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Dear Passport People: We Shall Overcome

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As you know, the Fund holds substantially all of its investment positions through Passport Global Master Fund SPC, Ltd. (the "Master Fund"). The Master Fund has been challenged this year by the realities of the financial crisis and has suffered from the corresponding flight to liquidity.

Through December 31, 2008, the Master Fund is down approximately 50.1%* net of fees. Losses have come primarily from markdowns in our public portfolio, and as a result, private, illiquid investments now total approximately 13% of the Master Fund's assets. As we expressed at our investor conference in November, we believe that (1) the markdown of our portfolio is inconsistent with the fundamentals, and (2) the Master Fund has the potential to provide high, compounded returns over the long term.

Related (at one point in time)? Passport To Profits