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Sentry Select Canadian Resource Fund Ltd. Acquires the Assets of NCE Flow-Through (2003) Limited Partnership and NCE Flow-Through (2003-2) Limited Partnership

Toronto - NCE Flow-Through (2003) Limited Partnership and NCE Flow-Through (2003-2) Limited Partnership (the “Partnerships”) and Sentry Select Canadian Resource Fund Ltd. (the “Fund”) are pleased to announce that the Fund has acquired all of the assets of both Partnerships. The total value of the assets at the time of the acquisition was $72,949,438.53.

Mutual Fund share value - In exchange for the Partnerships’ assets, the Partnerships received an aggregate of 2,528,668.668Sentry Select Canadian Resource Fund Ltd. shares at a net asset value of $28.849per share in the capital of the Fund. The Partnerships acquired the mutual fund shares of the Fund as part of a transaction whereby the Fund acquired all of the assets of the Partnerships.

Distribution of mutual fund shares - Following the transfer of their assets for mutual fund shares, on February 9, 2005 each Partnership distributed all of the mutual fund shares to its respective limited partners in proportion to their interest in the Partnership. The limited partners are now shareholders of the Fund. The mutual fund shares are redeemable by shareholders.

Sentry Select Canadian Resource Fund Ltd. - The Fund seeks long-term growth through capital appreciation. To achieve this objective, the Fund invests primarily in equities and other securities of Canadian companies engaged in energy and natural resource industries such as oil and gas, mining and minerals, forestry and other resources, as well as sectors that are dependent on these industries such as pipelines, utilities and equipment manufacturers.

Notice to Limited Partners - A notice of the transfer of each Partnership’s assets to the Fund for mutual fund shares and the subsequent dissolution of each of the Partnerships dated January 19, 2005 was delivered to the limited partners of each Partnership.

Rates of return Sentry Select Canadian Resource Fund Ltd. rates of return as at January 31, 2005 are:3 months 10.5% 6 months 23.6% 1 year 29.1% 3 year 27.0% 5 year n/a Since Inception 23.35% Sentry Select Capital CorpSentry Select is a wealth management company with total assets under management of approximately $4.0 billion.

It is the manager or portfolio manager of:

• Sentry Select Diversified Income Trust (TSX:SDT.UN); • Diversified Income Trust II (TSX:DTT.UN); • Select 50 S-1 Income Trust (TSX:SON.UN); • Select 50 S-1 Income Trust II (TSX:SDE.UN); • Pro-Vest Growth & Income Fund (TSX:PRG.UN); • Sentry Select Focused Growth & Income Trust (TSX:SFG.UN); • COmmercial and INdustrial Securities Income Trust “COINS” (TSX: COI.UN); • Sentry Select Principal-Protected Blue Chip Notes™; • MBS Adjustable Rate Income Fund (TSX:MTF.UN); • Multi Select Income Trust (TSX:MST.UN, MST.PR.A); Strategic Energy Fund (TSX:SEF.UN); • Mortgage-Backed Securities Trust (TSX:MF.UN; TSX:MF.U); • Sentry Select Blue-Chip Income Trust (TSX:SIT.UN); • Sentry Select Global Index Income Trust (TSX:SGT.UN); • Alliance Split Income Trust (TSX:ASI.PR.A, TSX:ASI.UN); • CAPVEST Income Corp. (TSX-V:CVS); • Eight mutual funds that focus on a broad range of sectors of the economy; and • Four flow-through investment funds;

More Information - Investor Services for broker/investor inquiries or Brian McOstrich for media inquiries. Tel: 1-888-246-6656 Fax: 416-364-1197

Documents (including press releases) regarding the various investment funds that are managed or advised by Sentry are provided for information purposes only and cannot be relied on to be complete, exhaustive or error-free unless the complete set of documents for any given investment fund with respect to which information is being sought is reviewed and then only on SEDAR (