SCP Investment LP

Item 5. Fees and Compensation
Compensation to SCP is negotiable and varies but typically consists of the following:

Investment Management Fee

SCP typically charges an annual management fee of between 0.0% to 1.3% of each Fund’s net assets
under management.

The management fee is generally payable quarterly in advance at the beginning of the quarter based
on the net asset value of each investor’s account on the first day of each quarter. The management
fee for SCP Core Equity, LP, SCP Core Equity Long-Only, LP, SCP Energy & Metals, LP, and
SCP Stable Liquidity, LP is payable monthly in advance based on the net asset value of each
investor’s account on the first day of each month. The management fee for RFF Investment Fund,
LP is calculated monthly based on the net asset value of each investor’s account on the first day of
each month and paid monthly in advance by RxR Waterfall, LP. MBNE Holdings, LLC, RxR
Waterfall, LP, and RxR Rocksolid, LP are not charged a management fee.

Incentive Fee

SCP receives an incentive fee from SCP Core Equity, LP, SCP Core Equity Long-Only, LP, SCP
Energy & Metals, LP, and SCP Stable Liquidity, LP equal to 10% of the amount by which the
profits exceed the cumulative losses previously allocated or incurred by the investor.
SCP receives an incentive fee from the Offshore Fund of 6% of profits that exceed a high water
mark. In addition, if an investor’s profits above the high water mark exceed 15% of the net asset
value of the investor’s account, SCP receives an additional incentive fee of 4% of the amount by

which those profits exceed such 15%. SCP complies with Rule 205-3 under the Advisers Act. Such
incentive fees are only applied to the portion of profits that exceed the cumulative losses
previously allocated or incurred by the investor.
The incentive fee is typically assessed in arrears on an annual basis.
Fees are subject to waiver or reduction by SCP in its sole discretion and have been reduced for
certain investors and reduced or eliminated for certain affiliates and employees of SCP and their
family members.
General Information on Fees

SCP deducts its fees directly from client accounts.

The investors in SCP Investment Fund, LP, SCP Legacy, LP, SCP Ann Arbor Fund, LP, RxR
Waterfall, LP, RFF Investment Fund, LP, RxR Rocksolid, LP, SCP Focus Fund, LP, SCP Focus
Fund, Ltd., and MBNE Holdings, LLC also pay, indirectly, investment management fees and
incentive fees to the managers (“Managers”) of the Investee Funds in which these SCP Funds invest.
SCP Investment Fund, LP, SCP Focus Fund, LP, RxR Waterfall, LP, RFF Investment Fund, LP,
RxR Rocksolid, LP, and MBNE Holdings, LLC also pay, directly, investment management fees to
Managers that invest a portion of the assets on the Funds’ behalf.

Fees charged by the master funds are waived with respect to the feeder funds so that the feeder
funds’ investors do not pay two layers of fees.

SCP believes that its fees are competitive with fees charged by other investment advisers for
comparable services. Comparable services may be available, however, from other sources for lower
fees.

Investors should review the Funds’ Governing Documents for a more detailed description of any
applicable fees, incentive fees and expenses.

The disclosure in this Item 5, together with the disclosure in Item 12, allow a plan that is subject to
the Employee Retirement Income Security Act of 1974 and that invests in a Fund of which SCP is
the general partner, to use the “alternative reporting option” to report SCP’s compensation as
“eligible indirect compensation” on the Schedule C of the plan’s Form 5500 Annual Return/Report
of Employee Benefit Plan.

As disclosed in Item 14, SCP has agreements with solicitors to whom it pays a portion of the
management fees and incentive fees paid by an investor that that solicitor referred.

Termination

SCP’s relationship with the Onshore Funds is generally terminable only on expiration of the term
of the Fund(s), dissolution of the Fund(s) or SCP, SCP’s withdrawal as a general partner, or certain
bankruptcy or reorganization events of SCP. The limited partners of SCP Ann Arbor Fund, LP may
also remove SCP as the general partner of that fund under certain circumstances. SCP’s investment
management agreements with the Offshore Fund is terminable by either party at any time on written
notice.

Investors in SCP Investment Fund, LP, SCP Legacy, LP, SCP Focus Fund, LP, SCP Focus Fund,
Ltd., and SCP Ann Arbor Fund, LP are able to withdraw from the Fund on last day of each fiscal
quarter on 65 days’ prior written notice. Investors in SCP Core Equity, LP, SCP Core Equity Long-
Only, LP, SCP Energy & Metals, LP, and SCP Stable Liquidity, LP are able to withdraw from the
Fund on the last day of any month on 15 days’ prior written notice. Investors in RxR Rocksolid,
LP, RxR Waterfall, LP and RFF Investment Fund, LP may withdraw from the liquid part of their
account on the last day of each month on 65 days’ prior written notice. Withdrawals from the SCP
Ann Arbor Fund, LP, RxR Waterfall, LP, and RxR Rocksolid, LP are subject to a 10% limit on
aggregate withdrawals in any quarter or month, depending on the applicable Fund. Investors in SCP
Investment Fund, LP, SCP Legacy, LP, SCP Ann Arbor Fund, LP, SCP Core Equity, LP, SCP Core
Equity Long-Only, LP, SCP Energy & Metals, LP, SCP Focus Fund, LP, SCP Focus Fund, Ltd.,
and SCP Stable Liquidity, LP may withdraw up to $2 million from the Fund with 5 days prior
written notice. Investors in MBNE Holdings, LLC are able to withdraw by providing written notice
to SCP at least 10 days prior to making any withdrawal. Certain Funds have withdrawal fees and
partial withdrawal minimums; please refer to the applicable Fund’s Governing Documents for
additional information.

Withdrawal terms are subject to waiver by SCP in its sole discretion and have been reduced or
eliminated for certain Funds and investors.
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Item 7. Types of Clients
SCP provides investment supervisory services to the Funds.

SCP generally requires a minimum initial investment of $1,000,000 for investors in each Fund, with
the exception of SCP Core Equity, LP, SCP Core Equity Long-Only, LP, and SCP Stable Liquidity,
LP which have a $5,000,000 minimum initial investment, and SCP Ann Arbor Fund, LP, RxR
Waterfall, LP, RFF Investment Fund, LP, RxR Rocksolid, LP, and MBNE Holdings, LLC which
do not have a minimum initial investment requirement. Each investor is required to meet certain
suitability qualifications, such as being an “accredited investor” and “qualified purchaser” within
the meaning set forth under the United States federal securities laws.

The minimum initial investment requirement may be waived by SCP in its discretion.