Global Diversified Investment Grade Income Trust - Net Asset Value as at August 31, 2008

    MONTREAL, Sept. 12 /CNW Telbec/ - Global Diversified Investment Grade
Income Trust ("Global DIGIT") (TSX: DG.UN) announces that its net asset value
("NAV") per unit as at August 31, 2008, is estimated to be $5.70.
    Substantially all of the assets of Global DIGIT consist of three credit
default swaps (the "GD Swaps") and the related collateral, entered into with
MMAI-I Trust ("MMAI"). MMAI, in turn, has entered into three mirror credit
default swaps with Deutsche Bank A.G. (the "Bank"). MMAI has also entered into
three other swaps with the Bank, in respect of which, and in order to purchase
the necessary collateral, MMAI issued asset-backed commercial paper ("ABCP").
Since August 13, 2007, MMAI has not rolled over its matured ABCP and has
ceased making payments on such ABCP. Since that date, MMAI has also deposited
all amounts owed to Global DIGIT under the GD Swaps in an escrow account
pursuant to a Standstill Agreement entered into by Global DIGIT and MMAI. 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 MMAI-I. 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. Leave to appeal to the Supreme Court
of Canada has been filed by certain noteholders. No decision as to such leave
has been rendered so far.
    The NAV calculated as at August 31, 2008 reflects all amounts that would
have been paid by MMAI to Global DIGIT under the GD Swaps under normal
circumstances but which are currently being held in escrow. 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, less the aggregate value of its liabilities. The NAV
does not reflect any potential write-down resulting from the interruption of
payments of MMAI to Global DIGIT under the GD Swaps, nor does it reflect any
potential impairment in the value of the assets of Global DIGIT from any
potential restructuring of MMAI 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 under the GD Swaps will resume or the effect of any potential
restructuring of any such MMAI debts, nor if and when the proposed
Disengagement Transaction will be completed.

    About Global DIGIT

    Global DIGIT provides an economic interest in a mezzanine tranche of
credit default swap in respect of portfolios of synthetic corporate exposures,
mortgage-backed securities, asset-backed securities and structured finance

For further information:

For further information: François Rivard, (514) 879-6405,

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Global Diversified Investment Grade Income Trust

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