In our capacity as your investment manager, it is of the utmost importance to protect our client's privacy.

To conduct regular business, we may collect nonpublic personal information from sources such as:

• Information reported by you on applications or other forms you provide to us
• Information about your transactions with us, our affiliates, or others

However, Reed Conner & Birdwell does not share or disclose any nonpublic personal information about its current or former customers, except as permitted by law. All information will remain confidential.

Information Safeguarding

Reed Conner & Birdwell will internally safeguard your nonpublic personal information by restricting access to only those employees who provide products or services to you or those who need access to your information to service your account. In addition, we will maintain physical, electronic and procedural safeguards that meet federal and/or state standards to guard your nonpublic personal information.

For a copy of Reed Conner & Birdwell's Statement of Privacy Principals, please e-mail marketing@rcbinvest.com or call us at (310) 478-4005.