Root Capital - GEST O de Recursos LTDA

FEES AND COMPENSATION

A. Advisory Fees and Compensation
The fees applicable to each Fund are set forth in detail in each Fund’s offering documents and in its by-laws.
A brief summary of such fees is provided below.

B. Payment of Fees
Fees and compensation paid to the Investment Adviser or its affiliates by the Funds are generally deducted
from the assets of such clients. As discussed above, Management Fees are generally deducted on a
monthly basis and Performance Compensation is generally deducted on a biannual or annual basis.

C. Additional Fees and Expenses
Each client or related group of clients bears its own expenses, including, without limitation, the
Management Fee; the Performance Compensation, organizational expenses (including organizational
expenses related to vehicles formed for the purpose of pursuing investments), investment-related
expenses (e.g., expenses related to the investment of the clients’ assets, such as brokerage commissions,
expenses relating to short sales, clearing and settlement charges, bank service fees, custodial fees, interest
expenses, expenses relating to consultants, attorneys, brokers or other professionals or advisers who
provide research, advice or due diligence services with regard to investments, appraisal fees and expenses,
and investment banking expenses); legal expenses; taxes; accounting, audit, tax preparation and other
tax-related expenses (including the cost of accounting software packages); research-related expenses
(including, but not limited to, Bloomberg services and third-party independent research services); fees of
the Funds’ administrator (the “Administrator”) and related costs; the costs of third-party pricing services
and price quotation services; costs of printing and mailing reports and notices; costs of directors’ and
officers’ insurance policies and other liability insurance covering the Investment Adviser, its affiliates, and
their respective employees, agents and affiliates; corporate licensing; government fees; regulatory
expenses (including, but not limited to, filing fees); fees payable to Fund directors; the costs of errors and
omissions insurance for the Funds, the Investment Adviser and its affiliates; Fund director travel expenses;
IT expenses; for certain clients facilities rent and base salaries of Investment Adviser staff adjusted for
proportion of time devoted to matters related to such clients; interest including on borrowings; securities
lending fees and expenses; placement agent fees; corporate licensing costs; extraordinary legal fees and
expenses such as relating to litigation, investigation or examination; indemnification expenses; taxes (such
as withholding or transfer taxes, or entity-level taxes) payable by the Funds; investment-related travel
expenses; costs and expenses relating to currency exchange; costs and expenses relating to the currency
hedging of the different Fund tranches; costs and expenses relating to compliance with any agreements
between the Funds and any investor; and extraordinary expenses and other similar expenses related to
the Funds, as the Investment Adviser determines in its sole discretion. Certain client agreements may
provide for expense caps or other limitations on expenses.

D. Prepayment of Fees

Most clients pay the Investment Adviser the Management Fee based on the net asset value of each client.
In the event that a client’s net asset value is reduced in connection with a withdrawal or redemption by

an investor of such client other than as of the last day of the quarter or month (as applicable), the
Investment Adviser will pay such client through the fund an amount equal to the pro rata portion of the
Management Fee, based on the actual number of days remaining in the relevant calculation period, and
(in the case of Funds), the Fund will distribute such amount to the investor.

E. Additional Compensation and Conflicts of Interest
Neither the Investment Adviser nor any of its supervised persons accept compensation (e.g., brokerage
commissions) for the sale of securities or other investment products in any jurisdiction.

TYPES OF CLIENTS

We provide investment advice to the Funds as described above in Item 4.B of this Brochure.