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Sentry Select Diversified Income Trust (TSX: SDT.UN) announces exchange ratios for its Exchange Offer

09/13/2006

TORONTO: Sentry Select Capital Corp. is pleased to announce the exchange ratios for the Sentry Select Diversified Income Trust (the “Trust”) Exchange Offer as announced in the preliminary prospectus of the Trust dated August 11, 2006.

Deposit date and closing: The Exchange Offer was open for acceptance by holders of securities of the Issuers until 4:00 pm (Toronto time) on September 12, 2006 (the “Deposit Date”). The closing is expected to occur on or about September 21, 2006.

Determination of Exchange ratios: The number of Trust Units issuable for the securities of each Issuer (the “Exchange Ratio”) was determined by dividing the weighted average trading price of such securities on the Toronto Stock Exchange (“TSX”) during the period of three consecutive trading days ending on the Deposit Date (the “Pricing Period”) by the weighted average trading price of the Trust units on the TSX during the Pricing Period (the “Unit Price”).

Unit Price and net asset value: The 3 day Unit Price for the Trust is $5.8763 and the net asset value of the Trust on September 12, 2006 was $5.82 per unit.

Reimbursement of expenses: Sentry Select Capital Corp. (“Sentry Select”), the manager of the Trust previously announced that in connection with the Exchange Offer, Sentry Select has agreed to issue a promissory note in favour of the Trust on the closing of the offering to reimburse the Trust for all expenses incurred in connection with the offering, including the fees payable to the dealer manager and soliciting dealers. The note will bear interest at the prime rate of interest and will be payable in equal quarterly payments over a four year period commencing on January 1, 2008.

Acceptance: Acceptances have been received which would result in the issuance of 39,562,741 (assuming no withdrawals) at a Unit Price of $5.8763. The following table specifies the weighted average trading price of each eligible security and the Exchange Ratio used to determine the number of units to be issued for each eligible security. The Exchange Ratios and other information disclosed below will be included in the final prospectus to be filed with the securities regulatory authorities across Canada. The Exchange Ratios are rounded down to four decimal places.


Issuer
ENERGY Stock Symbol
Unit Price
Exchange Ratio
Advantage Energy Income Fund AVN.UN 15.9859 2.7204
ARC Energy Trust AET.UN 26.9929 4.5935
Avenir Diversified Income Trust AVF.UN 9.4265 1.6041
Baytex Energy Trust BTE.UN 23.3323 3.9705
Bonavista Energy Trust BNP.UN 34.1714 5.8151
Bonterra Energy Income Trust BNE.UN 34.5250 5.8752
Canadian Oil Sands Trust COS.UN 31.3789 5.3399
Canetic Resources Trust CNE.UN 20.8063 3.5407
Crescent Point Energy Trust CPG.UN 20.1471 3.4285
Daylight Energy Trust DAY.UN 10.0924 1.7174
Enerplus Resources Fund ERF.UN 57.4243 9.7721
Enterra Energy Trust ENT.UN 10.6908 1.8193
Esprit Energy Trust EEE.UN 12.8405 2.1851
Fairborne Energy Trust FEL.UN 13.1630 2.2400
Focus Energy Trust FET.UN 22.8693 3.8917
Freehold Royalty Trust FRU.UN 19.9209 3.3900
Harvest Energy Trust HTE.UN 32.1131 5.4648
NAL Oil and Gas Trust NAE.UN 18.4658 3.1424
Paramount Energy Trust PMT.UN 18.3907 3.1296
Pengrowth Energy Trust PGF.A 23.9186 4.0703
Penn West Energy Trust PWT.UN 41.6428 7.0865
Peyto Energy Trust PEY.UN 21.5366 3.6649
PrimeWest Energy Trust PWI.UN 31.2865 5.3241
Progress Energy Trust PGX.UN 15.8000 2.6887
Provident Energy Trust PVE.UN 13.4857 2.2949
Sequoia Oil & Gas Trust SQE.UN 12.3107 2.0949
Shiningbank Energy Income Fund SHN.UN 20.4553 3.4809
Sound Energy Trust SND.UN 7.2593 1.2353
Thunder Energy Trust THY.UN 8.4890 1.4446
Trilogy Energy Trust TET.UN 18.0370 3.0694
True Energy Trust TUI.UN 12.9577 2.2050
Vault Energy Trust VNG.UN 8.0830 1.3755
Vermilion Energy Trust VET.UN 33.8963 5.7683
Zargon Energy Trust ZAR.UN 31.4096 5.3451
RESOURCE
Acadian Timber Income Fund ADN.UN 9.1090 1.5501
Canfor Pulp Income Fund CFX.UN 11.7286 1.9959
Fording Canadian Coal Trust FDG.UN 30.4804 5.1870
Labrador Iron Ore Royalty Income Fund LIF.UN 26.8601 4.5709
Noranda Income Fund NIF.UN 11.9880 2.0400
SFK Pulp Fund SFK.UN 4.1045 0.6984
Sun Gro Horticulture Income Fund GRO.UN 7.3730 1.2547
TimberWest Forest Corp. TWF.UN 14.3706 2.4455
POWER
Algonquin Power Income Fund APF.UN 10.0676 1.7132
Atlantic Power Corporation ATP.UN 10.6746 1.8165
Boralex Power Income Fund BPT.UN 10.9616 1.8653
Calpine Power Income Fund CF.UN 10.4025 1.7702
Clean Power Income Fund CLE.UN 6.1154 1.0406
Countryside Power Income Fund COU.UN 9.9778 1.6979
Creststreet Power & Income Fund L.P. CRS.UN 5.1668 0.8792
Epcor Power L.P. EP.UN 31.2637 5.3203
Great Lakes Hydro Income Fund GLH.UN 18.9313 3.2216
Innergex Power Income Fund IEF.UN 14.1505 2.4080
Macquarie Power & Infrastructure Income Fund MPT.UN 11.0890 1.8870
Northland Power Income Fund NPI.UN 14.7089 2.5030
Primary Energy Recycling Corporation PRI.UN 10.1160 1.7214
TransAlta Power, L.P. TPW.UN 8.1732 1.3908
UTILITIES INFRASTRUCTURE
AltaGas Income Trust ALA.UN 28.5741 4.8626
Amtelecom Income Fund AMT.UN 12.8122 2.1803
Bell Aliant Regional Communications Income Fund BA.UN 35.0468 5.9640
Bell Nordiq Income Fund BNQ.UN 17.9727 3.0585
The Consumers’ Waterheater Income Fund CWI.UN 15.5819 2.6516
Duke Energy Income Fund DET.UN 12.1890 2.0742
Enbridge Income Fund ENF.UN 13.6079 2.3157
Fort Chicago Energy Partners L.P FCE.UN 11.8810 2.0218
Gaz Metro Limited Partnership GZM.UN 17.0592 2.9030
Inter Pipeline Fund IPL.UN 10.1846 1.7331
Keyera Facilities Income Fund KEY.UN 21.1363 3.5968
Pembina Pipeline Income Fund PIF.UN 17.0524 2.9018
Royal Utilities Income Fund RU.UN 11.7112 1.9929
Taylor NGL Limited Partnership TAY.UN 9.7763 1.6636
UE Waterheater Income Fund UWH.UN 14.8714 2.5307
CONSUMER
A & W Revenue Royalties Income Fund AW.UN 15.9116 2.7077
Aeroplan Income Fund AER.UN 14.0172 2.3853
Arctic Glacier Income Fund AG.UN 12.8000 2.1782
Art In Motion Income Fund AIM.UN 2.5742 0.4380
Associated Brands Income Fund ABF.UN 0.9030 0.1536
AutoCanada Income Fund ACQ.UN 12.1759
2.0720
Benvest New Look Income Fund BCI.UN 6.0938 1.0370
Big Rock Brewery Income Trust BR.UN 18.9398 3.2230
Boston Pizza Royalties Income Fund BPF.UN 18.7802
3.1959
The Brick Group Income Fund BRK.UN 9.9003 1.6847
Carfinco Income Fund CFN.UN 4.1047 0.6985
Chesswood Income Fund CHW.UN 7.7619 1.3208
CI Financial Income Fund CIX.UN 30.5631 5.2010
Cineplex Galaxy Income Fund CGX.UN 13.5892 2.3125
Clearwater Seafoods Income Fund CLR.UN 5.3477 0.9100
CML Healthcare Income Fund CLC.UN 15.0507 2.5612
Coast Wholesale Appliances Income Fund CWA.UN 8.0841 1.3757
Colabor Income Fund CLB.UN 12.4255 2.1145
Connors Bros. Income Fund CBF.UN 11.1166 1.8917
Custom Direct Income Fund CDI.UN 7.8919 1.3430
Davis + Henderson Income Fund DHF.UN 17.9543 3.0553
Dominion Citrus Income Fund DOM.UN 0.7912 0.1346
E.D. Smith Income Fund JAM.UN 8.9220 1.5183
Energy Savings Income Fund SIF.UN 17.1910 2.9254
Entertainment One Income Fund EOF.UN 1.8657 0.3174
Firm Capital Mortgage Investment Trust FC.UN 10.1475 1.7268
First National AlarmCap Income Fund FNA.UN 6.1164 1.0408
FMF Capital Group Ltd. FMF.UN 0.3271 0.0556
Futuremed Healthcare Income Fund FMD.UN 12.5727 2.1395
Gamehost Income Fund GH.UN 37.5345 6.3874
Gateway Casinos Income Fund. GCI.UN 16.6463 2.8327
GMP Capital Trust GMP.UN 23.0237 3.9180
Golf Town Income Fund GLF.UN 11.4021 1.9403
Hartco Income Fund HCI.UN 3.3714 0.5737
Home Equity Income Trust HEQ.UN 13.4909 2.2958
Hot House Growers Income Fund VEG.UN 2.8736 0.4890
KCP Income Fund KCP.UN 9.7264 1.6551
The Keg Royalties Income Fund KEG.UN 13.0928 2.2280
Keystone North America Inc. KNA.UN 8.0791 1.3748
Lakeport Brewing Income Fund TFR.UN 18.4178 3.1342
Liquor Barn Income Fund LBN.UN 11.9741 2.0376
Liquor Stores Income Fund LIQ.UN 22.3405 3.8017
Madacy Entertainment Income Fund MEG.UN 2.0033 0.3409
Medical Facilities Corporation DR.UN 9.3453 1.5903
Medisys Health Group Income Fund MHG.UN 11.8606 2.0183
Menu Foods Income Fund MEW.UN 6.7445 1.1477
Movie Distribution Income Fund FLM.UN 6.7993 1.1570
Newport Partners Income Fund NPF.UN 7.4140 1.2616
North West Company Fund NWF.UN 50.7590 8.6379
Parkland Income Fund PKI.UN 31.3157 5.3291
PDM Royalties Income Fund PDM.UN 10.1776 1.7319
Pizza Pizza Royalty Income Fund PZA.UN 9.9040 1.6854
Pollard Banknote Income Fund PBL.UN 10.4206 1.7733
Premium Brands Income Fund PBI.UN 12.1428 2.0664
Prime Restaurants Royalty Income Fund EAT.UN 8.6412 1.4705
Priszm Canadian Income Fund QSR.UN 12.3310 2.0984
Rainmaker Income Fund RNK.UN 3.2895 0.5597
Rogers Sugar Income Fund RSI.UN 4.1542 0.7069
Royal LePage Franchise Services Fund RSF.UN 13.3509 2.2719
SCI Income Trust SMN.UN 12.7350 2.1671
Second Cup Royalty Income Fund

SCU.UN

10.7130

1.8230

SIR Royalty Income Fund

SRV.UN

10.5546

1.7961

Sleep Country Canada Income Fund

Z.UN

25.4673

4.3339

Somerset Entertainment Income Fund

SOM.UN

2.8036

0.4771

Specialty Foods Group Income Fund

HAM.UN

0.1956

0.0332

Stephenson’s Rental Services Income Fund

RNT.UN

6.9910

1.1896

Sterling Shoes Income Fund

SSI.UN

14.4642

2.4614

Swiss Water Decaffeinated Coffee Income Fund

SWS.UN

10.4872

1.7846

Teranet Income Fund

TF.UN

10.4565

1.7794

Voxcom Income Fund

VOX.UN

10.2507

1.7444

XS Cargo Income Fund

XSC.UN

14.3476

2.4416

INDUSTRIALS

ACS Media Income Fund

AYP.UN

8.1270

1.3830

Ag Growth Income Fund

AFN.UN

15.0199

2.5560

Altus Group Income Fund

AIF.UN

14.7213

2.5051

Armtec Infrastructure Income Fund

ARF.UN

20.2446

3.4451

Arriscraft International Income Fund

AIN.UN

4.8171

0.8197

Atlas Cold Storage Income Trus

FZR.UN

7.5824

1.2903

ATS Andlauer Income Fund

ATS.UN

12.3414

2.1001

Badger Income Fund

BAD.UN

17.2296

2.9320

BFI Canada Income Fund

BFC.UN

29.3803

4.9997

Bird Construction Income Fund

BDT.UN

14.0312

2.3877

Bonnett’s Energy Services Trust

BT.UN

21.9696

3.7386

Boyd Group Income Fund

BYD.UN

1.3711

0.2333

Builders Energy Services Trust

BET.UN

16.0558

2.7322

Canada Cartage Diversified Income Fund

TRK.UN

10.6881

1.8188

CCS Income Trust

CCR.UN

38.0906

6.4820

Canadian Energy Services L.P

CEU.UN

8.8457

1.5053

Canadian Helicopters Income Fund

CHL.UN

8.7399

1.4873

Canexus Income Fund

CUS.UN

8.0654

1.3725

CanWel Building Materials Income Fund

CWX.UN

4.9471

0.8418

CanWest MediaWorks Income Fund

CWM.UN

7.7334

1.3160

Cargojet Income Fund

CJT.UN

8.7306

1.4857

Cathedral Energy Services Income Trust

CET.UN

9.8740

1.6803

Chemtrade Logistics Income Fund

CHE.UN

10.3705

1.7648

Cinram International Income Fund

CRW.UN

23.3200

3.9684

Contrans Income Fund

CSS.UN

13.8949

2.3645

The Data Group Income Fund

DGI.UN

9.7679

1.6622

DirectCash Income Fund

DCI.UN

16.8330

2.8645

Essential Energy Services Trust

ESN.UN

7.9308

1.3496

Eveready Income Fund

EIS.UN

6.7796

1.1537

Foremost Income Fund

FMO.UN

19.7125

3.3545

FP Newspapers Income Fund

FP.UN

11.0343

1.8777

General Donlee Income Fund

GDI.UN

6.1567

1.0477

GENIVAR Income Fund

GNV.UN

12.6680

2.1557

Gienow Windows and Doors Income Fund

GIF.UN

6.8805

1.1708

Granby Industries Income Fund

GBY.UN

5.1948

0.8840

Great Lakes Carbon Income Fund

GLC.UN

9.9977

1.7013

Halterm Income Fund

HAL.UN

12.0418

2.0492

Hardwoods Distribution Income Fund

HWD.UN

5.3150

0.9044

High Arctic Energy Services Trust

HWO.UN

10.9534

1.8639

IAT Air Cargo Facilities Income Fund

ACF.UN

7.8366

1.3335

IBI Income Fund

IBG.UN

14.4679

2.4620

Jazz Air Income Fund

JAZ.UN

9.1182

1.5516

K-Bro Linen Income Fund

KBL.UN

14.9985

2.5523

Livingston International Income Fund

LIV.UN

23.1090

3.9325

Morneau Sobeco Income Fund

MSI.UN

12.6190

2.1474

Mullen Group Income Fund

MTL.UN

25.2308

4.2936

New Flyer Industries Inc.

NFI.UN

8.6560

1.4730

Newalta Income Fund

NAL.UN

32.4528

5.5226

Norcast Income Fund

NCF.UN

7.5342

1.2821

Oceanex Income Fund

OAX.UN

14.3985

2.4502

OFI Income Fund

OFB.UN

9.7256

1.6550

Osprey Media Income Fund

OSP.UN

6.3273

1.0767

Peak Energy Services Trust

PES.UN

9.9889

1.6998

Phoenix Technology Income Fund

PHX.UN

7.7683

1.3219

Precision Drilling Trust

PD.UN

37.8896

6.4478

PRT Forest Regeneration Income Fund

PRT.UN

11.2179

1.9090

Resolve Business Outsourcing Income Fund

RBO.UN

8.2712

1.4075

Richards Packaging Income Fund

RPI.UN

8.7649

1.4915

Spinrite Income Fund

SNF.UN

0.8224

0.1399

Stoneham Drilling Trust

SDG.UN

21.1836

3.6049

Strongco Income Fund

SQP.UN

20.4618

3.4820

Student Transportation of America Ltd.

STB.UN

11.8539

2.0172

Superior Plus Income Fund

SPF.UN

12.1713

2.0712

Supremex Income Fund

SXP.UN

9.9042

1.6854

TerraVest Income Fund

TI.UN

8.6962

1.4798

Total Energy Services Trust

TOT.UN

16.0437

2.7302

TransForce Income Fund

TIF.UN

16.2188

2.7600

Tree Island Wire Income Fund

TIL.UN

9.4818

1.6135

Trimac Income Fund

TMA.UN

10.5276

1.7915

Trinidad Energy Services Income Trust

TDG.UN

15.9049

2.7066

Versacold Income Fund

ICE.UN

9.3962

1.5989

Vicwest Income Fund

VIC.UN

17.7423

3.0192

Wajax Income Fund

WJX.UN

40.6733

6.9215

Wellco Energy Services Trust

WLL.UN

10.5243

1.7909

Westshore Terminal Income Fund

WTE.UN

10.6816

1.8177

Yellow Pages Income Fund

YLO.UN

14.5471

2.4755

REAL ESTATE

Alexis Nihon Real Estate Investment Trust

AN.UN

13.2171

2.2492

Allied Properties Real Estate Investment Trust

AP.UN

18.2873

3.1120

Boardwalk Real Estate Investment Trust

BEI.UN

30.8661

5.2526

Calloway Real Estate Investment Trust

CWT.UN

25.8550

4.3998

Canadian Apartment Properties Real Estate Investment Trust

CAR.UN

17.9777

3.0593

Canadian Hotel Income Properties Real Estate Investment Trust

HOT.UN

13.5245

2.3015

Canadian Real Estate Investment Trust

REF.UN

25.5961

4.3558

Chartwell Seniors Housing Real Estate Investment Trust

CSH.UN

13.8555

2.3578

Cominar Real Estate Investment Trust

CUF.UN

20.6408

3.5125

Crombie Real Estate Investment Trust

CRR.UN

11.6343

1.9798

Dundee Real Estate Investment Trust

D.UN

31.8086

5.4130

First Capital Realty Inc.

FCR

24.9094

4.2389

H&R Real Estate Investment Trust

HR.UN

22.3267

3.7994

Holloway Lodging Real Estate Investment Trust

HLR.UN

5.0840

0.8651

Huntingdon Real Estate Investment Trust

HNT.UN

2.3778

0.4046

InnVest Real Estate Investment Trust

INN.UN

13.0796

2.2258

Instorage Real Estate Investment Trust

IS.UN

1.5631

0.2660

IPC US Real Estate Investment Trust

IUR.UN

10.9490

1.8632

Lakeview Hotel Real Estate Investment Trust

LHR.UN

4.1153

0.7003

Lanesborough Real Estate Investment Trust

LRT.UN

5.7258

0.9743

Legacy Hotels Real Estate Investment Trust

LGY.UN

8.7521

1.4893

Morguard Real Estate Investment Trust

MRT.UN

11.6866

1.9887

Northern Property Real Estate Investment Trust

NPR.UN

21.9509

3.7354

Primaris Retail Real Estate Investment Trust

PMZ.UN

18.0810

3.0769

Retirement Residences Real Estate Investment Trust

RRR.UN

7.1968

1.2247

Retrocom Mid-Market Real Estate Investment Trust

RMM.UN

6.3285

1.0769

RioCan Real Estate Investment Trust

REI.UN

23.1544

3.9403

Royal Host Real Estate Investment Trust

RYL.UN

6.1482

1.0462

Scotts Real Estate Investment Trust

SRQ.UN

9.5700

1.6285

Summit Real Estate Investment Trust

SMU.UN

29.8208

5.0747

Sunrise Senior Living Real Estate Investment Trust

SZR.UN

10.2794

1.7492

Westfield Real Estate Investment Trust

WFD.UN

14.0278

2.3871

Whiterock Real Estate Investment Trust

WRK.UN

12.8439

2.1857


Dealer  manager: National Bank Financial has been engaged as the dealer manager for the Exchange Offer.

Sentry Select Diversified Income Trust: The Trust is a closed-end trust that aims to maximize distributions to unitholders by investing primarily in a broad range of royalty and income trusts, real estate investment trusts and other high-yielding securities.

Distribution reinvestment plan: The Trust offers a distribution reinvestment plan whereby residents of Canada may elect to have their cash distributions reinvested in additional units of the Trust.

Website: To find out more about the Trust, including portfolio holdings, net asset values and investment objectives, please go to www.sentryselect.com.

Sentry Select Capital Corp.: Sentry Select provides investment, administrative and marketing services to 33 exchange-listed closed-end funds and corporations, including preferred securities and debentures, 16 mutual funds, 15 principal-protected notes and four flow-through limited partnerships. Sentry Select is one of the largest Canadian investment managers in the income trust sector. As of August 31, 2006, the firm had approximately $8.5 billion in gross assets under management.

Restrictions: The Exchange Offer is not a take-over bid for any of the issuers and is not, and under no circumstances is to be construed as, an offering of any Trust Units for sale in the U.S. or to any resident thereof.

More information: Investor Services (broker/investor inquiries) or Kinga Lam (media inquiries) Tel: 1-888-246-6656 Fax: 416-364-1197 info@sentryselect.com www.sentryselect.com
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