NAVI Intl-Administradora E Gestora de Recursos Financeiros LTDA

ITEM 5 – FEES AND COMPENSATION

Navi International’s Basic Management Fees

The specific manner in which fees are charged by Navi International is established in a
client’s written agreement with Navi International and, with respect to the Funds, are
disclosed in their offering documents. Fees for the management of the Funds will be
generally based upon a percentage of the total assets in the account (including margined
assets).

Navi International’s actual fees, minimum fees and minimum account sizes may also 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, size, liquidity
terms, additional or differing levels of servicing or as otherwise agreed with specific clients.

The fee arrangements and terms for separately managed accounts are individually
negotiated and are only disclosed in the respective advisory agreements relating to such
accounts.

Calculation and Deduction of Management Fees

Navi International generally deducts fees from investor’s assets in the Funds on a monthly
basis. Investors are not given the option to choose to be directly billed for fees incurred.

Navi International does not, and will not, have the authority to deduct advisory fees or other
expenses directly from any separately managed accounts Navi International may establish.
Navi International will charge fees in relation to separately managed accounts by sending
an invoice directly to the client.

Other Fees and Expenses

In addition to investment management fees described above and the performance-based
fees described in Item 6 below, investors in the Funds will indirectly bear any other costs
charged to the Funds. Such costs will vary and typically include, though are not limited to,
accounting, legal, fund administration fees and other related costs. Furthermore, Navi
International’s fees are exclusive of brokerage commissions (please refer to Item 12 of this
brochure), transaction fees, and other related costs and expenses which shall be incurred
by the client. The impact of mark-ups and mark-downs shall also be incurred by the client.
Clients may incur certain charges imposed by custodians, brokers, and other third parties
such as fees charged by sub-managers, custodial fees, 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 charged before Navi
International’s fees, and Navi International shall not receive any portion of these
commissions, fees, and costs.

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

Prepaid Fees

Navi International generally does not charge clients fees in advance.

Compensation for the Sale of Securities

Neither Navi International nor its supervised persons accept compensation for the sale of
securities or other investment products, including asset-based sales charges or service fees
from the sale of investment funds.

ITEM 7 – TYPES OF CLIENTS

Navi International provides investment advisory services primarily for investment funds
and separately managed accounts on a discretionary basis.

Generally, the minimum dollar value of assets required to establish a separately managed
account varies depending on the view of the account’s strategy and investors’ profile.
Moreover, Navi International reserves the authority to waive the account minimum as it
deems appropriate.

Details concerning applicable suitability criteria for investment in the Funds are set forth
in the respective Fund’s offering documents and subscription application materials or
investment management agreements.