Global Diversified Investment Grade Income Trust II and Silverstone Trust - General market disruption and unability to place new asset-backed commercial paper



    MONTREAL, Aug. 14 /CNW Telbec/ - The trustees for Global Diversified
Investment Grade Income Trust II ("Global DIGIT II") and Silverstone Trust
("Silverstone") (collectively, the "Trusts"), have been informed by National
Bank Financial ("NBF"), acting as Financial Services Agent of Silverstone,
that Silverstone has been unable to roll its maturing asset-backed commercial
paper and/or extendible notes ("ABCP"), to fund the repayment of previously
issued ABCP maturing Monday August 13, 2007.
    As a result, Silverstone has extended the term of extendible ABCP.
Silverstone has a short term liquidity arrangement whereby Deutsche Bank has
agreed that, in market disruption circumstances, it will purchase senior debt
from Silverstone if Silverstone is unable to sell such debt to third parties.
The proceeds from the sale of such transactions would be used to repay
Silverstone's then maturing debt. Silverstone gave notice to request Deutsche
Bank to provide liquidity to repay the maturing notes under the liquidity
arrangement.
    After the close of markets on August 13, 2007, Deutsche Bank notified
Silverstone that it declined to provide the requested liquidity.
    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 trustees are
closely monitoring the situation to protect the interests of stakeholders in
the Trusts.

    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.

    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 notes.




For further information:

For further information: Benoît Deschamps, (514) 824-1222,
http://info.fbn.ca/trusts

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Global Diversified Investment Grade Income Trust II

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