DBRS Confirms CFI Trust at AAA

Dominion Bond Rating Service (“DBRS”) has today confirmed the ratings of CFI Trust (“CFI Trust” or the “Trust”) as indicated above.

All series of CFI Trust notes are secured by a revolving pool of leases and conditional sales contracts (totalling Cdn$675 million as of May 31, 2005) originated by 32 originators across Canada. The majority of the Trust’s assets are retail and small fleet car, minivan, sport-utility vehicle (SUV), and light-duty truck open-ended leases where the obligor guarantees the residual value of the vehicle.

Credit enhancement for all series of notes generally consists of 3.5% cash, 6% overcollateralization, and expected spread of at least 0.50%. In addition, for Series 2003-1 and Series 2003-2 Notes (collectively, the “Series 2003 Notes”), there are subordinated notes of 3% available. Should Series 2003 Notes accelerate, the subordinated notes will only be repaid after the Series 2003 Notes have been fully repaid.

Historical net losses have been similar to other prime auto loans and leases, averaging 0.42% for the year ended December 31, 2004. Overall loss protection is high, the assets are generally liquid, and measures have been put in place to mitigate fraud risk. Potential challenges include exposure to non-investment grade sellers, ongoing asset acquisitions based on eligibility criteria, exposure to used vehicles, and use of present value calculations to determine advances to sellers.