TENAC ASSET MANAGEMENT

This presentation is not an offer to sell or a solicitation of an offer to buy securities of any Tenac fund ("Fund") or any other fund. Solicitations of offers to buy interests in a Fund will be made only pursuant to the Fund's Offering Memorandum, which contains a complete description of the Fund and the risks inherent in an investment in the Fund and which qualifies this presentation in its entirety. An investment in a Fund involves a high degree of risk and is suitable only for sophisticated and qualified investors, and investors should be prepared to suffer losses of their entire investments. No assurances can be given that any Fund's investment objectives will be achieved, and investment results may vary substantially on a quarterly or annual basis. In addition, depending on conditions and trends in securities markets and the economy generally, Tenac Asset Management, LLC ("TAM"), as TGF's General Partner, may pursue any objectives, employ any techniques or purchase any type of..

Also known as: Tenac Asset Management, LLC