Delegate Advisors LLC

Item 5: Fees and Compensation

Compensation
Delegate Advisors expects that all clients will be qualified purchasers as defined in Section 2(a)(51)(A) of
the Investment Company Act of 1940, as amended. Accordingly, fee schedules and related information are
omitted from this Brochure.

Billing
Clients will generally be charged an annual management fee that will be assessed on a quarterly basis. The
management fee will be based on AUA. Payment of fees can be made directly by the client; or the client
may authorize, in writing, their qualified custodian to debit fees from their account.

Other Fees/Expenses Associated with Management Services
Delegate Advisors or the relevant service provider will charge clients separately for services not covered by
the management fee. These additional fees include: sub-advisory fees; performance fees or allocations;
fees for trading and wiring; bank service and trustee fees; fees related to underlying investment vehicles;
fees related to investment options; and certain interest charges, including on margin borrowing and
account-related loans. All such fees are borne by the client in accordance with the investment advisory
agreement. Certain such fees are described more fully in subsequent sections.
Delegate Advisors may also charge fees for additional services provided to clients, such as for estate
planning, insurance and asset protection planning, and tax strategy.

Advance Billing
Except as otherwise agreed, Delegate Advisors will generally bill clients in advance for services to be
rendered.
If a client relationship is terminated, any unearned fees that have been paid in advance by the client will be
refunded to the client. The client will only be responsible for management fees in proportion to the number
of days in the quarter prior to the termination effective date. Earned fees not yet billed will be pro-rated to
the date of termination and paid by the client upon termination.

Compensation for the Sale of Securities or Other Investment Products
Not applicable.

Flex Credit Fund
During the term of the Flex Credit Fund, Delegate Advisors will receive an annual management fee (the
“Management Fee”) equal to 1% of total capital commitments. The Management Fee will be payable
quarterly in advance. During any extension period of the Flex Credit Fund’s term, the Management Fee
will be 1% of total invested capital. All terms and conditions, including fee arrangements, are subject to
modification based on the sole discretion of Delegate Advisors.
Fee and expense information regarding the Partnership is provided in the private placement memorandum.
Prospective investors should refer to such documents for a full explanation of the fees and expenses to be
incurred directly and indirectly by such investors.
In addition to Delegate Advisors’ investment management fees, clients bear trading costs and custodial fees.

Delegate Advisors, LLC | Form ADV, Part 2A                                                                   6

Item 7: Types of Clients

Delegate Advisors is a multi-family office that utilizes an outsourced CIO model to support its clients and
to provide investment solutions primarily to high net worth individuals and families as well as entities such
as companies, trusts, endowments, and foundations that may or may not be associated with Delegate
Advisors’ high net worth or family clients.
Delegate Advisors expects to service high net worth individuals and families as well as entities such as
companies, trusts, endowments, and foundations that may or may not be associated with Delegate Advisors’
high net worth or family clients generally with a minimum net worth of $50 million. In addition, Delegate
Advisors will service athletes generally with a minimum net worth of $25 million. These requirements may
be modified in certain circumstances, and Delegate Advisors may waive them at its sole discretion.
Additionally, Delegate Advisors provides investment management services to the Flex Credit Fund.
Information regarding the Flex Credit Fund is provided in the private placement memorandum. Each
investor in the Flex Credit Fund is required to meet certain suitability and net-worth qualifications, such as
by qualifying as an accredited investor within the meaning of rule 501 of Regulation D under the Securities
Act of 1933 and a qualified purchaser as defined in the Investment Company Act of 1940.
In no event should this Brochure be considered to be an offer of or agreement to provide
advisory services directly to any recipient. Rather, this Brochure is designed solely to provide
information about the Adviser for the purpose of compliance with certain obligations under the Advisers
Act and, as such, responds to relevant regulatory requirements under the Advisers Act.

Delegate Advisors, LLC | Form ADV, Part 2A                                                                  8