Date Closed

June 22, 2006

Lead Office

Toronto

Value

379.50 Million CAD

On June 22, 2006, ClareGold Trust, a public securities issuer established and administered by Canadian Imperial Bank of Commerce, closed its initial public offering of C$379.5 million commercial mortgage-back securities (CMBS). The securitized pool includes 103 commercial mortgage loans secured by real properties across Canada, all of which were originated by Canadian Imperial Bank of Commerce and CIBC Mortgages Inc. The mortgage loans will be serviced by Canadian Imperial Bank of Commerce in its capacity as master servicer and special servicer. The transaction is CIBC’s first public CMBS transaction and adds further support to the growing Canadian CMBS market.

McCarthy Tétrault LLP represented CIBC World Markets Inc., as underwriter, with a team led by Dirk Rueter and Simon Fitzpatrick (securitization), and including Gabrielle Richards (tax) and Michael McConnell (securities).