Nantucket Multi Managers, LLC

Disclaimer

Nantucket Multi Managers, LLC Disclosure

Please note that this communication does not constitute an offer to sell, nor is it a solicitation

of an offer to purchase an interest in any fund-of-funds managed by

Nantucket Multi Managers, LLC (“Nantucket” and “Nantucket FOF,” respectively) nor any of its

underlying managers. Any such offer or solicitation can be made only by the delivery of the

current Confidential Private Placement Memorandum of the relevant Nantucket FOF which should be

read carefully, especially the “Risk Factors” section, before making a decision to invest in any

fund. An investment in any Nantucket FOF should be considered speculative and involves

substantial risk due to, among other things, the nature of the Nantucket FOF’s investment strategy

and techniques, the significant fees and costs associated with such an investment and the

illiquidity of interests. You should consider an investment in a Nantucket FOF only for an

appropriate portion of your overall portfolio. There is no assurance that a Nantucket FOF

investment will achieve its stated objectives. Investors must independently assess the suitability

of any particular investment opportunity and carry out any due diligence that they require with

respect to the strategies used or investments made by a Nantucket FOF or underlying manager; in

doing so, investors should seek advice from their own advisers.

Nothing in this communication shall be deemed to constitute tax, financial or legal advice given by

Nantucket to any party. Neither Nantucket nor any of its affiliates is undertaking to provide any

investment advice to an investor in a fiduciary capacity in connection with an investment in any

Nantucket FOF.

Each Nantucket FOF is a private unregistered investment vehicle and is, therefore, not subject to

the same regulatory/disclosure requirements as a registered investment company (e.g., a mutual

fund). Nantucket Fund, LP (the “Master Fund”) allocates substantially all of its assets to

independent portfolio managers that pursue various alternative investment strategies through many

markets including foreign markets; these portfolio managers invest in public securities and,

depending upon the manager, private securities as well. Because of the nature of a fund-of-funds

structure, an investment in a Nantucket FOF involves multiple layers of fees which can negatively

effect performance results. Investments in a Nantucket FOF or any of its underlying managers are

illiquid, are subject to significant transfer restrictions and have no secondary trading market.

Nantucket FOF performance figures are presented assuming a new issue eligible investor who invested

at inception and who was charged the highest fee structure possible in all periods. Nantucket FOF

performance figures in this correspondence are calculated by an independent administrator, are net

of management fees and (when applicable) incentive allocations, are estimated and unaudited based

on estimated and unaudited net asset valuations or net performance measurements supplied by the

relevant underlying manager or its administrator, unless otherwise stated, and are subject to final

year-end audit and adjustment. The performance of the underlying managers in a Nantucket FOF have

not been independently verified by Nantucket or our accountants. The Nantucket FOFs’ annual audits

are generally completed by June 30th of the following year which should be taken into consideration

when reviewing a Nantucket FOF’s performance (i.e., performance for the prior year is estimated

until the annual audit for that year is completed and the relevant Nantucket FOF’s books are

adjusted as necessary). Fees and performance results may vary by investor in certain of the

Nantucket FOF as a result of the size or timing of investment; each investor will receive periodic

statements from the Nantucket FOF independent administrator (which will include individualized

performance reporting). Investors in Nantucket Institutional Fund (Cayman) SPC (the offshore

feeder fund) may experience different performance than the Master Fund due to operating expenses

and withholding taxes. Investors in Nantucket Levered, LLC (the leveraged feeder fund) may

experience more volatile performance and at times possibly lower performance than the Master Fund

due to the cost and investment effects of leverage, especially in a combined high interest rate and

low return environment. The risk free rate is defined as the Citigroup 3-month Treasury Bill as

it relates to applicable performance statistics. There can be no assurance that comparable

historical investment returns can be achieved by any Nantucket FOF or underlying manager mentioned

herein, therefore, PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

The information contained in this communication may contain forward-looking statements that reflect

the current views of Nantucket and/or its principals or employees (collectively, the “Company”),

with respect to future business or performance of Nantucket, a Nantucket FOF or any of its

underlying managers. Any forward-looking statements contained in this correspondence are based

upon historical information and the current plans, estimates and expectations of the Company, are

subject to numerous assumptions and are subject to change without notice. The inclusion of

forward-looking information should not be regarded as a representation by the Company that the

future plans, estimates or expectations of Nantucket, a Nantucket FOF, or underlying manager will

be achieved. Such forward-looking statements are subject to various risks and uncertainties,

including but not limited to global and domestic market and business conditions. If one or more

risks or uncertainties materialize, or if the Company’s assumptions prove to be incorrect, actual

performance results may vary materially from those indicated in the forward-looking statement.

Any modeled, hypothetical or simulated returns are not actual results, are based on certain

assumptions and have many inherent limitations and should not be considered an indication of the

skillset of Nantucket or performance of any Nantucket FOF. There are frequently sharp differences

between hypothetical, modeled or simulated performance versus the actual record subsequently

achieved.

Nantucket (the general partner, managing member or investment manager of each Nantucket FOF, as

applicable) is registered as an investment adviser with the Securities and Exchange Commission

(“SEC”) under the Investment Adviser Act of 1940, as amended. However, Nantucket is exempt from

registration with the Commodity Futures Trading Commission (“CFTC”) as a commodity pool operator

pursuant to Rule 4.13(a)(3) and in reliance on CFTC No-Action Relief issued in 2012 and, therefore,

is not subject to the CFTC rules requiring the delivery of a disclosure document or a certified

annual report to existing or prospective investors. For additional information on Nantucket,

please refer to Nantucket’s current Form ADV, which can be accessed at

http://www.adviserinfo.sec.gov. Conflicts of interest are described in the “Risk Factor” section

of the relevant Nantucket FOF Confidential Private Placement Memorandum, as well as in Part 2A of

Nantucket’s Form ADV.

Index and manager data is obtained from private sources and public databases such as Evestment,

Hedge Fund Research, Standard & Poors, MSCI and other databases and is believed to be accurate but

is not independently verified. Certain indices referred to are used as proxies for certain market

segments only and are generally not investable. No representation is made that the Master Fund is

managed to or designed to replicate any indices or benchmarks shown, either in composition or

element of risk involved. Such comparisons are solely to illustrate the relevant Nantucket FOF

performance against the index shown. The HFRI FOF Diversified Index is an index maintained by

Hedge Fund Research, Inc. that includes funds of hedge funds that invest “in a variety of

strategies among multiple managers;” this is used by Nantucket as a peer group proxy. MSCI World

TR Net (aka MSCI World-ND or MSCI World) is the total return of the MSCI World Index, including the

reinvestment of dividends, and net of estimated international taxes for a U.S. investor; this is

used by Nantucket as a global equities proxy. The Barclays Global Aggregate Index is used by

Nantucket as a global bonds proxy. Index performance, where stated, is reported with dividends

re-invested unless otherwise noted.

Information contained in these materials is obtained from sources we deem to be reliable; however,

we do not guarantee its accuracy and is subject to change without notice.

Information in this communication is confidential and proprietary, and you may not copy, transmit

or distribute Nantucket information, or any data or other information contained therein, or

authorize such actions by others, without Nantucket’s express prior written consent, except that

you may share Nantucket information with your professional advisors. If you are a professional

financial adviser, you may share Nantucket information with those of your clients that you

reasonably determine to be eligible to invest in the relevant Nantucket FOF. Nantucket assumes no

responsibility with respect to Nantucket information shared that is presented in a format different

from this report.

Updated: 07/30/2019