Citadel Advisors LLC

Item 5 – Fees and Compensation

The Advisers do not currently have a general fee schedule. The fees and expenses associated with
an investment in the Funds vary, depending on the Fund, and each Fund’s Offering Documents
describe them in detail. The Advisers may, in their discretion, manage other funds or accounts
with higher or lower fees, different fee structures, and different expense payment arrangements,
than those of the Funds. Certain Funds require investors to pay a withdrawal charge to withdraw
an investment, depending upon the amount and timing of the withdrawal and other factors, which
is paid to the Fund, not to Citadel. In addition, Citadel Enterprise Americas LLC (together with its
subsidiaries and related entities, as applicable, “Citadel Enterprise”), Citadel Enterprise Americas
Services LLC, Citadel HFP Services Group LLC, Citadel ENTP Services Group LLC, Citadel
Hedge Fund Holdings LP, Citadel Americas Services LLC and/or certain other affiliated entities
(collectively, the “Citadel Service Parties”) provide certain administrative and investment-related
services to the Funds pursuant to one or more written agreements.

The Funds

Direct Expenses of the Funds

Each Fund is responsible for direct expenses incurred in connection with or otherwise related to
its operations and activities, including expenses associated with its investment portfolio and its
proportionate share of the direct expenses of the underlying sub-funds in which it invests, including
brokerage commissions and other transaction costs. Item 12 of this Brochure discusses how the
Advisers select brokers, and how the Advisers determine the reasonableness of their compensation.
Each Fund pays its expenses directly or reimburses the Citadel Service Parties, as instructed, for
expenses paid on its behalf. The direct expenses incurred by each Fund vary depending on the
nature of the operations and activities of the Fund, and each Fund’s respective Offering Documents
describe them in detail.

The Citadel Service Parties seek to allocate direct expenses of the Funds that are incurred on behalf
of multiple Funds fairly among the applicable Funds, in accordance with one or more allocation
protocols established by the Citadel Service Parties from time to time. The Citadel Service Parties
believe such allocation protocols are reasonable; however, other reasonable options exist that may
yield different results, including results that would be more beneficial to one or more Funds.

Reimbursable Expenses

The Funds fully reimburse the Citadel Service Parties for all of their costs and expenses other than
those costs and expenses that are entirely unrelated to the services the Citadel Service Parties
provide to the Funds (the “Reimbursable Expenses”). The Reimbursable Expenses allocated to
each Fund are material, both on an absolute basis and as a percentage of a Fund’s net asset value.
Reimbursable Expenses include the compensation of all employees and third-party
consultants/contractors of the Citadel Service Parties and costs related to office space, including
rent payments, building operating expenses, including utilities and real estate taxes, impairments,

and occupancy related expenses, leasehold improvements, including costs associated with
financing. The Reimbursable Expenses allocated to each Fund vary depending on the nature of
the operations and activities of the Fund, and each Fund’s respective Offering Documents describe
them in detail.

The Citadel Service Parties seek to allocate Reimbursable Expenses fairly among the Funds. The
Citadel Service Parties determine the allocation of Reimbursable Expenses among the Funds in
accordance with one or more allocation protocols established by the Citadel Service Parties from
time to time. The protocols used in making such allocation determinations may vary based on the
type of cost or expense being allocated and may take into account such factors as the Citadel
Service Parties deem appropriate (e.g., relative headcount, time tracking by personnel, projected
usage, investment capital, and/or other factors), including those based on estimates and
projections. The Citadel Service Parties believe such allocation protocols are reasonable; however,
other reasonable options may exist that may yield different results, including results that would be
more beneficial to one or more Funds. While the allocation of Reimbursable Expenses among the
Funds is designed to generally reflect each Fund’s consumption of resources of the Citadel Service
Parties and generation of revenue, certain Reimbursable Expenses will be specifically allocated
only to certain Funds, other Reimbursable Expenses will be disproportionately allocated to certain
Funds, and some Reimbursable Expenses will be allocated ratably among the Funds. The
apportionment of Reimbursable Expenses among the Funds involves subjective determinations,
which may involve conflicts of interest.

Conflicts of interest have arisen, and are expected to arise, in connection with the reimbursement
of expenses related to office space, where entities owned and controlled by Citadel’s Chief
Executive Officer own or have an interest in the applicable office building. The Advisers may take
such actions to address these conflicts of interest as they determine appropriate (e.g., through the
establishment of an independent real estate committee to serve as representative of investors), as
described in each Fund’s respective Offering Documents.

Management Fees

In addition to bearing direct expenses and their allocable portion of Reimbursable Expenses,
certain Funds also pay Citadel Hedge Fund Holdings LP (and/or an affiliate) a management fee
(the “Management Fee”) in respect of such Funds calculated and payable monthly, at an annual
rate of 1% of the net asset value of the applicable Fund. The Management Fee generally offsets
the Performance Allocation in respect of such Funds. The Offering Documents applicable to each
...

Item 7 – Types of Clients

The Advisers provide investment advisory services to the Funds based on the particular investment
objectives and strategies described in the applicable Fund’s Offering Documents.

Investors in the Funds generally are required to complete and submit a subscription agreement
binding them to the terms of a Fund’s Offering Documents. Certain Funds admit only sophisticated
U.S. taxable investors that are both “accredited investors,” as defined in Rule 501(a) of Regulation
D under the Securities Act of 1933 (the “1933 Act”), and “qualified purchasers” (or
“knowledgeable employees”), as defined in the Investment Company Act of 1940 (the “Investment

Company Act”) and the rules thereunder. Other Funds generally admit only sophisticated non-U.S.
investors, or sophisticated U.S. tax-exempt investors that are both “accredited investors” and
“qualified purchasers.” Additionally, certain Funds admit only eligible employees (or related
qualified participants) that are “accredited investors” in accordance with such Funds’ status as
“employees’ securities companies” that are operated in reliance on the exemption set forth in
Section 6(b) of the Investment Company Act.

Minimum investment amounts are disclosed in the applicable Offering Documents of the Funds.
The Advisers generally may waive these minimums in their discretion, subject to the requirements
of applicable law or regulation. Other limitations also may apply.