Today's CIBC NotesShare price returns are likely to be more modest than the previous 12 months;
however, increased cash returns to shareholders should drive incremental
performance for the group. The bar chart in Exhibit 8 shows the share price and dividend
return of companies within our coverage since August 2021, with an average total return of
112%. In general, companies with exceptional operating results (NVA, AAV, SDE) or decisive
return of capital strategies (ERF, TOU, CJ) have produced higher total returns compared to
the peer average. As more companies are approaching net debt targets through H2/22, we
believe companies with higher shareholder return allocations could see stronger share price
performance, although our price targets at the current juncture assume lower share price
appreciation than we have seen in the past 12 months.