Based on exchange/equity theory, the study explored the views of older women in assisted living facilities regarding reciprocity of exchange of social support with a close friend. Study participants were 92 chronically ill older women aged 65 to 98. In individual interviews, participants responded to 4 vignettes depicting situations in which there was an imbalance of exchange with a friend. Background characteristics of the participants were also assessed. Qualitative analysis was used to examine responses to the vignette situations. Although most of these older women affirmed reciprocity norms to a degree, findings could be better explained by norms of altruism and of loyalty to friends, despite inequality of exchange associated with infirmities of aging.