SCITI Trust II Declares Final Monthly Distribution and Updates on Merger with
SCITI

TORONTO, Oct. 14 /CNW/ - The Board of Directors of SCITI Limited in its capacity as Trustee for SCITI Trust II ("SCITI II") has declared a cash distribution of $0.07 per Trust Unit. Record and payment dates are as follows:

    
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    Record Date             Payment Date      Distribution Amount/Trust Unit
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    October 29, 2009     November 13, 2009                   $0.07
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Holders of units ("Unitholders") who tendered to SCITI II for retraction before the merger with SCITI Trust will receive a retraction payment on October 30, 2009 equal to their pro-rata share of the net realized proceeds per Unit along with the distribution declared today. The remaining Unitholders will receive units of SCITI Trust, on or about November 2, 2009, calculated using an exchange ratio based on the relative net asset values of the SCITI II and SCITI Trust, all as described in the management information circular dated August 14, 2009, along with the distribution declared today. SCITI Trust has a higher yielding portfolio, greater single name diversification than the current Trust portfolio, a lower management expense ratio, and better liquidity.

Trust Units of SCITI II are listed for trading on The Toronto Stock Exchange under the symbol CIT.UN.

%SEDAR: 00019832E

SOURCE SCITI TRUST II

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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