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Sentry Select Capital Corp. provides more details regarding proposed merger of Sentry Select Focused 50 Income Fund with Sentry Select Canadian Income Fund

TORONTO: As announced on June 12, 2008, the Board of Directors of Sentry Select Capital Corp. (“Sentry Select” or the “Manager”) is proposing a merger of Sentry Select Focused 50 Income Fund (the “Terminating Fund”) with Sentry Select Canadian Income Fund (“Canadian Income Fund”) (the “Merger”).

If approved, the Terminating Fund will transfer all of its assets to Canadian Income Fund in exchange for units of Canadian Income Fund and the assumption by Canadian Income Fund of all the liabilities of the Terminating Fund. Each unitholder of the Terminating Fund will receive units of Canadian Income Fund having the same aggregate net asset value as their units of the Terminating Fund as of the close of business on the business day prior to the effective date of the Merger, expected to be August 18, 2008.

If the Merger is not approved and implemented, the Manager intends to terminate Sentry Select Focused 50 Income Fund, effective on or about September 12, 2008. Effective on the close of business on June 23, 2008, the Terminating Fund will cease to distribute Units to new investors.

The Merger: The Merger will require approval by the majority of the votes cast by unitholders of the Terminating Fund at a special meeting of the unitholders expected to be held on August 11, 2008. The record date for the purpose of determining the unitholders entitled to receive notice and vote at the meeting will be the close of business on June 30, 2008. The information circular containing a complete description of the matters to be considered at the meeting, as well as the rationale for the proposed merger, will be sent to entitled unitholders on or about July 11, 2008.

The proposed Merger is subject to regulatory approval. The Manager will also seek the recommendation of the Independent Review Committee of the funds.Tax consequences of the Merger: The Manager is proposing that the Merger be effected on a tax-deferred basis.

Costs of the Merger: All costs and expenses associated with the Merger will be borne by the Manager.

Sentry Select Capital Corp.: Sentry Select Capital Corp. is a Canadian wealth management company that manages over $6.5 billion in gross assets as of March 31, 2008. The company offers a diverse range of investment products including closed-end trusts, mutual funds, principal-protected notes and flow-through limited partnerships, covering a variety of domestic and global mandates.

More information: Investor Services (broker/investor inquiries) or Kinga Lam (media inquiries) Tel:  1-888-246-6656   Fax: 416-364-1197

Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions ‘‘expect’’, ‘‘intend’’, “will” and similar expressions to the extent they relate to Sentry Select. The forward-looking statements are not historical facts but reflect Sentry Select’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although Sentry Select believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. Sentry Select undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

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 (