Q3 2019 Fixed Income Investor Presentation

7 Canadian Labour Market Profile Percentage change from February 2008 15% 10% 5% -Canada -Germany Total Employment United States -United Kingdom 0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 -5% -10% Unemployment Rate Strong Job Creation Record • Canada regained all jobs lost during the recession by January 2010, before the United Kingdom and the United States • • Net employment increases in Canada and the United States from February 2008 to June 2019 are 2,127,700 and 12,889,000, respectively Participation rate holding higher than in the U.S. and the U.K. Participation Rate -Canada United States 14% -Germany 70% 13% -United Kingdom Eurozone 12% 68% 11% 10% 66% 9% 8% 64% 7% 6% 5% 62% 4% 3% 2% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 - -Canada United States -United Kingdom 60% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 CIBC Source: Bloomberg (Index) - CANLNETJ, CANLEMPL, UKLFEMCH, UKLFEMPF, USEMNCHG, NFP T, CANLXEMR, UKEUILOR, USURTOT, UMRTEMU, CANLPRTR, UKLFMGWG and PRUSTOT. CIBC Q3 2019 Fixed Income Investor Presentation

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