FAIRFIELD SIGMA LIMITED Romasco Place, Wickhams Cay 1

Road Town, Tortola British Virgin Islands, VG 1110

January 5, 2009 Dear Shareholder, We are writing to apprise you of further developments concerning Fairfield Sigma Limited (the “Company”) and the matter of Bernard Madoff and Bernard L. Madoff Investment Securities LLC (“BMIS”). As a preliminary matter, we can assure shareholders that no money has been paid out by the Company since December 11, 2008 and the directors are taking steps to ensure that no money is paid out without their consent. In addition, the directors, Fairfield Sentry Limited and the Manager are taking steps to realise to the greatest extent possible any assets of the Company and Fairfield Sentry Limited. On December 15, 2008, the Honorable Louis L. Stanton, a Federal Judge in the United States District Court for the Southern District of New York, appointed Irving Picard, Esq. as Securities Investor Protection Corporation (“SIPC”) Trustee for the liquidation of BMIS. Mr. Picard, the SIPC Trustee, has engaged Lazard Frères & Co LLC to assist in the sale of the trading operations of BMIS. Also, Lee S. Richards, Esq., has been appointed Receiver for Madoff Securities International Ltd. The Manager is liaising with the SIPC Trustee on behalf of the Company and Fairfield Sentry Limited to ensure the interests of Fairfield Sentry Limited are represented with SIPC and to seek to retrieve any available assets of the Company as promptly as possible. As we previously wrote to you, the Company has retained counsel in the British Virgin Islands (Conyers Dill & Pearman) where the Company is incorporated, as well as counsel in the U.S. (Seward & Kissel LLP). The Company, with the advice of counsel, will analyze the Company’s rights and remedies and consider potential claims. In addition, the U.S. Securities and Exchange Commission (“SEC”) is reviewing the vast amount of records and information involving Madoff and BMIS. The SEC has issued a statement that “those records are increasingly exposing the complicated steps that Mr. Madoff took to deceive investors, the public and regulators” and that “progress to date indicates that Mr. Madoff kept several sets of books and false documents, and provided false information involving his advisory activities to investors and regulators.” We know that shareholders are anxious to learn whatever they can about the status of their investments and the assets of the Madoff companies. Please be assured that all of

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those involved are working diligently to investigate this matter and to locate and preserve assets that can be used for restitution to investors. We will continue to endeavor to keep you advised of developments with respect to the Company. Yours faithfully, The Board of Directors