This document is being furnished to you on a confidential basis to provide preliminary summary information regarding an investment in The Tenor Opportunity Fund (the "Fund") and may not be reproduced or used for any other purpose. This document does not constitute an offer to sell or a solicitation of an offer to buy interests in the Fund. Such an offer and solicitation may only be made pursuant to the offering memorandum and other applicable partnership documents of the Fund (collectively the "Operative Documents"), which should be read in their entirety. The statements in this presentation are not intended to be complete or final and are qualified in their entirety by reference to the Operative Documents. In the event that the descriptions or terms described herein are inconsistent with or contrary to the descriptions in or terms of the Operative Documents, the Operative Documents shall control. Past performance is not indicative of future returns. This information, as well as all performance information herein, is provided solely to illustrate certain historical performance achieved by the managers of the Fund. The investment performance of the Fund may differ from the performance presented herein.

Performance Disclosure

The performance is presented net of all fees actually paid, which includes the deductions for advisory fees and all other expenses such as commissions and custodial fees. Because some investors may have different fee arrangements and depending on the timing of a specific investment, net performance for an individual investor may vary from the net performance as stated herein. Performance includes the reinvestment of dividends and other earnings.

Index Disclosure

The performance results have been compared to the Convertible Arbitrage Sub Strategy of the Credit Suisse Hedge Fund Index “CSFB Index”. The volatility of this index may be materially different from the individual performance attained by a specific investor. In addition, the Fund’s holdings may differ significantly from the securities that comprise the index. This index has not been selected to represent an appropriate benchmark to compare an investor’s performance, but rather is disclosed to allow for comparison of the investor’s performance to that of a well-known and widely recognized index. Index information is included to show the general trend in the markets in the periods indicated and is not intended to imply that the portfolio was similar to the index in either composition or element of risk. You cannot invest directly in an index.