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Global DiSCS Trust 2004-1 Announces Delphi Corporation Credit Event Settlement

Toronto: Global DiSCS Trust 2004-1 announces that the final recovery amount of Delphi Corporation, determined on January 19, 2006, is 52.92% and that the Bankruptcy Credit Event will not result in any reduction in collateral or an investor’s capital amount.

Credit Event: On October 8, 2005, Delphi Corporation filed a petition for Chapter 11 proceedings under the United States Bankruptcy Code, which resulted in a Bankruptcy Credit Event for the Global DiSCS Trust 2004-1. The exposure of Trust Unitholders to Delphi Corporation was 0.50% of the Reference Portfolio.

Delphi is the first, and currently only, credit event experienced by the Reference Portfolio of Global DiSCS Trust 2004-1. The Trust units benefit from the protection of a synthetic first loss tranche equal to 4.1% of the Reference Portfolio; therefore, Unitholders’ entitlement to receive C$25 per unit on December 20, 2009 will not be affected by this Credit Event.

After the Credit Event, the remaining first loss coverage is 3.86% of the Reference Portfolio.

Trading Information and NAV: The Units of Global DiSCS Trust 2004-1 are listed for trading on the Toronto Stock Exchange under the symbol DST.UN.

As at January 23, 2006, the Net Asset Value of the Trust was $24.49 per unit.

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