Brasil Capital Adviser LLC

ITEM 5 – FEES AND COMPENSATION

BC Adviser’s Basic Management Fees

The specific manner in which fees are charged by BC Adviser is established in a client’s
written agreement with BC Adviser and with respect to the Funds, are disclosed in their
offering documents. Fees are generally based upon a percentage of the total assets in the
account (including margined assets).

Typically, BC Adviser’s management fee range between 1% and 2% per annum, charged
quarterly and in arrears. In addition to a management fee, BC Adviser can earn an
incentive-based fee, or performance fee, with respect to a client’s account, determined at
the end of a calendar year. The performance fee can range between 20% and 25%, and
may be subject to a high water mark. BC Adviser’s actual fees, minimum fees and
minimum account sizes may also be negotiated and may vary from the fees described
above. A client may pay more or less fees than similar clients depending on the particular
circumstances of the client, size, liquidity terms, additional or differing levels of servicing
or as otherwise agreed with specific clients. Fee arrangements and terms for separately
managed accounts are individually negotiated and are only disclosed in the respective
agreements relating to such accounts.

Calculation and Deduction of Management Fees

BC Adviser does not, and will not, have the authority to deduct advisory fees or other
expenses directly from any separately managed accounts. BC Adviser will charge fees by
sending an invoice directly to the client.

Other Fees and Expenses

BC Adviser’s fees are exclusive of brokerage commissions (please refer to Item 12 –
Brokerage Practices of this brochure), transaction fees, and other related costs and
expenses which shall be incurred by the client. The impact of mark-ups and mark-downs
shall also be incurred by the client. Clients may incur certain charges imposed by
custodians, brokers, and other third parties such as fees charged by sub-managers,
custodial fees, transfer taxes, wire transfer and electronic fund fees, and other fees and
taxes on brokerage accounts and securities transactions. Such charges, fees and
commissions are exclusive of and charged before BC Adviser’s fees, and BC Adviser
shall not receive any portion of these commissions, fees, and costs.

ITEM 7 – TYPES   OF   CLIENTS

BC Adviser provides investment advisory services primarily for investment funds,
institutional and other accredited and qualified clients on a discretionary basis.

Generally, the minimum dollar value of assets required to establish a separately managed
account varies depending on the view of the account’s strategy and investors’ profile.
Moreover, BC Adviser reserves the authority to waive the account minimum as it deems
appropriate.

Details concerning applicable suitability criteria for investment in the Funds are set forth
in the respective Fund’s offering document and subscription application materials or
investment management agreements.