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

    MONTREAL, Aug. 19 /CNW Telbec/ - Global Diversified Investment Grade
Income Trust ("Global DIGIT") (TSX: DG.UN) announces that its net asset value
("NAV") per unit as at July 31, 2008, is estimated to be $5.94.
    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 roll 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.
    The NAV calculated as at July 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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