Which Facebook privacy option allows users to exclude specific friends from viewing shared content?

The correct choice is "Friends except," which allows users to specifically exclude selected friends from viewing content that they share on Facebook. This feature is especially useful for maintaining a level of privacy while still sharing updates with their broader network. For instance, a user might want to share a post with most of their friends but not with a particular individual for personal reasons; this setting enables that flexibility.

In contrast, the other options serve different purposes. The "Friends" setting shares content with all friends without the ability to exclude any. The "Public" setting makes content visible to everyone on the internet, which does not align with the intent of limiting visibility to specific people. "Only Me" restricts the content to just the user, effectively preventing anyone else, including friends, from seeing it. Thus, "Friends except" stands out as the only option that offers the targeted exclusion capability.