Union Square Park Capital Management LLC

Item 5.     Fees and Compensation

Our fees and compensation are described in the Fund’s Governing Documents. The Fund pays us a
quarterly management fee of 0.375% (approximately 1.5% on an annualized basis). Management fees
are paid in advance. Management fees will be prorated for all partial quarter billing cycles. We deduct
management fees from the Fund. We have waived or modified the management fee applicable to certain
investors and may do so in the future with respect to other investors, in our discretion.

The Union Square Park GP is entitled to receive performance-based allocations from the Fund, as further
described in Item 6 – Performance-Based Fees and Side-By-Side Management.

Our compensation schedule with respect to any future client will be contained in the Governing
Documents relating to such account.

The Fund bears its own expenses, including, but not limited to, investment-related expenses such as the
Fund’s brokerage commissions, interest on margin accounts and other indebtedness, custodial fees, bank
service fees, withholding and transfer fees, taxes, systems and technology expenses, third party research
tools, corporate licensing fees, legal and auditing expenses (including without limitation costs and
expenses relating to updates to offering documents), accounting, fund administration, filing fees and
expenses (including regulatory filings made in respect of the Fund such as Forms 13D, 13G, 13F, PF, other
regulatory reporting and investing, and Blue Sky preparation and filing expenses), outsourced risk
management advisory and software, online news and quotation services, computer hardware and
software used for research (including Bloomberg service licenses), investment-related consultants and

Union Square Park Capital Management, LLC                                                   Form ADV Part 2A

travel costs that are research related, expenses incurred with respect to the preparation, duplication and
distribution to investors and prospective investors of Fund offering documents, annual reports and other
financial information, and any other services or service provider expenses deemed necessary by us on
behalf of the Fund.

We also allocate a portion of certain clients’ capital to money market funds or exchange-traded funds
(“ETFs”). In addition to the fees and expenses discussed above, clients will indirectly incur similar fees
and expenses if we invest their capital in such funds, as these funds in turn pay similar fees and expenses
to their investment managers and other service providers.

The Fund may co-invest with, or provide co-investment opportunities to, other funds, private investors,
groups or individuals, including Fund investors (or their affiliates), in our sole discretion. Co-investment
with such parties may reduce amounts the Fund can invest in any given opportunity, and we may be
unable to make as large of an investment out of the Fund as otherwise might be desirable. In addition,
the allocation of investments between the Fund and such other parties will be at our discretion, and if
such other parties offer us more favorable economic terms than we would receive from the same
investment out of the Fund, we may have a conflict of interest with respect to allocating investments
between the Fund and such other parties. We may charge management fees or carried interest with
respect to such co-investments. We may also form one or more entities separate from the Fund to
facilitate participation in co-investment opportunities.

The expenses that would be charged to any future client account would be determined on a case-by-case
basis.

For a more detailed discussion of brokerage and transaction costs, see Item 12 – Brokerage Practices.

Item 7.     Types of Clients

Investors in the Fund are generally family offices, high net worth individuals and foundations that qualify
as “accredited investors” (as defined in Rule 501 under the Securities Act of 1933, as amended (the
“Securities Act”)). The minimum initial investment in the Fund is generally $1,000,000. We have waived,
and may in the future waive, such minimum under certain circumstances.

If we determine to require a minimum investment for any future client accounts, we will make that
determination on a case-by-case basis.