Global Diversified Investment Grade Income Trust II - Monthly Distribution
and Net Asset Value as at May 15, 2010

MONTREAL, May 19 /CNW Telbec/ - Global Diversified Investment Grade Income Trust II ("Global DIGIT II") declares the following monthly distribution consisting of a partial capital reimbursement:

    
    -------------------------------------------------------------------------
                                                           Total
                                                        Distribu-        TSX
                                                        tions in     Closing
               Distri-                                 2010 (all   Price per
               bution                                    capital     unit as
    Trading    Amount                                    reimbur-     of May
    Symbol  (per unit)   Record Date    Payable Date     sements)   19, 2010
    -------------------------------------------------------------------------
    GII.UN     $0.035   May 31, 2010   June 14, 2010      $0.175       $1.60
    -------------------------------------------------------------------------
    

As previously announced, one of the objectives of Global DIGIT II was to provide unitholders with a monthly distribution which, starting March 2010, would have been an amount equal to the five-year government of Canada bond yield plus 4.0% to 4.5%. However, in light of the amounts withheld by Deutsche Bank AG, Canada Branch ("DB") in relation to credit events notified to Global DIGIT II, until the final determination of the amount of losses from such credit events, distributions will be approximately equal to the five-year government of Canada bond yield plus a spread of 1.10% to 1.71%, or $0.03 to $0.035 per unit, versus the targeted spread of 4.0% to 4.5%, or $0.055 to $0.059 per unit.

Global DIGIT II also announces that the net asset value ("NAV") per unit as of May 15, 2010 was estimated to be $0.18.

The NAV on a particular date is equal to the aggregate value of the assets of Global DIGIT II, less the aggregate value of its liabilities. Substantially all of the assets of Global DIGIT II consist of cash and three credit default swaps entered into with DB and the related collateral.

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: François Rivard, [phone], http://info.fbn.ca/trusts