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Diversified Preferred Share Trust (TSX: DPS.UN) announces closing of cash and exchange offer; $165,660,000 raised

TORONTO - Diversified Preferred Share Trust (the “Trust”) is pleased to announce the closing of its cash and exchange offer (the “Offering”).

Gross proceeds - At the closing, the Trust issued 6,600,000 units for total gross proceeds of $165,660,000.

Over-allotment option - The Trust has granted to the agents for the Offering an option to purchase up to 990,000 units for a period of 30 days following the closing of the Offering, solely to cover over-allotments of units.

Diversified Preferred Share Trust - Diversified Preferred Share Trust is designed to provide unitholders with the opportunity to receive quarterly cash distributions by investing in an equally weighted diversified portfolio of preferred shares and preferred securities of Canadian issuers managed on a passive basis and to receive the benefits of a low management expense ratio. The Trust’s units are rated Pfd 2 (low) by Dominion Bond Rating Service Limited and trade on the Toronto Stock Exchange under the symbol DPS.UN.

Sentry Select Capital Corp. - Sentry Select Capital Corp., the administrator of the Trust provides investment, administrative and marketing services to 22 exchange-listed closed-end funds, 11 mutual funds, 8 principal- protected notes and 4 limited partnerships. Sentry Select is one of the largest Canadian investment managers in the income trust sector. As of December 31, 2005, the firm had approximately $8.5 billion in gross assets under management.

Agents - A syndicate of agents was co-led by RBC Capital Markets and CIBC World Markets Inc., and includes BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Canaccord Capital Corporation, HSBC Securities (Canada) Inc., Raymond James Ltd., Berkshire Securities Inc., Dundee Securities Corporation, Wellington West Capital Markets Inc., Blackmont Capital Inc., Desjardins Securities Inc., IPC Securities Corporation and Research Capital Corporation.

More information - Investor Services (broker/investor inquiries), Brian McOstrich (media inquiries) or Katherine Pawling (Corporate Secretary)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 (