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Sentry Select announces 2009 Q1 mandatory market purchase program purchase amount

Toronto: Sentry Select Capital Inc. (the “Manager” or “Sentry Select”), the manager of Sentry Select Diversified Income Fund (the “Fund”), announces that during the first quarter of 2009, the Manager purchased 31,200 units through the Fund’s mandatory market purchase program (the “Program”). In an effort to conserve capital, the Manager paid down the Fund’s outstanding balance under its credit facility rather than purchase the maximum number of units under the Program. The repayment of the Fund’s credit facility was considered to be in the best interest of the Fund’s unitholders, as the Manager considered doing so would have a more significant impact on long-term unitholder value than would have been realized by purchasing units through the Program in declining market conditions.

The Manager has now fully repaid the Fund’s credit facility and as of April 1, 2009 has resumed regular purchases under the Program.

Sentry Select Diversified Income Fund: Sentry Select Diversified Income Fund is a closed-end investment trust that aims to maximize distributions to unitholders by investing primarily in high-income securities issued by a broad range of royalty and income trusts, real estate investment trusts, and limited partnerships and, to a lesser extent, fixed-income securities and high-yielding common stocks.

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 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 and media inquiries)Tel: 1-888-730-4623Fax: 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 the 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 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.

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 (