ISSUED MAY 25, 2006

Schon-Ex, LLC ("Schon-Ex") is committed to protecting your privacy and maintaining the confidentiality and security of your personal information. This Privacy Policy explains the manner in which Schonfeld collects, utilizes and maintains nonpublic personal information about its customers, as required under recently enacted Federal Law. As noted above, this Privacy Policy only applies to products and services provided by Schon-Ex to individuals and which are used for personal, family, or household purposes (not business purposes).

Collection of Customer Information

Schon-Ex collects personal information about its customers from the following sources:

1. Account forms, customer questionnaires and other information provided by the customer in writing, in person, by telephone, electronically or by any other means. This information includes name, address, employment information and financial information;

2. Transactional activity in customer accounts, including account balances, investments, withdrawals and commissions;

3. Other interactions with Schon-Ex (for example, discussions with our staff); and

4. Verification services and consumer reporting agencies, including a customer's creditworthiness or credit history.

Disclosure of Nonpublic Personal Information

Schon-Ex may share nonpublic personal information about its customers or potential customers with affiliates, as permitted by law. Schon-Ex does not disclose nonpublic personal information about its customers or potential customers to nonaffiliated third parties, except as permitted by law (for example, to service providers who provide services to the customer or the customer's account). Schon-Ex will not share nonpublic personal information about a customer with other customers.

Schon-Ex may share nonpublic personal information, without a customer's consent, with affiliated and nonaffiliated parties in the following situations, among others:

1. To respond to a subpoena or court order, judicial process or regulatory inquiry;

2. In connection with a proposed or actual sale, merger, or transfer of all or a portion of its business;

3. To protect or defend against fraud, unauthorized transactions (such as money laundering), law suits, claims or other liabilities;

4. To service providers of Schonfeld in connection with the administration and operations of Schon-Ex's products and services, which may include brokers, attorneys, accountants, auditors, administrators or other professionals;

5. To assist Schon-Ex in offering Schon-Ex-affiliated products and services to its customers; and

6. To process or complete transactions requested by a customer.

Former Customers and Customers

The same Privacy Policy applies to former customers.

Protection of Customer Information

Schon-Ex maintains physical, electronic and procedural safeguards that comply with federal standards to protect customer information. Schon-Ex restricts access to the personal and account information of customers to those employees who need to know that information in the course of their job responsibilities.

Further Information

Schon-Ex reserves the right to change this Privacy Policy at any time. The examples contained within this Policy are illustrations and are not intended to be exclusive. This Policy complies with recently enacted Federal Law regarding privacy. You may have additional rights under other foreign or domestic laws that may apply to you.

Please contact us if you have any questions pertaining to our Privacy Statement.