Rowan Street Capital commentary for the first quarter ended March 31, 2020, discussing the COVID-19 sell-off..

Dear Partners,

The table below shows performance figures for the first quarter of 2020 and the cumulative performance (gross) since the beginning of 2018. Please note that Rowan Street Q1 2020 performance figures are preliminary (to be finalized on April 15th), but should give you a good estimate of how the fund performed.

This is our second market update this month. We usually write to you only . . .

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