Davies | CIBC World Markets, RBC Dominion Securities Inc. and syndicate

| English Transaction & Case Studies Page | CIBC World Markets, RBC Dominion Securities Inc. and syndicate

January 6, 2009

CIBC World Markets, RBC Dominion Securities Inc. and syndicate

Transaction summary

First Trust/Highland Capital Floating Rate Income Fund II (the Fund) completed its initial public offering for gross proceeds of $US85 million. The Fund was established to provide investors with exposure to a portfolio consisting primarily of senior secured floating rate corporate loans (senior loans) issued by debtors that are primarily US issuers. Davies represented the syndicate of agents.

2005