Ryan Heritage LLP

ITEM 5. FEES AND COMPENSATION
Ryan Heritage is responsible for trading portfolio securities for SPAQ, including selecting broker-
dealers to execute purchase and sale transactions, subject to the supervision of SPAQ’s investment
adviser and board of directors. Ryan Heritage receives a fee from the adviser, calculated daily and
paid monthly, at an annual rate of 0.425% of SPAQ’s average daily net assets.

The SMAs generally pay to Ryan Heritage a quarterly advisory fee equal to 0.25% of the average
daily value of the account throughout the calendar quarter, although this fee is negotiable with
respect to certain accounts. SMA accounts generally will be custodied at Charles Schwab & Co.,
Inc. (“Schwab”), a registered broker-dealer. Ryan Heritage is authorized to deduct its fees on a
quarterly basis from SMA accounts.

In addition to Ryan Heritage’s fees, client accounts typically are assessed brokerage and
transaction charges with respect to trades placed for the account. These charges are paid to the
account custodian for effecting transactions, and may be higher or lower than transaction charges
or commissions the client may pay at other broker-dealers. Please refer to the section below
entitled, “Brokerage Practices” for additional information.

ITEM 7. TYPES OF CLIENTS

Ryan Heritage provides investment advice to SPAQ and SMAs. The minimum required investment
with respect to SMAs generally is $100,000, but such minimum may be waived at the discretion
of Ryan Heritage.