Nantucket Multi Managers LLC

Item 5 / Fees and Compensation

General:

Management fees and incentive allocation charged by the Adviser are calculated by the Funds' independent
administrator and are itemized on investor monthly statements. All fees (including management fees and
any incentive allocation accrued/payable) are deducted from investor's capital account (in arrears) and are
not billed separately.

Fund investors are subject to two levels of fees and allocable expenses 1) management fees and incentive
allocation payable to the Adviser and the Funds’ operating, investment and other related expenses and 2)
fees, incentive allocations and organization, offering and operating expenses of Sub-Managers / Sub-Funds
in which the Master Fund invests.

Investors incur certain fees and expenses whether or not any profits (realized or unrealized) are generated
by the Funds.

Representative fees charged to investors in the Funds are as follows, however, an investor must refer to
the relevant Confidential Private Placement Memorandum for specific details and applicability:

Management Fees (charged monthly in arrears):

Nantucket Fund, LP = 1.5% per annum of net asset value ("NAV")
Nantucket Levered, LLC = 1.5% per annum of NAV
Nantucket Fund, LP and Nantucket Levered, LLC – Management fees are negotiated in certain
circumstances at the sole discretion of the Adviser based on various criteria such as size or date of the
investment. Management fees and incentive allocations are waived for the Adviser's own investment in
these Funds, as well as for employees, employee immediate family members, affiliates and access
persons.

Nantucket Institutional Fund (Cayman) SPC = 1.0% per annum of NAV
Nantucket Institutional Fund (Cayman) SPC - Investors in the same share class for this Fund are charged
the same fees. Different share classes carry different fees. Class E shares (which charge no management
fee or incentive allocation) are available solely to employees, employee immediate family members, access
persons or other affiliated persons.

Incentive Allocation: When earned, accrued monthly in arrears but not crystallized or payable until
each calendar year-end (or intra-year for investor withdrawals made intra-year).

Summary
10% incentive allocation | 6% or 10% preferred return | full GP catch up | standard high-water mark

Detail
Capital invested prior to January 1, 2006 was not subject to an incentive allocation. On January 1, 2006,
an incentive allocation (also referred to as a performance fee) was established for each fund managed by
Nantucket Multi Managers, LLC. as the General Partner, Managing Member or Investment Manager of the
applicable fund (collectively referred to as the “GP” unless otherwise specified).

For capital invested January 1, 2006 through December 31, 2018: 10% incentive allocation subject to a
10% preferred return with a full GP catch up.

For capital invested on or after January 1, 2019: 10% incentive allocation subject to a 6% preferred return
with a full GP catch up.

All incentive allocations are subject to a standard high-water mark, which is determined at the investor
capital account level at the end of each calendar year.

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A preferred return (or hurdle rate) is the annual rate of return that must be achieved before any incentive
allocation may be allocated to the GP. If the preferred return is not achieved in a calendar year, there is no
incentive allocation earned by the GP. A preferred return with full GP catch up means once the preferred
return is achieved (with the net profits being allocated to an investor’s capital account), net profits are then
fully allocated to the GP up to 10% of total net profits but without reducing total net profits below the
applicable preferred return. If additional net profits remain after the preferred return and full GP catch up
allocation calculations, then such net profits are shared 90% to an investor’s capital account and 10% to
the GP.

Net profits are understood to be the sum of gains and losses from portfolio investments net of any fund-
level operating, investment and other related expenses and management fees, but gross of any incentive
allocation. The incentive allocation is applied to total net profits using a waterfall methodology, summarized
as follows:

1   Preferred Return: 100% of the net profits allocated to an investor’s capital account up to the applicable
    preferred return (6% or 10%)

2   Full GP Catch Up: 100% of the total net profits (exceeding item 1) allocated to the GP with a max
    allocation of 10% of the total net profits (without reducing item 1)

3   90% / 10% Split: 90% of the total net profits (exceeding items 1 and 2) allocated to an investor’s capital
    account and 10% allocated to the GP.

Please refer to Item 6 for examples of the above incentive allocation scenarios.

Incentive allocations accrue monthly and crystallize (or are paid to the GP) annually at the end of a calendar
year (from January 1 through December 31) or upon a partial or full redemption by an investor’s capital
account. Partial year investor account activity is adjusted for the partial time period on a pro rata basis for
purposes of calculating any incentive allocation.

Please refer to full details in each fund’s relevant Confidential Private Placement Memorandum.

No incentive allocation is charged to the Adviser, its employees, employee immediate family members,
access persons or other affiliated persons for their investment(s) in any Fund.

Representative Master Fund operating expenses:

The Adviser is responsible for all salaries, bonuses and employee benefit expenses of its principals and
employees who are involved in the management and conduct of the business and affairs of the Master
Fund and in making investment and trading decisions for it (as well as related overhead, including office
space and equipment, utilities and other similar items), except as otherwise described herein.
...

Item 7 / Types of Clients

The Adviser’s clients (according to the SEC's definition of client) are the Funds (Nantucket Fund, LP,
Nantucket Institutional Fund (Cayman) SPC and Nantucket Levered, LLC). The Adviser's clients are pooled
investment vehicles (fund-of-funds) that are offered to certain qualified investors.

Investments in the Funds are offered exclusively to investors satisfying the applicable accreditation
requirements according to certain SEC rules as detailed in the relevant Fund's PPM. Specifically, investors
must be both accredited investors AND qualified purchasers. Appendix A of each Fund's Subscription
Agreement summarizes the definitions of accredited investors and qualified purchasers.

Investors in any of the Funds should have knowledge and experience in financial and business matters in
order to determine that such an investment is suitable based on their objectives.

Typically, taxable investors such as individuals, trusts and family LLCs invest in the Nantucket Fund, LP or
in Nantucket Levered, LLC. Tax-exempt or tax-deferred investors such as IRAs, foundations, endowments
and pension plans typically invest in Nantucket Institutional Fund (Cayman) SPC, which blocks UBTI
(unrelated business taxable income).

The following are standard initial investment minimums and liquidity provisions in order to invest in
Adviser’s Funds:

Minimum Initial Investment:

Nantucket Fund, LP and Nantucket Institutional Fund (Cayman) SPC - $1,000,000
Nantucket Levered, LLC - $500,000

(Adviser has discretion over minimum initial investment requirement determined on a case-by-case basis)

Liquidity:

All standard Fund redemption terms are quarterly (end of each calendar quarter) on 95-day prior written
notification. The Adviser, in its sole discretion, has the right to waive certain withdrawal limitations for
investors on a case-by-case basis. However, investor notification of less than 95-day notice will incur a 2%
short-notification fee payable to the Master Fund (Nantucket Fund, LP), which Adviser cannot override.

The Adviser maintains side letters from certain investors, however, no side letters agree to preferential
redemption terms.

While the Adviser has the ability to suspend withdrawals/redemptions under certain extraordinary
circumstances, the Adviser has never suspended or limited investor withdrawals/redemptions of any Fund
at any time. The "Withdrawals" section in the relevant PPM should be reviewed in full before investing in
any Fund.

Investor interests or shares (as applicable) in a Fund are sold only through delivery of the relevant PPM to
prospective investors. Each Fund is unique in its own terms and conditions as fully detailed in such PPM.

This brochure should not be relied upon as sufficient and complete when evaluating an investment in a
Fund. A prospective investor must independently assess the suitability of a Fund investment and in doing
so, should seek advice from their own advisors and should carefully and fully read the relevant PPM
especially the "Risk Factors" section before making a decision to invest in any Fund.

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