Global Diversified Investment Grade Income Trust II - Expected volatility of the net asset value

    MONTREAL, April 2 /CNW Telbec/ - As provided in the prospectus of Global
Diversified Investment Grade Income Trust II (the "Trust") (TSX symbol:
GII.UN), a net asset value ("NAV") is published monthly for the units of the
Trust. In order to calculate the NAV of the Trust, the trustee, Global Digit
II Management Inc. (the "Trustee") receives from Winchester Capital, a
division of Deutsche Bank A.G. (the "Bank") an indicative price on the value
of the financial contracts. As of February 28, 2007, the published NAV for the
units of the Trust was $8.73, factoring in the prior indicative price
    Based on the latest indicative price received from the Bank, the
estimated NAV as at March 31, 2007 would be approximately $6.81 representing a
reduction of about 22% from the NAV published as at February 28, 2007, in the
absence of material variations in the value of the other components of the NAV
since February 28, 2007.
    The Trustee understands that the decline in the quoted indicative price
is primarily attributable to recent volatility observed in the United States
subprime and home equity mortgage markets, which in turn has triggered
significant volatility in the pricing of the financial contracts. It is not
possible to predict when these market factors will stabilize and it is
reasonable to expect further volatility in future months which would result in
either higher or lower NAVs per unit.
    The Trustee understands that since December 31, 2006, none of the
reference obligations in the Trust's portfolios have experienced any credit
downgrades nor have any of them been made subject to credit review since that
time and there have been no credit events for which the Trust could assume a
loss. To the knowledge of the Trustee, no event has occurred which would
affect the Trust's ability to pay its monthly distribution of $0.0687 per
    The trading prices of the units of the Trust on the TSX are frequently at
a significant discount to the last quoted NAV per unit. The next quarterly
redemption date where unitholders may tender their units for redemption is May
31, 2007 and the redemption price will be equal to the lesser of 95% of the
weighted average trading price of the units for the five trading days next
following the redemption date and the closing price of the units on such
redemption date. In light of this, the Trustee expects that certain
unitholders may be seeking additional liquidity for their units. The Trustee
is currently investigating the feasibility of various alternatives to provide
this additional liquidity at values which are closer to the then current NAV
per unit. The Trustee will communicate with unitholders in due course about
such alternatives.
    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.

    Forward-looking statements

    This press release contains forward-looking statements regarding
assessment of market conditions. By their very nature, these statements
involve uncertainties and inherent risks, both general and specific, which
give rise to the possibility that predictions will not materialize. We
therefore caution investors against placing undue reliance on these
statements. The Trust has no obligation to update forward-looking statements
and does not undertake to do so. Any information about industry or general
economic conditions contained in this press release is derived from third
party sources that the Trustee believes to be accurate and widely accepted.
However the Trustee has not independently verified this information and cannot
assure its accuracy.

For further information:

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

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Global Diversified Investment Grade Income Trust II

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