Nantucket Multi Managers, LLC Disclosure

Nantucket Multi Managers, LLC (“Nantucket”) is the General Partner of Nantucket Fund, LP (the “Master Fund”), the Manager of Nantucket Institutional Fund (Cayman) SPC (the offshore feeder fund) and the Managing Member of Nantucket Levered, LLC (the levered feeder fund), collectively referred to as the “Nantucket Funds” or singularly a “Nantucket Fund”. Nantucket is registered as an investment adviser with the Securities and Exchange Commission (“SEC”) under the Investment Adviser Act of 1940, as amended. 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.

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 underlying manager selection.

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 Nantucket Fund nor any of the underlying managers or funds. Any such offer or solicitation can be made only by the delivery of the current Confidential Private Placement Memorandum of the relevant Nantucket Fund which should be read carefully, especially the “Risk Factors” section, before making a decision to invest. 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 are undertaking to provide any investment advice to an investor in a fiduciary capacity in connection with an investment in any Nantucket Fund.

An investment in any Nantucket Fund should be considered speculative and involves substantial risk due to, among other things, the nature of the investment strategy and techniques, the significant fees and costs associated with such an investment and the illiquidity of interests. Investors must independently assess the suitability of a particular investment opportunity and carry out any due diligence that they require with respect to the strategies used or investments made by a Nantucket Fund or underlying manager; in doing so, investors should seek advice from their own advisers. Conflicts of interest are described in various sections of the relevant Nantucket Fund Confidential Private Placement Memorandum, especially the “Special Considerations and Risk Factors” and “Conflicts of Interest” sections as well as in Part ADV-2A. Each Nantucket Fund 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).

The Master Fund allocates substantially all of its assets to underlying funds managed by independent, underlying managers that pursue various alternative investment strategies through many markets including domestic and foreign markets; these underlying managers invest in public securities and, depending upon the underlying manager, private securities. Because of the nature of a fund-of-funds structure, an investment in a Nantucket Fund involves multiple layers of fees and expenses which may negatively effect performance results. Investments in a Nantucket Fund or any of its underlying managers are generally not liquid and are subject to significant transfer restrictions.

Performance of the Nantucket Funds is presented assuming a new issue eligible, full fee-paying investor who invested at inception and was charged the highest fee structure in effect in all periods. Accordingly, performance results may vary by investor. With respect to annual management fees, Nantucket Fund, LP and Nantucket Levered. LLC charge 1.50% per annum; Nantucket Institutional Fund (Cayman) SPC charges 1.00% per annum. With respect to the assumed incentive allocation, performance prior to January 1, 2006 was not subject to an incentive allocation; performance of capital invested from January 1, 2006 through December 31, 2018 was subject to a 10% incentive allocation subject to a 10% preferred return with a full GP catch up; performance of capital invested on or after January 1, 2019 was subject to a 10% incentive allocation subject to a 6% preferred return with a full GP catch up. Performance of the Nantucket Funds is calculated by an independent administrator, net of management fees and incentive allocations (when applicable), estimated and unaudited based on estimated and unaudited net asset valuations or net performance measurements supplied by the relevant underlying managers or their independent administrators, unless otherwise stated, and is subject to final year-end audit and adjustment. Annual audits of the Nantucket Funds are generally completed before June 30th each year (for the prior calendar year) which should be taken into consideration when reviewing a Nantucket Fund’s performance. Each Nantucket Fund investor will receive periodic statements from Nantucket’s independent administrator, which will include investor-specific performance reporting. Nantucket Institutional Fund (Cayman) SPC investors may experience performance that is different than Master Fund investors due to incremental fund operating expenses and applicable tax withholdings. Nantucket Levered, LLC investors may experience more volatile performance and, at times, possibly lower performance than Master Fund investors due to the cost and investment effects associated with leverage. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. There can be no assurance that comparable historical investment returns can be achieved by any Nantucket Fund or underlying managers’ funds mentioned herein. Furthermore, there is no assurance that a Nantucket Fund will achieve its stated objectives. The risk free rate is defined as the FTSE 3-month Treasury Bill as it relates to applicable performance statistics. The performance figures of the underlying funds in which the Master Fund invests in have not been independently verified by Nantucket or its independent administrator. All underlying fund performance and attribution figures are presented net of underlying fund fees and expenses but gross of any Nantucket-related fees and expenses, unless otherwise noted. Where net P & L attribution is provided for a Nantucket Fund or underlying fund, it is to comply with Rule 206(4)-1 under the Investment Advisers Act and related Frequently Asked Questions issued by the U.S. Securities and Exchange Commission. These theoretical net attribution figures are calculated by Nantucket, are estimated and unaudited, net of all estimated underlying manager fees and expenses, as well as estimated Nantucket fees and expenses.

Index and underlying manager performance data is obtained from private and public databases such as: Evestment, Hedge Fund Research, 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 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 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”; This is used by Nantucket as a fund of funds 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 Bloomberg 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 this communication is obtained from sources we deem to be reliable; however, we do not guarantee its accuracy and it is subject to change without notice.

The information contained in this communication may contain forward-looking statements that reflect the current views of Nantucket and/or its principals or employees, with respect to future business of Nantucket, or performance of a Nantucket Fund or any of its underlying managers or funds. Any forward-looking statements contained in this communication may be based upon a number of inputs (e.g., historical information, current projections, estimates, expectations, assumptions) that may not be achieved and are subject to change without notice. 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 inputs used prove to be incorrect, actual performance results may vary materially from what is indicated in the forward-looking statement.

For additional information on Nantucket, please refer to Nantucket’s current Form ADV-1 and ADV-2A , which can be accessed at http://www.adviserinfo.sec.gov.

Information in this communication is confidential and proprietary, and you may not copy, transmit or distribute Nantucket information, or authorize such actions by others, without Nantucket’s express prior written consent, except for the following: an investor may share Nantucket information with their professional advisors; a professional financial adviser may share Nantucket information with their client who is a Nantucket Fund investor or with a prospective investor that they reasonably determine to be eligible to invest in a Nantucket Fund. Nantucket assumes no responsibility with respect to Nantucket information that is presented which has not been prepared by Nantucket.

12/15/23