A ContentPlaceHolder is intended to give you the ability to add controls in your page markup with a Content control and have them appear within the context of your master page. Given that, in Privacy.aspx you can add a generic html control in BodyContent
Content Control and set the InnerContent property on the added control within your code behind.
Markup
<asp:Content ID="BodyContent" ContentPlaceHolderID="ContentPlaceHolder1"
runat="server">
<span id="SpanContent" runat="server"></span>
</asp:Content>
Code Behind
protected void Page_Load(object sender, EventArgs e)
{
SpanContent.InnerHtml = "<b>Hello!</b>";
}