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CORRECTION RE: Strategic Energy Fund Announces Monthly Distribution of C$0.10 per Unit for June 2005

TORONTO/CALGARY-Strategic Energy Management Corp. announces that Strategic Energy Fund’s (the “Fund”) cash distribution for June 2005 will be $0.10 per unit.

Future Distributions-The Manager expects the Fund to pay monthly distributions of $0.10 per unit during the remainder of the year. However, if the make-up of the portfolio changes or if such portfolio holdings make distributions other than in accordance with their indicated guidance, distributions may differ.

The distribution details are as follows:

Distribution Ex-Distribution Date Record Date Payable Date
C$0.10 per unit June 15, 2005 June 17, 2005 June 30, 2005

Strategic Energy Fund-Strategic Energy Fund is an investment trust that seeks to provide Unitholders with superior rates of return through a diversification strategy focused on investment opportunities within the Canadian energy sector. The Fund invests in established companies as well as early-stage energy companies and to a lesser extent special energy issuers, each with prospects for high growth in the near to medium term and the potential for long-term capital appreciation. The Fund’s investments in established companies, including energy royalty and income trusts, are made with a view to generate sufficient income to permit the Fund to make monthly cash distributions to Unitholders. The total regular distributions are now anticipated to be approximately C$1.09 per unit for 2005, excluding special distributions. (Note: Strategic Energy Management Corp. announced an additional special cash distribution of C$0.23 per unit, payable on May 31, 2005 to Unitholders of record May 16, 2005. This capital gains distribution was the result of portfolio gains during the first quarter of 2005.) Investments in early stage energy companies are focused on both private and public issuers with strong, experienced management teams that have proven track records of enhancing shareholder value and successfully executing exit strategies. As well, the Fund may invest in undervalued issuers where Sentry Select Capital Corp., investment advisor to the Fund, believes that capital appreciation can be realized.

More Information - Investor Services for broker/investor inquiries or Brian McOstrich for media inquiries. Tel: 1-888-246-6656 Fax: 416-364-1197

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