561 Fifth Avenuo, 21st Floor 50 California Stret, Suite 2320 New York, New York 10178 San Francisco, California 98111 (212) 947-3793, (415) 490-0561 F:(212) 947-3796 F: (415) 391-137 By Email (brontecapital@gmail.com) March 25, 2009 John Hempton Bronte Capital Dear Mr. Hempton: With respect to your email sent March 20, 2009 requesting information that a “prospective institutional client would want before investing in the fund,” Ponta Negra respectfully declines to provide you with any of the requested materials. Only after an in-depth vetting of potential institutional investors would Ponia Negra even consider providing the information you have requested, Additionally, an institutional investor does its due diligence upfront and in a straight forward manner and does not back into an investment or the due diligence process like you have done. As a “blogger,” your conduet to date has set you apart from an institutional investor and thus, Ponta ‘Negra sees no point in providing you with the requested information. You are a “blogger” with an agenda to tarnish the reputation of Ponta Negra, who has posted libelous statements about Ponta Negra on your blog and who has uploaded and distributed the proprietary, confidential information of Ponta Negra on the intemet. As a result of this conduct, Ponta Negra has no interest in having you as an investor, nor would Ponta Negra even be interested in commencing the client vetting process with you. ‘We hereby repeat that you comply with all of our previous demands made in our March 19" letter to you. Additionally, we demand that you (1) discontinue contacting anyone at Ponta ‘Negra, including, but not limited to, its principals and employees, and anyone at Ponta Negra’s third party service providers, whether by email, phone, facsimile or otherwise, (2) agree to no longer refer to, whether directly or indirectly, Ponta Negra, its principals or its employees, in any context and in any forum, and (3) remove any links to and/or eached versions of the Investor Letters on any search engine sites, like Google’. * See the following link for removal of Cached Pages from Google: http://www google.com/supportiwehmasters/bin/answer.py men Seanswer=35306 £00135658,00C)offline or fail to take the aforementioned actions within five (5) business days, my clients will immediately pursue any and all legal remedies available to them both here in the United States | To the extent that you fail to honor your commitment to keep the Posts and Investor Letters | f and in Australia. Very truly yours, | Dengles R- Horse une Douglas R. Hirsch | {0013565800 2