Subject: Stock Manipulation Scheme

February 16, 2009

Dear Sir/Madam,

We are a global hedge fund based in Israel.

A large part of our portfolio is invested in US traded stocks.

Not long ago we invested in a PFIZER (Ticker : PFE) "reverse convertible".

This products allows us to speculate that the stock price of PFIZER will not go under 13.75$ up to a certain date.

During the opening print of February 10th of this year Pfizer was heavily traded at levels of over 14.5$.

We were very surprised to see that while PFIZER opened the daily trade at 14.5$, there was one deal that was listed in the system of 100 shares traded at 13.74$.

I should also mention that PFIZER did not trade under 14.00$ at any time during continues trading in 2008 or 2009.

Following this single trade of 100 shares at 6% discount to market, we sustained heavy losses that amount to millions of dollars.

Our counterparty for this deal at DRESDNER BANK we assume has enjoyed great profits from having the 52 weeks low for PFIZER quoted at 13.74$.

We would kindly ask you to verify that no foul play has taken place here and to make sure that the PFIZER stock was not a part of a manipulation against our fund.

Thank you,

Ori Hershkovitz

Sphera Global Healthcare Fund