Wilmington Trust Asset Management LLC

ITEM 5 - FEES AND COMPENSATION

    The fees payable to WTAM in connection with the private funds we manage are detailed in each fund’s
    PPM, and other governing documents for each relevant fund.

    In connection with Radnor Equity Partners L.P. (“Radnor Equity Partners”, “REP” or “REP Fund”), WTAM
    receives asset-based fees as compensation for investment advisory services performed by WTAM. Such fees
    are paid quarterly in arrears, based on fee rates applicable to each investor in REP, based on when the fee is
    calculated, whether the particular investor participates in the fund’s initial closing or a subsequent closing,
    and whether such investor remains a client of WTAM’s affiliates. Such investment management fee may be
    waived by REP’s general partner upon the request of WTAM, in full or in part, temporarily or in perpetuity,
    in respect of any investor, and REP’s general partner has authority to negotiate, upon the request of WTAM,
    the amount of the investment management fee with each investor.

 Total assets under management are an estimate based upon recent available data for each of the funds managed by
WTAM as of June 30, 2025.

With respect to the Rodney Square U.S Large Cap Equity Fund Select, LP (“Large Cap Fund”), there is no
fund-level advisory fee. Instead, investors in the Large Cap Fund pay an asset-based account-level fee to the
relevant bank affiliate of WTAM at which the investor’s fund interest is maintained. (In essence, investors
in the Large Cap Fund do not pay a fee to the fund or to WTAM but instead pay a fee to WTAM’s banking
affiliate with whom the investor has a separate relationship; depending on the particular investor, the affiliate
is one of M&T Bank, WTC, or WTNA). Thus, in connection with the Large Cap Fund, WTAM does not
receive an investment management fee from the fund or from investors but is instead compensated by the
relevant banking affiliate under an intercompany agreement. Account or investment minimums will vary
based on the type of service provided by the affiliate.

WTAM is also separately compensated for administrative, accounting and support services provided to
certain of the funds it manages. These asset-based fees are deducted from fund assets consistent with the
manner in which the fund pays for other expenses such as annual audits, tax preparation and proxy services.

WTAM’s banking affiliates, M&T Bank, WTC, and WTNA, and other affiliates may, from time to time, in
connection with services offered by such affiliates, recommend investments in WTAM’s private funds to
their clients. As a result, in addition to fees paid by such clients to WTAM’s affiliates, to the extent these
clients invest in WTAM-managed private funds, WTAM and/or its affiliates receive additional compensation
(in the form of advisory and other fees applied in connection with the private funds, as referenced above).
Recommendation or selection of WTAM’s private funds by affiliates of WTAM involves conflicts of interest
due to WTAM’s or its affiliates’ receipt of incremental additional revenues as a result of such fees.

Generally, investors in commingled funds are indirectly subject to brokerage fees and expenses incurred by
the funds (i.e., where such fees are paid as a fund expense). Most of WTAM’s private funds do not directly
generate significant brokerage fees and expenses because they are fund of funds. However, the Large Cap
Fund, as part of its investment strategy, invests directly in publicly traded securities and thus incurs brokerage
expenses. Please see the section titled Brokerage Practices for additional information. As noted above,
investors in the Large Cap Fund do not pay a fund-level fee to WTAM, instead paying account-level fees to
the relevant WTAM banking affiliate of which they are a client.

Certain other expenses, such as accounting and custody fees, are incurred by the funds and are borne by
investors in those funds. Similarly, investors in the funds of funds managed by WTAM also bear certain
other expenses associated with such funds of funds. Specifically, fund of funds incur fees and expenses in
connection with the underlying investments, including investments in underlying funds and co-investments.
Fund of funds also incur layered incentive fees, in addition to advisory fees and other expenses. Fund of fund
investors bear these layered fees and costs directly or indirectly, and the overall cost of investing in such a
fund of funds or multi-manager products is typically higher than investing directly in the underlying
investment funds or contracting with the advisers of those underlying funds directly. In some cases, the
underlying funds or strategies may only be available to some clients through a fund of funds or multi-
manager investment. This layering of fees and costs affects the overall performance of the respective funds
and is part of the reason these funds are best suited for long-term investors of a size and sophistication that
enables them to understand and bear such expenses.

ITEM 7 - TYPES OF CLIENTS

WTAM’s only investment advisory clients are the private investment funds for which it serves as sponsor,
general partner, managing member and/or investment manager.