EMAIL DETAILS

Curious how Nick is keeping money in the fund.

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

Begin forwarded message:

*From:* TRG Management <trg@rohatyngroup.com>
*Date:* September 29, 2014 at 5:17:01 PM MST
*To:* abusch@rosemontseneca.com
*Subject:* *Rohatyn Asia Opportunity Fund, Ltd: August 2014 Monthly Letter*

Attached is the August 2014 newsletter for The Rohatyn Group Asia
Opportunity Fund, Ltd. Please note that the performance reported in this
newsletter is preliminary and unaudited.

*Performance Summary*

- On a net basis, The Rohatyn Group Asia Opportunity Fund, Ltd. Class A,
Tranche One (new issues eligible) returned an estimated -1.26% in August
and returned an estimated -4.37% for the year to date, with an estimated
12-month rolling return of -2.60%.1


- During August, rising market expectations that the ECB (and BoJ) is
poised to provide increased monetary policy accommodation that will serve
as a viable alternative source of global liquidity to offset the impact of
the Fed tightening monetary policy in the US next year, produced a strong
rally in global rates along with a rally in risk assets.


- Even as the economic thesis that underpins our positions began to show
some encouraging signs, it felt as though we could get nothing right in
August, as both long and short currency positions produced losses often at
the same time. The portfolio’s losses were primarily generated by the long
position in the Indian rupee’ while the offsetting short position in the
Australian dollar also produced a small loss.


- While the divergent paths of the Fed and ECB have been the key market
drivers over the past few weeks, we believe that their dominance may
temporarily recede over the coming months. Additionally, China growth
expectations may also have a muted impact on asset prices through year end,
depending on how aggressively Chinese policy makers choose to respond to
signs of slower growth.


- In an environment dominated by developed market central bank policy,
trading opportunities driven by country specific factors remain the most
attractive.

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 trg@rohatyngroup.com.

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

1 Unaudited preliminary estimates calculated by TRG Management LP; final
unaudited numbers will be provided to investors in the administrator's
monthly report. Net performance returns shown herein reflect the estimated
return of the Class A Series 1 new issues eligible shares of the offshore
feeder fund issued at inception on January 24, 2005 and reflect
reinvestment of dividends and interest. Net performance returns reflect
the incentive allocations and management fees payable to the Manager and/or
the Investment Manager. 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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