Scharf Investments LLC

Item 5.         Fees and Compensation

Portfolio Management
As the investment adviser to multiple client accounts, Scharf typically holds a limited power of attorney to act
on a discretionary basis with client funds. Client funds are deposited in either a brokerage firm or a bank
custodian account. Scharf will typically deduct management fees and performance fees directly from client
accounts, but may bill a client separately for such amounts.

In addition to Scharf’s management fees, each client account is responsible for its own costs and expenses,
including trading costs and expenses such as brokerage commissions and clearing and settlement charges.
For further information on brokerage practices see Item 12. Accounts that invest in exchange traded funds
(“ETFs”) and mutual funds also pay, indirectly, investment advisory fees to the managers of those funds.

Scharf’s fee schedule for services provided directly, through shared client/dual-contract relationships, and as a
sub-adviser (for example, through a wrap-fee program) are described below:

Direct Clients

Premier Account Solutions
A client signs an investment advisory agreement with Scharf for management of the client’s individual accounts.
Compensation provided to Scharf is negotiable and based on a variety of factors, including but not limited to
the type of client (such as employee retirement plans), the complexity of the client’s situation, and the total
amount of assets under management for the household or larger relationship. For new clients, Scharf typically
charges only an Asset Based Fee or a combination of an Asset Based Fee and a Performance Fee.

For Equity Solution clients who pay only an Asset Based Fee, the typical Asset Based Fee is an annual fee of
1.25% on the first $3,000,000 of assets under management, plus 0.80% over $3 million and up to $5 million;
any balance over $5 million is subject to an institutional pricing schedule.

For Multi-Asset Solution clients who pay only an Asset Based Fee, the typical Asset Based Fee is an annual fee
of 1.0% on the first $3,000,000 of assets under management, plus 0.75% over $3 million and up to $5 million;
any balance over $5 million is subject to an institutional pricing schedule.

For Fixed Income Solution clients who pay only an Asset Based Fee, the typical Asset Based Fee is an annual fee
of 0.5% on the first $5,000,000 of assets under management, any balance over $5 million is subject to an
institutional pricing schedule.

For Equity Solution clients who pay an Asset Based Fee and a Performance Fee, the typical Asset Based Fee
includes an annual fee of 0.4% on the first $5,000,000 of assets under management; any balance over $5 million
is subject to an institutional pricing schedule, plus a Performance Fee equal to 12% of net profits of the account
(including both realized and unrealized gains and losses). Performance Fees are assessed in arrears on an
annual basis and are only applied to profits that exceed the cumulative losses previously incurred by or
allocated to the respective clients. Scharf complies with Rule 205-3 under the Investment Advisers Act of 1940,
as amended, to the extent required by applicable law. Performance Fees may create an incentive for Scharf to
make more risky and speculative investments than it would otherwise make.

Scharf Investments, LLC ADV2A Brochure                                                                          4

The Asset Based Fees are typically payable in advance in quarterly installments at the beginning of each
calendar quarter based on the net market value of the client’s account on the date the fee accrues and becomes
payable.

If a client contributes capital to the Account, including its initial capital, on a date other than the first day of a
calendar quarter, the Account will be charged a prorated portion of the Asset Based Fee for that calendar
quarter with respect to such contribution, based on the number of days remaining in that calendar quarter and
based on the net market value of the contributed capital on the opening of trading on the date of such
contribution. Such fees will be added to and payable with the Asset Based Fee for the following quarter.

If a client withdraws assets from the Account on any date other than the last day of a calendar quarter, the
Asset Based Fee previously paid with respect to that calendar quarter shall be prorated based on the number
of days elapsed in that quarter prior to the withdrawal, and the unearned portion shall be deducted from the
next quarterly Asset Based Fees.

In calculating Account value (and Account profits in the case of a Performance Fee) at quarter end, Scharf
utilizes trade date accounting where margin debt is not deducted from the value of the Account.

Except as may be otherwise negotiated in particular cases, a client may terminate an individually managed
account by giving written notice. Expenses and the pro rata portion of the annual fee through the date of
termination are charged to the client. All prepaid but unearned advisory fees are refunded to the client on
termination of an account.

Shared Clients/Dual Contract
Scharf provides investment advisory service for shared clients introduced to Scharf by third party investment
advisers or brokers. The client signs investment agreements with both the referring third party and Scharf.
Scharf is only responsible for advising and managing those assets allocated to Scharf upon the direction of
either the client or the third party. The third party is responsible for obtaining and evaluating information
regarding the identity, circumstances, financial condition, tax situation, regulatory status and financial needs
and goals of the shared client so that the third party can evaluate whether the investment guidelines of the
shared client are appropriate and suitable. The third party reviews the investment guidelines set forth in each
...

Item 7.         Types of Clients

Scharf provides portfolio management for individuals, retirement accounts, trusts, family offices, corporations,
endowments, foundations, and investment companies (e.g., registered investment companies, UCITS). In
addition, Scharf also offers model portfolios through Unified Managed Account (UMA) Program sponsors on a
non-discretionary basis. Scharf typically has a relationship minimum of $1,000,000 of assets under
management for Direct Clients.