8/14/2019 Letter From James Pallotta

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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 thegrowth 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 industrys strengths and weaknesses. Consistently, in recent years, I have conveyed my

skepticism regarding the sustainability of certain aspects of the industrys 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 insteadparticipate 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 in-

kind 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 assoon 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.

8/14/2019 Letter From James Pallotta

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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