Global Diversified Investment Grade Income Trust II To convene a Special Meeting of Unitholders to offer a redemption alternative for the upcoming May 31, 2007 redemption



    MONTREAL, April 20 /CNW Telbec/ - Global Diversified Investment Grade
Income Trust II (the "Trust") (TSX: GII.UN) mailed today a Notice of a Special
Meeting of Unitholders to be held on May 16, 2007. The purpose of the meeting
is to consider and vote upon proposed resolutions to amend certain provisions
of the Trust's declaration of trust in order to allow Global DIGIT II
Management Inc., as trustee of the Trust (the "Trustee"), to provide
Unitholders with additional opportunities from time to time to surrender their
Units for redemption at the unwind price or the redemption price. If the
proposed resolutions are approved, the first additional opportunity for
Unitholders to surrender their Units will be May 29, 2007 for a redemption on
May 31, 2007 at the unwind price as of May 17, 2007 (the "Extraordinary
Redemption Price"). This redemption opportunity is an alternative to the
regularly scheduled quarterly redemption privilege of Units also to be
completed on May 31, 2007.
    The Extraordinary Redemption Price is based in part upon a bid received
from Deutsche Bank AG to unwind a portion of the financial contract through
which the Trust has an economic exposure to certain credit default swap
agreements. The Trust will announce the Extraordinary Redemption Price on or
about May 17, 2007. The quarterly redemption price for the regularly scheduled
redemption is based upon a discount to an average of the trading value of
Units on the Toronto Stock Exchange for five trading days following May 31,
2007. As a result, the redemption price for units surrendered for the
regularly scheduled redemption will not be determined until on or about June
8, 2007. For additional information about the financial contract, the unwind
price, the redemption price and the Trust's current redemption provisions,
Unitholders are referred to the annual information form of the Trust dated
December 31, 2006 which is available at www.sedar.com.
    To enable Unitholders who wish to tender their Units for redemption to
decide whether they will surrender their Units for redemption on May 31, 2007
at the redemption price or at the Extraordinary Redemption Price, the Trustee
has decided to waive the 20 business day notice period for the surrender of
Units to the regular scheduled quarterly redemption. Accordingly Unitholders
wishing to surrender Units for redemption at the redemption price will have
until May 29, 2007 (rather than April 26, 2007) at 5:00 p.m (Eastern time) to
do so. This date and time coincides with the deadline for Unitholders who wish
to surrender their Units for redemption on May 31, 2007 at the Extraordinary
Redemption Price. For Unitholders who will have surrendered Units for
redemption at the redemption price prior to 4:00 p.m. (Eastern time) on
April 26, 2007, the Trustee has decided to waive the irrevocability of that
surrender of Units to allow such Unitholders to withdraw the surrender of such
Units for redemption in order to make a decision as to the redemption of their
Units in light of the proposals set out in the information circular
accompanying the Notice of a Special Meeting. A Unitholder who intends to
withdraw the surrender of such Units should ensure that a CDS Participant has
been notified of the Unitholder's intention well before 4:00 p.m. (Eastern
time) on April 26, 2007. Any Unitholder who does not cause a CDS Participant
to withdraw the surrender of such Units before such time, or who causes a CDS
Participant to deliver to CDS a notice of intention to have the Units redeemed
at the redemption price at or after that time, shall be deemed to have
irrevocably surrendered their Units for redemption at the redemption price.
    Complete details of the proposed resolutions can be found in the
information circular accompanying the Notice of a Special Meeting mailed to
the Unitholders.

    Investor Information Call
    -------------------------

    The Trustee will hold an investor information call to discuss the recent
volatility affecting the net asset value of the Trust and the response of the
Trustee to these events. Details of the call, including date, time and call in
information, will be provided shortly. If any investor would like specific
matters to be addressed in the call, you are asked to send your question(s) to
François Rivard by e-mail at francois.rivard@fbn.ca or by fax at
(514) 397-5836.

    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, synthetic
corporate exposures and other fixed-income securities.




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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