DoubleLine Alternatives LP

Item 5. Fees and Compensation
Depending on the strategy and the size of a specific Client’s account, DoubleLine Alternatives’ annualized
advisory fees are expected to be between 0.15% and 1.50% of the net assets of the account. In certain
instances, and as disclosed in the applicable investment management agreement or offering document of
a strategy or product, DoubleLine Alternatives’ annualized fees for providing certain strategies or
managing certain products may be higher. Investment management agreements and offering documents
should be read carefully and in their entirety.

DoubleLine Alternatives provides investment advisory services to certain pooled investment vehicles.
The fees for such services will be based on each Fund’s particular circumstances. DoubleLine
Alternatives receives an asset-based management fee for management of the Registered Funds and
could potentially receive a management fee and an incentive fee or allocation (which may take the form
of a carried interest) from each Private Fund. The amount and structure of the management fee,
incentive fee and/or allocation may vary from Fund to Fund and will be set forth in the prospectus or
other relevant offering document for each Fund.

DoubleLine Alternatives’ advisory fees are subject to negotiated agreements with Clients and are
determined according to a number of factors including, but not limited to, account size and the investment
strategy employed. Different fees may apply to different investment products, even if the products use
the same strategy. For example, DoubleLine Alternatives may apply the same investment strategy to both
a Registered Fund and a Private Fund, but receive different advisory fees from each vehicle, due in part
to the different services and different costs incurred by DoubleLine Alternatives in managing such
investment products.

DoubleLine Alternatives typically invoices each Client based upon the fee and payment schedule
contained in the Client’s investment management agreement or other contract, which is typically on a
quarterly basis. In general, Clients are able to negotiate the method and mode of payment of the advisory
fee to DoubleLine Alternatives. Clients also may choose to have the calculation of their fee be based upon
the custodial or DoubleLine Alternatives valuation of their assets; these two valuations may differ and
DoubleLine Alternatives reserves the right to review fees calculated based upon custodial valuations. In
valuing its investment portfolios, DoubleLine Alternatives often relies on third party pricing services and
may provide fair values when supplying inputs to valuations for Client statements, which are in turn
occasionally used to calculate DoubleLine Alternatives’ fees. Such values potentially can differ from the
valuations for the same investment provided on the Client’s custodial statement. DoubleLine
Alternatives does not charge fees in advance.

DoubleLine Alternatives’ standard investment management contract generally requires DoubleLine
Alternatives to furnish (at its own expense) all office facilities, equipment and supplies and to perform
(also at its own expense) all routine and recurring functions necessary to render the services required
under the investment management agreement, including administrative, bookkeeping and accounting,
operational, compliance, clerical, statistical, and correspondence functions. Clients typically pay for other
service providers directly, but if DoubleLine Alternatives makes payment to such third-parties on behalf
of the Client, the Client will reimburse DoubleLine Alternatives for such expenses. Clients may incur
custodial costs. DoubleLine Alternatives does not provide custodial services. For more information on
brokerage and other transaction costs, please see Item 12 of this Brochure.

The advisory fee owed to DoubleLine Alternatives by a Client generally is calculated based on the average
of the beginning and ending market value of the Client’s account for the most recent quarter.
Contributions or withdrawals from the Client’s account generally will be pro-rated for the period the
assets were under management, or as otherwise specified in the Client’s investment management
contract. To the extent that a Client’s account with DoubleLine Alternatives is in existence less than a full
quarter, DoubleLine Alternatives’ standard investment management agreements state that the advisory
fee will be pro-rated for the days the account did exist. Furthermore, DoubleLine Alternatives includes
the market value of any securities and other instruments that the Client used to establish the account to
calculate its advisory fee for the account’s first calendar quarter.

Clients are responsible for verifying the accuracy of the fee calculation each quarter. DoubleLine
Alternatives will value assets using its commercially reasonable judgment and through a method that most
accurately reflects the assets’ fair market value, as determined by DoubleLine Alternatives in accordance
with its internal policies and procedures and in its reasonable discretion. Clients should be aware that
their custodial valuations may differ from DoubleLine Alternatives’ valuations.

Specific fee information, which is subject to negotiation on a case-by-case basis, for DoubleLine
Alternatives’ current investment strategies are listed in the table below. DoubleLine Alternatives reserves
the right to negotiate fees and minimum account sizes where special circumstances prevail, and
arrangements with any particular Client may vary from the fees listed in the table below. The advisory
fee agreed to with a particular Client will depend on the particular facts and circumstances of the Client’s
investment needs and the services provided by DoubleLine Alternatives.

                                                                  General Fee Structure

          Investment Strategy                    Minimum Account Size             Advisory Fee (basis points)
...

Item 7. Types of Clients
DoubleLine Alternatives typically provides investment management services to institutional clients. In
the future, DoubleLine Alternatives may provide investment management services to additional
registered investment companies, Private Funds, and UCITS, as well as to other institutional clients such
as pension plans (both public and private, and including ERISA plans), defined contribution plans,
sovereign wealth funds, endowments, insurance companies, charitable organizations, government
entities and a limited number of high net worth individuals.
Accounts for certain investment strategies may have a higher minimum account size requirement than
other strategies. DoubleLine Alternatives reserves the right in its sole discretion, subject to the
conditions of a negotiated investment management agreement between DoubleLine Alternatives and a
specific client, to waive any account minimum size requirements.

Item 8. Method of Analysis, Investment Strategies and
Risk of Loss
DoubleLine Alternatives investment personnel use different methods of analysis in determining the
instruments, instrument types, asset classes or industries or sectors in which to invest at any given time
in the market cycle. The following summarizes basic methods used by DoubleLine Alternatives’
investment personnel.

DoubleLine Alternatives’ portfolio managers and research analysts devote the majority of their time to
the following methods of investment analysis:

   • Analysis of fundamental signals;
   • Technical analysis;
   • Use of analytical systems developed and maintained in house;
   • Analysis of investment structures;
   • Analysis of financial news, inspection of corporate activity, internal and third-party research, press
     releases and audited financial reports;
   • Credit analysis based upon debt payment history, security details, issuer profiles, strength of
     management, market interest rates, general market conditions, credit metrics and other similar
     factors; and
   • Analysis of country and political risk.

In addition to the foregoing, DoubleLine Alternatives may also consider Environmental, Social and
Governance factors in its management of an account, as further described below.

The above list of methods of investment analysis is not exhaustive and portfolio managers and research
analysts may devote their time to additional methods.

Clients are required to enter into an investment management agreement which generally contains certain
investment guidelines approved by the Client. Each Client’s account is managed in a manner designed to

seek to achieve the Client’s investment objectives over time as agreed upon by the Client and DoubleLine
Alternatives.

The investment strategies used to implement any investment advice given to Clients could include, but
are not limited to, the following:

    • Investments in or creation of synthetic or derivative instruments of various kinds;
    • Forward transactions (including securities or currency forward contracts, when issued and delayed
      delivery transactions);
    • Option writing (including covered options, uncovered options or spreading strategies);
    • Hedging of account investments or currencies underlying such investments (including foreign
      currency and cross-hedging using FX forwards, options or futures);
    • Long-term purchases (investments held at least one year);
    • Short-term purchases (investments bought and sold within one year);
    • Trading (instruments sold within 30 days of purchase);
    • Short sales;
    • Margin transactions;
    • Borrowing or leverage transactions; and
    • Lending of account securities (including repurchase agreements).

Material Risks

Investing in securities or other instruments involves risk of loss. Clients should be prepared to bear this
risk.

The material risks of the strategies pursued by DoubleLine Alternatives are described below. All of
DoubleLine Alternatives’ investment strategies involve significant investment risk, including the risk
that Clients could lose some or all of their invested capital. All investments risk the loss of invested
capital and there can be no assurance that a Client will achieve its investment goals or objectives.

Certain of DoubleLine Alternatives’ strategies may be offered through public or private pooled investment
vehicles such as Registered Funds, UCITS or Private Funds. Prospective or current investors in Funds
should refer to the respective offering documents for those investment vehicles for a more detailed
description of the applicable risks. The material risks discussed below are qualified in their entirety by
reference to risk disclosures found in the offering documents for the Funds, if applicable, and in the event
of any conflict or inconsistency, Clients should rely on the risk disclosures found in the respective offering
documents. As noted above, the underlying investors in such investment vehicles, absent a separate
advisory relationship with DoubleLine Alternatives, are not DoubleLine Alternatives’ Clients.

DoubleLine Alternatives offers advice on a wide range of strategies and instruments, including
commodity-based and multi-asset strategies. Investments will always be exposed to certain risks that
cannot be hedged. DoubleLine Alternatives is not obligated to seek to hedge against any risk, including
fluctuations in the value of investments as a result of changes in market risk, counterparty risk or any
other developments. Additionally, ongoing regulatory changes related to the creation and trading of
securities and other instruments may create unforeseeable risks.

In valuing separate accounts at month end for invoicing and Client statement purposes, DoubleLine
Alternatives applies its pricing and valuation procedures, which generally assign prices to securities and
other instruments based upon values obtained from pricing vendors independent of DoubleLine
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