Firm Description US Select Asset Management, Inc. hereinafter ("USAM" or the "Advisor") is a company formed under the laws of the State of Delaware and is a wholly owned subsidiary of E&P Operations Pty Limited (Australia) ("E&P Operations"). The ultimate holding company of E&P Operations and therefore, the Advisor, is E&P Financial Group Limited (Australia)(E&P).
The Advisor is not in the business of selling securities on a commission basis. However, there may be some associated persons who are in other fields where they receive commissions as compensation.
Principal Owners E&P principally operates three business divisions: 1. E&P Investments Limited is also a holder of an Australian Financial Services License and acts as Responsible Entity for CD Private Equity Funds I, II, and III amongst other funds.
3. E&P Funds Management Pty Limited, another holder of an Australian Financial Services License, is an asset manager for several non-US, based funds.
4. Evans and Partners Pty Ltd ("Evans and Partners") a holder of an Australian Financial Services License, can provide financial product advice and deal in financial products, including stockbroking. Evans and Partners is a market participant on the Australian Securities Exchange Limited (ASX) and Chi-X Australia Pty Ltd, being securities exchanges operated in Australia.
Types of Advisory Services The Advisor provides investment advice through commingled investment vehicles and more precisely, privately offered, registration exempt funds. The investment vehicles managed by the Advisor are offered to high net worth, financially sophisticated individuals, other investment advisers or funds, and institutional investors. Officers and managers of the Advisor are also principals of the general partners of the investment funds managed by the Advisor.
The types of agreements provided to Investors/Owners (refer to Item 7) in relation to the investment funds are as follows: 1. Limited partnership agreement (LPA); 2. Limited liability company agreement; 3. Brochure of the Advisor (ADV Part 2A and 2B); and 4. Subscription document of the relevant limited partnership. An interest in a limited partnership will be offered via a subscription agreement under which an Investor/Owner

becomes a "Limited Partner" within the specific limited partnership. All Limited Partners must be approved and accepted by the general partner via the written subscription documents before being admitted into any limited partnership.
Termination of Agreements Agreements may not be assigned without a client(s) consent.
Client Agreements: A client(s), under certain conditions, may terminate the management services provided by the Advisor at any time by notifying the Advisor in writing. Similarly, the Advisor may also terminate any management services provided to the client(s) at any time by notifying the client(s) in writing. Upon termination by the client(s) or Advisor, any unused portion of fees collected in advance will be refunded.
Investor/Owner Agreements : An Investor/Owner who becomes a Limited Partner in a limited partnership managed by the Advisor is unable to terminate the investment mainly due to the nature of the investments. Investment in a limited partnership requires a long-term commitment. Therefore, the 4 return of capital and realization of gains, if any, from an investment will generally occur only upon the partial or complete disposition of such investment. Limited Partners should expect that they will not receive a return of capital for an extended period of time and therefore the investment is not suitable for investors who need liquidity.
Tailored Relationships The Advisor provides investment advice through commingled investment vehicles and more precisely, privately offered, registration exempt funds. To be admitted as a Limited Partner to a limited partnership managed by the Advisor, an investor must apply via a formal subscription document and agree to the existing limited partnership guidelines as fully disclosed in the relevant limited partnership agreement, limited liability company agreement, and subscription document.
WRAP Fee Programs The Advisor does not act as a sponsor of a WRAP program, nor does it act as an investment adviser to a WRAP program.
Assets under Management As of December 31, 2023, the Advisor managed client assets on a discretionary basis of approximately $513,435,212 and manages $0 on a non-discretionary basis.