Q1 2020 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 (November 2019) Exports: Top 25 Industries (2019) Iron and Steel Mills and Ferro-Alloy Manufacturing. Seafood Product Preparation and Packaging, 1% Accommodation and food services, 2% Arts, entertainment and. recreation, 1% Health care and social. assistance, 7% Educational services, 5%. Other services (except public administration), 2% Agriculture, forestry, _fishing and hunting, 2% Mining, quarrying, and oil and gas extraction, 7% Manufacturing, 10% Public administration, 7%- Administrative and support, waste management and remediation services, 3%- Professional, scientific and. technical services, 6% Paper Mills, 1% Starch and Vegetable Fat and. -1% Oil Manufacturing, 1% Commercial and Service Industry Machinery Manufacturing, 1% Oilseed (except Soybean) Farming, 1% Construction, 7% Utilities, 2% Transportation and warehousing, 4% Information and cultural industries, 3% Other Plastic Product Manufacturing, 1%. Navigational, Measuring, Medical and ControPre Mining, 1% Instruments Manufacturing,. 1% Coal Mining, 1%. Wheat Farming, 1%. Pulp Mills, 1%. Engine, Turbine and Power Transmission Equipment Manufacturing, 1% Resin and Synthetic Rubber Manufacturing, 1% Animal Slaughtering and. Processing, 1% Sawmills and Wood Preservation, 1% Alumina and Aluminum Production and Processing, 2% Other Non-Metallic Mineral Mining and Quarrying, 2% Non-Ferrous Metal (except Aluminum) Smelting and Refining, 2% Pharmaceutical and Medicine Manufacturing, 2% Gold and Silver Ore Mining,. 3% Aerospace Product and Parts Manufacturing, 3% Source: Statistics Canada Wholesale trade, 5% Real Estate, 13% LRetail trade, 5% Finance and Insurance, 7% Source: Statistics Canada 1 Percentages may not add up to 100% due to rounding. CIBC Q1 2020 Fixed Income Investor Presentation Others, 39% 9 Oil and Gas Extraction, 17% Petroleum Refineries, 3% Automobile and Light-Duty Motor Vehicle Manufacturing, 9%

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