FAMA Recapital LTDA

Item 5 – Fees and Compensation

Private Accounts and Funds Compensation

Each of our Private Accounts and Funds pays us compensation in accordance
with each management agreement. The fee compensation is based on
management fees – an annual rate calculated on assets of each Private
Account or Fund – and a performance fee based on excess return over an
agreed benchmark and positive impact.

Management fees of the Private Accounts are normally paid quarterly in arrears,
based upon the calendar monthly Portfolio account values as determined by
the client at the annual rate specified in the management agreement.
Management fees of the Funds are normally paid monthly.

Performance fees of Private Accounts and Funds are paid annually, according
to each management agreement cutoff date.

We agree that we will not offer, or agree to, a lower fee scheme with any Private
Account client without offering the same fee to our other Private Account clients
with similar sizes of Private Accounts.

Other Expenses

 fama re.capital ltda                                           Part 2A of Form ADV

In addition to our fees, each of our Fund and Private Account clients also pays
certain expenses related to the management and operation of the Fund or
Private Account, as applicable, and the purchase, sale, or transmittal of the
client’s assets that we manage. These expenses include, among other things:

    •   brokerage commissions and other investment transaction costs

    •   custodial and sub-custodial fees;

    •   accounting, audit and other professional fees and expenses;

    •   legal fees (including fees charged to us for the benefit of the client);

    •   tax preparation fees;

    •   government fees and taxes;

    •   filing fees;

    •   costs of reporting;

    •   in the case of our Fund clients, costs of Fund governance activities
        (including but not limited to such as obtaining director and shareholder
        consents); and

    •   in the case of our Fund clients, the fees paid to the Fund’s administrator
        and registrar and transfer agent are already included in the management
        fee explained above.

Other Compensation. Neither we nor any of our personnel accept compensation
for the sale of securities or other investment products.

We provide office personnel and space required for the performance of our
services for our clients. Our clients do not reimburse us for doing so, except to the
extent of our fees.

We do not charge or solicit pre-payment of fees.

Please refer to “Item 12 - Brokerage Practices” below for more information about
soft dollars, brokerage commissions, and other transaction expenses.

Item 7 – Types of Clients

Our Private Account clients may include pension and profit-sharing plans; trusts;
estates; charitable organizations; university endowments; partnerships and other
collective investment vehicles; corporations; and other business entities. We
consider, but are not restricted to, a minimum investment of US$ 30,000,000 to
open a Private Account.

Our Funds are privately offered, Brazil-based investment funds that are not
regulated under the U.S. Investment Company Act of 1940, as amended (the
“Investment Company Act”). Each Fund imposes minimum investor qualification
standards and minimum investment requirements and are not presently offered to
US investors.