Crown Hill Fund Files Circular Related to Reorganization Proposal

    Board of Directors Unanimously Recommends Unitholders Vote FOR the
    Reorganization Proposal

    TORONTO, Sept. 3 /CNW/ - Crown Hill Fund (the "Fund") announced today
that it has filed on SEDAR and mailed to unitholders its management
information circular. The information circular contains important information
with respect to the reorganization proposal ("Reorganization Proposal") which
will be considered at its special meeting of unitholders on September 30,
    The Reorganization Proposal is part of the Fund's strategic growth
initiative. It is expected to significantly increase long-term value for
unitholders through the implementation of a number of positive changes within
the Fund. The Reorganization includes the merger of the Crown Hill Fund with
eight of the recently acquired Citadel funds into a continuing fund. This
continuing fund will be renamed the Citadel Income Fund.
    The Reorganization Proposal has been recommended by the Fund's
Independent Review Committee ("IRC"). As a result of this recommendation, as
well as their own review, the board of directors of the Fund has unanimously
determined that the Reorganization Proposal is in the best interests of
unitholders and recommends that unitholders vote FOR the Reorganization
    "We strongly encourage unitholders to support the Reorganization Plan,"
said Wayne Pushka, President of Crown Hill Capital Corporation. "Beyond the
reduction of some expenses, there are several other important benefits,
including greater liquidity and a broadened investment mandate."

    The benefits of the Reorganization Proposal include:

    -   A new investment manager, Jarislowky, Fraser Limited. Jarislowsky,
        Fraser is one of Canada's pre-eminent money managers. In addition to
        being Canada's largest independent money manager, with over $40
        billion in assets under management, it is also considered to be one
        of Canada's leading authorities on matters of shareholder rights and
        corporate governance. Its reputation is unparalleled and it has the
        breadth and depth of qualifications necessary to manage a broadly
        diversified, conservative, income oriented portfolio.
    -   Continued high level of distributions. The continuing fund intends to
        pay a high level of monthly distributions. The annual distribution is
        currently set at approximately 8.5% of NAV per year and this is not
        expected to change for the remainder of 2009.
    -   Greater liquidity. Following the merger, the continuing fund is
        expected to have a significantly larger market capitalization. This
        should result in improved trading and liquidity for the units of the
        continuing fund, which will continue to be listed on the Toronto
        Stock Exchange.
    -   Redemptions. Unitholders who do not wish to hold units in the
        continuing fund will be able to redeem their units following the
        meeting. In addition, unitholders will have a redemption right in
        2010 and a limited annual redemption right in subsequent years. (In
        order to redeem their units, unitholders must vote in favour of the
        Reorganization which includes the amended redemption feature.)

    Further detailed information on the Reorganization and its merits is
contained in the management information circular.

               Voting Instructions for Beneficial Unitholders
    If your units are held in a brokerage account a proxy has been mailed to
you. Please only vote the proxy as follows:
    Canadian Unitholders: Visit and enter your 12 digit
control number or call 1-800-474-7493 or fax your proxy to 905-507-7793 or
toll free at 1-866-623-5305 in order to ensure that it is received before the
    U.S. Unitholders: Visit and enter your 12 digit control
number or call 1-800-454-8683.

    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

                               (TORONTO TIME).

    If you have any questions on voting your proxy, please contact Kingsdale
Shareholder Services Inc. at:

    Telephone Toll Free: 1-888-518-1558
    Local Fax: (416) 867-2271 / Toll Free Fax: 1-866-545-5580
    Outside North America Call Collect: 1-416-867-2272

    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: 00021542E

For further information:

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

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