DoubleLine Capital LP

Item 5. Fees and Compensation
Depending on the strategy and the size of a specific Client’s account, DoubleLine’s annualized advisory
fees typically will 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’s 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’s 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 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 costs
incurred by DoubleLine in managing such investment products.

DoubleLine 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,
although the payment schedule for sub-advisory relationships with Registered Funds typically is monthly.
In general, Clients are able to negotiate the method and mode of payment of the advisory fee to
DoubleLine. Clients also may choose to have the calculation of their fee be based upon the custodial or
DoubleLine valuation of their assets; these two valuations may differ and DoubleLine reserves the right to
review fees calculated based upon custodial valuations. DoubleLine’s valuation generally is dependent
upon third party pricing services, whose evaluated prices generally reflect institutional sized security lots.
In certain instances, DoubleLine may be providing fair values when supplying inputs to valuations for
Client statements, which are in turn occasionally used to calculate DoubleLine’s fees. Such values
potentially can differ from the valuations for the same security provided on the Client’s custodial
statement. DoubleLine does not charge fees in advance.

DoubleLine’s standard investment management contract generally requires DoubleLine 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 makes payment to such third-parties on behalf of the Client, the Client
will reimburse DoubleLine for such expenses attributable to the Client’s assets under management, which
may include: (i) legal, accounting, custodial, appraisal, auditing and other professional fees (for a Private
Fund, such expenses may include costs incurred with respect to the Private Fund related to the completion
of Form PF); (ii) brokerage commissions, mark-ups or mark-downs, issue and transfer taxes, deferred sales
charges, odd lot differentials, wire transfer and electronic fund fees and other transactional costs relating
to the Client’s assets under management, including any portion of such commissions attributable to
research and other brokerage services; and (iii) taxes, if any, payable by the Client. These charges, fees
and commissions are exclusive of and in addition to DoubleLine’s advisory fee and DoubleLine shall not
receive any portion of commissions, fees and costs charged by such third parties. Clients may incur
custodial costs. DoubleLine 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 by a Client generally is calculated based on the average of the
beginning and ending market value of the Client’s account (in the case of separate accounts) or the fund
(in the case of Registered Funds and Private Funds) 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 is in existence less than a full quarter, DoubleLine’s standard
investment advisory agreements state that the advisory fee will be pro-rated for the days the account did
exist. Furthermore, DoubleLine includes the market value of the cash and securities 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 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 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’s valuations.

Specific fee information, which is subject to negotiation on a case-by-case basis, for DoubleLine’s current
investment strategies are listed in the table below. DoubleLine 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 on the next page.

DoubleLine has entered into an errors and omissions/directors and officers insurance policy with a
number of insurers. Such policies are joint policies with the Registered Funds and the Private Funds.
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Item 7. Types of Clients
DoubleLine typically provides investment advice to institutional Clients such as Registered Funds
(including the DoubleLine Funds, DBL, DSL and DLY), Private Funds (including the DoubleLine Private
Funds), UCITS funds, pension plans (both public and private, and including ERISA plans), endowments,
foundations, insurance companies, corporations and other business entities, government entities,
charitable organizations, family offices, private investment partnerships and limited liability companies
(including Private Funds). DoubleLine also provides investment advice to a limited number of high-net-
worth individuals.
DoubleLine typically does not accept separate account mandates smaller than $50 million and may require
Clients with separate accounts to maintain a minimum level of assets in the account. Please refer to the
table in Item 5 for more details regarding minimum account sizes and fee schedules by strategy. Accounts
for certain investment strategies may have a higher or lower minimum account size requirement.
DoubleLine reserves the right in its sole discretion, subject to the conditions of a negotiated investment
advisory agreement between DoubleLine and a specific Client or, in limited circumstances, an underlying
fund investor, to waive any account or investment minimum size requirements.

Item 8. Method of Analysis, Investment Strategies and
Risk of Loss
DoubleLine manages various security types within multiple sectors of the securities markets. Each sector’s
investment team uses different methods of analysis in determining which securities, security types, asset
classes or industries or sectors in which to invest at any given time in the market cycle. The following
summarizes the basic methods used by DoubleLine’s investment teams.

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

   • Analysis of security structures, and especially with regard to mortgage-backed securities or loans,
     cash flows across multiple interest rates and credit scenarios;
   • Analysis of mortgage prepayment rates, using in-house and third-party analytic tools and databases;
   • Country risk analysis, including consideration of global trading relationships such as Free Trade
     Agreements;
   • Analysis of political, economic or social risks;
   • Analysis of geological, reserve engineering, environmental and consultant reports;
   • Use of analytical systems developed and maintained in house;
   • 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;
   • Analysis of monthly compliance statements from issuers, trustees or mortgage servicers; and
   • Analysis of discounted cash flows and discussions with third-parties such as tenants, surveyors,
     engineers, environmental consultants, local brokers, attorneys and hotel operators.

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

The above list of methods of security analysis is not complete 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.

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

    •   Long-term purchases (investments held at least one year);
    •   Short-term purchases (investments bought and sold within one year);
    •   Trading (securities sold within 30 days of purchase);
    •   Short sales;
    •   Margin 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);
    •   Investments in or creation of synthetic or derivative securities of various kinds;
    •   Borrowing or leverage transactions (including reverse repurchase agreements);
    •   Lending of account securities (including repurchase agreements); and
    •   Forward transactions (including securities or currency forward contracts, when issued and delayed
        delivery transactions).

Because DoubleLine’s primary investment approach involves long-term investment, DoubleLine generally
does not consider the tax impact or tax implications of any of the investments made on behalf of its
Clients. However, DoubleLine is capable of managing tax-efficient accounts within any of the investment
strategies listed in Item 5 above, provided that certain information can be provided by a prospective client
regarding their needs.

Material Risks

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

DoubleLine primarily is a fixed income investment manager, although it manages other strategies. The
material risks of the strategies pursued by DoubleLine are described below. All of DoubleLine’s
investment strategies involve significant investment risk, including the risk that Clients could lose some
or all of their invested capital. All security investments risk the loss of invested capital and there can be
no assurance that a Client will achieve its investment goals or objectives.

Many of DoubleLine’s strategies are offered through Registered Funds, UCITS funds or Private Funds.
Prospective or current investors in those pooled vehicles should refer to the respective offering
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