1. 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

2. 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
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