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Global DiSCS Trust 2004-1 (TSX: DST.UN) announces Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) credit events settlement
2008-12-16

TORONTO: Global DiSCS Trust 2004-1 (the “Trust”) announces that the final recovery amount of Federal National Mortgage Association (“Fannie Mae”) is 87.66667% and the final recovery amount of Federal Home Loan Mortgage Corporation (“Freddie Mac”) is 98.83667%. The Bankruptcy Credit Event will not result in any reduction in collateral or an investor’s capital amount.

Credit event: On September 12, 2008, the Trust was notified that Fannie Mae and Freddie Mac (collectively the “Agencies”) had been placed under conservatorship. The exposure of the Trust’s unitholders to each Agency is 1.50% of the Reference Portfolio.

Following the Fannie Mae and Freddie Mac Bankruptcy Credit Events, the Trust’s remaining synthetic first-loss tranche protection is 3.508% of the Reference Portfolio. The initial 4.10% first-loss tranche was reduced to 3.606% as a result the 2006 Delphi Corporation and the 2008 Quebecor World Inc. Credit Events.

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 Bankruptcy Credit Event. However, if future cumulative net loss amounts resulting from credit events exceed 3.508%, 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 December 10, 2008, the net asset value of the Trust was $10.05 per unit.

Sentry Select Capital Corp.: Sentry Select Capital Corp.(“Sentry Select”) is a Canadian wealth management company that manages 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.

More information: Investor Services (broker/investor inquiries and media inquiries)Tel: 1-888-730-4623Fax: 416-364-1197Email:  info@sentryselect.com

All capitalized terms used herein, but not defined are as per the Trust’s Prospectus.

Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions ‘‘expect’’, ‘‘intend’’, “will” and similar expressions to the extent they relate to Sentry Select. The forward-looking statements are not historical facts but reflect Sentry Select’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although Sentry Select believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. Sentry Select undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.


Documents (including press releases) regarding the various investment funds that are managed or advised by Sentry are provided for information purposes only and cannot be relied on to be complete, exhaustive or error-free unless the complete set of documents for any given investment fund with respect to which information is being sought is reviewed and then only on SEDAR (www.sedar.com).