SCITI Trust II - Tax Treatment of 2007 Distributions



    TORONTO, March 11 /CNW/ - In December 2007, SCITI Trust II (the "Trust")
announced that income for tax purposes was expected to exceed cash
distributions paid to unitholders as a result of net capital gains realized
due to various corporate actions and portfolio rebalancing required to ensure
that the portfolio generally tracks the composition and weighting of the
Scotia Capital Income Trust Index. In this circumstance, an Additional
Distribution is automatically allocated to unitholders at year end for the
amount of the excess, pursuant to the Trust's Declaration of Trust. The Trust
can now confirm that the Additional Distribution of capital gains for 2007 was
$0.2464 per unit for unitholders of record on December 28, 2007. The
Additional Distribution was not paid in cash, rather it was paid in units
which were immediately consolidated such that the units outstanding did not
change. Unitholders are required to include this capital gain in income and
this same amount should be added to the adjusted cost base of their holdings
in the Trust.
    The Trust has issued T3 Supplementary slips to registered unitholders on
March 7, 2008. 2007 cash distributions have been allocated as a combination of
interest income, capital gains and dividend income.
    Full details on these distributions are available on our website located
at www.scotiamanagedcompanies.com.

    %SEDAR: 00019832E




For further information:

For further information: Investor Relations, SCITI Limited, Trustee of
SCITI Trust II, (416) 945-4173, E-mail: mc_sciti2@scotiacapital.com, Web site:
www.scotiamanagedcompanies.com

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SCITI TRUST II

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