To our Individual Investors:

We are required by law to inform our individual investors of our policies regarding privacy of information. For us, protecting the privacy of your information is nothing new. We have in the past, and will continue in the future, to protect your right to privacy. As a general rule, we do not disclose non-public personal information about our investors or former investors to anyone that is not affiliated with us without the investor’s consent.

Types of “Non-Public Personal Information” We Collect
In the course of our investment activities on your behalf, we may collect non-public personal information from you, such as your name and social security number, from documents that you may deliver to us or from our discussions with you.

Persons to Whom We Disclose Information
As stated previously, we generally do not disclose any non-public personal information about our current or former investors that we obtain during the course of our relationship to unaffiliated third parties, except as required by law. In order to conduct investment activities on your behalf, in limited situations we may, however, need to disclose this non-public personal information to unrelated third parties (for example, auditors, the Internal Revenue Service or other governmental entities). Also, in some situations, we may need to disclose or share non-public personal information with an affiliated third party, such as our general partner or an affiliated partnership, in order to conduct investment activities. Our clients’ authorization of us to conduct investment activities on their behalf and your continuing relationship with us acts as your consent to our disclosure of your non-public personal information when such disclosure is necessary to conduct such activities.

In addition, we restrict access to non-public personal information to our employees who need to know the information. Your non-public personal information may also be shared with our attorneys, accountants and auditors. In all such situations, we take steps necessary to ensure that the confidential nature of the information being shared is maintained.

Protecting the Confidentiality and Security of Current and Former Investors’ Information
In order to protect your information, we also maintain physical, electronic and procedural safeguards that comply with federal regulations to guard your non-public personal information.