SCITI Trust II Declares Monthly Distributions



    TORONTO, July 15 /CNW/ - The Board of Directors of SCITI Limited in its
capacity as Trustee for SCITI Trust II ("SCITI II") announces monthly cash
distributions of $0.1270 per Trust Unit for each record date in July to
September 2008. Including these distributions, the twelve month trailing
distribution will total $1.3900 (2007 - $1.3115) per Unit.
    Record and payment dates are as follows:

    
    Record Date           Payment Date
    -----------           ------------
    July 30, 2008         August 15, 2008
    August 28, 2008       September 15, 2008
    September 29, 2008    October 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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