IMPACTIVE CAPITAL LP

Impactive Capital LP is a registered investment adviser that provides advisory services to clients. The firm's advisory business focuses on identifying improvements in the diligence process, reassessing indicators of management quality and board effectiveness, identifying improvements in optimizing positions, and assessing which ESG changes were made and how they impacted returns. Impactive Capital believes that a continuous feedback mechanism is a critical part of the investment process. The firm's advisory business involves substantial risks, and clients could realize losses rather than gains from some or all of the investments described. Investing in securities involves a risk of loss that clients should be prepared to bear.

Impactive Capital is a fundamental, research-intensive, long-term oriented value investor in the public markets. They seek to be a catalyst to realize long-term value in each client's investments by influencing management teams and Boards to effect systemic change with respect to capital allocation, strategic initiatives, operational improvements and Environmental Social and Governance policies. They believe these techniques can make companies more competitive and profitable, and maximize the value realization from a client's investments over the long-term. Impactive Capital is willing to take on short-term price risk in the interest of generating long-term stock price appreciation. They may also recommend strategic and operational initiatives that require near-term investments which can dampen short-term profitability for the purposes of driving superior longer-term returns. They may employ hedges in the portfolio and generally view the value-creation process in their portfolio companies as a multi-year effort.

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