AGL US DL Management LLC (the “Adviser” or “we,” “our,” “us”) was organized as a limited liability company under the laws of Delaware in January 2024. This Brochure generally describes the Adviser’s expectations for its business practices once its anticipated clients are operational. Unless otherwise noted or the context otherwise requires, all information in this Brochure is prospective as if the Adviser has been engaged for investment advisory services as of the date of this Brochure. The Adviser is an asset management firm that provides investment advisory services to an investment vehicle that intends to elect to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The BDC is not publicly offered. The Adviser also seeks to provide investment advisory services to single investor vehicles or pooled investment vehicles that are exempt from registration under the 1940 Act (the “Private Funds,” and together with the BDC, the “Funds”) as well as managed accounts (the “Managed Accounts” and, collectively with the Funds, “Clients”). Client assets are managed in accordance with the particular investment objectives, strategies, restrictions, and guidelines set forth in, as applicable, each Client’s investment management agreement (“IMA”), subscription agreement, limited liability company agreement, limited partnership agreement, registration statement filed with the SEC or any similar applicable agreements or organizational documents, as applicable (“Governing Documents”). The Funds are clients of the Adviser, as opposed to the underlying investors (“Investors”) in the Funds. The advisory services provided by the Adviser are not tailored to the Investors in the Funds, and Investors are not permitted to impose restrictions on investing in certain securities or types of securities. Accordingly, Investors should consider carefully the investment objectives, risk tolerance and liquidity of any Fund prior to investing. Investors in Funds must satisfy certain requirements (e.g., qualified purchaser status) to be participants in the Funds. The Adviser implements strategies in the private credit markets, primarily through investing in senior secured loans as well as second lien loans, unsecured debt, subordinated debt and other investments, which may include certain equity investments or investments in more liquid instruments.

However, subject to any investment guidelines or restrictions applicable to a particular Client, the Adviser is permitted to invest in any security and any sector of the market to carry out the overall objectives of Clients, and the Adviser’s investment objectives, strategies and policies are expected to evolve materially over time. While the Adviser intends to utilize a multi-channel origination approach to source investment opportunities, the Adviser intends to make a substantial portion of its investments in opportunities directly originated through a cooperation agreement with Barclays Bank PLC (“Barclays”). Under the Barclays cooperation agreement, Barclays refers to the Adviser all qualifying private credit opportunities that are presented to them and provides the Adviser with exclusive access to deal flow originated by its investment banking platform. See “Risks Related to Loan Sourcing” in Item 8 as well as Item 10 below for additional information regarding conflicts of interest and other risks of this relationship. Although the Adviser pursues focused investment strategies, the Adviser can customize its advisory services to the individual needs and requirements of certain institutional Clients, which may choose to establish Managed Accounts with the Adviser. Such Clients may impose restrictions on investing in certain securities or types of securities, as set forth in the applicable Governing Documents, including the investment management agreement entered into with the Adviser. Additionally, subject to any investment guidelines or restrictions, Clients may enter into or invest in joint venture structures with co-investing entities or partners. The Adviser is primarily owned by AGL Credit Management LLC, formerly AGL Credit Management LP (“AGL Credit” and together with the Adviser, the “Firm”), which in turn is primarily owned by a wholly owned subsidiary of the Abu Dhabi Investment Authority (or “ADIA”), Peter Gleysteen, who serves AGL Credit and the Adviser as both Chief Executive Officer (“CEO”) and Chief Investment Officer (“CIO”), and a significant number of AGL Credit’s employees who also maintain an ownership stake in the Adviser through ownership interests in AGL Credit. As of the date of filing, the Adviser has not yet commenced investment advisory activities and has no regulatory assets under management. The Adviser anticipates it will manage Client assets on a discretionary basis.