Common use of Selection of Brokers Clause in Contracts

Selection of Brokers. Except for investments made directly in Securities by the Investment Manager on behalf of the Master Fund, the Master Fund and the Investment Manager will have no direct control over the selection of brokers. In selecting brokers or dealers to execute transactions directly, the Investment Manager may not necessarily solicit competitive bids and may not have an obligation to seek the lowest available commission cost. It may not be the practice of the Investment Manager to negotiate “execution only” commission rates, and thus the Investment Manager may be deemed to be paying for research and other services provided by the broker which are included in the commission rate. Research furnished by brokers may include, but is not limited to, written information and analyses concerning specific securities, companies or sectors; market, financial and economic studies and forecasts; financial publications; statistic and pricing services, as well as discussions with research personnel, along with hardware, software, databases and other technical and telecommunication services and equipment (including updates, improvements and repairs of same) utilized in the investment management process. Research services obtained by the use of commissions arising from the Master Fund’s direct portfolio transactions may be used by the Investment Manager in its other investment activities. To the extent the Investment Manager utilizes commissions to obtain items which would otherwise be an expense of the Investment Manager, such use of commissions in effect constitutes additional compensation to the Advisor. Section 28(e) of the Securities Exchange Act of 1934, as amended, permits the payment of a rate of commissions in excess of the amount another broker would have charged to obtain “research and execution” services, which may result in higher transaction costs than would otherwise be obtainable.

Selection of Brokers. Except for investments made directly in Securities by the Investment Manager on behalf of the Master Fund, the Master Fund and the Investment Manager will have no direct control over the selection of brokers. In selecting brokers or dealers to execute transactions directly, the Investment Manager may not necessarily solicit competitive bids and may not have an obligation to seek the lowest available commission cost. It may not be the practice of the Investment Manager to negotiate “"execution only” " commission rates, and thus the Investment Manager may be deemed to be paying for research and other services provided by the broker which are included in the commission rate. Research furnished by brokers may include, but is not limited to, written information and analyses concerning specific securities, companies or sectors; market, financial and economic studies and forecasts; financial publications; statistic and pricing services, as well as discussions with research personnel, along with hardware, software, databases and other technical and telecommunication services and equipment (including updates, improvements and repairs of same) utilized in the investment management process. Research services obtained by the use of commissions arising from the Master Fund’s 's direct portfolio transactions may be used by the Investment Manager in its other investment activities. To the extent the Investment Manager utilizes commissions to obtain items which would otherwise be an expense of the Investment Manager, such use of commissions in effect constitutes additional compensation to the Advisor. Section 28(e) of the Securities Exchange Act of 1934, as amended, permits the payment of a rate of commissions in excess of the amount another broker would have charged to obtain “"research and execution” " services, which may result in higher transaction costs than would otherwise be obtainable.

Selection of Brokers. Except for investments made directly in Securities by the Investment Manager Adviser on behalf of the Master Fund, the Master Fund and the Investment Manager Adviser will have no direct control over the selection of brokers. In selecting brokers or dealers to execute transactions directly, the Investment Manager Adviser may not necessarily solicit competitive bids and may not have an obligation to seek the lowest available commission cost. It may not be the practice of the Investment Manager Adviser to negotiate “execution only” commission rates, and thus the Investment Manager Adviser may be deemed to be paying for research and other services provided by the broker which are included in the commission rate. Research furnished by brokers may include, but is not limited to, written information and analyses concerning specific securities, companies or sectors; market, financial and economic studies and forecasts; financial publications; statistic and pricing services, as well as discussions with research personnel, along with hardware, software, databases and other technical and telecommunication services and equipment (including updates, improvements and repairs of same) utilized in the investment management process. Research services obtained by the use of commissions arising from the Master Fund’s direct portfolio transactions may be used by the Investment Manager Adviser in its other investment activities. To the extent the Investment Manager Adviser utilizes commissions to obtain items which would otherwise be an expense of the Investment ManagerAdviser, such use of commissions in effect constitutes additional compensation to the Advisor. Section 28(e) of the Securities Exchange Act of 1934, as amended, permits the payment of a rate of commissions in excess of the amount another broker would have charged to obtain “research and execution” services, which may result in higher transaction costs than would otherwise be obtainable.