Tenzing Global Management, LLC

Tenzing Global began operations in 2011 as an investment adviser headquartered in San Francisco which aims to compound its clients’ capital significantly, through a concentrated, long-term, value-oriented approach. Tenzing Global serves two clients managing substantially the same investment strategy: Tenzing Global Investors Fund I, LP (“the Tenzing Fund”), for which Tenzing Global is the investment adviser, and a pooled vehicle sponsored by a third party (“the Sub-Advised Fund”), for which Tenzing Global is the investment sub-adviser. Although Tenzing Global’s clients have substantially the same investment strategy, their performance may differ over time due primarily to the different timing of contributions to and withdrawals from each fund, and various legal or regulatory restrictions that may apply to either of the funds. Chet Kapoor is Tenzing Global’s principal owner. Chet Kapoor serves as the Chief Investment Officer of Tenzing Global. A Tenzing Global affiliate, Tenzing Global Investors, LLC, is a Delaware limited liability company that serves as the general partner of Tenzing Global Investors Fund I, LP. As of December 31, 2025, Tenzing Global had approximately $228,082,424 in discretionary regulatory assets under management. Tenzing Global does not manage any client assets on a non-discretionary basis. Tenzing Global pursues its investment strategy by acquiring equity and equity-related securities across a variety of sectors in U.S. and non-U.S. public markets and by taking short positions in equity securities. Tenzing Global is not restricted in the types of securities or other instruments it may buy for its clients, the types of positions it may take, or the amount of leverage it may employ. Tenzing Global manages investments in accordance with the investment objectives, strategies, guidelines, and terms and conditions, outlined in each client’s respective governing documents. Both the Tenzing Fund and the Sub-Advised Fund are managed only in accordance with their own respective investment objectives and neither is tailored to any particular private fund investor. Investors in private funds managed by Tenzing Global should review not only this Brochure, but also the full contents of the offering documents. This Brochure is intended to be a general summary of advisory services provided by Tenzing Global to its pooled investment vehicles. This Brochure is both supplemented and superseded by the offering documents for the Tenzing Fund. Any discussions regarding clients in this brochure, including but not limited to their investments, the strategies used in managing the clients, the fees and other costs associated with an investment in the clients, and conflicts of interest faced by Tenzing Global in connection with management of the clients, are qualified in their entirety by reference to each client’s respective governing documents and/or advisory agreements.

Tenzing Global’s clients generally compensate Tenzing Global and its affiliates through a management fee and an incentive allocation. Please see the applicable offering documents and investment management agreements for the Tenzing Fund and the Sub-Advised Fund which include a complete discussion of applicable fees paid by investors related to such vehicles. Management Fee Tenzing Global earns an asset-based management fee on the aggregate net assets of each client, which is payable and deducted from the client’s assets monthly in advance. The management fee is calculated on an investor-by-investor basis for each client and generally ranges from 1.25% to 1.75% of an investor’s capital balance depending on the liquidity terms in which an underlying investor has invested. These fees may be negotiable. If external assets under management exceed $500 million, the management fee rate will be reduced according to a formula in the offering documents.

Incentive Allocation Tenzing Global also earns performance-based compensation on profits earned over the incentive allocation time, which varies by class, or upon withdrawal. The incentive allocation is transferred from the limited partners to the general partner, in the case of the Tenzing Fund, and to the advisor as a special limited partner, in the case of the Sub-Advised Fund. The incentive allocation is calculated on an investor-by-investor basis for each client and generally ranges from 15% to 20% of the net appreciation in each investor’s capital account, subject to a standard high-water mark. These fees may be negotiable. Routine Withdrawal Tenzing Global seeks to partner with investors who share a long-term view and investment philosophy. Accordingly, investors have agreed that they may withdraw amounts from their capital account balances only at certain times. Investors are permitted to make Routine Withdrawals during soft- and hard-lock periods, as outlined in the applicable offering documents. Early Withdrawal Charge If an investor makes a withdrawal outside of the agreed upon Routine Withdrawal windows, an early withdrawal charge of 7.5% will be applied and directly deducted from the withdrawn amounts. Early withdrawal charges paid by the withdrawing investor are paid to the remaining investors across both clients in proportion to their capital account balances. Expenses Generally, Tenzing Global’s clients are responsible for their own costs and expenses related to operations and administration, which may include, but are not limited to the following: (a) expenditures made by or on behalf of the client in connection with the clients’ formation and organization; (b) brokerage and futures commissions and other transaction related compensation and charges arising out of transactions involving client assets, including costs and expenses associated with using a service provider unaffiliated with Tenzing Global to provide an outsourced trading desk function; (c) interest on margin and other borrowings, interest and other borrowing charges on investments sold short, and custodial fees; (d) auditing, accounting, administration, bookkeeping, appraising, tax preparation, legal and other professional fees, costs and expenses, including fees and costs paid to counsel for services relating to a client’s legal affairs (which include fees and costs involved in documenting or negotiating special arrangements between Tenzing Global and any client), fees and costs in connection with lawsuits, arbitrations and other controversies, fees of third party administrators, and costs and liabilities arising under exculpation, indemnification and liability of Tenzing Global); (e) costs and expenses incurred in connection with the offer and sale of offerings, including printing, copying, travel and travel-related costs and expenses associated with the preparation of offering materials and the sale of offerings; provided that clients will not be charged or bear any placement or solicitation fees in connection with the sale of offerings; (f) fees and expenses of third-party appraisers, experts, consultants, and other professionals in connection with, as well as other costs and expenses (including travel and travel-related expenses and costs of third party analytical services) directly related to, investment research and due diligence; (g) regulatory, licensing and governmental registration, filing and other fees, transfer, withholding, stamp, and other taxes and duties imposed on clients; (h) costs and expenses of client reporting, and costs and expenses of client governance activities (including obtaining client consents); (i) the client’s allocable share of the costs and expenses related to the operation and/or administration of any collective investment vehicle (including a “master fund” or similar entity) in which clients hold an ownership interest; and (j) other reasonable client costs and expenses related to the management and operation and/or the purchase, sale or transmittal of investments and other client assets, as the advisor determines. All or a portion of these costs and expenses may be paid by brokerage firms as discussed in Item 12 below. Some of these costs and expenses may be incurred on a comingled basis and then allocated to each client, generally in proportion to the value of each client’s assets managed by Tenzing Global. Investors in the Sub-Advised Fund may bear additional expenses unrelated to Tenzing Global’s management. Investors should consult with the Sub-Advised Fund’s sponsor regarding these expenses.

Generally, any fees paid in advance are not refundable. Tenzing Global does not accept compensation for the sale of securities or other investment products apart from the advisory services provided to its clients.

All investments are subject to risk, including the risk of loss. There can be no assurance that the Tenzing Fund, the SubAdvised Fund, or any investment strategy will achieve its objectives or avoid incurring substantial or total losses. Any defined terms used below, not otherwise defined herein, have the definition ascribed to them in the applicable offering documents or governing documents. THE INFORMATION BELOW IS INTENDED TO SERVE AS A SUMMARY OF POTENTIAL RISKS OF INVESTING WITH TENZING GLOBAL. THE FOLLOWING IS NOT, AND IS NOT INTENDED TO BE, A SUBSTITUTE FOR A CLIENT’S GOVERNING DOCUMENTS OR OFFERING DOCUMENTS. ANY REFERENCES TO ANY CLIENT IN THIS BROCHURE, INCLUDING, BUT NOT LIMITED TO, THEIR INVESTMENTS AND MANAGEMENT STRATEGIES, ARE QUALIFIED IN THEIR ENTIRETY BY REFERENCE TO EACH CLIENT’S RESPECTIVE OFFERING DOCUMENTS, GOVERNING DOCUMENTS, INVESTMENT OBJECTIVES, AND GUIDELINES. THESE RISKS MAY CHANGE OVER TIME. TENZING GLOBAL MAY OFFER ADVISORY SERVICES, ENGAGE IN AN INVESTMENT STRATEGY, AND MAKE ANY INVESTMENT, INCLUDING ANY NOT DESCRIBED IN THIS BROCHURE, THAT TENZING GLOBAL DEEMS APPROPRIATE, SUBJECT TO EACH CLIENT’S INVESTMENT OBJECTIVES AND GUIDELINES. POTENTIAL INVESTORS SHOULD REVIEW THE GOVERNING DOCUMENTS IN THEIR ENTIRETY AND CONSULT THEIR OWN LEGAL, TAX, AND/OR FINANCIAL ADVISERS BEFORE INVESTING WITH TENZING GLOBAL. THIS INFORMATION MAY BE BOTH SUPPLEMENTED AND SUPERSEDED BY INFORMATION IN EACH CLIENT’S GOVERNING DOCUMENTS. Investment Strategy Tenzing Global invests primarily in the technology and consumer sectors. Generally, the Investment Manager looks to invest in quality businesses with high barriers to entry and a pathway to sustainable growth and profitability. Valuation also plays a large part in the Investment Manager’s framework. As a result, the Investment Manager generally targets stocks trading at significant discounts to intrinsic value. Such discounts may arise because of temporary market- or sector-related dislocations and/or company-specific overhangs. Tenzing Global generally focuses on small- and mid-capitalization public companies, but occasionally focuses on largecapitalization public companies that meet the firm’s investment criteria. In select circumstances, Tenzing Global partners with management teams and boards with the goal to increase shareholder value. In these cases, Tenzing Global attempts to work constructively to create alignment and to implement a strategy that maximizes sustainable returns for all shareholders. Tenzing Global typically invests in securities consisting principally, but not solely, of equity and equity-related securities that are traded publicly in U.S. and non-U.S. markets. Tenzing Global uses financial instruments both for investment

purposes and to hedge against fluctuations in the value of clients’ portfolios as a result of changes in currency exchange rates, market interest rates, and equity prices. These instruments currently include short positions on margin and overthe-counter options. Tenzing Global expects to invest a portion of clients’ assets in illiquid securities, which generally are stocks of small-capitalization public companies. Depending on conditions and trends in securities markets and the economy generally, Tenzing Global may pursue any objectives or use any techniques that Tenzing Global considers appropriate and in the interest of clients. Risks Investing in securities and commodities involves risk of loss that clients should be prepared to bear. The following risks do not represent an exhaustive explanation of risks associated with investing with Tenzing Global. Some risk factors may be specific to a particular client, which are more fully discussed in their respective offering or governing documents. However, all investors or prospective investors should be aware of certain risk factors summarized below. THE RISK FACTORS INCLUDED BELOW ARE NOT A COMPLETE LIST OR EXPLANATION OF THE RISKS INVOLVED WITH AN INVESTMENT WITH TENZING GLOBAL AND ONLY REPRESENT THE RISKS THAT TENZING GLOBAL BELIEVES TO BE MATERIAL, SIGNIFICANT, OR UNUSUAL, AND RELATE TO PARTICULAR INVESTMENT STRATEGIES OR METHODS OF ANALYSIS EMPLOYED BY TENZING GLOBAL, WHICH INCLUDE, BUT ARE NOT LIMITED TO: Dependence on Investment Manager; Investment Discretion; Portfolio Company Management. Tenzing Global’s prospects depend upon Tenzing Global’s ability to develop and implement investment strategies that achieve investment objectives. Tenzing Global will select particular investments based on analysis and subjective assessments of the variety of factors that it considers relevant to the prospects of those investments. Failures of that analysis or those assessments, as to particular investments or as to the construction of the portfolios as a whole, may cause Tenzing Global to incur losses or to miss profit opportunities on which Tenzing Global could otherwise have capitalized. A client will not have an opportunity to evaluate for themselves the relevant economic, financial and other information regarding the investments to be made by Tenzing Global and, accordingly, will be dependent upon Tenzing Global’s judgment and ability in investing and managing their capital. No assurance can be given that Tenzing Global will be successful in obtaining suitable investments or that, if such investments are made, the objectives of Tenzing Global’s clients will be achieved. Although Tenzing Global will monitor the performance of each client’s investment, it will primarily be the responsibility of each portfolio company’s management team to operate the portfolio company on a day-to-day basis. Although Tenzing Global generally intends to invest in companies with strong management or recruit strong management to such companies, there can be no assurance that the existing management of such companies will continue to operate a company successfully. Clients will not have the right to participate in the management, control or operation of their portfolio. Reliance on Key Personnel. Tenzing Global’s operations are substantially dependent upon the skill, judgment and expertise of Messrs. Kapoor and Wang and, if Tenzing Global employs additional key personnel, those personnel. The death, disability, departure or other unavailability of any key personnel could have a material and adverse effect on clients and Tenzing Global. Not a Complete Investment Program. Tenzing Global will pursue the investment strategy described in this brochure (as Tenzing Global may modify it from time to time); an investment in a client is not intended as a complete investment program for any investor. If Tenzing Global’s strategy is not successful, or if Tenzing Global is unable to implement the strategy effectively, clients could lose some or all of their capital. For these reasons an investment with Tenzing Global may be considered speculative and is appropriate only for sophisticated and experienced investors who are able to bear the risk of loss of their entire investments. Portfolio Investment Risks. All investment and trading activities risk the loss of capital. The following describes some of the risks to which a client’s portfolio will, or may be, subject.

Concentration of Investments. While Tenzing Global will attempt to spread capital among a number of investments, it will not be as diversified as many other investment funds. It generally will focus its investments on a relatively small number of positions, each representing a relatively large portion of a client’s capital. Clients may at times have a relatively large portion of their capital exposed to a particular industry or market sector. Losses in one or more large positions, or a downturn in an industry or market sector in which a client is concentrated, could materially adversely affect a client’s performance and could have a materially adverse effect on the client’s overall financial condition. Small- and Medium- Capitalization Stocks. Tenzing Global may invest a significant portion of client assets in stocks of companies with relatively small- or medium-sized market capitalizations. While Tenzing Global believes these stocks can provide significant potential for appreciation, they can involve higher risks than investments in stocks of larger companies. For example, prices of small-capitalization and some medium-capitalization stocks are often more volatile than prices of large-capitalization stocks and the risk of bankruptcy or insolvency of many smaller companies (with the attendant losses to investors) may be higher than for larger, “blue-chip” companies. In addition, thin trading in some small- and medium-capitalization stocks may make those stocks less liquid than large-capitalization stocks. Financial Institutions Risk. Tenzing relies upon third-party banks or other custodians to hold and safeguard our Client’s assets. While Tenzing carefully selects and monitors its custodians, there is no guarantee that such custodians will not experience financial difficulties or otherwise fail, which could prevent the Firm from accessing Client funds, securities, or credit facilities. These events could negatively impact Firm performance or result in substantial delays in the return of capital to investors. Events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions or the financial services industry generally, or concerns or rumors about any events of these kinds, have in the past and may in the future lead to market-wide liquidity problems. For example, on March 10, 2023, Silicon Valley Bank ("SVB") was closed by the California Department of Financial Protection and Innovation, which appointed the FDIC as receiver. Despite subsequent actions taken by the U.S. Department of the Treasury, the U.S. Federal Reserve and the FDIC to ensure that all depositors of SVB had access to all of their cash deposits following the closure of SVB, uncertainty and liquidity concerns in the broader financial services industry remain. Tenzing regularly maintains cash balances at banks or other custodians in excess of the FDIC insurance limit. Each of these parties’ access to cash in amounts adequate to pay expenses, purchase new investments and otherwise operate its business could be significantly impaired by the financial institutions with which it maintains cash balances to the extent such financial institutions face liquidity constraints or failures. In addition, investor concerns regarding the U.S. or international financial systems may increase the risk of default of particular investments, negatively impact market value, increase market volatility and cause credit spreads to widen and reduce liquidity, all of which could have a material adverse effect on the performance of the Firm’s investments, returns and the ability of the Firm to make and/or dispose of investments. No assurance can be given as to the effect of these events on the value of, or markets for, investments, or the Firm’s ability to recover therefrom. In addition, while it is not always possible to predict the extent of the impact that the failure of any financial institution or the high market volatility and instability of the banking sector could have on economic activity and Tenzing in particular, the failure of other banks and financial institutions and the measures taken by governments, businesses and other organizations in response to these events could adversely impact the Firm and its investments. Changing Political and Economic Conditions. The success of Tenzing Global’s investment strategy could be significantly impacted by changing political and economic conditions in the United States and other global economies. General economic conditions, interest rates, and the availability of alternate sources of financing may affect a client’s results, including the value of their investment and their ability to realize them for a profit. The securities of the type Tenzing Global targets may be adversely affected by changes in governmental policies, taxation, other laws and regulations, consumer and business spending trends, new social trends and/or communication methods, general economic downturns, domestic and foreign political situations, currency fluctuations and other factors.

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Tenzing Global currently advises two pooled investment vehicles. Investments in the Tenzing Fund generally require a minimum initial investment of $2 million. Investments in the Sub-Advised Fund are separately negotiated. Tenzing Global may waive or increase minimum account sizes and decline to accept new investments in its sole discretion.

Tenzing Global currently earns incentive allocations of comparable rates from both clients, as described in Item 5. Advisers concurrently managing several clients subject to differing fees, such as differently calculated performance allocations, may be incentivized to prefer the client subject to higher fees. However, since Tenzing Global currently earns incentive allocations of comparable rates from all clients, the risk of preferential treatment associated with different performance-based fees is reduced. Additionally, Tenzing Global has adopted an allocation policy to ensure that investment opportunities are allocated in a fair and equitable manner between advisory clients and to manage the risks associated with performance-based fees and side-by-side management of clients.

Tenzing Global is not registered, and does not have an application pending to register, as a broker-dealer or registered representative of a broker-dealer. Currently, no Tenzing Global staff are registered representatives of a broker-dealer. Neither Tenzing Global nor its management persons are registered, or have an application pending to register, as a futures commission merchant, commodity pool operator, commodity trading advisor, or an associated person of the foregoing entities. Tenzing Global’s affiliate, Tenzing Global Investors, LLC (the “General Partner”), serves as the general partner of the Tenzing Fund. The Tenzing Fund does not have independent management, and although this arrangement may give Tenzing Global heightened control and discretion over the Tenzing Fund, Tenzing Global manages any potential conflicts of interest by disclosing this relationship and adhering to the investment strategy in the Tenzing Fund’s governing documents. Certain Tenzing Global personnel, such as officers, employees, members, and/or affiliates, serve (and may serve in the future) as directors, officers, or committee members of various client portfolio companies. Such persons could face conflicts of interest between discharging their duties as directors, officers or committee members, as the case may be, of such companies and acting in the best interests of the applicable clients. Tenzing Global and its affiliates have received compensation, and may receive compensation in the future, from such companies in their capacities as directors, officers or committee members, and this compensation is generally considered an asset of, and shared among, the applicable clients. Tenzing Global does not recommend or select other investment advisers for clients.

Tenzing Global has adopted a Code of Ethics designed to set forth standards of conduct expected of employees and monitors and prevents potential conflicts of interest that may arise from Tenzing Global’s advisory activities. In particular, Tenzing Global’s Supervised Persons, consisting of managing members, employees, and other persons subject to their supervision and control, are required to uphold the Firm’s fiduciary duties and responsibilities to investors. Tenzing Global’s Code of Ethics, together with the compliance manual, sets forth practices that generally requires: • Tenzing Global and its Supervised Persons consider the interests of clients before Tenzing Global’s interests and Tenzing Global’s employees’ interests; • Compliance with federal securities laws; • Reporting and review of personal securities transactions and holdings; • Distribution of the Code of Ethics to all personnel; and • Reporting of violations of the Code of Ethics.

Because of Tenzing Global’s generally broad mandate in publicly traded equity securities, the Code of Ethics restricts the personal transactions of all Supervised Persons in single-name publicly traded equity securities, among others, and explicitly prohibits insider trading. The Code of Ethics also requires pre-approval before serving on boards of directors of any outside companies, making personal investments, receiving and sending of gifts, or making political contributions. A copy of Tenzing Global’s Code will be furnished to any client or prospective client upon request made via email.

Tenzing Global has complete discretion in deciding what brokers or other financial counterparties to use for portfolio transactions, as well as complete discretion to negotiate compensation arrangements and transaction terms. Tenzing Global’s policy is to seek best execution for its client accounts. Given that Tenzing Global’s investment strategy generally involves taking a long-term significant ownership stake in public companies, an evaluation of best execution is different from strategies with higher trading volume due to more positions held and/or shorter holding periods. In choosing executing brokers, Tenzing Global considers the full range and quality of a broker dealer’s services including the value of corporate access and research provided, availability of blocks, confidentiality, the commission rate charged, the cost and availability of shorts, and the overall quality of execution. Due to these factors, among others, the price to a particular client in any particular transaction may be less favorable than that available from another broker-dealer if Tenzing Global determines that such difference is reasonable in relation to the value of the brokerage, execution, and/or research service provided. We generally do not select broker-dealers based upon client referrals. Within the context of best execution, Tenzing Global may pay commissions higher than those charged by other brokerdealers in return for soft dollar benefits used to pay for research. Tenzing Global intends to use soft dollars to pay for proprietary and/or third-party research or brokerage products or services that fall within the safe harbor for soft dollars created by Section 28(e) of the Securities Exchange Act of 1934. When Tenzing Global uses soft dollars, we receive a benefit because we do not have to produce or pay for the research, products, or services, and we may have an incentive to select or recommend a broker-dealer based on our interest in receiving such research, products, or services, rather than a client’s interest in receiving most favorable execution. While Tenzing Global seeks to limit the use of soft dollars to those clients paying for them, to the extent necessary, we will attempt to allocate such research, products, or services paid for with soft dollars to each client in proportion to the soft dollars such client generates. Tenzing Global may aggregate trade orders for a client with similar orders and allocate the securities purchased or sold, on an average price basis, among participating clients. As a result, the price may be less favorable to a client than it would be if Tenzing Global were not executing similar transactions concurrently for another client.

Tenzing Global does not receive economic benefits from non-clients for providing investment advice and other advisory services. Please see Item 12 for more information regarding how Tenzing Global receives certain research or other products or services from broker-dealers through “soft-dollars.” As part of the suite of services provided by its clients’ prime brokers, those prime brokers introduce to Tenzing Global potential clients. Tenzing Global does not separately compensate the prime brokers for this service.

There are no legal or disciplinary events that are material to a client’s or prospective client’s evaluation of Tenzing Global’s advisory business, or the integrity of Tenzing Global’s management.

The Chief Investment Officer reviews each client’s account each business day. Those reviews take into account such matters as asset allocation, investment ideas, economic developments, current events, investment strategies and Tenzing Global’s holdings. Clients receive monthly performance reports, quarterly letters discussing performance and investment outlook, as well as annual audited financial statements in accordance with generally accepted accounting principles.

All client assets are held in custody by unaffiliated broker-dealers or banks; however, Tenzing Global is deemed to have constructive custody of the assets through their role as general partner of the Tenzing Fund. Investors in the Tenzing Fund receive monthly account statements directly from an independent administrator in lieu of the custodian statements for the funds. Additionally, the Tenzing Fund is audited on an annual basis and investors receive a copy of the audited financials within 120 days of the Tenzing Fund’s fiscal year-end. Clients should carefully review these statements and should compare them to any statements received from Tenzing Global. Tenzing Global does not have custody over the assets of the Sub-Advised Fund.

Unless otherwise specified, Tenzing Global generally has broad discretionary trading authority for each client granted through, and subject to the investment objectives and guidelines set forth in, the relevant offering and governing documents including: the investment management agreement, limited partnership agreement or similar operating documents. Generally, neither clients nor investors may impose limitations on Tenzing Global’s trading authority beyond those outlined in the applicable offering and governing documents.

Tenzing Global has discretionary authority to manage securities accounts on behalf of clients. Tenzing Global seeks to vote proxies on behalf of clients to maximize shareholder value. To that end, Tenzing Global seeks to consider both the short- and long-term implications of a proposal. Tenzing Global monitors potential conflicts of interest between the client’s interest and their own within the proxy voting process. If a material conflict is identified, Tenzing Global seeks to resolve the conflict and vote in the client’s best interest. Tenzing Global’s proxy voting policy and procedures are available upon request. Clients may obtain information about how Tenzing Global voted proxies via email.

Tenzing Global has never filed for bankruptcy and Tenzing Global is not aware of any financial condition expected to affect their ability to manage client accounts.