Content Partners LLC

Item 5 – Fees and Compensation

Content Partners does not receive management fees or performance fees from CP Enterprises. As
more fully described in the CP Enterprises investment management agreement (the “CP
Enterprises IMA”), CP Enterprises pays certain sums to Content Partners (“Services Fees”) on a
periodic basis, but no less frequently than monthly, which are utilized by Content Partners to pay
certain expenses and liabilities of Content Partners, including, without limitation, fees,
compensation, severance, benefits and similar payments that could be owed by Content Partners,
including certain payments that will be owed to the Principals who are a party to service
agreements with Content Partners. CP Enterprises may also pay certain Content Partners operating

expenses based on an agreed upon budget. Content Partners may be required to remit certain cash
held by Content Partners to CP Enterprises in the event Content Partners holds cash in excess of
certain levels and Content Partners periodically provides CP Enterprises with reports describing
operating expenses incurred and certain other revenues received.
Expenses
CP Enterprises generally bears (either directly or through reimbursements to Content Partners and
its affiliates) all the ongoing operating costs, as further described in the applicable governing
documents. These generally include, among other things: (i) all administrative and operating
expenses, including (A) legal, accounting, bookkeeping and other professional fees, including any
and all fees and disbursements of attorneys relating to client matters, fees relating to the preparation
of financial and tax reports, portfolio valuations, third party participation audits and tax returns,
and fees of third party fund administrators and custodians, (B) taxes, fees or other governmental
charges levied against a client and all expenses incurred in connection with any tax audit,
investigation, settlement or review of a client (provided that such fees or charges shall not include
fees or charges associated with any investigation, litigation or non-routine regulatory inquiry or
investigation relating to Content Partners under the Advisers Act or any similar statute), (C)
litigation costs, (D) costs of director and officer liability insurance and indemnification or
extraordinary expenses or liabilities relating to the affairs of a client, (E) expenses relating to
advisory committee meetings and costs of reporting to clients; (ii) interest, fees and expenses
arising out of margin and all permitted borrowings made by a client; (iii) cost of governing
activities (such as obtaining investor consents); (iv) all organizational, legal and offering costs and
expenses relating to the formation of a client and its general partner, and the offering, syndication
and closing of a client (and any vehicles investing in parallel with it), including reasonable travel
expenses and out-of-pocket expenses in connection with the each closing, legal fees, placement
agent fees and expenses, offering expenses and accounting fees; and (v) all expenses incurred in
holding, developing, negotiating, structuring, acquiring and disposing of the client’s investments
and prospective investments (whether or not consummated), including any financing, legal,
accounting, advisory, investment research, due diligence and consulting expenses in connection
therewith and other reasonable expenses related to the management and operation of clients or the
purchase, sale, monitoring and collection of amounts payable with respect to client assets.

Item 7 – Types of Clients

Content Partners provides investment advisory services to CP Enterprises, as described in Item 4.
Investors in CP Enterprises generally include: high net worth individuals, banks or thrift
institutions, sovereign wealth funds, pension and profit-sharing plans, trusts, estates, charitable
organizations, corporations, and various other business entities as well as directly or indirectly,
principals or other employees of Content Partners. Minimum qualifications and investment
amounts are established on a client-by-client basis, although the applicable general partner
typically retains the right to waive any stated minimum investment amount for any investor. CP
Enterprises is privately offered pursuant to applicable exemptions from registration under the
Securities Act of 1933, as amended (the “Securities Act”), and the Investment Company Act of
1940, as amended (the “Investment Company Act”). Investors in CP Enterprises must be (i)
“accredited investors” within the meaning of the rules and regulations promulgated under the
Securities Act and (ii) “qualified purchasers” or “knowledgeable employees” of Content Partners
within the meaning of the rules and regulations promulgated under the Investment Company Act.