Sentry Select MBS Adjustable Rate Income Fund II (TSX: MGS.UN) Announces Intention to Make Normal Course Issuer Bid

TORONTO, ONTARIO, Sep 05 (MARKET WIRE) --
Sentry Select Capital Corp. (the "Manager"), the manager of Sentry Select
MBS Adjustable Rate Income Fund II (TSX: MGS.UN) (the "Fund"), announces
that the Fund intends to purchase up to 1,353,656 of the units of the
Fund (the "Units") for cancellation by way of a normal course issuer bid
through the facilities of the Toronto Stock Exchange (the "Exchange").
The 1,353,656 Units represent approximately 10% of the public float of
the Fund. As of September 4, 2008, 13,536,557 Units were issued and
outstanding. The public float of 13,536,557 Units has been calculated as
the issued and outstanding Units less Units held by insiders of the Fund.

The purchases may commence on September 10, 2008 and will terminate on
September 9, 2009, or on such earlier date as the Fund may complete its
purchases or provide notice of termination. Any such purchases will be
made by the Fund at the prevailing market price at the time of such
purchases in accordance with the requirements of the Exchange.

The Fund will not make purchases of Units at greater than net asset
value. Purchases of Units at less than net asset value per Unit should
have the effect of increasing the net asset value per Unit. All purchased
Units will be cancelled.

The Fund will not purchase in any 30-day period more than 270,731 Units,
representing 2% of the issued and outstanding Units as at the date of
acceptance of the notice of the normal course issuer bid by the Exchange.

During the 12 months preceding the date of this release, the Fund
purchased for cancellation 708,400 Units pursuant to a mandatory market
purchase program at an average price of $5.12 per Unit, and 77,100 Units
pursuant to an expiring normal course issuer bid at an average price of
$4.14 per Unit.

To the knowledge of the Manager, no director, senior officer or other
insider of the Manager intends at present to sell any Units under this
bid. However, sales by such persons through the facilities of the
Exchange or elsewhere may occur if the circumstances or decisions of any
such person change. The benefits to any such person whose Units are
purchased would be the same as the benefits available to all other
holders whose Units are purchased.

Sentry Select Capital Corp.

Sentry Select Capital Corp. is a Canadian wealth management company that
manages over $6 billion in gross assets as of June 30, 2008. The company
offers a diverse range of investment products including closed-end
trusts, mutual funds, principal-protected notes and flow-through limited
partnerships, covering a variety of domestic and global mandates.

This news release contains forward-looking statements that involve risks
and uncertainties. These forward-looking statements relate to, among
other things, the future performance of the Corporation, including the
potential for purchases pursuant to the normal course issuer bid. These
statements reflect Sentry Select's current expectations, but are subject
to a number of risks and uncertainties. Due to the many risks and
uncertainties, Sentry Select cannot assure that the forward-looking
statements contained in this news release will be realized.

Sentry Select Capital Corp.
The Exchange Tower
130 King Street West
Suite 2850, P.O. Box 104
Toronto, Ontario M5X 1A4
Telephone: (416) 861-8729
Fax: (416) 364-5615

Contacts:
Sentry Select Capital Corp.
Investor Services
(broker/investor inquiries)
1-888-246-6656
(416) 364-1197 (FAX)

Sentry Select Capital Corp.
Kinga Lam
(media inquiries)
1-888-246-6656
(416) 364-1197 (FAX)
Email: info@sentryselect.com
Website: www.sentryselect.com

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