CANNELL CAPITAL LLC

Cannell Capital is an active investor employing fundamental, bottom-up research to make investment decisions. Their strategy focuses on investing in long/short equity of publicly traded, small capitalization companies, generally those with market capitalizations below Two Billion Dollars ($2,000,000,000.00), primarily in North America. Investment idea generation can be both qualitative and quantitative; qualitative methods involve primary research, including frequent discussions with company management and members of boards of directors, while quantitative methods include a systematic process of periodically viewing 30-40 proprietary screens to identify developing trends in company fundamentals. Idea qualification for these investments includes rudimentary risk/return analysis, research time estimation, and drafting a preliminary investment thesis. This process also involves identifying an element of positive or negative change within a company, such as new management or a changing market, that suggests a change in future earnings. The investment thesis is then 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, with Cannell Capital having considerable discretion to modify selection criteria or hedging techniques.

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