Sentry Select Capital Inc.

Sentry Select Capital Inc.
Oil Sands Split Trust
TSX : OST.PR.A
TSX : OST.UN

Oil Sands Split Trust

May 17, 2010 13:17 ET

Sentry Select Capital Inc. Announces the Payment of Additional Proceeds in Respect of the Oil Sands Split Trust (TSX: OST.UN and OST.PR.A) 2008 Special Annual Retraction of Capital Units

TORONTO, ONTARIO--(Marketwire - May 17, 2010) - Sentry Select Capital Inc. ("Sentry Select"), the administrator of Oil Sands Split Trust (the "Trust") (TSX:OST.UN)(TSX:OST.PR.A), announces that it has determined not to appeal the decision of Mr. Justice Morawetz of the Ontario Superior Court of Justice, Commercial List in respect of the Trust's interpretation of the calculation provisions contained in the Trust Agreement in respect of the Trust's 2008 Special Annual Retraction (the "Annual Retraction") of Capital Units.  Additionally, Sentry Select has not received any indication that the unitholder who brought forth this matter is intending to appeal the decision.

As a result, on or about May 21, 2010, Sentry Select intends to transfer for the purpose of payment an additional amount of $15.61041 per Capital Unit (which includes $0.53229 of interest), owing to those former unitholders of the Trust who tendered to the Annual Retraction, together with transfer allocation details, to the CDS Clearing and Depository Services Inc. ("CDS"). CDS will then direct the applicable funds to the respective brokerage firms and in turn, the brokerage firms, based on their records, will be responsible for the payments to affected clients. The payment is not expected to affect the net asset value of the Trust.

Unitholders who have changed brokerage firms since the time they participated in the Annual Retraction are advised to contact their financial advisor regarding payment details.

Sentry Select has been advised by its legal counsel that the payments should be treated by unitholders as additional proceeds on disposition and interest. Unitholders should consult their tax advisors regarding the income tax consequences of these payments. 

Oil Sands Split Trust 

Oil Sands Split Trust offers investors both Preferred Securities and Capital Units. The Trust holds units of Canadian Oil Sands Trust in order to fund quarterly fixed-interest payments on the Trust's Preferred Securities and to enable the holders of the Trust's Capital Units to participate in any capital appreciation in the Canadian Oil Sands Trust units and benefit from any increase in the distributions paid on those units.

Sentry Select Capital Inc.

Sentry Select Capital Inc., the administrator of the Trust, is a Canadian wealth management company that offers a diverse range of investment products including closed-end investment funds, mutual funds, principal-protected notes and flow-through limited partnerships, covering a variety of domestic and global mandates.

Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions "expect," "intend," "will" and similar expressions to the extent they relate to Sentry Select. The forward-looking statements are not historical facts but reflect Sentry Select's current expectations regarding future results or events including, but not limited to, the timing associated with the payment of additional proceeds in respect of the Annual Retraction. 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. Although Sentry Select believes 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. Sentry Select undertakes 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 of the trust, please visit the trust's profile at www.sedar.com.

Sentry Select Capital Inc.
The Exchange Tower
130 King Street West
Suite 2850, P.O. Box 104
Toronto, Ontario M5X 1A4
Telephone: (416) 861-8729
Fax: (416) 364-5615

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