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September 16, 2008

The Board of Trustees of The Reserve Fund, after reviewing the unprecedented market
events of the past several days and their impact on The Primary Fund, a series of The Reserve
Fund and taking into account recommendations made by Reserve Management Company, Inc.,
the investment manager of The Primary Fund, approved the following actions with respect to
The Primary Fund only:
The value of the debt securities issued by Lehman Brothers Holdings, Inc. (face value
$785 million) and held by the Primary Fund has been valued at zero effective as of 4:00PM New
York time today. As a result, the NAV of the Primary Fund, effective as of 4:00PM, is $0.97 per
share. All redemption requests received prior to 3:00PM today will be redeemed at a net asset
value of $1.00 per share.
Effective today and until further notice, the proceeds of redemptions from The Primary
Fund will not be transmitted to the redeeming investor for a period of up to seven calendar days
after the redemption. The seven-day redemption delay will not apply to debit card transactions,
ACH transactions or checks written against the assets of the Primary Fund provided that any
such transaction from an investor, individually or in the aggregate, does not exceed $10,000.
The Primary Fund will continue to accept purchase orders.
Effective tomorrow, September 17, 2008, the NAV for the Primary Fund will be
calculated once a day at 5:00PM, New York time.

You should carefully consider the investment objectives, risks and charges and expenses of a fund before
investing. A fund’s prospectus, which contains this and other information, may be obtained by calling
800-637-1700 and pressing “0” or writing The Reserve, 1250 Broadway, New York, New York 100013701. You should read the prospectus carefully before you invest.
An investment in the funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or
any other government agency. Although the funds seek to preserve the value of your investment at $1.00
per share, it is possible to lose money by investing in the funds. Money market yields may vary.


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