Starr Private Equity Partners LLC

Item 5 – Fees and Compensation

In general, Starr PEP receives a management fee and an affiliate receives a carried interest in
connection with advisory services. Investors in a Fund also bear certain expenses. A summary of
each Fund’s fees and expenses follows, but Investors should review the applicable Fund’s limited
partnership agreement, limited liability company agreement or other governing documents
(collectively, the “Governing Documents”) for a complete description of the fees and expenses

paid by the Funds or Clients.

Management Fees

Starr PEP generally charges a management fee (the “Management Fee”) to the Client, or as it
relates to the Funds, to the underlying investors, for its advisory services. The Management Fee
is billed directly to Clients and is payable quarterly in arrears under the terms of the Governing
Documents which are negotiated with each Client.

Starr PEP generally charges an administrative fee (the “Administrative Fee”) for Assets Under
Administration. The Administrative Fee is billed directly to Clients and is payable quarterly in
arrears under the terms of Governing Documents which are negotiated with each Client.
Carried Interest

Starr PEP or a Starr PEP affiliate generally is entitled to a carried interest (“Carried Interest”)
from the applicable Fund or Client subject to a specified preferred return as more fully described
in the Governing Documents. The amount of Carried Interest is determined through negotiations
with investors of the respective Funds, or the applicable Client. Performance fees and/or Carried
Interest paid by a Fund are borne indirectly by investors in the Fund.

Other Fees and Expenses

In addition to paying Management Fees and performance-based fees, the Funds also pay or
reimburse Starr PEP for expenses relating to, but not limited to, the Funds’ formation,
professional liability insurance, investment activities and ongoing operations, including any
brokerage fees incurred in connection with transactions in securities owned by the Funds (see

Item 7 – Types of Clients

Starr PEP provides investment advisory services to Starr and the Funds. As described in Item 4,
Investors in the Funds typically include Starr and may include ultra-high net worth family offices
and ultra-high net worth individuals. All Investors in the Funds must generally be qualified
purchasers under the Investment Company Act of 1940 or qualified institutional buyers under
Rule 144A of the Securities Act, and therefore accredited investors under Regulation D of the
Securities Act.