Document:

Investment Advisory and Management Agreement

 TCW STAR DIRECT LENDING LLC 

INVESTMENT ADVISORY AND MANAGEMENT AGREEMENT 

THIS AGREEMENT (this “Agreement”) is made as of [ ], 2022 by and between TCW STAR DIRECT LENDING LLC, a Delaware limited
liability company (the “Company”), and TCW ASSET MANAGEMENT COMPANY LLC, a Delaware limited liability company (the “Adviser”). 

WHEREAS, the Company is a newly organized closed-end management investment fund that intends
to elect to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (“1940 Act”); 

WHEREAS, the Adviser is engaged in the business of providing investment advice and is registered as an investment adviser under the Investment
Advisers Act of 1940, as amended; 
 WHEREAS, the Company desires to retain the Adviser to render investment advisory and management
services to the Company in the manner and on the terms hereinafter set forth; and 
 WHEREAS, the Adviser is willing to perform such
services on the terms and conditions hereinafter set forth; 
 NOW, THEREFORE, in consideration of the premises and the covenants
hereinafter contained and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Company and the Adviser hereby agree as follows: 

1. Definitions. For the purposes of this Agreement, the terms “assignment,” “interested person,” and “majority
of the outstanding voting securities” shall have their respective meanings as defined in the 1940 Act and the rules and regulations adopted by the U.S. Securities and Exchange Commission (“SEC”) thereunder, and the term
“brokerage and research services” shall have the meaning given in the Securities Exchange Act of 1934 and the rules and regulations adopted by the SEC thereunder, subject, however, in all cases to such exemptions as may be granted by
the SEC, such interpretive positions as may be taken by the SEC, and such interpretive or no action positions as may be taken by the SEC staff, The capitalized terms used without definition in this Agreement, unless otherwise indicated, have the
respective meanings specified in the Amended and Restated Limited Liability Company Agreement of the Company (as the same may be amended from time to time, the “LLC Agreement”). 

2. Appointment. 
 a. The
Company engages the Adviser to provide investment advisory and management services to the Company. This engagement is for the period and on the terms set forth in this Agreement. The Adviser hereby accepts such engagement and agrees to render the
services and to assume the obligations set forth in this Agreement, for the compensation provided below. 
  

 b. The Adviser, subject to the prior approval of the Company’s board of directors (the
“Board”) and, to the extent required, the Members, may from time to time enter into one or more sub-advisory agreements with other investment advisers (each a “Sub-Adviser”) as the Adviser may believe to be particularly fitted to assist it in the performance of this Agreement; provided, however, that the compensation of any Sub-Adviser shall be paid by the Adviser and that the Adviser shall be as fully responsible to the Company for the acts and omissions of
any Sub-Adviser as it is for its own acts and omissions. Any sub-advisory agreement entered into by the Adviser shall be in accordance with the
requirements of the 1940 Act and other applicable federal and state law. 
 3. Advisory and Management Services. The Company hereby
engages the Adviser to act as the investment adviser to the Company and to manage the investment and reinvestment of the assets of the Company, subject to the supervision of the Board, for the period and upon the terms herein set forth, (a) in
accordance with the investment objective, policies and restrictions that are set forth in the Company’s registration statement on Form 10 (File No. 000-56404) (and as the same shall be amended
from time to time, the “Registration Statement”) and in accordance with the investment objective, policies and restrictions that are set forth in the Company’s offering documents, as it may be amended from time to time;
(b) in accordance with all other applicable federal and state laws, rules and regulations, and the LLC Agreement; and (c) in accordance with the 1940 Act. Without limiting the generality of the foregoing, the Adviser shall, during the
term and subject to the provisions of this Agreement: (i) formulate and implement the Company’s investment program; (ii) determine the composition of the portfolio of the Company, the nature and timing of the changes therein and the
manner of implementing such changes; (iii) identify/source, research, evaluate and negotiate the structure of the investments made by the Company (including due diligence on prospective Portfolio Companies); (iv) close, monitor and
administer the Company’s investments, including the exercise of any rights in its capacity as a lender; (v) determine the securities and other assets that the Company will originate, purchase, retain, or sell; (vi) place orders for
the purchase or sale of portfolio securities for the Company’s account with broker-dealers selected by the Adviser; (vii) pay such expenses as are incurred by it in connection with providing the foregoing services as provided in
Section 4 below; (viii) coordinate with the Administrator; and (ix) provide the Company with such other investment advisory, research, and related services as the Company may, from time to time, reasonably require for the investment
of its funds, including providing operating and managerial assistance to the Company and its portfolio companies as required. Subject to the supervision of the Board, the Adviser shall have the power and authority on behalf of the Company to
effectuate its investment decisions for the Company, including the execution and delivery of all documents relating to the Company’s investments and the placing of orders for other purchase or sale transactions on behalf of the Company. In the
event that the Company determines to acquire debt financing, the Adviser will arrange for such financing on the Company’s behalf, subject to the oversight and approval of the Board. If it is necessary or appropriate for the Adviser to make
investments on behalf of the Company through a subsidiary of the Company or other special purpose vehicle, the Adviser shall have authority to create or arrange for the creation of such subsidiary of the Company or other special purpose vehicle and
to make such investments through such subsidiary of the Company or other special purpose vehicle (in accordance with the 1940 Act). 

4. Reimbursement of Certain Expenses. In addition to the Management Fee and Incentive Fee described below, the Adviser is entitled to
the reimbursement of certain expenses incurred on behalf of the Company to the extent described in the Administration Agreement by and between the Company and TCW Asset Management Company LLC (as Administrator). 

  
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 5. Management Fee. 

a. The Company will pay to the Adviser, quarterly in arrears, a management fee (the “Management Fee”) calculated as follows:
0.3125% (i.e., 1.25% per annum) of the average gross assets of the Company on a consolidated basis, with the average determined based on the gross assets of the Company as of the end of the three most recently completed calendar months. “Gross
assets” means the amortized cost of Portfolio Investments of the Company (including Portfolio Investments purchased with borrowed funds and other forms of leverage, such as Preferred Units, public and private debt issuances, derivative
instruments, repurchase agreements and other similar instruments or arrangements) that have not been sold, distributed to the Members or written off for tax purposes (but reduced by any portion of such cost basis that has been written down to
reflect a permanent impairment of value of any Portfolio Investment), and excluding cash and cash equivalents. 
 b. Installments of the
Management Fee payable for any partial month or quarter shall be pro rated for the actual number of days in such period. 
 c. While the
Management Fee will accrue from the Initial Closing Date, the Adviser intends to defer payment of such fee to the extent that such fee is greater than the aggregate amount of interest and fee income earned by the Company. 

6. Incentive Fee. 
 a.
Calculation of Incentive Fee. Subject to the Adviser Return Obligation (described in Section 6(c)), the Company shall pay the Adviser an incentive fee (the “Incentive Fee”) as follows. The Incentive Fee will be
calculated on a cumulative basis and the amount of the Incentive Fee payable in connection with any distribution (or deemed distribution) will be determined in accordance with the following formula each time amounts are to be distributed to the
Common Unitholders: 
 (i) First, no Incentive Fee will be owed until the Common Unitholders have collectively received cumulative
distributions pursuant to this clause (a) equal to their Aggregate Contributions to the Company in respect of all the Common Units; 

(ii) Second, no Incentive Fee will be owed until the Common Unitholders have collectively received cumulative distributions equal to a 6.5%
internal rate of return on their Aggregate Contributions to the Company in respect of all Common Units (the “Hurdle”); 

(iii) Third, the Adviser will be entitled to an Incentive Fee out of 100% of additional amounts otherwise distributable to Common Unitholders
until such time as the Incentive Fee paid to the Adviser is equal to 15% of the sum of (A) the amount by which the Hurdle exceeds the Aggregate Contributions of the Common Unitholders in respect of all Common Units and (B) the amount of
Incentive Fee being paid to the Adviser pursuant to this clause (iii); and 

  
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 (iv) Thereafter, the Adviser will be entitled to an Incentive Fee equal to 15% of
additional amounts otherwise distributable to Common Unitholders in respect of all Common Units, with the remaining 85% distributed to the Common Unitholders. 

For purposes of calculating the Incentive Fee, as provided in 3.3.2 of the LLC Agreement, Aggregate Contributions shall not include NAV
Balancing Contributions or Late-Closer Contributions, and the distributions to Common Unitholders shall not include distributions attributable to Late-Closer Contributions. NAV Balancing Contributions received by the Company will not be treated as
amounts distributed to Common Unitholders for purposes of calculating the Incentive Fee. In addition if distributions to which a Defaulting Member otherwise would have been entitled have been withheld pursuant to 6.2.4 of the LLC Agreement, the
amounts so withheld shall be treated for such purposes as having been distributed to such Defaulting Member. The amount of any distribution of securities made in kind shall be equal to the fair market value of those securities at the time of
distribution determined pursuant to 13.4 of the LLC Agreement. 
 b. Incentive Fee upon Early Termination. If this Agreement
terminates early for any reason other than (i) the Adviser voluntarily terminating this Agreement or (ii) the Company terminating this Agreement for cause, the Company will be required to pay the Adviser a final incentive fee payment (the
“Final Incentive Fee Payment”). The Final Incentive Fee Payment will be calculated as of the date this Agreement is so terminated and will equal the amount of Incentive Fee that would be payable to the Adviser if (A) all of the
Company’s investments were liquidated for their current value (but without taking into account any unrealized appreciation of any Portfolio Investment), and any unamortized deferred Portfolio Investment-related fees were deemed accelerated,
(B) the proceeds from such liquidation were used to pay all of the Company’s outstanding liabilities, and (C) the remainder were distributed to Common Unitholders and paid as Incentive Fee in accordance with Section 6(a). The
Company will make the Final Incentive Fee Payment in cash on or immediately following the date this Agreement is so terminated. In the case of an early termination, the Adviser Return Obligation under Section 6(c) will not apply in connection
with a Final Incentive Fee Payment. 
 c. Interim Distributions. Notwithstanding the foregoing, on each fiscal year-end from and after December 31, 2024 (each, a “Interim Incentive Fee Date”) the Adviser shall be entitled to an interim incentive fee payment (each, and “Interim Incentive Fee
Payment”), which shall be treated as an advance against future Incentive Fee Payments, in an amount equal to the Incentive Fee payment that would be made to the Adviser if all of the assets of the Company were fully realized for cash as of
such Interim Incentive Fee Date in an amount equal to the fair market value of such assets as determined in accordance with Section 13.4 of the LLC Agreement, and the resulting proceeds, after payment or provision for expenses, liabilities and
contingencies, were distributed to the Common Unitholders and the Adviser pursuant to paragraph (a) above. The Adviser may, in its discretion, defer any such Interim Incentive Fee, and allocate it for future distribution pending expiration of
the lookback period described in paragraph (d) below. 
 d. Adviser Return Obligation. On each Interim Incentive Fee Date, and
after the Company has made its final distribution of assets pursuant to 9.2 of the LLC Agreement (the “Final Incentive Fee Date”), if the Adviser has received aggregate payments of Final Incentive Fee, or with respect to the Interim
Incentive Fee only, an amount equal to or greater than 

  
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$1,000,000, in excess of the Adviser Target Amount (defined below) as of such time (an “Adviser Return Event”), then the Adviser shall return to the Company in cash on or before the
90th day after such Interim Incentive Fee Date or Final Incentive Fee Date, as the case may be, an amount equal to such excess (the “Adviser Return Obligation”). Notwithstanding the preceding sentence, in no event shall the Adviser
Return Obligation exceed an amount greater than the aggregate amount of Incentive Fee payments previously received by (or allocated to) the Adviser from the Company with respect to the two Interim Incentive Fee Dates immediately preceding such
Adviser Return Event, reduced by the excess (if any) of (a) the aggregate federal, state and local income tax liability the Adviser incurred in connection with the payment of such Incentive Fees (assuming the highest marginal applicable federal
and New York City and State income tax rates applied to such payments), over (b) an amount equal to the U.S. federal and state tax benefits available to the Adviser by virtue of the payment made by the Adviser pursuant to its Adviser Return
Obligation (assuming that, to the extent such payments are deductible by the Adviser, the benefit of such deductions will be computed using the then highest marginal applicable federal and New York City and State income tax rates), as reasonably
determined by the Adviser. 
 The Adviser Return Obligation shall be recomputed to take into account any post- liquidation returns of
distributions made by Members pursuant to 11.4 of the LLC Agreement, and any additional Adviser Return Obligation triggered by such post- liquidation returns shall be made by the Adviser contemporaneously with such post- liquidation returns by
the Members. 
 e. Relevant Definitions. The “Adviser Target Amount” is, as of any time, the aggregate amount that
would be paid to the Adviser as Incentive Fee as of such time, determined as if all amounts previously distributed to the Members pursuant to Article 7 and Article 9 of the LLC Agreement (net of amounts returned by the Members to the
Company pursuant to 11.4 of the LLC Agreement and amounts then owed by the Company to creditors) had been retained by the Company and distributed to the Members pursuant to 9.2 of the LLC Agreement as of such
time; provided, however, that in determining the amounts distributable to each Member pursuant to 9.2 of the LLC Agreement, each Member’s Hurdle shall be determined based on the
timing of amounts previously distributed to such Member with respect to its Common Units, and the fair market value of any property distributed in kind by the Company shall be determined as of the time of distribution. 

7. Payment of Expenses and Fees to the Adviser upon Removal. Upon the termination of this Agreement, the former Adviser or its estate
or legal representatives shall be entitled to receive from the Company (a) any reimbursements of expenses due and owing to it by the Company; provided, however, that the Adviser shall be responsible for any
expenses it incurs in connection with such removal, and (b) accrued and unpaid Management Fees and Incentive Fees, in each case computed through the effective date of the removal on
a pro-rated basis. The right of the Adviser, its estate or legal representatives to the payment of said amounts shall be subject to any claim for damages which the Company or any Member may have
against the Adviser, its estate or legal representatives in connection with such removal. 
 8. Services Not Exclusive. Nothing
contained in this Agreement shall prevent the Adviser or any affiliated Person of the Adviser from acting as investment adviser or manager for any other Person, firm or corporation (including any other investment company), whether or not the
investment objectives or policies of any such other Person, firm or corporation are similar to 

  
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those of the Company, and shall not in any way bind or restrict the Adviser or any such affiliated Person from buying, selling or trading any securities or commodities for their own accounts or
for the account of others for whom the Adviser or any such affiliated Person may be acting. While information and recommendations supplied to the Company shall, in the Adviser’s judgment, be appropriate under the circumstances and in light of
the investment objectives and policies of the Company, they may be different from the information and recommendations supplied by the Adviser or its affiliates to other investment companies, funds and advisory accounts. The Company shall be entitled
to equitable treatment under the circumstances in receiving information, recommendations and any other services, but the Company recognizes that it is not entitled to receive preferential treatment as compared with the treatment given by the Adviser
to any other investment company, fund or advisory account. 
 9. Portfolio Transactions and Brokerage. To the extent brokers or
dealers are utilized in portfolio transactions for the Company, the Adviser shall endeavor to obtain on behalf of the Company the best overall terms available. In assessing the best overall terms available for any transaction, the Adviser shall
consider all factors it deems relevant, including the breadth of the market in the security, the price of the security, the financial condition and execution capability of the broker or dealer, and the reasonableness of the commission, if any, both
for the specific transaction and on a continuing basis. In evaluating the best overall terms available and in selecting the broker or dealer to execute a particular transaction, the Adviser may also consider the “brokerage and research
services” provided to the Company and/or other accounts over which the Adviser or an affiliate of the Adviser exercises investment discretion. The Adviser is authorized to pay a broker or dealer which provides such brokerage and research
services a commission for executing a portfolio transaction for the Company which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if, but only if, the Adviser determines in good
faith that such commission is reasonable in relation to the value of the brokerage and research services provided by such broker or dealer viewed in terms of that particular transaction or in terms of the overall responsibilities of the Adviser to
the Company. 
 10. Books and Records. In compliance with the requirements
of Rule 31a-3 under the 1940 Act, the Adviser agrees that all records that it maintains for the Company are the property of the Company and further agrees to surrender promptly to the
Company any of such records upon the Company’s request. The Adviser further agrees to preserve for the periods prescribed by Rule 31a- 2 under the 1940 Act the records required to be
maintained by Rule 31a-1 under the 1940 Act. 
 11. Limitation of
Liability. Neither the Adviser, nor any director, officer, agent or employee of the Adviser, shall be liable or responsible to the Company or any of its Members for (a) any mistake in judgment, (b) any act performed or omission made by
such Person, or (c) losses due to the mistake, action, inaction or negligence of other agents of the Company (x) if such Person did not act in bad faith, and (y) if such conduct did not constitute willful misfeasance, gross
negligence, or reckless disregard of the duties involved in the conduct of such Person’s respective position. 
 The Adviser shall be
indemnified by the Company as an Indemnitee in accordance with the terms of 11.2 of the LLC Agreement. 

  
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 12. Nature of Relationship. The Company and the Adviser are not partners or joint
venturers with each other and nothing herein shall be construed so as to make them such partners or joint venturers or impose any liability as such on either of them. The Adviser is an independent contractor and, except as expressly provided or
authorized in this Agreement, shall have no authority to act for or represent the Company. 
 13. Duration and Termination. 

a. This Agreement shall become effective upon its execution and shall continue in effect until two years from the date hereof, provided it is
approved by the vote of a “majority of the outstanding voting securities” of the Company. Thereafter, this Agreement shall continue in effect from year to year, provided its continuance is specifically approved at least annually
(a) by vote of a “majority of the outstanding voting securities” of the Company or by vote of the Board, and (b) by vote of a majority of the Independent Directors, cast in person at a meeting called for the purpose of voting on
such approval. The Company (either by vote of its Board or by vote of a “majority of the outstanding voting securities” of the Company) may, at any time and without payment of any penalty, terminate this Agreement upon 60 days’
written notice to the Adviser. This Agreement shall automatically and immediately terminate in the event of its “assignment.” The Adviser may terminate this Agreement without payment of any penalty on 60 days’ written notice to the
Company. 
 b. Notwithstanding the termination or expiration of this Agreement, the Adviser shall be entitled to any amounts owed under this
Agreement through the date of termination or expiration and Section 11 shall continue in force and effect and apply to the Administrator and all Indemnified Parties as and to the extent applicable. 

14. Notices. Any notice under this Agreement shall be given in writing, addressed and delivered to the party to this Agreement entitled
to receive such notice at such address as such party may designate in writing and shall be deemed to have been given when personally delivered, mailed by certified mail, return receipt requested, sent by reliable overnight courier, or transmitted by
electronic facsimile or electronic mail to the principal office of the Adviser or the Company, as the case may be. 
 15. Non-waiver of Rights. Nothing contained in this Agreement shall constitute a waiver by the Company of any of its legal rights under applicable U.S. federal securities laws or any other
laws whose applicability is not permitted to be contractually waived. 
 16. Amendment. This Agreement may be modified or amended
only by a writing signed by the parties hereto, provided, however, that the parties shall not amend this Agreement in a manner that is inconsistent with, or would result in a breach of, the LLC Agreement. 

17. Governing Law. This Agreement shall be construed in accordance with the laws of the State of New York (without giving effect to
principles of conflict of laws of the State of New York) and the applicable provisions of the 1940 Act. To the extent applicable law of the State of New York, or any of the provisions herein conflict with applicable provisions of the 1940
Act, the latter shall control. 

  
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 18. Sole Agreement. This Agreement reflects the sole understanding of the parties
hereto with respect to the subject matter hereof and supersedes and replaces all agreements between the Company and the Adviser with respect to the subject matter hereof. 

19. Counterparts. This Agreement may be signed in any number of counterparts, each of which shall be deemed to be an original but all
of which taken together shall constitute one and the same agreement. 
 20. Severability. In the event that any provision or portion
of this Agreement is determined to be invalid, illegal or unenforceable for any reason, in whole or in part, the remaining provisions or portion of this Agreement shall be unaffected thereby and shall remain in full force and effect to the fullest
extent permitted by applicable law. 
 [SIGNATURE PAGE TO FOLLOW] 

  
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 IN WITNESS WHEREOF, the undersigned have executed this Agreement effective as of the
date first above written. 
  

			
	TCW ASSET MANAGEMENT COMPANY LLC
		
	By:	 	  

	Name: Meredith Jackson
	Title: Executive Vice President and General Counsel
		
	By:	 	  

	Name: Zachary Edelman
	Title: Vice President
	
	TCW STAR DIRECT LENDING LLC
		
	By:	 	  

	Name: Name: Andrew Kim
	Title: Chief Financial Officer and Treasure
		
	By:	 	  

	Name: Name: Gladys Xiques
	Title: Chief Compliance Officer

  
 9Administration Agreement

 ADMINISTRATION AGREEMENT 

This Administration Agreement (“Agreement”) is made as of August [___], 2022 by and between TCW STAR DIRECT LENDING LLC, a
Delaware limited liability company (the “Company”), and TCW ASSET MANAGEMENT COMPANY LLC, a Delaware limited liability company (the “Administrator”). 

W I T N E S S E T H: 

WHEREAS, the Company is a closed-end management investment fund that has elected to be treated as a
business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act” or “Investment Company Act”); 

WHEREAS, the Company desires to retain the Administrator to provide administrative services to the Company in the manner and on the terms
hereinafter set forth; and 
 WHEREAS, the Administrator is willing to provide administrative services to the Company on the terms and
conditions hereinafter set forth; 
 NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained and for other
good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Company and the Administrator hereby agree as follows: 

1. Definitions 
 The capitalized
terms used without definition in this Agreement have the respective meanings specified in the Company’s Amended and Restated Limited Liability Company Agreement (“LLC Agreement”). 

2. Duties of the Administrator 

(a) Employment of Administrator. The Company hereby employs the Administrator to act as administrator of the Company, and to furnish, or
arrange for others to furnish, the administrative services, personnel and facilities described below, subject to review by and the overall control of the Board of Directors of the Company (the “Board”), for the period and on the
terms and conditions set forth in this Agreement. The Administrator hereby accepts such employment and agrees during such period to render, or arrange for the rendering of, such services and to assume the obligations herein set forth subject to the
reimbursement of costs and expenses provided for below. The Administrator and such others shall for all purposes herein be deemed to be independent contractors and shall, unless otherwise expressly provided or authorized herein, have no authority to
act for or represent the Company in any way or otherwise be deemed agents of the Company. 
 (b) Services. The Administrator shall
perform (or oversee, or arrange for the performance of) the administrative services necessary for the operation of the Company. Without limiting the generality of the foregoing, the Administrator shall: 

(i) provide the Company with general overhead, including office facilities and equipment, and clerical, bookkeeping and record keeping services
at such facilities, 
 (ii) oversee the maintenance of the Company’s financial records and otherwise assist with the Company’s
compliance with BDC and RIC rules, 
 (iii) monitor the payment of the Company’s expenses, 

(iv) on behalf of the Company, conduct relations with custodians, depositories, transfer agents, disbursing agents, other servicing agents,
accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other person in any other capacity deemed to be necessary or desirable, including, but not limited to, negotiating agreements, reviewing
performance of duties and directing actions of any such third party service providers, 

 (v) be responsible for the financial and other records that the Company is required to maintain
and shall prepare and disseminate reports to Members and reports and other materials to be filed with the SEC or other regulators, 
 (vi)
assist the Company in determining and publishing (as necessary or appropriate) the Company’s net asset value, overseeing the preparation and filing of the Company’s tax returns and generally overseeing the payment of the Company’s
expenses, and 
 (vii) provide such other services as the Administrator, subject to review by the Board, shall from time to time determine to
be necessary or useful to perform its obligations under this Agreement. 
 The Administrator shall have the authority to execute, on behalf
of the Company, any orders, certifications or agreements incidental to the duties it performs for the Company hereunder. 
 The
Administrator shall make reports to the Board of its performance of obligations hereunder and furnish advice and recommendations with respect to such other aspects of the business and affairs of the Company as it shall determine to be desirable;
provided that nothing herein shall be construed to require the Administrator to, and the Administrator shall not, provide any advice or recommendation relating to the securities and other assets that the Company should purchase, retain or
sell or any other investment advisory services to the Company. 
 The Administrator will provide on the Company’s behalf significant
managerial assistance to those Portfolio Companies to which the Company is required to provide such assistance. 
 The Administrator may
engage one or more third parties to perform all or a portion of the foregoing services. 
 3. Records 

The Administrator agrees to maintain and keep all books, accounts and other records of the Company that relate to activities performed by the
Administrator hereunder and will maintain and keep such books, accounts and records in accordance with the Investment Company Act. In compliance with the requirements of Rule 31a-3 under the Investment Company
Act, the Administrator agrees that all records which it maintains for the Company shall at all times remain the property of the Company, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination
of the Agreement or otherwise on written request. The Administrator further agrees that all records that it maintains for the Company pursuant to Rule 31a-1 under the Investment Company Act will be preserved
for the periods prescribed by Rule 31a-2 under the Investment Company Act unless any such records are earlier surrendered as provided above. Records shall be surrendered in usable machine-readable form. The
Administrator shall have the right to retain copies of such records subject to observance of its confidentiality obligations under this Agreement. 
 4.
Confidentiality 
 The parties hereto agree that each shall treat confidentially all information provided by each party to the
other regarding its business and operations. All confidential information provided by a party hereto, including nonpublic personal information (regulated pursuant to Regulation S-P), shall be used by any other
party hereto solely for the purposes contemplated by this Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed to any third party, without the prior consent of such providing party. The foregoing shall not
be applicable to any information that is publicly available when provided, or thereafter becomes publicly available other than through a breach of this Agreement, or that is required to be disclosed by any regulatory authority, any authority or
legal counsel of the parties hereto, by judicial or administrative process or otherwise by applicable law or regulation. 

  
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 5. Compensation; Allocation of Costs and Expenses 

In full consideration of the provision of the services of the Administrator, subject to the expenses limitation described below, the Company
will reimburse the Administrator for expenses incurred by it on behalf of the Company in performing its obligations under this Agreement. The Administrator may perform these services directly, may delegate some or all of them through the retention
of a sub-administrator and may remove or replace any sub-administrator. The Administrator agrees that it will not charge total fees pursuant to this Agreement that would
exceed its reasonable estimate of what a qualified third party would charge to perform substantially similar services. 
 Subject to the
Company expenses limitation as described below, the Company shall bear and be responsible for all costs, expenses and liabilities, in connection with the organization, operations, administration and transactions of the Company (“Company
Expenses”). Company Expenses shall include, without limitation: (a) Organizational Expenses and expenses associated with the issuance of the Units and organizational expenses of a related entity organized and managed by TCW as a feeder
fund for the Company and issuance of interests; (b) expenses of calculating the Company’s net asset value (including the cost and expenses of any independent valuation firm); (c) fees payable to third parties, including agents,
consultants, attorneys or other advisors, relating to, or associated with, evaluating and making investments; (d) expenses incurred by the Adviser or the Administrator payable to third parties, including agents, consultants, attorneys or other
advisors, relating to or associated with monitoring the financial and legal affairs for the Company, providing administrative services, monitoring or administering the Company’s investments and performing due diligence reviews of prospective
investments and the corresponding Portfolio Companies; (e) costs associated with the Company’s reporting and compliance obligations under the 1940 Act, 1934 Act and other applicable federal or state securities laws; (f) fees and
expenses incurred in connection with debt incurred to finance the Company’s investments or operations, and payment of interest and repayment of principal on such debt; (g) expenses related to sales and purchases of Units and other
securities; (h) Management Fees and Incentive Fees; (i) administrator fees and expenses payable under the Administration Agreement, provided that any such fees payable to the Administrator shall be limited to what a qualified third party
would charge to perform substantially similar services; (j) transfer agent, sub-administrator and custodial fees; (k) expenses relating to the issue, repurchase and transfer of Units to the extent
not borne by the relevant transferring Unitholders and/or assignees; (l) federal and state registration fees; (m) federal, state and local taxes and other governmental charges assessed against the Company; (n) Independent
Directors’ fees and expenses and the costs associated with convening a meeting of the Board or any committee thereof; (o) fees and expenses and the costs associated with convening a meeting of Unitholders or holders of any Preferred Units;
(p) costs of any reports, proxy statements or other notices to Unitholders, including printing and mailing costs; (q) costs and expenses related to the preparation of the Company’s financial statements and tax returns; (r) the
Company’s allocable portion of the fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums; (s) direct costs and expenses of administration, including printing, mailing, long
distance telephone, and copying; (t) independent auditors and outside legal costs, including legal costs associated with any requests for exemptive relief, “no-action” positions or other
guidance sought from a regulator, pertaining to the Company; (u) compensation of other third party professionals to the extent they are devoted to preparing the Company’s financial statements or tax returns or providing similar “back
office” financial services to the Company; (v) Adviser costs and expenses (excluding travel) in connection with identifying and investigating investment opportunities for the Company, monitoring the investments of the Company and disposing
of any such investments; (w) portfolio risk management costs; (x) commissions or brokerage fees or similar charges incurred in connection with the purchase or sale of securities (including merger fees); (y) costs and expenses attributable
to normal and extraordinary investment banking, commercial banking, accounting, auditing, appraisal, valuation, administrative agent activities, custodial and registration services provided to the Company, including in each case services with
respect to the proposed purchase or sale of securities by the Company that are not reimbursed by the issuer of such securities or others (whether or not such purchase or sale is consummated); (z) costs of amending, restating or modifying the LLC
Agreement or the Advisory Agreement or related documents of the Company or Related Entities; (aa) fees, costs, and expenses incurred in connection with the termination, liquidation or dissolution of the Company or Related Entities; and (bb) all
other properly and reasonably chargeable expenses incurred by the Company or the Administrator in connection with administering the Company’s business. 

Notwithstanding the foregoing, the Company will not bear more than (a) an amount equal to 10 basis points of the aggregate
Commitments of the Company for organizational expenses and offering expenses in connection with the offering of Units. 

  
 3 

 6. Limitation of Liability of the Administrator; Indemnification 

Neither the Administrator, nor any director, officer, agent or employee of the Administrator, shall be liable or responsible to the Company or
any of its Members for (a) any mistake in judgment, (b) any act performed or omission made by such person, or (c) losses due to the mistake, action, inaction or negligence of other agents of the Company (x) if such person did not
act in bad faith, and (y) if such conduct did not constitute willful misfeasance, gross negligence, or reckless disregard of the duties involved in the conduct of such person’s respective position. The Administrator shall be indemnified by
the Company as an Indemnitee in accordance with the terms of 11.2 of the LLC Agreement. 
 7. Activities of the Administrator 

The services of the Administrator to the Company are not to be deemed to be exclusive, and the Administrator and each affiliate is free to
render services to others. It is understood that directors, officers, employees and members of the Company are or may become interested in the Administrator and its affiliates, as directors, officers, members, managers, employees, partners,
stockholders or otherwise, and that the Administrator and directors, officers, members, managers, employees, partners and stockholders of the Administrator and its affiliates are or may become similarly interested in the Company as stockholders or
otherwise. 
 8. Duration and Termination of this Agreement 

(a) This Agreement shall become effective upon its execution and shall continue in effect until two years from the date of the Original
Agreement. Thereafter, this Agreement shall continue in effect from year to year, provided its continuance is specifically approved at least annually (a) by vote of a “majority of the outstanding voting securities” of the Company or
by vote of the Board, and (b) by vote of a majority of the Independent Directors, cast in person at a meeting called for the purpose of voting on such approval. The Company (either by vote of its Board of Directors or by vote of a
“majority of the outstanding voting securities” of the Company) may, at any time and without payment of any penalty, terminate this Agreement upon 60 days’ written notice to the Administrator. This Agreement shall automatically and
immediately terminate in the event of its “assignment.” The Administrator may terminate this Agreement without payment of any penalty on 60 days’ written notice to the Company. This Agreement shall become effective as of the first
date above written. 
 (b) Notwithstanding the termination or expiration of this Agreement, the Administrator shall be entitled to any
amounts owed under Section 5 through the date of termination or expiration and Section 6 shall continue in force and effect and apply to the Administrator and all Indemnified Parties as and to the extent applicable. 

(c) This Agreement may not be assigned by a party without the consent of the other party; provided, however, that the rights and
obligations of the Company under this Agreement shall not be deemed to be assigned to a newly formed entity in the event of the merger of the Company into, or conveyance of all of the assets of the Company to, such newly formed entity,
provided that the sole purpose of that merger or conveyance is to effect a mere change in the Company’s legal form into another limited liability entity. 

9. Notices 
 Any notice under this
Agreement shall be given in writing, addressed and delivered to the party to this Agreement entitled to receive such notice at such address as such party may designate in writing and shall be deemed to have been given when personally delivered,
mailed by certified mail, return receipt requested, sent by reliable overnight courier, or transmitted by electronic facsimile or electronic mail to the principal office of the Administrator or the Company, as the case may be. 

10. Non-Waiver of Rights 

Nothing contained in this Agreement shall constitute a waiver by the Company of any of its legal rights under applicable U.S. federal
securities laws or any other laws whose applicability is not permitted to be contractually waived. 

  
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 11. Amendment 

This Agreement may be modified or amended only by a writing signed by the parties hereto, provided, however, that the parties
shall not amend this Agreement in a manner that is inconsistent with, or would result in a breach of, the LLC Agreement. 
 12. Governing Law

 This Agreement shall be construed in accordance with the laws of the State of New York (without giving effect to principles of
conflict of laws of the State of New York) and the applicable provisions of the 1940 Act. To the extent applicable law of the State of New York, or any of the provisions herein conflict with applicable provisions of the 1940 Act, the
latter shall control. 
 13. Sole Agreement 

This Agreement reflects the sole understanding of the parties hereto with respect to the subject matter hereof and supersedes and replaces all
agreements between the Company and the Administrator with respect to the subject matter hereof. 
 14. Counterparts 

This Agreement may be signed in any number of counterparts, each of which shall be deemed to be an original but all of which taken together
shall constitute one and the same agreement. 
 15. Severability 

In the event that any provision or portion of this Agreement is determined to be invalid, illegal or unenforceable for any reason, in whole or
in part, the remaining provisions or portion of this Agreement shall be unaffected thereby and shall remain in full force and effect to the fullest extent permitted by applicable law. 

[Remainder of Page Intentionally Left Blank] 

  
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 IN WITNESS WHEREOF, the undersigned have executed this Agreement effective as of the date first above written.

  

			
	TCW ASSET MANAGEMENT COMPANY LLC
		
	By:	 	 
		 	Name: Meredith Jackson
		 	Title: Executive Vice President & General Counsel
		
	By:	 	 
		 	Name: Zachary Edelman
		 	Title: Vice President
	
	TCW STAR DIRECT LENDING LLC
		
	By:	 	 
		 	Name: Andrew Kim
		 	Title: Chief Financial Officer and Treasurer

 [Signature page to Administration Agreement]

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