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Global DiSCS Trust 2004-1 (TSX: DST.UN) announces Quebecor World Inc. credit event
2008-01-23

Toronto: On January 23, 2008 the Calculation Agent for Global DiSCS Trust 2004-1 (the “Trust”) notified the Trust of a Bankruptcy Credit Event on Quebecor World Inc. (“Quebecor”) as a result of Quebecor filing a petition for creditor protection under the Companies’ Creditors Arrangement Act (CCAA) in Canada. The exposure of Global DiSCS Trust 2004-1 unitholders to Quebecor World Inc. is 0.50% of the Reference Portfolio.

The Calculation Agent will carry out the valuation process in accordance with the terms of the Declaration of Trust and this process should be completed by the end of April 2008. The Global DiSCS Trust 2004-1 units benefit from the protection of a synthetic first loss tranche equal to 3.86% of the Reference Portfolio. The initial 4.10% first loss tranche was reduced to 3.86% as a result the 2006 Delphi Corporation Credit Event. Therefore, Unitholders’ entitlement to receive C$25 per unit on December 20, 2009 and quarterly distributions of $0.325 per unit will not be affected by this Credit Event.

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 at January 17, 2008, the net asset value of the Trust was $20.67 per unit.

Sentry Select Capital Corp. Sentry Select Capital Corp. is a Canadian wealth management company that manages approximately $8 billion in gross assets as of December 31, 2007. 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 30 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

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.


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