Global Diversified Investment Grade Income Trust - The Pan-Canadian Investors Committee for Third-Party Structured ABCP files an application under the CCAA: Effect on Global Diversified Investment Grade Income Trust - Extension of Standstill Agreement with MMAI-I Trust

    MONTREAL, March 31 /CNW Telbec/ - On March 17, 2008, the Pan-Canadian
Investors Committee for Third-Party Structured asset-backed commercial paper
(the "Committee") announced that it had filed an application in the Ontario
Superior Court of Justice under the Companies' Creditors Arrangement Act (the
"CCAA Application"), pursuant to which an initial order was granted, asking
the Court to call a meeting of asset-backed commercial paper noteholders (the
"Noteholders") to vote on the Committee's Plan to restructure 20 of the trusts
(the "ABCP Trusts") covered by last summer's Montréal Accord, affecting
$32 billion of notes (the " Restructuring Plan") (a copy of the Committee's
press release is available on Ernst & Young Inc.'s public website for the ABCP
Restructuring at
    Although one of the ABCP Trusts is MMAI-I Trust (" MMAI") which is the
counterparty to the three credit default swaps that Global Diversified
Investment Grade Income Trust ("Global DIGIT") (TSX: DG.UN) has entered into
(the "Financial Contracts"), Global DIGIT wishes to advise its unitholders
that the Financial Contracts remain in effect and are not affected by the CCAA
Application. Furthermore, the previously announced Agreement in Principle
between Global DIGIT and MMAI, pursuant to which MMAI would effectively be
replaced by Deutsche Bank A.G. as counterparty to the Financial Contracts (the
"Disengagement Transaction"), is part of the CCAA Application.
    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.

    Extension of Standstill between Global DIGIT and MMAI

    In the present circumstances, the Standstill Agreement entered into with
MMAI on September 27, 2007 has been extended until April 25, 2008, being the
date on which the Noteholders will be asked to approve the Restructuring Plan.

    About Global DIGIT

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

    About MMAI

    MMAI is a special purpose vehicle rated R-1(high) (short-term) and AAA
(long-term) (such rating being currently under review with developing
implications) by DBRS that funds the purchase of eligible assets by issuing
asset-backed commercial paper, extendible commercial paper and floating rate

For further information:

For further information: François Rivard, (514) 879-6405;

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Global Diversified Investment Grade Income Trust

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