SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   SCHEDULE TO
                                 (RULE 14d-100)
            TENDER OFFER STATEMENT UNDER SECTION 14(d)(1) OR 13(e)(1)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                      Mellon Optima L/S Strategy Fund, LLC
                       (Name of Subject Company (Issuer))

                      MELLON OPTIMA L/S STRATEGY FUND, LLC
                        (Name of Filing Person (Offeror))

                       LIMITED LIABILITY COMPANY INTERESTS
                         (Title of Class of Securities)

                                       N/A
                      (CUSIP Number of Class of Securities)

                                 Katherine Cain
                          c/o Mellon Hedge Advisors LLC
                                One Boston Place
                                    024-0071
                                Boston, MA 02108
                            Telephone: (617) 722-7446
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
                   Communications on Behalf of Filing Person)

                                  with copy to:

                            Kenneth S. Gerstein, Esq.
                            Schulte Roth & Zabel LLP
                                919 Third Avenue
                            New York, New York 10022
                                 (212) 756-2533

                               September 25, 2009
                       (Date Tender Offer First Published,
                       Sent or Given to Security Holders)

                            CALCULATION OF FILING FEE

                  Transaction Valuation   Amount of filing fee
                     $50,000,000 (a)          $2,790.00 (b)

(a)  Calculated as the aggregated maximum purchase price for limited liability
     company interests.

(b)  Calculated at 0.00558% of the Transaction Valuation.

[ ]  Check the box if any part of the fee is offset as provided by Rule
     0-11(a)(2) and identify the filing with which the offsetting fee was
     previously paid. Identify the previous filing by registration statement
     number, or the Form or Schedule and the date of its filing.

            Amount Previously Paid:                     Filing party:

            Form or Registration No.:                   Date filed:

[ ]  Check the box if the filing relates solely to preliminary communications
     made before the commencement of a tender offer.

Check the appropriate boxes below to designate any transactions to which the
statement relates:

[ ]  third party tender offer subject to Rule 14d-1.

[X]  issuer tender offer subject to Rule 13e-4.

[ ]  going-private transaction subject to Rule 13e-3.

[ ]  amendment to Schedule 13D under Rule 13d-2.

Check the following box if the filing is a final amendment reporting the results
of the tender offer: [ ]



                             INTRODUCTORY STATEMENT

          This Tender Offer Statement on Schedule TO relates to an offer by
Mellon Optima L/S Strategy Fund, LLC, a closed-end, non-diversified, management
investment company organized as a Delaware limited liability company (the
"Fund"), to purchase limited liability company interests (the "Interests") of
the Fund. Subject to the conditions set forth in the Offer to Purchase and
related Letter of Transmittal (attached as Exhibit B and Exhibit C,
respectively), the Fund will purchase up to $50,000,000 in Interests that are
tendered and not withdrawn prior to 12:00 midnight, Eastern Time, on October 26,
2009 subject to any extensions of the Offer to Purchase.

          The information set forth in the Offer to Purchase and the Letter of
Transmittal is incorporated herein by reference with respect to Items 1, 2, 4, 6
through 8, and 11 of this Schedule TO.

ITEM 3. IDENTITY AND BACKGROUND OF FILING PERSON.

     (a) The name of the filing person is Mellon Optima L/S Strategy Fund, LLC.
The Fund's principal executive office is located at One Boston Place, Boston, MA
02108 and the telephone number is (877) 257-0004. The investment adviser of the
Fund is Mellon Hedge Advisors LLC (the "Adviser"). The principal executive
office of the Adviser is located at One Boston Place, Boston, MA 02108 and the
telephone number is (877) 257-0004. The Fund's Directors are Robert M. Bowen,
Robert J. Dwyer, Carla D. Hunter, Newton P.S. Merrill, Arthur Williams III and
Rodney S. Yanker. Their address is c/o Mellon Optima L/S Strategy Fund, LLC at
One Boston Place, Boston, MA 02108. The Officers of the Fund are David K.
Mossman, Steven M. Anderson, Katherine Cain, Anthony J. Mastrocola, Ridgway H.
Powell and Peter M. Sullivan. The address of the Officers is c/o Mellon Optima
L/S Strategy Fund, LLC at One Boston Place, Boston, MA 02108.

ITEM 5. PAST CONTRACTS, TRANSACTIONS, NEGOTIATIONS AND AGREEMENTS

     (a)-(d) Not applicable.

     (e) Under the Fund's Amended and Restated Limited Liability Company
Agreement (the "LLC Agreement"), which is included as an appendix to the Fund's
Confidential Memorandum dated September 2009 (as supplemented or amended from
time to time, the "Confidential Memorandum"), and as disclosed in the
Confidential Memorandum, the Fund's Board of Directors has sole discretion to
determine whether the Fund will repurchase Interests from investors from time to
time pursuant to written tenders. The Confidential Memorandum also states that
the Adviser expects that generally it will recommend to the Directors that the
Fund repurchase Interests from investors twice each year. The Fund is not aware
of any contract, arrangement, understanding or relationship relating, directly
or indirectly, to this Offer (whether or not legally enforceable) between or
among: (i) the Fund, the Adviser, any Director of the Fund, or any person
controlling the Fund, the Adviser or any Director of the Fund; and (ii) any
other person, with respect to Interests. However, the LLC Agreement provides
that the Fund will be dissolved if any investor that has submitted a written
request, in accordance with the terms of the LLC Agreement, to tender all of
such investor's Interests for repurchase by the Fund has not been repurchased
within a period of two years of such request.

ITEM 9. PERSONS/ASSETS, RETAINED, EMPLOYED, COMPENSATED OR USED.

     (a) No persons have been employed, retained or are to be compensated by the
Fund to make solicitations or recommendations in connection with the Offer.

     (b) Not applicable.

ITEM 10. FINANCIAL STATEMENTS.

     (a) (1) Reference is made to the following financial statements of the
Fund, which the Fund has prepared and furnished to investors pursuant to Rule
30b1-1 under the 1940 Act and filed with the Securities and Exchange Commission
pursuant to Rule 30b2-1 under the 1940 Act, and which are incorporated by
reference in their entirety for the purpose of filing this Schedule TO:

          Audited financial statements for the fiscal year ended March 31, 2009,
previously filed on Form N-CSR on June 9, 2009. Audited financial statements for
the fiscal year ended March 31, 2008, previously filed on Form N-CSR on June 9,
2008.

          (2) The Fund is not required to and does not file quarterly unaudited
financial statements under the Securities Exchange Act of 1934, as amended. The
Fund does not have shares, and consequently does not have earnings per share
information.

          (3) Not applicable.

          (4) The Fund does not have shares, and consequently does not have book
value per share information.

     (b) The Fund's assets will be reduced by the amount of the tendered
Interests. Thus, income relative to assets may be affected by the tender offer.
The Fund does not have shares and consequently does not have earnings or book
value per share information.



ITEM 12. EXHIBITS.

A    Cover Letter to Offer to Purchase and Letter of Transmittal.

B    Offer to Purchase.

C    Form of Letter of Transmittal.

D    Form of Notice of Withdrawal of Tender.

E    Form of Letter from the Fund to Investors in connection with acceptance of
     offers of tender.

ITEM 13. INFORMATION REQUIRED BY SCHEDULE 13E-3.

     Not applicable.



                                    SIGNATURE

     After due inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this Schedule TO is true, complete and
correct.

                                        MELLON OPTIMA L/S STRATEGY FUND, LLC


                                        By: /s/ DAVID K. MOSSMAN
                                            ------------------------------------
                                            David K. Mossman, President

Date: September 25, 2009



                                  EXHIBIT INDEX



EXHIBIT
 NUMBER                                 DESCRIPTION
- -------   ----------------------------------------------------------------------
       
   A      Cover Letter to Offer to Purchase and Letter of Transmittal.
   B      Offer to Purchase.
   C      Form of Letter of Transmittal.
   D      Form of Notice of Withdrawal of Tender.
   E      Form of Letter from the Fund to Investors in connection with
          acceptance of offers of tender.




                                    EXHIBIT A

         Cover Letter to the Offer to Purchase and Letter of Transmittal

                [Mellon Optima L/S Strategy Fund, LLC Letterhead]

   IF YOU DO NOT WANT TO SELL YOUR LIMITED LIABILITY COMPANY INTERESTS AT THIS
                       TIME, PLEASE DISREGARD THIS NOTICE.
            THIS IS SOLELY A NOTIFICATION OF THE FUND'S TENDER OFFER.

September 25, 2009

Dear Mellon Optima L/S Strategy Fund, LLC Member:

     We are writing to inform you of important dates relating to a tender offer
by Mellon Optima L/S Strategy Fund, LLC (the "Fund"). If you are not interested
in tendering any portion of your limited liability company interests in the Fund
("Interest" or "Interests," as the context requires) at this time, please
disregard this notice and take no action.

     The tender offer period will begin on September 25, 2009 and will end at
12:00 midnight, Eastern Time, on October 26, 2009. The purpose of the tender
offer is to provide liquidity to members that hold Interests. Interests may be
presented to the Fund for purchase only by tendering them during one of the
Fund's announced tender offers.

     Should you wish to tender your Interest or a portion of your Interest for
purchase by the Fund during this tender offer period, please complete and return
the enclosed Letter of Transmittal in the enclosed postage-paid envelope or by
fax so that it arrives no later than October 26, 2009. If you do not wish to
tender your Interests, simply disregard this notice. NO ACTION IS REQUIRED IF
YOU DO NOT WISH TO TENDER ANY PORTION OF YOUR INTEREST AT THIS TIME.

     All tenders of Interests must be received by Mellon Hedge Advisors LLC, the
Fund's investment adviser ("MHA"), either by mail or by fax (if by fax, please
deliver an original, executed copy promptly thereafter) in good order by October
26, 2009.

     If you have any questions, please refer to the attached Offer to Purchase
document, which contains additional important information about the tender
offer, or call Anthony J. Mastrocola at MHA at (877) 257-0004.

Sincerely,


Mellon Optima L/S Strategy Fund, LLC



                                    EXHIBIT B

                                OFFER TO PURCHASE
                      MELLON OPTIMA L/S STRATEGY FUND, LLC
                                ONE BOSTON PLACE
                                BOSTON, MA 02108

                  OFFER TO PURCHASE $50,000,000 IN OUTSTANDING
             LIMITED LIABILITY COMPANY INTERESTS AT NET ASSET VALUE
                            DATED SEPTEMBER 25, 2009

                 THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT
           12:00 MIDNIGHT, EASTERN TIME, ON MONDAY, OCTOBER 26, 2009,
                          UNLESS THE OFFER IS EXTENDED

To the Investors of

Mellon Optima L/S Strategy Fund, LLC:

Mellon Optima L/S Strategy Fund, LLC, a closed-end, non-diversified, management
investment company organized as a Delaware limited liability company (the
"Fund"), is offering to purchase for cash on the terms and conditions set forth
in this offer to purchase ("Offer to Purchase") and the related Letter of
Transmittal (which together with the Offer to Purchase constitutes the "Offer")
up to $50,000,000 in interests in the Fund (the "Interests") or portions thereof
pursuant to tenders by investors at a price equal to their estimated net asset
value as of December 31, 2009, if the Offer expires on October 26, 2009. If the
Fund elects to extend the tender period for any reason, for the purpose of
determining the purchase price for tendered Interests, the estimated net asset
value of such Interests will be determined at the close of business on the last
business day of the month occurring at least 60 days after the date in which the
tender offer actually expires. (As used in this Offer, the term "Interest," or
"Interests," as the context requires, shall refer to the interests in the Fund
and portions thereof representing beneficial interests in the Fund.) This Offer
is being made to all investors of the Fund and is not conditioned on any minimum
aggregate amount of Interests being tendered, but is subject to certain
conditions described below. Interests are not traded on any established trading
market and are subject to strict restrictions on transferability pursuant to the
Fund's Amended and Restated Limited Liability Company Agreement dated as of
April 29, 2005 (the "LLC Agreement").

Investors should realize that the value of the Interests tendered in this Offer
likely will change between August 31, 2009 (the last time estimated net asset
value was calculated) and September 30, 2009 (the next time estimated net asset
value will be calculated) and December 31, 2009, the date on which the value of
the Interests tendered to the Fund will be determined for purposes of
calculating the purchase price of such Interests. Investors should also note
that although the tender offer expires on October 26, 2009, they remain
investors in the Fund with respect to Interests tendered and purchased until
December 31, 2009, the date on which the estimated net asset value of their
Interests is calculated. Until the effective date of the purchase by the Fund of
an investor's Interests, investments represented by such Interests remain
subject to the risks inherent in the Fund. The Fund determines the estimated net
asset value at the close of business at the end of each fiscal period, based
upon information it receives from the managers of the investment funds in which
the Fund invests, and may determine the estimated net asset value more
frequently. Any tendering investors that wish to obtain the most current
estimated net asset value of their Interests on this basis should contact Mellon
Hedge Advisors LLC, the Fund's investment adviser ("MHA" or the "Adviser"), at
the telephone number or address set forth below, Monday through Friday, except
holidays, during normal business hours of 9:00 a.m. to 5:00 p.m. (Eastern Time).

Investors desiring to tender all or any portion of their Interest in the Fund in
accordance with the terms of the Offer should complete and sign the attached
Letter of Transmittal (the last page will suffice) and mail or fax it to the
Fund in the manner set forth below.

                                    IMPORTANT

NEITHER THE FUND, NOR THE ADVISER, NOR ANY OF THE DIRECTORS MAKES ANY
RECOMMENDATION TO ANY INVESTOR AS TO WHETHER TO TENDER OR REFRAIN FROM TENDERING
INTERESTS. CERTAIN AFFILIATES OF THE ADVISER MAY SERVE AS INVESTMENT MANAGERS TO
INVESTORS WITH RESPECT TO INTERESTS, AND IN SUCH CAPACITY MAY MAKE
RECOMMENDATIONS TO THEIR CLIENTS BASED ON THE CLIENT'S INDIVIDUAL FINANCIAL
CIRCUMSTANCES, BUT NOT IN ANY CAPACITY WITH RESPECT TO THE FUND. NO AFFILIATE OF
THE ADVISER OTHERWISE MAKES ANY RECOMMENDATION WITH RESPECT TO THIS TENDER
OFFER. INVESTORS (OR THEIR INVESTMENT MANAGERS) MUST MAKE THEIR OWN DECISIONS
WHETHER TO TENDER INTERESTS, AND, IF SO, THE PORTION OF THEIR INTERESTS TO
TENDER.

BECAUSE EACH INVESTOR'S INVESTMENT DECISION IS A PERSONAL ONE, BASED ON ITS
FINANCIAL CIRCUMSTANCES, NO PERSON HAS BEEN AUTHORIZED BY THE FUND TO MAKE ANY
RECOMMENDATION ON BEHALF OF THE FUND AS TO WHETHER INVESTORS SHOULD TENDER
INTERESTS PURSUANT TO THE OFFER. NO PERSON HAS BEEN AUTHORIZED TO GIVE ANY
INFORMATION OR TO MAKE ANY REPRESENTATIONS IN CONNECTION WITH THE OFFER OTHER
THAN THOSE CONTAINED HEREIN OR IN THE LETTER OF TRANSMITTAL. IF GIVEN OR MADE,
SUCH RECOMMENDATION AND SUCH INFORMATION AND REPRESENTATIONS MUST NOT BE RELIED
ON AS HAVING BEEN AUTHORIZED BY THE FUND.

THIS TRANSACTION HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION NOR HAS THE SECURITIES AND EXCHANGE COMMISSION OR ANY STATE
SECURITIES COMMISSION PASSED ON THE FAIRNESS OR MERITS OF SUCH TRANSACTION OR ON
THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED IN THIS DOCUMENT. ANY
REPRESENTATION TO THE CONTRARY IS UNLAWFUL.

     Questions and requests for assistance and requests for additional copies of
the Offer may be directed to the Adviser.

                            Mellon Hedge Advisors LLC
                                One Boston Place
                                    024-0071
                                Boston, MA 02108
                              Phone: (877) 257-0004
                               Fax: (617) 722-7367
                        Attention: Anthony J. Mastrocola


                                        1



                                TABLE OF CONTENTS



                                             PAGE
                                             ----
                                          
1  Background and Purpose of the Offer.       3
2  Offer to Purchase and Price.               3
3  Amount of Tender.                          4
4  Procedures for Tenders.                    4
5  Withdrawal Rights.                         4
6  Purchases and Payment.                     4
7  Certain Conditions of the Offer.           5
8  Certain Information About the Fund.        5
9  Certain Federal Income Tax Consequences.   5
10 Treasury Regulations.                      6
11 Miscellaneous.                             6


                               SUMMARY TERM SHEET

- -    The Fund will buy your Interests at their estimated net asset value (that
     is, the estimated value of the Fund's assets minus its liabilities,
     multiplied by the proportionate interest in the Fund you desire to sell).
     This offer will remain open until midnight on October 26, 2009. Estimated
     net asset value will be calculated for this purpose on December 31, 2009.

- -    To make sure that the estimated net asset value is the same as the actual
     net asset value, we will check it during the Fund's audit for fiscal year
     ending March 31, 2010, which we expect will be completed by the end of May
     2010. If the Fund accepts your tender, then shortly after the expiration of
     the offer period, the Fund will give you a promissory note that will be
     held for you by SEI Investments Management Corporation, the Fund's transfer
     agent ("SEI"), entitling you to receive an amount equal to 95% of the
     estimated net asset value as of December 31, 2009 of your Interest so
     tendered and accepted (the "Initial Payment"). We will pay you the Initial
     Payment in cash by approximately January 31, 2010. The note will also
     entitle you to receive a contingent amount (the "Contingent Payment") equal
     to the excess, if any, of: (a) the net asset value as of December 31, 2009
     of the Interest so tendered and accepted, as such value may be adjusted
     based on the audit of the Fund's financial statements as of March 31, 2010,
     over (b) the Initial Payment. Any amounts payable under the note will
     include interest, if any, earned by the Fund on an amount, deposited by the
     Fund in a segregated custodial account, equal to 5% of the estimated
     unaudited net asset value of Interests tendered by the investor and
     accepted by the Fund.

- -    Following this summary is a formal notice of our offer to purchase your
     Interests. Our offer remains open to you until midnight on October 26,
     2009. Until this time, you have the right to change your mind and withdraw
     your Interests from consideration for purchase. If we do not accept your
     interests by midnight on October 26, 2009, you may still withdraw your
     Interests at any time after November 23, 2009, assuming your offer has not
     been accepted.

- -    If you would like us to purchase your Interests, you should mail or fax a
     Letter of Transmittal (the last page of the letter will suffice), enclosed
     with our offer, to MHA at the address/fax number listed on page 1 of this
     Offer to Purchase, so that it is received before midnight, October 26,
     2009. If you choose to fax the Letter of Transmittal, you should mail the
     original last page of the Letter of Transmittal to MHA promptly after you
     fax it (although the original page does not have to be received before
     midnight, October 26, 2009). Of course, the estimated value of your
     Interests is likely to change between August 31, 2009 (the last time
     estimated net asset value was calculated) and September 30, 2009 (the next
     time estimated net asset value will be calculated) and December 31, 2009
     (when the value of the Interests tendered to the Fund will be determined
     for purposes of calculating the purchase price of such Interests). The
     estimated net asset value of your Interests is determined at the close of
     business at the end of each fiscal period and may be determined more
     frequently.

- -    If you would like to obtain the most current estimated net asset value of
     your Interests, you may contact MHA, at the phone number or address listed
     above, Monday through Friday, except holidays, during normal business hours
     of 9:00 a.m. to 5:00 p.m. (Eastern Time).

- -    Please realize that although the tender offer expires on October 26, 2009,
     you remain an investor in the Fund with respect to Interests tendered and
     purchased until December 31, 2009, when the estimated net asset value of
     your Interests is calculated. For as long as you remain an investor in the
     Fund, your investment will be subject to the risks inherent in the Fund.

- -    IF YOU ELECT TO TENDER, IT IS YOUR RESPONSIBILITY TO CONFIRM RECEIPT OF THE
     LETTER OF TRANSMITTAL WITH MHA. TO ASSURE GOOD DELIVERY, PLEASE SEND THE
     LETTER OF TRANSMITTAL TO MHA AND NOT TO YOUR PORTFOLIO MANAGER.


                                        2



1.   BACKGROUND, PURPOSE OF THE OFFER, AND PLAN. The purpose of the Offer is to
     provide liquidity to investors who hold Interests as contemplated by the
     Confidential Memorandum of Mellon Optima L/S Strategy Fund, LLC, dated
     September 2009, (as supplemented or amended from time to time, the
     "Confidential Memorandum"), and the LLC Agreement. The Confidential
     Memorandum and the LLC Agreement provide that the Directors have the
     discretion to determine whether the Fund will repurchase Interests from
     investors from time to time pursuant to written tenders. The Confidential
     Memorandum also states that the Adviser expects that generally it will
     recommend to the Directors that the Fund repurchase Interests from
     investors twice each year. Because there is no secondary trading market for
     Interests and transfers of Interests are prohibited without prior approval
     of the Fund, the Directors have determined, after consideration of various
     matters, including, but not limited to, those set forth in the Confidential
     Memorandum, that the Offer is in the best interests of investors of the
     Fund to provide liquidity for Interests as contemplated in the Confidential
     Memorandum and the LLC Agreement. The Directors intend to consider the
     continued desirability of the Fund making an offer to purchase Interests
     twice each year (currently anticipated to be near mid-year and year-end),
     but the Fund is not required to make any such offer.

     The purchase of Interests pursuant to the Offer will have the effect of
     decreasing the size of the Fund and increasing the proportionate interest
     in the Fund of investors who do not tender Interests. A reduction in the
     aggregate assets of the Fund may result in investors who do not tender
     Interests bearing higher costs to the extent that certain expenses borne by
     the Fund are relatively fixed and may not decrease if assets decline.

     Interests that are tendered to the Fund in connection with this Offer will
     be retired, although the Fund expects to issue new Interests from time to
     time in transactions not involving any public offering conducted pursuant
     to Rule 506 of Regulation D under the Securities Act of 1933, as amended

2.   OFFER TO PURCHASE AND PRICE. The Fund will purchase, upon the terms and
     subject to the conditions of the Offer, up to $50,000,000 of those
     outstanding Interests that are properly tendered by and not withdrawn (in
     accordance with Section 5 below) before 12:00 midnight, Eastern Time,
     October 26, 2009 (such time and date being hereinafter called the "Initial
     Expiration Date"). The later of the Initial Expiration Date or the latest
     time and date to which the Offer is extended hereinafter is called the
     "Expiration Date." The Fund reserves the right to extend, amend or cancel
     the Offer as described in Sections 3 and 7 below. The purchase price of an
     Interest tendered will be its net asset value as of the close of business
     on the December 31, 2009 or such later date as determined by the Board of
     Directors of the Fund if the Offer is extended (the "Valuation Date"),
     payable as set forth in Section 6. The Fund reserves the right to adjust
     the Valuation Date as a result of any extension of the Offer. The table
     below shows the estimated unaudited net asset value, as of September 1,
     2009, of an initial capital contribution of $250,000 made as of the dates
     on which initial investments in the Fund were accepted:



                          Unaudited Net Asset Value
Month Contribution Made    as of September 1, 2009
- -----------------------   -------------------------
                       
      May 1, 2005                $291,847.07
     June 1, 2005                $288,714.52
     July 1, 2005                $283,854.93
    August 1, 2005               $277,410.68
   September 1, 2005             $274,029.16
    October 1, 2005              $268,932.88
   November 1, 2005              $275,095.01
   December 1, 2005              $269,568.84
    January 1, 2006              $263,765.99
   February 1, 2006              $255,584.73
     March 1, 2006               $253,921.54
     April 1, 2006               $248,715.92
      May 1, 2006                $247,424.36
     June 1, 2006                $254,523.01
     July 1, 2006                $258,393.75
    August 1, 2006               $260,953.70
   September 1, 2006             $257,272.14
    October 1, 2006              $255,976.89
   November 1, 2006              $249,371.05
   December 1, 2006              $242,805.59
    January 1, 2007              $239,826.94
   February 1, 2007              $236,372.82
     March 1, 2007               $237,497.85
     April 1, 2007               $234,715.30
      May 1, 2007                $230,585.06
     June 1, 2007                $223,763.85
     July 1, 2007                $224,157.38




                          Unaudited Net Asset Value
Month Contribution Made    as of September 1, 2009
- -----------------------   -------------------------
                       
    August 1, 2007               $225,043.60
   September 1, 2007             $226,624.23
    October 1, 2007              $219,157.11
   November 1, 2007              $211,935.41
   December 1, 2007              $214,933.74
    January 1, 2008              $212,814.74
   February 1, 2008              $225,534.91
     March 1, 2008               $223,210.18
     April 1, 2008               $228,769.27
      May 1, 2008                $224,268.21
     June 1, 2008                $217,124.80
     July 1, 2008                $219,273.68
    August 1, 2008               $227,772.09
   September 1, 2008             $229,747.92
    October 1, 2008              $247,573.19
   November 1, 2008              $260,018.18
   December 1, 2008              $262,167.96
    January 1, 2009              $264,426.16
   February 1, 2009              $261,943.92
     March 1, 2009               $261,931.09
     April 1, 2009               $261,374.10
      May 1, 2009                $264,009.44
     June 1, 2009                $258,242.37
     July 1, 2009                $257,828.56
    August 1, 2009               $252,575.00
   September 1, 2009             $250,000.00


As of the close of business on August 31, 2009, there was approximately
$548,599,403.00 in capital of the Fund held in Interests (based on the unaudited
estimated net asset value of such Interests). Investors may obtain monthly
estimated net asset value information, which the Fund calculates based upon the
information it receives from the investment managers of the portfolio funds in
which the Fund invests, until the expiration of the Offer, by contacting the
Adviser at the telephone number or address set forth on page 1, Monday through
Friday, except holidays, during normal business hours of 9:00 a.m. to 5:00 p.m.
(eastern time). Of course, the estimated value of the Interests tendered by the
investors likely will change between August 31, 2009 (the last time estimated
net asset value was calculated) and September 30, 2009 (the next time estimated
net asset value will be calculated) and December 31, 2009 (when the value of the
Interests tendered by investors will be determined for purposes of calculating
the purchase price of such Interests) and the time that investors will cease to
be investors in the Fund with respect to Interests tendered and purchased. The
Fund has not made and does not expect to make any distributions of gains or
income.


                                        3



3.   AMOUNT OF TENDER. Subject to the limitations set forth below, investors may
     tender their entire Interest or a portion of their Interest. However, an
     investor who tenders for repurchase only a portion of such investor's
     Interest shall be required to maintain a capital account balance equal to
     $50,000. If an investor tenders an amount that would cause the investor's
     capital account balance to fall below the required minimum, the Fund
     reserves the right to reduce the amount to be purchased from such investor
     so that the required minimum balance is maintained. Also, the minimum
     amount of any such individual tender shall be $50,000 (unless the investor
     is tendering the investor's entire interest having a lower value) and the
     Fund reserves the right to reject any tender for less than this amount. The
     Offer is being made to all investors of the Fund and is not conditioned on
     any minimum aggregate amount of Interests being tendered.

     If the amount of the Interests that are properly tendered pursuant to the
     Offer and not withdrawn pursuant to Section 5 below is less than or equal
     to $50,000,000 (or such greater amount as the Fund may elect to purchase
     pursuant to the Offer), the Fund will, on the terms and subject to the
     conditions of the Offer, purchase all of the Interests so tendered unless
     the Fund elects to cancel or amend the Offer, or postpone acceptance of
     tenders made pursuant to the Offer, as provided in Section 7 below. If more
     than $50,000,000 in Interests are duly tendered to the Fund before the
     expiration of the Offer and not withdrawn pursuant to Section 5 below, the
     Fund will, in its sole discretion, either (a) accept the additional
     Interests permitted to be accepted pursuant to Rule 13e-4(f)(1)(ii) under
     the Securities Exchange Act of 1934, as amended; (b) extend the Offer, if
     necessary, and increase the amount of Interests that the Fund is offering
     to purchase to an amount it believes sufficient to accommodate the excess
     Interests tendered as well as any Interests tendered during the extended
     Offer; or (c) accept Interests tendered on or before the Expiration Date
     for payment on a pro rata basis based on the aggregate estimated net asset
     value of tendered Interests. The Offer may be extended, amended or canceled
     in various other circumstances described in Section 7 below. NEITHER THE
     ADVISER, NOR ANY OF ITS AFFILIATES, NOR ANY OFFICER OR DIRECTOR OF THE FUND
     INTENDS TO TENDER ANY INTERESTS. HOWEVER, CERTAIN AFFILIATES OF THE ADVISER
     MAY SERVE AS INVESTMENT MANAGERS TO INVESTORS WITH RESPECT TO INTERESTS,
     AND IN SUCH CAPACITY MAY TENDER INTERESTS ON BEHALF OF THOSE CLIENTS BASED
     ON SUCH CLIENT'S INDIVIDUAL FINANCIAL CIRCUMSTANCES.

4.   PROCEDURE FOR TENDERS. Investors wishing to tender Interests pursuant to
     the Offer should mail a completed and executed Letter of Transmittal (the
     last page will suffice) to MHA, to the attention of Anthony J. Mastrocola,
     at the address set forth on page 1, or fax a completed and executed Letter
     of Transmittal to MHA, also to the attention of Anthony J. Mastrocola, at
     the fax numbers set forth on page 1. The completed and executed Letter of
     Transmittal must be received by MHA, either by mail or by fax, no later
     than the Expiration Date. The Fund recommends that all documents be
     submitted to MHA by certified mail, return receipt requested, or by
     facsimile transmission. An investor choosing to fax a Letter of Transmittal
     to MHA must also mail the original completed and executed Letter of
     Transmittal (the last page will suffice) to MHA promptly thereafter. If an
     investor elects to tender, it is the tendering investor's responsibility to
     confirm receipt of the Letter of Transmittal or other document with MHA.

     Investors wishing to confirm receipt of a Letter of Transmittal may contact
     MHA at the address and phone number set forth on page 1. The method of
     delivery of any documents is at the election and complete risk of the
     investor tendering an Interest, including, but not limited to, the failure
     of MHA to receive any Letter of Transmittal or other document. All
     questions as to the validity, form, eligibility (including time of receipt)
     and acceptance of tenders will be determined by the Fund, in its sole
     discretion, and such determination shall be final and binding. The Fund
     reserves the absolute right to reject any or all tenders determined by it
     not to be in appropriate form or the acceptance of or payment for which
     would, in the opinion of counsel for the Fund, be unlawful. The Fund also
     reserves the absolute right to waive any of the conditions of the Offer or
     any defect in any tender with respect to any particular Interest or any
     particular investor, and the Fund's interpretation of the terms and
     conditions of the Offer will be final and binding. Unless waived, any
     defects or irregularities in connection with tenders must be cured within
     such time as the Fund shall determine. Tenders will not be deemed to have
     been made until the defects or irregularities have been cured or waived.
     Neither the Fund nor the Adviser nor Directors of the Fund shall be
     obligated to give notice of any defects or irregularities in tenders, nor
     shall any of them incur any liability for failure to give such notice.

5.   WITHDRAWAL RIGHTS. Any investor tendering an Interest pursuant to this
     Offer may withdraw its tender at any time on or before the Expiration Date
     and, if Interests have not then been accepted by the Fund, at any time
     after November 23, 2009. To be effective, any notice of withdrawal must be
     timely received by MHA at the address or fax numbers set forth on page 1. A
     form to use to give notice of withdrawal is available by calling MHA at the
     phone number indicated on page 1. All questions as to the form and validity
     (including time of receipt) of notices of withdrawal will be determined by
     the Fund, in its sole discretion, and such determination shall be final and
     binding. Interests properly withdrawn shall not thereafter be deemed to be
     tendered for purposes of the Offer. However, withdrawn Interests may be
     tendered prior to the Expiration Date by following the procedures described
     in Section 4.

6.   PURCHASES AND PAYMENT. For purposes of the Offer, the Fund will be deemed
     to have accepted (and thereby purchased) Interests that are tendered as, if
     and when it gives oral or written notice to the tendering investor of its
     election to purchase such Interest. As stated in Section 2 above, the
     purchase price of an Interest tendered by any investor will be the net
     asset value thereof as of the close of business on the Valuation Date. The
     estimated net asset value will be determined after all allocations to
     capital accounts of the investors required to be made by the LLC Agreement
     have been made.

     Payment for Interests that have been tendered and accepted will consist
     initially of a promissory note (the "Note"). The Note will entitle the
     tendering Investor to be paid cash in an aggregate amount equal to 95% of
     the estimated unaudited net asset value of Interests tendered by the
     investor and accepted by the Fund, determined as of the Valuation Date (the
     "Initial Payment"). The Initial Payment will be made by approximately
     January 31, 2010. The Note will be held for each tendering investor by SEI
     and will be executed and delivered to SEI within approximately ten days
     after the Expiration Date and will not be transferable. The Note will also
     entitle the tendering Investor to be paid a contingent amount equal to the
     excess, if any, of (a) the net asset value of the Interests tendered by the
     investor and accepted by the Fund as of the Expiration Date, determined as
     of the Valuation Date, based on the audited financial statements of the
     Fund for fiscal year ending March 31, 2010 over (b) the Initial Payment
     (such amount, the "Contingent Payment"). The Contingent Payment will be
     made (in the manner set forth below) within approximately ten days after
     completion of the audit of the financial statements of the Fund for fiscal
     year ending March 31, 2010, or on such earlier date as the Fund's Directors
     may determine. It is anticipated that the audit of the Fund's financial
     statements for fiscal year ending March 31, 2010 will be completed by no
     later than 60 days after the end of the fiscal year. Any amounts payable
     under the Note will include interest, if any, earned by the Fund on an
     amount, deposited by the Fund in a segregated custodial account, equal to
     5% of the estimated unaudited net asset value of Interests tendered by the
     investor and accepted by the Fund.

     The Initial and Contingent Payments will be credited directly to the
     tendering investor's investment management or custody account with BNY
     Mellon Wealth Management ("BMWM"), if such investor has a BMWM investment
     management or custody account. Payments credited directly to investment
     management or custody accounts will be subject upon withdrawal from such
     accounts to any fees that BMWM would customarily assess upon the withdrawal
     of cash from such investment management or custody account. If such
     investor does not have a BMWM investment management or custody account, the
     payments will be sent directly to its mailing address as listed in the
     Fund's records, unless such investor advises the Fund in writing of a
     change in its mailing address.

     The Fund expects that the purchase price for Interests acquired pursuant to
     the Offer to Purchase, which will not exceed $50,000,000 (unless the Fund
     elects, in its sole and absolute discretion, to purchase a greater amount),
     will be derived from: (1) cash on hand; (2) withdrawal of capital from the
     investment funds in which the Fund invests; (3) the proceeds of the sale of
     and/or delivery of securities and portfolio assets held by the Fund; and/or
     (4) possibly borrowings, as described below. The Fund will segregate, with
     its custodian, cash or U.S. government securities or other liquid
     securities equal to the value of the amount estimated to be


                                        4



     paid under any Notes as described above. Neither the Fund nor the Adviser
     nor Directors have determined at this time to borrow funds to purchase
     Interests in connection with the Offer to Purchase. However, depending on
     the dollar amount of Interests tendered and prevailing general economic and
     market conditions, the Fund, in its sole discretion, may decide to seek to
     borrow money to fund all or a portion of the purchase price. No borrowing
     facilities have been entered into to date.

7.   CERTAIN CONDITIONS OF THE OFFER. The Fund reserves the right, at any time
     and from time to time, to extend the period of time during which the Offer
     is pending by notifying investors of such extension. If the Fund elects to
     extend the tender period for any reason, for the purpose of determining the
     purchase price for tendered Interests, the estimated net asset value of
     such Interests will be determined as of the Valuation Date. During any such
     extension, all Interests previously tendered and not withdrawn will remain
     subject to the Offer. The Fund also reserves the right, at any time and
     from time to time, up to and including acceptance of tenders pursuant to
     the Offer, to: (a) cancel the Offer in the circumstances set forth in the
     following paragraph and in the event of such cancellation, not to purchase
     or pay for any Interests tendered pursuant to the Offer; (b) amend the
     Offer; or (c) postpone the acceptance of Interests. If the Fund determines
     to amend the Offer or to postpone the acceptance of Interests tendered, it
     will, to the extent necessary, extend the period of time during which the
     Offer is open as provided above and will promptly notify investors.

     The Fund may cancel the Offer, amend the Offer or postpone the acceptance
     of tenders made pursuant to the Offer if: (a) the Fund would not be able to
     liquidate portfolio securities in a manner that is orderly and consistent
     with the Fund's investment objectives and policies in order to purchase
     Interests tendered pursuant to the Offer; (b) there is, in the Directors'
     judgment, any (i) legal action or proceeding instituted or threatened
     challenging the Offer or that otherwise would have a material adverse
     affect on the Fund, (ii) declaration of a banking moratorium by Federal or
     state authorities or any suspension of payment by banks in the United
     States or New York State that is material to the Fund, (iii) limitation
     imposed by Federal or state authorities on the extension of credit by
     lending institutions, (iv) suspension of trading on any organized exchange
     or over-the-counter market where the Fund has a material investment, (v)
     commencement of war, armed hostilities or other international or national
     calamity directly or indirectly involving the United States that is
     material to the Fund, (vi) material decrease in the estimated net asset
     value of the Fund from the estimated net asset value of the Fund as of the
     commencement of the Offer, or (vii) other event or condition that would
     have a material adverse effect on the Fund or its investors if Interests
     tendered pursuant to the Offer were purchased; or (c) the independent
     Directors of the Fund determine that it is not in the best interest of the
     Fund to purchase Interests pursuant to the Offer. However, there can be no
     assurance that the Fund will exercise its right to extend, amend or cancel
     the Offer or to postpone acceptance of tenders pursuant to the Offer. If
     conditions qualifying as war or armed hostilities as expressed in Section
     7(b)(v) above occur (and, at present, the Fund does not believe these
     conditions exist), and the Directors waive the Fund's rights under Section
     7, they will determine whether such waiver constitutes a material change to
     the Offer. If they determine that it does, the Offer will remain open for
     at least five business days following the waiver and investors will be
     notified of this occurrence.

8.   CERTAIN INFORMATION ABOUT THE FUND. The Fund is registered under the
     Investment Company Act of 1940, as amended (the "1940 Act"), as a
     closed-end, non-diversified, management investment company and is organized
     as a Delaware limited liability company. The principal executive office of
     the Fund is located at One Boston Place, Boston, MA 02108 and the telephone
     number is (877) 257-0004. Interests are not traded on any established
     trading market and are subject to strict restrictions on transferability
     pursuant to the LLC Agreement. The Fund's Directors are Robert M. Bowen,
     Robert J. Dwyer, Carla D. Hunter, Newton P.S. Merrill, Arthur Williams III
     and Rodney S. Yanker. Their address is c/o Mellon Optima L/S Strategy Fund,
     LLC at One Boston Place, Boston, MA 02108. The Officers of the Fund are
     David K. Mossman, Stephen M. Anderson, Katherine Cain, Anthony J.
     Mastrocola, Ridgway H. Powell and Peter M. Sullivan. The address of the
     Officers is c/o Mellon Optima L/S Strategy Fund, LLC at One Boston Place,
     Boston, MA 02108.

     The Fund does not have any plans or proposals that relate to or would
     result in: (a) the acquisition by any person of additional Interests (other
     than the Fund's intention to accept subscriptions for Interests from time
     to time in the discretion of the Fund) or the disposition of Interests,
     other than as disclosed in the Confidential Memorandum; (b) an
     extraordinary transaction, such as a merger, reorganization or liquidation,
     involving the Fund; (c) any material change in the present distribution
     policy or indebtedness or capitalization of the Fund; (d) any change in the
     identity of the Adviser of the Fund, or in the management of the Fund
     including, but not limited to, any plans or proposals to change the number
     or the term of the Directors of the Fund or to change any material term of
     the investment advisory arrangements with the Adviser; (e) a sale or
     transfer of a material amount of assets of the Fund (other than as the
     Directors determine may be necessary or appropriate to fund any portion of
     the purchase price for Interests acquired pursuant to this Offer to
     Purchase or in connection with the ordinary portfolio transactions of the
     Fund); (f) any other material change in the Fund's structure or business,
     including any plans or proposals to make any changes in its fundamental
     investment policy for which a vote would be required by Section 13 of the
     1940 Act; or (g) any changes in the LLC Agreement or other actions that may
     impede the acquisition of control of the Fund by any person.

     Other than the acceptance of subscriptions for Interests on September 1,
     2009 and October 1, 2009 there have been, no transactions involving the
     Interests that were effected during the past 60 days by the Fund, the
     Adviser of the Fund, the Directors or any person controlling the Fund or
     controlling the Adviser.

     Based on August 31, 2009 estimated values, there were no persons that may
     be deemed to control the Fund, may control a person that controls the Fund
     and/or may be controlled by a person controlling the Fund, that hold
     Interests.

9.   CERTAIN FEDERAL INCOME TAX CONSEQUENCES. The following discussion is a
     general summary of the federal income tax consequences of the purchase of
     Interests by the Fund from investors pursuant to the Offer. Investors
     should consult their own tax advisers for a complete description of the tax
     consequences to them of a purchase of their Interests by the Fund pursuant
     to the Offer.

     An investor who tenders its Interest to the Fund (and whose entire Interest
     is accepted) for repurchase generally will recognize capital gain or loss
     to the extent of the difference between the proceeds received by such
     investor (consisting of the Cash Payment and the principal payment under
     the Note) and such investor's adjusted tax basis in its Interest. Gain, if
     any, will be recognized by a tendering investor only as and after the total
     proceeds received by such investor exceed the investor's adjusted tax basis
     in its Interest. A loss, if any, may be recognized after the tendering
     investor has received payment under the Note. This capital gain or loss
     will be short-term or long-term depending upon the investor's holding
     period for its Interest at the time the gain or loss is recognized.
     Treasury Regulations provide that an investor will have a divided (that is,
     fragmented) holding period for its interest if the investor makes
     contributions to the Fund at different times. Under the Treasury
     Regulations, each time the investor makes a contribution to the Fund, the
     investor will have a new holding period for that portion of its Interest
     determined by a fraction, the numerator of which is the amount of the
     contribution and the denominator of which is the investor's capital account
     immediately after the contribution. Certain cash contributions, if made
     within one year of a liquidating distribution, can be netted against the
     distribution. If the investor recognizes capital gain or loss in connection
     with a complete withdrawal from the Fund, the gain or loss is divided
     between long-term and short-term capital gain or loss in the same
     proportions as the holding period of the Interest is divided between the
     portion of the Interest held for more than one year and the portion of the
     Interest held for one year or less. Interest on the Notes is taxable to a
     tendering investor receiving such Notes at the time the Fund becomes
     entitled to a deduction for the Interest under the Fund's method of
     accounting. A tendering investor will recognize ordinary income to the
     extent such investor's allocable share of the Fund's "unrealized
     receivables" exceeds the investor's share of the basis in such unrealized
     receivables, as determined pursuant to the Treasury Regulations. For these
     purposes, accrued but untaxed market discount if any, on debt securities
     held by the Fund will be treated as an unrealized receivable with respect
     to the


                                        5



     tendering investor. An Investor tendering less than its entire Interest
     will recognize gain only to the extent that the amount of the distribution
     exceeds such Investor's adjusted tax basis in its Interest and will not be
     entitled to any loss.

     If an investor recognizes a loss in an amount greater than $250,000 upon
     the tender of its entire Interest to the Fund for repurchase, the Fund may
     be required, under Section 734 of the Internal Revenue Code, to reduce the
     tax basis of its property by the amount of the loss recognized by the
     tendering investor.

     Pursuant to the authority granted to it under the LLC Agreement, the
     Adviser intends to specially allocate items of Fund capital gain (loss),
     including short-term capital gain (loss), to a withdrawing investor to the
     extent its liquidating distribution would otherwise be greater than (less
     than) its adjusted tax basis in its Interest. Such a special allocation of
     gain may result in the withdrawing investor recognizing capital gain, which
     may include short-term gain, in the investor's last taxable year in the
     Fund, thereby potentially reducing the amount of any long-term capital gain
     that, absent the special allocation, would otherwise have been recognized
     during the tax year in which the investor receives its liquidating
     distribution upon withdrawal.

10.  TREASURY REGULATIONS. Treasury Regulations require taxpayers that
     participate in "reportable transactions" to disclose such participation to
     the Internal Revenue Service (the "Service") (by attaching Form 8886 to
     their tax returns and filing a copy of that Form with the IRS Office of Tax
     Shelter Analysis) and comply with certain document retention requirements.
     In addition, certain organizers and sellers of such a transaction are
     required to maintain records, including lists identifying investors in the
     transaction, and must furnish those records to the Service upon demand. A
     transaction may be a "reportable transaction" based on any of several
     criteria, one or more of which may be present with respect to an investment
     in or by the Fund or the tender of Interests. Although these regulations
     are directed towards "tax shelters," they are quite broad and may encompass
     transactions that typically would not be considered "tax shelters."
     Investors should consult their own tax advisors concerning any possible
     disclosure obligation they may have with respect to their investment in the
     Fund and any tender of Interests and should be aware that the Fund (and
     perhaps other participants in the transaction) intends to comply with the
     disclosure and investor list maintenance requirements to the extent the
     Fund determines them to apply with respect to this transaction and/or its
     investments.

     Notwithstanding any other provision or statement in any offering document
     of the Fund (including the Investor Application Form, the Confidential
     Memorandum and the LLC Agreement), an investor (and each employee,
     representative or other agent of the Investor) may disclose to any and all
     persons, without limitation of any kind, the tax treatment and tax
     structure of the Fund, the offering of its interests and this Offer and all
     materials of any kind (including opinions or other tax analyses) that are
     provided to the investor relating to such tax treatment and tax structure.
     For the avoidance of doubt, this authorization is not intended to permit
     disclosure of the names of, or other identifying information regarding, the
     participants in the transaction, or of any information or the portion of
     any materials not relevant to the tax treatment or tax structure of the
     transaction.

11.  MISCELLANEOUS. The Offer is not being made to, nor will tenders be accepted
     from, investors in any jurisdiction in which the Offer or its acceptance
     would not comply with the securities or Blue Sky laws of such jurisdiction.
     The Fund is not aware of any jurisdiction in which the Offer or tenders
     pursuant thereto would not be in compliance with the laws of such
     jurisdiction. However, the Fund reserves the right to exclude investors
     from the Offer in any jurisdiction in which it is asserted that the Offer
     cannot lawfully be made. The Fund believes such exclusion is permissible
     under applicable laws and regulations, provided the Fund makes a good faith
     effort to comply with any state law deemed applicable to the Offer.

     The Fund has filed an Issuer Tender Offer Statement on Schedule TO with the
     Securities and Exchange Commission, which includes certain information
     relating to the Offer summarized herein. A free copy of such statement may
     be obtained from the Fund by contacting MHA at the address and phone number
     set forth on page 1 or from the Securities and Exchange Commission's
     internet web site, http://www.sec.gov. For a fee, a copy may be obtained
     from the public reference office of the Securities and Exchange Commission
     at Judiciary Plaza, 450 Fifth Street, N.W., Washington, DC 20549.


                                        6



                                    EXHIBIT C

                          Form of Letter of Transmittal

                              LETTER OF TRANSMITTAL
                               REGARDING INTERESTS
                                       IN
                      MELLON OPTIMA L/S STRATEGY FUND, LLC
                   TENDERED PURSUANT TO THE OFFER TO PURCHASE
                            DATED SEPTEMBER 25, 2009
                   THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE
                   AT, AND THIS LETTER OF TRANSMITTAL MUST BE
           RECEIVED BY MELLON HEDGE ADVISORS LLC EITHER BY MAIL OR BY
                     FAX BY 12:00 MIDNIGHT, EASTERN TIME, ON
                      MONDAY, OCTOBER 26, 2009, UNLESS THE
                               OFFER IS EXTENDED.

          COMPLETE THE LAST PAGE OF THIS LETTER OF TRANSMITTAL AND FAX
                OR MAIL IN THE ENCLOSED POSTAGE-PAID ENVELOPE TO:

                      Mellon Optima L/S Strategy Fund, LLC
                          c/o Mellon Hedge Advisors LLC
                                One Boston Place
                                    024-0071
                                Boston, MA 02108

                           Attn: Anthony J. Mastrocola

                           For additional information:
                              Phone: (877) 257-0004
                               Fax: (617) 722-7367

         TO ASSURE GOOD DELIVERY, PLEASE SEND THIS LETTER OF TRANSMITTAL
                    TO MHA AND NOT TO YOUR PORTFOLIO MANAGER.

 IF YOU DO NOT WISH TO SELL ANY OF YOUR INTERESTS, PLEASE DISREGARD THIS LETTER
                                 OF TRANSMITTAL.

Ladies and Gentlemen:

The undersigned hereby tenders to Mellon Optima L/S Strategy Fund, LLC, a
closed-end, non-diversified, management investment company organized under the
laws of the State of Delaware (the "Fund"), the limited liability company
interest in the Fund or portion thereof held by the undersigned, described and
specified below, on the terms and conditions set forth in the offer to purchase,
dated September 25, 2009 ("Offer to Purchase"), receipt of which is hereby
acknowledged, and in this Letter of Transmittal (which together constituted the
"Offer"). THE TENDER AND THIS LETTER OF TRANSMITTAL ARE SUBJECT TO ALL THE TERMS
AND CONDITIONS SET FORTH IN THE OFFER TO PURCHASE, INCLUDING, BUT NOT LIMITED
TO, THE ABSOLUTE RIGHT OF THE FUND TO REJECT ANY AND ALL TENDERS DETERMINED BY
IT, IN ITS SOLE DISCRETION, NOT TO BE IN THE APPROPRIATE FORM.

The undersigned hereby sells to the Fund the limited liability company interest
in the Fund or portion thereof tendered hereby pursuant to the Offer. The
undersigned hereby warrants that the undersigned has full authority to sell the
limited liability company interest in the Fund or portion thereof tendered
hereby and that the Fund will acquire good title thereto, free and clear of all
liens, charges, encumbrances, conditional sales agreements or other obligations
relating to the sale thereof, and not subject to any adverse claim, when and to
the extent the same are purchased by it. Upon request, the undersigned will
execute and deliver any additional documents necessary to complete the sale in
accordance with the terms of the Offer.

The undersigned recognizes that under certain circumstances set forth in the
Offer, the Fund may not be required to purchase any of the limited liability
company interest in the Fund or portions thereof tendered hereby.

The undersigned acknowledges that the method of delivery of any documents is at
the election and the complete risk of the undersigned, including, but not
limited to, the failure of the Fund's investment adviser, Mellon Hedge Advisors
LLC ("MHA"), to receive any Letter of Transmittal or other document. Unless
waived, any defects or irregularities in connection with tenders must be cured
within such time as the Fund shall determine. Tenders will not be deemed to have
been made until the defects or irregularities have been cured or waived.

Payment of the Initial and Contingent Payments (as defined in Section 6 of the
Offer to Purchase) for the purchase price for the limited liability company
interest in the Fund or portion thereof of the undersigned shall be credited
directly to the undersigned's investment management or custody account with BNY
Mellon Wealth Management ("BMWM"), if such investor has a BMWM investment
management or custody account. (The undersigned hereby represents and warrants
that the undersigned understands that, for cash payments credited directly to
the undersigned's investment management or custody account, upon a withdrawal of
such cash payment from such account, BMWM will impose such fees as it would
customarily assess upon the withdrawal of cash from such investment management
or custody account). If such investor does not have a BMWM investment management
or custody account, the payment will be sent directly to its mailing address as
listed in the Fund's records. A promissory note ("Note") reflecting the Initial
and Contingent Payment obligations, as described in Section 6 of the Offer to
Purchase, will be held for such investor by the Fund's transfer agent, SEI
Investments Management Corporation, ("SEI"). The undersigned recognizes that the
amount of the Initial Payment will be based on the unaudited estimated net asset
value as of December 31, 2009, of the limited liability company interest or
portion thereof tendered, and that the Contingent Payment portion of the
purchase price, if any, will be determined upon completion of the audit of the
Fund's financial statements for fiscal year ending


                                        1



March 31, 2010, which is anticipated to be completed not later than 60 days
after the Fund's fiscal year end, and will be paid in cash within approximately
ten days thereafter, or on such earlier date as the Fund's Directors may
determine.

All authority herein conferred or agreed to be conferred shall survive the death
or incapacity of the undersigned and the obligation of the undersigned hereunder
shall be binding on the heirs, personal representatives, successors and assigns
of the undersigned. Except as stated in Section 5 of the Offer to Purchase, this
tender is irrevocable.

                      MELLON OPTIMA L/S STRATEGY FUND, LLC

IF YOU DO NOT WANT TO SELL YOUR LIMITED LIABILITY COMPANY INTEREST AT THIS TIME,
PLEASE DISREGARD THIS NOTICE. THIS IS SIMPLY NOTIFICATION OF THE FUND'S TENDER
OFFER. IF YOU CHOOSE TO TENDER, YOU ARE RESPONSIBLE FOR CONFIRMING THAT MHA HAS
RECEIVED YOUR DOCUMENTS BY THE TENDER EXPIRATION DATE. TO ASSURE GOOD DELIVERY,
PLEASE SEND THIS PAGE TO MHA AND NOT TO YOUR PORTFOLIO MANAGER. THIS LETTER OF
TRANSMITTAL MUST BE RECEIVED BY MHA EITHER BY MAIL OR BY FAX BY 12:00 MIDNIGHT,
EASTERN TIME, ON MONDAY, OCTOBER 26, 2009, UNLESS THE OFFER IS EXTENDED.

                                        PLEASE FAX OR MAIL (THIS PAGE ONLY) IN
                                        THE ENCLOSED POSTAGE-PAID ENVELOPE TO:

                                        Mellon Optima L/S Strategy Fund, LLC
                                        c/o Mellon Hedge Advisors LLC
                                        One Boston Place
                                        024-0071
                                        Boston, MA 02108

                                        Attn: Anthony J. Mastrocola

                                        For additional information:
                                        Phone: (877) 257-0004
                                        Fax: (617) 722-7367

PART 1. NAME:


              
Name of Investor: /__//__//__//__//__//__//__//__//__//__//__//__//__//__//__//__//__//__//__//__//__//__//__//__//__/
SS# or Taxpayer ID #:/__//__//__/  /__//__/  /__//__//__//__/
Phone #:/__//__//__//__//__//__/ /__//__//__//__/
BNY Mellon Wealth Management Account # (if applicable): /__//__//__//__//__//__//__//__//__//__//__/


PART 2. AMOUNT OF FUND INTEREST IN THE FUND TO BE TENDERED:

     [ ]  Portion of limited liability company interest expressed as a specific
          dollar value. $______________________ (minimum $50,000 unless entire
          interest is being tendered). (Subject to maintenance of a minimum
          limited liability company interest equal to $50,000 (the "Required
          Minimum Balance")). Please note, a promissory note will be held on
          your behalf by SEI Investments Management Corporation, the Fund's
          transfer agent (the "Note") entitling you to receive an initial
          payment of 95% of the estimated unaudited net asset value of your
          requested amount, determined as of December 31, 2009. The payment
          shall be credited directly to your BMWM investment management or
          custody account, if you have a BMWM investment management or custody
          account by approximately January 31, 2010. If you do not have a BMWM
          investment management or custody account, the payment will be mailed
          to you directly at the mailing address listed in the Fund's records. A
          contingent payment representing the balance of the requested amount,
          if any, is expected to be paid within approximately ten days after the
          conclusion of the March 31, 2010 fiscal year-end audit (or earlier, at
          the Fund's discretion). Any amounts payable under the Note will
          include interest, if any, earned by the Fund on an amount, deposited
          by the Fund in a segregated custodial account, equal to 5% of the
          estimated unaudited net asset value of Interests tendered by the
          investor and accepted by the Fund. THE UNDERSIGNED UNDERSTANDS THAT
          IF: (A) THE UNDERSIGNED TENDERS AN AMOUNT THAT WOULD CAUSE THE
          UNDERSIGNED'S CAPITAL ACCOUNT BALANCE TO FALL BELOW THE REQUIRED
          MINIMUM BALANCE, THE FUND RESERVES THE RIGHT TO REDUCE THE AMOUNT TO
          BE PURCHASED FROM THE UNDERSIGNED SO THAT THE REQUIRED MINIMUM BALANCE
          IS MAINTAINED OR (B) THE UNDERSIGNED TENDERS AN AMOUNT LESS THAN
          $50,000 (UNLESS THE INVESTOR IS TENDERING THE INVESTOR'S ENTIRE
          INTEREST HAVING A LOWER VALUE) THE FUND RESERVES THE RIGHT TO REJECT
          THE TENDER.

PART 3. SIGNATURE(S):

FOR INDIVIDUAL INVESTORS AND JOINT TENANTS:


SIGNATURE:
                                        ----------------------------------------
                                        (Signature of Owner(s) Exactly as
                                        Appeared on Investor Application)/Date

PRINT NAME OF INVESTOR:
                                        ----------------------------------------

JOINT TENANT SIGNATURE:
                                        ----------------------------------------
(If joint tenants, BOTH MUST SIGN.)     (Signature of Owner(s) Exactly as
                                        Appeared on Investor Application)/Date

PRINT NAME OF JOINT TENANT:
                                        ----------------------------------------

FOR OTHER INVESTORS:

PRINT NAME OF INVESTOR:
                                        ----------------------------------------


SIGNATURE:
                                        ----------------------------------------
                                        (Signature of Owner(s) Exactly as
                                        Appeared on Investor Application)/Date


                                        2



PRINT NAME OF SIGNATORY AND TITLE:
                                        ----------------------------------------

CO-SIGNATORY IF NECESSARY:
                                        ----------------------------------------
                                        (Signature of Owner(s) Exactly as
                                        Appeared on Investor Application)/Date

PRINT NAME AND TITLE OF CO-SIGNATORY:
                                        ----------------------------------------


                                        3



                                    EXHIBIT D

                         NOTICE OF WITHDRAWAL OF TENDER

                             REGARDING INTERESTS IN

                      MELLON OPTIMA L/S STRATEGY FUND, LLC
                   TENDERED PURSUANT TO THE OFFER TO PURCHASE
                            DATED SEPTEMBER 25, 2009
                   THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE
                   AT, AND THIS LETTER OF TRANSMITTAL MUST BE
           RECEIVED BY MELLON HEDGE ADVISORS LLC EITHER BY MAIL OR BY
                     FAX BY 12:00 MIDNIGHT, EASTERN TIME, ON
                      MONDAY, OCTOBER 26, 2009, UNLESS THE
                               OFFER IS EXTENDED.

             COMPLETE THIS NOTICE OF WITHDRAWAL AND FAX OR MAIL TO:

                      Mellon Optima L/S Strategy Fund, LLC
                          c/o Mellon Hedge Advisors LLC
                                One Boston Place
                                    024-0071
                                Boston, MA 02108

                           Attn: Anthony J. Mastrocola

                           For additional information:
                              Phone: (877) 257-0004
                               Fax: (617) 722-7367

                      MELLON OPTIMA L/S STRATEGY FUND, LLC

     YOU ARE RESPONSIBLE FOR CONFIRMING THAT THIS NOTICE IS RECEIVED BY MHA.
      TO ASSURE GOOD DELIVERY, PLEASE SEND THIS PAGE TO MHA AND NOT TO YOUR
                               PORTFOLIO MANAGER.

Ladies and Gentlemen:

Please withdraw the tender previously submitted by the undersigned in a Letter
of Transmittal.

BNY Mellon Wealth Management Account # (if applicable):
/__//__//__//__//__//__//__//__//__//__//__/

FOR INDIVIDUAL INVESTORS AND JOINT TENANTS:


SIGNATURE:
                                        ----------------------------------------
                                        (Signature of Owner(s) Exactly as
                                        Appeared on Investor Application)/Date

PRINT NAME OF INVESTOR:
                                        ----------------------------------------


JOINT TENANT SIGNATURE:
                                        ----------------------------------------
(If joint tenants, BOTH MUST SIGN.)     (Signature of Owner(s) Exactly as
                                        Appeared on Investor Application)/Date

PRINT NAME OF JOINT TENANT:
                                        ----------------------------------------

FOR OTHER INVESTORS:

PRINT NAME OF INVESTOR:
                                        ----------------------------------------


SIGNATURE:
                                        ----------------------------------------
                                        (Signature of Owner(s) Exactly as
                                        Appeared on Investor Application)/Date

PRINT NAME OF SIGNATORY AND TITLE:
                                        ----------------------------------------

CO-SIGNATORY IF NECESSARY:
                                        ----------------------------------------
                                        (Signature of Owner(s) Exactly as
                                        Appeared on Investor Application)/Date

PRINT NAME AND TITLE OF CO-SIGNATORY:
                                        ----------------------------------------


                                        1



                                    EXHIBIT E

                          Form of Letter from the Fund
         to Investors in connection with acceptance of offers of tender

Mellon Optima L/S Strategy Fund, LLC

   THIS LETTER IS BEING SENT TO YOU IF YOU TENDERED ANY INTEREST IN THE FUND.

Dear Investor:

Mellon Optima L/S Strategy Fund, LLC (the "Fund") has received and accepted your
tender request. Enclosed is a statement showing the breakdown of your capital
withdrawal and the manner in which it is being distributed, in accordance with
the tender offer.

Because you have tendered and the Fund has accepted your tender, a note is being
held on your behalf by SEI Investments Management Corporation, the Fund's
transfer agent (the "Note") entitling you to receive an initial payment of 95%
of the estimated unaudited net asset value of your requested amount, determined
as of December 31, 2009, in accordance with the terms of the tender offer (the
"Initial Payment"). The Initial Payment shall be credited directly to your
investment management or custody account with BNY Mellon Wealth Management
("BMWM"), if you have a BMWM investment management or custody account by
approximately January 31, 2010. If you do not have a BMWM investment management
or custody account, the Initial Payment will be mailed to you directly at the
mailing address listed in the Fund's records.

The terms of the Note also provide that a contingent payment representing the
excess, if any, of: (a) the net asset value as of December 31, 2009 of the
Interest so tendered and accepted, as such value may be adjusted based on the
audit of the Fund's financial statements as of March 31, 2010, over (b) the
Initial Payment. The contingent portion will be paid (subject to audit
adjustment) within approximately ten days after the conclusion of the March 31,
2010 fiscal year-end audit, or on such earlier date as the Fund's Directors may
determine, according to the terms of the tender offer. We expect the audit to be
completed by the end of May 2010. The contingent payment, if any, shall be
credited directly to your BMWM investment management or custody account or
mailed directly to you if you do not have a BMWM investment management or
custody account. Any amounts payable under the Note will include interest, if
any, earned by the Fund on an amount, deposited by the Fund in a segregated
custodial account, equal to 5% of the estimated unaudited net asset value of
Interests tendered by the investor and accepted by the Fund.

Should you have any questions, please feel free to contact the Fund's investment
adviser, Mellon Hedge Advisors LLC, at (877) 257-0004.

Sincerely,


Mellon Optima L/S Strategy Fund, LLC

Enclosure


                                        1