Sentry Select Capital Corp.

Sentry Select Capital Corp.
Sentry Select Commodities Income Trust
TSX : SSJ.UN

Sentry Select Commodities Income Trust
Precious Metals and Mining Trust
TSX : MMP.UN

Oil Sands and Energy Mega-Projects Income Trust
TSX : OSM.UN

July 17, 2007 15:26 ET

Sentry Select Capital Corp. Amends Declarations of Trust for Three Funds

TORONTO, ONTARIO--(Marketwire - July 17, 2007) - Sentry Select Capital Corp. ("Sentry Select") announces that it has amended the Declarations of Trust for Sentry Select Commodities Income Trust (the "Commodities Trust")(TSX:SSJ.UN), Precious Metals and Mining Trust (the "Precious Metals Trust")(TSX:MMP.UN) and Oil Sands and Energy Mega-Projects Income Trust (the "Mega-Projects Trust")(TSX:OSM.UN) to be effective August 16, 2007.

Units of each of the three Trusts are redeemable by the holders annually at Net Realized Proceeds per Unit (as defined), in the case of the Commodities Trust on the last business day in August, in the case of the Precious Metals Trust on the last business day in September, and in the case of the Mega-Projects Trust on the last business day in October. In each case, Units must be surrendered for redemption within a defined period prior to such last business day in the month (such last business day being referred to as the Redemption Date).

The amendments make it clear that Sentry Select, as manager of the Commodities Trust and the Mega-Projects Trust, is to sell a pro rata share of each security in the Trust's portfolio held at the close of business on the Redemption Date represented by the Units that have been surrendered for redemption. Redeeming Unitholders will be entitled to their proportionate share of the gross proceeds from these sales, less brokerage fees, commissions and all other transaction costs relating to such disposition, plus their proportionate share of the value of the other assets of the Trust and less their proportionate share of the liabilities of the Trust. The sales are to be completed and the redemption amount is to be paid to redeeming Unitholders on or before the 15th business day after the Redemption Date. In the case of the Precious Metals Trust, the procedure is the same except that it is only the securities that are not Private Issuers (as defined) that are to be sold and the pro rata share is determined as the percentage that the net asset value of the units being redeemed is of the net asset value of the portfolio excluding the value attributed to securities of Private Issuers.

If, however, the Manager determines that it is not practicable for the Trust to dispose of the securities (in which case the Manager will issue a news release to that effect), redeeming Unitholders will be entitled to their proportionate share of the Net Asset Value on the Redemption Date less the brokerage fees, commissions and all other transaction costs that would have resulted from such disposition, payable on or before the 15th business day after the Redemption Date. The Manager may make this determination in its sole and unfettered discretion.

Sentry Select believes that using Net Realized Proceeds per Unit instead of Net Asset Value per Unit to determine the amount to which redeeming Unitholders are entitled ensures that the remaining Unitholders are not adversely affected by either the actual out-of-pocket costs of the disposition of securities required by the redemption or the risk that the Manager is not able to sell securities for a price equal to their value as determined for the purpose of calculating Net Asset Value per Unit.

The foregoing is a summary only of the amendments to the Declarations of Trust of the Trusts. Investors are referred to the terms of the amendments and the original Declarations of Trust which can be found on www.sedar.com.

Sentry Select Capital Corp.

Sentry Select is a Canadian wealth management company that manages over $8 billion in gross assets as of June 30, 2007. The company offers a diverse range of investment products including closed-end funds, mutual funds, principal-protected notes and flow-through limited partnerships, covering a variety of domestic and global mandates. With 29 reporting issuers Sentry Select is the leading manager and/or advisor to entities listed on the TSX. In addition, Sentry Select manages and/or provides advisory services to 4 reporting issuers listed on the TSX Venture exchange.

Contact Information

  • Sentry Select Capital Corp.
    Investor Services
    (broker/investor inquiries)
    1-888-246-6656
    or
    Sentry Select Capital Corp.
    Kevin Cohen
    (Vice-President, Operations & General Counsel)
    1-888-246-6656
    (416) 364-1197 (FAX)
    Email: info@sentryselect.com
    Website: www.sentryselect.com