CIBC Q1 2019 Fixed Income Investor Presentation

7 Canadian Labour Market Profile Percentage change from January 2008 Total Employment 15% -Canada -Germany 10% 5% United States -United Kingdom 0% -5% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 -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 January 2008 to January 2019 are 1,947,000 and 12,165,000, respectively Participation rate holding higher than in the U.S. and the U.K. Participation Rate -Germany 70% -Canada United States -United Kingdom 68% -Canada United States 14% 13% -United Kingdom Eurozone 12% 11% 10% 9% 8% 7% 6% 5% 4% 3% 2% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 66% 64% 62% 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 Q1 2019 Fixed Income Investor Presentation

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