AGL US DL Management LLC

Item 5 – Fees and Compensation
As compensation for investment advisory services, the Adviser generally receives an investment management fee and may
receive performance-based fees. The specific terms of these arrangements, including the manner in which the Adviser
charges fees to Clients, are negotiated with each Client and are set forth in the applicable Governing Documents.

Investment management fees for the BDC are set forth in the applicable Governing Documents of the BDC, including the
registration statement filed with the SEC and the investment advisory agreement. The BDC will pay an asset-based
investment management fee as well as an additional performance fee based on income and capital gains, provided certain
investment performance hurdles are met.

Investment management fees for Private Funds are set forth in the applicable Governing Documents and are expected to
pay an asset-based investment management fee as well as additional performance fees based on income and capital gains,
provided certain investment performance hurdles are met. Under certain circumstances, the Adviser may reduce or waive
the investment management fees for Private Funds, including performance fees, without obtaining the consent of any
Investor. Managed Accounts and co-investment accounts are subject to negotiated fees depending on the nature of the
opportunity and the Investors participating therein.

For certain Clients, the Adviser may not receive a performance-based fee. Under certain circumstances and subject to any
limitations in the Governing Documents, the Adviser negotiates lesser or different fee schedules for particular Clients (or
underlying Investors in Funds) based on a variety of factors, including the nature of the investments, the size of the account
or the length of a Client's or investor's commitment. For additional information on the performance-based fees paid to the
Adviser, please refer to "Performance Based Fees" in Item 6 below.

Clients are either billed directly for fees or authorize us to deduct fees directly from the Client's account. We directly deduct
fees from the Funds. Our management fees are paid quarterly or monthly, in advance or arrears, depending on the Client.
Performance-based fees are generally charged annually in arrears. Fees will be prorated for partial periods.

Clients also bear direct and indirect costs, fees and expenses incurred, as described in the Governing Documents applicable
to each Client. These costs, fees and expenses are exclusive of any investment management fees or performance-based
fees and vary Client to Client.

The Adviser will assess costs or seek reimbursement of expenses from Clients including but not necessarily limited to those
referenced in the Governing Documents, including the IMA, registration statement, private placement memorandum ("PPM")
or offering memorandum ("OM"). Reimbursement of such expenses will include organizational, operational and investment
expenses such as the following (although a complete list is too exhaustive to be referenced herein): costs of preparing
audited financial statements; third-party administrator fees and expenses; consulting costs; costs relating to the formation
and organization and documentation; the Client's proportionate share of the cost of systems and software with respect to
order management systems and investment workflow (e.g., LevPro); the Client's proportionate share of the cost of services,
systems and software for shadow accounting, reconciliation services, reporting and business process outsourcing (e.g.,
Wall Street Office); and the Client's proportionate share of the cost of research services and Bloomberg systems.

To the extent any such expenses or costs are incurred for the benefit of Clients and other entities affiliated with or advised
by the Adviser, the Adviser will make a good faith allocation of such expenses or costs among all such entities and the
Clients. Further, Investors should refer to the Governing Documents, including the IMA, registration statement, PPM, OM
or similar agreements governing the Client's relationship with the Adviser for additional/supplemental information on the
fees and expenses.

The Adviser will cause the Clients to share on a fair and equitable basis in the legal fees and other expenses incurred from
investigating and negotiating potential transactions for the accounts, whether or not such transactions are consummated.

Neither the Adviser nor any of its supervised persons accept compensation (e.g., brokerage commissions) for the sale of
securities or other investment products to Clients. See also the "Brokerage Practices" section in Item 12 below for more
discussion on expenses incurred in connection with brokerage commissions. The Adviser may provide other services to
non-advisory customers. For such services, the Adviser receives a fee and may also receive a commission from such non-
advisory customers for originating a loan.

 AGL US DL Management LLC                                                                              December 31, 2025

Form ADV Part 2A Disclosure Brochure

Item 7 – Types of Clients
As described in "Advisory Business," the Adviser acts as investment manager and provides discretionary investment advice
to the Clients in accordance with the applicable Governing Documents.

Certain Clients and Investors in Funds must satisfy requirements to invest with the Adviser. For example, Investors in Funds
must generally meet the definition of "accredited investor" as defined in Regulation D under the Securities Act of 1933, as
amended. Except as otherwise noted in the applicable Governing Documents, Funds and Managed Accounts generally are
subject to minimum investment amounts, although these thresholds can be waived or reduced in the Adviser's discretion.

 AGL US DL Management LLC                                                                          December 31, 2025

Form ADV Part 2A Disclosure Brochure