Global Diversified Investment Grade Income Trust II - Completion of Disengagement Transaction and Declaration and Payment of Distributions



    MONTREAL, Jan. 21 /CNW Telbec/ - Global Diversified Investment Grade
Income Trust II ("Global DIGIT II") (TSX: GII.UN) announces that it has
completed the disengagement transaction (the "Disengagement Transaction")
announced on December 24, 2007 pursuant to which Silverstone Trust
("Silverstone") has been replaced by Deutsche Bank AG (the "Bank") as
counterparty to the three credit default swaps (financial contracts) that are
presently between Global DIGIT II and Silverstone (the "GD Swaps").
    The Disengagement Transaction was completed contemporaneously with the
completion of the plan of compromise and arrangement (the "Plan") pursuant to
the Companies' Creditors Arrangement Act in respect of the asset-backed
commercial paper (ABCP) of certain issuer trustees, including the issuer
trustee of Silverstone. Furthermore, certain technical clerical and conforming
changes were made to the master declaration of trust of Global DIGIT II dated
February 23, 2005 (as amended) and regulation made thereunder to reflect the
Disengagement Transaction.
    As a result, all amounts owed to Global DIGIT II under the GD Swaps and
accumulated since August 13, 2007 pursuant to a standstill agreement entered
into by Global DIGIT II and Silverstone have been released to Global DIGIT II
and such standstill agreement has been terminated.
    Therefore, Global DIGIT II is now in a position to pay the distribution
of $0.0687 per unit declared on July 18, 2007. Such distribution will be paid
on January 30, 2009 to holders of record on July 31, 2007, as per the terms of
the declaration of July 18, 2007.
    Moreover, Global DIGIT II declares a monthly distribution (consisting of
a partial capital reimbursement of a unit) of $0.0687 per unit (approximately
8.25% per year calculated on a 30/360 day basis and on the issue price of
$10.00 per unit). This distribution will be payable on February 13, 2009 to
holders of record on the close of business on January 30, 2009.
    Finally, Global DIGIT II declares an extraordinary cash distribution
(consisting of a partial capital reimbursement of a unit) of $1.07 per unit.
This distribution will be payable on February 13, 2009 to holders of record on
the close of business on January 30, 2009.

    About Global DIGIT II

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




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 II

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