Q2 2019 Fixed Income Investor Presentation

Canada GDP and Exports Well diversified economy, with several key industries including finance, manufacturing, services and real estate Following the 2007-2008 global recession, the diversity had been a stabilizing factor and led to strong economic performance relative to other industrialized nations Monthly GDP (March 2019) Accommodation and food services, 2% Arts, entertainment and. recreation, 1% Health care and social assistance, 7% Other services (except public administration), 2% Agriculture, forestry, fishing and hunting, 2% Mining, quarrying, and oil and gas extraction, 7% Starch and Vegetable Fat and Oil Manufacturing, 1% Exports: Top 25 Industries (2018) Other Plastic Product Manufacturing, 1%, Navigational, Measuring, Medical and Control Instruments Manufacturing,. 1% Iron and Steel Mills and Ferro-Alloy Manufacturing, 1% Oilseed (except Soybean) Farming, 1% Iron Ore Mining, 1% Recyclable Metal Wholesaler-Distributors, 1% Veneer, Plywood and _ Engineered Wood Product Manufacturing, 1% Educational services, 5%. Public administration, 7%. Administrative and support, waste management and remediation services, 3%- Professional, scientific and technical services, 6% Manufacturing, 11% Paper Mills, 1%. Wheat Farming, 1%. Animal Slaughtering and. Processing, 1% Coal Mining, 1% Construction, 7% Resin and Synthetic Rubber. Manufacturing, 1% Utilities, 2% Transportation and warehousing, 5% Information and cultural industries, 3% Engine, Turbine and Power Transmission Equipment Manufacturing, 1% Pulp Mills, 2% Other Non-Metallic Mineral Alumina and Aluminum. Mining and Quarrying, 2% Production and Processing, Non Ferrous Metal (except. Aluminum) Smelting and Refining, 2% 2% Wholesale trade, 5% Real Estate, 13% LRetail trade, 5% Finance and Insurance, 7% Source: Statistics Canada CIBC Q2 2019 Fixed Income Investor Presentation Others, 39% Pharmaceutical and. Medicine Manufacturing, 2% Aerospace Product and Parts Manufacturing, 3% Petroleum Refineries, 4% Sawmills and Wood Preservation, 2% Gold and Silver Ore Mining, 3% Source: Statistics Canada 9 Oil and Gas Extraction, 16% Automobile and Light Duty Motor Vehicle Manufacturing, 9% CIBC

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