Global Diversified Investment Grade Income Trust II - Monthly Distribution
and Net Asset Value as at February 16, 2010

MONTREAL, Feb. 17 /CNW Telbec/ - Global Diversified Investment Grade Income Trust II ("Global DIGIT II") declares the following monthly distribution consisting of a partial capital reimbursement:

    
    -------------------------------------------------------------------------
                                                     Total
                                                     Distri-     TSX
                                                     butions     Closing
                                                     in 2010     Price
             Distri-                                 (all        per unit
             bution                                  capital     as of
    Trading  Amount                                  reimburse-  February 16,
    Symbol   (per unit)  Record Date   Payable Date  ments)      2010
    -------------------------------------------------------------------------
    GII.UN   $0.035      February 26,  March 12,     $0.07       $1.18
                         2010          2010
    -------------------------------------------------------------------------
    

As previously announced, one of the objectives of Global DIGIT II was to provide unitholders with a monthly distribution which, starting March 2010, would have been an amount equal to the five-year government of Canada bond yield plus 4.0% to 4.5%. However, in light of the amounts withheld by Deutsche Bank AG, Canada Branch ("DB") in relation to credit events notified to Global DIGIT II until the final determination of the amount of losses from such credit events, distributions will be less than the five-year government of Canada bond yield plus the targeted spread of 4.0% to 4.5%. Taking into account this bond yield, the amounts withheld by DB until exact losses pertaining to the credit events are determined as per the valuation process in place and as long as no other credit event notices are received, the monthly distribution from March 2010 on, would be approximately $0.03 to $0.035 per unit instead of $0.055 to $0.059.

Global DIGIT II also announces that the net asset value ("NAV") per unit as of February 16, 2010 was estimated to be $0.29.

The NAV on a particular date is equal to the aggregate value of the assets of Global DIGIT II, less the aggregate value of its liabilities. Substantially all of the assets of Global DIGIT II consist of cash and three credit default swaps entered into with DB and the related collateral.

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.

SOURCE Global Diversified Investment Grade Income Trust II

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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