A Brief Summary on What You Need to Know About the Process of Purchasing Wealth

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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 decreased by 2% during the period, from $41,049 as at December 31, 2014 to $40,074 as at June 30, 2015 Net redemptions of $403 and negative investment performance resuted in an overa decrease in net asset vaue Cass A units of the Fund posted a return of -15% for the period The Fund s benchmark, the S&P/TSX Composite Inde (the benchmark), returned 09% for the same period The Fund s return is after the deduction of fees and epenses, unike the benchmarks See Past Performance for the returns of other casses of units offered by the Fund During the period, ongoing negotiations between Greece and its creditors dominated headines, particuary during the fina days of the period After they faied to reach an agreement, the potentia for a Greek sovereign debt defaut and eit from the eurozone grew significanty This resuted in a seoff across goba equity markets and heightened concerns regarding goba economic growth Athough Greece grabbed headines ate in the period, China had the potentia to have the greatest impact on the Canadian economy and its resource-heavy markets Continued weaker economic growth trends in China resuted in weaker commodity demand and decining prices for god, copper, metaurgica coa and iron ore, which negativey impacted the Fund and its benchmark Finay, seasona refining strength heped drive crude oi prices up from their previous ows Individua detractors from performance incuded EOG Resources Inc, Pioneer Natura Resources Co and Encana Corp The Fund s overweight eposure to the energy sector, specificay to US-isted companies, as we as its underweight eposure to god stocks and overweight eposure to copper-eposed producers contributed to its performance over the period Individua contributors to the Fund s performance incuded First Quantum Mineras Ltd, Hudbay Mineras Inc and Lundin Mining Corp During the period, the Portfoio Advisor increased the Fund s position in First Quantum Mineras Ltd, eiminated the Fund s position in Crescent Point Energy Corp and decreased its position in Suncor Energy Inc Recent Deveopments During the period, there were no events or activities that had a materia impact on the Fund 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

2 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 Brokerage Arrangements and Soft Doars The Portfoio Advisor and any portfoio sub-advisors make 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 and any portfoio sub-advisors, 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 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 and any portfoio sub-advisors, 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 and any portfoio sub-advisors, with investment decision-making services for the Fund or reate directy to the eecution of portfoio transactions on behaf of the Fund As per the terms of the portfoio sub-advisory agreements, such soft doar arrangements are in compiance with appicabe aws 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 paid brokerage commissions and other fees of $1,947 to CIBC WM; the Fund 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 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 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 fees and spreads for the services of the Custodian directy reated to the eecution of portfoio transactions initiated by CAMI as the Portfoio Advisor are paid by CAMI and/or the deaer(s) directed by CAMI, up to the amount of the credits generated under soft doar arrangements from trading by CAMI 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 2

3 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 $ 1298 $ 1483 $ 1817 $ 2186 $ 3171 $ 2040 Increase (decrease) from operations: Tota revenue $ 020 $ 025 $ 022 $ 022 $ 008 $ 017 Tota epenses (020) (054) (043) (051) (069) (058) Reaized gains (osses) for the period (082) 144 (423) (301) Unreaized gains (osses) for the period 064 (272) 087 (055) (1166) 848 Tota increase (decrease) from operations 2 $ (018) $ (157) $ (357) $ (385) $ (1005) $ 1109 Distributions: From income (ecuding dividends) $ $ $ $ $ $ From dividends From capita gains Return of capita Tota Distributions 3 $ $ $ $ $ $ Net Assets, end of period $ 1279 $ 1298 $ 1483 $ 1804 $ 2186 $ 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 $ 40,074 $ 41,049 $ 52,248 $ 74,817 $ 102,134 $ 148,283 Number of Units Outstanding 4 3,133,895 3,162,572 3,524,085 4,117,699 4,624,238 4,648,709 Management Epense Ratio 5 262%* 262% 261% 257% 252% 251% Management Epense Ratio before waivers or absorptions 6 293%* 281% 281% 264% 252% 251% Trading Epense Ratio 7 027%* 063% 027% 022% 022% 021% Portfoio Turnover Rate % 10863% 4245% 3816% 5517% 4933% Net Asset Vaue per Unit $ 1279 $ 1298 $ 1483 $ 1817 $ 2209 $ 3190 * 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 3

4 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 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 Saes and traiing commissions paid to deaers 3177% Genera administration, investment advice, and profit 6823% 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 Past performance for Cass O units has not been shown because, as at June 30, 2015, there were no outstanding Cass O units 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 The bar chart shows the annua performance of the Fund 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,

5 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 Oi, Gas & Consumabe Fues 534 Metas & Mining 231 Cash & Cash Equivaents 136 Energy Equipment & Services 42 Chemicas 18 Financias 16 Other Assets, ess Liabiities 12 Corporate Bonds 05 Trading Companies & Distributors 05 Energy 01 % of Net Asset Top Positions Vaue Cash & Cash Equivaents 136 First Quantum Mineras Ltd 43 Canadian Natura Resources Ltd 39 EOG Resources Inc 32 ARC Resources Ltd 31 Encana Corp 31 Suncor Energy Inc 30 Hudbay Mineras Inc 30 BHP Biiton PLC 28 Devon Energy Corp 28 Tourmaine Oi Corp 27 Anadarko Petroeum Corp 25 Pioneer Natura Resources Co 24 Chevron Corp 24 Franco-Nevada Corp 23 Nuvista Energy Ltd 23 Tota SA 22 PrairieSky Royaty Ltd 20 TransCanada Corp 20 Randgod Resources Ltd, ADR 20 Lundin Mining Corp 20 Vermiion Energy Inc 18 Schumberger Ltd 18 SPDR God Trust 16 Husky Energy Inc 15 5

6 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

7 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