Sentry Select Provides Update to Holders of Capital Units (TSX:SFO.UN) and Preferred Securities (TSX:SFO.PR.A) of Sentry Select

Sentry Select Capital Corp. ("Sentry Select"), the manager and trustee of Sentry
Select 40 Split Income Trust (the "Trust") (TSX:SFO.UN)(TSX:SFO.PR.A) announces
that, in accordance with its initial terms, the Trust's capital units and
preferred securities will be delisted from the Toronto Stock Exchange at the
close of business on Monday, November 24, 2008. The delisting of the capital
units and preferred securities is being done in preparation for the conversion
of the Trust into an open-ended mutual fund (the "Conversion"), which is
expected to occur on December 2, 2008. The Trust's preferred securities will
mature prior to the Conversion, on December 1, 2008 (the "Maturity Date"). The
Manager currently has sufficient cash on hand to repay the preferred securities
and any other payment obligations on the Maturity Date.


It is Sentry Select's current intention to merge the converted Trust with Sentry
Select Canadian Income Fund ("CIF") in early 2009 (the "Merger"). The Merger
would be subject to any applicable unitholder and regulatory approvals.
Following the Conversion and until further notice, Sentry Select anticipates
that the Trust will pay a monthly distribution of $0.027 per unit, which, based
on the net asset value per capital unit of $4.13 at the close of business on
November 17, 2008, will provide unitholders with a yield of 7.85%. This yield
would be similar to the yield of CIF, which was approximately 7.88% as of the
close of business on November 17, 2008.


Sentry Select Capital Corp.

Sentry Select Capital Corp., is a Canadian wealth management company that
manages approximately $5.5 billion in gross assets as of September 30, 2008. The
company offers a diverse range of investment products including closed-end
trusts, mutual funds, hedge 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.
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. These risks and uncertainties include, but are not
limited to, the Toronto Stock Exchange effecting the delisting of the Trust's
capital units and preferred securities on the proposed date, receiving all
necessary regulatory approvals in respect of the Conversion and the Merger, and
the Trust maintaining sufficient assets to pay the above noted distribution
following the Conversion. 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.




Sentry Select Capital Corp.
The Exchange Tower
130 King Street West
Suite 2850, P.O. Box 104
Toronto, Ontario M5X 1A4
Telephone: [phone]
Fax: [phone]