FILED: NEW YORK COUNTY CLERK 05/01/2014 INDEX NO /2009 NYSCEF DOC. NO. 413 RECEIVED NYSCEF: 05/01/2014 EXHIBIT 3

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1 FILED: NEW YORK COUNTY CLERK 05/01/2014 INDEX NO /2009 NYSCEF DOC. NO. 413 RECEIVED NYSCEF: 05/01/2014 EXHIBIT 3

2 January 8, 2014 NOTICE TO INVESTORS IN ASCOT PARTNERS LP (the Fund ) OF IMPORTANT DEADLINES AND REQUIREMENTS FOR PARTICIPATION IN DISTRIBUTIONS FROM THE MADOFF VICTIM FUND YOUR PROMPT ATTENTION AND ACTION IS REQUIRED, IF YOU WISH TO DETERMINE YOUR ELIGIBILITY TO RECEIVE DISTRIBUTIONS FROM THE MADOFF VICTIM FUND I write to inform you of the requirements and procedures established recently by the U.S. Department of Justice (the DOJ ) for eligibility to receive recoveries from the roughly $2.35 billion Madoff Victim Fund (the Breeden MVF ), administered by Special Master Richard C. Breeden ( Special Master Breeden ). Full details regarding eligibility, and filing with the Breeden MVF, may be obtained at www. madoffvictimfund.com. You can also direct questions via to info@madoffvictimfund.com, and by phone to (866) I strongly urge you to visit this website and carefully review its contents at your earliest opportunity. The requirements and procedures of the Breeden MVF are materially different from those applicable to the SIPA Estate of Bernard L. Madoff Investment Securities, Ltd. (the Madoff Estate ), for which Irving Picard serves as Trustee (the Madoff Trustee ), and will require direct action by you (or in some instances, by your underlying investors), with which I can provide only limited assistance. Unlike the dynamic with regard to the Madoff Estate, I, as Receiver of the Fund, am not eligible to take any of the steps required to receive distributions from the Breeden MVF on behalf of the Fund. The deadline for submitting all required forms and information to the Breeden MVF is February 28, Pursuant to the terms of the Breeden MVF, you are responsible for (i) individually determining your eligibility to make a claim against the Breeden MVF; (ii) individually computing the amount of that claim; and (iii) individually timely submitting all required forms and documents to the Breeden MVF. It is critical that you obtain such individual legal and financial advice, and other assistance, as you may deem prudent in connection with this process, and I recommend that you do so immediately.

3 For your convenience of reference, I enclose herewith as Exhibit A, the following documents obtained from The Letter From Special Master Breeden, dated November 18, 2013, as updated on December 3, 2013; and The most recent FAQs and supplemental facts issued by Special Master Breeden, as of the date of this letter. Please note that the foregoing documents are subject to update or revision, in the discretion of the DOJ and Special Master Breeden, and I therefore strongly urge you to visit the Breeden MVF s live website, and not to rely exclusively upon the copies in Exhibit A. The Breeden MVF s Claims Process is Entirely Separate From the Madoff Estate and Merkin Settlement Processes The Breeden MVF process is separate and distinct from any other claims by, or against, the Madoff Estate. The sole eligible claimants against the Breeden MVF are defined by the Breeden MVF as victims, meaning the underlying parties whose personal money was lost, on a net investment basis, to the Madoff Estate not any intermediaries, such as the Fund, or any investors in the Fund that invested underlying investors money. You must undertake your own analysis to determine whether you are a victim, as defined by the Breeden MVF. The Fund s claim against the Madoff Estate, for the benefit of all Fund investors, remains outstanding, and subject to the ongoing disputes between the Fund and the Madoff Trustee described in my previous correspondence. Additionally, the Breeden MVF process is entirely separate from the Merkin Settlement, which remains subject to the ongoing disputes between the Fund and the Office of the New York Attorney General, on the one hand, and the Madoff Trustee, on the other, as described to you in my letter regarding the Merkin Settlement. For these reasons, I cannot confirm at this time that you should expect distributions from either source. Information That I Can Provide to Assist in Your Analysis of, And Potential Participation in, the Breeden MVF Claims Process As noted above, in order to submit a claim to the Breeden MVF, victims will have to compute and attest to their individual losses. While I cannot make these computations for you, and the computations required by the Breeden MVF may differ from those that we have done for each individual investor in connection with the Merkin Settlement, I can, upon request, provide you with: An additional copy of the Fund s estimate of your net loss attributable to the Madoff Estate, as previously provided to you in connection with the Merkin Settlement, we estimated as approximately 100% of your net cash position in the Fund as of October 1, 2008; and 2

4 Full information regarding your transaction history with (deposits into, and if applicable, withdrawals from) the Fund. You may utilize any of the foregoing information that you obtain from me as you, in consultation with any legal or financial advisors you may engage, deem appropriate. Additionally, to assist you in responding to a question presented by the Breeden MVF claims process relating to expected distributions in compensation for your Madoff Estate losses, I reiterate that due to the ongoing actions by the Madoff Trustee in the Second Circuit Court of Appeals to invalidate the Merkin Settlement, and in the U.S. Bankruptcy Court for the Southern District of New York to disallow the Fund s claim against the Madoff Estate, I cannot confirm that you should expect distributions from either source. With regard to all of the foregoing, however, as noted, each individual victim (as defined by the Breeden MVF) is solely responsible for calculating and attesting to their net loss, so I once again strongly urge you to immediately seek your own individual legal and financial advice, and any other individual assistance that you may deem prudent, with regard to the Breeden MVF. The burden of seeking to receive this component of recovery for your Madoff-attributable loss falls upon you. I will be pleased, however, to provide the information referenced above, should you so desire, and will assist as you undertake your individual analysis and decision making in any way that I reasonably can, consistent with the interests of the Fund and all other investors. Be assured we will continue to pursue the Merkin Settlement and the Madoff Estate recoveries which we are still able to do on your behalf. As always, I, along with my retained consultants and legal counsel (whose contact details appear below), are available to address any questions or concerns. In light of the short timeframe before the February 28, 2014 deadline for submission of claims and supporting documentation to the Breeden MVF, I urge you to contact us promptly with any requests for information or questions. Michael Klett, Guidepost Partners, LLC Judith A. Archer, Fulbright & Jaworski LLP Judith.archer@nortonrosefulbright.com;

5 February 11, 2014 Special Update to Investors in Ascot Partners L.P. ( Ascot or the Fund ) Re: Madoff Victim Fund Deadline Dear Investor, This is a reminder that the deadline to submit claim forms to the Madoff Victim Fund ( MVF ) is February 28, The MVF was previously discussed in my letter to you dated January 8, 2014 which included the appropriate claim forms. The claim forms can also be obtained by visiting the MVF s website at In light of the approaching deadline, should you require a complete transaction history of your investment in the Fund, or an additional copy of the Fund s estimate of your net loss attributable to the Madoff Estate, please make your request promptly. Robert P. Rittereiser and Michael D. Klett of Guidepost Partners, whose contact information appears below, are prepared to assist in this matter. As always, we remain available to address any questions or concerns. Michael D. Klett, Guidepost Partners, LLC Judith A. Archer, Fulbright & Jaworski, LLP judith.archer@nortonrosefulbright.com;

6 February 24, 2014 Special Update to Investors in Ascot Partners L.P. ( Ascot or the Fund ) Re: Extension of Madoff Victim Fund Deadline to April 30th Dear Investor, Preet Bharara, the U.S. Attorney for the Southern District of New York, today announced that the deadline for investor petitions to the Madoff Victim Fund ( MVF ) has been extended to April 30, A copy of the press release has been enclosed with this letter. The MVF was previously discussed in my letter to you dated January 8, 2013 which included the appropriate claim forms. The claim forms can also be obtained by visiting the MVF s website at Should you require a complete transaction history of your investment in the Fund, or an additional copy of the Fund s estimate of your net loss attributable to the Madoff Estate, please contact Robert P. Rittereiser and Michael D. Klett of Guidepost Partners, whose contact information appears below. As always, we remain available to address any questions or concerns. Michael Klett, Guidepost Partners, LLC Judith A. Archer, Fulbright & Jaworski LLP Judith.archer@nortonrosefulbright.com;

7 April 7, 2014 Special Update to Investors in Ascot Partners L.P. ( Ascot or the Fund ) Re: Madoff Victim Fund Deadline Dear Investor, This is a reminder that the deadline to submit claim forms to the Madoff Victim Fund ( MVF ) is April 30, The MVF was previously discussed in my previous letters to you which included the appropriate claim forms. The claim forms can also be obtained by visiting the MVF s website at In light of the approaching deadline, should you require a complete transaction history of your investment in the Fund, or an additional copy of the Fund s estimate of your net loss attributable to the Madoff Estate, please make your request promptly. Robert P. Rittereiser and Michael D. Klett of Guidepost Partners, whose contact information appears below, are prepared to assist in this matter. As always, we remain available to address any questions or concerns. Michael D. Klett, Guidepost Partners, LLC Judith A. Archer, Fulbright & Jaworski, LLP judith.archer@nortonrosefulbright.com;