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Spruce Real Assets Fund Performance Ranks among Barclays Top 10 Fund-of-Funds (under $250 million) Stamford CT, December 9, 2010 ­ Spruce Private Investors, LLC, an investment advisor that serves as the Chief Investment Officer for family offices and charitable institutions, is pleased to announce the Barclay's Managed Funds Report has ranked the Spruce Real Assets Fund LP among the top 10 fund-offunds (less than $250 million) for it's annual rate of return of 8.55% over the past three years. The Spruce Real Assets Fund invests in hedge fund managers who take long and short positions in energy, industrial metals, precious metals, and agricultural commodities using a fundamental approach which analyzes factors that affect the supply and demand for a particular commodity. The Fund has delivered consistent positive returns since inception and has generated significant outperformance over the hedge fund and long-only commodity indices. For more detail on the Spruce Real Assets Fund LP, contact Michael Devlin at 203-428-2643 or [email protected] Past performance is not indicative nor a guarantee of comparable future results. Performance indicated includes the reinvestment of all dividends, interest, income, and profits. The investments discussed herein may fluctuate in price or value. Investors may get back less than they invested.

About Spruce Private Investors, LLC Spruce Private Investors, LLC, is an investment advisor that serves as the Chief Investment Officer for family offices and charitable institutions. Spruce manages approximately $3 billion in broadly diversified portfolios, including six traditional investment portfolios of global equities, fixed income, high income, liquid absolute return, currencies and commodities and nine alternative investment portfolios featuring hedge funds, private equity, real estate and oil & gas. Since 2001, Spruce has helped families and investors benefit from a broad and sophisticated array of global investment opportunities, aggressive risk management, and objective investment advice. For more information go to www.spruceinvest.com.

Contact:

Donna Cox-Davies

River Communications 732-997-0131 [email protected]

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