Sceptre Fund Management Inc. as Manager of Sceptre Income & Growth Trust and Sceptre Income & High Growth Trust-Regular Monthly Distributions Declared

SCEPTRE INCOME & GROWTH TRUST (TSX: SZG.UN) and SCEPTRE INCOME & HIGH GROWTH TRUST (TSX: SZH.UN) declare their regular monthly distributions of $0.0625 and $0.0583 per unit respectively ($0.75 and $0.70 annually respectively). The distributions are payable on May 22, 2007 to shareholders on record as at April 30, 2007.

Sceptre Income & Growth Trust unitholders have received a total of $2.66 per unit in distributions since inception, inclusive of this distribution.

Sceptre Income & High Growth Trust unitholders have received a total of $1.63 per unit in distributions since inception, inclusive of this distribution.

                                  Sceptre Income &     Sceptre Income &
                                      Growth Trust    High Growth Trust
                                  ----------------    -----------------

Regular Distribution per Unit:            $ 0.0625             $ 0.0583
Ex- Distribution Date:              April 26, 2007       April 26, 2007
Record Date:                        April 30, 2007       April 30, 2007
Payable Date:                         May 22, 2007         May 22, 2007