TELEMARK ASSET MANAGEMENT, LLC

Telemark Asset Management, LLC ("Telemark") is an SEC-registered investment advisor that provides investment advisory services to one private fund, Telemark Fund, LP (the "Fund"). Telemark was founded in 2003, and Colin S. McNay is the sole owner. For the purposes of the brochure, Telemark's client is the Fund, not the investors in the Fund. Telemark provides advisory services to the Fund based upon the Fund’s investment objectives and restrictions, which are discussed in the Fund’s private placement memorandum. Telemark will seek to accomplish the investment objectives of the Fund by investing primarily in long and short equity positions, but may invest in other types of securities, including debt securities, options and futures. Telemark combines "top-down" analysis with "bottom-up" company-specific research and may have a high concentration in one or more sectors of the market.

Telemark will seek to accomplish its investment objectives by investing primarily in long and short equity positions, but may invest in other types of securities, including debt securities, options and futures. The firm will combine “top-down” analysis, to assess the various market segments, with “bottom-up” company specific research. Telemark is likely, at times, to have a high concentration, long or short, in one or more sectors of the market. Top-down analysis, as well as company specific analysis, may include fundamental analysis, valuation analysis, technical analysis, and other forms of quantitative analysis. Telemark may invest in foreign securities and may take long or short positions in market indexes. The firm may seek to isolate new or existing macro trends and then find specific companies that benefit from these trends.

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