TENSILE CAPITAL MANAGEMENT LP

The Registrant provides discretionary investment advisory services to certain Clients. These Clients aim to achieve capital appreciation through long-term investments in a concentrated portfolio of undervalued publicly traded securities and/or select private investments. They engage in the purchase and sale of a broad range of investment interests and securities, including equity, equity-related, hybrid and credit securities traded publicly and privately in U.S. and non-U.S. markets, as well as illiquid securities. Clients also invest in preferred stocks, convertible securities, warrants, rights, options, swaps, and other derivative instruments, bonds, fixed income securities, non-U.S. currencies, futures, options on futures, commodity interests, and money market instruments. They also engage in short selling, hedging, and other investment strategies. 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 organizational or offering documents of the applicable Client, advisory agreements, and/or side letter agreements negotiated with investors in the applicable Client. Clients receive monthly statements of their accounts distributed by the Registrant's administrator and annual audited financial statements, both electronically and in written format.

The Registrant aims to make long-term investments in a concentrated portfolio of high-conviction ideas that offer asymmetric risk/reward opportunities. Their goal is to generate capital appreciation over a three to five-year period. The investment decisions are based on fundamental analysis of companies, including a review of their historical and projected financial and operating results, with a focus on cash flow generation. The Registrant expects to concentrate a Client's investment portfolio in industries and companies that align with the Client's investment strategy. This means that the Clients do not have fixed guidelines for diversifying their investments and may not have a diversified portfolio. This concentration of investments can lead to increased susceptibility to fluctuations in value due to adverse economic or business conditions specific to the region, security, sector, or stage of investment.

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