Subject: Fwd: Rohatyn TRG Emerging Market Linker Fund I: March 2014 Monthly Letter
From: "Arlene Busch" <[email-masked]>
To: "Eric Schwerin" <[email-masked]>, "Hunter Biden" <[email-masked]>
Date: Wed, 23 Apr 2014 08:28:38 -0700

Nick's emerging mkt fund.

Arlene Busch
312-498-9595 (m)
202-333-1880 (w)

Begin forwarded message:

*From:* TRG Management <[email-masked]>
*Date:* April 23, 2014, 8:26:32 AM MST
*To:* [email-masked]
*Subject:* *Rohatyn TRG Emerging Market Linker Fund I: March 2014 Monthly
Letter*

Attached is the March 2014 newsletter for TRG Emerging Market Linker Fund
I.  Please note that the performance reported in this newsletter is
preliminary and unaudited.

*Performance Summary*

   - In March, the gross return for TRG Emerging Market Linker Fund I,
   Class A (USD) was 3.00% (2.89% net1). Inception to date, the gross
   return for TRG Emerging Market Linker Fund I, Class A (USD) is -5.33%
   (-8.52% net1).

   - To the surprise of many, March was a good month for emerging markets
   as market trends that have been dominant over the past year began to
   reverse.  Growth and other economic data in emerging markets showed signs
   of stabilizing following the massive devaluations in currencies since May
   2013 and the beginning of the rate hiking cycle in several emerging market
   economies.

   - These developments have led some investors to reconsider their
   preference for developed over emerging markets.  Indeed, retail flows
   returned to emerging market debt in March, marking a reversal of the
   outflows that have been steady since late 2013.

   - The portfolio performed well in March as emerging market linkers
   benefitted from these dynamics.  Local currency exposure led portfolio
   gains as EM currencies broadly appreciated.  Carry also contributed to
   profits, which increased substantially in March, followed by solid gains
   from real rates exposure.

   - Assuming that geopolitical risks in Ukraine remain contained, we
   expect the recovery in EM to continue.  Unlike the last two months,
   however, we expect the recovery to be more gradual and possibly volatile.

We welcome your comments on our newsletter.  Please do not hesitate to
contact us should you have any questions.

To view past newsletters for this fund, please log into www.rohatyngroup.com.
To request a username, please email [email-masked].

TRG Management LP
280 Park Avenue, 30th Floor
New York, NY 10017
+1 (212) 984-2900
[email-masked]
www.rohatyngroup.com

1 Net performance returns shown herein reflect the estimated return of TRG
Emerging Market Linker Fund I, Class A Series 1 new issues eligible shares
of the fund had they been issued at inception on May 18, 2011 and reflect
reinvestment of dividends and interest.  Net performance returns reflect
the incentive allocations and management fees payable to the Investment
Manager.  A portion of the Fund's returns may have been attributable to
investments in "new issues".  Returns for new issues eligible investors and
non-new issues eligible investors are essentially the same as this fund
generally does not participate in new issues.  The cumulative performance
rate of return indicated herein is for an investor admitted at inception of
the Fund.  The rate of return for an investor admitted after inception or
who has added or withdrawn capital since such date or who has a different
fee arrangement could differ from the returns reflected herein.  Returns
from cash and cash equivalents held in the Fund are included in the
performance calculation. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE
RESULTS.

THIS COMMUNICATION IS INTENDED ONLY FOR THE EXCLUSIVE USE OF THE ADDRESSEE
AND MAY NOT BE REPRODUCED OR REDISTRIBUTED IN WHOLE OR IN PART NOR MAY ITS
CONTENTS BE DISCLOSED TO ANY OTHER PERSON UNDER ANY CIRCUMSTANCES, WITHOUT
THE PRIOR WRITTEN CONSENT OF THE ROHATYN GROUP.  THIS COMMUNICATION DOES
NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF
THE SECURITIES DESCRIBED HEREIN, AND SHOULD NOT BE CONSTRUED AS AN OFFER OF
ANY KIND OR THE SOLICITATION OF SUCH AN OFFER.  ANY SUCH OFFER WILL BE MADE
ONLY BY MEANS OF A FORMAL CONFIDENTIAL MEMORANDUM TO BE PREPARED AND
FURNISHED TO PROSPECTIVE INVESTORS AT A LATER DATE.  IF THE ADDRESSEE IS
CONSIDERING AN INVESTMENT IN A FUND MANAGED BY THE ROHATYN GROUP, THE
ADDRESSEE SHOULD OBTAIN AND REVIEW A COPY OF THE RELEVANT CONFIDENTIAL
MEMORANDUM.  POTENTIAL INVESTORS MUST BE ELIGIBLE AND SATISFY THE
SUITABILITY REQUIREMENTS SET FORTH IN THE RELEVANT CONFIDENTIAL MEMORANDUM
AND SUBSCRIPTION DOCUMENTATION.  THIS IS NOT, AND UNDER NO CIRCUMSTANCES IS
TO BE CONSTRUED AS A PROSPECTUS, A PUBLIC OFFERING OR AN OFFERING
MEMORANDUM AS DEFINED UNDER APPLICABLE SECURITIES LEGISLATION.  THIS IS NOT
INTENDED TO CONSTITUTE LEGAL, TAX OR ACCOUNTING ADVICE, OR INVESTMENT
RECOMMENDATIONS.  PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
ANY PROJECTIONS, OUTLOOKS OR ASSUMPTIONS SHOULD NOT BE CONSTRUED TO BE
INDICATIVE OF THE ACTUAL EVENTS WHICH WILL OCCUR.

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