Tenaron Capital Management LP (the “Adviser” or “Tenaron”) is an investment adviser with its principal place of business in New York, New York. The Adviser was founded in 2015 and commenced operations as a registered investment adviser in April 2016. Panayotis (Panos) Korantzopoulos and Lykourgos (Lyco) Tsirakis are the principal owners of the Adviser. The Adviser provides investment management services on a discretionary basis to its clients, which consist of the following pooled investment vehicles intended for sophisticated and institutional investors (collectively, the “Advisory Clients”): Tenaron Capital Relative Value Partners LP (the “Relative Value US Fund”), Tenaron Capital Relative Value Offshore Fund Ltd. (the “Relative Value Offshore Fund”), each of which invests substantially all of its assets in Tenaron Capital Relative Value Master Fund Ltd. (the “Relative Value Master Fund” and collectively with the Relative Value US Fund and the Relative Value Offshore Fund, the “Relative Value Funds”); and Tenaron Capital Macro Partners LP (the “Macro US Fund”), and Tenaron Capital Macro Offshore Fund Ltd. (the “Macro Offshore Fund”), each of which invests substantially all of its assets in Tenaron Capital Macro Master Fund Ltd. (the “Macro Master Fund”, collectively with the Macro US Fund and the Macro Offshore Fund, the “Macro Funds”; the Macro Master Fund together with the Relative Value Master Fund, the “Master Funds”; and the Macro Funds with the Relative Value Funds, collectively the “Funds”, and each a “Fund”). The Adviser does not participate in any wrap fee programs. Effective January 1, 2021, the Adviser completed a reorganization (the “Reorganization”) in which the macro portfolio and the relative value portfolios in the predecessor fund, Tenaron Capital Master Fund Ltd., were separated into two separate funds. Tenaron Capital Master Fund Ltd. was renamed Tenaron Capital Relative Value Master Fund Ltd.; Tenaron Capital Offshore Fund Ltd. was renamed Tenaron Capital Relative Value Offshore Fund Ltd. and Tenaron Capital Partners LP was renamed Tenaron Capital Relative Value Partners LP. In connection with the Reorganization, the Adviser established Tenaron Capital Macro Master Fund Ltd. and its two feeder funds, Tenaron Capital Macro Offshore Fund Ltd. and Tenaron Capital Macro Partners LP. In September 2018, the Adviser entered into a sub-advisory agreement with Tenaron Capital Management UK LLP (the “Affiliated UK Sub-Adviser”), which was amended and restated in January 2021. The Affiliated UK Sub-Adviser is a relying adviser of the Adviser. The Affiliated UK Sub-Adviser is located at 15 King Street, 3rd Floor, St.

James’s, London, United Kingdom, SQ1Y 6QU and received authorization from the Financial Conduct Authority on November 1, 2018 to conduct business as a BIPRU MiFID firm. The Adviser and the Affiliated UK Sub-Adviser collectively conduct a single advisory business, and thus references to the Adviser and disclosures regarding the Adviser’s business and practices in this brochure generally include and apply to the business and practices of the Affiliated UK Sub-Adviser as well, except where the Affiliated UK Sub-Adviser’ practices are described separately or where such an inclusion is otherwise inappropriate in light of the context. Interests in the Master Funds and the Relative Value US Fund and Macro US Fund (together, the “US Funds”) are generally offered exclusively to investors that are “qualified purchasers” or “knowledgeable employees” as defined in the Investment Company Act of 1940 (the “Investment Company Act”). Interests in the Relative Value Offshore Fund and Macro Offshore Fund (together, the “Offshore Funds”) are generally offered exclusively to non-U.S. Persons within the meaning of Regulation S under the U.S. Securities Act of 1933, as amended. If interests in the Offshore Funds are offered into the U.S., such interests will generally be offered only to qualified purchasers and knowledgeable employees. The Adviser provides advice to Advisory Clients based on specific investment objectives and strategies described in the offering memorandum of the relevant Fund, and these offering documents also set forth any Fund restrictions on investments. The Adviser does not tailor advisory services to the individual needs of any Fund investor, and Fund investors generally could not impose restrictions on the Fund’s investment in certain securities and other financial instruments or certain types of securities and other financial instruments. In accordance with common industry practice, each of the Funds for which the Adviser serves as investment manager has entered into, and may in the future enter into, agreements, or “side letters” with an investor pursuant to which the Fund, the Relative Value General Partner or Macro General Partner grants the investor specific rights, benefits or privileges that are not generally made available to all investors. See Item 10 – Other Financial Industry Activities and Affiliations below for more details. As of December 31, 2023, the Adviser managed Regulatory Assets Under Management (“RAUM”) of approximately $34,401,463,340 on a discretionary basis. The Adviser does not currently provide non- discretionary advice.