privileged vs exempt

privileged and exempt both are adjectives.

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

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

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