Guggenheim Corporate Funding LLC

Item 5 – Fees and Compensation

Management Fees

For SMAs, GCF generally is paid a monthly or quarterly management fee, based on the assets under
management (“AUM”) or net asset value (“NAV”) (as defined in a client’s IMA) of all assets held in a client’s
account or based on the client’s total committed capital amount (as defined in a client’s IMA) (“Committed
Capital Amount”). The management fee is equal to a mutually agreed upon annual fee rate multiplied by the
SMA’s AUM, NAV or Committed Capital Amount as of each calendar month-end or quarter-end, and typically
pro-rated for periods of less than a complete month and prior to any reduction for such management fee. The
management fee is calculated and accrued monthly and is payable quarterly in arrears. An SMA’s management
fee may be calculated and accrued according to different payment and calculation terms specified in a client’s
IMA. Fees are negotiated in different amounts with each client based upon the type of service provided, size
of the account, and relationship between the client and GCF.

GCF may offer several different products with varying fees, which will be determined with each SMA
client. Standard management fees for investment advisory services provided to SMA clients generally range up
to 1.00 percent annually of AUM, NAV, or Committed Capital Amount. However, some of GCF’s fees will
be higher than this, and, as described above, SMA fees are generally negotiable.

Private Funds pay a management fee either monthly or quarterly, in advance or in arrears, as set forth in the
Fund’s offering and/or governing documents and relevant client or investor agreement and/or Side Letters.
Fee arrangements negotiated in Side Letters generally are not disclosed to other GCF clients to the extent
permitted by applicable law. Where a Private Fund’s offering documents calculate management fees based on
the amount of an investor’s commitments or the amount of investor capital contributions, the amount of
management fees generally will not be reduced based on reductions in investment value, except where specified
by the relevant offering documents. In certain cases, management fees will be offset by various fees, as set forth
in the Fund’s offering documents and will generally be payable during ramp up and wind down periods and
term extensions unless otherwise agreed with investors. Certain investors in a Private Fund that are GCF or its
affiliates, or their respective officers, directors or employees, including portfolio managers or senior managers
of GCF (“Related Personnel”) may be subject to modified, rebated, reduced or waived management fees in
connection with their investment in the Private Fund.

GCF will receive varying fees for providing services to client-sourced investment opportunities (“Client-
Sourced Assets”), as agreed upon by GCF and the client in the relevant investment advisory agreement.

Management fees for SMAs and Funds, described in the relevant IMA or a Fund’s offering documents,
generally accrue beginning on the effective date on which GCF commenced investment activities in the relevant
SMA or Fund. In general, the SMA or Fund advised by GCF pays the management fee to GCF within 30
calendar days from the receipt of an invoice and 30 calendar days from the expiration of the term if such date
is not the end of the calendar quarter. However, in some circumstances, fees are payable monthly or payable
in advance. Should an SMA client or Fund terminate an advisory arrangement, fees will be charged until the
mutually agreed upon termination date, or as otherwise agreed. Advisory arrangements are generally terminated
by providing written notice to GCF. If fees have been paid in advance, in the event of a withdrawal, the client
typically would receive a pro rata rebate of the allocable portion of the fee not earned by GCF during the period.

Certain SMAs or Private Funds have negotiated fees that vary depending on the types of assets held in the
account. Such a fee structure creates conflicts of interest for GCF. Specifically, GCF will generally have an
incentive to invest these accounts in asset types that generate a higher management fee, even though such asset
types are often riskier or more speculative than asset types that generate a lower management fee. This incentive
will be greater on or before the dates as of when such fees are calculated. Certain SMAs are non-discretionary
and have negotiated fees that arise only from the assets that the client has agreed to purchase. In such cases,
GCF will have an incentive to recommend more or higher fee-generating assets to the non-discretionary client.

Pursuant to the sub-advisory arrangements, GCF will receive a fee from GPIM, which will be agreed between
GCF and GPIM from time to time for any investment advisory services it provides to GPIM, which may
include performance or incentive fees.

No GPIM Account will bear any additional advisory fees associated with the services that GCF provides to
GPIM. Any fees associated with such services with be borne by GPIM.

From time to time, and subject to GCF’s policies and procedures, GCF expects to provide co-investment
opportunities (including in co-investment vehicles) to certain current or prospective Private Fund investors,
SMA clients or third parties, GCF’s personnel and/or certain other persons associated with GCF and/or its
affiliates, alongside GCF clients. GCF reserves the right to charge interest on the purchase to the co-investor
or co-invest vehicle (or otherwise to adjust equitably the purchase price under certain conditions), and to seek
reimbursement to the relevant GCF client for related costs.

Performance Fees

As set forth under “Item 6 – Performance-Based Fees and Side-By-Side Management – Performance-Based
Fees,” GCF generally charges SMA clients a performance or incentive fee constituting a percentage of profits
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Item 7 - Types of Clients

GCF provides investment advisory and sub-advisory services to SMAs and Private Funds. GCF also provides
investment sub-advisory services to its affiliate, GPIM, in connection with the GPIM Accounts. In connection
with such arrangements, GCF personnel also serve as portfolio managers of one or more GPIM Accounts, and
provide investment advisory services to multiple additional SMAs, Private Funds, and CLOs. GCF’s SMA
clients and Private Fund investors may include corporate pension and profit-sharing plans, public pension
plans, trusts, estates, charitable organizations, municipalities, corporations and business entities (including
affiliated and unaffiliated insurance companies), and other registered and unregistered pooled investment
vehicles. GCF also serves as asset or collateral manager for or sub-adviser to CLOs, and may serve in such
capacity for other non-registered structured products. GCF may in the future act as adviser or sub-adviser to
business development companies. For SMA clients, GCF generally requires a minimum account size of $100
million, subject to reduction in GCF’s discretion. Private Fund clients will have separate suitability and other
requirements, and minimum investment amounts, as set forth in the applicable Private Fund’s offering and
subscription documentation. GCF also provides discretionary and non-discretionary sub-advisory services to
other registered investment advisers in connection with their management of Private Funds.