Global Diversified Investment Grade Income Trust Series 2004-1 - Estimated Net Asset Value as at June 30, 2007 - Absence of an Observed Impact of the turmoil in the US sub-prime and equity Mortgage Markets

    MONTREAL, June 22 /CNW Telbec/ - As provided in the prospectus of Global
Diversified Investment Grade Income Trust Series 2004-1 (the "Trust") (TSX
symbol: DG.UN), a net asset value ("NAV") is published monthly for the units
of the Trust. In order to calculate the NAV of the Trust, the co-trustees,
Metcalfe & Mansfield Alternative Investments Corp. and 4227298 Canada Inc.
(the "Co-Trustees") receive from the counterparty to the financial contracts
(the "Bank") an indicative price on the value of such financial contracts. As
of May 31, 2007, the published NAV for the units of the Trust was $9.25,
factoring in the prior indicative price received.
    Based on the latest indicative price received from the Bank, there would
be no impact on the estimated NAV as at June 30, 2007 in the absence of
material variations in the value of the other components of the NAV since
May 31, 2007.
    As the Trust provides an exposure to a mezzanine tranche of portfolios of
mortgage-backed securities, asset-backed securities and synthetic corporate
exposures, the continued turmoil observed in the United States subprime and
home equity mortgage markets has not affected the indicative price received
from the Bank.
    The Co-Trustees understand that since December 31, 2006, none of the
reference obligations in the Trust's portfolios have experienced any credit
downgrades nor have any of them been made subject to credit watch since that
time and there have been no credit defaults for which the Trust could assume a
loss. To the knowledge of the Co-Trustees, no event has occurred which would
affect the Trust's ability to pay its monthly distribution of $0.0495 per

    Forward-looking statements

    This press release contains forward-looking statements regarding
assessment of market conditions. By their very nature, these statements
involve uncertainties and inherent risks, both general and specific, which
give rise to the possibility that predictions will not materialize. We
therefore caution investors against placing undue reliance on these
statements. The Trust has no obligation to update forward-looking statements
and does not undertake to do so. Any information about industry or general
economic conditions contained in this press release is derived from third
party sources that the Trustee believes to be accurate and widely accepted.
However the Trustee has not independently verified this information and cannot
assure its accuracy.

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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