Global Diversified Investment Grade Income Trust II - Net asset value as at May 31, 2008

    MONTREAL, June 17 /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 May 31, 2008, based on an indicative price
received from Deutsche Bank A.G. (the "Bank"), is estimated to be $1.39.
    Substantially all of the assets of Global DIGIT II consist of three
credit default swaps (the "GD II Swaps") and the related collateral, entered
into with Silverstone Trust ("Silverstone"). Silverstone, in turn, has entered
into three mirror credit default swaps with 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 been unable to roll
over its maturing ABCP and has ceased making payments on such maturing 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, as disclosed in the
press release issued on September 28, 2007 and which has been extended from
time to time since then. On March 17, 2008, certain noteholders holding 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 NAV calculated as at May 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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