STONE RIDGE ASSET MANAGEMENT LLC

Stone Ridge is permitted to receive services from broker-dealers with which Stone Ridge places the Clients’ portfolio transactions. These services, which in some cases also may be purchased for cash, may include, among other things, such items as general economic and security market reviews, industry and company reviews, evaluations of securities, recommendations as to the purchase and sale of securities, and services related to the execution of securities transactions. Ridge offers investment advisory services to other investors through separately managed accounts (collectively “Managed Accounts”) that are exempt from registration under the Company Act and the Securities Act. Stone Ridge provides investment advisory services to the Funds, Longtail Holdings and its affiliates, Short Tail Holdings and its affiliates and the investors whose assets are managed in any Managed Accounts, herein collectively as “Clients.”

Stone Ridge sponsors and administers Private Funds with investment strategies including reinsurance risk premium, alternative lending risk premium, healthcare royalties, and energy. They also offer investment strategies to Managed Accounts, such as alternative lending, energy, and single-family rental real estate. Stone Ridge may also offer investment strategies described in Registered Funds’ Prospectuses or Private Funds’ Relevant Documents, or other investment strategies, to Managed Account Clients. Stone Ridge and its affiliates may aggregate the purchases and sales of securities or other assets or instruments. However, they will not necessarily purchase or sell the same securities at the same time, in the same direction, or in the same proportionate amounts for all eligible accounts, particularly if different accounts have different amounts of capital under management, different amounts of investable cash available, different strategies, or different risk tolerances.

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