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Sentry Select Capital Corp. files preliminary prospectus for Sentry Select 40 Split Income Trust
2006-11-09

TORONTO: Sentry Select Capital Corp. is pleased to announce that a preliminary prospectus for Sentry Select 40 Split Income Trust (the “Trust”) has been filed with the securities regulatory authorities in each of the provinces and territories of Canada. The Trust is an investment trust that will issue Preferred Securities and Capital Units.

Cash option: The Preferred Securities and Capital Units are being offered separately, but will be issued only on the basis that an equal number of Preferred Securities and Capital Units will be outstanding at the closing of the Offering. The Offering price is $10.00 per Preferred Security and $10.00 per Capital Unit.

Exchange option: Prospective purchasers may also acquire Combined Units by an exchange of any of the Eligible Securities as described in the preliminary prospectus, at the applicable Exchange Ratio described below. Prospective purchasers intending to utilize the Exchange Option have to ensure an Exchange Option Election is received by the Exchange Agent through CDS prior to 5:00 p.m. (Toronto time) on November 24, 2006. Such book-entry deposits have to be made by a CDS participant, who may have an earlier deadline.

Investment objectives: The Trust’s investment objectives are: a) with respect to the Preferred Securities, (i) to pay fixed quarterly interest payments equal to 5.25% per annum on the principal amount of the Preferred Securities and (ii) to return to securityholders on November 30, 2008 the original subscription price of the Preferred Securities (in cash or, at the election of the holder, in Capital Units); andb) with respect to the Capital Units, (i) to pay monthly distributions, initially expected to be equal to 10% per annum, and (ii) to preserve and enhance net asset value.

Exchange Ratio: The number of Combined Units issuable for the Eligible Securities of an Issuer will be determined by dividing the weighted average trading price of the Eligible Securities of such Issuer on the TSX during the three consecutive trading days ended on November 24, 2006 as adjusted to reflect distributions declared by an Issuer that will not be received by the Trust; by $20.00. The Exchange Ratios will be rounded down to four decimal places.

Eligible Securities:

RESOURCE

INDUSTRIAL

Fording Canadian Coal Trust

BFI Canada Income Fund

Noranda Income Fund

CanWest MediaWorks Income Fund

Canexus Income Fund

POWER

Precision Drilling Trust

Algonquin Power Income Fund

Superior Plus Income Fund

Atlantic Power Corporation

Westshore Terminals Income Fund

Boralex Power Income Fund

Yellow Pages Income Fund

Calpine Power Income Fund

Macquarie Power & Infrastructure Income Fund

REITS

Primary Energy Recycling Corporation

Allied Properties Real Estate Investment Trust

TransAlta Power, L.P.

Calloway Real Estate Investment Trust

Canadian Hotel Income Properties Real Estate Investment Trust

UTILITIES & INFRASTRUCTURE

Chartwell Seniors Housing Real Estate Investment Trust

Bell Aliant Regional Communications Income Fund

Dundee Real Estate Investment Trust

Fort Chicago Energy Partners L.P.

H&R Real Estate Investment Trust

Inter Pipeline Fund

RioCan Real Estate Investment Trust

Keyera Facilities Income Fund

Pembina Pipeline Income Fund

OIL & GAS

Royal Utilities Income Fund

ARC Energy Trust

Baytex Energy Trust

CONSUMER

Bonavista Energy Trust

CI Financial Income Fund

Crescent Point Energy Trust

CML Healthcare Income Fund

NAL Oil & Gas Trust

Teranet Income Fund

Pengrowth Energy Trust

Shiningbank Energy Income Fund

Trilogy Energy Trust

Sentry Select Capital Corp.: Sentry Select Capital Corp. is a wealth management company providing investment, administrative and marketing services to 33 exchange-listed closed-end funds and corporations, including preferred securities and debentures, 17 principal-protected notes, 16 mutual funds and four flow-through limited partnerships. Sentry Select is one of the largest Canadian investment managers in the income trust sector. As of September 30, 2006, the firm had approximately $8.5 billion in gross assets under management.

Agents: The syndicate of agents co-led by CIBC World Markets Inc. and RBC Capital Markets, includes BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Canaccord Capital Corporation, Dundee Securities Corporation, HSBC Securities (Canada) Inc., Raymond James Ltd., Berkshire Securities Inc., Blackmont Capital Inc., Wellington West Capital Inc., Desjardins Securities Inc., IPC Securities Corporation, Jory Capital Inc. and Research Capital Corporation.

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

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 “expects” 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.


Les documents (y compris les communiqués de presse) se rapportant aux divers fonds d'investissement pour lesquels Sentry agit à titre de gestionnaire ou de conseiller ne sont fournis qu'à titre informatif. Ces documents ne peuvent être considérés comme étant exhaustifs ou exempts d'erreur sans un examen approfondi de la totalité des documents se rapportant à un fonds d'investissement en particulier disponibles sur SEDAR (www.sedar.com).