Kiltearn Partners LLP

Item 5.              Fees and Compensation

Kiltearn provides discretionary investment management services to two private U.S. funds, the
Kiltearn Global Equity Fund (referred to internally as “Kansas”) and the Kiltearn Global Equity SRI Fund
(the “SRI Fund”), collectively known as the “US Funds.” Unitholders in the US Funds pay fees according
to the following fee scale:

                                                      % Per Annum
                                First $15 million         1.00
                                Next $10 million          0.80
                                Next $50 million          0.70
                                Next $75 million          0.60
                                Next $250 million         0.50
                                Thereafter                0.45

Fees paid by each Unitholder invested in the US Funds are based upon the Net Asset Value (as defined
below) of the Units held by the Unitholder rather than the value of the US Fund itself. Fees are not
generally negotiable. However, Kiltearn may, in its discretion, rebate fees or apply reduced fees to
certain Unitholders based on factors such as the size of the investment, aggregate assets invested, the
nature and duration of the relationship, the timing of the investment, or other strategic considerations
determined by Kiltearn. Fees are normally payable monthly in arrears, although the actual timing of
Fee payments will depend on the underlying legal domicile of a fund and the terms of its operating
agreements. Fees for Unitholders in the US Funds are normally paid via the redemption of part of the
Units held by each Unitholder monthly. Separate account clients are generally invoiced on a quarterly
basis in arrears for the investment management services that Kiltearn provides. Unitholders, through
their participation in the US Funds, and separate account clients will incur brokerage and other
transaction costs as described in ‘Brokerage Practices’ and may incur extraordinary legal expenses (as
described below). No other additional fees or expenses are charged.

Kiltearn will generally only consider opening a separate account for a prospective client interested in
investing amounts over US$500 million. Kiltearn will, however, open temporary accounts (referred to
as “Transition Accounts” or “Security Holding Accounts”) used to facilitate investment in to or
withdrawals out of the US Funds.

The US Funds pay their own direct trading expenses, clearing fees, and other exchange fees and
charges. Direct trading expenses include brokerage commissions, “bid-ask” spreads and other foreign
exchange spreads, mark-ups, clearing fees, registration and transfer fees, regulatory and
governmental charges and duties, and other transactional fees and expenses relating to their
investments. The US Funds are obligated to pay all income, dividend withholding, capital gains and

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Kiltearn Partners LLP – ADV Part 2 Brochure

other taxes related to their underlying investments. In addition, the US Funds may be required to
reimburse Kiltearn or third (3rd) party service providers to the US Funds for extraordinary legal
expenses not otherwise borne by Kiltearn, including expenses incurred to protect or promote the
investment rights or obligations of the US Funds and legal or accounting expenses incurred in
connection with the reclamation of foreign withholding taxes for the US Funds or reducing the US
Funds’ liability in relation to foreign capital gains taxes.

Kiltearn has paid all expenses incurred in connection with the organization and the formation of US
Funds. Kiltearn pays all routine legal, audit and accounting fees related to the Funds and the ongoing
offering and issuance of Units as well as the US Funds’ annual audit fees and tax return expenses (if
any). Kiltearn pays any fees payable to the custodians, trustees, fund administrators, managers,
auditors, tax advisors and the US Funds’ other service providers. The US Funds are not required to
reimburse Kiltearn in the event that Fees are insufficient to cover the expenses borne by Kiltearn.

Separate account clients pay their own direct trading expenses, clearing fees, and other exchange fees
and charges. Separate account clients directly bear trading expenses include brokerage commissions,
“bid-ask” spreads and other foreign exchange spreads, mark-ups, clearing fees, stock loan expenses
(if applicable), registration and transfer fees, regulatory and governmental charges and duties, and
other transactional fees and expenses relating to their investments. Clients using separate accounts
are obligated to pay all income, dividend withholding, capital gains and other taxes related to their
underlying investments. In addition, separate account clients may be required to reimburse Kiltearn
for extraordinary legal expenses not otherwise borne by Kiltearn, including expenses incurred to
protect or promote the investment rights or obligations of the separate account clients and legal or
accounting expenses incurred in connection with reclaiming foreign withholding taxes or reducing
liability in relation to foreign capital gains taxes. Clients using separate accounts are responsible for
paying their own legal, audit and accounting fees as well as annual audit fees and tax return expenses
(if any). Clients using separate accounts pay any fees payable to their separately appointed custodians,
trustees, fund administrators, managers, managing members, auditors, tax advisors and other similar
service providers.

Kiltearn is also the delegated investment manager for two non-U.S. UCITS funds (the “Irish Funds”).
U.S. persons are not permitted to invest in the Irish Funds. As a result, the Irish Funds are outside the
scope of this document.

Where extraordinary legal expenses are incurred, these will be allocated on a pro rata basis amongst
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Item 7.              Types of Clients

Each one of Kiltearn’s funds, and not the underlying Unitholders in each fund, is considered a Client
pursuant to Rule 203(b) (3)-1 of the Investment Advisers Act of 1940. Kiltearn makes investments on
behalf of the funds for the benefit of the underlying Unitholders in each respective fund. Units in the

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Kiltearn Partners LLP – ADV Part 2 Brochure

US Funds are sold only to Unitholders that qualify as “Accredited Investors” and “Qualified
Purchasers” under applicable securities laws. Separate account clients must normally be considered
a “Qualified Institutional Buyer”. Units in the US Funds are offered and sold primarily to U.S. investors
under the exemption provided by section 4(a)(2) of the 1933 Act and Rule 506(c) of Regulation D
promulgated thereunder, in the case of Kansas, and Rule 506(b) of Regulation D, in the case of the SRI
Fund. Furthermore, the US Funds will not register as an “investment company” under the 1940 Act
by reason of the provisions of Section 3(c)(7) thereof. An investment in Units of a US Fund or through
a separate account involves the risk of loss. Kiltearn, in its capacity as investment manager, is
responsible for reviewing and managing the holdings in the portfolio of each Client based on the
results of its research activities and for making appropriate recommendations to satisfy the respective
investment goals of the Client. Additional information is available in the respective Private Offering
Memorandum of each US Fund and the Investment Management Agreements (“IMAs”) in place
between Kiltearn and the separate account clients (if any).

Conditions for Managing Accounts

Kiltearn primarily provides discretionary investment management services through its funds. Separate
account arrangements are offered only in limited circumstances, generally in respect of mandates
exceeding US$500 million. Transition Accounts or Security Holding Accounts may be used to facilitate
subscriptions into or withdrawals from the US Funds, irrespective of the amount invested.

The minimum initial subscription for Units in a US Fund is US$10 million. The minimum additional
investment in the US Funds is US$100,000. Kiltearn may, in its sole discretion, accept or reject, in
whole or in part, any investment or impose conditions or restrictions on such investment.

There is no minimum holding period for Units. Subject to the narrow circumstances in which it may
be necessary to suspend redemptions in accordance with the US Funds’ governing documents,
Unitholders may redeem all or part of their Units in a US Fund on any Dealing day by providing Kiltearn
with written notice at least six (6) Business Days prior to the Dealing Day upon which the redemption
is to be effective. Certain documentation must also be returned at least four (4) Business Days prior
to such Dealing day. Redemptions from the US Funds generally must equal or exceed $500,000. In the
case of the US Funds, where Kiltearn deems it is in the best interests of all Unitholders in the relevant
US Fund and the US Fund itself, Kiltearn may, in its sole discretion, cause redemptions to be facilitated
via Withdrawal Transition Accounts. Additional information is available in the respective Private
Offering Memorandum of each US Fund.

Transition Accounts

Kiltearn may, to the extent permitted by law, require investors making contributions of cash, securities
and/or other assets to or redemptions from the US Funds to use Transition Accounts. Transition
Accounts are separate sub-accounts that are opened under the applicable US Fund’s general legal
structure. They are used to facilitate substantial subscriptions and withdrawals. The Transition
Account structure allows Kiltearn to invest contributions outside of the relevant US Fund’s direct
assets or to liquidate holdings outside of the US Fund’s direct assets (and therefore minimize the
market impact and liquidity risk from artificially high cash levels being passed to existing Unitholders
or remaining Unitholders, as the case may be). All cash, securities and other assets transferred into a
Transition Account are valued using the same rules and procedures used in valuing the cash, securities
and other assets of the applicable US Fund at the date of transfer. The cash, securities and/or other
assets contributed into a Subscription Transition Account are used to purchase securities that are
consistent with the US Fund’s investment objective and that substantially replicate the weighting of
the same securities held by the US Fund, to the extent practicable. The investments are then

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Kiltearn Partners LLP – ADV Part 2 Brochure

transferred into Units in the US Fund on the first applicable Dealing Day. The investments transferred
to the Withdrawal Transition Account will ordinarily represent a substantially pro rata portion of the
investments held by the US Fund, to the extent practicable. The securities, cash and other assets in a
Withdrawal Transition Account will ordinarily be liquidated into cash and the final proceeds wired to
the redeeming Unitholder as soon as reasonably practicable. Unless redemptions from the US Fund
have been suspended, Kiltearn would normally expect that the proceeds of any redemption facilitated
by Withdrawal Transition Accounts shall be paid within thirty (30) Business Days of the transfer of
securities to the Withdrawal Transition Account. In the event a given security position or other asset
held within a Withdrawal Transition Account cannot be liquidated in order to meet this timeframe,
Kiltearn will notify the redeeming Unitholder and, to the extent practicable, direct The Northern Trust
Company (The Northern Trust Company or one of its direct or indirect subsidiaries, collectively
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