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Oil Sands Split Trust advises of possible legal action by Hedge Fund

TORONTO: Sentry Select Capital Inc. (“Sentry Select”), the Administrator of Oil Sands Split Trust (the “Trust”), has received notice that legal action is likely to be commenced in Ontario in respect of the Trust’s Special Annual Retraction (the “Retraction”) that occurred in December, 2008.

A former holder of Capital Units of the Trust (the “Applicant”) has indicated that it intends to bring a Notice of Application to be commenced in the Ontario Superior Court of Justice for, among other things: a) a declaration that the retraction payment owing to the Applicant on December 15, 2008 stemming from the Applicant’s participation in the Retraction must be calculated using the price of Units of Canadian Oil Sands Trust at the close of trading on the Toronto Stock Exchange on November 28, 2008; and b) an order that the Applicant be paid any additional amount owing in connection with the Retraction. Sentry Select anticipates that if any additional amount is found to be owing in respect of the Retraction, it will be borne by the Trust. Sentry Select believes that the legal action is without merit and, if the Application is brought, it will be vigorously defended.

Oil Sands Split Trust: Oil Sands Split Trust offers investors both Preferred Securities and Capital Units. The Trust holds units of Canadian Oil Sands Trust in order to fund quarterly fixed interest payments on the Trust’s Preferred Securities and to enable the holders of the Trust’s Capital Units to participate in any capital appreciation in the Canadian Oil Sands Trust units and to benefit from any increase in the distributions paid on those units.

Sentry Select Capital Inc.: Sentry Select Capital Inc. is a Canadian wealth management company that offers a diverse range of investment products including closed-end funds, 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 and media inquiries)Tel: 1-888-730-4623 Fax: 416-364-1197Email:

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 including, but not limited to, the probability that the Applicant’s Application will be filed as indicated and the timing and the remedies sought in connection with such Application. Although the 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.

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