SCITI Trust Declares Special Cash Distribution



    TORONTO, Dec. 13 /CNW/ - The Board of Directors of SCITI Limited in its
capacity as Trustee for SCITI Trust announces a special cash distribution of
$0.0175 per Trust Unit as a result of distributions received in excess of
forecast amount. This special cash distribution will be payable together with
the previously declared monthly distribution of $0.1215 per Unit on
January 15, 2008 to holders of record at the close of business on December 28,
2007. Consequently, the December distribution totals $0.1390 per Unit and the
twelve month trailing distribution totals $1.5120 (2006 - $1.6175) per Unit.
    During 2007, the Trust has realized net capital gains due to various
corporate actions and as a result of portfolio rebalancing required to ensure
that the portfolio generally tracks the composition and weighting of the
Scotia Capital Income Trust Index. As a result, it is expected that all of the
Trust's cash distributions for 2007 will be characterized as a combination of
interest income, dividend income and capital gains. Furthermore, to the extent
the Trust realizes income for tax purposes in excess of cash distributions
paid to Unitholders, the Declaration of Trust provides that an additional
distribution (the "Additional Distribution") will automatically be allocated
to Unitholders on the last day of the year. The Additional Distribution is
estimated to be $0.29 per Unit for the year. This estimate will change based
on any further rebalancing which may occur over the remaining period to year
end and based on the final distribution allocations from the underlying income
funds. Such distribution will not be paid in cash but will be paid in Units
which will then be automatically consolidated, resulting in Unitholders of
record on December 28, 2007 incurring a non-cash capital gain equal to the
Additional Distribution per Unit with a matching increase in their adjusted
cost base per Unit.
    In light of the scheduled redemption date of April 29, 2008, the Board
has retained Scotia Capital Inc. to undertake a study on the future course of
the Trust.

    SCITI Trust is an investment trust which provides investors with a high
current yield and low cost diversification through a portfolio of the 100
largest income funds (approximately weighted on a float capitalization basis)
included in the Scotia Capital Income Trust Index.
    Unitholders are entitled to receive monthly distributions as declared by
the Trustee of SCITI Trust. The Trustee intends to declare and pay an equal
monthly distribution to the extent of forecasted distributions to be received
for a calendar quarter from the underlying income funds in SCITI Trust's
portfolio, less SCITI Trust's estimated operating expenses for the period.
    Trust Units of SCITI Trust are listed for trading on The Toronto Stock
Exchange under the symbol SIN.UN.

    %SEDAR: 00019069E




For further information:

For further information: Investor Relations, SCITI Limited, Trustee of
SCITI Trust, (416) 945-4394, E-mail: sciti_trust@scotiacapital.com, Web site:
www.scotiamanagedcompanies.com


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