CUSHING ASSET MANAGEMENT, LP DBA NXG INVESTMENT MANAGEMENT

NXG Investment Management, a Texas limited partnership, provides investment management services on a discretionary basis to high-net-worth individuals and institutional investors. The firm began offering its services in 2003 and has been registered with the SEC since 2004. NXG's services are offered through a variety of channels, including separate accounts, pooled investment vehicles, and private funds. NXG's Brokerage Review Committee conducts periodic reviews of allocations to ensure fairness in the selection and allocation of investment opportunities. Portfolio managers also perform periodic reviews of each client account to ensure consistency with client objectives and restrictions. NXG's compliance department monitors trading activity to compare with regulatory and client mandates. The firm issues periodic written reports to clients, including a discussion of investment performance and data related to the client account. Investors in Private Funds receive quarterly statements containing statistical data and commentary on developments for the period.

NXG's investment process begins with detailed fundamental research and identification of developing trends. Portfolio construction incorporates this research and trend analysis with a proprietary risk management protocol to build a customized portfolio for each Client Account. NXG's active portfolio management approach relies upon its investment management and industry expertise to identify absolute and relative value investments that, in NXG's view, present the best opportunities. The results of NXG's risk management and comprehensive investment process will influence the weightings of positions held by each Client Account. NXG typically constructs portfolios that it believes will have the highest risk/reward performance over the next six (6) to twenty-four (24) months. NXG's buy discipline incorporates liquidity and pricing tolerances for each investment. The firm's sell discipline develops from a combination of price appreciation based on initial price targets, relative valuation metrics and macro issues which could impact the original thesis. NXG maintains a dedicated risk management team, including professionals with FRM and CFA designations. The risk management team monitors Client portfolios for macroeconomic risks, such as geopolitical concerns, credit spreads, currency and commodity price exposure, as well as investment specific risks, such as value at risk (VaR), liquidity, sector concentration and position exposure.

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