GoodHaven Capital Management, LLC (“we” or “us” or “our” or “GoodHaven”) was established in November 2010 and its first full month of operations in managing accounts was March 2011. Larry Pitkowsky is the Manager of the firm, and GoodHaven is majority owned by entities controlled by Mr. Pitkowsky. Larry has more than thirty years of research and portfolio management experience. For the decade prior to joining GoodHaven, Larry held a variety of portfolio management and executive positions directly with or affiliated with Fairholme Capital Management, LLC and its related Fairholme Fund. Artie Kwok is a minority partner in GoodHaven and a Managing Director/Senior Research Analyst. Markel Group, a Virginia-based diverse group of companies, and Keith Trauner are minority partners in GoodHaven and do not participate in day-to-day management of the firm. GoodHaven provides investment supervisory services and investment advice for individual and institutional clients- (“Managed Accounts”), We also manage the assets of the GoodHaven Fund, a registered investment company that is a series of The GoodHaven Funds Trust (SEC File No. 811-23127) (“the GoodHaven Fund”). Pursuant to a written investment management agreement, Goodhaven serves as the investment manager to the GH Opportunity Fund, LP (the “Private Fund”). The Private Fund is a limited partnership whose securities are exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), provided by Section 4(a)(2) and Regulation D (including Rule 506(b)) thereunder and from registration of the Partnership as an investment company under the Investment Company Act, provided by Section 3(c)(1) thereunder. The Partnership offers limited partnership interests (the “Interests”) through a private placement on a continuous basis to persons who are “qualified clients” as that term is defined in Rule 205-3(d)(1) under the Advisers Act., subject to certain exceptions. The advice GoodHaven provides is tailored according to the investment objectives, guidelines and set forth (i) with respect to each fund, in its respective organizational documents and (ii) with respect to each Managed Account, in the investment management agreement or other governing document between GoodHaven and the account holder. GoodHaven does not tailor its advisory services to the individual needs of the investors in the funds, however, with respect to Clients other than the funds, a Client may enter into an investment management agreement with the Adviser in which the Client imposes restrictions on investing in certain types of securities and other financial instruments. As used herein, the term “Client” generally refers to each fund and each account holder of a Managed Account, and any other clients managed by GoodHaven. We manage portfolios of publicly traded securities, which consist primarily of common stocks, but may also include other securities, such as preferred stocks, bonds, debentures, warrants, and options. We invest using a “focused value investment philosophy” whereby accounts will be concentrated into a limited number of significant investments. Our primary strategy is to use fundamental research to identify securities issued by what we consider attractive businesses, whose affairs are managed by sensible and talented owners, and where those securities are selling at a reasonable price. Where permitted and as appropriate, we may use other strategies based on fundamental research that attempts to identify a discrepancy between the market value of a security and our estimate of “intrinsic value,” or the value that we believe the security would bring if sold to a knowledgeable and well-informed third party or that would be received in liquidation. Our strategy is not formally limited by industry, sector, or market capitalization. Our investment horizon is long-term, and we expect relatively low portfolio turnover. As a general rule, we seek Clients who share a similar objective of making money over the long-term by investing in a focused portfolio of undervalued securities. Due to the concentrated nature of the portfolios we manage, it is possible that a large percentage of a Client account may be invested in a single security, industry or sector. Accounts may sometimes hold significant balances in cash or similar securities if we are unable to find investments, we believe satisfy our investment criteria and a significant cash position may negatively affect relative performance if such holdings persist during periods when indexes rise materially. In addition, we may purchase securities other than common stocks as part of our investment strategies as described above and in greater detail below in “Methods of Analysis, Investment Strategy and Risk of Loss.” At a Client’s request or with their prior written consent, and where permissible, we may use margin borrowings or modest exposure to derivative securities to enhance the potential return of investments. Our

investment strategy is focused, and accordingly, we prefer to accept the management of accounts without restriction. We do, however, consider a Client’s needs and goals and may, in our sole discretion, consent to restrictions on how an account may be invested. For example, an officer of a public company may ask that we not purchase shares of that company for his or her account without specific permission in advance, or may request that the account not be invested in the shares of companies that directly compete with his or her employer. We normally accommodate such requests and maintain a “restricted” list of accounts we have agreed to manage with limits on our discretion. All such permanent restrictions must be set forth in writing in the Investment Advisory Agreement (the “Agreement”) between us and our Client. We sponsor and manage accounts in two programs, one for individual and smaller institutional Clients we call the GoodHaven Separate Account Program (“GSAP”) and another for larger institutional Clients we call the Institutional Separate Account Program (“ISAP,” and, when together, “Separate Accounts”). Unlike a widely diversified account, Separate Accounts will be concentrated, with a small number of individual securities (typically, but not always, between 7 and 15 holdings). The Separate Accounts are not limited in the number of holdings at any given time and a few securities could account for a majority of the market value of an account. GoodHaven receives a fee (as disclosed in “Fees and Compensation” below) for managing Separate Accounts. Typically, other than client specified restrictions, accounts participating in GSAP will be managed in a similar fashion and employ our primary strategies. Clients participating in ISAP will typically have a negotiated Agreement and may, as negotiated between the Advisor and the Client, employ other strategies similar to those permitted to be used in the GoodHaven Fund, a no-load registered investment company. These other strategies may have additional risks and costs as set forth in the section of this document titled “Methods of Analysis, Investment Strategies, and Risk of Loss.” All clients are required to open a brokerage and/or custody account with a broker-dealer or custodian that uses software and technology that meets our minimum compatibility requirements. Clients who choose to open brokerage accounts with our primary broker/custodian and elect GSAP will be charged an all-inclusive management fee that will include all transaction and custody costs. By having a certain critical mass of business at our primary broker/custodian, we expect to achieve lower transaction costs and better trading executions on behalf of our Clients. However, Clients are not required to use our primary broker/custodian. Clients who elect to hold securities or transact at a broker/custodian other than our primary broker/custodian and all ISAP Clients will pay our investment management fee and generally bear their own transaction and custody expenses. These Clients may be subject to higher or lower overall costs, and transactions for these clients may be executed at prices that are higher or lower than our broker/custodian may charge other accounts. We do not negotiate transaction fees for Clients who select a broker/custodian other than our primary broker/custodian, and while we will attempt to achieve favorable trading costs, we are not able to guarantee “best execution” of trades placed for those accounts. We may enter into other Separate Account programs with other broker/custodians at our discretion or manage accounts in a similar or related investment style for clients who do not choose one of our Separate Accounts. These other programs and other accounts may have terms that are substantially similar to, or different from, those of the Separate Accounts, and could potentially include accounts with performance related fees, if requested by a client. The firm has adopted procedures to ensure that trades are allocated appropriately so that accounts with performance related fees are not treated better than or worse than any other separate account under management. Equitable and fair treatment of all Client accounts is one of our core principles. Please see “Code of Ethics” below which describes our Code of Ethics governing the behavior of the firm’s managers and employees with respect to the equitable treatment of all accounts. As of December 31, 2023, GoodHaven managed approximately $336,365.846 on a discretionary basis. Throughout this brochure, we disclose a number of conflicts of interest and provide summaries of a number of our policies and procedures designed to detect and address these conflicts and others. We encourage clients and prospective clients to review our policies and procedures and inquire directly with us about our conflicts. Our compliance policies and procedures are available for review in our Millburn, NJ office.