Covered Bond Program Overview

Canadian Economy Selected Indicators Unemployment Rate (%) 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 ---Canada (official rate) -US -Canada (comparable) 1 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Source: Statistics Canada; U.S. Bureau of Labor Statistics, April 2022 GDP Indexed to 2007 • • • Canada's unemployment rate less volatile in the past decade, and not directly comparable to the United States unemployment rate¹ As measured by GDP indexed to 2007, the Canadian economy has outperformed most other major economies since the financial crisis of 2008 Canadian savings rate consistently positive over the past decade 20 20 125 15 Canada 120 France 10 115 -Germany -Italy (%) 110 5 ―Japan 105 -United Kingdom 0 100 United States 2006 2007 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 95 -5 90 Australia -10 -Germany 85 80 Source: IMF, World Economic Outlook Database, October 2021 CIBC Household Net Savings Ratio 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 -Canada -Norway Denmark -Finland Sweden -United States Source: OECD, 2021 or latest available 1. Certain groups of people in Canada are counted as unemployed, but are deemed as not participating in the labour force in the U.S. - e.g. job seekers who only looked at job ads, or individuals not able to work due to family responsibilities. 2020 2021 11

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