Guepardo Investimentos LTDA

​Item 5 – Fees and Compensation​

​A. Advisory Fees; Fee Schedule​

​ uepardo​ ​is​ ​compensated​ ​for​ ​its​ ​advisory​ ​services​ ​primarily​ ​through​ ​asset-based​
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​management​ ​fees,​ ​calculated​ ​as​ ​a​ ​percentage​ ​of​ ​assets​ ​under​ ​management.​
 ​Management​ ​fees​ ​are​ ​generally​ ​charged​ ​at​ ​an​ ​annual​​rate​​agreed​​with​​each​​client​​and​
  ​disclosed​ ​in​ ​the​ ​applicable​ ​advisory​ ​agreement.​ ​Fee​ ​rates​ ​may​ ​vary​ ​based​ ​on​ ​factors​
   ​such​​as​​the​​scope​​of​​services,​​size​​of​​the​​mandate,​​and​​investment​​strategy,​​and​​fees​​are​
    ​negotiable.​​Guepardo​​does​​not​​charge​​performance-based​​fees​​unless​​expressly​​agreed​
     ​with the client and permitted under applicable law.​

​B. Billing Practices​

​ dvisory​ ​fees​ ​are​ ​typically​ ​billed​ ​monthly​ ​in​ ​arrears​​and​​may​​be​​deducted​​directly​​from​
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​client​ ​accounts,​ ​where​ ​authorized​ ​by​ ​the​ ​client,​ ​or​ ​invoiced​ ​directly​ ​to​ ​the​ ​client,​

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​ epending​ ​on​ ​the​ ​terms​ ​of​ ​the​ ​advisory​ ​agreement.​ ​Clients​ ​may​ ​select​ ​the​ ​applicable​
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​billing method, subject to operational feasibility.​

​C. Other Fees and Expenses​

I​n​ ​addition​ ​to​ ​advisory​​fees​​paid​​to​​Guepardo,​​clients​​will​​incur​​brokerage​​commissions,​
 ​transaction​ ​costs,​ ​custody​ ​fees,​ ​fund​ ​administration​ ​fees​ ​(if​ ​applicable),​ ​and​ ​other​
  ​expenses​​charged​​by​​third​​parties.​​These​​costs​​are​​not​​included​​in​​Guepardo’s​​advisory​
   ​fees​ ​and​ ​are​ ​borne​ ​directly​ ​by​ ​clients.​ ​Brokerage​ ​practices​ ​and​ ​related​ ​costs​ ​are​
    ​discussed further under Item 12 (Brokerage Practices) of this brochure.​

​D. Prepayment of Fees​

I​n​ ​certain​ ​circumstances,​ ​clients​ ​may​ ​be​ ​required​ ​or​ ​permitted​ ​to​ ​pay​ ​advisory​ ​fees​ ​in​
 ​advance,​​as​​specified​​in​​the​​advisory​​agreement.​​If​​an​​advisory​​agreement​​is​​terminated​
  ​prior​​to​​the​​end​​of​​a​​billing​​period,​​any​​unearned​​prepaid​​fees​​are​​refunded​​on​​a​​pro​​rata​
   ​basis,​​calculated​​based​​on​​the​​number​​of​​days​​services​​were​​provided​​during​​the​​billing​
    ​period.​

​E. Compensation for Sale of Securities or Investment Products​

​ either​ ​Guepardo​ ​nor​ ​its​ ​supervised​ ​persons​ ​accept​ ​commissions,​ ​sales​ ​charges,​
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​distribution​ ​fees,​ ​or​ ​other​ ​compensation​ ​in​ ​connection​ ​with​ ​the​ ​sale​ ​or​ ​placement​ ​of​
 ​securities​ ​or​ ​investment​ ​products​ ​recommended​ ​to​ ​advisory​ ​clients.​ ​Accordingly,​ ​Items​
  ​5.E.1 through 5.E.4 are not applicable.​

​Item 7 – Types of Clients​

​ uepardo​ ​provides​ ​investment​​advisory​​and​​portfolio​​management​​services​​primarily​​to​
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​institutional​ ​clients​ ​and​ ​other​ ​sophisticated​ ​investors,​ ​including​ ​foundations,​ ​family​
 ​offices,​ ​high-net-worth​ ​individuals,​ ​corporate​ ​entities,​ ​and,​ ​in​ ​certain​ ​cases,​ ​other​
  ​investment​​managers.​​On​​average​​Guepardo​​may​​set​​minimum​​account​​requirements​​to​
   ​select​ ​such​ ​clients.​ ​Such​​requirements​​may​​be​​waived​​at​​the​​sole​​discretion​​of​​the​​firm,​
    ​based​ ​on​ ​factors​ ​such​ ​as​ ​the​ ​nature​ ​of​ ​the​ ​mandate,​ ​the​ ​client​ ​relationship,​ ​and​
     ​operational or regulatory considerations.​