We are providing you with this privacy notice to inform you of how we handle your personal information that we collect and may disclose to our affiliates. If we change our information practices, we will provide you with notice of any material changes. This privacy policy supersedes in its entirety any prior disclosure concerning our privacy policies.

WHY THIS PRIVACY POLICY APPLIES TO YOU

You are receiving this notice because you may have obtained a financial product or service through us for personal, family or household purposes.

COLLECTION OF INFORMATION

We obtain nonpublic personal information about you from the following sources:

• information we receive from you on applications, questionnaires, from interviews, and on forms you provide to us, such as your name, address, telephone number, Social Security number, occupation, assets and income;

• information about your transactions with us, our affiliates or others; and

• information from public records we may access in the ordinary course of business.

INFORMATION WE MAY PROVIDE TO OTHERS

Categories of Affiliates to Whom We May Disclose Personal Information. We may share personal information about you with our affiliates.

When We May Disclose Your Personal Information to Unaffiliated Third Parties. We will only share your personal information collected, as described above, with unaffiliated third parties:

• at your request;

• when you authorize us to process or service a transaction or product (unaffiliated third parties in this instance may include service providers such as property managers, accountants and other parties providing property management, servicing, accounting and record keeping services in connection with the administration, processing and servicing of client transactions);

• with companies that perform sales and marketing services on our behalf with whom we have agreements to protect the confidentiality of your information and to use the information only for the purposes for which we disclose the information to them;

• when required by law to disclose such information to appropriate authorities; or

• to persons acting in a fiduciary or representative capacity on your behalf.

We do not otherwise provide information about you to outside firms, organizations or individuals except attorneys, accountants and auditors and as permitted or required by law.

What We Do To Protect Your Personal Information

We protect personal information provided to us by our individual investors according to strict standards of security and confidentiality. These standards apply to both our physical facilities and any online services we may provide. We maintain physical, electronic and procedural safeguards that comply with federal standards to guard consumer information. We permit only authorized individuals, who are trained in the proper handling of individual investor information and need to access this information to do their job, to have access to this information.

FURTHER INFORMATION

For additional information please call (888) 490-4292 Option #2, email investorservices@ashfordsecurities.com or write us at Ashford Securities LLC, 14185 Dallas Parkway, Suite 780, Dallas, Texas 75254.