The CIBC Multi-asset Absolute Return Strategy

[Low angle view of a modern skyscraper] [Soft dramatic music plays]

[Michael Sager
Vice President, Multi-Asset & Currency CIBC Asset Management]

The CIBC Multi-asset Absolute Return Strategy or MAARS was launched in October 2018 and continues to go from strength to strength.

[MAARS is a liquid alternative]

[Multiple low angle views of modern skyscrapers] MAARS is a liquid alternative.

[Liquid alternatives combine two attractive features]

Simply put, liquid alternatives combine two attractive features... [Liquidity]

...liquidity and....

[The ability to invest in a broad range of traditional and alternative assets]

[Low angle view of a modern glass elevator, followed by a series of concrete arches.]

...the ability to invest in a broad range of traditional and alternative assets.

[An aerial view of a suspension bridge. The Dubai skyline at dusk. A time-lapse shot of a suspension bridge over water. An aerial view of a field of solar panels at dusk.

The focus of MAARS is on identifying profitable global macro opportunities across countries and sectors...

[MAARS uses a range of assets]

[A time-lapse shot of modern glass buildings at dusk. A tracking shot of a long boardroom table. A man sits a desk looking at a bank of computer monitors. An aerial view of a shipping port.]

...using a range of assets that include equities, fixed income, but also currencies and commodities.

[Investment breadth]

[Low angle view of a modern skyscraper at dusk. Time-lapse shot of a glass ceilinged train station.]

Investment breadth is one of the key facets of MAARS.

[Time-lapse shots of downtown Toronto and Shanghai. Aerial views of downtown Dubai and Santiago, Chile.]

We have the scope to implement our global macro investment insights across a much broader range of assets than is the case for a traditional investment solution.

[A wheel-shaped graphic appears with "MAARS" in the center inside a grey circle. Surrounding it is an outer circle divided into five different coloured sections, each with different names:

Annual Return Target Low Volatility Diversification
High Liquidity Experienced Team]

MAARS has a number of attractive features.

[The outer circle of the wheel graphic spins, and the camera moves in on one section: Annual Return Target]

The first one is the annual return target, which we expect to be comparable to equities, and more attractive than fixed income, on average over the long term.

[A bar graph that compares the hypothetical expected returns of Global Bonds, CAD Equity, U.S. Equity, MSCI World, Global Balanced and MAARS from the past 10 years (the red bars) and it forecasts the next 10 years (the grey bars). The left side of the graph measures the return percentage from 0% to 14%. MAARS is expected to have higher annual returns over the next 10 years at 6%.]

[Hypothetica I expected returns (%)^*
Expected next 10 yea rs Past 10 years
? Return%

Global Bonds, CAD Equity, U.S. Equity, MSCI World, Global Balanced, MAARS

The information was prepared by CIBC Asset Management Inc. using the following third party service providers' data: Bloomberg LLC.; Refinitiv Datastream. Data as at July 29, 2021. Global Balanced defined as: 60% MSCI AC World Index; 40% Global Fixed Income (JP Morgan Ex. CAD).

Methodology for calculation of hypothetical returns available at https://www.cibcassetmanagement.com/email/assets/documents/pdfs/JB88_RB_042120_CA M_lOYearForecast_Fr_Fina l.pdf".]

[The outer circle of the wheel graphic spins, and the camera moves in on one section: Low Volatility]

The second attractive feature is the relatively low volatility of the MAARS strategy compared to equity.

[Annual volatility is comparable to fixed income] [Aerial shots of glass buildings.]

In fact, the annual average volatility that we're targeting in MAARS, is comparable to what we experience with traditional fixed income strategies.

[The outer circle of the wheel graphic spins, and the camera moves in on the section: Diversification]

The third attractive feature is the opportunity for diversification within portfolios. [A meeting takes place in a large boardroom.]

MAARS generates its return from very different sources from either a traditional long-only equity strategy or a traditional long-only fixed income strategy.

[Split screen images: people move through a covered glass walking bridge between buildings. An analyst looks a market data on four monitors. An aerial view of a long white bridge over water.]

And these differences provide diversification.

[Three investors look at market data on a large television. Panning shots of the windows of modern office buildings.]

[A greater chance to reach their goals with a smoother return trajectory]

And ultimately, ensures that investors have a greater chance of achieving long-term investment goals with a much smoother return trajectory.

[The outer circle of the wheel graphic spins, and the camera moves in on the section: High Liquidity]

And in addition, MAARS is a highly liquid investment strategy. This liquidity derives from the fact that we invest only in public market securities.

One of the most important attributes is the experience of our investment team.

[The outer circle of the wheel graphic spins and the camera moves in on the section: Experienced Team]

We've been investing in absolute return strategies for more than two decades on behalf of both high-net-worth investors, but also institutional clients across North America.

[People in business clothes walk across modern looking walking bridges. People in business clothes walk down stairs and escalators. Analysts look at market data on banks of monitors.]

This experience is invaluable in terms of allowing us to understand what drives markets, but also allowing us to invest with conviction to achieve the return targets that we've established within the MAARS strategy on behalf of our investors.

[*Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program.

One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results.]

[CIBC ASSET MANAGEMENT Logo]

[This video was created on 11, 01,2021]