Company Details

Directors and Officers

The following are the names, office(s) held and principal occupations of the directors and officers of the Company:

Brian D. McChesney
President, Chief Executive Officer and Director
(Corporate Director)

Stephen D. Pearce
Chief Financial Officer, Secretary and Director
(Director, Scotia Capital Inc.)


Profile

On November 3, 2009 SCITI Limited, in its capacity as trustee for SCITI Trust II and SCITI Trust, announced the successful completion of the merger of SCITI Trust II into SCITI Trust effective November 2, 2009. Each SCITI Trust II unit held by SCITI Trust II unitholders was automatically exchanged for 0.9662 of a unit of SCITI Trust. This exchange ratio was based on the relative net asset values of SCITI Trust and SCITI Trust II as at the close of trading on the TSX on October 30, 2009 of $10.0245 per unit and $9.6857 per unit, respectively. That is, the proceeds of disposition for a SCITI Trust II unit was $9.6857 per unit.

General Information

Distribution Policy

For historical distribution amounts, please see distribution information.

Taxation

Distributions received by the Trust from the portfolio securities will be distributed to the Unitholders monthly. Distributions received from issuers in the portfolio securities have various tax treatments: some are taxed as dividends, some as interest income and others as a return of capital. Amounts received as a return of capital are not taxable but must be used to reduce the adjusted cost base of an investor's Units. Dividends received by an individual are generally subject to the normal gross-up and dividend tax-credit rules applicable to dividends received on securities of a taxable Canadian Corporation.

The tax treatment and classification of revenue of distributions received are reported by the underlying issuers in the portfolio securities either at the time of declaration or on an annual basis.

A Unitholder will generally be required to include in the calculation of income the net income and the net realized taxable capital gains of the Trust paid or payable to the Unitholder in the year. If the distributions by the Trust to a Unitholder in any year exceed the net income and net realized capital gains of the Trust for the year paid or payable to the Unitholder, such distributions will not be taxable but will reduce the adjusted cost base of the Unitholder's Units. For a historical breakdown of distribution amounts, please see distribution information.