U.S. Concrete, Inc.

Lomas Capital Management generates investment ideas using bottom-up, fundamental analysis to identify stocks with asymmetric risk/reward characteristics. While their approach is not limited to growth or value, they focus primarily on industry sectors in which their team members have considerable investment experience, particularly the consumer, industrial and financial sectors. Lomas emphasizes strategic versus tactical thinking in formulating investment ideas and themes. The firm evaluates companies based on various attributes including, but not limited to: (1) an emerging theme or underappreciated growth trend (2) an earnings or cash flow outlook that they believe is materially different than market expectations (3) unique balance sheet opportunities (i.e., understated assets and/or overstated liabilities) or great franchises at attractive entry points and (4) discounts to market value.On the short side, Lomas generally focuses on company specific securities they expect to generate positive returns. Their methodology for selecting company specific shorts is based on the same set of considerations as their approach on the long side. That is, the firm's company specific shorts reflect their sector focus and they seek to utilize their industry knowledge to identify businesses that face secular or cyclical challenges and/or have an earnings profile that is likely to be materially worse than anticipated by the market. Lomas may also utilize short selling for hedging purposes. In this respect, the firm's activity is mostly ETF and index-based and generally constitutes the balance of their short exposure.

PCM offers three specialty investment styles: Large-Cap Growth, Small-Cap Growth, and Small-Cap Value. Large-Cap Growth style look for long-term investments in 25-35 of the highest quality, most dynamic growth companies that are leaders in their industry. Small-Cap Growth focus on undervalued companies in the early stages of their investment cycle (discovery phase) with evidence of high growth. Rediscovery companies must provide a minimum of 40% EPS growth over the next twelve months, or sell at a 40% discount to asset value. Small-Cap Value strategy conducts extensive fundamental research in search of one of the firm's five Value Buy Criteria: resolvable short-term problem, catalyst for change, unrecognized assets, fundamental undervaluation, and take-over potential. Portfolios are fully invested in 90 to 110 holdings with generally no position exceeding 3.5% in weight. The portfolio seeks to be diversified across all sectors at all times. PCM invest primarily in US equity securities or securities convertible into equities traded on a US exchange or over-the-counter. Investments may include ADRs for access to foreign investments and exchange-traded funds used for cash management purposes. All investment styles have a research intensive, company-specific approach to stock selection.

GMT Capital is a long-term, value based investment adviser with a long/short equity focus. The firm aims to generate attractive returns for its investors with managed risk. They generally invests a majority of the assets of the Advisory Clients in long and short positions in common and preferred stocks, common and preferred stock derivatives, commodity and commodity-linked securities and futures contracts, and may also invest in private equity investments, bonds or other credit investments, real estate, or other asset classes both within the US and outside the US. Although the firm's investment advice is generally limited to these types of investments, it has a broad and flexible investment authority. GMT Capital generally establishes investment positions with expected medium to long-term holding periods although the funds may trade actively.