Global Diversified Investment Grade Income Trust II - Decline of the Net Asset Value



    MONTREAL, June 22 /CNW Telbec/ - As provided in the prospectus of Global
Diversified Investment Grade Income Trust II (the "Trust") (TSX symbol:
GII.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 trustee, Global Digit
II Management Inc. (the "Trustee") receives from Winchester Capital, a
division of Deutsche Bank A.G. (the "Bank") an indicative price on the value
of the financial contracts. As of May 31, 2007, the published NAV for the
units of the Trust was $6.64, factoring in the prior indicative price
received.
    Based on the latest indicative price received from the Bank, the
estimated NAV as at June 30, 2007 would be $5.75 representing a reduction of
about 13% from the NAV published as at May 31, 2007, in the absence of
material variations in the value of the other components of the NAV since May
31, 2007.
    The Trustee understands that the decline in the quoted indicative price
is primarily attributable to continued turmoil observed in the United States
subprime and home equity mortgage markets, which in turn has triggered a
significant decrease in the pricing of the financial contracts.
    The Trustee understands 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 events for which the Trust could assume a
loss. To the knowledge of the Trustee, no event has occurred which would
affect the Trust's ability to pay its monthly distribution of $0.0687 per
unit.

    About the Trust

    The Trust 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.

    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,
http://info.fbn.ca/trusts

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Global Diversified Investment Grade Income Trust II

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