2008-05-24 00:08:40 -

- Falcon Strategies Two B LLC, a Delaware limited liability company (the "Company") announced today that it has extended the expiration date of its confidential tender and exchange offer (the "Exchange Offer"). The terms of the Exchange Offer are set forth in the Company's confidential tender and exchange offer memorandum, dated April 23, 2008, as amended and restated by Amendment

No. 1, dated April 29, 2008, and amended by Supplement No. 1, dated May 23, 2008 (as so amended, the "Confidential Memorandum"). The Exchange Offer, which had been scheduled to expire on June 13, 2008 at 5:00 p.m., New York City time, will now expire at 5:00 p.m., New York City time, on June 30, 2008 (the "Expiration Date"), unless further extended by the Company.

Pursuant to the terms of the Confidential Memorandum, as of May 22, 2008, holders of existing shares of limited liability company interest ("Existing Shares") had tendered 205,867,104 shares of the Company, representing approximately 60% of the Existing Shares.

Existing Holders who have previously tendered their Existing Shares (including pursuant to the "Prior Settlement Option" or "Early Settlement" as described in the Confidential Memorandum) continue to have the right to revoke such tenders at any time prior to the Expiration Date by complying with the revocation procedures set forth in the Confidential Memorandum.

The Company's obligation to consummate the Exchange Offer 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 Confidential Memorandum.

This press release is not a solicitation of tenders with respect to Existing Shares of any series. The Exchange Offer is being made solely by the Confidential Memorandum and related documents, which set forth the complete terms of the Exchange Offer.

For Further Information
Citigroup Alternative Investments LLC
731 Lexington Avenue, 27th Floor
New York, NY 10022
Attn: Investing Services
Telephone: 212-783-1330
or
Media
Jon Diat, 212-793-5462
jon.diat@citi.com