Fairfield Sentry Letter January 5, 2009

The document is a letter from the board of directors of Fairfield Sentry Limited to its shareholders regarding the company's investments with Bernard Madoff and Bernard L. Madoff Investment Securities LLC (BMIS). It summarizes that no money has been paid out by Fairfield Sentry since December 11, 2008. It also notes that the company manager has suspended fees and the board is taking steps to realize assets. The letter mentions the appointment of a Securities Investor Protection Corporation trustee to liquidate BMIS and analyze the company's rights and potential claims regarding its investments. The board pledges to keep shareholders informed of developments.