Squadra Investments - Gestao de Recursos LTDA

5. Fees and Compensation

A. Compensation
Squadra Investments typically receives compensation from fees based on a percentage of assets under
management and based upon the performance of the account or private fund. The private funds under
management are available only to eligible Investors who are “accredited investors” as defined in
Regulation D under the Securities Act of 1933, as amended (the “Securities Act”), and “qualified
purchasers” or “knowledgeable employees” as defined under the Investment Company Act of 1940, as
amended (the “Investment Company Act”). Squadra Investments provides investment advisory
services to each of the private funds pursuant to separate investment management agreements which,
along with specific organizational documents of the Fund, set forth in detail the fee structure relevant to
each such private fund. The terms of the fee arrangements are generally established at the time of the
formation of the applicable private fund. Investors and prospective investors in the funds should refer to

the offering documents for a detailed description of the fee schedules. Fee arrangements for the
management of separately managed accounts are negotiated with each client and usually are 1.5% of the
net asset value of the account. Fees are negotiable at the time the account is established.

B. Fee deduction
Squadra Investments deducts management and performance fees from the assets in the private funds
and bills the managed account clients separately. The management fee is payable on monthly basis for
the private funds and on a quarterly basis for the managed accounts. The performance fee, if applicable,
is payable on annual basis.

C. Type of fees and expenses
The funds bear all expenses related to the investment program, including, but not limited to, brokerage
commissions, expenses related to buying and selling securities, the management fee, independent directors
compensation and, if applicable, the performance fee; fees and expenses of any custodians, interest
and other borrowing expenses; legal, administrative, accounting, tax and audit expenses; expenses of
preparing and distributing reports, financial statements and notices to limited partners/shareholders and
the cost of periodically updating the Memorandum and the relevant Supplements. All brokerage rebates,
if any, will be credited to the funds and managed accounts. No salaries, overhead and travel expenses
from Squadra Investments will be charged to the funds or managed accounts.

Please see more brokerage information in Item 12.

Please see private funds or separately managed accounts documents for a complete listing of the fees
and expenses applicable.

D. Prepayment of fees
All fees are payable in arrears.

E. Sale of securities
Squadra Investments does not charge or accept compensation in connection with the sale of securities
or other investment products.