Advantage Advisers Multi-Manager LLC

ITEM 5. FEES AND COMPENSATION

A.       Advisory Fees and Compensation

        In compensation for the investment advisory services it provides to the Funds, Multi-Manager receives a
performance-based allocation and a percentage of assets under management, or an asset-based fee.

B.       Payment of Fees

Global Growth

 Fee                   When Paid             Amount
 Administration        Monthly in            0.10417% (1.75% annually) of net asset value of class A shares;
 Fee                   advance               0.125% (1.75% annually) of net asset value of class B shares (in
                                             each case, before payment of such fee)
 Performance-          Allocated as of the   20% of the net realized and unrealized appreciation in the net asset
 based allocation (a   end of each fiscal    value of each class of shares (adjusted for the sale and redemption
 portion allocated     year                  of shares) BUT will be paid only with respect to the net realized
 to Multi-Manager                            and unrealized appreciation in the net asset value of each class of
 is ultimately                               shares (disregarding any accruals made with respect to such

 allocated to                                 performance allocation) in excess of the Prior High NAV (defined
 Alkeon)                                      below) of each class

Xanthus

 Fee                   When Paid              Amount
 Administration        Monthly                0.11257% (1.35% annually) of the Fund’s net assets
 Fee
 Advisory Fee          Monthly                .40%
 Performance-          Allocated as of the    20% of the excess of the net appreciation in an investor's
 based allocation (a   end of each fiscal     investment in the Fund
 portion allocated     year
 to Multi-Manager
 is ultimately
 allocated to
 Alkeon)

         "Prior High NAV" of each class of Shares means the NAV of each class of Shares as of the first business
day immediately following the date the last performance allocation was paid to Multi-Manager with respect to
such class of Shares (or if none has been paid, the NAV of such class as of the closing of the initial offering of
Shares of such class).

         Alkeon provides sub-advisory services for Xanthus as well as certain administrative services. Alkeon is
compensated at the annual rate of 0.30% of the net assets of Xanthus by Multi-Manager out of the advisory fee it
receives from Xanthus.

       In its capacity as non-managing member of Multi-Manager, Alkeon participates in the revenues of Multi-
Manager.

C.        Additional Fees and Expenses

          The Funds bear their own respective operating expenses. The term “operating expenses” includes all
taxes, investment expenses (e.g., expenses which Multi-Manager reasonably determines to be related to the
investment of the Fund’s assets, such as brokerage commissions, expenses relating to short sales, clearing and
settlement charges, custodial fees, bank professional fees (including, without limitation, consultants and experts)
relating to investments, ongoing offering, administrative, independent compliance officer –for Xanthus, legal,
marketing, internal and external accounting, audit, tax preparation and escrow expenses, liability insurance
premiums, organizational expenses and expenses incurred in connection with the offering and sale of the fund’s
shares), and other expenses incurred by Multi-Manager in connection with Fund activities. In the event that any
such services, including, without limitation, legal, internal and external accounting, audit and tax preparation
services, are performed or paid for the Fund by Multi-Manager, the Fund will reimburse Multi-Manager.

Multi-Manager’s brokerage practices are further described in Item 12. “Brokerage Practices”.

D.        Prepayment of Fees

          The Funds pay management or advisory fees monthly in advance.

ITEM 7. TYPES OF CLIENTS

         Multi-Manager’s client base is made up of pooled investment vehicles.

         The minimum initial investment in Global Growth, subject to the discretion of Board or its designee to
accept lesser amounts, is $150,000.

         The minimum initial investment in Xanthus, subject to the discretion of Board or its designee to accept
lesser amounts, is $100,000.