Citadel Fund Administrator Responds to Blue Ribbon Attacks

Citadel Reorganization Proposal Offers Unitholders Better Plan

TORONTO, Sept. 15 /CNW/ - Citadel Fund Administrator ("Citadel Funds") today released its response to concerns raised by Blue Ribbon Fund Management, Ltd. ("Blue Ribbon") through its hostile proposal.

In a letter to unitholders, Citadel Fund Administrator sets the record straight about key issues that have been raised by Blue Ribbon with respect to the investment manager, governance practices, costs and redemptions. The letter then spells out the potential harm that unitholders may face if the hostile proposal is successful.

"Since we became stewards of the Citadel Funds a few short months ago, we have begun implementing an important change which we believe will lead to a better fund - one with stronger management and an investment mandate that reflects today's realities," said Wayne Pushka, President of the Citadel Fund Administrator. "Hiring Jarislowsky, Fraser as the investment manager to replace Bloom Investment Counsel, Inc. is at the centre of our plans to improve performance on behalf of unitholders.

"Unitholders have a clear choice," Mr. Pushka continued. "When you compare the record, experience and depth of Jarislowsky, Fraser to Bloom, we believe that most people will find that the only choice is to have Jarislowsky, Fraser as the fund manager.

"We encourage unitholders to review the facts and vote FOR the Reorganization Proposal," concluded Mr. Pushka.

The letter to unitholders can be found on Citadel Funds' dedicated website at

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 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 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 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

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

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