Imperial Canadian Dividend Income Pool. Interim Management Report of Fund Performance

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1 Imperia Canadian Dividend Income Poo 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 Imperia Canadian Dividend Income Poo (the Poo) 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 Poo's net asset vaue decreased by 2% during the period, from $8,168,632 as at December 31, 2014 to $8,042,333 as at June 30, 2015 Net saes of $18,910 were offset by negative investment performance, resuting in an overa decrease in net asset vaue Cass A units of the Poo posted a return of -14% for the period The Poo s benchmark, the S&P/TSX Composite Dividend Inde (the benchmark), returned -13% for the same period The Poo s return is after the deduction of fees and epenses, unike the benchmark During the period, the improving US economy, highighted by strong job numbers, retai saes and housing activity, raised epectations that the US Federa Reserve Board woud increase interest rates by September 2015, for the first time since 2006 Meanwhie, the European Centra Bank introduced quantitative easing, which saw some eurozone equity markets rise as a resut, making the Canadian market ess attractive on a reative basis In Asia, continued weaker economic growth trends in China ed to weaker commodity demand and decining prices for god, copper, metaurgica coa and iron ore There was a sight recovery in crude oi prices from 2014 ows, but concerns remained over high inventory eves and a faiure to cut production Whie the US doar was strong, the period saw a weaker Canadian doar and an unepected rate cut by the Bank of Canada (the BoC) as a resut of concerns regarding weaker business investment and potentia chaenges regarding jobs growth Overa for the Canadian market, energy and materias stocks strugged, and bank stocks came under pressure as a resut of domestic economic concerns and ower interest rates The Poo s eposure to preferred shares detracted from its performance as the ower Canadian interest rate environment had a negative impact on fied rate re-set shares In addition, the Poo s underweight eposure (in ight of vauation concerns) to the consumer discretionary sector and overweight eposure to the energy sector detracted from performance The Poo s energy sector hodings are argey invested in energy infrastructure and pipeine companies Individua detractors from the Poo s performance incuded Open Tet Corp, Jean Coutu Group Inc and Bombardier Inc Open Tet s share price decined as the company s software saes mode transitions from a icense-based mode to coud technoogy, which negativey affected short-term revenue and earnings growth Jean Coutu encountered revenue and earnings chaenges as a resut of faing generic drug prices and greater competition in the retai saes segment The Portfoio Advisor wi continue to hod the company s stock as Jean Coutu sti has the strongest pharmacy retai franchise in Quebec, stabe free cash fow and no debt Bombardier s share price fe significanty as a resut of continued deays and ack of orders for its C Series aircraft Whie the company s stock trades beow its estimated intrinsic vaue, the hoding is under review Individua contributors to the Poo s performance incuded Vaeant Pharmaceuticas Internationa, Inc, DH Corp and Agrium Inc Vaeant s stock price appreciated significanty as the company continues to increase revenue and earnings with acquisitions DH s share price rose on the company s acquisition of Fundtech Ltd, which epanded its business patform to serve arger, goba financia institutions Agrium s share price appreciated significanty on epectations of strong free cash fow growth through 2016 as a resut of its strong retai franchise and the opening of a new potash mine The Portfoio Advisor added positions in Brookfied Asset Management Inc and Eement Financia Corp on epectations that proceeds from both company s equity issues wi be used to add vaue through significant acquisitions The Portfoio Advisor increased a position in core hoding TELUS Corp, based on epectations of steady earnings and dividend growth, and eiminated a position in Barrick God Corp over concerns regarding the company s restructuring efforts and its high debt eves in a ow commodity price environment The Portfoio Advisor decreased positions in Suncor Energy Inc, SNC-Lavain

2 Imperia Canadian Dividend Income Poo Group Inc and Manitoba Teecom Services Inc, which were trimmed on share price strength The Poo s overweight eposure to ife insurance companies contributed to performance Aso contributing to the Poo s performance was its overweight position in Agrium Inc and underweight position in Bombardier Inc The Poo s overweight position in Capita Power Corp detracted from performance, as the company s stock price decined significanty as a resut of weaker-than-epected power prices in Aberta and uncertainty surrounding potentia reguatory changes The Portfoio Advisor added positions in Russe Metas Inc, Crescent Point Energy Corp and Bayte Energy Corp, based argey on the stocks attractive vauations and dividend yieds Canadian Apartment Properties REIT was aso added to the Poo for its attractive, sustainabe dividend The Portfoio Advisor increased the Poo s eisting positions in Canadian Nationa Raiway Co, Microsoft Corp and TransCanada Corp, based on near-term weakness in stock prices The Portfoio Advisor eiminated a position in Bonavista Petroeum Ltd and decreased positions in Bank of Montrea and Roya Bank of Canada Whie the Portfoio Advisor beieves the banks remain an attractive ong-term investment, near-term resuts coud be negativey affected by sower economic growth in Canada as a resut of decining commodity prices The Portfoio Advisor aso decreased position in Agrium Inc, taking advantage of recent stock price strength The Poo s overa security seection moderatey contributed to performance Individua contributors to performance incuded Germany-based Dream Goba REIT, which benefited from an infu of private rea estate capita to Germany and decining German bond yieds The Poo s approimate 10% eposure to US rea estate investment trusts (REITs) detracted from performance as US REITs in genera decined by more than 6% over the period, whie Canadian REITs rose by more than 6% The Portfoio Advisor added positions in Dougas Emmett Inc, Federa Reaty Investment Trust and Mid-America Apartment Communities, Inc, and increased positions in Boardwak REIT, Boston Properties, Inc and Dream Office REIT The Portfoio Advisor eiminated positions in Morguard Corp and Pure Industria REIT, and decreased positions in Trim Aied Properties, Canadian Apartment Properties REIT, Chartwe Financia Corp, Dream Goba REIT, H&R REIT, RioCan REIT and Ventas Inc Recent Deveopments During the period, the Poo's primary benchmark changed from S&P/TSX Composite Inde to S&P/TSX Composite Dividend Inde In addition, the Poo's secondary benchmark changed from a bended benchmark comprised of a 95% weighting in the S&P/TSX Composite Inde and a 5% weighting in the S&P/TSX Capped Rea Estate Inde to a bended benchmark comprised of a 95% weighting in the S&P/TSX Composite Dividend Inde, and a 5% weighting in the S&P/TSX Capped Rea Estate Inde The current primary and bended benchmarks better refect the Poo's strategic asset mi Reated Party Transactions Canadian Imperia Bank of Commerce (CIBC) and its affiiates have the foowing roes and responsibiities with respect to the Poo, and receive the fees described beow in connection with their roes and responsibiities Manager CIBC is the Manager of the Poo CIBC receives management fees with respect to the day-to-day business and operations of the Poo The Poo pays the Manager a maimum annua management fee rate of 025% of the net asset vaue of the Poo, as described in the section entited Management Fees Trustee CIBC Trust Corporation (CIBC Trust), a whoy-owned subsidiary of CIBC, is the trustee (the Trustee) of the Poo The Trustee hods tite to the property (cash and securities) of the Poo on behaf of its unithoders Portfoio Advisor The portfoio advisor provides, or arranges to provide, investment advice and portfoio management services to the Poo CAMI, a whoy-owned subsidiary of CIBC, is the portfoio advisor of the Poo Discretionary Managers As at the date of this report, units of the Poo are offered through discretionary investment management services provided by certain subsidiaries of CIBC (coectivey, the Discretionary Managers) The Discretionary Managers may incude CIBC Trust and CAMI The Discretionary Managers arrange to purchase, switch, and redeem units of the Poo on behaf of their cients who have entered into discretionary investment management agreements with one of the Discretionary Managers The Discretionary Managers are the registered unithoders of the Poos for the purposes of receiving a unithoder materias and having the right to vote a proies with respect to units of the Poo Units of the Poo are aso offered to investors in connection with certain products offered by affiiated deaers pursuant to the terms of the account agreements governing such products There are no compensation arrangements with these deaers in respect of the sae of units of the Poo However, CIBC Trust receives fees from its cients for offering discretionary management services and, from these fees, CIBC Trust may pay affiiated deaers and other CIBC members for services provided in connection with the cient s discretionary investment managed account, which may hod units of the Poo CIBC receives fees from CIBC Trust for the services of CIBC advisors that assist investors with opening discretionary investment management accounts where CIBC Trust acts as the Discretionary Manager and for acting as the investors ongoing reationship manager CIBC is responsibe for the remuneration of the CIBC advisors and may pay the CIBC advisors out of such fees Further detais of the arrangement between CIBC and CIBC Trust may be 2

3 Imperia Canadian Dividend Income Poo found in the discretionary investment management agreement between CIBC Trust and investors CAMI receives fees from their cients for offering discretionary investment managed accounts, which may hod units of the Poo, and may pay a portion of such fees to their investment counseors 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 Word Markets Inc (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 and other securities and certain derivative products (incuding forwards) to the Poo 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 Poo or reate directy to the eecution of portfoio transactions on behaf of the Poo In addition, CIBC may enter into commission recapture arrangements with certain deaers with respect to the Poo Any commission recaptured wi be paid to the Poo During the period, the Poo paid brokerage commissions and other fees of $73,054 to CIBC WM; the Poo did not pay any brokerage commissions or other fees to 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 Poo Transactions The Poo 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; invest in or hod debt securities of CIBC or issuers reated to a portfoio sub-advisor purchased 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 that an investment decision was not made in accordance with conditions of its approva Custodian CIBC Meon Trust Company is the custodian of the Poo (the Custodian) The Custodian hods a cash and securities for the Poo 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 Poo incuding record-keeping and processing of foreign echange transactions The Custodian may hire sub-custodians for the Poo The fees and spreads for services of the Custodian directy reated to the eecution of portfoio transactions by the Poo 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 Poo during that month A other fees and spreads for the services of the Custodian are paid by the Manager and charged to the Poo 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 Poo, incuding securities ending, fund accounting and reporting, and portfoio vauation Such servicing fees are paid by the Manager and charged to the Poo on a recoverabe basis CIBC indirecty owns a 50% interest in CIBC GSS 3

4 Imperia Canadian Dividend Income Poo Financia Highights The foowing tabes show seected key financia information about the Poo and are intended to hep you understand the Poo s financia performance for the period ended June 30, 2015 and December 31 of any other period(s) shown The Poo's Net Assets per Unit¹ - Cass A Units Net Assets, beginning of period $ 1359 $ 1354 $ 1261 $ 1225 $ 1304 $ 1183 Increase (decrease) from operations: Tota revenue $ 022 $ 046 $ 045 $ 042 $ 041 $ 044 Tota epenses (001) (003) (001) (001) (001) (001) Reaized gains (osses) for the period (008) Unreaized gains (osses) for the period (040) (047) 163 Tota increase (decrease) from operations 2 $ (018) $ 098 $ 186 $ 115 $ (003) $ 198 Distributions: From income (ecuding dividends) $ 052 $ 001 $ 002 $ 001 $ 002 $ 013 From dividends From capita gains Return of capita Tota Distributions 3 $ 052 $ 101 $ 089 $ 078 $ 082 $ 066 Net Assets, end of period $ 1289 $ 1359 $ 1354 $ 1260 $ 1225 $ This information is derived from the Poo's audited annua and unaudited interim financia statements The Poo adopted Internationa Financia Reporting Standards (IFRS) on January 1, 2014 Previousy, the Poo 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 Poo 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 Poo 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 Poo'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 Poo, or both Ratios and Suppementa Data - Cass A Units Tota Net Asset Vaue (000s) 4 $ 8,042,333 $ 8,168,632 $ 7,304,905 $ 6,537,085 $ 5,154,504 $ 4,750,406 Number of Units Outstanding 4 623,761, ,152, ,341, ,273, ,319, ,768,054 Management Epense Ratio 5 017%* 014% 008% 007% 008% 010% Management Epense Ratio before waivers or absorptions 6 031%* 031% 032% 032% 032% 034% Trading Epense Ratio 7 003%* 003% 004% 007% 003% 004% Portfoio Turnover Rate 8 515% 1402% 1932% 7611% 951% 447% Net Asset Vaue per Unit $ 1289 $ 1359 $ 1354 $ 1261 $ 1226 $ 1306 * 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 poo (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 Imperia Canadian Dividend Income Poo Management Fees The Poo, either directy or indirecty, pays an annua management fee to CIBC to cover the costs of managing the Poo Management fees are based on the net asset vaue of the Poo 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 Poo The Poo 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 the period ended June 30, 2015, 100% of the management fees coected from the Poo was attributabe to genera administration, investment advice, and profit 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 Poo s returns are after the deduction of fees and epenses See the section entited Financia Highights for the management epense ratio Year-by-Year Returns The bar chart shows the annua performance of the Poo for each of the periods shown, and iustrates how the performance has changed from period to period The bar chart shows, 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,

6 Imperia Canadian Dividend Income Poo 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 Portfoio Breakdown Vaue Financias 460 Energy 195 Teecommunication Services 71 Materias 68 Industrias 61 Consumer Discretionary 36 Utiities 32 Consumer Stapes 28 Cash & Cash Equivaents 23 Information Technoogy 15 Heath Care 12 Other Assets, ess Liabiities -01 % of Net Asset Top Positions Vaue Toronto-Dominion Bank (The) 65 Roya Bank of Canada 63 Canadian Nationa Raiway Co 37 Canadian Imperia Bank of Commerce 36 Bank of Nova Scotia 35 Manuife Financia Corp 34 Bank of Montrea 33 BCE Inc 32 Sun Life Financia Inc 26 Canadian Natura Resources Ltd 25 Suncor Energy Inc 25 Magna Internationa Inc, Cass 'A' 25 TELUS Corp 25 Cash & Cash Equivaents 23 TransCanada Corp 22 Brookfied Asset Management Inc, Cass 'A' 19 Agrium Inc 19 Enbridge Inc 18 AtaGas Ltd 16 H&R REIT 14 Power Financia Corp 13 Canadian Apartment Properties REIT 13 Potash Corp of Saskatchewan Inc 13 Dream Office REIT 12 Crescent Point Energy Corp 12 6

7 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

8 Imperia Poos CIBC 18 York Street, Suite 1300 Toronto, Ontario M5J 2T Website cibccom/mutuafunds

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