Union Square Investment Co

ITEM 5. FEES AND COMPENSATION

USQ’s investment advisory fees are negotiable based on factors such as the complexity of the client
relationship and investment structure, the nature and location of the services provided, and other
unique factors. Depending on each client’s specific arrangement, investment advisory clients are
charged a flat fee or a percentage of assets under management, based on the net market value of
client’s account on the first or last day of the period, subject to an annual minimum. The fees are
payable monthly, quarterly, or annually. USQ deducts its investment advisory fees directly from
client accounts but can bill a client for such amounts on request.

Accounts that invest in mutual funds, ETFs, investment funds, and accounts managed by other
investment managers also pay advisory fees, and, for private funds and accounts, possibly
performance-based fees, to the managers of those funds and accounts. This results in USQ’s clients
paying at least two levels of fees with respect to the same assets.

USQ charges its professional services (non-investment advisory) clients quarterly fixed fees, which
are negotiated individually with each client and vary depending on the nature and extent of the
services provided.

Additionally, new clients can be charged one-time setup fees.

USQ 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.

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 an investment limited
partnership of which USQ is general partner, to use the “alternative reporting option” to report
USQ’s compensation as “eligible indirect compensation” on the Schedule C of the plan’s Form 5500
Annual Return/Report of Employee Benefit Plan.

USQ’s investment management agreements with its clients other than its investment funds are
terminable on 60 days’ written notice by either party, except as may be otherwise negotiated in
particular cases. USQ’s investment management agreements with the investment funds it manages
are terminable on 60 days’ notice by either party. Each investor in the funds can withdraw, on
specified prior written notice, at any time.

In all cases, on termination, expenses and the pro rata portion of the management fee through the date
of termination are charged to the account. Any prepaid but unearned advisory fees are refunded on
termination of a client’s account.

Each account is responsible for its own costs and expenses, including trading costs and expenses,
ongoing legal, accounting and bookkeeping fees and expenses, and the fees and expenses charged by
any fund administrator for its accounting, bookkeeping and other services. USQ bears its own
operating, general, administrative and overhead costs and expenses, other than the expenses
described above. All or part of these costs and expenses can be paid, however, by securities
brokerage firms and futures commission merchants that execute clients’ securities trades, as
discussed in Item 12 below.

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ITEM 6. PERFORMANCE FEES AND SIDE-BY-SIDE MANAGEMENT

USQ does not manage accounts that pay it performance-based compensation.

ITEM 7. TYPES OF CLIENTS

USQ provides investment advice to investment funds and other accounts, which includes individuals,
corporations, business entities, trusts, estates and charitable organizations.

Each investor in the funds is generally required to be an “accredited investor” as that term is defined
under Rule 501 (a) of the Securities Act of 1933, and must invest a minimum of $1,000,000 in the
fund, although USQ can waive this minimum. USQ generally requires a minimum account size of
$1,000,000 for each separately managed investment advisory account.

USQ provides accounting, cash planning and compliance and other professional services to
individuals.