Oaktree Capital Management LP

ITEM 5. FEES AND COMPENSATION
a. compensation for advisory services
   The description below of our fees and compensation is intended to provide a brief summary of the more typical
   fee structures shared by certain types of Oaktree Accounts and is not intended to depict every scenario where
   such structures may differ. Please refer to Oaktree Accounts’ governing documents for specific details regarding
   all fees and expenses for specific accounts.
   (1) Management Fees
       As investment adviser or sub-adviser of the Managed Funds, Oaktree or its affiliates generally receives
       management fees on a monthly or quarterly basis based on annual fee rates, the amount of which varies
       depending upon the relevant Managed Fund and is set forth within the terms of the relevant governing
       document, investment management agreement or sub-advisory agreement of such Managed Fund.
       In the case of our closed-end Managed Funds, management fees during the investment period of such funds
       are typically calculated as a fixed percentage, typically in the range of 0.75% to 1.75% per year, based on either
       (i) total committed capital, (ii) aggregate contributed capital, which includes drawn capital or borrowings
       incurred in lieu of drawing capital (including capitalized interest expense) and the amount of any capitalized
       Deal Fees (as defined below) or expenses, or (iii) cost basis of permitted investments. During the liquidation
       period of certain closed-end Managed Funds, the management fee generally remains the same fixed
       percentage, typically applied against the lesser of the aggregate contributed capital (including indebtedness
       incurred in lieu of drawing capital (including capitalized interest expense) and the amount of any capitalized
       Deal Fees or expenses) and the cost basis of permitted investments. For certain closed-end Managed Funds,
       the management fee is calculated as a fixed percentage based on the cost basis of permitted investments

form adv part 2a/brochure of oaktree capital management, l.p.
     during the life of such funds. Oaktree’s right to receive management fees from a closed-end Managed Fund
     typically ends or reduces after 10 or 11 years from the start of such fund’s investment period, even if assets
     remain to be liquidated.
     For Oaktree’s open-end and evergreen Managed Funds, the management fee is generally based on the net
     asset value of the relevant fund. Generally, our open-end Managed Funds pay management fees ranging
     from 0.40% to 0.80% of the net asset value of the relevant fund per year, paid monthly or quarterly. Our
     evergreen Managed Funds pay a management fee typically quarterly, ranging from 0.9% to 1.5% per year,
     based on a fixed percentage of the net asset value of the relevant fund.
     Additionally, collateral management fees for certain of our Managed Funds that are structured as
     collateralized loan obligation vehicles (“CLOs”) are payable in arrears only to the extent that funds are
     available in accordance with the priority of payments described in the governing documents of such CLOs
     and may include a performance fee in the event that certain subordinated note return thresholds are
     exceeded.
     Management fees for Managed Accounts vary and are negotiated between Oaktree and the client, and take
     into consideration the scope of management involved, the size of the account, and the particular investment
     objectives and needs of each client.
     Oaktree is permitted to charge a Managed Fund an additional fee (the “Small Commitment Fee”), in respect
     of, and borne only by, those investors whose capital commitments are below a certain threshold, as Oaktree
     may determine in its sole discretion. The Small Commitment Fee is intended to cover certain administrative
     expenses incurred by Oaktree and/or its affiliates.
     Oaktree also provides clients with multi-strategy investment allocation. Assets in a multi-strategy account
     may be allocated and managed by Oaktree in Managed Accounts or Managed Funds. A multi-strategy
     allocation account may be charged a flat fee, or in accordance with the applicable fee (or weighted average)
     for the Managed Account or Managed Fund in which the assets are invested, as negotiated by the client
     and Oaktree.
     Oaktree has afforded, and may in the future in its sole discretion and without disclosure to any other
     investors, afford certain investors in Managed Funds or clients of Managed Accounts more favorable
     economic terms than other investors in the same Managed Fund or other clients of Managed Accounts
     within the same or similar investment strategy, including (without limitation) with respect to both
     management and performance-based fees, generally based on the timing and aggregate size of commitments
     of such investor or client, as applicable, to one or more accounts managed by Oaktree or its affiliates. Any
     fees are permitted to be reduced or waived entirely by Oaktree or its affiliates in their sole discretion.
  (2) Performance-Based Fees
     Oaktree and its affiliates have the potential to earn performance-based compensation in the form of
     performance fees or profit/incentive allocations from our closed-end and evergreen Managed Funds. The
     amount of such performance-based compensation and the calculation and timing of payment of such
     compensation are set forth in the terms of the governing documents of such Managed Fund. Generally, for
     closed-end Managed Funds, we are entitled to receive up to 20% of the realized profits of a fund’s aggregate
     investments after such fund first distributes all contributed capital from the inception of the fund plus an
     annual preferred return to its investors. As a result, Oaktree generally receives a profit or incentive allocation
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ITEM 7. TYPES OF CLIENTS
As previously mentioned, Oaktree provides advisory services to both Managed Accounts and Managed Funds. The
types of clients which establish Managed Accounts include, but are not limited to, U.S. investment companies
registered under the U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”), business
development companies regulated under the Investment Company Act, non-U.S. registered funds (e.g., Undertakings
for Collective Investments in Transferable Securities known as UCITS), pension and profit sharing plans, trusts,
estates, governmental plans, endowments, foundations, charitable organizations, corporations, insurance companies,
limited partnerships, commingled investment trusts, sovereign wealth funds and other entities.
In connection with a Managed Fund, investors are required to commit or contribute certain minimum capital
amounts which vary among, and are disclosed in the governing documents of, each Managed Fund. The minimum
commitment or contribution amounts may be waived at the discretion of the general partner or investment adviser
for such Managed Fund, including those for Oaktree employees. Investors whose commitments are below the
respective Managed Fund’s minimum commitment may be required to pay an administrative fee, which may be
waived at the discretion of the general partner or investment adviser for such Managed Fund. All minimums are
subject to change at the discretion of the general partner or investment adviser, as applicable. In addition, investors
in our Managed Funds should generally be (i) “accredited investors” within the meaning of the rules and regulations
promulgated under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or qualify as other types of
investors under applicable U.S. or non-U.S. securities laws, and (ii) “qualified purchasers” or “knowledgeable
employees” of Oaktree within the meaning of the rules and regulations promulgated under the Investment Company
Act.

form adv part 2a/brochure of oaktree capital management, l.p.
Generally, Oaktree requires a minimum dollar value of $100 million to establish a Managed Account in certain of
its strategies set forth below; provided, however, Oaktree may, at any time, waive such minimums in its sole
discretion and accept a lesser amount.