Global Diversified Investment Grade Income Trust II - Redemption of Units

    MONTREAL, March 9 /CNW Telbec/ - Global Diversified Investment Grade
Income Trust II (TSX: "GII.UN") (the "Trust") declares that it has elected to
redeem the units tendered pursuant to the annual redemption price at
$8.21 per unit, being the unwind price as at February 28, 2007. The indicative
unwind price published on December 19, 2006, based on an hypothetical
$1,000,000 transaction was $8.18. The unwind price is lower than the last
published net asset value of $8.73 as at January 31, 2007 because the unwind
value reflects in particular the size of the transaction, breakage costs and
the valuation of all the Trust's assets at their market price. The unitholders
who have requested the redemption have provoked the early termination of part
of the transaction and will have a tax treatment similar to the one expected
at the maturity and may therefore have an income inclusion and realize a
capital gain or a capital loss, as applicable.
    The units redeemed will be cancelled. Payment of the unwind price to
redeeming unitholders will be made on March 14, 2007. The monthly distribution
payable to unitholders of record on February 28, 2007 will be paid to the
unitholders who surrendered their units for redemption.
    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.

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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