Citadel Fund Administrator Provides Additional Detail Regarding the Lack of
Independent Review of the Hostile Proposal

    
    Stock Symbols:
    --------------
    Citadel Diversified Investment Trust: CTD.UN, TSX
    Citadel Hytes Fund: CHF.UN, TSX
    Citadel Premium Income Fund: CPF.UN, TSX
    Citadel S-1 Income Trust Fund: SDL.UN, TSX
    Citadel SMaRT Fund: CRT.UN, TSX
    Citadel Stable S-1 Income Fund: CSR.UN, TSX
    Crown Hill Fund: MYT.UN, TSX
    Equal Weight Plus Fund: EQW.UN, TSX
    Series S-1 Income Fund: SRC.UN, TSX
    

TORONTO, Sept. 18 /CNW/ - Citadel Fund Administrator ("Citadel Funds") today provided additional details regarding the lack of independent review of the Hostile Proposal.

    
    National Instrument 81-107 Independent Review Committee for Investment
    Funds ("NI 81-107")
    

NI 81-107 requires a fund manager to refer conflicts of interest matters to the independent review committee of a fund (the "IRC") before taking any action in the matter. Where a unitholder vote is required for a conflict of interest matter, a manager is required to refer the matter to the IRC and to provide a summary of the IRC's decision to unitholders prior to the unitholder vote.

Blue Ribbon's Conflicts of Interest

If the Hostile Proposal is approved by unitholders of a Citadel fund, Blue Ribbon Fund Management Ltd. ("Blue Ribbon") would become the manager of that fund. The Hostile Proposal contemplates merging the funds that adopt the Hostile Proposal, resulting in significant fees for Blue Ribbon and $14 million in costs for Citadel unitholders. The Hostile Proposal also involves entering into an investment management agreement with Bloom Investment Counsel Inc. ("Bloom"), an entity related to Blue Ribbon, on terms favourable to Bloom. Citadel Funds believe that these proposed transactions would be conflict of interest matters under NI 81-107.

    
    Blue Ribbon Has Not Submitted the Hostile Proposal to an Independent
    Review Committee
    

Blue Ribbon has indicated that it would appoint the Brompton Administration Limited ("Brompton") independent review committee as the IRC for the merged fund if the Hostile Proposal is approved. However, Blue Ribbon has not submitted the Hostile Proposal to this committee or obtained any independent review or scrutiny. Blue Ribbon has not disclosed any independent recommendation regarding the Hostile Proposal or indicated how it intends to comply with NI 81-107. Blue Ribbon has not disclosed any conflicts of interest or potential conflicts of interest of Blue Ribbon or Bloom or any policies or processes to address these conflicts of interest.

Citadel Funds are not aware of any Canadian securities regulatory authority granting relief from NI 81-107 in relation to the Hostile Proposal and has expressed concern regarding Blue Ribbon's compliance with NI 81-107 and lack of disclosure to staff of the Ontario Securities Commission.

    
    Vote Your Blue Proxy AGAINST the Hostile Proposal
    -------------------------------------------------
    

Please take the time to vote FOR the Reorganization Resolutions and AGAINST the Hostile Resolutions. To make your vote count we need to receive your proxy by Monday, September 28, 2009 at 9:00 a.m. Toronto time. Time is of the essence - Unitholders can vote by telephone or via the internet, fax or mail and please ensure that you sign and date the proxy. If your units are held in a brokerage account a Voting Instruction Form has been mailed to you.

    
    Canadian Unitholders: Visit www.proxyvote.com and enter your 12 digit
    control number or call 1-800-474-7493 or fax your BLUE Voting Instruction
    Form to 905-507-7793 or toll free at 1-866-623-5305 in order to ensure
    that it is received before the deadline.

    U.S. Unitholders: Visit www.proxyvote.com and enter your 12 digit control
    number or call 1-800-454-8683.
    

If you have any questions on voting your proxy, please contact Kingsdale Shareholder Services Inc. toll-free 1-888-518-6828.

Remember every vote counts to protect your investment. Regardless of the number of units you own, please vote your proxy today.

Please visit www.CitadelMeeting.com for further information related to the Special Meeting resolutions. A link to this dedicated website will also be made available from the corporate website at www.citadelfunds.com.

Forward Looking Statements

This release contains forward-looking statements. These statements are based on certain factors and assumptions including, results of operations, performance and effective income tax rates. While the Funds and Citadel Fund Administrator consider these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. Several factors could cause actual results to differ materially from those in the forward-looking statements, including, but not limited to: the timing of and the ability to carry out the Reorganization, including the mergers and fluctuations in the net asset value. Forward-looking statements are given only as at the date of this release and the Funds and Citadel Fund Administrator disclaims any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

%SEDAR: 00008062E

SOURCE CITADEL GROUP OF FUNDS

For further information: For further information: Media Contact: Janet Craig, Kingsdale Communications Inc., (416) 867-2315, jac@kingsdalecommunications.com

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