(HATTERAS LOGO)

                                    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.

March 30, 2009

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 JUNE 30, 2009, PLEASE DISREGARD
THIS NOTICE AND TAKE NO ACTION.

     The tender offer period will begin on March 30, 2009 and will end at 12:00
midnight, Eastern Standard Time, on APRIL 27, 2009, 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 APRIL 27, 2009. 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 1623, Milwaukee, Wisconsin 53201-1623, 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 APRIL 27, 2009.

     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.