Investor Presentaiton

Mortgage Market Performance and Urbanisation Rates Source: Canadian Banker's Association Canada has one of the highest urbanisation rates in the G7 Almost 40% of the Canadian population lives in one of the four largest cities A greater rate of urbanisation is a strong contributor to increases in property values Source: CML Research, CBA, MBA. *Mortgage Canada and UK or in foreclosure process in the US 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 arrears of 3+ months in 5.0% 4.5% Canada -U.K. U.S. 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% 2010 2011 Mortgage Arrears by Number of Mortgages 2012 2013 2014 2015 2016 2017 2018 2019 2020 Canadian mortgages consistently outperform U.S. and U.K. mortgages Low defaults and arrears reflect the strong Canadian credit culture Mortgage interest is generally not tax deductible, resulting in an incentive for mortgagors to limit their amount of mortgage debt In most provinces, lenders have robust legal recourse to recoup losses Mortgage arrears have steadily declined from high of 0.45% in 2009 to 0.24% in May 20201 40% 35% 30% % of Population €25% 20% 15% * 10% 5% 0% Canada Population in Top Four Cities U.K. U.S. Germany Source: 2014 Census for France, 2016 Census for Canada, 2011 Census for UK, Germany; 2010 Census for US France CIBC Fixed Income Investor Presentation | 37 CIBC

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