Investor Presentaiton

Canadian House Prices Average Home Price • Absolute price level is moderate compared to major global urban centers City CAD USD Eq. Canada 607K 462K Canadian debt to income ratio in line with many developed nations Growth rates of house prices in Canada have diverged across regions Toronto 898K 683K Vancouver 1045K 795K Calgary 420K 319K Montreal 418K 318K 300 250 200 150 100 50 Household Debt to Income Ratio Household Debt to Income Ratio Average Denmark Netherla... Norway Australia Source: OECD, 2018 or latest available. Household debt ratios across countries can be significantly affected by different institutional arrangements, among which tax regulations regarding tax deductibility of interest payments. Sweden Canada Ireland U.K. France Japan U.S. Germany Source: CREA, October 2020, 11 USD = 1.3150 CAD Housing Index Year over Year Change, by City CIBC 35% -Canada Toronto -Vancouver -Calgary -Montreal 30% 25% 20% 15% 10% 5% 0% Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec 12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 -5% -10% Source: Bloomberg, Teranet - National Bank House Price Index -15% CIBC Fixed Income Investor Presentation | 38

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