Rhode Island State Investment Commission

ENDEAVOUR PHILOSOPHY From our early days as an investor for a single family LP, our local presence and partnership philosophy have been the primary ways in which we differentiate ourselves in a crowded private equity market. ENDEAVOUR Reputation Genuine Partnership Long-Term Commitment Business Ethics Stewardship & ESG L ▪ Good partnerships are defined by mutual respect, a common commitment and an open sharing of ideas ▪ We also believe a management team must have the autonomy to effectively execute the day-to-day operations of the business L Our reputation is our greatest asset. It is built and preserved by treating people fairly, being good partners and leaving companies in a better position than when we invested. ■ Great companies and value are created over time. Investors who are purely financial engineers and transaction driven or emphasize immediate returns add little value to the long-term vitality of a company. Business ethics and an equitable deal for our partners are consistent with the creation of long-term value. The needs of employees and all stakeholders are part of our equation. ▪ We have a genuine appreciation for a company's legacy and culture; we take stewardship of businesses, their employees and communities seriously ▪ ESG considerations and procedures are formally integrated into our investment underwriting and ongoing portfolio management processes 6

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