Securities Law & Instruments

Headnote

Mutual Reliance Review Systemfor Exemptive Relief Applications - Issuer has only one securityholder - issuer deemed to have ceased being a reporting issuer.

Applicable Ontario StatutoryProvisions

Securities Act, R.S.O. 1990,c. S.5, as am. s. 83.

IN THE MATTER OF

THE SECURITIES LEGISLATIONOF

ALBERTA, SASKATCHEWAN, ONTARIO,QUEBEC, NOVA SCOTIA AND

NEWFOUNDLAND AND LABRADOR

AND

IN THE MATTER OF

THE MUTUAL RELIANCE SYSTEMFOR

EXEMPTIVE RELIEF APPLICATIONS

AND

IN THE MATTER OF

CRS II PREFERRED NT TRUST

MRRS DECISION DOCUMENT

WHEREAS the local securitiesregulatory authority or regulator (the "Decision Maker")in each of Alberta, Saskatchewan, Ontario, Quebec, Nova Scotiaand Newfoundland and Labrador (the "Jurisdictions")has received an application from CRS II Preferred NT Trust (the"Trust") for a decision pursuant to the securitieslegislation of the Jurisdictions (the "Legislation")that the Trust be deemed to have ceased to be a reporting issuerunder the provisions of the Legislation;

AND WHEREAS, pursuantto the Mutual Reliance Review System for Exemptive Relief Applications(the "System"), the Ontario Securities Commissionis the principal regulator for this application;

AND WHEREAS CIBC WorldMarkets Inc., as trustee of the Trust, has represented to theDecision Makers that:

1. The Trust is an unincorporatedmutual fund trust constituted under the laws of the Provinceof Ontario pursuant to a Declaration of Trust dated June 22,1994 as amended and restated on August 18, 1994.

2. The Trust filed a prospectusdated August 18, 1994 qualifying for distribution to the public3,360,000 senior dividend units (the "Senior DividendUnits") of the Trust and became a reporting issuer ineach of the Jurisdictions on that date.

3. The Trust is not in defaultof any of the requirements of the Legislation.

4. The authorized unit capitalof the Trust consists of an unlimited number of Senior DividendUnits, 100 senior voting units (the "Senior Voting Units"),100 Class A voting units and 100 Class B non-voting units.

5. The Trust redeemed allof its issued and outstanding Senior Dividend Units on February28, 2002.

6. The Senior Dividend Unitswere de-listed from the Toronto Stock Exchange and no securitiesof the Trust are listed or quoted on any stock exchange ormarket in Canada or elsewhere.

7. As of the date hereof,100 Senior Voting Units are issued and outstanding, all ofwhich are beneficially owned by CIBC World Markets Inc.

8. The Trust has no othersecurities, including debt securities, outstanding.

9. The Trust does not intendto seek public financing by way of an offering of its securities.

AND WHEREAS, pursuantto the System, this MRRS Decision Document evidences the decisionof each Decision Maker (collectively, the "Decision");

AND WHEREAS each of theDecision Makers is satisfied that the test contained in theLegislation that provides the Decision Maker with the jurisdictionto make the Decision has been met.

THE DECISION of the DecisionMakers pursuant to the Legislation is that the Trust is deemedto have ceased to be a reporting issuer under the provisionsof the Legislation in the Jurisdictions.

June 25, 2002.

"Margo Paul"