The client may either direct our firm with respect to the particular broker-dealers to be utilized by us for portfolio trading or may relegate the decision to us.

In both cases, we shall strive to evaluate a broker/dealer's capabilities in order to obtain the best execution given prevailing market circumstances as well as the complexity of the transaction. In evaluating a broker-dealer's ability to provide the most favorable price and execution for any transaction or series of transactions, our firm may consider a number of factors, including: net price, financial strength and stability, reputation, efficiency of execution, block trading and block positioning capabilities, willingness to execute related or unrelated difficult transactions in the future, and other matters ordinarily involved in the receipt of brokerage services generally. In addition, in selecting a broker-dealer for a transaction or series of transactions, we may consider the value of research services provided by the broker-dealer to our firm.

We are neither a broker/dealer nor are we a subsidiary of any broker/dealer or similar institution.