Macquarie Asset Management Credit Advisers US LLC

Item 5: Fees and Compensation
The Registrant’s fees and compensation vary based upon the type of service provided. Clients generally have different
fee arrangements. Clients will generally incur brokerage fees for the transactions executed in their accounts as
discussed more fully in Item 12, “Brokerage Practices.”

         Separate Accounts

         The Registrant does not have a standardized fee schedule for Separate Accounts. Typically, the Registrant
         will charge management fees quarterly in arrears based on a specified percentage applied to assets under
         management. The specific fee schedule will be negotiated on a case-by-case basis with the Client and may

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         include other types of fees in addition to or instead of the ongoing fee described above. Fees will generally be
         prorated if a contract is terminated other than at quarter end. Fees for institutional accounts are generally not
         billed in advance of services.

         Private Funds

         Fees payable by a Private Fund will be set forth in the applicable Fund Documents. The Registrant will typically
         charge a management fee based on assets under management or net invested capital and may also charge
         a performance-based fee or carried interest. Management fees are calculated as of the last day of each
         calendar month during the quarter and paid quarterly in arrears.

         With respect to Private Funds, management fees are not generally negotiable, though they may be waived,
         reduced, or calculated differently at the discretion of the Private Fund in accordance with the applicable Fund
         Documents.

         BDCs

         Fees payable to the Registrant with respect to its sub-advisory services to a BDC will be set forth in the
         applicable Fund Documents. Such fees will typically be calculated as a percentage of the management fees
         and incentive fees payable by the BDC to, and payable out of the assets of, the BDC’s investment adviser.

         CLOs

         With respect to CLOs, the Registrant typically receives: (1) a senior collateral management fee that is
         calculated as a percentage of equity under management of such CLO; (2) a subordinated collateral
         management fee that is calculated as percentage of equity under management of such CLO; and (3) an
         incentive fee, which is payable upon achieving a specified internal rate of return.

         The Registrant may receive an advisory fee in connection with the management of CLO Warehouses.

Expenses

Clients will also be responsible for expenses associated with transactions in their portfolios. In primary market
transactions, these costs may include the following, which may be borne directly by the borrower or indirectly through
the payment of fees to lenders:

        Third-party costs and expenses reasonably incurred by the Registrant in relation to any restructure,
         amendment, consent, waiver, breach, potential breach and any enforcement action required under or in
         relation to any debt investment agreement or any agreement between the lenders of record in relation to a
         debt investment; and

        Reasonable costs and expenses of any third-party consultant, auditor, or lawyer in providing any sign-off,
         opinion, review or report properly incurred by the Registrant or its affiliates in connection with the due diligence,
         investment and management of the portfolio.

Clients will also be responsible for such other expenses set forth in the documentation for a Separate Account or in the
applicable Fund Documents. The inclusion of an expense category in a Client’s governing documents will not impose
on the Registrant an obligation to charge an expense (or the full amount of that expense) to that Client; instead,
permitted expenses will be allocated and charged in the Registrant’s discretion to the Clients it deems appropriate.

         Separate Account Expenses

         The expenses borne by Separate Account Clients will vary by Client, but may include those listed below for
         Private Funds and CLOs.

         Private Fund Expenses

         Private Fund Clients will typically bear the usual and ordinary operating costs of the Private Fund (including,
         without limitation, brokerage, borrowing, investment losses or other portfolio expenses, taxes, accounting

                                                           Macquarie Asset Management Credit Advisers US, LLC | PAGE 5

Form ADV Part 2A

         expenses, directors fees, legal, compliance and auditing expenses, fees of Service Provider (as defined
         below), third-party administration fees, printing, reporting and mailing expenses, custody expenses, routine
         marketing expenses, expenses associated with unconsummated transactions).

         Extraordinary expenses (such as the cost of litigation or indemnification payments, if any) will typically be
         borne by a Private Fund.

         CLO Expenses

         Expenses borne by a CLO may include, but are not limited to: fees, expenses or other amounts payable to a
         rating agency, an administrator, a trustee, independent accounts, legal counsel, consultants, agents, brokers,
         other professionals retained by the CLO (or by the Registrant on behalf of the CLO), an asset pricing or
         compliance service, and software providers or data entry services. Reasonable travel costs and other
         miscellaneous amounts incurred by the Registrant in connection with specified activities described in the CLO
         Documents may also be borne by the CLO. Furthermore, brokerage commissions, transfer fees, registration
...

Item 7: Types of Clients
The Registrant provides investment advisory services to Private Funds, BDCs, Separate Accounts, CLOs and CLO
Warehouses. Investors in Private Funds and Separate Accounts and noteholders of CLOs may include, but are not
limited to, high net worth individuals, financial institutions, pension plans, trusts, foundations, family offices,
corporations, and other institutional investors.

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Interests in Private Funds and CLOs are generally only available to investors who are “qualified purchasers” as defined
in Section 2(a)(51)(A) of the Investment Company Act of 1940, as amended (the “1940 Act”). The minimum capital
commitment for investors in a Private Fund is set forth in the applicable Fund Documents, but generally may be waived
or reduced by the Registrant in its sole discretion. CLO securities issued by the CLOs are expected to be issued in
minimum denominations, but the Registrant may establish a different minimum denomination, or waive the minimum
investment, depending on a variety of factors, such as a particular CLO’s circumstances or investment strategies.

For Separate Accounts, the Registrant may impose minimum mandate sizes, depending on the strategy, but may also
waive the minimum size requirement in its sole discretion.