Global Diversified Investment Grade Income Trust - Net Asset Value as at February 29, 2008

    MONTREAL, March 28 /CNW Telbec/ - Global Diversified Investment Grade
Income Trust ("Global DIGIT") (TSX: DG.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 $6.18 on a
non-consolidated basis.
    In accordance with Canadian generally accepted accounting principles
("GAAP"), Global DIGIT consolidates its financial statements with those of
MMAI-I Trust ("MMAI"), 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 three AAA swaps (the "MMAI AAA Swaps") between
MMAI and the Bank, even though Global DIGIT is not a party to the MMAI AAA
Swaps, has no economic interest in them and has no legal liability under them.
    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 as at February 29, 2008. Furthermore, as previously announced
on December 24, 2007, Global DIGIT has entered into an Agreement in Principle
with MMAI pursuant to which MMAI would effectively be replaced by the Bank as
counterparty to the three credit default swaps (the "GD Swaps") that are
presently between Global DIGIT and MMAI (the "Disengagement Transaction"). If
and when the Disengagement Transaction is completed, the NAV will no longer be
presented on a consolidated basis with MMAI. 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 consist of the GD Swaps and the related collateral, entered into with
MMAI. MMAI, in turn, has entered into three mirror credit default swaps with
the Bank. MMAI has also entered into the MMAI AAA 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
been unable to roll over its maturing ABCP and has ceased making payments on
such maturing ABCP. Since that date, MMAI has also deposited all amounts owed
to Global DIGIT under the GD Swaps in an escrow account pursuant to the
Standstill Agreement entered into by Global DIGIT and MMAI, 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 MMAI to Global DIGIT under
the GD Swaps under normal circumstances but which are currently being held in
escrow and not being paid. The unpaid amounts have been recorded as accounts
    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, 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

    About MMAI

    MMAI 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

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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