Providence Equity Capital Markets LLC

Item 5. Fees and Compensation

Management Fees

The Adviser is not paid any management fees with respect to the Funds.

Other Fees and Expenses

Generally, and except as otherwise set forth in the organizational documents of a Fund, the Adviser
ultimately has borne all fees and out-of-pocket expenses of any placement agent that has solicited
investors for the Funds. The Funds generally bear all legal and other expenses, including the out-
of-pocket expenses of the applicable general partner, incurred in the formation of the Funds up to
an amount specified in the organizational documents of the applicable Fund. Organizational
expenses in excess of any such amount specified have been borne by the Adviser.

Generally, and except as set forth in the organizational documents of the applicable Fund, a Fund
pays: (i) legal, accounting, custodial, recordkeeping and third-party consulting fees for services
rendered to or for the benefit of the Fund (including, but not limited to, all fees, costs and expenses
relating to maintaining and producing books and records of the Fund, and any risk management
assessment expenses), fees, costs and expenses charged by a Fund’s administrator, custodian
and/or prime broker; and reporting and other out-of-pocket costs relating to a Fund’s operations,
activities, investments or business; (ii) third party out-of-pocket expenses incurred directly in
connection with Fund investments, which are not paid or reimbursed by a third party; and (iii)
other operating and extraordinary expenses of the Fund, including but not limited to investment
expenses such as commissions, research fees and expenses (including research-related travel,
which may be first class), interest on margin accounts and other indebtedness, borrowing charges
on securities sold short, custodial fees, bank service fees, and any other expenses related to the sale
or transmittal of Fund assets (whether or not the transaction is consummated). Except as provided
above or in the organizational documents of the applicable Fund, and to the extent not reimbursed
by a third party, the applicable general partner or the Adviser pays ordinary expenses incurred by
them in connection with providing services to the Funds, including rent and other general
administrative expenses associated with the maintenance of an office for the Adviser, and, in the
case of certain of the Funds, ordinary operating expenses incurred in investigating investment
opportunities and monitoring investments.

The general partners of certain Funds have created certain “special purpose vehicles” or similar
structuring vehicles for purposes of accommodating certain tax, legal and regulatory
considerations of investors (“SPVs”). Consistent with the organizational documents of such
Funds, the SPVs, and indirectly, the investors in the applicable SPV, have typically borne all
expenses related to its organization and formation and will continue to bear other expenses
incurred solely for the benefit of the SPV. Expenses of the types borne by a Fund but associated
with any Feeder Fund or similar vehicles organized to facilitate the participation of certain
investors in the Fund (including, without limitation, expenses of accounting and tax services) are
generally permitted to be borne in whole or in part by the Fund and indirectly, the investors thereof
(even if such investors do not participate in any such Feeder Fund or similar vehicle), unless
otherwise set forth in the organizational documents of the applicable Fund.

The Adviser generally may utilize the services of broker-dealers in connection with realizing Fund
investments, and any brokerage or other transaction costs are borne by such Fund. For additional
information regarding brokerage practices, please see Item 12 below.

In addition, please see Item 6 below for information regarding Carried Interest (as defined below)
received by the Adviser with respect to the Main Fund.

Other Fees

The Adviser and its affiliates may engage and retain advisers, consultants, and other similar
professionals who are not employees or affiliates of the Adviser and who, from time to time,
receive payments from, or allocations with respect to, portfolio companies and/or other entities.
In such circumstances, such amounts will not be deemed paid to or received by the Adviser and
its affiliates and such amounts will not be subject to the sharing arrangements described above and
are permitted to be retained by the Adviser. For a discussion of material conflicts of interest
created by the receipt of such fees, please see Item 11 below.

Item 7. Types of Clients

The Adviser provides investment advisory services to the Funds. Investment advice is provided
directly to the Funds and not individually to the investors in the Funds. Investors in the Funds are
generally “qualified purchasers” as defined in the Investment Company Act, and may include,
among others, high net worth individuals, banks, thrift institutions, pension and profit sharing
plans, trusts, estates, charitable organizations, university endowments, corporations, sovereign
wealth funds, limited partnerships and limited liability companies.

The Funds do not have a minimum size, but minimum investment commitments were generally
established for investors in the Funds, subject to the ability of the General Partner to permit
investment commitments below such amounts.