Mat / ASTA (Citigroup) Hedge Fund Investors Still Have Time To Sue or Settle

Citigroup Alternative Investments announced on July 15, 2008 today that the Company has extended the expiration date of the tender and exchange offers for each Portfolio to August 8, 2008. The deadline was July 15, 2008.

"A substantial number of investors have not chosen to settle their claims against Citigroup," said Jeff Sonn, Esq., of Sonn & Erez, a securities attorney representing Mat Investors. "Citigroup is desparately trying to settle these claims for 23 cents on the dollar, and they have extended the deadline, we think, because they are afraid their customers will sue them for their losses," said Sonn. "We think that customers deserve their right to ask an arbitration panel for all of their money back, and not settle for 23cents on the dollar" said Sonn.

As of July 14, 2008, holders of existing shares had tendered only approximately (i) 55% (166,550,000) of the Existing Shares of the National Portfolio; (ii) 22% (43,000,000) of the Existing Shares of the National Portfolio II; (iii) 42% (61,550,000) of the Existing Shares of the California Portfolio; and (iv) 73% (111,125,000) of the Existing Shares of the New York Portfolio.

"Any shareholder can still rescind their tender of their shares, and then can sue Citigroup Alternative Investments if they wish to ask for all of their money back," said Sonn.