Global Diversified Investment Grade Income Trust II - Suspension of Distributions

    MONTREAL, Aug. 14 /CNW Telbec/ - In view of the announcement made today
on August 14, 2007 concerning a market disruption in the asset-backed
commercial paper and the inability by Silverstone Trust ("Silverstone") to
roll its maturing asset-backed commercial paper and/or extendible notes
("ABCP"), Global Diversified Investment Grade Income Trust II ("Global Digit
II") was notified by Silverstone Trust that it is withholding payments to
Global Digit II and would not be providing Global Digit II with the necessary
funding to pay the distributions of August 15, 2007. Accordingly, Global
Digit II is announcing the suspension of the distribution of $0.0687 per unit
declared on July 18, 2007 and normally payable on August 15, 2007 to the
holders of record at the close of business on July 31, 2007. Global Digit II
understands that Silverstone Trust will reevaluate the situation as the events
    Unitholders of Global Digit II are exposed to any losses incurred by
Silverstone or its creditors, as well as to Silverstone's ability to renew or
replace on a continuous basis maturing short term debt. The trustee is closely
monitoring the situation to protect the interests of the stakeholders in
Global Digit II.

    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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