exempt vs privileged

exempt and privileged both are adjectives.

Word	Noun	Adjective	Verb	Adverb
exempt	No	Yes	Yes	No
privileged	No	Yes	No	No

exempt (adjective)	privileged (adjective)
(of persons) freed from or not subject to an obligation or liability (as e.g. taxes) to which others or other things are subject	blessed with privileges
(of goods or funds) not subject to taxation	confined to an exclusive group
	not subject to usual rules or penalties

exempt (verb)	privileged (verb)
grant exemption or release to
grant relief or an exemption from a rule or requirement to