MAT Five LLC Extends Tender and Exchange Offers for any and all of its Existing Shares of Limited Liability Company Interest in the National, National II, California and New York Portfolios

Citigroup Alternative Investments LLC ("CAI”), on behalf of each of the National, National II, California and New York Portfolios (the "National Portfolio,” National Portfolio II,” "California Portfolio” and "New York Portfolio,” respectively, and collectively, the "Portfolios”) of MAT Five LLC, a Delaware limited liability company (the "Company") announced today that the Company has extended the expiration date of the tender and exchange offers for each Portfolio (collectively, the "Exchange Offers") and amended the terms of each of the Exchange Offers, as set forth in the respective confidential tender and exchange offer memoranda for each Portfolio, each dated May 29, 2008, each as amended and restated on November 14, 2008 (as may be further supplemented, amended or restated, collectively, the "Exchange Memoranda"). The Exchange Offers, which had been scheduled to expire on November 28, 2008 at 5:00 p.m., New York City time, will now expire at 5:00 p.m., New York City time, on December 15, 2008 (the "Expiration Date"), unless further extended by the Company.

As set forth in the Exchange Memoranda, holders of existing shares of limited liability company interest ("Existing Shares” and the holders thereof, the "Existing Holders”), other than Excluded Holders (as defined in the Exchange Memoranda), shall be deemed to have selected the default option unless they return a completed Subscription Agreement electing a different option or to opt-out of the offer. For the period from November 14, 2008, the date of amendment of the terms of the offer, through 5:00 p.m., New York City time, on November 19, 2008, no holders of Existing Shares have elected any option other than the default option. Existing Holders of approximately 0.3% (1,000,000 shares) of the Existing Shares of the National Portfolio had returned a Subscription Agreement electing to opt-out of the offer. No Excluded Holder had elected to participate in the offer at such time.

The Company’s obligation to consummate the Exchange Offers and accept tenders of Existing Shares is conditioned on the completion of the other components of the related transactions and other conditions, as more fully set forth in the Exchange Memoranda.

This press release is not a solicitation of tenders with respect to Existing Shares of any Portfolio. The Exchange Offers are being made solely by the applicable Exchange Memoranda and related supplements and documents, each of which sets forth the complete terms of the respective Exchange Offers.