Common use of Order Aggregation and Allocation Clause in Contracts

Order Aggregation and Allocation. R▇▇▇▇▇▇ may in some cases aggregate sales and purchase orders of securities, commodities and other investments for clients with similar simultaneous orders for other accounts managed by R▇▇▇▇▇▇ or its affiliates. R▇▇▇▇▇▇ is not obligated to aggregate orders, and will only do so if R▇▇▇▇▇▇ reasonably believes such aggregation will result in an overall economic benefit to its clients, taking into consideration the objective of best execution as defined above. Aggregated orders are allocated among R▇▇▇▇▇▇ clients according to R▇▇▇▇▇▇’▇ policies and procedures designed to ensure that all clients are treated on a fair and equitable basis, and that the interests of some clients are not placed over those of others.

Order Aggregation and Allocation. R▇▇▇▇▇▇ may in some cases aggregate sales and purchase orders of securities, commodities and other investments for clients with similar simultaneous orders for other accounts managed by R▇▇▇▇▇▇ or its affiliates. R▇▇▇▇▇▇ is not obligated to aggregate orders, and will only do so if R▇▇▇▇▇▇ reasonably believes such aggregation will result in an overall economic benefit to its clients, taking into consideration the objective of best execution as defined above. Aggregated orders are allocated among R▇▇▇▇▇▇ clients according to R▇▇▇▇▇▇’'▇ policies and procedures designed to ensure that all clients are treated on a fair and equitable basis, and that the interests of some clients are not placed over those of others.