Covered Bond Program Overview

Canada's Economic Outlook Post COVID • . Real GDP increased to 1.1% in February 2022 which marks the 9th straight month that economic output has done so and 4th straight month above pre-pandemic levels Residential construction has increased 16% above pre-pandemic levels Unemployment rate of core-aged workers (people aged 25-54) was 4.3% which is the lowest on record unemployment is forecasted to fall - further into the later half of 2022 and 2023 Work from home figures have decreased over 5% since January 2022 signalling a gradual return to the office (%) 110 Real GDP Trend 105 100 95 90 85 T T 2019 2020 2021 -Pre-crisis output path 2022 2023 Current output path 14 12 10 00 8 6 + 2 Unemployment Rate Expected to Fall 0 2019 2020 2021 2022 2023 % of labour force CIBC◇ Source: Statistics Canada, Canadian Economic Dashboard and COVID-19 Monthly update - May 2022, OECD Economic Outlook Volume 2021 Issue 2 Forecast Forecast 13

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