Q1 2020 Fixed Income Investor Presentation

Canadian Mortgage Market World Home Prices Per Square Foot (USD) Hong Kong 375 $2,446 350 London $1,876 325 Tokyo New York Paris $1,516 $1,398 300 $1,189 275 Shanghai Vancouver San Francisco Sydney Stockholm Boston Toronto Copenhagen Montreal $1,099 250 $1,080 225 $1,000 200 $995 175 5952 $924 Source: Global Property Guide, OREB, CREB GMREB, MAR, TREB, CAR, REBGV (2018) 150 125 $858 100 $606 $454 Calgary $370 55 75 50 Ottawa/Gatineau $347 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 80% 70% 60% 50% 40% Consistently High Owner's Equity² -Canada 2011 2013 2015 2017 2019 30% 1991 1993 Source: Federal Reserve, Statistics Canada 2 Indexed CIBC Q1 2020 Fixed Income Investor Presentation 1995 1997 1999 2001 United States 2003 2005 2007 2009 12% 10% 8% 6% 96 4% 28º 2% 0% House Price & Household Income Growth 1991 1993 1995 -CREA National Average Price Canadian Household Disposable Income OECD Canada Wages Value M 1997 1999 2001 2003 Canada United States Household Debt Service Ratio¹ 2005 2007 2009 2011 2013 2015 Source: Bloomberg, CREA 2017 2019 1991 1993 1995 1997 1999 2001 Source: Federal Reserve, Statistics Canada 1 Includes interest component only 2003 2005 2007 2009 2011 2013 2015 2017 2019 CIBC 36

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