Standard Investments LLC

Item 5. Fees and Compensation

The Firm receives certain payments for its services as provided under the Advisory Agreements
and Governing Documents. Although the Firm has entered into agreements with the Discretionary
Funds providing for the payment of fees or allocations as described below, the Firm has, and may
in the future, negotiate alternative fees or allocations on a case-by-case basis with other investment
funds or separately managed accounts.

Management Fees

As compensation for discretionary investment advisory services rendered to the Discretionary
Funds, the Firm receives a management fee (a “Management Fee”) from each Discretionary Fund.
Management Fees are paid quarterly in advance and charged and deducted from investors’ capital
accounts at an annual percentage rate of such capital accounts, exclusive of any incentive
allocation, in accordance with the corresponding Discretionary Fund’s Governing Documents.

1These totals do not include certain Clients for whom the Firm does not provide continuous supervision and management, nor
does it include managed Client portfolios which are not “securities portfolios” for purposes of Form ADV.

Where the Firm manages both a private fund (a “Parent Fund”) and its subsidiary (a “Sub-Fund”),
if such Sub-Fund pays a Management Fee to the Firm, it is calculated based on the assets of the
Sub-Fund and is separate from the Management Fee payable to the Firm by the Parent Fund. In
such circumstances, the Firm will not receive a Management Fee from the Parent Fund in respect
of its interest in the Sub-Fund.

The Firm has entered into, and may from time to time in the future enter into, letter agreements or
other similar agreements (collectively, “Side Letters”) with one or more investors which provide
such investors with additional and/or different rights (including, without limitation, with respect
to Management Fees) than are otherwise provided in the Governing Documents of the
Discretionary Funds. The Firm has reduced or waived, and may in the future, in its sole discretion,
reduce or waive, the Management Fee with respect to any investor, including but not limited to:
(i) employees of the Firm; (ii) the General Partners; (iii) the Principals; (iv) certain high net-worth
individuals; and (v) certain family members that are related to one or both of the Principals by
birth or marriage (“Family Entities”), including trusts, estate vehicles, or other entities formed by
or for the benefit of such persons.

If an Advisory Agreement is terminated before the end of a billing period (i.e., a quarter), the Firm
refunds a pro rata portion of the pre-paid Management Fee for the quarter. The Firm uses an
estimated asset value to calculate the Management Fees. To prevent potential overcharges, the
Firm takes a percentage discount when calculating the Management Fees. Once the asset value is
finalized, the remaining balance of the Management Fee is paid to the Firm. In the event an
estimate of asset value used in calculating a Management Fee results in an overcharge to a
Discretionary Fund, the overcharged amount will be either (i) reimbursed to the Discretionary
Fund or (ii) offset against any outstanding receivable the Firm has from the Discretionary Fund.
Certain Discretionary Clients, the Non-Discretionary Clients, and the Advisory Client
Relationship do not pay a Management Fee.

Other Fees and Expenses

With respect to the Discretionary Funds, the Firm will pay out of Management Fees certain
overhead expenses in connection with performing investment management services under the
Advisory Agreements (including, without limitation, rent, utilities, supplies, secretarial expenses,
stationery, charges for furniture, fixtures and equipment, employee benefits including insurance,
payroll taxes, and compensation of all personnel). The Discretionary Funds will generally bear all
other expenses relating to their operations, as set forth in greater detail in the applicable Governing
Documents. Such expenses generally include, among other things: (i) legal, accounting,
bookkeeping, tax compliance, auditing, investment-related consulting and other professional
expenses; (ii) administration fees; (iii) third-party and out-of-pocket research and market data
expenses (including associated travel expenses, regardless of whether the investments are
consummated); (iv) interest and fees on loans and other indebtedness; (v) bank service, custodial
and similar fees; (vi) expenses related to the purchase, monitoring, sale, settlement, custody or
transfer of assets; (vii) fees and expenses relating to systems, software, and portfolio metrics and
performance reporting used in connection with the operation of the Discretionary Funds and their
investment-related activities; (viii) entity-level taxes; (ix) fees and expenses relating to the offer

and sale of interests in private fund Clients; and (x) fees and expenses relating to disaster recovery
services.

The Multi-Manager Portfolios (as defined in Item 7 below) pay other fees and expenses similar to
those paid by the Discretionary Funds, as described immediately above and as set forth in precise
detail in their respective Governing Documents. In addition, the Multi-Manager Portfolios invest
in Underlying Funds (as defined below in Item 7) whose managers typically charge: (i) an asset-
based fee (that generally ranges from 0% to 2% annually) and (ii) an incentive allocation (that
generally ranges from 10% to 20% of net capital appreciation of the investment for the year). The
fee rates vary for each such Underlying Fund and in some cases higher rates may apply.

As stated previously, the Firm, as the Manager of WP LLC, provides certain management services
for no direct remuneration. However, WP LLC will pay to the Firm and/or Standard Management
Services LLC, a company controlled by the Principals (“Standard Services”), pursuant to services
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Item 7. Types of Clients

The Firm currently provides discretionary investment advisory services to the Discretionary
Funds. Investors in the Discretionary Funds include the General Partners of the Discretionary
Funds; the Principals; certain knowledgeable employees; certain high-net-worth individuals;
certain Family Entities; certain professionally managed investment limited partnerships; and non-
U.S. institutional investors. In the future, the Discretionary Funds may be offered to U.S. and non-
U.S. banks, thrift institutions, pension and profit sharing plans, trusts, estates, charitable
organizations, university endowments, corporations, limited partnerships and limited liability
companies or other entities.

Interests in the Discretionary Funds are offered only to prospective investors who satisfy the
applicable eligibility and suitability requirements for either private placement transactions within
the United States or offshore transactions. Each United States investor who participates in one of
the Discretionary Funds is required to meet certain suitability and financial qualifications, such as
qualifying as an “accredited investor” within the meaning of Rule 501 of Regulation D under the
Securities Act and/or a “qualified purchaser” as defined in the 1940 Act.

The Firm does not have a minimum size for a Discretionary Fund, but minimum total investment
commitments may be established in the future.

The Firm also provides (i) non-discretionary investment advice to each of the Non-Discretionary
Clients and (ii) occasional investment recommendations to the Advisory Client Relationship. The
ultimate beneficial owners or beneficiaries of the Non-Discretionary Clients and the Advisory
Client Relationship include individuals, charitable organizations and trusts.

The Clients

As of the date of this Brochure, the Discretionary Funds include the following vehicles and
strategies:

Standard Legacy Fund LP (“Standard Legacy Fund”) is an opportunistic investment fund with the
flexibility to establish concentrated and less-liquid positions. Standard Legacy Fund may invest
across a variety of asset classes, including, but not limited to, U.S. and foreign equity and credit
securities.

Standard CS Holdings LLC (“Standard CS”) is an opportunistic investment vehicle that typically
invests in specialized, less liquid positions. Standard CS may invest across a variety of asset
classes, including, but not limited to, U.S. and foreign equity securities. Standard Latitude Master
(defined below) is a member of Standard CS. Standard CS has a limited number of co-investors
in addition to Standard Latitude Master.

Standard Latitude Master Fund Ltd. (“Standard Latitude Master”) is a long-biased investment fund
that typically takes long-term, concentrated, strategic positions in public equities. Standard
Latitude Master is managed on a tax aware basis and seeks to optimize for long-term capital gains.
Standard Latitude Master invests across a variety of instruments, including, but not limited to, U.S.
and foreign equity and credit securities, currencies, rates, and derivatives. Standard Latitude
Master consists of (a) a “main book,” which includes, among other things, certain cash holdings
and liquid public equity investments, and (b) specialized investments through subsidiary special
purpose co-investment vehicles, which contain allocations to less liquid assets and certain pooled
investment funds including the following (the “SPVs”):

   •   Standard Advisers Fund LP (“Standard Advisers”) is an SPV fund-of-funds portfolio that
       invests across an array of underlying alternative investment strategies with both new and
       established managers; and

   •   Standard QOZ Fund LP (“Standard QOZ”) is an SPV that invests substantially all
       investable capital, directly or through subsidiaries, in “qualified opportunity zone
       property”. Standard QOZ has co-investors in addition to its beneficial ownership by
       Standard Latitude Master.

   •   Standard Ventures Fund LP (“Standard Ventures”) is an SPV that provides investors with
       the opportunity to realize long-term capital appreciation from venture capital investments.

The Firm treats the assets of each of the SPVs as assets of Standard Latitude Master. The Class
A Interests of Standard Latitude Fund LP (“Standard Latitude Feeder” and, together with Standard
Latitude Master, “Standard Latitude”), a parent fund of Standard Latitude Master, reflect the net
performance of the “main book” of Standard Latitude Master. The SPVs are elective investments
the performance of which is reflected on a standalone basis in other classes of interests of Standard
Latitude Feeder.

Standard Latitude Feeder invests substantially all of its capital and conducts its investment
program and trading activities through Standard Latitude Master. Standard Latitude Feeder also
is the sole limited partner of Standard Legacy Fund. As such, Standard Legacy Fund is also a
master fund for Standard Latitude Feeder. The performance of Standard Legacy Fund is reflected
on a standalone basis in a separately-designated class of interest in Standard Latitude Feeder.

The Firm also advises certain Discretionary Clients (the “SWRE Entities”) which are real estate
investment vehicles that make debt and/or preferred equity investments in real estate
capitalizations throughout the United States, which may include residential, industrial/logistics and
mixed-use properties. Standard Latitude Master invests alongside certain SWRE Entities. One
SWRE Entity is registered (a) in the Cayman Islands with the Cayman Islands Monetary Authority
and (b) in the United Arab Emirates with the Capital Markets Authority.

The Non-Discretionary Clients and Standard Advisers (collectively, the “Multi-Manager
Portfolios”) primarily invest in hedge funds, separately managed accounts, mutual funds, and
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