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Global DiSCS Trust 2004-1 (TSX: DST.UN) announces Quebecor World Inc. credit event settlement
2008-04-25

TORONTO: Global DiSCS Trust 2004-1 (the “Trust”) announces that the final recovery amount of Quebecor World Inc. (“Quebecor”) is 41.1% and that the Bankruptcy Credit Event will not result in any reduction in collateral or an investor’s capital amount.

Credit event: On January 23, 2008, the Trust was notified that Quebecor filed a petition for creditor protection under the Companies’ Creditors Arrangement Act (CCAA) in Canada. The exposure of the Trust’s unitholders to Quebecor was 0.50% of the Reference Portfolio.

Following the Quebecor Bankruptcy Credit Event, the Trust’s remaining synthetic first loss tranche protection is 3.606% of the Reference Portfolio. The initial 4.10% first loss tranche was reduced to 3.88% as a result the 2006 Delphi Corporation Credit Event.

Unitholders’ entitlement to receive $25 per unit on December 20, 2009 and quarterly distributions of $0.325 per unit will not be affected by this Credit Event. However, if future Cumulative Net Loss Amount resulting from credit events exceeds 3.606%, the Trust’s unitholders will not receive the original subscription price of $25 per unit upon the maturity date.

Trading information and NAV: The Units of Global DiSCS Trust 2004-1 are listed for trading on the Toronto Stock Exchange (“TSX”) under the symbol DST.UN. As of April 23, 2008, the net asset value of the Trust was $20.78 per unit.

Sentry Select Capital Corp.: Sentry Select Capital Corp. is a Canadian wealth management company that manages over $6.5 billion in gross assets as of March 31, 2008. The company offers a diverse range of investment products including closed-end trusts, mutual funds, principal-protected notes and flow-through limited partnerships, covering a variety of domestic and global mandates. Sentry Select is the manager and/or advisor to 29 TSX-listed reporting issuers. In addition, Sentry Select manages and/or provides advisory services to four reporting issuers listed on the TSX Venture Exchange.

More information: Investor Services (broker/investor inquiries) or Kinga Lam (media inquiries) Tel:  1-888-246-6656   Fax: 416-364-1197   info@sentryselect.com

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