CANNELL CAPITAL LLC

Cannell Capital employs a strategy focused on investing in long/short equity of publicly traded, small capitalization companies (generally having market capitalizations below Two Billion Dollars), primarily in North America. Investment idea generation can be both qualitative and quantitative in nature. Qualitative methods entail conducting primary research, including frequent discussions with company management and members of boards of directors. Quantitative methods of analysis include a systematic and tactical process in which Cannell Capital periodically views 30-40 proprietary screens regularly in search of developing trends in company fundamentals. Idea qualification includes rudimentary risk/return analysis, research time estimation and draft of a preliminary investment thesis, as well as identification of an element of positive or negative change in the company that suggests a change in future earnings. This investment thesis is assessed and monitored by reviewing recent results, financial trends, discussions with industry contacts and other appropriate analysis. Positions are entered and exited in accordance with a methodology that monitors and manages position size, price targets and risk levels. Cannell Capital has considerable discretion in choosing the securities that will be acquired and has the right to modify the selection criteria or hedging techniques used for clients without the prior consent of individual clients.

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