Global Diversified Investment Grade Income Trust II - Net asset value as at July 31, 2008



    MONTREAL, Aug. 19 /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 July 31, 2008, is estimated to be $1.57.
    Substantially all of the assets of Global DIGIT II consist of three
credit default swaps (the "GD II Swaps") and the related collateral, entered
into with Silverstone Trust ("Silverstone"). Silverstone, in turn, has entered
into three mirror credit default swaps with Deutsche Bank A.G. (the "Bank").
Silverstone has also entered into a fourth 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
not roll over its maturing ABCP and has ceased making payments on such 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 a standstill
agreement entered into by Global DIGIT II and Silverstone. On March 17, 2008,
noteholders holding a very large portion of the outstanding ABCP filed with
the Ontario Superior Court of Justice (the "Court") a plan of compromise and
arrangement pursuant to the Companies' Creditors Arrangement Act in respect of
the ABCP of certain issuer trustees, including the issuer trustee of
Silverstone. On June 5, the plan was sanctioned by the Court. The sanction
order of the Court was appealed by certain noteholders holding ABCP to the
Court of Appeal for Ontario and on August 18, the Court of Appeal dismissed
the appeal and upheld the plan.
    The NAV calculated as at July 31, 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 announced on December 24, 2007, 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.




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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