Global Diversified Investment Grade Income Trust - Credit Event Notices With Respect To Controladora Comercial Mexicana SAB



    MONTREAL, Oct. 20 /CNW Telbec/ - Global Diversified Investment Grade
Income Trust ("Global DIGIT") (TSX: DG.UN) announces that, on October 16,
2008, MMAI-I Trust ("MMAI-I") received Credit Event Notices with respect to
Controladora Comercial Mexicana SAB.
    Substantially, all of the non-cash assets of Global DIGIT consist of
three credit default swaps ("GD Swaps") entered into with MMAI-I and the
related collateral to secure obligations under the GD Swaps. The GD Swaps are
mirrored by back-to-back credit default swaps (the "MMAI-I Swaps") between
MMAI-I and Deutsche Bank A.G. (the "Bank").
    On October 30, 2007, Global DIGIT entered into an amendment (the
"Amendment") to its three credit default swaps with MMAI-I. As a result of
these amendments, Global DIGIT will not experience any loss under any credit
default swap pursuant to credit events under mortgage-backed securities or
asset-backed securities (the "Contingent Exposure") included in the portfolio
of reference obligations related to such credit default swap until the
corporate CDO exposures (the "Primary Exposure") in such portfolio have all
defaulted and their notional amount has been reduced to zero. The Primary
Exposure consists of multiple tranched exposures within five corporate CDOs
with initial attachment points (the point in the capital structure where the
exposure to losses in the portfolio begins) varying between 7.85% and 11.00%
and initial detachment points (the point in the capital structure where the
exposure to losses ends) varying between 9.55% and 13.00%.
    Subsequent to this Credit Event, it is expected that both the attachment
and detachment points will be lowered, due to the reduction of subordination
within the capital structure. The aforementioned reduction will be known in
December 2008 or before. Regardless of the recovery rate that will be
determined for the above mentioned reference entity, Global DIGIT will not
suffer a loss pursuant to this Credit Event.

    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.




For further information:

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

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Global Diversified Investment Grade Income Trust

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