Global Diversified Investment Grade Income Trust II - Net asset value as at February 29, 2008



    MONTREAL, March 28 /CNW Telbec/ - Global Diversified Investment Grade
Income Trust II ("Global DIGIT II") (TSX: GII.UN) announces that its net asset
value ("NAV") per unit as at February 29, 2008, based on an indicative price
received from Deutsche Bank A.G. (the "Bank"), is estimated to be $1.40 on a
non-consolidated basis.
    In accordance with Canadian generally accepted accounting principles
("GAAP"), Global DIGIT II consolidates its financial statements with those of
Silverstone Trust ("Silverstone"), a variable interest entity under GAAP. This
requires taking into account for purposes of computing the NAV, inter alia,
the mark-to-market value of the AAA swap (the "Silverstone AAA Swap") between
Silverstone and the Bank, even though Global DIGIT II is not a party to the
Silverstone AAA Swap, has no economic interest in it and has no legal
liability under it.
    The Trustees consider that for the reasons set out above, the NAV
calculated on a non-consolidated basis better reflects the economic situation
of Global DIGIT II as at February 29, 2008. Furthermore, as previously
announced on December 24, 2007, Global DIGIT II has entered into an Agreement
in Principle with Silverstone pursuant to which Silverstone would effectively
be replaced by the Bank as counterparty to the three credit default swaps (the
"GD II Swaps") that are presently between Global DIGIT II and Silverstone (the
"Disengagement Transaction"). If and when the Disengagement Transaction is
completed, the NAV will no longer be presented on a consolidated basis with
Silverstone. There can be no assurances, however, that the Disengagement
Transaction will be completed. In particular, the Disengagement Transaction is
largely dependant on the approval of the restructuring plan for third party
asset-backed commercial paper, as contemplated in the application filed on
March 17, 2008 with the Ontario Superior Court of justice under the Companies'
Creditors Arrangement Act by the Pan-Canadian Investors Committee for Third
Party Structured Asset Backed Commercial Paper pursuant to which an initial
order was granted by the Court.
    On a non-consolidated basis, substantially all of the assets of Global
DIGIT II consist of the GD II Swaps and the related collateral, entered into
with Silverstone. Silverstone, in turn, has entered into three mirror credit
default swaps with the Bank. Silverstone has also entered into the Silverstone
AAA Swap with the Bank, in respect of which, and in order to purchase the
necessary collateral, Silverstone issued asset-backed commercial paper
("ABCP"). Since August 13, 2007, Silverstone has been unable to roll over its
maturing ABCP and has ceased making payments on such maturing ABCP. Since that
date, Silverstone has also deposited all amounts owed to Global DIGIT II under
the GD II Swaps in an escrow account pursuant to the Standstill Agreement
entered into by Global DIGIT II and Silverstone, as disclosed in the press
release issued on September 28, 2007.
    The NAV calculated on a non-consolidated basis as at February 29, 2008
reflects all amounts that would have been paid by Silverstone to Global DIGIT
II under the GD II Swaps under normal circumstances but which are currently
being held in escrow and not being paid. The unpaid amounts have been recorded
as accounts receivable.
    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. The
NAV does not reflect any potential write-down resulting from the interruption
of payments of Silverstone to Global DIGIT II under the GD II Swaps, nor does
it reflect any potential impairment in the value of the assets of Global DIGIT
II from any potential restructuring of Silverstone debts or the effect of the
proposed Disengagement Transaction, as it is not possible at present to
determine if, when and to what extent such payments to Global DIGIT II under
the GD II Swaps will resume or the effect of any potential restructuring of
any such Silverstone debts, nor if and when the proposed Disengagement
Transaction will be completed.

    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.

    About Silverstone

    Silverstone is a special purpose vehicle rated R-1(high) (short-term) and
AAA (long-term) (such rating being currently under review with developing
implications) by DBRS that funds the purchase of eligible assets by issuing
asset-backed commercial paper, extendible commercial paper and floating rate
notes.




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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