SCITI Trust II Mails Information Circular


    TORONTO, Aug. 21 /CNW/ - SCITI Trust II (the "Trust") announced today
that it has mailed the information circular pertaining to the proposed
reorganization (the "Reorganization") announced on July 22, 2009. The
Reorganization, if approved and completed, will allow holders of Trust units
("Unitholders") to exchange their Trust units for units of SCITI Trust on a
net asset value basis.
    In order to preserve significant tax loss pools in SCITI Trust, the Board
of the Trustee has determined to effect the Reorganization on a taxable basis
for Unitholders of the Trust. Unitholders that elect to exchange into SCITI
Trust will be deemed to have disposed of their Trust units and will realize a
capital gain (or capital loss) to the extent the price realized is greater
than (or less than) the investor's adjusted cost base of the units.

    About SCITI Trust II

    The 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 the Trust. The Trustee intends to declare and pay monthly
distributions 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.
    Trust Units of SCITI II are listed for trading on The Toronto Stock
Exchange under the symbol CIT.UN.

    Certain statements contained herein constitute "forward-looking
statements". Forward-looking statements look into the future and provide an
opinion as to the effect of certain events and anticipated results.
Forward-looking statements may include words such as "plans," "intends,"
"anticipates," "should," "estimates," "expects," "believes," "indicates," and
similar expressions. These forward-looking statements are based on current
expectations and assumptions which are believed to be reasonable as at the
date of this statement and entail various risks and uncertainties. Actual
results may materially differ from expectations, if known and unknown risks or
uncertainties affect our business, or if our estimates or assumptions prove
inaccurate. The issuer assumes no obligation to update or revise any
forward-looking statement, whether as a result of new information, future
events or any other reason, other than as required by applicable securities
laws. In the event the issuer does update any forward-looking statement, no
inference should be made that the issuer will make additional updates with
respect to that statement, related matters, or any other forward-looking

    %SEDAR: 00019832E

For further information:

For further information: Investor Relations, SCITI Limited, Trustee of
SCITI Trust II, (416) 945-4173, E-mail:, Web site:

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