IMPORTANT NANTUCKET DISCLOSURES AND FOOTNOTES

FOOTNOTES PERTAINING TO PERFORMANCE

PAST PERFORMANCE MAY NOT NECESSARILY BE INDICATIVE OF FUTURE RESULTS. There can be no assurance that comparable historical investment returns can be achieved by any underlying funds.

Footnotes:

1. Preliminary performance of the Nantucket funds is calculated by Nantucket Multi Managers, LLC; final performance is calculated by Nantucket's independent administrator.  Preliminary and final performance is net of all estimated Nantucket and underlying manager management fees, incentive fees (if any) and expenses.  Preliminary and final performance of the Nantucket funds is deemed estimated until completion of the funds’ audited financial statements. The performance of the Nantucket funds is for a new issue eligible investor who invested at inception (1/1/1996) and who was charged the highest fee structure possible in all periods.  (Please see highest fee structure below).  An investor’s return may differ from a Nantucket fund preliminary or final performance given the investor’s fee structure, the timing of entry into the fund, any capital withdrawals or additions and/or loss carryforward (if any).
2. Nantucket Fund, LP allocation to underlying funds that are deemed to be in liquidation or fully redeemed from during the period—with an immaterial or no remaining capital balance—are generally not included in this report.
3. The underlying fund position size and Nantucket Fund, LP sub-strategy composite exposures are presented as a percentage of Nantucket Fund, LP’s net asset value as of the report date, inclusive of any underlying fund withdrawals as of the report date.
4. The underlying fund performance represents Nantucket Fund, LP-specific investments based on valuations or other performance measurements provided by the underlying managers or their independent administrators, unless otherwise stated, and is presented net of underlying fund fees and expenses but gross of any Nantucket-related fees and expenses, unless otherwise noted. These performance figures have not been independently verified by Nantucket or Nantucket’s independent administrator.
5. Net P&L attribution for underlying funds and Nantucket Fund, LP sub-strategy composites is presented to comply with Rule 206(4)-1 under the Investment Advisers Act and the SEC’s Frequently Asked Questions. These theoretical net attribution figures were calculated by Nantucket, are estimated, unaudited, and net of all estimated underlying manager fees and expenses, as well as estimated Nantucket fees and expenses. Estimated Nantucket fees and expenses were calculated using the average total expense ratio from the three most recent final audited financial statements, applied pro-rata based on sub-strategy composite or underling fund position size. P&L attribution totals may not sum to the net return of the Nantucket funds due to this theoretical expense estimation methodology.
6. Private equity-style fund allocations and co-investments are categorized under Nantucket's Private Program. Performance for these funds is not presented because: Performance is generally reported quarterly, on a lagged basis (approximately 45 to 60 days after quarter-end). Due to the structure of these investments, the timing and amount of committed capital drawn are determined by the underlying fund’s manager, not Nantucket. Therefore, capital-weighted performance statistics (e.g., IRR) and/or multiple on invested capital is a more appropriate performance measure than time-weighted return. Performance for Private Program investments (including IRR and multiple on invested capital) is included in Nantucket’s first-quarter investor letter each calendar year.

DISCLOSURES PERTAINING TO NANTUCKET FUND PERFORMANCE

PAST PERFORMANCE MAY NOT NECESSARILY BE INDICATIVE OF FUTURE RESULTS. There can be no assurance that comparable historical investment returns can be achieved by the Nantucket funds..

Nantucket’s highest fee structure in effect during all periods follows:

Annual management fees are as follows:

• Nantucket Fund, LP and Nantucket Levered, LLC: 1.50% per annum
• Nantucket Institutional Fund (Cayman) SPC: 1.00% per annum

The incentive allocation is structured as follows:

• On or after January 1, 2019: 10% incentive allocation, subject to a 6% preferred return with a full GP catch-up
• January 1, 2006 – December 31, 2018: 10% incentive allocation, subject to a 10% preferred return with a full GP catch-up
• Prior to January 1, 2006: No incentive allocation applied

The performance of the Nantucket funds has been calculated by an independent administrator and is presented net of management fees and incentive allocations (when incentive allocation is earned) unless otherwise noted. The performance is presented estimated and unaudited, based on valuations or other performance measurements provided by the underlying managers or their independent administrators unless otherwise stated. Certain underlying funds deemed to be private equity style fund allocations and/or co-investments are categorized in Nantucket's Private Program (collectively, the “Private Program”). Private Program performance is reported quarterly on a lagged basis – 45 to 60 days’, or longer, post a calendar quarter end – as is routine for private equity style funds. As a result, for certain reporting periods, performance and attribution from the underlying funds in the Private Program will not be included in the preliminary performance for the Nantucket funds. Once the quarterly performance has been reported by all underlying funds in the Private Program, revised final performance for the Nantucket funds is calculated for the relevant period (calendar-quarter end / year-to-date) by the Nantucket funds’ independent administrator and revised capital statements are issued to Nantucket fund investors.

Performance results may vary by investor based on the investor’s fee structure, the timing of entry into the fund and any capital withdrawals or additions and/or loss carryforward

(if any). An investor should refer to their statements provided by Nantucket’s administrator for their specific period performance and capital account(s).

Annual audits of the Nantucket funds' financial results are typically completed before June 30 of the following calendar year. Investors should consider this timing when reviewing performance data. Each Nantucket fund investor receives periodic statements from Nantucket’s independent administrator, which include investor-specific performance reporting. Nantucket fund performance is subject to potential audit adjustments due to the financial statement audit that is performed annually.

Investors in Nantucket Institutional Fund (Cayman) SPC and Nantucket Levered, LLC may experience performance different from Nantucket Fund, LP investors due to incremental fund operating expenses and any applicable tax withholdings. There is no assurance that any Nantucket fund will achieve its stated return objectives.

Investors in Nantucket Levered, LLC may experience greater volatility and, at times, lower performance than Nantucket Fund, LP investors due to the costs and investment effects associated with leverage.

Nantucket Fund, LP allocates substantially all its assets to the underlying funds managed by independent managers. Due to the fund-of-funds structure, an investment in a Nantucket fund involves multiple layers of fees and expenses which may cause a Nantucket fund to have higher expenses than other investment funds.

DISCLOSURES PERTAINING NANTUCKET MULTI MANAGERS, LLC

Nantucket Multi Managers, LLC (“Nantucket”) serves as:

• General Partner of Nantucket Fund, LP (the “Master Fund”)
• Investment Manager of Nantucket Institutional Fund (Cayman) SPC (the offshore feeder fund)
• Managing Member of Nantucket Levered, LLC (the levered feeder fund)

Nantucket Multi Managers, LLC is registered as an investment adviser with the SEC under the Investment Advisers Act of 1940, as amended, and is exempt from CFTC registration as a commodity pool operator under Rule 4.13(a)(3) and CFTC No-Action Relief (2012).

William K. M. Goldsmith is the Managing Member of Nantucket Multi Managers, LLC, which has been the sole General Partner of Nantucket Fund, LP, since January 1, 2001. From January 1, 2000, through December 31, 2000, Nantucket Multi Managers LLC and Metamora Multi Managers, LLC were co-General Partners of Nantucket Fund, LP. From January 1, 1996, through December 31, 1999, Metamora Multi Managers, LLC was the sole General Partner of Nantucket Fund, LP, which was formerly named The Metamora Fund, L.P. The Metamora Fund L.P. changed its name to Nantucket Fund, L.P. effective 1/31/2001. During the period when Metamora Multi Managers, LLC, was the sole General Partner, William K. M. Goldsmith advised Metamora Multi Managers, LLC on the underlying fund and manager selection. For additional information, please refer to Nantucket’s Form ADV-1 and ADV-2A at www.adviserinfo.sec.gov.

DISCLOSURES PERTAINING INDEX RETURNS AND CERTAIN NANTUCKET FUND STATISTICS

Index performance data is obtained from private and public databases such as: eVestment, Hedge Fund Research, Inc., Standard & Poors, MSCI and other databases. This performance data is believed to be accurate but is not independently verified. Certain indices referred to are used as proxies for certain market segments only and may not be 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 fund 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”.  The HFRI FOF Diversified index is updated 3x/month by Hedge Fund Research, Inc. This index is used by Nantucket as a fund of funds peer group proxy reflecting the index performance at the time of the relevant Nantucket report date.
• The Bloomberg Global Aggregate Index is used by Nantucket as a global bonds proxy.
• The MSCI World TR Net (aka MSCI World-ND or MSCI World) is used by Nantucket as a global equities proxy.

The risk-free rate of return is defined as the FTSE 3-month Treasury Bill as it relates to applicable performance statistics presented herein.

OTHER IMPORTANT DISCLOSURES

This communication does not constitute an offer to sell or a solicitation to purchase an interest in any Nantucket fund or any underlying managers or funds. Any such offer or solicitation can only be made through the delivery of a current Confidential Private Placement Memorandum, which should be read carefully—especially the “Risk Factors” section—before making an investment decision. Nothing in this communication constitutes tax, financial, or legal advice. Neither Nantucket nor its affiliates provide investment advice to any investor in a fiduciary capacity regarding any Nantucket fund investment.

Confidentiality Notice: The information contained in this communication is confidential and proprietary. You may not copy, transmit, or distribute this information without Nantucket’s express prior written consent, except in the following cases:

• Investors may share Nantucket information with their professional advisors.
• Professional financial advisers may share Nantucket information with their existing clients or prospective Nantucket fund investors that they reasonably determined to be eligible to invest in a Nantucket fund.

Nantucket assumes no responsibility for information presented that has not been prepared by Nantucket.

Investment Risks: Investing in a Nantucket fund is speculative and involves substantial risks, including but not limited to:

• The investment strategy and techniques
• Significant fees and costs associated with the investment
• The illiquidity of interests
• Certain transfer restrictions

The Nantucket funds are private, unregistered investment vehicles and, therefore, are not subject to the same regulatory and disclosure requirements as a registered investment company (e.g., a mutual fund).

Investors must independently evaluate the suitability of any investment and conduct their own due diligence, seeking advice from their own advisors. Conflicts of interest are detailed in the Confidential Private Placement Memoranda and Part ADV-2A.

Forward-Looking Statements: This communication may contain forward-looking statements reflecting current views of Nantucket and its principals or employees. These forward-looking statements are based on historical information, projections, estimates, assumptions and expectations. Forward-looking statements are subject to change without notice. If one or more risks or uncertainties materialize due to global and domestic market conditions or unforeseen risks, or if the forward-looking statements prove to be incorrect regarding any Nantucket fund or any underlying manager or fund, actual performance results may differ materially.

v 03-05-2025