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Update on Timing of Liquidation and Wind-Up of Sentry Select Total Strategy Fund

TORONTO: Sentry Select Total Strategy Fund (TSX: TSF.UN) (the "Fund") announces an update on the timing for the completion of the liquidation and wind-up of the Fund.

C.A. Bancorp Inc. (TSX: BKP), as manager of the Fund, had contemplated that the Fund would complete its liquidation and termination activities by the end of 2008. This timing has been revised and it is now anticipated that the liquidation and termination of the Fund will be completed in the first quarter of 2009.

The Fund has completed the liquidation of its public portfolio and is currently in the process of liquidating its private investments. On December 19, 2008, C.A. Bancorp issued a press release announcing that the closing of the sale of AgriFinancial Canada Corp. (“AgriFinancial”) is now expected to occur in the early part of the first quarter of 2009 rather than in the fourth quarter of 2008 as originally contemplated. C.A. Bancorp and the Fund acquired AgriFinancial in October 2007. AgriFinancial is 90% owned by C.A. Bancorp and 10% by the Fund (percentage figures are approximate).

The sale of AgriFinancial (the “Transaction”) is an important component of the liquidation and wind-up of the Fund. AgriFinancial is one of four private investments held by the Fund that have yet to be liquidated. The other three private investments will be repurchased by C.A. Bancorp following the closing of the Transaction.

The estimated proceeds on liquidation and wind-up of the Fund to unitholders will be approximately $3.83 per unit assuming that the liquidation and wind-up are completed as planned. For a more complete explanation of the process by which the Fund is being liquidated and wound down, please see the Fund’s press release dated September 12, 2008.

Trading information: The Fund's units trade on the Toronto Stock Exchange ("TSX") under the symbol: TSF.UN. The Fund's units closed at a market price of $3.00 per unit on December 19, 2008, which represents a 18.9% discount to the most recently reported net asset value (“NAV”) per unit as of December 18, 2008 of $3.70 and a 21.7% discount to the estimated final proceeds on wind-up and termination of the Fund of $3.83.

Final Distribution and Wind-Up of the Fund: The Fund intends to issue a final distribution immediately prior to winding-up the Fund in an amount equal to the remaining net assets of the Fund. The actual amount and timing of this final distribution will depend upon the Fund's ability to conclude the transactions described in this news release.

C.A. Bancorp Inc.: C.A. Bancorp is a publicly traded Canadian merchant bank and alternative asset manager that provides investors with access to a range of private equity and other alternative asset class investment opportunities. C.A. Bancorp is focused on investments in small- and middle-capitalization public and private companies, with emphasis on the industrials, real estate, infrastructure and financial services sectors.

More information: Paolo De Luca, Chief Financial OfficerTel: 1-866-388-5985Fax: 416-861-8166Email: 

Certain statements included in this news release constitute forward-looking statements, including those identified by the expressions "expect", "believe", "intend", "will" and similar expressions. The forward-looking statements are not historical facts but reflect C.A. Bancorp and the Fund'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 timing of the closing of the Transaction, the Fund's ability to conclude the transactions described herein, timing of the liquidation of the Fund's assets and the timing and amount of the payment of any distributions. Readers are cautioned not to place undue reliance on forward-looking information. C.A. Bancorp and the Fund undertake 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.

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 (