Fairfield Greenwich Group

On December 16 Fairfield Greenwich Group issued the following message to its client and investers about its exposure to the Madoff SCAM.

An Important Notice from Fairfield Greenwich Group

December 16, 2008

To Our Investors:

We have had many requests for further detailed information from our investors. We are working to collect these questions and to respond to them in an orderly fashion. We understand that many investors, along with the many other investment firms and private investors, share our shock and dismay at the December 11 news of the arrest and charging of Bernard L. Madoff with federal securities laws violations. It appears to be a highly sophisticated and massive fraud – perhaps the largest in history.

As we have said previously, we are currently assessing the extent of potential losses and will pursue on behalf of our investors the recovery of all assets associated with our accounts related to Bernard L. Madoff Investment Securities (\”BLM\”). We noted that as of November 1, 2008, assets under management at FGG totaled approximately $14.1 billion, of which approximately $7.5 billion was invested in vehicles connected to BLM.

BLM is in federal receivership and federal authorities are pursuing their case against Mr. Madoff and BLM. We are seeking to gather all facts, work diligently with counsel to determine the appropriate course of action toward recovery, and stand ready to assist the authorities with their investigation.

We will communicate with our investors as we have pertinent news. For now, we must ask for your patience during these difficult times and thank you for your continued support.

Sincerely,

Fairfield Greenwich Group