M Square Investimentos LTDA

Item 5. Fees and Compensation

M Square charges management fees and performance fees as set out in each client’s offering documents or
investment management agreement. Fees are negotiable and the Firm has discretion to waive or otherwise modify
fees with respect to any Fund investor, including affiliates of the Firm. M Square may, in its discretion, manage
other funds or accounts with higher or lower fee arrangements, different fee structures and different expense
payment arrangements than those of the Funds.

Management fees for the Funds generally range from 0.5% to 1.2% and are deducted by the Firm each calendar
month in advance, regardless of performance.

Management fees for the SMAs are deducted by the Firm on a monthly or quarterly basis in advance, depending
on the terms agreed in the respective investment management agreement.

In addition, the Firm is entitled to certain performance-based compensation from the Funds when certain
conditions are met. See Item 6 for more information on performance fees.

Other Fees and Expenses

The Funds bear their own operating expenses. Typical expenses paid by the Funds include: organizational and
restructuring expenses; legal fees; audit and accounting expenses (including third party accounting services); tax services;
administration fees and expenses; administrative fees charged by portfolio funds, which may include performance fees
or incentive allocations; investment expenses such as commissions, research fees and risk analysis system expenses;
interest on margin accounts and other indebtedness; borrowing charges on securities sold short; custodial fees; directors’
fees and expenses; and any other expenses reasonably related to the purchase, sale or transmittal of Fund assets.

M Square Investimentos Ltda.                                                                        Form ADV Part 2A

Prospective investors should carefully review a Fund’s offering documentation for a full explanation of all fees and
expenses.

Any SMA will bear its own operating expenses as set forth in the SMA’s respective investment management
agreement.

For more information on the Firm’s brokerage practices, please refer to Item 12 in this brochure.

Item 7. Types of Clients

As described in Item 4, M Square provides investment advisory services to privately offered pooled investment
funds, SMAs, and non-US single investor vehicles. In the US, these vehicles are generally offered to qualified
purchasers and accredited investors, as defined under federal securities laws.

The minimum initial investment is set forth in each Fund’s offering documents and varies by share class. Fund
investors are generally required to initially commit $100,000 or $5,000,000, depending on the Fund and the share
class. The Firm may, in its sole and absolute discretion, accept lesser amounts.

The establishment of any SMA is subject to the sole discretion of M Square, which considers a variety of factors,
including but not limited to, the nature of the client, the proposed investment strategy, and operational or
regulatory considerations.

The Funds are only open to investors who qualify as Qualified Purchasers. The Firm does not provide advisory
services to retail investors.