Q1 2020 Fixed Income Investor Presentation

7 Canadian Labour Market Profile Percentage change from February 2008 15% 10% 5% Total Employment -Canada -Germany Strong Job Creation Record United States -United Kingdom • 0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 -5% • Canada regained all jobs lost during the recession by January 2010, before the United Kingdom and the United States Net employment increases in Canada and the United States from February 2008 to January 2020 are 2,243,900 and 14,225,000, respectively Participation rate consistently higher than in the U.S. and the U.K. -10% Unemployment Rate -Canada United States 14% 13% -United Kingdom Eurozone 12% Participation Rate -Germany 70% -Canada United States -United Kingdom 68% 11% 10% 66% 9% 8% 7% 64% 6% 5% 62% 4% 3% 60% 2% T 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 CIBC Source: Bloomberg (Index) - CANLNETJ, CANLEMPL, UKLFEMCH, UKLFEMPF, USEMNCHG, NFP T, CANLXEMR, UKEUILOR, USURTOT, UMRTEMU, CANLPRTR, UKLFMGWG and PRUSTOT. CIBC Q1 2020 Fixed Income Investor Presentation

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