CIBC Canadian Bond Fund. Interim Management Report of Fund Performance

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1 Interim Management Report of Fund Performance for the period ended June 30, 2015 A figures are reported in Canadian doars uness otherwise noted This interim management report of fund performance contains financia highights but does not contain either the compete interim or annua financia statements of the investment fund If you have not received a copy of the interim financia reports with this interim management report of fund performance, you can get a copy of the interim or annua financia statements 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 cibccom/mutuafunds or the SEDAR website at sedarcom 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 Resuts of Operations The portfoio advisor of (the Fund) is CIBC Asset Management Inc (CAMI or the Portfoio Advisor) The commentary that foows provides a summary of the resuts of operations for the si-month period ended June 30, 2015 A doar figures are epressed in thousands, uness otherwise indicated The Fund's net asset vaue increased by 8% during the period, from $2,393,204 as at December 31, 2014 to $2,593,807 as at June 30, 2015 Net saes of $146,190 and positive investment performance resuted in an overa increase in net asset vaue Cass A units of the Fund posted a return of 19% for the period The Fund s benchmark, the FTSE TMX Canada Universe Bond Inde (the benchmark), returned 24% for the same period The Fund 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 Fund Many centra banks, incuding the Bank of Canada, eased monetary poicy at the beginning of the period in an effort to combat ow growth and defation, and to prevent their respective currencies from appreciating reative to other currencies On January 21, 2015, the Bank of Canada (BoC) owered its target rate by 025% to 075%, ending its ongest period of inactivity since the 1950s This decision was made in response to the sharp drop in oi prices in ate 2014, which has been negative for growth and underying infation in Canada The European Centra Bank introduced quantitative easing, which contributed to ower, and in some cases negative, goba bond yieds In the second haf of the period, goba bond yieds moved higher, supported by evidence that the US economy was recovering from its earier weakness As the period ended, yieds were moderatey ower The Fund s strategy of significanty overweighting investment grade corporate bonds detracted from its performance, as investors preferred the perceived safety of government bonds Individua moderate detractors from the Fund s performance incuded FMG Resources (August 2006) Pty Ltd (688%, 2022/04/01), Frontier Communications Corp (625%, 2021/09/15) and Linn Energy LLC (625%, 2019/11/01) Faing iron ore prices impacted FMG Resources, whie the decining customer base across a wired teecommunication services companies negativey affected Frontier Communications Energy market concerns drove down Linn Energy s share price Three of the Fund s strategies contributed to its performance over the period: a moderatey onger duration eary in the period benefited performance as yieds decined, a significanty overweight position in mid-term bonds boosted performance as mid-term bonds outperformed short- and ong-term bonds, and a significanty overweight position in high yied bonds heped as their return eceeded the broader Canadian bond benchmark Individua contributors to the Fund s performance incuded Genera Cabe Corp (575%, 2022/10/01), Cafrac Hodings LP (750%, 2020/12/01) and Lundin Mining Corp (750%, 2020/11/01) These companies share prices rose to add moderatey to the Fund s performance Investors improved their outook on Genera Cabe, stabiizing oi prices benefited Cafrac Hodings and an improved outook for goba growth boosted Lundin Mining s share price The Portfoio Advisor added Aimentation Couche-Tard Inc (360%, 2025/06/02), Gacier Credit Card Trust (224%, 2020/09/20) and The Toronto-Dominion Bank (169%, 2020/04/02) to the Fund to increase its yied The Portfoio Advisor increased the Fund s position in Government of Canada (150%, 2023/06/01) to increase the Fund s mid-term bond weighting and in Government of Canada (225%, 2025/06/01) to maintain the Fund s duration at its target Fund infows were invested in Canada Housing Trust No 1 (200%, 2019/12/15) The Fund s hodings in Genesis Trust II (230%, 2017/02/15) and Province of Quebec (425%, 2021/12/01) were eiminated in favour of yied-additive assets The Portfoio Advisor aso eiminated the Fund s hoding in Roya Bank of Canada (299%, 2024/12/06) in anticipation of a new issuance of deposit notes The position in Government of Canada (225%, 2025/06/01) was trimmed in favour of Aimentation Couche-Tard and Federated Co-operatives Limited bonds to add yied

2 to the Fund, whie Government of Canada (350%, 2045/12/01) was trimmed to adjust the Fund s duration toward its target Recent Deveopments On Juy 15, 2015, the BoC again owered its target rate by an additiona 025% to 050% in response to weak Canadian economic growth concerns stemming from continued ow oi prices Reated Party Transactions Canadian Imperia Bank of Commerce (CIBC) and its affiiates have the foowing roes and responsibiities with respect to the Fund, and receive the fees described beow in connection with their roes and responsibiities Manager CIBC is the Manager of the Fund CIBC receives management fees with respect to the day-to-day business and operations of the Fund, cacuated based on the net asset vaue of each respective cass of units of the Fund as described in the section entited Management Fees The Manager aso compensates its whoesaers in connection with their marketing activities regarding the Fund From time to time, CIBC may provide seed capita to the Fund Trustee CIBC Trust Corporation, a whoy-owned subsidiary of CIBC, is the trustee (the Trustee) of the Fund The Trustee hods tite to the property (cash and securities) of the Fund on behaf of its unithoders Portfoio Advisor The portfoio advisor provides, or arranges to provide, investment advice and portfoio management services to the Fund CAMI, a whoy-owned subsidiary of CIBC, is the portfoio advisor of the Fund Distributor Deaers and other firms se the units of the Fund to investors These deaers and other firms 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 Fund These deaers and other firms may pay a portion of these traiing commissions to their advisors who se units of the Fund to investors 2 Brokerage Arrangements and Soft Doars The Portfoio Advisor makes decisions, incuding the seection of markets and deaers and the negotiation of commissions, with respect to the purchase and sae of portfoio securities, certain derivative products (incuding futures) and the eecution of portfoio transactions Brokerage business may be aocated by the Portfoio Advisor to CIBC WM and CIBC Word Markets Corp, each a subsidiary of CIBC CIBC WM and CIBC Word Markets Corp may aso earn spreads on the sae of fied income securities and other securities and certain derivative products (incuding forwards) to the Fund 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 type 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 Fund or reate directy to the eecution of portfoio transactions on behaf of the Fund In addition, CIBC may enter into commission recapture arrangements with certain deaers with respect to the Fund Any commission recaptured wi be paid to the Fund 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 Fund Transactions The Fund may enter into one or more of the foowing transactions (the Reated Party Transactions) in reiance on the standing instructions issued by the Independent Review Committee (IRC): invest in or hod equity securities of CIBC or issuers reated to a portfoio sub-advisor; invest in or hod non-echange-traded debt securities of CIBC or an issuer reated to CIBC in a primary offering and in the secondary market; make an investment in the securities of an issuer for which CIBC WM, CIBC Word Markets Corp, or any affiiate of CIBC (a Reated Deaer) acts as an underwriter during the offering of the securities at any time during the 60-day period foowing the competion of the offering of such securities (in the case of a private pacement offering, in accordance with the eemptive reief order granted by the Canadian securities reguatory authorities and in accordance with the poicies and procedures reating to such investment); purchase equity or debt securities from or se them to a Reated Deaer, where it is acting as principa; undertake currency and currency derivative transactions where a Reated Deaer is the counterparty; and purchase securities from or se securities to another investment fund or a managed account managed by the Manager or an affiiate of the Manager At east annuay, the IRC reviews the Reated Party Transactions for which they have issued standing instructions The IRC is required to advise the Canadian securities reguatory authorities if it determines

3 that an investment decision was not made in accordance with conditions of its approva Custodian CIBC Meon Trust Company is the custodian of the Fund (the Custodian) The Custodian hods a cash and securities for the Fund 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 Fund incuding record-keeping and processing of foreign echange transactions The Custodian may hire sub-custodians for the Fund The fees and spreads for services of the Custodian directy reated to the eecution of portfoio transactions by the Fund 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 Fund during that month A other fees and spreads for the services of the Custodian are paid by the Manager and charged to the Fund 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 Fund, incuding securities ending, fund accounting and reporting, and portfoio vauation Such servicing fees are paid by the Manager and charged to the Fund on a recoverabe basis CIBC indirecty owns a 50% interest in CIBC GSS 3

4 Financia Highights The foowing tabes show seected key financia information about the Fund and are intended to hep you understand the Fund s financia performance for the period ended June 30, 2015 and December 31 of any other period(s) shown The Fund's Net Assets per Unit¹ - Cass A Units Net Assets, beginning of period $ 1419 $ 1354 $ 1407 $ 1386 $ 1320 $ 1280 Increase (decrease) from operations: Tota revenue $ 026 $ 053 $ 047 $ 058 $ 059 $ 059 Tota epenses (010) (020) (020) (020) (020) (019) Reaized gains (osses) for the period (005) Unreaized gains (osses) for the period (046) Tota increase (decrease) from operations 2 $ 026 $ 101 $ (024) $ 063 $ 105 $ 089 Distributions: From income (ecuding dividends) $ 017 $ 033 $ 027 $ 038 $ 039 $ 040 From dividends From capita gains Return of capita 005 Tota Distributions 3 $ 017 $ 033 $ 032 $ 045 $ 039 $ 047 Net Assets, end of period $ 1428 $ 1419 $ 1354 $ 1405 $ 1386 $ This information is derived from the Fund's audited annua and unaudited interim financia statements The Fund adopted Internationa Financia Reporting Standards (IFRS) on January 1, 2014 Previousy, the Fund 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 Fund 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 Fund 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 Fund'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 and subsequent thereto were prepared in accordance with IFRS 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 Fund, or both Ratios and Suppementa Data - Cass A Units Tota Net Asset Vaue (000s) 4 $ 544,248 $ 550,921 $ 633,262 $ 722,333 $ 507,105 $ 469,790 Number of Units Outstanding 4 38,111,692 38,835,858 46,777,096 51,323,225 36,524,569 35,542,059 Management Epense Ratio 5 145%* 145% 146% 145% 151% 148% Management Epense Ratio before waivers or absorptions 6 163%* 165% 163% 164% 169% 154% Trading Epense Ratio 7 000%* 000% 000% 000% 000% 000% Portfoio Turnover Rate % 7935% 9813% 9560% 12190% 16651% Net Asset Vaue per Unit $ 1428 $ 1419 $ 1354 $ 1407 $ 1388 $ 1322 * Ratio has been annuaized 4 This information is presented as at June 30, 2015 and 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 investmentsa 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 The Fund's Net Assets per Unit¹ - Premium Cass Units Net Assets, beginning of period $ 1156 $ 1103 $ 1147 $ 1130 $ 1076 $ 1051 Increase (decrease) from operations: Tota revenue $ 021 $ 044 $ 038 $ 048 $ 048 $ 049 Tota epenses (003) (007) (007) (007) (007) (006) Reaized gains (osses) for the period (003) Unreaized gains (osses) for the period (039) Tota increase (decrease) from operations 2 $ 026 $ 093 $ (011) $ 061 $ 095 $ 074 Distributions: From income (ecuding dividends) $ 019 $ 037 $ 032 $ 040 $ 042 $ 042 From dividends From capita gains Return of capita 004 Tota Distributions 3 $ 019 $ 037 $ 036 $ 047 $ 042 $ 056 Net Assets, end of period $ 1163 $ 1156 $ 1103 $ 1145 $ 1130 $ This information is derived from the Fund's audited annua and unaudited interim financia statements The Fund adopted Internationa Financia Reporting Standards (IFRS) on January 1, 2014 Previousy, the Fund 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 Fund 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 Fund 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 Fund'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 and subsequent thereto were prepared in accordance with IFRS 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 Fund, or both Ratios and Suppementa Data - Premium Cass Units Tota Net Asset Vaue (000s) 4 $ 603,203 $ 597,944 $ 692,599 $ 906,171 $ 558,796 $ 448,062 Number of Units Outstanding 4 51,855,947 51,727,960 62,781,046 79,038,009 49,386,046 41,590,580 Management Epense Ratio 5 059%* 059% 060% 059% 059% 059% Management Epense Ratio before waivers or absorptions 6 088%* 088% 089% 089% 088% 088% Trading Epense Ratio 7 000%* 000% 000% 000% 000% 000% Portfoio Turnover Rate % 7935% 9813% 9560% 12190% 16651% Net Asset Vaue per Unit $ 1163 $ 1156 $ 1103 $ 1147 $ 1131 $ 1077 * Ratio has been annuaized 4 This information is presented as at June 30, 2015 and 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 investmentsa 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 The Fund's Net Assets per Unit¹ - Cass O Units a Net Assets, beginning of period $ 1083 $ 1035 $ 1076 $ 1065 $ 1018 $ 1000 b Increase (decrease) from operations: Tota revenue $ 020 $ 042 $ 036 $ 045 $ 046 $ 045 Tota epenses Reaized gains (osses) for the period (004) Unreaized gains (osses) for the period (001) 028 (032) Tota increase (decrease) from operations 2 $ 025 $ 087 $ $ 065 $ 100 $ 074 Distributions: From income (ecuding dividends) $ 022 $ 043 $ 035 $ 044 $ 045 $ 045 From dividends From capita gains Return of capita 004 Tota Distributions 3 $ 022 $ 043 $ 039 $ 056 $ 050 $ 061 Net Assets, end of period $ 1090 $ 1083 $ 1035 $ 1074 $ 1065 $ 1018 a Information presented is for the period from January 7, 2010 to December 31, 2010 b Initia offering price 1 This information is derived from the Fund's audited annua and unaudited interim financia statements The Fund adopted Internationa Financia Reporting Standards (IFRS) on January 1, 2014 Previousy, the Fund 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 Fund 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 Fund 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 Fund'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 and subsequent thereto were prepared in accordance with IFRS 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 Fund, or both Ratios and Suppementa Data - Cass O Units a Tota Net Asset Vaue (000s) 4 $ 1,446,356 $ 1,244,339 $ 1,473,221 $ 1,061,177 $ 819,525 $ 680,618 Number of Units Outstanding 4 132,726, ,883, ,309,242 98,658,623 76,871,106 66,772,675 Management Epense Ratio 5 000%* 000% 000% 000% 000% 000%* Management Epense Ratio before waivers or absorptions 6 000%* 000% 000% 000% 000% 001%* Trading Epense Ratio 7 000%* 000% 000% 000% 000% 000% Portfoio Turnover Rate % 7935% 9813% 9560% 12190% 16651% Net Asset Vaue per Unit $ 1090 $ 1083 $ 1035 $ 1076 $ 1066 $ 1019 a Information presented is for the period from January 7, 2010 to December 31, 2010 * Ratio has been annuaized 4 This information is presented as at June 30, 2015 and 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 investmentsa 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 Management Fees The Fund, either directy or indirecty, pays an annua management fee to CIBC to cover the costs of managing the Fund Management fees are based on the net asset vaue of the Fund 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 Fund The Fund 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 For Cass O units, the management fee is negotiated with and paid by, or as directed by, unithoders or deaers and discretionary managers on behaf of unithoders Such Cass O management fee wi not eceed the Cass A unit management fee rate 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 Fund for the period ended June 30, 2015 These amounts do not incude waived fees or absorbed epenses Cass A Units Premium Cass Units Saes and traiing commissions paid to deaers 1787% 5465% Genera administration, investment advice, and profit 8213% 4535% 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 Fund 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 Fund 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 a 2015 return is for the period from January 1, 2015 to June 30,

8 Premium Cass Units a 2007 return is for the period from October 15, 2007 to December 31, 2007 b 2015 return is for the period from January 1, 2015 to June 30, 2015 Cass O Units a 2010 return is for the period from January 7, 2010 to December 31, 2010 b 2015 return is for the period from January 1, 2015 to June 30,

9 Summary of Investment Portfoio (as at June 30, 2015) The summary of investment portfoio may change due to ongoing portfoio transactions of the investment fund A quartery update is avaiabe by visiting cibccom/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 Cash and cash equivaents are shown in tota as one position % of Net Asset Vaue Portfoio Breakdown Corporate Bonds 497 Government of Canada & Guaranteed Bonds 271 Provincia Government & Guaranteed Bonds 86 Foreign Currency Bonds 74 Municipa Government & Guaranteed Bonds 31 Cash & Cash Equivaents 29 Mortgage-Backed Securities 08 Supranationa Bonds 07 Other Assets, ess Liabiities -03 % of Net Asset Top Positions Vaue Canada Housing Trust No 1, 200%, 2019/12/15 47 Government of Canada, 350%, 2045/12/01 47 Canada Housing Trust No 1, Series '55', 315%, 2023/09/15 46 Government of Canada, 225%, 2025/06/01 44 Government of Canada, 150%, 2023/06/01 39 Cash & Cash Equivaents 29 Government of Canada, 400%, 2041/06/01 22 Canada Housing Trust No 1, 290%, 2024/06/15 19 Province of Ontario, 350%, 2024/06/02 19 Province of Quebec, 625%, 2032/06/01 16 Municipa Finance Authority of British Coumbia, 445%, 2020/06/01 14 Province of Ontario, 315%, 2022/06/ Internationa Inc, Series '06D1', 575%, 2036/02/14 12 Province of British Coumbia, 495%, 2040/06/18 11 Bank of Nova Scotia, Series 'DPNT', 287%, 2021/06/04 09 Ford Credit Canada Ltd, Caabe, 488%, 2017/02/08 09 Roya Bank of Canada, 286%, 2021/03/04 08 Aimentation Couche-Tard Inc, Series '5', Restricted, Caabe, 360%, /06/02 Ford Credit Canada Ltd, Caabe, 370%, 2018/08/02 08 Municipa Finance Authority of British Coumbia, 375%, 2023/09/26 08 Lobaw Cos Ltd, Caabe, 486%, 2023/09/12 08 Wes Fargo Financia Canada Corp, 304%, 2021/01/29 08 TELUS Corp, Caabe, 440%, 2043/04/01 08 Inter-American Deveopment Bank, 440%, 2026/01/26 07 Sun Life Financia Inc, Series '2012-1', Variabe Rate, Caabe, 438%, /03/02 9

10 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

11 CIBC Mutua Funds CIBC Famiy of Managed Portfoios CIBC 18 York Street, Suite 1300 Toronto, Ontario M5J 2T8 CIBC Securities Inc Website cibccom/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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