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Begin forwarded message:

*From:* TRG Management <trg@rohatyngroup.com>
*Date:* June 11, 2012 7:05:08 PM EDT
*To:* abusch@rosemontseneca.com
*Subject:* *Rohatyn Global Opportunity Fund, Ltd: May 2012 Monthly Letter*

Attached is the May 2012 newsletter for The Rohatyn Group Global
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 Global Opportunity Fund, Ltd.
returned an estimated -5.46% in May for Class A Series 1 non-new issue
eligible shares and returned an estimated -4.42% for the year to date, with
an estimated 12-month rolling return of -13.13%.1 On a net combined
basis (which includes both Class A and S shares) the Fund returned an
estimated -5.35% in May and returned an estimated -4.33% for the year to
date, with an estimated 12-month rolling return of -13.00%.2


- While the turmoil in Europe and the prevailing risk-averse market
sentiment weighed heavily on emerging markets, they faced the additional
pressure of persistent doubt over the ability of Chinese policy makers to
stimulate growth in light of weaker than expected economic performance data
for April.


- The portfolio’s directional equity and currency investments were the
largest contributors to losses. Several of the portfolio’s equity
strategies were predicated on our belief that the market was overestimating
the degree of the slowdown in Chinese economic growth, and thus were
particularly sensitive to the development of events in May. In currencies,
two of our higher conviction positions, longs in the Mexican peso and
Singapore dollar, were the largest contributors to losses as the
fundamental case for appreciation in each was obscured by the high level of
market risk aversion.


- In May we sharply reduced risk, most notably in equity and currency
strategies, and generally simplified the portfolio. Despite a
significantly less constructive outlook than we held last month, we have
refrained from adopting a more short-biased portfolio due to generally
favorable valuations and technicals. We will likely maintain low levels of
portfolio risk for the next few weeks due to the potentially binary nature
of market outcomes on either side of the Greek elections.

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, 27th 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 Tranche Two non-new issues eligible shares
of the offshore feeder fund and reflect reinvestment of dividends and
interest. Net performance returns reflect expenses and the incentive
allocations and management fees payable to the Manager and/or the
Investment Manager. Performance shown herein does not include returns
related to investments in "new issues". Investors who are eligible for
participating in "new issues" (Class A Tranche One new issues eligible
shares) may have different returns. The performance presented above does
not include returns related to Special Investments as described in the
Offering Memorandum. 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.

2 Unaudited preliminary estimates calculated by TRG Management LP; final
unaudited numbers will be provided to investors in the administrator's
monthly report. The net combined returns presented are calculated using a
time weighted rate of return and are net of all expenses and applicable
management fees and incentive allocation accruals. This methodology shows
the change to a hypothetical dollar invested at the beginning of a period
ignoring the effects of the timing of any subsequent investments. The net
combined returns presented here reflect the combined performance of an
account that has been invested in Class A Tranche Two (non-new issue
eligible) shares since inception of the Fund and has participated in all
Special Investments. For any account invested after inception or that has
not participated in all Special Investments, actual results may differ
materially from these returns. There are other factors that will affect
the performance of the Fund and should be considered in reviewing
performance figures. First, incentive fees on Special Investments are
charged when the investment is realized. The net combined returns
presented here reflect incentive fees charged on Special Investments that
have not been realized. Incentive fees on unrealized Special Investments
are reflected as a monthly incentive accrual. Second, while expenses
incurred in making an investment are often reflected entirely at the outset
of the transaction, some investments are made in several tranches. Third,
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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