Silchester International Investors LLP

Item 5. Fees and Compensation

Investment Management Fees

Silchester provides discretionary investment management services to Unitholders in its privately offered
commingled funds (the “Funds”), according to the following fee scale:

          First US$25,000,000                                   1.00%
          Next US$25,000,000                                    0.65%
          Next US$25,000,000                                    0.55%
          Thereafter                                            0.50%

The DCF UCITS has a separate fee scale but is not currently being actively marketed to external clients.
Silchester staff and their related parties may hold interests in the Funds. These investments are made on
the same terms and have the same fees and liquidity rights as other Unitholder investments.

Fees paid by each Unitholder are based upon the market value of the Units held by the Unitholder rather
than the value of the Funds. Fees are not negotiable. Fees are payable monthly in arrears, although the
actual timing of fee payments will depend on the underlying legal domicile of the Fund and the terms of its
operating agreements. The Northern Trust Company (“Northern Trust”), the custodian for the Funds, will
redeem units of Unitholders to the extent necessary to pay fees to Silchester on a monthly basis.

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Silchester International Investors LLP – ADV Part 2A Brochure

Brokerage and Transaction Costs

The Funds pay their own direct trading expenses. Direct trading expenses include brokerage commissions
related to trade execution, “bid-ask” spreads, mark-ups, clearing fees, exchange fees, registration and
transfer fees, regulatory and governmental charges and duties and transactional fees and expenses. The
Funds must pay all income, dividend withholding, capital gains and other taxes related to their underlying
investments (see Item 12 for more information on Silchester’s brokerage practices).

Silchester pays for the costs of third-party research directly out of its own financial resources. Silchester
does not pay “soft dollar” commissions and/or receive “soft dollar” benefits from brokers. Substantially
all security trades are done at a single global execution only rate of commission. Silchester may
occasionally negotiate a further reduction in commission rates and/or periodically “step out” and pay a
higher rate if, as an example, it costs a counterparty more to trade a security than the normal global
execution only rate of commission or if a higher rate must be paid to participate in a placement or secondary
offering of securities.

Silchester has negotiated a foreign exchange agreement with Northern Trust. In exchange for Northern
Trust developing, maintaining, monitoring and enhancing the foreign exchange algorithm the Funds utilise
for trading foreign exchange, operating the foreign exchange panel, providing balance sheet support to
foreign exchange trading, bearing the counterparty risks of trading with panel participants and providing
TCA reporting, Silchester pays Northern Trust a fee out of its own investment management fees. No mark
ups, additional spreads or additional settlement charges are added to foreign exchange transactions executed
for the Funds.

Expenses

Silchester pays all routine legal, audit and accounting fees related to the Funds. Silchester pays the fees
payable to the Custodians, Trustees, Fund Administrators, Managers, Managing Members, Auditors, Tax
Advisors and other similar service providers of the Funds. Silchester has paid all expenses in connection
with the organisation and the formation of the Funds and pays all costs associated with the ongoing issuance
of the Units of these Funds. The Funds do not have to raise a minimum amount to defray these expenses.
No reimbursement is permitted if the investment management fees do not cover Silchester’s expenses. In
addition, the Funds may have to reimburse Silchester or third-party service providers to the Funds for
extraordinary legal expenses (i.e., expenses incurred to protect or promote the investment rights or
obligations of the Funds).

Anti-Dilution Levies on Contributions and Redemptions

Unitholders may contribute to, or redeem from, the US Funds on a monthly basis. Typically, Unitholder
contributions or redemptions are made directly to or from the Funds in cash. To minimize the impact of
trading expenses associated with contributions and redemptions on current Unitholders, an Anti-Dilution
Levy may be assessed on the contribution or redemption. Silchester seeks to net or “offset” Unitholder
contributions and redemptions to minimize trading activity and the resulting expenses. Primarily, this will
occur at the respective Fund level but may also occur between the Funds through a cross trade. Where
offsetting is not possible, the immediate cost of buying securities or selling securities to raise cash will be
assessed on the Unitholder(s) who initiated the transaction generating the trading costs. Silchester believes
this is appropriate and protects the interests of existing Unitholders in the Fund.

To calculate this anti-dilution levy (“ADL”), Silchester will compare the actual cost of the trading activity
versus the market value of the trading activity at month end. If the additional trading has not adversely
impacted the remaining Unitholders an ADL will not be assessed. However, if the remaining Unitholders

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Silchester International Investors LLP – ADV Part 2A Brochure

have been adversely impacted (i.e., there has been a cost to the Fund), those transacting Unitholders will be
subject to an ADL. The Fund’s Governing Documents permit Silchester to ordinarily assess an ADL of up
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Item 7. Types of Clients

Each Fund, and not the underlying Unitholders in each Fund, is considered a Client for purposes of the
Investment Advisers Act of 1940. Silchester makes investments on behalf of the Funds for the benefit of
the underlying Unitholders in each respective Fund. Units in the U.S. Funds are sold only to U.S.
Unitholders that qualify as “accredited investors” and “qualified purchasers” as defined under U.S.
federal securities laws. Units in the Calleva Trust and Exclusion UCITS are sold only to certain eligible

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Silchester International Investors LLP – ADV Part 2A Brochure

non-U.S. Unitholders as well as certain eligible tax-exempt U.S. Unitholders that qualify as “accredited
investors” and “qualified purchasers” as defined under U.S. federal securities laws. An investment in
Units of a Fund involves the risk of loss.

Silchester, as investment manager, is responsible for reviewing and managing the holdings and for making
appropriate recommendations to satisfy each Fund’s investment objective. Further information is available
in the Agreement and Declaration of Trust, Private Offering Memorandum and Subscription Agreement of
the U.S. Funds, and the Prospectus and Application Form of the Calleva Trust and the Exclusion UCITS
(referred to collectively as the “Governing Documents”) respective offering document of each Fund.

Silchester has been appointed as investment manager for six Funds. These are:

     •    The Silchester International Investors International Value Equity Trust (the “Business Trust”);
     •    The Silchester International Investors International Value Equity Group Trust (the “Group Trust”);
     •    The Silchester International Investors International Value Equity Taxable Trust (the “Taxable
          Trust”);
     •    The Silchester International Investors International Value Equity Exclusion Trust (the “Exclusion
          Trust”);
     •    The Calleva Trust – International Equity Fund (the “Calleva Trust”); and,
     •    Silchester International Investors (Ireland) Trust – International Equity Exclusion UCITS (the
          “Exclusion UCITS”).

The Exclusion Trust and Exclusion UCITS operate on the same basis as Silchester’s other Funds, with one
primary exception. As described in the investment guidelines within their Governing Documents, the
Exclusion Trust and Exclusion UCITS do not invest in companies involved in the exploration and/or
extraction of fossil fuels, utilities that generate more than 25% of their electricity production from oil or
coal and/or companies with significant reserves of oil, coal or natural gas which, if extracted and burned,
would produce significant levels of carbon dioxide emissions.

The Silchester International Investors International Value Equity Alternative Exclusion Trust (the
“Alternative Exclusion Trust”) was formed in March 2026 and is expected to being investment activity in
or around September 2026. With one primary exception, the Alternative Exclusion Trust will operate on a
pari passu basis to Silchester’s other US Funds. As described in the investment guidelines within its
Governing Documents, the Alternative Exclusion Trust will not invest in companies whose primary
business is the manufacture, sale, licensing or supply of alcoholic products or a company whose primary
business is the ownership, operation, support or licensing of gambling facilities,

Silchester launched the Silchester (Ireland) Trust – DCF International Value Equity Trust (the “DCF
UCITS”) on 15th December 2023. The DCF UCITS has US$0.2bn of total assets as of 31st March 2026.
The DCF UCITS is managed by a small team of former Sanderson Asset Management employees who are
based in a separate office to Silchester’s own investment team. The DCF UCITS is not currently being
actively marketed to external clients.

Conditions for Managing Accounts

The minimum initial subscription for Units in a U.S. Fund is US$25 million. The minimum additional
investment is US$100,000. Silchester may accept or reject, in whole or in part, any investment or impose
conditions or restrictions on these investments, such as increasing or decreasing the amount of minimum
investment, or requiring a Unitholder to establish a temporary account with the custodian of the Funds and

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Silchester International Investors LLP – ADV Part 2A Brochure

to wire funds to that account before an applicable dealing day, subject to any restrictions in the Governing
Documents.

Subject to the Governing Documents, Unitholders may redeem all or part of their Units in a U.S. Fund on
any dealing day by providing Silchester with written notice, confirming the value of the redemption and
the name of the account from which the redemption is requested, at least ten (10) business days before the
dealing day upon which the redemption is to be effective. Certain documentation must then be returned at
least six (6) business days before such dealing day. Subject to the Governing Documents, a redemption
must equal or exceed US$1,000,000 and following any such redemption, a Unitholder must maintain Units
with a minimum market value of US$10 million. Subject to the Fund’s Governing Documents Silchester
may modify these deadlines and minimum amounts in its sole discretion.

Unitholders in the Calleva Trust, the Exclusion UCITS and the DCF UCITS, (the “Irish UCITS Funds”),
may subscribe for units and/or to redeem on the first calendar day of the month as well as on or immediately
after the 15th calendar day of the month. Mid-month redemptions from the Irish UCITS Funds are subject
to an additional Anti-Dilution Levy up to 3.00%.

Transition Accounts

Silchester may direct Unitholders making cash contributions or redemptions to use transition accounts.
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