Common use of OTHER CLIENTS; LIABILITY Clause in Contracts

OTHER CLIENTS; LIABILITY. We are under no obligation to effect any transaction for the Advisory Program Account that we believe to be improper. We and the Sub-Advisors are engaged in a wide range of securities services. Accordingly, we may provide services to companies for compensation, and may recommend the securities of those companies to clients. We and the Sub-Advisors may give advice and take action in the performance of our duties to other clients or for our own accounts that differs from the advice we give you. Or the timing and nature of actions we take may differ, which may cause the Advisory Program Account to receive higher or lower execution prices than such other accounts. Additionally, we and the Sub-Advisors may be limited in our ability to divulge or act upon certain information we possess as a result of investment banking activities or other confidential sources and we may be restricted or limited in our ability to make investment recommendations as a result of these affiliated activities.