Privacy Statement

SBAS is committed to protecting your privacy and maintaining the confidentiality and security of your personal information. This notice summarizes the policies with respect to nonpublic personal information of investors, prospective investors and former investors in any entity in which SBAS, or any of its affiliates, serves as general partner, investment manager or investment adviser. These policies are subject to change at any time, and apply only to products and services used for personal, family or household purposes which are provided to individuals.

SBAS may obtain personal information about you from: (i) information we receive from you in subscription forms, investor questionnaires, account forms, and similar documents you provide to us; (ii) information about your transactions with SBAS and/or with any funds or other entities or accounts managed or advised by SBAS or its affiliates; or (iii) information about your transactions provided to us by our affiliates or by financial institutions or other service providers that are authorized to provide such information in connection with your transactions. SBAS does not disclose any nonpublic personal information about our investors, prospective investors or former investors to anyone, except as permitted by law, which may include disclosures to our affiliates, to companies that perform services for us, or in connection with judicial process, compliance with requests or requirements of regulators and in certain other instances specified by law. We prohibit any affiliates or service providers from using the information they receive from us for any purpose other than as necessary to provide authorized products and services. Under California law, individual residents of California may request to "opt out" of having certain nonpublic personal information shared with affiliates of SBAS by contacting investorservices@ sbalpha.com to obtain an "opt out" form. SBAS maintains physical, electronic and procedural safeguards that comply with federal standards to protect customer information. This Statement is intended to comply with U.S. Federal and California laws regarding privacy, and you may have additional rights under other U.S. or non-U.S. laws, as applicable.