Asset Management Advisors, LLC

Asset Management Advisors, LLC, established in 1996 by Jerry M. Williams and Scott G. Davis, specializes in providing "Family Office" services to related families and individual investors. The firm manages approximately $197,677,000 in assets for 103 clients, with a minimum investment requirement of $1,000,000. They offer investment management services with a total return objective, investing in stocks, bonds, ETFs, and mutual funds. Client securities are held at Charles Schwab & Co., Inc. AMA charges a tiered fee structure based on assets under management, starting at 1.00% for the first $1,000,000. The firm is fee-only and does not charge a minimum annual fee. AMA uses fundamental analysis and a value investing approach, focusing on long-term performance and limiting the risk of permanent capital loss. Clients have full discretion over their accounts, with AMA having the authority to trade on their behalf. The firm does not receive soft dollars and does not use performance-based fees. AMA's owners, Jerry M. Williams and Laura A. Roy, are both Certified Public Accountants. Williams has a Juris Doctor degree and Roy holds a Bachelor of Business Administration and Master of Accountancy. The firm's employees adhere to a Code of Ethics and are subject to quarterly personal trading reviews. The firm recommends Charles Schwab & Co., Inc. as a custodian and broker. - 16 -