Round Hill Music LP

Item 5-Fees and Compensation

The following is a general description of fees, compensation, and expenses of the Funds.
Differences exist from Fund to Fund, and certain Funds may not charge certain fees, compensation,
or expenses that other Funds charge. In general, Round Hill receives a management fee and a carried
interest in connection with the provision of advisory services to its clients. Round Hill or other Round
Hill entities or affiliates receive additional compensation in connection with management and other

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services performed for portfolio entities of the Funds. The Governing Documents of the Funds
describe fees, compensation, and expenses in greater detail.

Fund II, Fund III, Fund III Plus, and GFP Co-Invest Management Fee
Commencing on the effective dates and ending upon the date specified in a Fund’s Governing
Documents (the “Step-Down Date”), the Funds will pay the applicable General Partner an annual
management fee, payable quarterly in advance based and calculated as a percentage of limited
partner commitments ranging from 0.25% to 1.75%. After the Step-Down Date, the management fee
generally will be charged based on a formula tied to (a) the aggregate investment contributions
attributable to investments that have not been disposed of, as reduced by (b) the aggregate amount
of complete write-offs of such investments, and for certain Funds will be based on a lower rate.
Limited partners participating in a closing after the initial closing date, as defined in the relevant
Governing Documents, will bear the management fee from the initial closing date.

The Governing Documents provide that a Fund’s management fees will be calculated and charged on
a basis that generally is not tied to the Fund’s then-current net asset value. As further specified in the
Governing Documents, from the effective date of the relevant Fund until the end of the Step-Down
Date, management fees generally will be charged and calculated based on a formula tied to the
amount of investment contributions (including, where applicable, a Fund borrowing component)
made by the relevant Fund relating to the Fund’s aggregate investments that have not been realized
or completely written off (such written-off investments, “Impaired Value Investments”).

Under the Governing Documents, where the fair market value of an investment exceeds the total
amount of investment contributions relating to such investment, management fees will not be
calculated based upon such appreciated value and will instead continue to be calculated based on
the amount of such investment contributions. Conversely, the Governing Documents do not require
management fees to be reduced or refunded where there has been a partial distribution, partial or
full write-down or partial sale of an investment, except in the case of investments meeting the
relevant Impaired Value Investment standard under the Governing Documents.

As a result, the amount of management fees generally will not correspond with fluctuations in the
net asset value of individual investments or of a Fund, including following the relevant investment

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period, and will not be reduced in connection with any write downs (whether temporary or
permanent), except in the case of Impaired Value Investments.

In many circumstances, the management fee base will include capitalized transaction-specific
expenses of unrealized investments. Further, management fees generally will not be reimbursed or
refunded under the Governing Documents in the event of realizations, dispositions or partial write-
downs or write-offs that occur partway through the relevant calculation period.

In the event that the term of Fund II, Fund III, Fund III Plus, or GFP Co-Invest is extended beyond its
initial 10-year term, the management fee is subject to further reductions as detailed in the respective
Governing Documents.

The management fee will be reduced by: (a) 100% of any directors’ fees, financial consulting fees or
advisory fees paid to the applicable General Partner with respect to any Fund investment; (b) 100% of
any transaction fees paid to the applicable General Partner with respect to any Fund investment; and
(c) 100% of any break-up fees with respect to Fund transactions not completed that are paid to the
applicable General Partner; but not including, in any event, any amount received by the applicable
General Partner or other person from a portfolio entity as reimbursement for expenses directly
related to such portfolio entity, or as payment for services provided to any portfolio entity in the
ordinary course. The Governing Documents set forth the full list of terms under which management
fees will be reduced, offset or otherwise be limited, and consequently 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.

To the extent specified in a Fund’s Governing Documents, Round Hill or another Round Hill entity will
be permitted to receive certain supplemental fees and other amounts, including certain copyright
development fees.

Carried Interest
The applicable General Partner is entitled to receive performance-based carried interest distributions
(“Carried Interest Distributions”) in respect of Fund II, Fund III, Fund III Plus, and GFP Co-Invest.
Generally, these Carried Interest Distributions represent a share of distributions to be received by an

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investor in a Fund in excess of the relevant investor’s invested capital, and allocable fees and
expenses. Carried Interest Distributions may be applied each time an investment is realized or on an
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