Dear Fellow Investors:TheglobaleconomicstressasmeasuredbyFXshort-termvolatility,sovereignandcorporateCDSspreadsandVIXXindicespersistedinthemonthofFebruary,asthebarrageofnegativeeconomicindicatorsremainedunabated.ContinuedstressonthefinancialsectorthatpeakedwiththerecordquarterlylossofAIGandthecollapseofCitigroupequityvaluationshasleftpolicymakersandmarketparticipantsperplexedastohowthecurrentturmoilwillberesolved.ThemonthofFebruarymarkedoneofthemostcomplexenvironmentsinforeignexchangethatwehaveexperiencedsincetheinceptionoftheFund,astheambiguityingovernmentalcommentaryoninterestratedecisionsandthemeasuresbeingconsideredtoaidthedistressedeconomicclimatecausedabnormalgyrationsintheG10arena.WeremaincommittedtoourlongDXYbiasbutaswasmentionedinlast

month’s

commentary,wehavepreferredtoexpressthisthroughashortEUR/USDbiasandselectivelypartiallyimperfectlyhedgeitwithalowerweightedlongGBP/USDtrade.Webelievethattheeurozonewillcontinuetobeweigheddownbythemassive1.3tn.EURofoutstandingdebtofEasternEuropethatwillbeachallengetorefinanceatreasonableyieldsinthecurrentclimate.ThereversalofourshortUSD/JPYhedgewaswell-timed,astheannouncementofthereissuanceofU.S.TreasurysamuraibondstotheJapanesemarketplacehasacceleratedtheupsidemomentuminUSD/JPY.WehavedecreasedthesizeofourshortEMbiasascommoditypricesappeartohavetemporarilystabilizedandweprefertoselectivelyexpressviewsthroughcross-regionalplayssuchasshortEMEA/LatAmwithunderweightsinHUF,PLNandoverweightsinCLP,BRL.Wewillcontinuetoutilizelowquantitiesofleverageandfewernumbersofintradaypositions,asweanticipatethepersistenceofahighvolatilitymarketplaceintotheendofQ12009.Sincerely,Francesco RuscianoManaging Member

ONTA

EGRA GROUP, LLC

SummaryPonta Negra Fund I,LLC Return Analysis

Minimum Account: $1,000,000Subscription: MonthlyLockup: NONERedemptions: 15 Business Days Written Notice

Investment Terms

Management Fee: 2.5%Incentive Fee: 25%High Water Mark: YesHurdle Rate: No

Net MonthlyReturns

Year

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Y

TD2007

-3.44% 7.57% 10.79% 2.92% 3.74% 1.67% 2.12% 0.92% 1.97% 0.62% 1.05%

42.99%2008

1.88% 2.11% 1.29% 0.55% 0.93% 1.05% 1.34 % 0.66 % 2.44% 2.53% 1.87% 5.86 %

24.85%24.85%

2009

4.16% 1.90%

6.14%

AverageAnnualReturn:31.38%AverageMonthlyReturn:2.62%MonthlyStandardDeviation:2.38%AnnualStandardDeviation:8.24%Sharpe Ratio: 3.78Percent Profitable Months: 100%Best Monthly Return: 10.79%Worst Monthly Return: 0.55%SeeimportantriskdisclosuresonfollowingpagePontaNegraFundI,LLCandPontaNegraOffshoreFundI,Ltd(the

“Funds”)

primaryinvestmentobjectiveistorealizeabsolutereturnsof15-20%perannumbyexploitingmarketinefficienciesacrossmultipleeconomiccycles.TheFundsemploya100%discretionaryandactivetradingapproachwithinasystematicandrulebasedframeworktothecurrencymarketsinG10andemergingmarketeconomies.Theportfoliosareactivelymanagedandgeneratereturnsintwoways:capitalizingonlonger-termcorethemesandexploitingshorter-terminefficiencies.Correlationandmeanreversionmodelsareutilizedonbothlonger-termcorethemesandshorter-termtradesalongwithproprietaryratiosthatmeasureliquidityandvolatilityineachcurrencypairthatwetrade.Theseratiosallowustodeterminewhichcurrencypairsaremostattractivetotradewithinanygivenday.TheFundsholdovernightpositionslessthan20%oftradingdays.Ponta Negra Fund I, LLC (Onshore)

2009

-1.90%

1.90%Year