TENSILE CAPITAL MANAGEMENT LP

The Registrant provides discretionary investment advisory services to Clients, aiming for capital appreciation through long-term investing in a concentrated portfolio. The investment strategy focuses on undervalued publicly traded securities and select private investments, encompassing a broad range of investment interests and securities. These include equity, equity-related, hybrid, and credit securities traded publicly and privately in U.S. and non-U.S. markets, as well as illiquid securities like restricted securities of public and private companies. Clients may also invest in preferred stocks, convertible securities, warrants, rights, and options. Investment advice is provided directly to the Clients, subject to the discretion and control of the applicable General Partner, and not individually to the investors in the Clients. Investment restrictions are generally established in the Client's governing documents. The Registrant does not participate in wrap-fee programs. Certain investors participate in either the publicly traded securities strategy, the private securities investment strategy, or both.

The Registrant seeks to make long-term investments in a concentrated portfolio of high-conviction ideas that provide asymmetric risk/reward opportunities to generate capital appreciation over three to five years. The investment decisions are based on considerations supported by the fundamental analysis of companies. The Registrant’s due diligence process includes pre-investment diligence and post-investment monitoring, including a review of a business’ historical and projected financial and operating results with a focus on cash flow generation, review and analysis of any unique risk factors impacting the business, assessment of corporate governance, and engagement of third-party experts or consultants. The Registrant utilizes a process of sharing investment ideas, implementing investment decisions, and reviewing current investments through a series of ongoing meetings held among the Managing Partners, portfolio managers, and analysts. The Clients are reviewed by the Managing Partners on a regular basis. The Managing Partners, along with other members of the Registrant’s Investment Personnel, regularly supervise all trading activity, monitor for associated risk, and have the ultimate authority related to all investment decisions.

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