Nucleo Capital LTDA

ITEM 5 – FEES AND COMPENSATION

Nucleo Capital’s Basic Management Fees

The specific manner in which fees are charged by Nucleo Capital is established in a client’s
written agreement with Nucleo Capital and, with respect to the Funds, are disclosed in their
Prospectuses. Generally and pursuant to contract, fees for the management of the Funds
will be based upon a percentage of the total assets in the account (including margined
assets).

Nucleo Capital’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.

Calculation and Deduction of Management Fees

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

Nucleo Capital does not, and will not, have the authority to deduct advisory fees or other
expenses directly from any separately managed accounts Nucleo Capital may establish.
Nucleo Capital 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, Nucleo
Capital’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
Nucleo Capital’s fees, and Nucleo Capital shall not receive any portion of these
commissions, fees, and costs.

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

Prepaid Fees

Nucleo Capital generally does not charge clients fees in advance.

Compensation for the Sale of Securities

Nucleo Capital nor Nucleo Capital’s 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

Nucleo Capital provides investment advisory services primarily for investment funds and
other accredited and qualified clients on a discretionary basis.

Generally, the minimum dollar value of assets required to establish an investment advisory
account varies depending on the view of the account’s strategy and investors’ profile.
Moreover, Nucleo Capital 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 Prospectus and subscription application materials or investment
management agreements.