Cox Gestao de Recursos LTDA

ITEM 5 – FEES AND COMPENSATION

Adviser’s Basic Fee Schedule

The specific manner in which fees are charged by Cox Capital is established in a client’s written
agreement with the Adviser. Generally and pursuant to contract, fees will be based upon a
percentage of the total assets in the account (including margined assets) and will be charged
quarterly in arrears. Specific fees are stated in the management agreement for individual clients.

Cox generally receives a Management Fee equal to an amount between 1% to 2% on an annual
basis, and such management fees will usually be charged quarterly in arrears as of the last day of
each calendar quarter, in accordance with the management agreement for such client.

Cox Capital’s actual fees, minimum fees, and minimum account sizes may 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 such as, size, liquidity terms, early
investment, additional or differing levels of servicing 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
in the fee schedules above as a result of fluctuations in the client’s assets under management and
account performance.

Other Fees and Expenses

In addition to investment management fees and performance-based fees (as described in Item 6
below), investors will bear any other costs charged to the managed accounts. Such costs will vary
and typically include, though are not limited to, accounting, legal, custody, administration fees and
other related costs. Furthermore, the Adviser’s fees are exclusive of brokerage commissions,
transaction fees, and other related costs and expenses which shall be incurred by each client. The
impact of mark-ups and mark-downs shall also be incurred by the clients. Clients may incur certain
charges imposed by custodians, brokers, third party investment and other third parties such as fees
charged by managers, custodial fees, deferred sales charges, odd-lot differentials, 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 in addition to Cox Capital’s fees, and the
Adviser shall not receive any portion of these commissions, fees, and costs.

Calculation and Deduction of Fees

The fees for each client, including the management and other fees and expenses described in Item
5, and performance-based fees and allocations described in Item 6 below, will be deducted directly
from the clients’ accounts by the custodians and sent to the Adviser. Clients’ account statements
will generally include line items showing the deduction of these fees.

Management fees shall be prorated for each capital contribution and withdrawal made during the
applicable calendar quarter (with the exception of de minimis contributions and withdrawals).
Accounts initiated or terminated during a calendar quarter will be charged a prorated fee.

Advisory contracts may generally be terminated by either party upon 30-90 days’ written notice.
As fees are generally charged in arrears, no refund of advisory fees should be necessary. If fees
should be paid in advance, they will be refunded pro rata upon termination. The Adviser may have
negotiated advisory contracts which have different termination provisions than those described
above.

Item 12 further describes the factors that Cox Capital considers in selecting or recommending
broker-dealers for client transactions and determining the reasonableness of their compensation
(e.g., commissions).

ITEM 7 – TYPES OF CLIENTS

Cox Capital primarily provides portfolio management services to private investment companies
and separately managed accounts for accredited investors and qualified clients.