Foundation Trust - Further reimbursement of principal on the Replacement Notes

    MONTREAL, July 22 /CNW Telbec/ - Foundation Trust (the "Trust") is
pleased to announce that it received on July 17, 2008 a principal repayment of
$20,413,111 on its outstanding Replacement Series A Notes of the Trust.
    At the time of the market disruption of mid-August 2007, the Trust had
approximately $263 million of Class A Series A and Class A Series E Notes
outstanding (the "Original Notes"). Further to the May 9, 2008 restructuring,
Replacement Series A Notes (the "Replacement Notes") were issued by the Trust
in replacement of its Original Notes. The face amount of the Replacement Notes
was $114,075,879 and following the June and July principal repayments, the
face amount of the Replacement Notes is currently $51,500,033. Approximately
$212 million of principal amount has been repaid to Noteholders since the
market disruption of mid-August 2007. The Replacement Notes bear interest to
maturity at an annual interest equal to one-month CDOR plus 0.7475% (being an
interest rate of 3.9089% for the month of July 2008). CDOR is reset at the
beginning of each calendar month. Interest is paid on the Replacement Notes
together with the Trust's share of the principal distributions received on the
underlying portfolio of auto leases. The Replacement Notes are amortized on a
monthly basis and will come to maturity on September 17, 2010 or such earlier
date to the extent such Replacement Notes are repaid earlier. The Replacement
Notes have not been rated.

    About the Trust

    The assets of the Trust are traditionally-originated ABS/MBS.

For further information:

For further information: Mathieu Lafleur-Ayotte, (514) 879-3302; Gordon
Thompson, (416) 363-1561;

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