June 2, 2009Ladies and Gentlemen,I write to thank you for your loyal partnership and to share with you the decision to wind downthe Raptor Global Funds.I have been trusted by clients to steward their capital for more than 22 years. It has been animmensely 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 manydifferent environments to best serve clients. In doing so, we have returned an average net annualized13.85% – inclusive of our roughly flat performance for 2009 – to Raptor Global investors since inceptionon 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 thelast three decades. Beginning with Essex Investment in 1983, I was privileged to be mentored byseasoned portfolio managers – including Joe McNay and Mike Hazard – and began managing long/shortfunds in early 1987. In 1993, I began my tenure at another world-class organization, Tudor InvestmentCorporation. 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 strongfeelings about the industry’s strengths and weaknesses. Consistently, in recent years, I have conveyed myskepticism 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 thegoal 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 seenin 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 investmentstrategy in order to capitalize fully on the next several years’ developing investment opportunity set. Tothis 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) acash 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 approximately15% 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 supportme in the disposition and wind down of the Funds and the ongoing management of RPP.