Contrary LLC

Item 5 - Fees and Compensation

Compensation and Fee Schedules

Contrary typically receives a management fee from each of the Funds, which is generally equal to
a percentage of the capital commitments to such Fund. The average management fee over the term
of each Fund ranges from 2.093% to 2.7% as detailed in each Fund’s Governing Documents. Each
Fund typically charges a higher management fee during such Fund’s investment period, which
decreases following the expiration of such investment period. Additionally, certain funds may call
forward management fees from future years with such amounts equally offset in future years, so
that the average management fee over such Fund’s term does not change, as detailed in such Fund’s
Governing Documents. The fee percentage and/or the base upon which the fee is calculated may
vary with the size of the Fund and may also vary over the life of the Fund, as negotiated and
determined at the time the Fund is established and as set forth in its Governing Documents. In
addition, a related person of Contrary, as general partner of a Fund, will typically receive certain
allocations and distributions calculated and charged based on a share of capital gains on or capital
appreciation of the assets of such Fund, as negotiated and determined at the time such Fund is
established and as set forth in its Governing Documents. These allocations and distributions are
commonly known as “carried interest.” Different Funds may be subject to different management
fees and performance-based compensation arrangements and certain funds (such as co-investment
funds) may not be subject to any advisory fees and/or performance-based fees.

In limited circumstances, the management fees and carried interest payable to Contrary by a Fund
may be waived or reduced with respect to certain participants in such Fund. Fees are typically
waived or reduced with respect to investments in the Funds by Contrary or its related persons.

Contrary, the general partners of each Fund, and other persons associated with Contrary are
permitted to receive directors’, consulting, management service, transaction, commitment, breakup
or broken deal fees (whether in the form of cash, equity or otherwise) from portfolio companies or
prospective portfolio companies of the Funds. Subject to the provisions of the Governing
Documents, such fees will trigger a management fee offset pursuant to which management fees
payable to Contrary by such Fund may be reduced. However, fees received by persons whose
relationship with Contrary or a general partner is that of “venture partner,” “entrepreneur in
residence,” “consultant,” or “adviser” are not subject to any management fee offset. In addition,
management fee offsets do not apply to fees received from former portfolio companies. Investors
should refer to each Fund’s Governing Documents for additional information regarding
management fee offsets.

Contrary engages, employs, uses or retains certain consultants, including “venture partners” to
provide services to one or more Funds. The compensation for the services such venture partners
provide may include profits or equity interest in a Fund or portfolio company.

Please refer to the Governing Documents of each applicable Fund for complete information on the
fees and compensation payable with respect to such Fund.

Investors and prospective investors in the Funds should note that similar advisory services may (or

may not) be available from other investment advisers for similar or lower fees.

Deduction of Fees; Timing of Payments; Termination

Contrary is authorized under the Funds’ Governing Documents to charge and deduct advisory fees
directly from the assets of the Funds. Payments of management fees are generally made quarterly
in advance in accordance with the terms of the Governing Documents. Please refer to the
Governing Documents of each of the Funds for complete information on the timing of advisory
fee payments.

To the extent management fees are assessed in advance, the Funds’ Governing Documents require
such fees to be returned to the Limited Partners of such Funds should Contrary’s management
services to the Fund be terminated prior to the end of the period in which the fees have been paid
(including, for example, situations where the final distribution by a Fund occurs prior to the end
of a period for which management fees have already been paid). In general, the amount of such
fees to be returned is calculated based on the number of days remaining in the applicable period.

Other Fees and Expenses
In addition to any advisory fees payable to Contrary, a Fund will incur certain charges imposed by
third parties and other expenses as set forth more fully in the Governing Documents. Such
expenses may include (but are not limited to): organizational and liquidation expenses of a Fund;
the advisory fees; any placement agent fees (subject to an offset of such amount against the
advisory fee payable by the Fund to Contrary); any taxes that may be assessed against a Fund; all
costs and expenses incurred by or on behalf of a Fund in connection with acquiring, holding and
disposing of securities (including any merger fees payable to third parties) or other investments in
portfolio companies (including transactions which are not consummated); all expenses relating to
any litigation, investigation, proceeding or audit, and any threatened litigation, investigation,
proceeding or audit, involving a Fund, the general partner of a Fund or Contrary or such general
partner’s or Contrary’s respective partners, members, managers, officers and employees related to
the business or activities of a Fund; legal, consulting, investment banking, commercial banking,
borrowing, custodial, auditing, AML/KYC, accounting and other professional service fees and
expenses incurred by or on behalf of a Fund (including, without limitation, expenses associated
...

Types of Clients

Contrary generally provides investment advice to pooled investment vehicles, such as the Funds.
The Limited Partners of (or investors in) the Funds may include corporations, financial institutions,
funds-of-funds, governmental bodies or agencies, insurance companies, endowments, foundations,
trusts, estates, high net worth individuals, and pension and profit-sharing plans.

In connection with the formation and management of a Fund, Contrary may form certain related
entities for such Fund. Contrary may establish vehicles to address tax, legal or regulatory issues
or requirements of certain investors in such Fund or for other purposes.

Contrary may also form “parallel funds” to invest alongside a Fund in all of its investments. In
addition, Contrary may form “alternative investment vehicles” or special purpose vehicles
(collectively, “AIVs”) for the purpose of facilitating certain investments by one or more Funds.
Please refer to the Governing Documents of the applicable Fund for more complete details on
parallel funds and AIVs.

Minimum Investment Requirements

Interests in the Funds (each an “Interest and together, the “Interests”) are offered in private
placements under the U.S. Securities Act of 1933, as amended (the “Securities Act”). As a result,
Contrary generally offers Limited Partner (or equivalent) interests in the Funds to a limited number
of “accredited investors” as defined in Regulation D under the Securities Act and, in most cases,
exclusively to “qualified purchasers” as defined in Section 2(a)(51) of the U.S. Investment
Company Act of 1940, as amended.
In general, there is no minimum investment commitment required of an investor to participate in
a Fund; however, the general partner of each Fund has discretion to increase or reduce the
minimum investment commitment. Investors and prospective investors in each Fund should refer
to the Governing Documents of such Fund for more complete information on minimum investment
requirements for participation in such Fund.