CIBC Managed Income Portfolio. Annual Management Report of Fund Performance

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1 CIBC Managed Income Portfoio Annua Management Report of Fund Performance for the financia year ended December 31, 2014 A figures are reported in Canadian doars uness otherwise noted This annua management report of fund performance contains financia highights but does not contain the compete annua financia reports of the investment fund If you have not received a copy of the annua financia reports with this annua management report of fund performance, you can get a copy of the annua financia reports at your request, and at no cost, by caing us to-free at , by writing to us at CIBC, 18 York Street, Suite 1300, Toronto, Ontario, M5J 2T8, or by visiting wwwcibccom/mutuafunds or the SEDAR website at wwwsedarcom Unithoders may aso contact us using one of these methods to request a copy of the investment fund s proy voting poicies and procedures, proy voting discosure record, or quartery portfoio discosure Management Discussion of Fund Performance Investment Objective and Strategies Investment Objective: CIBC Managed Income Portfoio (the Portfoio) seeks to create a diversified portfoio by aocating its investments across a baanced bend of asset casses Within the asset casses, the Portfoio wi invest primariy in Mutua Funds incuding savings, income, and growth funds (the Underying Funds) The Portfoio wi focus primariy on generating a high eve of reguar income, with a secondary focus on modest capita growth Investment Strategies: The Portfoio empoys a ong-term strategic asset mi weighting among the Underying Funds of 5% savings, 75% income, and 20% growth funds Whie the asset mi of the Portfoio is not generay activey managed, a review and change of the strategic asset mi may be necessary in order to meet the investment objective The Portfoio may aso rebaance the mi of the Underying Funds to reaign the weightings within the strategic asset mi Risk The Portfoio is a Canadian fied income baanced portfoio that is suitabe for short- to medium-term investors who can toerate ow investment risk For the period ended December 31, 2014, the Portfoio s overa eve of risk remains as discussed in the simpified prospectus Resuts of Operations The portfoio advisor of the Portfoio is CIBC Asset Management Inc (CAMI or the Portfoio Advisor) CAMI directy provides investment management services to this Portfoio for which CIBC Goba Asset Management Inc previousy acted as portfoio sub-advisor The commentary that foows provides a summary of the resuts of operations for the period ended December 31, 2014 A doar figures are epressed in thousands, uness otherwise indicated The Portfoio's net asset vaue increased by 35% during the period, from $1,265,056 as at December 31, 2013 to $1,706,882 as at December 31, 2014 Net saes of $368,352 and positive investment performance resuted in an overa increase in net asset vaue Cass A units of the Portfoio posted a return of 52% for the period The Portfoio s primary benchmark is the FTSE TMX Canada Universe Bond Inde (the benchmark), which returned 88% for the same period The Portfoio s return is after the deduction of fees and epenses, unike the benchmark See Past Performance for the returns of other casses of units offered by the Portfoio The Portfoio has target aocations of 700% Canadian fied income securities, 80% US equities, 70% internationa equities, 50% Canadian equities, 50% goba fied income securities, and 50% Canadian money market securities The Portfoio s eposure to short-term bonds detracted from performance, as short-term bonds underperformed their onger-term counterparts The Canadian and US economies improved over the period, which ed to the epectation of moderatey higher bond yieds Instead, bond yieds fe gobay as a resut of actions taken by the European Centra Bank to stimuate growth in the eurozone, which drove short-term bond yieds into negative territory overseas The Bank of Japan aso took steps to support economic growth and stave off defation in that region This contributed to record ow interest rates in Europe and Japan and decining bond yieds in Canada Meanwhie, the US Federa Reserve Board graduay reduced its stimuus measures, ending its monthy purchases of bonds and mortgage-backed securities in the fourth quarter The reative strength of the US economy boosted the vaue of the US doar, which had a negative impact on the abiity of emerging markets governments and corporations to refinance their US doar debt Instabiity in emerging markets economies supported bond prices in deveoped markets, incuding Canada Underying funds CIBC Canadian Short-Term Bond Inde Fund and Renaissance Corporate Bond Fund, detracted from performance reative to the Portfoio s primary benchmark, whie underying funds CIBC Canadian Bond Fund and CIBC Goba Bond Fund contributed to performance The Portfoio s eposure to US equities contributed to its performance, whie its eposure to Canadian and non-us internationa equities detracted from performance Geopoitica issues

2 CIBC Managed Income Portfoio in eastern Europe and the Midde East had a negative impact on investor sentiment over the period and contributed to goba equity market voatiity The US equity market outperformed other regions, whie Europe and emerging markets agged The Canadian equity market posted modest gains Toward the end of the year, however, energy stocks decined sharpy as the price of oi fe more than 50% from its mid-year high This sharp decine was primariy the resut of ower goba growth and demand forecasts, a rising suppy of oi, and a stronger US doar The ower price of oi had a negative impact on the Canadian equity market, as the energy sector is the market s second argest Emerging markets strugged as a resut of sowing economic growth in China, economic issues in Russia, faing commodity prices, and a strong US doar Underying funds CIBC Internationa Equity Fund and CIBC Canadian Equity Vaue Fund detracted from performance reative to the Portfoio s benchmark Underying fund CIBC US Broad Market Inde Fund contributed to performance During the period, the higher portfoio turnover rate was a resut of a re-optimization of the underying funds hed in the Portfoio Recent Deveopments On January 21, 2015, the Bank of Canada owered its target rate by 025% to 075%, ending its ongest period of inactivity since the 1950s This decision is in response to the recent sharp drop in oi prices, which wi be negative for growth and underying infation in Canada On January 1, 2014, CIBC Asset Management Inc, CIBC Asset Management Hodings Inc, CIBC Private Investment Counse Inc, and CIBC Goba Asset Management (CGAM) were amagamated to form one ega entity, CIBC Asset Management Inc, a whoy-owned subsidiary of Canadian Imperia Bank of Commerce (CIBC or the Manager) This amagamation has no impact on the business, operations, or affairs of the Portfoio CAMI wi continue to act as portfoio advisor of the Portfoio and wi directy provide investment management services to the Portfoio, for which CGAM previousy acted as sub-advisor CAMI is the asset management arm of CIBC Internationa Financia Reporting Standards (IFRS) Investment companies that are pubicy accountabe enterprises or investment funds to which Nationa Instrument Investment Fund Continuous Discosure is appicabe, are required to adopt IFRS for the first time for interim financia reports and annua financia statements reating to annua periods beginning on or after January 1, 2014 As a resut, the Portfoio adopted IFRS as of January 1, 2014 and is pubishing its first annua financia statements, prepared in accordance with IFRS for the year ended December 31, 2014 The 2014 interim financia reports and annua financia statements incude 2013 comparative financia information and opening Statements of Financia Position as at January 1, 2013 As at December 31, 2014, the impact of the Portfoio's transition to IFRS is summarized as foows: Under IFRS, the Portfoio measures the fair vaue of its investments using the guidance in IFRS 13 Fair Vaue Measurement, which requires that if an asset or a iabiity has a bid price or an ask price, then its fair vaue is to be based on a price within the bid-ask spread that is most representative of fair vaue It aso aows the use of mid-market pricing or other pricing conventions that are used by market participants as a practica epedient for fair vaue measurements within a bid-ask spread The Portfoio has adopted accounting poicies for the vauation of investments to utiize mid-market prices that aign more cosey with the cacuation of net asset vaue (NAV) used to price unithoder transactions (Transaction NAV) IFRS 10 Consoidated Financia Statements provides an eception to the consoidation requirements and requires an investment entity to account for its subsidiaries at fair vaue through profit or oss The Manager has concuded that the Portfoio meets the definition of an investment entity as at December 31, 2014, December 31, 2013, January 1, 2013 and throughout the periods ended December 31, 2013 and December 31, 2014 Under Canadian generay accepted accounting principes (GAAP), the Portfoio accounted for its redeemabe units as equity Under IFRS, Internationa Accounting Standard 32 Financia Instruments Presentation (IAS 32) requires that units or shares of equity which incude a contractua obigation for the issuer to repurchase or redeem them for cash or another financia asset be cassified as a financia iabiity As at December 31, 2014, December 31, 2013 and January 1, 2013, the Portfoio's units did not meet the criteria in IAS 32 for cassification as equity and therefore have been recassified as financia iabiities on the Statements of Financia Position IFRS requires the presentation of a Statement of Cash Fows, incuding comparatives for 2013 The Portfoio has not previousy presented this statement as was permitted under Canadian GAAP Other recassifications, presentation differences, and additiona discosures are required in the financia statements to compy with IFRS Reated Party Transactions CIBC and its affiiates have the foowing roes and responsibiities with respect to the Portfoio, and receive the fees described beow in connection with their roes and responsibiities Manager CIBC is the Manager of the Portfoio The Portfoio hods units of other mutua funds (the Underying Funds), which may aso be managed by CIBC or its affiiates CIBC wi receive management fees with respect to the day-to-day business and operations of the Portfoio, cacuated based on the net asset vaue of each respective cass of units of the Portfoio as described in the section entited Management Fees The Manager aso compensates its whoesaers in connection with their marketing activities regarding the Portfoio From time to time, CIBC may provide seed capita to the Portfoio Trustee CIBC Trust Corporation, a whoy-owned subsidiary of CIBC, is the trustee (the Trustee) of the Portfoio The Trustee hods tite to the 2

3 CIBC Managed Income Portfoio property (cash and securities) of the Portfoio on behaf of its unithoders Portfoio Advisor The portfoio advisor provides, or arranges to provide, investment advice and portfoio management services to the Portfoio CAMI, a whoy-owned subsidiary of CIBC, is the portfoio advisor of the Portfoio Distributor Deaers and other firms wi se the units of the Portfoio to investors These deaers and other firms wi incude CIBC s reated deaers such as the principa distributor, CIBC Securities Inc (CIBC SI), the CIBC Investor s Edge discount brokerage division of CIBC Investor Services Inc (CIBC ISI), the CIBC Imperia Service division of CIBC ISI, and the CIBC Wood Gundy division of CIBC Word Markets Inc (CIBC WM) CIBC SI, CIBC ISI, and CIBC WM are whoy-owned subsidiaries of CIBC CIBC may pay traiing commissions to these deaers and firms in connection with the sae of units of the Portfoio These deaers and other firms may pay a portion of these traiing commissions to their advisors who se units of the Portfoio to investors Brokerage Arrangements and Soft Doars The Portfoio Advisor purchases and ses units of the Underying Funds on behaf of the Portfoio and, as a resut, the Portfoio does not incur any saes charges or brokerage commissions with respect to eecution of portfoio transactions of the Underying Funds Decisions that the Portfoio Advisor may make as to brokerage transactions, incuding the seection of markets and deaers and the negotiation of commissions, woud be based on eements such as price, speed of eecution, certainty of eecution, and tota transaction costs CIBC WM and CIBC Word Markets Corp may aso earn spreads on the sae of securities to the Portfoio A spread is the difference between the bid and ask prices for a security in the appicabe marketpace, with respect to the eecution of portfoio transactions The spread wi differ based upon various factors such as the nature and iquidity of the security Deaers, incuding CIBC WM and CIBC Word Markets Corp, may furnish goods and services, other than order eecution, to the Portfoio Advisor in partia echange for processing trades through them (referred to in the industry as soft doar arrangements) These goods and services are paid for with a portion of the brokerage commissions and assist the Portfoio Advisor with investment decision-making services for the Portfoio or reate directy to the eecution of trades on behaf of the Portfoio In addition, CIBC may enter into commission recapture arrangements with certain deaers with respect to the Portfoio Any commission recaptured wi be paid to the Portfoio During the period, the Fund did not pay any brokerage commissions or other fees to CIBC WM or CIBC Word Markets Corp Spreads associated with fied income and other securities are not ascertainabe and, for that reason, cannot be incuded when determining these amounts Custodian CIBC Meon Trust Company is the custodian of the Portfoio (the Custodian) The Custodian hods a cash and securities for the Portfoio and ensures that those assets are kept separate from any other cash or securities that the Custodian might be hoding The Custodian aso provides other services to the Portfoio incuding record-keeping and processing of foreign echange transactions The Custodian may hire sub-custodians for the Portfoio The fees and spreads for services of the Custodian directy reated to the eecution of portfoio transactions by the Portfoio are paid by CAMI and/or deaer(s) directed by CAMI, up to the amount of the credits generated under soft doar arrangements from trading on behaf of the Portfoio during that month A other fees and spreads for the services of the Custodian are paid by the Manager and charged to the Portfoio on a recoverabe basis CIBC owns a 50% interest in the Custodian Service Provider CIBC Meon Goba Securities Services Company (CIBC GSS) provides certain services to the Portfoio, incuding fund accounting and reporting, securities ending, and portfoio vauation Such servicing fees are paid by the Manager and charged to the Portfoio on a recoverabe basis CIBC indirecty owns 50% interest in CIBC GSS 3

4 CIBC Managed Income Portfoio Financia Highights The foowing tabes show seected key financia information about the Portfoio and are intended to hep you understand the Portfoio s financia performance for the period ended December 31 The Portfoio's Net Assets per Unit¹ - Cass A Units Net Assets, beginning of period $ 1106 $ 1069 $ 1040 $ 1022 $ 994 Increase (decrease) from operations: Tota revenue $ 039 $ 031 $ 036 $ 041 $ 033 Tota epenses (020) (020) (019) (019) (012) Reaized gains (osses) for the period Unreaized gains (osses) for the period (011) Tota increase (decrease) from operations 2 $ 055 $ 046 $ 046 $ 039 $ 049 Distributions: From income (ecuding dividends) $ 015 $ 010 $ 014 $ 020 $ 018 From dividends From capita gains Return of capita 002 Tota Distributions 3 $ 056 $ 012 $ 017 $ 021 $ 020 Net Assets, end of period $ 1107 $ 1106 $ 1069 $ 1040 $ This information is derived from the Portfoio's audited annua financia statements The Portfoio adopted IFRS on January 1, 2014 Previousy, the Portfoio prepared its financia statements in accordance with Canadian Generay Accepted Accounting Principes (GAAP) as defined in Part V of the CPA Canada Handbook Under Canadian GAAP, the Portfoio measured fair vaues of its investments in accordance with CICA Handbook Section 3855 which required the use of bid prices for ong positions and ask prices for short positions As such, the net assets per unit figure presented in the financia statements may differ from the net asset vaue cacuated for fund pricing purposes An epanation of these differences can be found in the notes to the financia statements issued prior to January 1, 2014 Upon adoption of IFRS, the Portfoio measures the fair vaue of its investments by using the cose market prices, where the cose market price fas within the bid-ask spread As such, the Portfoio's accounting poicies for measuring the fair vaue of investments in the financia statements are consistent with those used in measuring the net asset vaue for transactions with unithoders Accordingy, the opening net asset figure as at January 1, 2013 was restated to refect accounting poicy adjustments made in accordance with IFRS A figures presented for periods prior to January 1, 2013 were prepared in accordance with Canadian GAAP 2 Net assets and distributions are based on the actua number of units outstanding at the reevant time The tota increase (decrease) from operations is based on the weighted average number of units outstanding during the period 3 Distributions were paid in cash, reinvested in additiona units of the Portfoio, or both Ratios and Suppementa Data - Cass A Units Tota Net Asset Vaue (000s) 4 $ 1,700,646 $ 1,260,423 $ 846,546 $ 503,611 $ 336,369 Number of Units Outstanding 4 153,609, ,003,195 79,168,450 48,401,373 32,904,106 Management Epense Ratio 5 180% 180% 179% 179% 175% Management Epense Ratio before waivers or absorptions 6 212% 213% 225% 224% 216% Trading Epense Ratio 7 002% 002% 003% 008% 002% Portfoio Turnover Rate 8 484% 115% 067% 073% 200% Net Asset Vaue per Unit $ 1107 $ 1106 $ 1069 $ 1040 $ This information is presented as at December 31 of the period(s) shown 5 Management epense ratio is based on the tota epenses of the fund (ecuding commissions and other portfoio transaction costs), incurred by or aocated to a cass of units for the period shown, epressed as an annuaized percentage of the daiy average net asset vaue of that cass during the period 6 The decision to waive and/or absorb management fees and operating epenses is at the discretion of the Manager The practice of waiving and/or absorbing management fees and operating epenses may continue indefinitey or may be terminated at any time without notice to unithoders 7 The trading epense ratio represents tota commissions and other portfoio transaction costs before income taes epressed as an annuaized percentage of the daiy average net asset vaue during the period Spreads associated with fied income securities trading are not ascertainabe and, for that reason, are not incuded in the trading epense ratio cacuation 8 The portfoio turnover rate indicates how activey the portfoio advisor and/or portfoio sub-advisor manages the portfoio investments A portfoio turnover rate of 100% is equivaent to a fund buying and seing a of the securities in its portfoio once in the course of the period The higher a portfoio turnover rate in a period, the greater the trading costs payabe by a fund in the period, and the greater the chance of an investor receiving taabe capita gains in the year There is not necessariy a reationship between a high turnover rate and the performance of a fund 4

5 CIBC Managed Income Portfoio The Portfoio's Net Assets per Unit¹ - Cass T4 Units Net Assets, beginning of period $ 1008 $ 1003 $ 998 $ 1000 $ 995 Increase (decrease) from operations: Tota revenue $ 035 $ 029 $ 033 $ 046 $ 033 Tota epenses (019) (018) (017) (018) (013) Reaized gains (osses) for the period Unreaized gains (osses) for the period (007) Tota increase (decrease) from operations 2 $ 050 $ 044 $ 044 $ 039 $ 055 Distributions: From income (ecuding dividends) $ 035 $ 010 $ 009 $ 014 $ 018 From dividends From capita gains 030 Return of capita Tota Distributions 3 $ 071 $ 040 $ 040 $ 040 $ 043 Net Assets, end of period $ 988 $ 1008 $ 1003 $ 998 $ This information is derived from the Portfoio's audited annua financia statements The Portfoio adopted IFRS on January 1, 2014 Previousy, the Portfoio prepared its financia statements in accordance with Canadian Generay Accepted Accounting Principes (GAAP) as defined in Part V of the CPA Canada Handbook Under Canadian GAAP, the Portfoio measured fair vaues of its investments in accordance with CICA Handbook Section 3855 which required the use of bid prices for ong positions and ask prices for short positions As such, the net assets per unit figure presented in the financia statements may differ from the net asset vaue cacuated for fund pricing purposes An epanation of these differences can be found in the notes to the financia statements issued prior to January 1, 2014 Upon adoption of IFRS, the Portfoio measures the fair vaue of its investments by using the cose market prices, where the cose market price fas within the bid-ask spread As such, the Portfoio's accounting poicies for measuring the fair vaue of investments in the financia statements are consistent with those used in measuring the net asset vaue for transactions with unithoders Accordingy, the opening net asset figure as at January 1, 2013 was restated to refect accounting poicy adjustments made in accordance with IFRS A figures presented for periods prior to January 1, 2013 were prepared in accordance with Canadian GAAP 2 Net assets and distributions are based on the actua number of units outstanding at the reevant time The tota increase (decrease) from operations is based on the weighted average number of units outstanding during the period 3 Distributions were paid in cash, reinvested in additiona units of the Portfoio, or both Ratios and Suppementa Data - Cass T4 Units Tota Net Asset Vaue (000s) 4 $ 3,811 $ 3,002 $ 2,037 $ 1,504 $ 541 Number of Units Outstanding 4 385, , , ,651 54,136 Management Epense Ratio 5 182% 181% 175% 176% 174% Management Epense Ratio before waivers or absorptions 6 211% 209% 224% 235% 244% Trading Epense Ratio 7 002% 002% 003% 008% 002% Portfoio Turnover Rate 8 484% 115% 067% 073% 200% Net Asset Vaue per Unit $ 988 $ 1008 $ 1003 $ 998 $ This information is presented as at December 31 of the period(s) shown 5 Management epense ratio is based on the tota epenses of the fund (ecuding commissions and other portfoio transaction costs), incurred by or aocated to a cass of units for the period shown, epressed as an annuaized percentage of the daiy average net asset vaue of that cass during the period 6 The decision to waive and/or absorb management fees and operating epenses is at the discretion of the Manager The practice of waiving and/or absorbing management fees and operating epenses may continue indefinitey or may be terminated at any time without notice to unithoders 7 The trading epense ratio represents tota commissions and other portfoio transaction costs before income taes epressed as an annuaized percentage of the daiy average net asset vaue during the period Spreads associated with fied income securities trading are not ascertainabe and, for that reason, are not incuded in the trading epense ratio cacuation 8 The portfoio turnover rate indicates how activey the portfoio advisor and/or portfoio sub-advisor manages the portfoio investments A portfoio turnover rate of 100% is equivaent to a fund buying and seing a of the securities in its portfoio once in the course of the period The higher a portfoio turnover rate in a period, the greater the trading costs payabe by a fund in the period, and the greater the chance of an investor receiving taabe capita gains in the year There is not necessariy a reationship between a high turnover rate and the performance of a fund 5

6 CIBC Managed Income Portfoio The Portfoio's Net Assets per Unit¹ - Cass T6 Units Net Assets, beginning of period $ 920 $ 935 $ 950 $ 973 $ 987 Increase (decrease) from operations: Tota revenue $ 032 $ 026 $ 032 $ 037 $ 032 Tota epenses (016) (016) (017) (017) (012) Reaized gains (osses) for the period Unreaized gains (osses) for the period (010) Tota increase (decrease) from operations 2 $ 045 $ 041 $ 040 $ 036 $ 042 Distributions: From income (ecuding dividends) $ 047 $ 011 $ 008 $ 018 $ 018 From dividends From capita gains 024 Return of capita Tota Distributions 3 $ 079 $ 057 $ 056 $ 059 $ 060 Net Assets, end of period $ 888 $ 920 $ 935 $ 950 $ This information is derived from the Portfoio's audited annua financia statements The Portfoio adopted IFRS on January 1, 2014 Previousy, the Portfoio prepared its financia statements in accordance with Canadian Generay Accepted Accounting Principes (GAAP) as defined in Part V of the CPA Canada Handbook Under Canadian GAAP, the Portfoio measured fair vaues of its investments in accordance with CICA Handbook Section 3855 which required the use of bid prices for ong positions and ask prices for short positions As such, the net assets per unit figure presented in the financia statements may differ from the net asset vaue cacuated for fund pricing purposes An epanation of these differences can be found in the notes to the financia statements issued prior to January 1, 2014 Upon adoption of IFRS, the Portfoio measures the fair vaue of its investments by using the cose market prices, where the cose market price fas within the bid-ask spread As such, the Portfoio's accounting poicies for measuring the fair vaue of investments in the financia statements are consistent with those used in measuring the net asset vaue for transactions with unithoders Accordingy, the opening net asset figure as at January 1, 2013 was restated to refect accounting poicy adjustments made in accordance with IFRS A figures presented for periods prior to January 1, 2013 were prepared in accordance with Canadian GAAP 2 Net assets and distributions are based on the actua number of units outstanding at the reevant time The tota increase (decrease) from operations is based on the weighted average number of units outstanding during the period 3 Distributions were paid in cash, reinvested in additiona units of the Portfoio, or both Ratios and Suppementa Data - Cass T6 Units Tota Net Asset Vaue (000s) 4 $ 2,425 $ 1,631 $ 1,588 $ 856 $ 687 Number of Units Outstanding 4 273, , ,809 90,111 70,623 Management Epense Ratio 5 179% 175% 178% 180% 178% Management Epense Ratio before waivers or absorptions 6 202% 202% 228% 232% 233% Trading Epense Ratio 7 002% 002% 003% 008% 002% Portfoio Turnover Rate 8 484% 115% 067% 073% 200% Net Asset Vaue per Unit $ 888 $ 920 $ 935 $ 950 $ This information is presented as at December 31 of the period(s) shown 5 Management epense ratio is based on the tota epenses of the fund (ecuding commissions and other portfoio transaction costs), incurred by or aocated to a cass of units for the period shown, epressed as an annuaized percentage of the daiy average net asset vaue of that cass during the period 6 The decision to waive and/or absorb management fees and operating epenses is at the discretion of the Manager The practice of waiving and/or absorbing management fees and operating epenses may continue indefinitey or may be terminated at any time without notice to unithoders 7 The trading epense ratio represents tota commissions and other portfoio transaction costs before income taes epressed as an annuaized percentage of the daiy average net asset vaue during the period Spreads associated with fied income securities trading are not ascertainabe and, for that reason, are not incuded in the trading epense ratio cacuation 8 The portfoio turnover rate indicates how activey the portfoio advisor and/or portfoio sub-advisor manages the portfoio investments A portfoio turnover rate of 100% is equivaent to a fund buying and seing a of the securities in its portfoio once in the course of the period The higher a portfoio turnover rate in a period, the greater the trading costs payabe by a fund in the period, and the greater the chance of an investor receiving taabe capita gains in the year There is not necessariy a reationship between a high turnover rate and the performance of a fund 6

7 CIBC Managed Income Portfoio Management Fees The Portfoio, either directy or indirecty, pays an annua management fee to CIBC to cover the costs of managing the Portfoio Management fees are based on the net asset vaue of the Portfoio and are cacuated daiy and paid monthy Management fees are paid to CIBC in consideration for providing, or arranging for the provision of, management, distribution, and portfoio advisory services Advertising and promotiona epenses, office overhead epenses, traiing commissions, and the fees of the portfoio sub-advisor(s) are paid by CIBC out of the management fees received from the Portfoio The Portfoio is required to pay appicabe taes on the management fees paid to CIBC Refer to the Simpified Prospectus for the maimum annua management fee rate for each cass of units The foowing tabe shows a breakdown of the services received in consideration of the management fees, as a percentage of the management fees coected from the Portfoio for the period ended December 31, 2014 These amounts do not incude waived fees or absorbed epenses Cass A Units Cass T4 Units Cass T6 Units Saes and traiing commissions paid to deaers 988% 1594% 1767% Genera administration, investment advice, and profit 9012% 8406% 8233% Past Performance The performance data provided assumes reinvestment of distributions ony and does not take into account saes, redemption, distribution, or other optiona charges payabe by any unithoder that woud have reduced returns Past performance does not necessariy indicate how a fund wi perform in the future The Portfoio s returns are after the deduction of fees and epenses, and the difference in returns between casses of units is primariy due to differences in the management epense ratio See the section entited Financia Highights for the management epense ratio Year-by-Year Returns These bar charts show the annua performance of each cass of units of the Portfoio for each of the periods shown, and iustrate how the performance has changed from period to period These bar charts show, in percentage terms, how an investment made on January 1 woud have increased or decreased by December 31, uness otherwise indicated Cass A Units 7

8 CIBC Managed Income Portfoio Cass T4 Units a 2009 return is for the period from November 3, 2009 to December 31, 2009 Cass T6 Units a 2009 return is for the period from November 9, 2009 to December 31, 2009 Annua Compound Returns This tabe shows the annua compound return of each cass of units of the Portfoio for each indicated period ended on December 31, 2014 The annua compound tota return is aso compared to the Portfoio s benchmark(s) The Portfoio s primary benchmark is the FTSE TMX Canada Universe Bond Inde During the period, the Portfoio s bended benchmark changed to better refect the Portfoio's strategic asset mi The Portfoio's current bended benchmark (Bended Benchmark) is comprised of the foowing: 35% FTSE TMX Canada Short Term Bond Inde 35% FTSE TMX Canada Universe Bond Inde 7% MSCI EAFE Inde 5% FTSE TMX Canada 91 Day T-Bi Inde 5% Citigroup Word Government Bond Inde 5% S&P/TSX Composite Inde 5% Russe 3000 Vaue Inde 3% S&P 500 Inde The Portfoio s previous bended benchmark (Previous Bended Benchmark) was comprised of the foowing: 8

9 CIBC Managed Income Portfoio 40% FTSE TMX Canada Short Term Bond Inde 40% FTSE TMX Canada Universe Bond Inde 15% MSCI Word Inde 5% S&P/TSX Composite Inde 1 Year 3 Years 5 Years 10 Years* or Since Inception* Inception Date Cass A units 52% 47% 46% 36% February 1, 2002 FTSE TMX Canada Universe Bond Inde 88% 37% 54% 53% Bended Benchmark 74% 59% 57% 51% Previous Bended Benchmark 75% 59% 58% 51% Cass T4 units 52% 47% 46% 46% November 3, 2009 FTSE TMX Canada Universe Bond Inde 88% 37% 54% 52% Bended Benchmark 74% 59% 57% 57% Previous Bended Benchmark 75% 59% 58% 57% Cass T6 units 52% 48% 46% 45% November 9, 2009 FTSE TMX Canada Universe Bond Inde 88% 37% 54% 52% Bended Benchmark 74% 59% 57% 57% Previous Bended Benchmark 75% 59% 58% 57% * If a cass of units has been outstanding for ess than 10 years, the annua compound return since inception is shown Citigroup Word Government Bond Inde is intended to represent the goba government bond market Currenty it consists of fied interest securities (bonds) issued by governments in various deveoped countries FTSE TMX Canada Short Term Bond Inde is intended to represent the Canadian short-term bond market It contains bonds with remaining effective terms greater than or equa to one year and ess than or equa to 5 years FTSE TMX Canada Universe Bond Inde is comprised of marketabe Canadian bonds intended to refect the performance of the broad Canadian investment-grade bond market Returns are cacuated daiy and are weighted by market capitaization FTSE TMX Canada 91 Day T-Bi Inde measures the returns attributabe to 91-day Treasury Bis MSCI EAFE Inde is a free foat-adjusted market capitaization inde of stocks of companies of deveoped market equity indices covering 21 different countries in Europe, Austraia, and the Far East MSCI Word Inde is a free foat-adjusted market capitaization inde composed of companies representative of the market structure of deveoped market countries in North America, Europe and the Asia/Pacific region Russe 3000 Vaue Inde measures the performance of the broad vaue segment of US equity vaue universe It incudes those Russe 3000 companies with ower price-to-book ratios and ower forecasted growth vaues S&P 500 Inde is a capitaization-weighted inde of 500 stocks, designed to measure performance of the broad US economy representing a major industries S&P/TSX Composite Inde is intended to represent the Canadian equity market and incudes the argest companies isted on the TSX A discussion of the reative performance of the Portfoio compared to its primary benchmark(s) can be found in Resuts of Operations 9

10 CIBC Managed Income Portfoio Summary of Investment Portfoio (as at December 31, 2014) This Portfoio invests in units of its Underying Funds You can find the prospectus and additiona information about the Underying Funds by visiting wwwsedarcom The summary of investment portfoio may change due to ongoing portfoio transactions of the investment fund A quartery update is avaiabe by visiting wwwcibccom/mutuafunds The Top Positions tabe shows a fund s 25 argest positions For funds with fewer than 25 positions in tota, a positions are shown % of Net Asset Portfoio Breakdown Vaue Canadian Bond Mutua Funds 697 US Equity Mutua Funds 81 Internationa Equity Mutua Funds 70 Canadian Equity Mutua Funds 52 Internationa Bond Mutua Funds 50 Money Market Mutua Funds 49 Other Assets, ess Liabiities 01 % of Net Asset Vaue Top Positions CIBC Canadian Short-Term Bond Inde Fund, Cass 'O' 349 CIBC Canadian Bond Fund, Cass 'O' 200 Renaissance Corporate Bond Fund, Cass 'O' 149 CIBC Internationa Equity Fund, Cass 'O' 70 CIBC Canadian Equity Vaue Fund, Cass 'O' 52 Renaissance US Equity Income Fund, Cass 'O' 50 CIBC Goba Bond Fund, Cass 'O' 50 CIBC Money Market Fund, Cass 'O' 49 CIBC US Broad Market Inde Fund, Cass 'O' 30 Other Assets, ess Liabiities 01 10

11 The management report of fund performance may contain forward-ooking statements Forward-ooking statements incude statements that are predictive in nature, that depend upon or refer to future events or conditions, or that incude words such as epects, anticipates, intends, pans, beieves, estimates, or other simiar wording In addition, any statements that may be made concerning future performance, strategies, or prospects and possibe future actions taken by the fund, are aso forward-ooking statements These statements invove known and unknown risks, uncertainties, and other factors that may cause the actua resuts and achievements of the fund to differ materiay from those epressed or impied by such statements Such factors incude, but are not imited to: genera economic, market, and business conditions; fuctuations in securities prices, interest rates, and foreign currency echange rates; changes in government reguations; and catastrophic events We do not undertake, and specificay discaim, any obigation to update or revise any forward-ooking statements, whether as a resut of new information, future deveopments, or otherwise prior to the reease of the net management report of fund performance

12 CIBC Mutua Funds CIBC Famiy of Managed Portfoios CIBC 18 York Street, Suite 1300 Toronto, Ontario M5J 2T8 CIBC Securities Inc Website wwwcibccom/mutuafunds CIBC Securities Inc is a whoy-owned subsidiary of CIBC and is the principa distributor of the CIBC Mutua Funds and the CIBC Famiy of Managed Portfoios CIBC Famiy of Managed Portfoios are mutua funds that primariy invest in other CIBC Mutua Funds To obtain a copy of the simpified prospectus, ca CIBC Securities Inc at or ask your advisor

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