ManuLife SunLife Industrial Alliance GreatWest Lifeco. MFC SLF IAG GWO 40.73 25.17 4.80 32.11 21.92 41.15 48.00 32.15 S&P/TSX Insurers S&P/TSX Fin'ls S&P/TSX Comp STINSU STFINL SPTSX 161.31 728.40 2,148.53 1,241.64 2,337.04 15,569.92 BAC FITB JPM GS C WFC 168.46 16.99 225.34 81.83 158.56 269.63 16.02 20.37 59.91 179.75 52.30 51.65 BKX BPRBANK BEBANKS BWBANK 1,236.25 2,141.36 1,194.06 6,180.50 71.81 165.85 111.61 140.80 US Money Centres Bank of America Fifth Third JP Morgan Chase Goldman Sachs Citibank Wells Fargo US Banks Asian Banks European Banks World Banks YoY ((%)) T1Q 5.5 6.0 6.0 6.5 7.2 5.9 12.1 14.5 13.4 14.0 15.4 12.6 6.2 13.7 P/E Ratio 14E 15E Dividend Yield ((%)) Next Ex-Div BVPS (($)) Price to Book 12.1 13.1 12.8 13.0 13.2 11.8 11.4 12.3 12.1 12.2 12.3 11.2 3.68 3.42 3.60 3.50 3.12 3.47 9/25/2014 10/23/2014 10/30/2014 10/3/2014 10/1/2014 9/23/2014 43.02 32.58 46.69 36.34 27.44 25.23 2.46 2.48 1.81 1.98 2.10 2.10 23.3 18.6 19.7 17.0 23.4 20.6 115.0 73.6 104.4 95.6 104.1 115.7 12.7 11.9 3.47 35.22 2.15 20.42 101.4 3.52 1339.14 2.14 20.2 94.5 2.49 3.50 2.14 3.83 14.92 25.38 32.47 16.04 1.47 1.62 1.48 2.00 21.8 21.6 4.9 3.7 20.2 66.9 91.5 60.6 2.98 3.32 2.65 802.23 1252.18 7452.46 1.55 1.87 2.09 15.4 18.6 19.3 46.1 85.9 63.0 0.50 2.41 2.57 1.22 0.08 2.52 21.16 18.32 55.53 164.34 66.76 30.88 0.76 1.11 1.08 1.09 0.78 1.67 15.2 8.9 18.6 13.2 7.3 24.4 -4.3 111.9 56.9 17.4 8.2 112.6 1.84 4.71 3.18 3.36 63.80 141.05 113.78 120.00 1.13 1.18 0.98 1.17 13.8 6.5 7.9 8.0 72.6 46.8 6.5 47.5 13.4 Buy Hold Buy Hold 25.06 43.80 52.75 33.73 1.34 2.73 3.47 2.08 1.59 3.01 3.68 2.50 19.0 10.3 6.1 20.1 1.86 3.25 4.20 2.77 16.9 7.9 14.0 10.8 10.9 12.5 11.9 14.1 13.8 13.7 13.0 12.9 11.8 12.7 11.4 11.6 12.8 13.8 20.0 Hold Hold Buy Hold Buy Hold 17.77 23.23 66.61 180.13 58.08 54.98 1.16 1.99 5.70 16.10 4.34 3.89 1.38 1.71 5.54 16.48 4.79 4.10 1.51 1.80 6.01 17.14 5.39 4.28 1 8.6 -1 4.0 -2.8 2.3 1 0.4 5.3 9.6 5.2 8.5 4.0 12.4 4.3 10.4 10.3 9.7 10.2 10.1 12.8 11.6 11.9 10.8 10.9 10.9 12.6 10.6 11.3 10.0 10.5 9.7 12.1 12.5 7.3 57.6 11.4 CIBC P/BV Ratio vs. Average of Big 6 Banks (Ex. CM) CIBC Performance vs. Banks Index CM 1.00 Big 6 Sept. 5, 2014 2.46 2.6 0.95 TSR (%) F-YTD 5-Yr Sept. 5, 2014 0.91 2.4 2.2 2.0 0.90 1.8 Sept. 5, 2014 2.09 1.6 0.85 1.4 1.2 0.80 Nov 2011 1.0 Jan Mar 2012 2012 May 2012 Jul 2012 Sep 2012 Nov 2012 Jan Mar 2013 2013 May 2013 Jul 2013 Sep 2013 Nov 2013 Jan Mar 2014 2014 May 2014 Jul 2014 Sep 2014 Jan 2012 CIBC YTD Dividend Yield vs. 10 Year Bond Yield Mar 2012 May 2012 Jul 2012 Sep 2012 Nov 2012 Jan 2013 Mar 2013 May 2013 Jul 2013 Sep 2013 Nov 2013 Jan 2014 Mar 2014 May 2014 Jul 2014 Sep 2014 CIBC P/E Ratio vs. Average of Big 6 Banks (Ex. CM) 3.00 2.80 Sept. 5, 2014 1.78 2.60 2.40 0.98 Sept. 5, 2014 0.95 2.20 2.00 1.80 +1 Std Dev 0.93 1.60 1.40 10 Yr Historical average 10-Yr 1.20 1.00 0.88 0.80 -1 Std Dev 0.60 0.40 0.20 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 2012 2012 2012 2012 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2014 2014 2014 2014 2014 2014 2014 2014 2014 For internal use only 0.83 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 12 12 12 12 12 13 13 13 13 13 13 13 13 13 13 13 13 14 14 14 14 14 14 14 14 14 Page 2 of 2
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