EXHIBIT (a)(1)(i)
PRIVATE ADVISORS ALTERNATIVE STRATEGIES MASTER FUND
51 Madison Avenue
New York, NY 10001
IF YOU DO NOT WANT TO SELL YOUR SHARES OF BENEFICIAL
INTEREST AT THIS TIME, PLEASE DISREGARD THIS NOTICE.
THIS IS SIMPLY A NOTIFICATION OF THE FUND’S REPURCHASE OFFER.
March 22, 2013
[SHAREHOLDER NAME/ADDRESS]
Dear Shareholder:
This letter serves to inform you of important dates relating to a repurchase offer by Private Advisors Alternative Strategies Master Fund (“Fund”). If you are not interested in tendering your shares of beneficial interest in the Fund (“Shares”) for repurchase at this time, please disregard this notice and take no action.
Please note that, because none of the Shares subject to this offer will have been outstanding for more than 12 months, the sale of your Shares pursuant to this offerwill be subject to a 5.0% “early repurchase fee,” which will reduce your proceeds by 5.0%. In addition, the sale of your Shares may be subject to income and transfer taxes.
The tender offer period will begin on March 22, 2013 and end at 4:00 P.M., Eastern Time, on April 22, 2013. The purpose of the tender offer is to provide liquidity to shareholders of the Fund. Shares may be presented to the Fund for repurchase only by tendering them during one of the Fund’s announced tender offers.
If you do not wish to sell your Shares for any reason, simply disregard this notice.No action is required if you do not wish to sell all or any portion of your Shares at this time.
Should you wish to tender all or some of your Shares during this tender offer period, please complete the enclosed Letter of Transmittal and return itby mail or fax to the Fund’s administrator:
State Street Bank and Trust Company
Attn: Private Advisors Alternative Strategies Master Fund
PO Box 5493
Mail Code JHT 1651
Boston, MA 02206
Fax: (617) 956-0437
All tenders of Shares must be received in good order by the Fund’s administrator by 4:00 P.M., Eastern Time, on April 22, 2013.
If you have any questions, please refer to the attached Offer to Purchase document, which contains additional important information about the repurchase offer, or call (888) 207-6176.
| Sincerely, |
| Private Advisors Alternative Strategies Master Fund |