FRIENDS & FAMILY CAPITAL MANAGEMENT, LLC PRIVACY NOTICE

We respect your right to privacy. In the normal course of forming and operating funds advised by Friends & Family Capital Management, LLC (the "Funds"), we must from time to time obtain and disclose certain private information about you. To protect the confidentiality of your private information while making the necessary disclosures, we have developed the security policies described below.

We collect non-public personal information (e.g., names, addresses, social security numbers, assets, incomes) about you from the following sources:

• Information provided by you from subscription agreements and other documents and

• Information about your transactions with us, our affiliates, and others, such as your capital account balance, other account data, and participation in other investments.

Except as described below, we will only disclose your personal information to our affiliates, other partners in a Fund, and service providers, or as otherwise permitted by applicable law. In general, we may share your personal information with our accountants and attorneys, as well as with broker-dealers, custodians and transfer agents that facilitate in-kind distributions of portfolio securities. We may also share your personal information with other providers of services necessary or convenient to the formation, operation or dissolution of a Fund. Finally, as required or permitted by a Fund's governing document, we may distribute to all partners in that Fund certain personal financial information, such as capital account information and various schedules to the applicable governing document.

Any service provider receiving your personal information will be authorized to use such information only to perform the services required and as permitted by applicable law. No party receiving your personal information will be authorized to use or share that information for any other purpose.

With respect to personnel of a Fund and its affiliates, we restrict access to non-public personal information to those individuals who require access to provide services to the Fund and its limited partners. We maintain physical, electronic, and procedural safeguards that comply with federal regulations to guard your non-public personal information.

In all events, a Fund may disclose non-public personal information about you: (x) to other limited partners as required or permitted under that Fund's governing document; and (y) as otherwise required by applicable law.

If you have any questions about our privacy policy, please feel free to email the Privacy Agent at privacy@friendsandfamilycapital.com.