Magnetar Financial LLC

Item 5 - Fees and Compensation

Prior to investing in a Client, each investor is asked to carefully read and review the particular
Client’s offering, governing documents and/or separately managed account agreement, as the
case may be, for a complete understanding of the terms of the Client, including the
compensation received by Magnetar and its affiliates and how such compensation is
calculated, the expenses paid by the Client and withdrawal rights. The information contained
in this Brochure is only a summary and is qualified in its entirety by each such Client’s
offering, governing documents and/or separately managed account agreement, as the case
may be.

Compensation for Advisory Services.

Magnetar’s fee schedule is omitted because this Brochure is only being delivered to qualified
purchasers as defined in the Investment Company Act of 1940, as amended.

Payment of Fees.

With respect to the Funds, a third-party administrator calculates and confirms the asset-based and
performance-based compensation. Once calculated, the fees and allocations are deducted from the
applicable Funds’ accounts. Management fees are generally paid monthly, in arrears. Incentive
fees and allocations are generally paid or made annually, in arrears. Carried interest distributions,
where applicable, are payable after investors have received a return of their capital contributions
(and/or some other contractually specified return or distribution).

Fee Negotiation and Waivers.

Management fees and incentive fees and allocations generally are non-negotiable, although
Magnetar may, in its sole discretion, permit certain investors to invest on different fee terms. In
addition, Magnetar, either directly or through one of its affiliates, has the discretion to waive all or
a portion of the management fee and/or incentive fees and allocations. In general, investors that
are Magnetar, its affiliates, their respective current and former principals, members, partners,
officers, directors, employees and their family members and any affiliates of the foregoing (including
employee benefit plans, estate planning vehicles and trusts for the benefit of such persons) (the
“Magnetar Investors”) do not pay management fees and are not subject to incentive fees and
allocations. Specifically, Magnetar has consistently waived, and will continue to waive, both the
management fees and incentive fees and allocations for its equity owners and employees. No
waiver or modification of the management fee and/or incentive fee and allocation for any investor
shall entitle any other investor to any such waiver or modification.

Fees for managing single investor or non-discretionary vehicles will be set forth in the written
agreement with the relevant investor. Generally, such arrangements will include an asset-based
and/or a performance-based component and will be negotiated on a case-by-case basis and may be
lower than compensation paid by other Funds.

Other Types of Fees and Expenses.

       Investment and Operating Expenses.

       In addition to compensation payable to Magnetar, and in some cases subject to certain
       limitations, the Clients generally pay their own organizational, investment, administrative
       and operating expenses, including, without limitation, the expenses listed below. This list is
       not intended to be exhaustive; the relevant Client offering, governing documents and/or
       separately managed account agreement provides further detail relating to fees and expenses.

              •      brokerage commissions and other transactional costs, fees and expenses,
              which are discussed in more detail below;

              •       interest expenses;

              •       fees and expenses incurred in the borrowing and lending of securities;

              •       the costs of acquiring and maintaining financing for a portfolio;

              •       the costs of margin lending arrangements (if applicable);

              •       the costs implicit in repurchase and reverse repurchase agreements;

              •        research and due diligence expenses of Magnetar, its affiliates and third-party
              consultants (including any independent environmental, social and governance
              (“ESG”) retained to provide strategic advisory-related services related to ESG
              practices), including travel, research and due diligence or analyses related to proposed
              or existing investments (including expenses for transactions that are not consummated
              (i.e., broken deal expenses));

              •        all expenses and fees incurred in connection with any actual or proposed
              investment (including external legal counsel expenses, trustee fees and calculation
              agent expenses) or other participation in, or any holding or disposition of any interest
              in, another investment entity, business entity or organization, whether consummated
              or not, including expenses related to investing with an operating partner, management
              fees, performance compensation and/or reimbursement of overhead expenses paid to
              joint venture managers and other managers and fees and expenses related to the
              organization of joint ventures and other manager funds (to the extent applicable);

              •     external legal and compliance fees and expenses (including software
              expenses and fees of third-party service providers and consultants), including

regulatory reporting expenses, including, but not limited to, expenses incurred in
connection with complying with applicable U.S. and non-U.S. reporting obligations,
including those required by the SEC and the Commodity Futures Trading
Commission, as well as out-of-pocket costs of preparing regulatory filings related to
the Fund or Magnetar with respect to the Fund (including, but not limited to, Form
PF);
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Item 7 - Types of Clients
Magnetar provides discretionary, and may at times provide non-discretionary, investment advisory
services to the Clients. Underlying investors in the Clients may include pension plans, financial
institutions, insurance companies, foundations, state and municipal government agencies,
sovereign wealth funds, funds of funds, corporations, high net worth individuals, certain Magnetar

Investors, family offices, and other institutional investors other than those listed herein. All
investors in the Clients are subject to applicable suitability and eligibility requirements as set forth
in each Client’s offering, governing documents and/or separately managed account agreement. The
minimum initial investment in the Funds is generally $5 million, subject to change or waiver at the
discretion of Magnetar and/or the Fund’s Board of Directors.