Patterson-UTI Energy, Inc.

Kahn Brothers Advisors (KBA) is a value investor that employs a bottom-up stock selection approach to invest in undervalued equity securities that are usually out-of-favor in the market. They are long-term investors with a typical 3- to year time horizon. If there are very few values to be found, the firm is comfortable holding cash.KBA invests in industries and businesses that they can understand, focusing on depressed economic sectors rather than the most popular industries and on seasoned businesses that are less likely to experience major structural change. They may make significant capital gains in conventional industries. KBA concentrates on small- and mid-cap stocks. Though not limited by sector, KBA tends to invest in the stocks of US companies in the finance, healthcare technology, consumer non-durables and electronic technology sectors. The firm invests across all market-caps. KBA maintains a very low turnover rate.KBA prefers to invest in companies in which management holds a meaningful stake and will protect their own as well as the shareholders' interests. They are less comfortable with situations in which management has aggressive base-pay packages and little ownership interest. The firm seeks to identify companies with solid balance sheets, strong working capital positions and minimal leverage. In their view, the balance sheet, not the income statement, is the best measure of overall corporate health. Consequently, many of KBA's investments have strong financial positions and weak short-term earnings.

Founded by Mark Siegel in 1993, REMY Investors & Consultants, Inc. is a hedge fund manager located in Los Angeles, California. The firm provides investment advice to investment funds and other accounts. REMY’s separate account clients may include high-net-worth individuals, institutions, trusts, endowments and pensionplans.

TFS’ security analysis methods may include fundamental analysis, financial analysis, technical analysis, charting, cyclical and macro-economic analysis. The main sources of information include, but are not limited to, financial newspapers and magazines, research materials prepared by others, corporate rating services, annual reports, prospectuses, filings with the SEC, and company press releases. The firm also pays a subscription for certain services to provide current information on stocks, bonds, mutual funds, ETF, and index funds. TFS’ investment committee develops and maintains models that can be assigned for a given client risk tolerance. To match the goals and objectives of the client while taking into account current macro conditions and the client’s risk tolerance, the primary investment strategy used on client accounts is strategic asset allocation.