Global Diversified Investment Grade Income Trust II - Suspension of the August 31st 2007 Quarterly Redemption

    MONTREAL, Aug. 28 /CNW Telbec/ - Global Diversified Investment Grade
Income Trust II (TSX: GII.UN) ("Global DIGIT II") announces that, considering
the liquidity problems of Silverstone Trust ("Silverstone") due to its
inability to roll its maturing commercial paper in the present state of the
Canadian asset-backed commercial paper market, it will not have sufficient
financial resources to allow for the payment of the redemption price for the
redemption of Units and consequently must announce the suspension, until
further notice, of the August 31st, 2007 quarterly redemption of Units. Units
that have already been surrendered for redemption may therefore be released.
    The Trustee is closely monitoring the situation to protect the interests
of the unitholders of Global DIGIT II and will review its decision when
further developments permit the resumption of redemptions of, or distributions
on, the Units.
    Silverstone is the counterparty to swaps entered into by Global DIGIT II
which, together with financial assets related to such swaps, form most of the
assets of Global DIGIT II.

    About Silverstone

    Silverstone is a special purpose vehicle rated R-1(high) (short-term) and
AAA (long-term) by DBRS that funds the purchase of eligible assets by issuing
asset-backed commercial paper, extendible commercial paper and floating rate

    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, 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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