Global Diversified Investment Grade Income Trust - Recovery rate with respect to Syncora Guarantee

MONTREAL, May 29 /CNW Telbec/ - Global Diversified Investment Grade Income Trust ("Global DIGIT") (TSX: DG-UN.TO) announces that further to its press release dated May 8, 2009 announcing the Syncora Guarantee (f.k.a. XL Capital Assurance Inc.) default, the recovery rate with respect to this default was established at 15%.

Subsequent to this default and based on the recovery realized, the subordination levels (attachment points) and detachment points of the affected exposures have been lowered by 0.85%. As a result, the number of additional defaults Global DIGIT may sustain before being affected was reduced. Global DIGIT will not suffer a loss due to this default. The new subordination levels (attachment points) and detachment points, taking into account all prior defaults, are detailed in the table below:

    
    -------------------------------------------------------------------------
                    As at May 29, 2009                  At Inception

    Port-  Corporate  Subordination                 Subordination
    folio     Debt     (Attachment    Detachment     (Attachment   Detachment
            Exposure      Point)         Point           Point)       Point
    -------------------------------------------------------------------------
               1           6.71%          8.16%          9.55%         11.00%
               2           9.14%         11.14%         11.00%         13.00%
    D          3           8.53%         10.53%         11.00%         13.00%
               4           6.79%          8.49%          7.85%          9.55%
               5           7.73%          9.18%          9.55%         11.00%
    -------------------------------------------------------------------------
               1           8.16%         10.16%         11.00%         13.00%
               2           7.69%          9.14%          9.55%         11.00%
    E          3           5.38%          7.08%          7.85%          9.55%
               4           8.49%          9.94%          9.55%         11.00%
               5           9.18%         11.18%         11.00%         13.00%
    -------------------------------------------------------------------------
               1           8.16%         10.16%         11.00%         13.00%
               2           9.14%         11.14%         11.00%         13.00%
    F          3           7.08%          8.53%          9.55%         11.00%
               4           8.49%          9.94%          9.55%         11.00%
               5           6.03%          7.73%          7.85%          9.55%
    -------------------------------------------------------------------------
    

About Global DIGIT

Global DIGIT provides an economic interest in a mezzanine tranche of credit default swap agreements in respect of portfolios of corporate CDO exposures, mortgage-backed securities and asset-backed securities.

Contacts

François Rivard
(514) 879-6405
http://info.fbn.ca/trusts