MOMA International Servicos Administrativos SS LTDA

Item 5 – Fees and Compensation

The specific way fees are charged by MOMA International is established in the client’s written investment
management agreement with MOMA International. MOMA International will bill its fees on a quarterly
basis. Clients are billed in advance each calendar quarter based on the market value of the client's assets
managed or advised by MOMA International (see specific fee calculation methodology below). Clients can
elect to be billed directly for fees or to authorize MOMA International to directly debit fees from client’s
accounts at the custodian. Accounts initiated during a calendar quarter will be charged a prorated fee.
Upon termination of any account, any prepaid, unearned fees will be promptly refunded, and any earned,
unpaid fees will be due and payable.

MOMA International fees are exclusive of brokerage commissions, transaction fees, and other related
costs and expenses which shall be incurred by the client. Clients can 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, foreign currency
exchange fees and electronic fund fees, and other fees and taxes on brokerage accounts and securities
transactions. Mutual funds, private funds, UCITS and exchange traded funds also charge internal
management fees, which are disclosed in a fund’s prospectus. Such charges, fees and commissions are
exclusive of and in addition to MOMA International’s fee.

Clients agree to the terms of their fee calculation methodology in the investment management
agreements with MOMA International.

        Advisory Fee

MOMA International charges Clients an Advisory Fee for services provided. The Advisory Fee is established
and defined in the Investment Advisory Agreement between MOMA International and the Client (the
“Advisory Agreement”). Generally, the Advisory Fee is expressed as a percentage of Assets Under
Management (“AUM”), and typically ranges from 0.1 to 1.5%of total AUM, with a minimum annual
Advisory Fee.

In some instances, Advisory Fees are negotiable based upon the types of assets included in a Client’s
portfolio, the complexity and size of the portfolio, the services to be provided, and other factors including
the nature of the Client’s objectives. Please be aware that the way we charge fees and we get
compensated creates a conflict of interest that you should be aware of. This is because we charge our
fees based on assets under management, as described in this section. This means that we have an
incentive to ask you to have more assets under our management so that we can increase our revenues by
receiving more fees. We mitigate this conflict by only advising you based on what we believe is in your
best interest.

Generally, Advisory Fees are calculated and billed on a quarterly basis, payable in advance. Some Clients’
fee schedules and billing procedures may differ from the general process described herein, as provided in
such Clients’ Advisory Agreements. Clients can elect to be billed directly for fees or to authorize MOMA
International to directly debit fees from client accounts at the custodian. Upon termination of any
account, any unearned fees will be promptly refunded.

Advisory Fees are based on the value of the Client’s portfolio as reported by the Client’s custodians, third-
party fund managers, and other independent pricing services. Fees are calculated based on the portfolio
value on the last day of the previous billing period.

Clients should note that similar advisory services can or cannot be available from other registered
investment advisors for similar or lower fees. The size of an account and the nature of the advisory services
provided factor into the fees charged.

MINIMUM FEES/FLAT FEES

For certain small discretionary and non-discretionary accounts, MOMA International can impose a
minimum fee threshold of $250 per quarter and can negotiate a fixed fee. Both minimum fees and flat
fees are paid quarterly in advance.

Item 7 – Types of Clients

MOMA International provides investment advisory services to the following, but is not limited to them:

       Individuals and their personal investment entities.
       High Net Worth Individuals
       Corporations
       Trusts