Brasil Plural Investment Advisor LLC

Item 5 – Fees and Compensation

Basic fee schedule:

The specific manner in which fees are charged by Adviser is established in each client’s written agreement
with Adviser. Generally, and pursuant to contract, fees for the management of Accounts will be based
upon a percentage of the total assets in the account (including margined assets). Adviser typically receives
an annual management fee, between .35% and 2.00% of the net asset value of the Account. All fees are
negotiable. Adviser enter into flat fee arrangements from time to time, typically for administrative
services provided to clients.

                                    Base Management Fee Schedule
                            Account Value                                              Fee Percentage
                           Over $10,000,000                                                0.35%
                       $6,000,000 to $9,999,999                                            0.40%
                       $2,500,000 to $5,999,999                                            0.50%
                       $1,000,000 to $2,499,999                                            1.50%
                            up to $999,999                                                 2.00%

Calculation and Deduction of Advisory Fees

With respect to accounts that the Adviser manages on a discretionary basis, including the specialized
discretionary programs, clients are generally required to authorize Adviser to directly debit management

fees from client accounts on a monthly basis. Fees for non-discretionary programs are billed to clients,
although frequently clients pre-authorize their custodians to automatically deduct the fees from the client’s
account and to make payment to Adviser. Management fees are deducted or billed, as applicable, on a
monthly basis in arrears. The Adviser from time-to-time bill fees in advance as negotiated with each
individual client.

A client may pay more or less fees than similar clients depending on the particular circumstances of the
client, size, additional or differing levels of service or as otherwise agreed with specific clients. Clients
that negotiate fees, including a flat fee, may end up paying a higher fee than that set forth above as a result
of fluctuations in the client’s assets under management and account performance.

In the event the Adviser bills fees in advance, refunds are given on a prorated basis, based on the number
of days remaining in a month at the point of termination. Fees that are collected in advance will be
refunded based on the prorated number of days that the account(s) were managed up to the day of
termination within the month terminated. The fee refunded will be the balance of the fees collected in
advance minus the daily rate* times the number of days in the month up to and including the day of
termination. (*The daily rate is calculated by dividing the monthly AUM fee by the number of days in the
termination month). Clients may terminate their contracts without penalty, for full refund, within 5
business days of signing the advisory contract. Advisory fees are withdrawn directly from the client’s
accounts with client written authorization unless other arrangements are made.

Additional Fee Information

Clients will authorize the Adviser to directly debit management fees from client accounts on a monthly
basis. In such instances, management fees are prorated for each capital contribution and withdrawal made
during the applicable calendar month. Accounts initiated or terminated during a calendar month will be
charged a prorated fee.

Alternatively, and primarily in the case of non-discretionary accounts, clients may receive an invoice for
fees, in which the client may choose to pay BPIA directly for its billed fees for the relevant period.

Advisers’ fees are exclusive of brokerage commissions, transaction fees and other related expenses which
shall be incurred directly by the client. Clients may incur other charges imposed by custodians, brokers,
and other third parties such as fees charged by fund managers, custodial fees, deferred sales charges, odd-
lot differentials, transfer taxes, wire transfer and electronic funds fees, and other fees and taxes on
brokerage accounts and securities transactions. Mutual funds and exchange traded funds charge internal
management fees, which are disclosed in a fund’s prospectus and are also costs absorbed by the Client.
The Adviser will not to accept “kickbacks” or retrocession fees from any non-affiliated third party
providing services to the Adviser’s clients.

Termination of the Agreement

The Client or the Advisor may terminate the Investment Management Agreement (IMA) by written notice
to the other party with thirty-day (30) advance notice or as agreed upon otherwise between the client and
the Adviser as agreed upon in the IMA.

If an agreement is terminated during a period in which the client has already paid BPIA its advisory fees
in advance, then the Adviser will reimburse, on a pro-rated basis, the remaining advisory fees collected
for any service not rendered; these fees will be sent to the Client’s address of record, unless otherwise
directed by the client, and within (30) days of termination of the agreement.

Item 7 - Types of Clients

BPIA provides asset and/or portfolio management services to high net worth individuals, corporations and
institutions or other entities. The minimum dollar value for establishing an Account is generally $50,000.
Initial investments of a lesser amount may be accepted at Adviser’s discretion.