Letter From James Pallotta

June 2, 2009

Ladies and Gentlemen, I write to thank you for your loyal partnership and to share with you the decision to wind down the Raptor Global Funds. I have been trusted by clients to steward their capital for more than 22 years. It has been an immensely rewarding tenure. During this time, I have had a “front row seat” from which to witness the growth and maturation of the hedge fund industry. We at Raptor take pride in having navigated many different environments to best serve clients. In doing so, we have returned an average net annualized 13.85% – inclusive of our roughly flat performance for 2009 – to Raptor Global investors since inception on October 1, 1993 through May 31, 2009 as compared with the S&P 500's return of 6.53% in the same period. I have been incredibly fortunate to work with many talented investment professionals over the last three decades. Beginning with Essex Investment in 1983, I was privileged to be mentored by seasoned portfolio managers – including Joe McNay and Mike Hazard – and began managing long/short funds in early 1987. In 1993, I began my tenure at another world-class organization, Tudor Investment Corporation. For 16 years, I had the honor to work alongside partners and friends like Paul Tudor Jones, Mark Dalton, Andrew Paul, and Michael Stansky – a very small sample of the terrific people at Raptor and Tudor. Given the vantage point afforded me by this extensive experience, I have developed strong feelings about the industry’s strengths and weaknesses. Consistently, in recent years, I have conveyed my skepticism regarding the sustainability of certain aspects of the industry’s structure and short term focus. I believe that there is a place for a model which aligns the interests of investors and managers toward the goal of truly-shared compounding of superior risk-adjusted returns over time. The decision to wind down the Funds and to begin returning capital in early July should be seen in context. I am no less passionate about investing and trading today than I was 22 years ago. In fact, quite the contrary is true. Once the process of returning capital is smoothly underway, I intend to step back from day-to-day investing for a few months to spend valuable time crafting an optimal investment strategy in order to capitalize fully on the next several years’ developing investment opportunity set. To this end, my management company will remain operational. In order to ensure that all Raptor Global investors are treated equally, redemption requests have been suspended. Investors who have submitted second quarter redemption requests will instead participate in the overall return of capital. We anticipate that, in early July, investors will receive: (i) a cash payment representing approximately 75% of your current Raptor Global investment and (ii) an inkind distribution of a pro rata interest in the Raptor Private Portfolio (“RPP”) representing approximately 15% of your current Raptor Global investment. The remainder of your investment will be distributed as soon as is practicable thereafter. Rest assured that a core team of professionals will continue to support me in the disposition and wind down of the Funds and the ongoing management of RPP.

Page 2 of 2 On behalf of everyone at Raptor, I want to thank you again for your steadfast confidence, trust, and partnership. I will be forever appreciative and hope that, before too long, I will have the opportunity to partner with each of you again. As always, please do not hesitate to contact us with your questions and comments. Until then, please accept my best wishes for a wonderful summer and a prosperous balance of 2009. Sincerely,

James J. Pallotta Chairman