ASA Asset Management LLC

Fees and Compensation

Investors and prospective investors in our private funds should refer to the governing documents of the relevant
fund for more complete information on the advisory fees charged to the fund by ASA Asset Management, as
they may exceed our standard fee of up to 2% of net asset value.

Segregated managed accounts should refer to the advisory account agreements for more complete information
on the advisory fees charged.

Our clients are responsible for all costs and expenses incurred in connection with the investments in their
accounts, including brokerage commissions, custody fees and bank charges. Our private investment funds also
pay all of their operating costs, including administrative, legal, accounting and auditing costs and expenses, as
described in greater detail in the governing documents for each private investment fund.

Where relevant, expenses are allocated among participating accounts in proportion to their participation in a
particular investment, relative to their respective net asset values, or in such other manner as we determine to
be equitable. Investments in mutual funds, ETFs, REITs and closed-end funds are subject to the fees and
expenses of those funds in addition to the fees payable by clients to ASA Asset Management.

Neither ASA Asset Management nor its supervised persons will receive any compensation with respect to the
purchase or sale of securities or other investment products by any client accounts. Please see “Brokerage
Practices” below for more information about brokerage commissions payable by client accounts.

Typically, clients can terminate our services upon request, unless otherwise specified in the agreement with

                                                  PART 2A OF FORM ADV

each client. Upon termination of an account, or withdrawal of the entire balance of an account, any earned but
unpaid fees will be due and payable to us. Fees will be prorated based on the number of days that we manage
each account. If, for any reason, an account has to be closed or liquidated, we will provide the client with the
proceeds of the liquidated portion of the account, net of outstanding fees.

Performance-Based Fees and Side-by-Side Management

We charge performance-based compensation to the funds that we manage, as described in the governing
documents of each fund. Furthermore, we usually charge performance-based fees to our separate managed
account clients. Performance fees are generally 10% of any increase in the asset value over and above a target
percentage rate. All performance and management fees may vary depending upon the investor, strategy, and
fund structure. Investment management and performance fees may be negotiable depending on product types.

Types of Clients

Non-US Funds, in accordance with each Fund offering document, and US and non-US high net worth individuals
and private investment companies, in accordance with the advisory account agreement. Non-US individuals
will be in their majority domiciled in Brazil (existing clients from ASA affiliates in Brazil).

Methods of Analysis, Investment Strategies and Risk of Loss