Silver Heights Capital Management Inc

ITEM 5:        Fees and Compensation
Management Fee
Silver Heights charges a management fee of 1.5% per annum in consideration for the advisory
services provided to its clients. Management fees are payable monthly, in arrears, based on the
month-end market value of the Separately Managed Account. Fees are pro-rated on a daily basis
for certain cash flows and for the month an account is opened or terminated. Management fees
are deducted directly from each client’s Separately Managed Account. We reserve the right to
negotiate fees.

Other Fees and Expenses
In addition to the management fee described above, clients generally will incur other direct third-
party trading and account related expenses, which will include brokerage commissions, custodial
charges, costs associated with foreign exchange transactions and other transaction costs and
taxes and duties in connection with the implementation of their investment management strategy.
For additional information regarding brokerage commissions and other related transaction costs
and expenses, please refer to Item 12 – “Brokerage Practices”.

ITEM 6:        Performance Fees and Side-by-Side Management
Silver Heights currently does not charge performance-based fees.

ITEM 7:        Types of Clients
Silver Heights provides discretionary investment management to private individuals, affluent
families, single-and multi-family offices, pooled investment vehicles (other than investment
companies and business development companies) and select institutions. Silver Heights’
minimum account size for U.S. accounts is $5 million. It is at Silver Heights’ discretion whether
to negotiate minimum account sizes on a case-by-case basis.