Citi Awarded Mandate to Deliver a Comprehensive Suite of Fund of Hedge Funds Administration and Custody Services to Sandalwood Securities

New York, NY - September 7, 2011 – Citi today announced that it has been awarded a mandate to provide a full complement of fund of hedge funds administration and custody services to Sandalwood Securities.

"After a thorough review of service providers, two of the key factors driving our decision to select Citi were the quality of the professionals we met and Citi’s commitment to developing technology solutions" said Ken Chapple, Chief Financial Officer, Sandalwood Securities, Inc. "In addition, transparency is a key commitment we make to our investors and their advisors. Citi’s investor services platform - and integrated Fund of Fund Solution - provides us with direct, Web-based access to our investor reporting and portfolios and, as a result, additional transparency to our processes."

Neeraj Sahai, Global Head, Securities and Fund Services, Citi Global Transaction Services, said, "We are very pleased that Sandalwood recognized the value of our industry-leading fund of hedge funds market expertise combined with our on-going investment in technology to award us this mandate. We look forward to a long-term relationship with Sandalwood providing our fund of hedge funds administration and custody services in support of their growth and performance objectives."

At Citi, the integrated delivery of accounting, custody and transfer agency services form the core of its comprehensive fund of hedge funds administration capabilities. Citi provides fund managers with the strength of one global operating model and the expertise and flexibility to service their needs, assisting them in maintaining a robust control environment. The bundled back-office solution designed specifically for funds of hedge funds includes fully automated global order fulfillment, custody and cash management, workflow flexibility and transparency and a proven track record of executing back office services.

Through its Securities and Fund Services business, Citi’s industry-focused experts provide institutional investors worldwide with tailored solutions delivered through proven global platforms that feature modular, open architecture. With $13.5 trillion of assets under custody and the industry’s largest proprietary network, clients can leverage Citi’s local market expertise and global reach to extract value across the entire investment value chain.

Global Transaction Services, a division of Citi’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citigroup’s Global Transaction Services supports over 65,000 clients. As of the second quarter of 2011, it held on average $365 billion in liability balances and $13.5 trillion in assets under custody.

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About Sandalwood Securities, Inc.
Founded in 1990 by Martin J. Gross, Sandalwood Securities, Inc. is an experienced fund of funds manager specializing in multi-strategy credit.

Sandalwood identifies, analyzes, invests in and monitors niche alternative investment strategies and leading hedge fund managers implementing such strategies. These strategies consist of various fundamental value, event driven, debt-oriented strategies including distressed securities, high yield, capital structure arbitrage, senior bank debt, and loan origination, as well as merger arbitrage and traditional long/short equity.

Sandalwood’s multi-manager, multi-strategy credit investment approach to investing seeks to provide high net worth individuals and institutional investors the opportunity to increase total portfolio return while reducing the risk of a significant loss of capital. Sandalwood seeks to accomplish this by making asset allocations to alternative investment strategies, such as multi-strategy credit, that are not meaningfully correlated to the stock and bond markets

About Citi
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

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