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Strategic Energy Management Corp. announces update on the timing of the conversion of Strategic Energy Fund in to an open-end mutual fund

TORONTO: Strategic Energy Management Corp. (the “Manager”) announces that the implementation of the conversion of Strategic Energy Fund (the “Fund”) into an open-end mutual fund is pending a decision of the Ontario Securities Commission in connection with an exemption order that is required in order to complete the transaction. The Manager anticipates issuing a further press release on the afternoon of Friday February 6, 2009 to report on the status of the application.

On January 19, 2009, unitholders of the Fund approved the Fund’s conversion into an open-end mutual fund (the “Conversion”) called Sentry Select Energy Income Fund (the “Mutual Fund”). Following the Conversion, the Mutual Fund will be managed by Sentry Select Capital Inc. (“Sentry Select”), a wholly-owned subsidiary of Sentry Select Capital Corp.

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)Tel: 1-888-730-4623Fax: 416-364-1197Email:

Certain statements included in this news release constitute forward-looking statements, including, but not limited to, timing and consequences of the Conversion. Forward-looking information can often be identified by the expressions ‘‘expect’’, ‘‘intend’’, “will” and similar expressions to the extent they relate to the Manager and Sentry Select. The forward-looking statements are not historical facts but reflect the Manager’s and 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 implementation of the Conversion, the receipt of any necessary regulatory approvals in a timely manner or at all and other factors which are not currently known, as well as changes in the global economy, general economic and business conditions, existing governmental regulations and other market factors specific to the energy sector and the securities of energy companies. Although the Manager and Sentry Select believe 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. The Manager and Sentry Select 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. For a complete disclosure record for the Fund please visit the Fund’s profile on

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 (