Global Diversified Investment Grade Income Trust - Default in respect of General Motors Corporation



    MONTREAL, June 3 /CNW Telbec/ - Global Diversified Investment Grade
Income Trust ("Global DIGIT") (TSX: DG.UN) announces that further to a filing
on June 1, 2009 by General Motors Corporation for relief under Chapter 11 of
the United States Bankruptcy Code, a bankruptcy credit event (default) has
occurred in respect of General Motors Corporation. This reference obligation
is included in four of the five portfolios to which Global DIGIT is exposed
and represents 1% of each such portfolio.
    The impact of this default on Global DIGIT will be that the subordination
levels in the affected portfolios will be lowered. However the exact
percentage of this reduction will be known when the recovery rate is
determined within the next several weeks. Regardless of the recovery rate,
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 swaps in respect of portfolios of synthetic corporate
exposures, mortgage-backed securities, asset-backed securities and structured
finance 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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