TORONTO, ONTARIO--(Marketwire - Oct. 6, 2008) - The Board of Directors of Global Credit Pref Corp. (the "Company")(TSX:GPA.PR.A) today declared a cash distribution of $0.3281 per Preferred Share consisting of a return of capital on such Preferred Shares equal to $0.3281 per share payable on October 31, 2008 to holders of record at the close of business on October 17, 2008.

Global Credit Pref Corp. is a mutual fund corporation that issued 10-year redeemable, retractable cumulative Preferred Shares. The Company used the proceeds to gain exposure, by way of an equity forward sale agreement, to a structured credit linked note that now offers exposure to the credit performance of 124 reference entities.

The Preferred Shares are listed for trading on the Toronto Stock Exchange under the symbol GPA.PR.A.

FOR FURTHER INFORMATION PLEASE CONTACT:
        Gatehouse Capital Inc.
        Robert T. Kidd
        (647) 288-1646 or 1-888-839-4140
        Email: info@gatcap.com
        Website: www.gatehousecapital.ca

Source: Global Credit Pref Corp.