EXHIBIT A

           COVER LETTER TO OFFER TO PURCHASE AND LETTER OF TRANSMITTAL

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

December 27, 2007

Dear Hatteras Master Fund, L.P. Partner:

     We are writing to inform you of important dates relating to a tender offer
by Hatteras Master Fund, L.P. (the "Fund"). IF YOU ARE NOT INTERESTED IN HAVING
THE FUND REPURCHASE YOUR LIMITED PARTNERSHIP INTEREST OR A PORTION OF YOUR
INTEREST IN THE FUND ("INTEREST") VALUED AS OF MARCH 31, 2008, PLEASE DISREGARD
THIS NOTICE AND TAKE NO ACTION.

     The tender offer period will begin on December 27, 2007 and will end at
12:00 midnight, Eastern Standard Time, on JANUARY 28, 2008, AT WHICH POINT THE
TENDER OFFER WILL EXPIRE. The purpose of the tender offer is to provide
liquidity to Partners of the Fund 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 so that it is received by UMB Fund Services,
Inc. ("UMBFS") no later than JANUARY 28, 2008. If you do not wish to have all or
any portion of your Interest repurchased, simply disregard this notice. NO
ACTION IS REQUIRED IF YOU DO NOT WISH TO HAVE ANY PORTION OF YOUR INTEREST
REPURCHASED.

     If you would like to tender your Interest, you should complete, sign and
either (i) mail (via certified mail, return receipt requested) or otherwise
deliver the Letter of Transmittal to Hatteras Master Fund, L.P., c/o UMB Fund
Services, Inc. at P.O. Box 2175, Milwaukee, Wisconsin 53201-2175, Attention:
Tender Offer Administrator; or (ii) fax it to UMBFS at (816) 860-3138,
Attention: Tender Offer Administrator (if by fax, please deliver an original,
executed copy promptly thereafter), so that it is RECEIVED BEFORE 12:00
MIDNIGHT, EASTERN STANDARD TIME, ON JANUARY 28, 2008.

     If you have any questions, please refer to the enclosed Offer to Purchase
document, which contains additional important information about the tender
offer, or call the Tender Offer Administrator at UMBFS at (800) 504-9070.

Sincerely,

Hatteras Master Fund, L.P.