September 17, 2009

Dear Investors:

In the fall of 2008, we suggested emphatically that investors had one of the best opportunities in many years to invest in mineral exploration companies by way of mining flow through limited partnerships. For those of you who purchased the Trinity Wood 2008-I mining Flow-Through Limited Partnership(the "Trinity Wood 2008 Fund") we thank you for your support. The Trinity Wood 2008 Fund has experienced exceptional performance, achieving returns over a short period of time that met or exceeded our expectations. The net asset value has risen to almost $11.00, resulting in an 82% after tax return in only nine months after taking into account all expenses. This places the Trinity Wood 2008 Fund among the best performing flow through funds issued in 2008 (No. 2 when compared to the 30 resource flow-through prospectus issuers).

Also, the plan was and is to roll the Trinity Wood 2008 Fund into a Capital Class Mutual Fund in 2009, subject to market conditions, allowing investors to realize returns in one year rather than the traditional two year hold required by other funds. We are pleased to be in a position to achieve these returns and tax savings for our investors in only one year. The investors approved this rollover on September 28, 2009.

We could not have achieved these results without the hard work and experience of our team. My partner John Kinsey has been of great assistance over all in the management of the portfolio. Ian Overton, of MAK Partners, has assisted in the placement of flow through funds. Ian has a strong reputation within the mineral exploration industry and his many contacts and relationship with managements have allowed us to source and screen many excellent issuers for the portfolio. David Wahl, of Southampton Associates Inc. our mineral consultant, has also helped us find and evaluate suitable investments for the portfolio. The knowledge and experience of David and his two partners, was invaluable to our team in performing the due diligence required to help us make suitable investments when choosing among the companies issuing flow through shares last fall.

We understand why many advisors and investors deferred the purchase of flow through funds last fall or in the spring of 2009 given the unprecedented financial and market uncertainty. For those investors, who still have taxable income to shelter, this may be an ideal time to consider the Trinity Wood Mining 2009-1 Flow-Through Limited Partnership (the "Trinity Wood 2009 Fund").

We continue to believe that there is a tremendous opportunity to invest in the Trinity Wood 2009 Fund for basically the same reasons that existed last fall:

1. Mineral exploration companies are still trading at very low levels when compared to their previous highs.

2. Premiums for investing in flow through shares, previously as high as 20% or more, have declined to nominal levels, which significantly enhances the opening net asset value and the overall return.

3. The price of most metals have improve markedly, gold and silver in particular, but many of the mineral exploration company share prices have not yet reflected this improved fundamental;

4. The smaller size of the Trinity Wood 2009 Fund helps us when investing the funds, allowing us to be more selective and manage a smaller number of companies; and

5. We expect to be able to roll the Trinity Wood 2009 Fund, subject to market conditions, in one year or less.

In summary, I believe that 2009 offers the potential for another year of superior performance. Over the next twelve months I am expecting continued recovery in the exploration sector and a positive environment for mineral exploration companies.

I look forward to working on your behalf for the Trinity Wood 2009 Fund.

Yours Sincerely,

Caldwell Investment Management Limited

Rob Callander,

Portfolio Manager

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