Cahill Represents Deutsche Bank Securities, JPMorgan, Banc of America Securities LLC and Credit Suisse in Rule 144A Offering by Michaels Stores, Inc.

October 31, 2006

Cahill represented Deutsche Bank Securities, JPMorgan, Banc of America Securities LLC and Credit Suisse as Initial Purchasers in a Rule 144A/Regulation S offering by Michaels Stores, Inc. comprised of $750,000,000 10% Senior Notes due 2014, $400,000,000 11 3/8% Senior Subordinated Notes due 2016 and $469,449,000 13% Subordinated Discount Notes due 2016 in connection with the recapitalization of Michaels by affiliates of Bain Capital and The Blackstone Group.