SCITI Trust II Declares Monthly Distributions



    TORONTO, Jan. 16 /CNW/ - The Board of Directors of SCITI Limited in its
capacity as Trustee for SCITI Trust II ("SCITI II") announces monthly cash
distributions of $0.1140 per Trust Unit for each record date in January to
March 2008. Including these distributions, the twelve month trailing
distribution will total $1.3135 (2007 - $1.3710) per Unit.

    
    Record and payment dates are as follows:

    Record Date           Payment Date
    -----------           ------------
    January 30, 2008      February 15, 2008
    February 28, 2008     March 14, 2008
    March 28, 2008        April 15, 2008
    

    SCITI II 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 II. 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 the portfolio, less
the estimated operating expenses for the period. Any differences from the
forecast will be adjusted in the following quarter.
    Trust Units of SCITI II are listed for trading on The Toronto Stock
Exchange under the symbol CIT.UN.

    %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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