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

    MONTREAL, Sept. 12 /CNW Telbec/ - Global Diversified Investment Grade
Income Trust II ("Global DIGIT II") (TSX: GII.UN) announces that its net asset
value ("NAV") per unit as at August 31, 2008, is estimated to be $1.68.
    At inception, Global DIGIT II entered into three credit default swaps
(the "GD II Swaps") with related collateral with Silverstone Trust
("Silverstone"). Silverstone, in turn, entered concurrently into three mirror
credit default swaps with Deutsche Bank A.G. (the "Bank"). Silverstone has
also entered into a fourth swap with the Bank, in respect of which, and in
order to purchase the necessary collateral, Silverstone issued asset-backed
commercial paper ("ABCP"). Since August 13, 2007, Silverstone has not rolled
over its maturing ABCP and has ceased making payments on such ABCP. Since that
date, Silverstone has also deposited all amounts owed to Global DIGIT II under
the GD II Swaps in an escrow account pursuant to a standstill agreement
entered into by Global DIGIT II and Silverstone. 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
Silverstone. 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 Silverstone to Global DIGIT II under the GD II Swaps under
normal circumstances but which are currently being held in escrow and not
being paid. 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 II, less the aggregate value of its liabilities. The
NAV does not reflect any potential write-down resulting from the interruption
of payments of Silverstone to Global DIGIT II under the GD II Swaps, nor does
it reflect any potential impairment in the value of the assets of Global
DIGIT II from any potential restructuring of Silverstone 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 II under the GD II Swaps will resume or the effect of
any potential restructuring of any such Silverstone debts, nor if and when the
proposed Disengagement Transaction will be completed .

    About Global DIGIT II

    Global DIGIT II 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 and
synthetic corporate exposures.

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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