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Select 50 S-1 Income Trust (TSX: SON.UN) announces results of annual redemption

TORONTO: Sentry Select Capital Corp. (“Sentry Select”) announces that Select 50 S-1 Income Trust completed its annual redemption. As of September 15, 2006, 3,449,953 units were redeemed, representing approximately $48,000,000 or approximately 15.8% of the outstanding units of the Trust.

Performance and distributions: The Trust has posted exceptionally strong performance since its inception in August 2003 generating an annualized return of 21.4% based on market price and an annualized return of 24.2% based on NAV. In addition, the Trust has increased average annual distributions from from $0.81 to $0.96 per unit as of January 2006. “The response to the annual redemption illustrates how much investors value the Trust’s liquidity option and the opportunity to realize gains. Nevertheless, we remain excited about the prospects for the Trust and we believe its unitholders will be rewarded for their long-term investment,”says Sandy McIntyre, Senior Vice-President and Senior Portfolio Manager at Sentry Select.

Select 50 S-1 Income Trust: Select 50 S-1 Income Trust is designed to provide regular income and the potential for capital appreciation through investment in the 50 largest income trusts in Canada.

NAV and closing price: As of September 15, 2006, the Trust’s net asset value was $13.86 per unit and its closing price on the Toronto Stock Exchange (TSX: SON.UN) was $13.81 per unit, representing a 0.36% discount to NAV. In 2006, the Trust has been trading at an average discount to NAV of approximately 3.7%.

Sentry Select Capital Corp.: The investment advisor is Sentry Select Capital Corp., a wealth management company providing investment, administrative and marketing services to 33 exchange-listed closed-end funds and corporations (including preferred securities and debentures), 16 mutual funds, 15 principal-protected notes and 4 flow-through limited partnerships. Sentry Select is one of the largest Canadian investment managers in the income trust sector. As of August 31, 2006, the firm had approximately $8.5 billion in gross assets under management.

Forward- looking statements: This news release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements relate to, among other things, the future performance of the Trust. When used in this news release, the word “should” and the use of the future tense generally identify forward-looking statements. These statements reflect Sentry Select’s current expectations, but are subject to a number of risks and uncertainties. Due to the many risks and uncertainties, Sentry Select cannot assure that the forward-looking statements contained in this news release will be realized.

More information: Investor Services (broker/investor inquiries) or Kinga Lam (media inquiries) Tel: 1-888-246-6656 Fax: 416-364-1330

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