Silvercrest Asset Management Group LLC

- Fees and Compensation.

               2.      Muni Funds’ Performance Fee

In connection with its management of the Muni Funds, including Silvercrest Municipal Advantage
Portfolio A, LLC, Silvercrest Municipal Advantage Portfolio P, LLC, Silvercrest Municipal
Advantage Portfolio S, LLC, and the Silvercrest Municipal Advantage Master Fund, LLC,
Silvercrest is entitled to compensation in the form of the SMAPA Management Fee, the SMAPP
Management Fee, and the SMAPS Management Fee. It is also entitled to compensation in the form
of the SMAPS Performance Fee, when applicable. A discussion of the SMAPA Management Fee,
the SMAPP Management Fee, and the SMAPS Management Fee is set forth in Item 5 - Fees and
Compensation. A discussion of the SMAPS Performance Fee is set forth below.

Silvercrest Investors LLC, an affiliate of Silvercrest, as the special member of the Fund (the
“Special Member”), will receive the SMAPS Performance Fee. Immediately after any allocation
of net profit or net loss to the members, as of the last business day of a calendar year, upon any
interim full or partial withdrawal of capital by a member, upon any distribution of capital to a
member and upon liquidation of SMAPS, there will be reallocated to the capital account of the
Special Member and debited from the capital accounts of the other members (other than
Silvercrest) an amount equal to the SMAPS Performance Fee, if any, applicable to such
members. The SMAPS Performance Fee will be an amount equal to ten percent (10%) of the

amount, if any, by which (i) the net profit, if any, allocable to a member’s capital account since
the later of commencement of SMAPS’s operations or the last date as of which a SMAPS
Performance Fee was made with respect to such member’s capital account (after payment of the
SMAPS Management Fee but before the SMAPS Performance Fee) exceeds (ii) the positive
balance, if any, in such member’s SMAPS Loss Carryforward Account (as defined below),
provided, however, that net profit for such calendar year (or such shorter period) exceeds a non-
cumulative threshold return (or hurdle rate) of 5% per annum. The SMAPS Performance Fee
will be calculated separately for each member.

For purposes of calculating the SMAPS Performance Fee for each member, SMAPS will
establish for each member a memorandum account which will be designated an “SMAPS Loss
Carryforward Account.” Each SMAPS Loss Carryforward Account will have an initial balance
of zero and will be adjusted as follows: as of the last day of each fiscal period (as defined herein)
the balance of such member’s SMAPS Performance Fee Loss Carryforward Account will be
increased by an amount equal to the net loss, if any, allocated to such member’s capital account
with respect to such period and will be decreased (but not below zero) by an amount equal to the
net profit, if any, initially allocated to such member’s capital account with respect to such period.
The SMAPS Loss Carryforward Account of any member making a partial withdrawal or
receiving a distribution from its capital account will be further adjusted as of the date such
withdrawal or distribution is effective by decreasing any positive balance of such SMAPS Loss
Carryforward Account (but not below zero) by an amount determined by multiplying (i) such
positive balance by (ii) a fraction, of which the numerator is equal to the amount withdrawn or
distributed and the denominator is equal to the balance of such member’s capital account
immediately before giving effect to such withdrawal or distribution.

The Special Member may, in its sole discretion, waive or reduce its SMAPS Performance Fee as
to any member, and may otherwise vary the terms of the SMAPS Performance Fee as to a
member by agreement with such member. The SMAPS Performance Fee is expected to be
waived with respect to subscriptions by certain employees and/or affiliates of Silvercrest.

               3.      SJF

Silvercrest is entitled to compensation in the form of the SJF Class A Management Fee and the
SJF Class A Performance Allocation, when applicable. A discussion of the SJF Class A
Management Fee is set forth in Item 5 - Fees and Compensation. A discussion of the SJF Class
A Performance Allocation is set forth below.

Subject to the Loss Carryover (as defined below), as of the end of each fiscal year, increases in
the net worth of SJF allocated during such fiscal year to a capital account attributable to a Class
A Limited Partner will be reallocated so that the General Partner of SJF, Silvercrest Investors III
LLC (the “GP”), shall receive an allocation (the “SJF Class A Performance Allocation”) equal to
ten percent (10%) of the aggregate increases in the net worth allocated to such capital account.
No SJF Class A Performance Allocation shall be paid with respect to a DI Account until a
Realization Event occurs with respect to such DI Account. If there is a reduction of a capital
account as a result of a withdrawal prior to the end of a fiscal year, the GP shall receive a SJF

Class A Performance Allocation with respect to the increase in net worth allocated to such
capital account in such fiscal year, subject to the Loss Carryover.

A separate SJF Class A Performance Allocation will be calculated with respect to all funds
permitted to be invested by a Class A Limited Partner in the Partnership during a fiscal year
(other than as of the first business day of such fiscal year) and with respect to all funds permitted
to be withdrawn by a Class A Limited Partner from SJF during a fiscal year (other than as of the
last business day of such fiscal year). For the avoidance of doubt, the SJF Class A Performance
Allocation shall be in addition to the allocations to the GP based upon its capital account
proportionate to the aggregate amount of the capital accounts of the Partnership. The GP may
waive, reduce or rebate any performance allocation attributable to any limited partner, including,
...

ITEM 7 – TYPES OF CLIENTS

We provide our discretionary and non-discretionary advisory services to variety of Clients,
including:

       High net worth individuals
       Trusts, estates and charitable organizations
       Corporations or other business entities
       Institutions, including Taft-Hartley plans, governmental plans, municipalities, and their
        pension plans
       Not-for-profit entities
       Limited Partnerships and other private investment funds
       Registered Investment Companies

Silvercrest provides clients with a number of services not involving the management of securities.
These include family office services such as bill paying, personal accounting, tax planning and
preparation, financial planning, consolidated reporting, and other similar services. The fees for these
services are agreed upon in advance and depend upon the actual services requested.

Silvercrest also provides institutional investors with independent, investment-driven risk
analytics, due diligence and custom portfolio advisory support. Risk advisory services are based
on both quantitative and qualitative analyses, including Value at Risk (“VaR”), stress testing,
Monte Carlo simulation and most common risk metrics. Due diligence services comprise best
practices for review of operational and investment diligence. Silvercrest provides outsourced
chief investment officer services to institutions. Silvercrest charges a fee to the clients of this
business unit for: (i) managing their overall investment strategy and making recommendations to
those clients with respect to their allocations to third party asset managers; and (ii) providing
portfolio reporting and ongoing due diligence services.

Silvercrest also provides investment advisory and sub-advisory services to the Funds.