Mr. Louis Arteau reports

GLOBAL DIVERSIFIED INVESTMENT GRADE INCOME TRUST II - NET ASSET VALUE AS AT FEBRUARY 28, 2015 AND REDUCTION OF THE INTEREST REVENUES

Global Diversified Investment Grade Income Trust II's net asset value (NAV) per unit as at Feb. 28, 2015, was estimated to be 25 cents. The NAV takes into account the impact of the credit event notices received by Deutsche Bank AG, Canada branch (DB), as disclosed by press release on Nov. 21, 2014.

The NAV on a particular date is equal to the aggregate value of the assets less the aggregate value of the liabilities. The assets of Global DIGIT II consist mainly of cash.

In addition, DB did not exercise its option to terminate the remaining credit default swap on the reset date of March 2, 2015, and, accordingly, the next applicable reset date will be March 2, 2020.

Also, the term deposit note issued by National Bank of Canada and pledge to DB as collateral for the obligations of Global DIGIT II pursuant to the credit default swap came to maturity on March 2, 2015. The proceeds from the reimbursement at maturity of the note were reinvested into a new term deposit note also issued by National Bank of Canada and having a maturity date of March 2, 2020. This term deposit note bears interest at a rate of 1.742 per cent per year compared with 3.094 per cent per year since March 2, 2010, for the note that came to maturity. The reduction of the revenues for Global DIGIT II, resulting from a lower interest rate obtained upon renewal of the term deposit note, will be approximately $32,000 per month or 0.3 cent per unit.