Weitz Investment Management Inc

ITEM 5: FEES AND COMPENSATION

        Fees paid to Weitz Inc. for investment advisory services (“management fees”) are generally
dependent on the nature of the services being provided and the type of client. In addition to
management fees, which cover only Weitz Inc.’s advisory services, clients bear other costs that
are necessary or incidental to the advisory service (“incidental expenses”). The particular
incidental expenses may vary from client to client, although all clients will be subject to certain
types of incidental expenses, including costs associated with buying, selling or holding
investments such as custody fees and charges and expenses associated with transactions such as
taxes, duties and commissions, commission equivalents and other brokerage expenses. Please see

ITEM 7: TYPES OF CLIENTS

       As discussed in Items 4 and 5, Weitz Inc. classifies its clients as: (i) Funds, which are
pooled vehicles registered as investment companies under the Investment Company Act of 1940,

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as amended (the “1940 Act”) and (ii) separate accounts, which are managed on an individualized
(instead of a pooled) basis, and which may track one of Weitz Inc.’s model portfolios. Further
information about these client types, including account minimums, is set forth below.

         Funds. Currently, the minimum investment required to open Funds accounts is generally
as follows: Conservative Allocation Fund: Institutional Class, $1,000,000 and Investor Class,
$2,500. Core Plus Income Fund: Institutional Class, $1,000,000 and Investor Class, $2,500. Large
Cap Equity Fund: Institutional Class, $1,000,000 and Investor Class, $2,500. Multi Cap Equity
Fund: Institutional Class, $1,000,000 and Investor Class, $2,500. Partners III Opportunity Fund:
Institutional Class, $1,000,000 and Investor Class, $2,500. Short Duration Income Fund
Institutional Class $1,000,000 and Investor Class, $2,500. Ultra Short Government Fund, $25,000.
You may buy and sell individual shares of the Weitz ETFs only through a broker dealer in
secondary market transactions on the NYSE Arca, Inc. (the “Exchange”). There is no minimum
investment required to purchase shares of the Weitz ETFs on the Exchange.

         Separate accounts. Currently, the minimum investment required to open separate accounts
is as follows: Conservative Allocation, $35 million. Core Plus Income, $25 million. Large Cap
Equity, $10 million. Moderate Allocation, $25 million. Multi Cap Alternative, $25 million.
Multi-Cap Equity, $10 million. Short Duration Income, $25 million. Weitz Inc. may vary the
minimum account size in its discretion. In addition, Weitz Inc. may reject any proposed account
in its discretion. Given Weitz Inc.’s selectivity in accepting separate client accounts and the
minimum account size, separate clients generally are high net worth individuals, trusts, estates,
charitable organizations or businesses. This Brochure is not an offer of, or agreement to
provide, separate client advisory services directly to any recipient. A prospective separate
client is required to execute a written investment agreement with Weitz Inc. in order to establish a
client relationship with Weitz Inc.