CIBC Q1 2019 Fixed Income Investor Presentation

Canadian House Prices . Absolute price level is moderate compared to major global urban centers • 300 250 200 150 100 50 Canadian debt to income ratio in line with many developed nations Growth rates of house prices in Canada have diverged across regions Household Debt to Income Ratio Household Debt to Income Ratio Average Home Price City CAD USD Eq.1 Canada 472K 346K Toronto 764K 580K Vancouver 1032K 776K Calgary 414K 312K Montreal 349K 266K III Average 35% 30% Canada Toronto Vancouver - Calgary Montreal 25% 20% 15% 10% 5% 0% Source: CREA, January 2019 11 USD 1.3144 CAD Housing Index Year over Year Change, by City -10% 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 -5% Germany -15% Source: Bloomberg, Teranet - National Bank House Price Index CIBC 0 Denmark Netherla... Norway Australia Sweden Canada Ireland U.K. France Japan U.S. Source: OECD, 2017 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. CIBC Q1 2019 Fixed Income Investor Presentation 33

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