Global Diversified Investment Grade Income Trust Announces Agreement in Principle



    MONTREAL, Dec. 24 /CNW Telbec/ - Global Diversified Investment Grade
Income Trust ("Global DIGIT") (TSX: DG.UN) announces that it and MMAI-I Trust
("MMAI") have signed an Agreement in Principle to negotiate in good faith a
transaction pursuant to which MMAI would effectively be replaced by Deutsche
Bank AG (the "Bank") as counterparty to the three credit default swaps
(financial contracts) that are presently between Global DIGIT and MMAI (the
"Disengagement Transaction").
    Completion of the Disengagement Transaction is subject to formal
documentation and certain consents and approvals, including the approval of
the creditors of MMAI, the approval of the Bank and a final approval of the
trustees of Global DIGIT and of MMAI. There can be no assurances that all such
approvals will be obtained or that the Disengagement Transaction will
otherwise be completed. In particular, the approval of the creditors of MMAI
will largely depend on whether or not such creditors approve the restructuring
plan for third party asset-backed commercial paper, as contemplated in the
press release dated December 23, 2007 issued by the Pan-Canadian Investors
Committee for Third Party Structured Asset Backed Commercial Paper (the "ABCP
Restructuring").
    If and when the Disengagement Transaction is completed, distributions and
redemptions would resume, and it is anticipated that the distributions would
generally be at the same level as was previously the case (subject to
restructuring costs which cannot presently be assessed), until the next reset
date (being September 7, 2009). As a result of the Disengagement Transaction,
the $0.42 that has been accrued for recovery of issue costs would be remitted
by MMAI to Global DIGIT, but the balance of $0.23 not yet accrued would not be
recovered. Funds available to pay distributions and redemptions would flow
directly from the Bank, and would no longer be dependant on MMAI's ability to
renew or replace its outstanding indebtedness or otherwise be subject to any
claim by MMAI to withhold payments to Global DIGIT. Funds presently held in
escrow under the standstill agreement between Global DIGIT and MMAI would be
released to Global DIGIT. The Disengagement Transaction would be expected to
become effective on the date that the ABCP Restructuring becomes effective.
    Unless and until the Disengagement Transaction is completed, the
previously announced suspension of distributions and redemptions will continue
until conditions otherwise allow for their resumption, which is the objective
of the Trustees.

    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.

    About MMAI

    MMAI is a special purpose vehicle rated R-1(high) (short-term) and AAA
(long-term) by DBRS that funds the purchase of eligible assets by issuing
asset-backed commercial paper, extendible commercial paper and floating rate
notes.




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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