Dear Friends
of TwinRock,

Welcome to the Third Issue of the TwinRock Quarterly Newsletter. First and foremost, we would like to offer our thanks for your continuing loyalty, support and trust.

The Fourth Quarter of 2014 has been both productive and exciting for TwinRock. Our funds continue to perform and we were able to acquire another multifamily property in Oklahoma City, Oklahoma.

In the previous quarter, we heard favorable news regarding our HOA Foreclosure strategy as the Nevada Supreme Court came out with a positive ruling regarding extinguishment of a mortgage by an HOA Foreclosure sale. We continue to monitor the legal landscape as it unfolds.

Our upcoming investment pipeline continues to reflect our confidence in the growth prospects of selected markets in the Western and Midwest Region as we continue to target B & C class properties in Nevada, Oklahoma and other parts of the country. We are confident in the investment outlook of our target acquisitions as Freddie Mac alone underwrote $21.2 billion of debt on apartment buildings in the second half of 2014, triple the total in the first six months, almost surpassing the larger Fannie Mae last year to become the biggest provider of U.S. apartment financing. David Brickman, head of multifamily operations for Freddie Mac, recently said “Nobody is building Class B properties.” “Vacancies continue to be very low.” This goes to the core of our belief that outside the top tier apartments in the most demand markets, there is still upside in the properties we look to acquire.

Sincerely,

Alexander Philips

Chief Executive and Investment Officer