Leading Independent Advisory Firm Recommends Citadel Unitholders Vote FOR the
Reorganization Proposal

    
    Glass Lewis Agrees - Citadel Reorganization Proposal Offers Unitholders
    Better Solution

    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. 16 /CNW/ - Citadel Fund Administrator ("Citadel Funds") today announced that Glass Lewis & Co. ("Glass Lewis"), a leading independent proxy advisory firm whose recommendations are relied upon by institutional investment firms, mutual funds and other fiduciaries worldwide, has recommended that Citadel Premium Income Fund and Citadel Diversified Investment Trust unitholders VOTE FOR the Reorganization Proposal. Glass Lewis performed a review of both the Citadel Fund Administrator Reorganization Proposal and the Hostile Proposal prior to making their recommendations and concluded that unitholders should VOTE AGAINST the Hostile Proposal of Blue Ribbon Fund Management Ltd.

Glass Lewis is owned by the Ontario Teachers' Pension Plan, a leading advocate of shareholder rights and corporate governance. Glass Lewis serves institutional investors that collectively manage more than $17 trillion in assets, with focused research on the long-term financial impact of investment and proxy decisions.

In recommending that the Citadel Diversified Investment Trust and Citadel Premium Income Fund unitholders VOTE FOR the Reorganization Proposal, Glass Lewis made several telling observations to support their recommendations:

With respect to the Citadel Diversified Investment Trust, Glass Lewis stated: "Overall, we believe the proposed reorganization offers compelling benefits for unit holders. The reorganization will allow the Fund to be merged into a larger fund with a different manager and a recent track record of better compound annual returns. Further, with unfavorable changes in taxation rules for Canadian income trusts approaching, the Continuing Fund will benefit from expanded investment opportunities. Based on these factors and the unanimous support of the board, we believe the proposed transaction is in the best interest of unit holders."(xx)

In support of the Citadel Premium Income Fund, Glass Lewis indicated: "The positive aspects of the proposed reorganization outweigh the issues. The Fund has a history of underperformance, and the reorganization will allow the Fund to be merged into a larger fund with a different manager and a track record of better compound annual returns."(xx)

In speaking to the performance of each of the funds managed by Bloom Investment Counsel, Inc. relative to Crown Hill Fund, Glass Lewis found: "With the exception of the SMaRT Fund, each of the funds managed by Bloom underperformed the Crown Hill Fund with respect to annual compound returns over the one year period ended December 31, 2008. In addition, each of these funds underperformed the Crown Hill Fund with respect to annual compound returns over the three year period ended December 31, 2008."(xx)

Glass Lewis also noted in both reports that the fees payable to the Administrator - in excess of $14 million - upon a change in administrators is unduly onerous on unitholders and is unwarranted given the relatively poor performance of the Bloom-managed funds.

"We are pleased that Glass Lewis, a leading independent proxy advisory firm, supports the Reorganization Proposal which has been unanimously approved by the board of the Administrator as well as reviewed by the Independent Review Committee of the Citadel Funds," said Wayne Pushka, President of Citadel Fund Administrator.

"Glass Lewis recognized the compelling benefits of the reorganization for unitholders, including the expanded investment mandate and new investment manager, Jarislowsky, Fraser. We urge unitholders to vote FOR the Reorganization Proposal and AGAINST the Hostile Proposal," concluded Mr. Pushka.

(xx) Permission to quote from Glass Lewis & Co. was neither sought nor obtained

    
    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.

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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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