Cook & Bynum Capital Management, LLC Privacy Policy

Cook & Bynum Capital Management, LLC (“CBCM”) has established policies with respect to nonpublic personal information provided to it in connection with its management of each of the funds and accounts for which it serves as an investment adviser (collectively, the “Clients”).

CBCM recognizes the importance of maintaining the privacy of any nonpublic personal information it receives with respect to each investor in the Clients (each an “Investor”). In the course of providing investment management services to the Clients, CBCM collects nonpublic personal information about each Investor.

CBCM will treat all of the nonpublic personal information it receives with respect to each Investor as confidential. CBCM restricts access to such information to those employees, affiliates, and agents who need to know the information to determine whether each Investor meets the regulatory requirements for an investment in the Clients and to provide ongoing investment management services to the Clients. CBCM maintains physical, electronic, and procedural safeguards to comply with federal standards to guard each Investor’s nonpublic personal information.

CBCM will not disclose any nonpublic personal information about any Investor to any third parties, other than CBCM’s agents, representatives, and/or affiliates, or as permitted or required by law. Among other things, the law permits CBCM, as it may be necessary in the course of operating the Clients, to disclose such information for purposes of making investments on behalf of the Clients, complying with anti-money laundering laws, preparing tax returns and reports for each Investor, and determining whether each Investor meets the regulatory requirements for an investment in the Clients. CBCM reserves the right to change this privacy policy as circumstances dictate.