Q2 2019 Fixed Income Investor Presentation

Canadian Mortgage Market World Home Prices Per Square Foot (USD) House Price & Household Income Growth $2,446 Hong Kong 375 London $1,876 350 Tokyo New York $1,516 $1,398 325 300 Paris $1,189 275 Shanghai $1,099 250 Vancouver $1,080 225 San Francisco Sydney Stockholm Boston Toronto Copenhagen Montreal $1,000 200 $995 175 5952 $924 Source: Global Property Guide, OREB, CREB GMREB, MAR, TREB, CAR, REBGV (2018) 150 125 $858 100 $606 75 $454 50 Calgary $370 Ottawa/Gatineau $347 1991 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 80% 70% 60% 50% 40% 30% Consistently High Owner's Equity² United States 1991 1993 1995 1997 1999 -Canada 2001 2003 2005 2007 Source: Federal Reserve, Statistics Canada 2 Indexed CIBC Q2 2019 Fixed Income Investor Presentation 2009 2011 2013 2015 2017 12% 10% 8% 6% 4% 2% 0% CREA National Average Price Canadian Household Disposable Income - OECD Canada Wages Value м 1993 1995 1997 1999 2001 2003 2005 Source: Bloomberg, CREA 2007 2009 2011 2013 2015 2017 Household Debt Service Ratio¹ -Canada United States 1991 1993 1995 1997 1999 Source: Federal Reserve, Statistics Canada 1 Includes interest component only 2001 2003 2005 2007 2009 2011 2013 2015 2017 CIBC 35 55

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