Global DiSCS Trust 2004-1 Announces Successful Closing of $82,500,000 Initial Public Offering of Units.

TORONTO -- (TSX: DST.UN) - Global DiSCS Trust 2004-1 (the "Trust"), a closed-end investment trust, is pleased to announce that it has successfully completed its initial public offering of 3,300,000 units of the Trust (the "Units") at a price of $25 per Unit for aggregate gross proceeds of $82,500,000.

The Units commenced trading today on the Toronto Stock Exchange under the symbol "DST.UN".

The Units have been assigned a rating of AA- by Standard & Poor's, a division of The McGraw Hill Companies, Inc. ("S&P"). The Trust's investment objectives with respect to the Units are (i) to provide Unitholders with a stream of quarterly distributions of $0.325 per Unit (or $1.30 per annum to yield 5.20% of the original subscription price of $25 per Unit) and (ii) to redeem all outstanding Units on or about December 20, 2009 at the original subscription price of $25 per Unit.

The Trust will invest the proceeds of the offering in (i) a collateral portfolio comprised of AAA rated (or equivalent) permitted investments and (ii) simultaneously enter into a swap agreement with Royal Bank of Canada to provide Unitholders with exposure to a reference portfolio of 120 corporate credits. The reference portfolio has an initial S&P average rating of A-.

The offering was made through a syndicate of agents led by RBC Dominion Securities Inc. and including BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Canaccord Capital Corporation, Desjardins Securities Inc., Dundee Securities Corporation, First Associates Investments Inc., HSBC Securities (Canada) Inc. and Raymond James Ltd.

Global DiSCS Trust 2004-1 (TSX:DST.UN)