Global DiSCS Trust 2004-1
TSX : DST.UN

Global DiSCS Trust 2004-1

April 25, 2008 15:28 ET

Global Discs Trust 2004-1 (TSX:DST.UN) Announces Quebecor World Inc. Credit Event Settlement

TORONTO, ONTARIO--(Marketwire - April 25, 2008) - Global DiSCS Trust 2004-1 (the "Trust") (TSX:DST.UN) 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.

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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Contact Information

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    Email: info@sentryselect.com
    Website: www.sentryselect.com