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Sentry Select Issues Reminder of Annual Redemption Right for Multi Select Income Trust Investors
2006-02-06

TORONTO - Sentry Select Capital Corp. (the “Manager”) would like to remind holders of Preferred Securities and Capital Units of Multi Select Income Trust (the “Fund") of the upcoming Annual Redemption option and the method used to calculate proceeds payable to investors. Annual Redemption - Preferred Securities and Capital Units may be surrendered for repayment/redemption during the period from September 1, 2005 until September 16, 2005 at 5 p.m. (Toronto time). Capital Units and Preferred Securities - Preferred Securities surrendered for repayment must be accompanied by a like number of Capital Units surrendered for redemption. Capital Units surrendered for redemption may, but need not, be accompanied by a like number of Preferred Securities surrendered for repayment. Investors who surrender a Capital Unit together with a Preferred Security under the Annual Redemption will receive an amount equal to the Net Asset Value per Capital Unit as of the Valuation Date, plus the original subscription price of $10 on the Preferred Security, plus any accrued and unpaid interest on the Preferred Security, minus the lesser of (a) $0.25 and (b) the aggregate of all brokerage fees, commissions and other costs relating to the disposition of the appropriate number of securities in the Portfolio to fund such redemption proceeds. Investors who surrender a Capital Unit without a Preferred Security under the Annual Redemption will receive an amount equal to the Net Asset Value per Capital Unit as of the Valuation Date, minus the amount by which the cost to the Fund of purchasing one Preferred Security exceeds the original subscription price of $10 on the Preferred Security, plus any accrued and unpaid interest on the Preferred Security, minus the lesser of (a) $0.25 and (b) the aggregate of all brokerage fees, commissions and other costs relating to the disposition of the appropriate number of securities in the portfolio to fund such redemption proceeds and relating to the purchase by the Fund of a Preferred Security either in the market or pursuant to the Call Right. Capital Unit Tendered without a Preferred Security Example - An example (using September 1, 2005 NAV and market price):

An example (using September 1, 2005 NAV and market price):

Capital Unit NAV $14.52
Less: Capital Unit Market Price $12.92
Equals Discount to NAV of… $1.60
Premium on Preferred Security if Call Option exercised (1.00)
Brokerage and Other Transaction Fees (0.25)
Accrued and Unpaid Interest 0.16
Equals Adjusted Discount to NAV $0.51

Investors should be aware that redeeming their Capital Unit without a Preferred Security will result in additional costs net of accrued interest of approximately $1.09 per Capital Unit. Weighted Average Trading Price In order to calculate the proceeds to be paid to an investor in respect of an Annual Redemption, the Fund is entitled to value securities in its portfolio that are listed or traded on a stock exchange by taking the volume-weighted average trading price of the securities during the three trading days ending on and including, the applicable date of the Annual Redemption, in this case the Valuation Date of September 30, 2005 (the “Valuation Date”). The Manager Sentry Select Capital Corp. is the Manager of the Fund. Sentry Select is also responsible for providing or arranging for the provision of administrative services required by the Fund. Sentry Select is a wealth management company with gross assets under management in excess of $7 billion. It is the portfolio manager of 17 closed-end trusts, 3 flow-through limited partnerships and 11 mutual funds; the manager of an investment corporation; the marketing agent for a series of principal-protected notes; and the administrator of 3 closed-end trusts.

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


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 (www.sedar.com).