Delphi Management Inc

Item 5.          Fees and Compensation

Delphi receives a fee for the services it provides to its clients as described below.

For separately managed accounts the fee structure ranges between 0.50% p.a. and 1.00% p. a. based upon
client assets under management. For subadvisory assets fees are determined based on the level of total
assets placed in Delphi’s strategy by a third-party advisor on behalf of its clients. Subadvisory fees
averaged 0.40% in 2025; the total fees paid by clients for these third party advisors are typically higher
than what Delphi charges for a separately managed account. All fee structures are negotiated separately
between the client and Delphi. Fees are payable quarterly in arrears. Delphi bills separately managed
clients for fees incurred.

Delphi’s fee is exclusive of, and in addition to, any custody fees, brokerage commissions, transaction fees
and other related costs and expenses which may be incurred by the client. Delphi does not receive any
portion of these commissions, fees and costs. Information regarding brokerage is discussed in greater
detail in Item 12 of this Brochure.

Delphi and its supervised employees do not accept any compensation for the sale of securities or other
investment products, including asset-based sales charges or service fees from the sale of mutual funds.

                                                                                                    {B1261325; 3}

Item 7.           Types of Clients

Delphi generally provides investment management services to institutions (such as pension and retirement
plans, endowments and investment companies) and high net worth individuals and trusts. Delphi has a
general policy requiring a minimum amount of assets under management of $1,000,000 for institutional
accounts and $500,000 for individuals or trust accounts.