Global Diversified Investment Grade Income Trust II Standstill Agreement with Silverstone Trust Extended

    MONTREAL, Oct. 17 /CNW Telbec/ - Further to the announcement of the
Pan-Canadian Investors Committee for Third Party Structured Asset Backed
Commercial Paper that the standstill arrangements which were the foundation of
the Montreal Proposal have been extended to December 14, 2007, Global
Diversified Investment Grade Income Trust II ("Global DIGIT II") (TSX: GII.UN)
announces that the standstill agreement entered into with Silverstone Trust
("Silverstone") on September 22, 2007 has also been extended. The standstill
agreement with Silverstone will now terminate on December 14, 2007, but may be
extended by mutual consent or terminated earlier in limited circumstances or
by either party upon 15 days prior notice.
    Consequently, the previously announced suspension of distributions and
redemptions will continue until conditions otherwise allow for their
resumption thereof, which is the objective of the Trustees.

    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.

    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

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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