CARDS II Trust Completes Notes Offerings

On May 21, 2010, CARDS II Trust completed two issuances of credit card receivables backed notes totalling $1.152 billion. These were the eleventh and twelfth public offerings for CARDS II Trust. CARDS II Trust is a special purpose securitization vehicle that issues credit card receivables backed notes to the public to finance the purchase of credit card receivables originated by CIBC.

The offering was made through a syndicate of underwriters led by CIBC World Markets Inc., and included BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., Scotia Capital Inc., TD Securities Inc., National Bank Financial Inc., Brookfield Financial Corp., HSBC Securities (Canada) Inc. and Merrill Lynch Canada Inc.

CIBC was represented by Frank Vivacqua, Assistant General Counsel. CIBC and CARDS II Trust were represented by McCarthy Tétrault LLP with a team that included Marc MacMullin, Dean Masse, Laura Hage and Jennifer Pyke (corporate) and Gabrielle Richards (tax).

The underwriters were represented by Stikeman Elliott LLP with a team that included Jason Kroft, Douglas Bryce and Amanda Willett (corporate) and Jonathan Willson (tax).

Lawyer(s)

Frank Vivacqua Gabrielle M.R. Richards Marc J. MacMullin M. Laura Hage Amanda Willett Jennifer Pyke Jonathan W. Willson Dean C. Masse Jason Kroft Douglas A. Bryce