Amherst Capital Management LLC

Item 5. Fees and Compensation

SMA Fees:

With respect to SMAs, fees for investment advisory and management services are separately
negotiated. These fees generally include asset-based management fees and can, if agreed, include
incentive fees. Such fees are typically paid quarterly in arrears by invoicing the SMA Client. Fees
for certain types of non-discretionary services could be lower than fees for discretionary services.

Certain SMA Agreements can also provide that SMA Clients will incur fees and expenses in
addition to advisory fees such as custody, brokerage and other transaction costs, servicing,
administrative and other expenses. Examples of other costs and expenses that SMA Clients bear
in connection with the management of their accounts include markups, mark-downs and other
amounts included in the price of a security, odd-lot differentials, transfer taxes, wire transfer fees,
electronic fund fees, third-party fees and insurance and litigation expenses. For certain SMAs, the
Client pays fees to Amherst Capital or an affiliate with respect to particular investments made or
sold, or assets held, by the SMA. These fees, which are negotiated with each such SMA Client can
include: acquisition fees, asset management fees, loan sale fees and loan servicing fees. SMA
Clients should review their SMA Agreement for further information on how Amherst Capital
charges and collects fees. Please see Item 12 of this Brochure for more information on Amherst
Capital’s brokerage practices.

Tactical Opportunities Fund Fees:

Amherst Capital charges a management fee which is indirectly borne by investors in the Tactical
Opportunities Fund. The Tactical Opportunities Fund will pay Amherst Capital on a quarterly basis
a management fee (the “Tactical Opportunities Management Fee”), in arrears, equal to 0.25% per
quarter (1.00% per annum) of the net asset value of each capital account. The Tactical
Opportunities Management Fee shall be payable quarterly in arrears and shall be prorated for any
period of less than a full fiscal quarter. Notwithstanding the foregoing, Amherst Capital may
reduce, waive or rebate the Tactical Opportunities Management Fee.

The Tactical Opportunities Fund’s Investment Management Agreement, organizational
documents, offering documents and/or other documentation received by each investor prior to
investment in the Fund (together with any applicable side letters the “Tactical Opportunities
Fund’s Governing Documents”) provide detailed information regarding applicable fees and
expenses. Negotiations with prospective investors can cause some investors to bear fees that are
different from the basic fee schedule described above. Amherst Capital generally will not, unless
required by agreement with an investor or by applicable law, disclose any particular different fee
arrangement that is offered to a prospective investor, or offer comparable arrangements to other
investors.

Consistent with the Tactical Opportunities Fund’s Governing Documents, the Tactical
Opportunities Fund will pay for all costs and expenses, including legal expenses, incurred in
connection with the initial offering of interests and the Tactical Opportunities Fund’s formation
and establishment. Other expenses borne by the Tactical Opportunities Fund include, but are not
limited to: legal, related governmental and regulatory fees, audit, tax, accounting and the
administration (including middle/back offices services and fees of any administrator), and fees and
expenses related to valuation services; legal expenses and professional fees incurred in connection
with investments; professional advisors and consultants, including, without limitation,
accountants, attorneys, investment bankers, brokers and finders, as the general partner of the fund
deems necessary or advisable for the affairs of the Tactical Opportunities Fund; printing and
mailing expenses (including, without limitation, the expenses incurred for the printing of any
private placement memorandum, the subscription agreements, notices, reports and sales literature
and the delivery of such materials to existing and potential limited partners of the fund), and other
promotional expenses (including, without limitation, fees and costs associated with satisfying local

regulatory requirements in non-U.S. jurisdictions); expenses of purchasing, carrying and disposing
of portfolio positions such as commissions and brokerage fees; finder’s fees; custodial fees; the
management fee; clearing costs; exchange fees; delivery fees; insurance costs and premiums,
including, without limitation, errors and omissions insurance (subject to applicable law); b
expenses of the meetings of the limited and general partner; litigation, indemnification and other
extraordinary expenses, if any; and any other expenses related to the purchase, sale or transmittal
of assets. Please see the Tactical Opportunities Fund’s Governing Documents provide detailed
information regarding applicable fees and expenses.

In addition, as more fully described in the Tactical Opportunities Fund’s Governing Documents,
and subject to the application of a loss recovery mechanism described more fully therein, 25% of
all net profits allocable to each limited partner per a performance period in excess of a hurdle
amount will be separately allocated to the general partner’s capital accounts in the fund. The hurdle
rate equals the sum of: (i) the average SOFR for the performance period and (ii) 2% over the
average SOFR for the performance period on the net asset value of the limited partner’s capital
account as of the starting date of the performance period.

CRE Fund Fees:

Amherst Capital charges a management fee which is indirectly borne by investors in the CRE Fund
(the “CRE Fund Management Fee”). The CRE Fund Management Fee will generally be payable
out of the Fund’s assets as follows:

           •   The Fund charges a CRE Fund Management Fee, quarterly in arrears, with respect
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Item 7. Types of Clients

Amherst Capital provides advisory services to institutional investors through Funds and SMAs.
Investors include sovereign wealth funds, endowments and other institutions.

Each investor in a Fund generally must be an “accredited investor,” as defined in Regulation D
under the Securities Act, a “qualified client” as defined in the Advisers Act and a “qualified
purchaser” or “knowledgeable employee” for purposes of Section 3(c)(7) of the Investment
Company Act.

Minimum accounts sizes for SMAs and funds of one are determined on a one-on-one basis and
typically are based on the strategy to be pursued by the relevant Client.

Investors in a Fund (and, in very limited instances, an SMA Client) can include personnel of
Amherst Capital or their family members.

Investments in a Fund are subject to minimum investment requirements, which can be waived in
certain circumstances, in Amherst Capital’s discretion. See Item 4 of this Brochure and refer to
each Fund’s Governing Documents or the SMA Agreement, as applicable, for more information.

Additionally, Amherst Capital provides certain non-discretionary portfolio analytics and
investment research services to its affiliates pursuant to a negotiated intercompany agreement.