UPDATE: FBR Fund Advisers On Behalf Of The FBR Focus Fund Sends Letter To Special Committee Of The Board Of Directors Of 99 Cents

On May 23, 2011, the portfolio managers of the FBR Focus Fund, a mutual fund advised by FBR Fund Advisers, Inc., submitted a letter on behalf of the Fund to the Special Committee of the Board of Directors of 99 Cents Only Stores NDN, a City of Commerce-based extreme value retailer. The Fund is the beneficial owner of approximately 5.4% of 99 Cents Only Stores' common stock, and is currently the largest unaffiliated investor in the Company. The letter was included in a Schedule 13D filed by FBR Fund Advisers, Inc. and certain of its affiliates.