Teton Capital

Fund, L.P.

Fund Investment Objectives

Teton Capital's investment methodology utilizes intensive fundamental research and investment analysis that involves extensive contact with senior management, customers, and suppliers of portfolio companies. Investments will consist of equity securities of US companies and of foreign issuers traded in the US markets, with an emphasis upon liquid securities traded in the primary US markets. Teton Capital will endeavor to manage risk through a variety of techniques. As part of its strategy to limit risk and volatility, the portfolio will generally be unleveraged, although the Advisor has the authority to utilize margin borrowings when deemed appropriate.