Forest Road Asset Management LLC

ITEM 5 : Fees and Compensation

FRAM is compensated for its services through the receipt of a management fee and performance-based
fees. In addition to fees, Clients will bear certain types of expenses as summarized below. The description
below is designed to outline FRAM’s typical fee structures for different types of Clients and is not intended
to outline every scenario where these structures may differ. Underlying Investors should refer to the
relevant Governing Documents for specific details regarding fees and expenses.

Management Fees
FRAM generally receives an annual management fee from its Clients based upon a percentage of the
Client’s capital commitments, net asset value or invested capital during the term of the applicable Client.
With respect to Clients for which management fees are based upon a percentage of the Client’s capital
commitments or invested capital, the amount of management fees payable typically will not correspond
with fluctuations in net asset value, including following the Client’s investment period. Pursuant to the
terms of each Client’s Governing Documents, the management fee may change upon the occurrence of
certain events, such as the end of a Client’s investment period. A Client’s Governing Documents set forth
the terms under which management fees will be reduced, offset or otherwise be limited, and Underlying
Investors should expect to bear the full specified management fee rate in the Governing Documents until
they are reduced in the circumstances and on the date(s) specified therein. Except where the Governing
Documents expressly provide to the contrary, management fees for Clients will not be reduced (in whole
or in part) in the case of partial distributions or partial sales of investments. Certain of FRAM’s Clients pay
management fees quarterly in advance and said management fees are not refundable.

ITEM 7: Types of Clients

As previously mentioned, FRAM provides advisory services to SMAs, Private Funds and other investment
vehicles. FRAM’s SMAs currently consist of institutional family offices while its other investment vehicles
that are not Private Funds consist of special purpose vehicles formed in connection with a particular
investment. Underlying Investors in a Private Fund are required to commit or contribute certain minimum
capital amounts which vary among, and are disclosed in the Governing Documents of, each Private Fund.
The minimum commitment or contribution amounts may be waived at the discretion of the general
partner for such Private Fund. In addition, Underlying Investors in the Private Funds generally must be (i)
“accredited investors” within the meaning of the rules and regulations promulgated under the U.S.
Securities Act of 1933, as amended, or qualify as other types of investors under applicable U.S. or non-
U.S. securities laws, or (ii) “qualified purchasers” or “knowledgeable employees” of FRAM within the
meaning of the rules and regulations promulgated under the Investment Company Act. Clients that are
charged performance-based compensation are required to be “qualified clients” as that term is defined
under Rule 205-3 of the Investment Advisers Act of 1940, as amended.

Generally, FRAM requires a minimum dollar value of $50 million to establish an SMA; provided, however,
FRAM may, at any time, waive such minimums in its sole discretion and accept a lesser amount.