COG El I L L C A WIT" L M A NJ A CIEIMIE N 1 - Dear Fellow Investor: June 13, 2013 As a follow-up to our April 30th letter, I am writing to update you on the pending distribution of capital and the work that we have done to optimize the Fund's structure to reduce costs thereby increasing the return of capital during the wind-down period. Distributions ‘111, In April we targeted a June distribution of 35% or more of the Fund's estimated May 31, 2013 NAV. We are pleased to report that as of today, the Fund has capital for distribution of approximately 40% of estimated NAV and will be making a distribution on Thursday June 20, 2013. The final amount of the distribution will be determined next week and most likely will be a little higher based upon trading activity over the next several days. To reiterate one of the central themes of the April communication - we have a duty to protect the Fund and to treat all investors fairly and equally. We believe that providing a potential timeline that extends to at least to end of 2014 provides the appropriate degree of flexibility to achieve these results; however our goal is to work to distribute most capital well before that date. Accordingly, we continue to maintain analytical coverage and are working hard to release the value in the Fund's remaining positions. More specifically, it is our belief that certain identified catalysts ought to play out over the following six to twelve months which should allow the Fund to exit positions at prices that more properly reflect the inherent value in the names. Consequently, with the aforementioned catalyst(s) qualifier, we are targeting future distributions for Q3 2013 (October 2013) and Q4 2013 (January 2014). Fund Structure Over the past month, we have worked with the Fund's service providers to negotiate fee deals that reflect the reduced level of activity and complexity (e.g. no changes to ownership structure as a result of pro rata distributions)