Capsigma Investment Partners LTDA

Item 5: Fees and Compensation
Management Fee

CapSigma is compensated through fees based on the asset under management
(“management fee”) of the Brazilian pooled funds or separately managed accounts.
For the Brazilian-based funds, investors and prospective investors should consult the
offering documents for a detailed description of the fee schedule. The maximum
management fee charged to clients of the Brazilian pooled funds is 2.00% per annum.
Fee schedules for managed accounts are negotiated individually with each client at
the time of the setting up of the account.

Fee Deduction

The management fee is calculated after deduction of certain other fees and payable
monthly or quarterly in arrears, in accordance with the investment vehicle
documentation. Management fees are not payable in advance.

Types of Fees and Expenses

In addition to the management fees and the performance-based fees (as described
below), investors will bear certain other costs and expenses charged to their
investment vehicles (being it a pooled fund or a managed account).

These include, without limitation, brokerage and transaction costs, clearing and
settlement charges, interest, custody fees, litigation and investigation costs,
indemnification expenses and fees for legal, audit, tax, accounting, and administration
services.

Additional expenses include regulatory and licensing fees, taxes, government and
corporate charges, trade reconciliation and reporting costs, investor communication
services, and the preparation and distribution of financial and offering documents.

Separately managed accounts will bear the cost of brokerage and other transactions
related costs. As previously noted, managed accounts fee terms are individually
negotiated. Please see more brokerage information in Item 12.

Sales of Securities

CapSigma and its employees do not receive any compensation for the sale of
securities or other investment products.

Item 7: Types of Clients
At this moment, CapSigma provides investment advisory services to a managed
account for an US-based endowment and acts as the investment manager of
Brazilian-based pooled funds.

Terms and arrangements for any separately managed accounts are negotiated on a
case-by-case basis.

The Brazilian-based funds have minimum investment thresholds as described in their
respective offering documents. These pooled funds are intended solely to qualified
investors as defined under the Brazilian regulations, including high-net-worth
individuals, family offices, sovereign wealth funds, and funds of funds.