A Statement Regarding Reserve Yield Plus Fund

NEW YORK--(Business Wire)--
The Board of Trustees (the "Board") of Reserve Short-Term Investment Trust (the
"Trust") previously announced that the Trust would liquidate the assets of the
Yield Plus Fund (the "Fund"). The Fund has been making interim distributions to
shareholders pro rata out of Fund assets and has returned more than $1 billion,
representing more than 90% of its assets. The Board took this approach because
it considered it important to provide liquidity to investors.

As of today, approximately $85.5 million remains in the Fund (not including the
value of the Lehman Brothers securities in the Fund`s portfolio but including
the Fund`s holdings of the Primary Fund). Given the uncertainties related to
pending claims and other fund expenses, the Board has decided not to make
additional distributions at this time, but expects to revisit these
considerations in the near future. The reasons for this are:

First, until the ongoing litigation in In re The Reserve Fund Securities and
Derivative Litigation, Ross v. Reserve Management Company, Inc., et al., 08 Civ.
10261 (PGG) (S.D.N.Y.) is settled or resolved in another manner, the Board
believes it prudent to set aside money to cover potential claims. The primary
allegations in that litigation relate to the Fund`s holdings of Lehman Brothers
securities and their subsequent diminution in value. The difference between the
par value and an estimated current value of those holdings is approximately
$24.9 million.

Second, although amounts distributed to date in partial liquidations of the Fund
have been paid to shareholders pro rata based upon the number of shares owned by
each shareholder, it is possible the Fund will ultimately be required to
distribute assets on a non-pro rata basis. The Board has set aside $37.8 million
to fund such non-pro rata distributions.

Third, the Board must set aside an amount to cover the Fund`s litigation fees
and expenses and the Trust`s potential obligation to indemnify the Board members
and officers of the Trust, as well as other parties (the "Indemnitees"), and to
advance their legal expenses. The Board, the Fund, Reserve Management Company,
Inc., Resrv Partners, Inc. and others participate in a joint directors and
officers liability policy, but it is not anticipated that, given the claims made
to date against the Fund and other joint insureds, the insurance policy will be
available to pay expenses of any material amount. These additional litigation
fees and expenses and indemnification obligations cannot be determined with
certainty, but $20 million has been set aside for this purpose.

Finally, the Board has set aside amounts to cover management fees and other
administrative expenses that may be payable to RMCI. RMCI currently estimates
these amounts to be $1.5 million, but the amounts could vary depending on
several factors, including the services required.

The amounts identified above equal approximately $84.2 million. The Fund
currently estimates that it would have approximately $1.3 million available for
a distribution to shareholders. Given the size of this amount, the uncertainties
surrounding the calculations and the possibility of making a larger distribution
in the near future, the Board has determined not to make a distribution at this
time. The Board has been advised that an amended complaint is due to be filed in
the Ross case on November 20, 2009. As the litigation proceeds, the Board will
evaluate whether an additional distribution should be made.

For more information about the Fund`s net assets and expenses, see periodic
postings on our website at www.TheR.com. Also visit our website for a list of
Fund holdings, which is updated daily.

Media:
Rubenstein Associates
Charles Zehren, 212-843-8590
czehren@rubenstein.com

Copyright Business Wire 2009