Dear Friends
of TwinRock,

In the first quarter, the company has added a new position and hired an Executiv Vice President of Operations. In addition, for quicker real-time decisions, the firm has also systemized more of our back office operations.

We look forward to sharing the results of our efforts, while we remain focused on our operations. In the meantime, should you have any questions, we look forward to hearing from you.

Very truly yours,

Alexander Philips

Chief Executive and Investment Officer