CanCap Preferred Corporation - Redemption of its Preferred Shares

    Stock Symbol TSX: CAC

    MONTREAL, May 30 /CNW Telbec/ - CanCap Preferred Corporation announces
the redemption of all its outstanding Preferred Shares on June 30, 2007 at an
anticipated price of $25 per share (the "Redemption Price"), as provided in
the articles of the Company.
    On such date, the Company shall pay to Computershare Trust Company of
Canada (the "Transfer Agent"), at its registered office in Montréal, Quebec,
for the benefit of the registered holders of Preferred Shares, an amount per
Preferred Share equal to the Redemption Price.
    The Preferred Shares shall then be deemed to be cancelled and the rights
of the holders thereof shall be limited to receiving, without interest, the
Redemption Price for each Preferred Share held. The Preferred Shares called
for redemption shall cease to be entitled to any participation in the assets
of the Company.

    CanCap manages a portfolio of actively traded liquid shares of Canadian
large cap companies of approximately $1,04 billion as at April 30, 2007.

For further information: Mr. Alain Fortin, Chief Financial Officer,
CanCap Preferred Corporation, [phone]; www.cancap.ca