BTG Pactual Asset Management US LLC

ITEM 5: FEES AND COMPENSATION

Compensation

       Private Funds

Management fees range up to 2% of assets under management and are, in general, payable at
the beginning or after the end of each month or quarter. Fees are generally based on the market
value of the securities and cash in the portfolio on the appraisal date of the account and with
respect to certain timberland funds, include capital commitments and invested capital. The fees
paid may differ based on account size, strategy and complexity. Performance fees range up to
20% of any increase of the asset value over and above a target percentage rate. All performance
and management fees may vary depending upon investor, strategy and fund structure.
Investment management and performance fees may be negotiable depending on product types.

Fees differ from one private fund to another, as well as among investors in the same private fund.
In certain cases, the rate of management fees and performance fees payable by an investor in a
private fund will be lower the larger the size of the investment in such private fund made by such
investor. Certain investors share in fee income earned by BTG through a management fee offset,
and to the extent such investor is represented on an investor advisory committee which approves
such fees, such interest may influence their decision as a member of such committee and create
conflicts of interests with respect thereto.

In addition to the management fee and performance fee, BTG or its affiliates receive fees related
to property management services from timberland related funds, accounts or vehicles. Property
management services customarily include the preparation and implementation of silvicultural
prescriptions and other operational plans, property inspections, supervision of operational
contractors, mapping, forest protection, quality control of forest operations, environmental
licensing, forest certification services, harvest layout, marking and administration of timber sales,
administration and implementation of forest inventory systems, administration and
implementation of management information systems, administration and implementation of
geographic information systems, and other fees associated with the management and operation
of timberland assets. Generally, a fee schedule payable to BTG or its affiliate will be disclosed to

the appropriate investor advisory committee on a quarterly basis pursuant to the relevant
governing documents.

       Managed Account Fees

Part of the non-discretionary wealth management account fees are based on the revenue
generated by the Advisory Clients with the custodian banks. A percentage of the revenues
generated will typically be paid by the custodian banks to BTG at the end of each quarter. For
discretionary wealth management accounts, Advisory Clients will pay management and
performance fees to be agreed upon.

Management and performance fees for other managed accounts are typically negotiated on an
account by account basis and will vary depending upon account size, strategy and complexity.

For wealth management managed accounts, all fees paid to BTG for advisory services are
separate and distinct from the fees and expenses charged by affiliated and/or non-affiliated
third-party service providers. In addition, wealth management Advisory Clients may incur
separate and distinct fees and expenses when investing in affiliated and/or non-affiliated
investments, which are outlined in the applicable governing documents. These separate fees and
expenses include, but are not limited to, custodial fees, execution cost, management and
performance fees and record-keeping costs. Advisory Client assets may also be subject to
transaction fees, brokerage fees and commissions, redemption fees on mutual funds, wire
transfer and electronic fund fees, and other fees and taxes on brokerage accounts and securities
transactions. The exact expenses paid by an Advisory Client will be further discussed in the
relevant governing documents. In addition, the Adviser and its affiliates may also be eligible to
receive distribution fees from certain mutual funds in connection with an Advisory Client
account’s investment in certain share classes of such mutual funds (“12b-1 fees”). The possibility
of the payment of 12b-1 fees to the Adviser or its affiliates presents a conflict of interest between
the Adviser and its Advisory Clients’. However, to minimize the conflict of interest that may
otherwise exist with respect to the selection of such mutual funds, the Adviser's policy requires
it to select non-12b-1 fee paying share classes when available. In situations where the only share
classes available of a selected mutual fund are share classes that pay 12b-1 fees, the Adviser will
cause the Advisory Client to invest in the share class that pays the lowest 12b-1 fees and only if
it is in the best interest of the Advisory Client to invest in such mutual fund.

       Customized Investment Advisory Solutions Fees

In some instances, fees for BTG’s Customized Investment Advisory Solutions are negotiable based
upon the types of assets included in an Advisory Client’s portfolio, the complexity and size of the
portfolio, the services to be provided, and other factors including the nature of the Advisory
Client’s objectives and risk parameters as determined via a client questionnaire that is completed
by all incoming Advisory Clients of this service. The specific way fees are charged is established
in an advisory agreement entered into between BTG and the Advisory Client. Certain Advisory
Clients may request that fees be calculated and billed on a monthly or quarterly basis, payable in
advance or in arrears. However, in no case does BTG require or solicit prepayment of fees six

months or more in advance. If Advisory Clients’ fee schedules and billing procedures differ from
the general process described herein, it will be detailed in the Advisory Clients’ advisory
...

ITEM 7: TYPES OF CLIENTS

BTG provides investment advisory services to private investment funds, organized as limited
partnerships, limited liability companies, or other legal entities, in which investors are accredited
investors or qualified purchasers. These private funds are not registered under federal securities
laws and typically utilize sophisticated investment strategies and proprietary investment models.

In addition, BTG provides discretionary and non-discretionary investment advisory services and
Research to clients on an individually managed account basis and within its wealth management
group. The Firm's managed accounts may include pension funds, insurance companies, banks,
foundations, endowments, trusts, estates, family offices, individuals, proprietary accounts, BTG
affiliates and other institutions. Investors in the collective investment vehicles primarily include
US and non-US individuals, estates, charitable organizations, banks and corporations.

The minimum dollar amount of assets ordinarily required for the establishment of an investment
adviser account is $250,000. For investment adviser accounts that provide the client with more
customization of their respective portfolio, the minimum dollar amount is $3,000,000. Smaller
accounts may be accepted on an accommodation basis or when it is deemed likely that the
minimum dollar size will be achieved within a reasonable period of time or in conjunction with
other accounts.

Advisory Clients of the Firm’s Customized Investment Advisory Solutions generally will require
higher minimums depending on the type of services to be provided. Smaller accounts may be
accepted on an accommodation basis or when it is deemed likely that the minimum dollar size
will be achieved within a reasonable period of time or in conjunction with other accounts.