Form of Agreement Regarding Initial Capital MERCANTILE ALTERNATIVE STRATEGIES FUND LLC Two Hopkins Plaza Baltimore, MD 21201

Exhibit 2(p)

Form of Agreement Regarding Initial Capital

MERCANTILE ALTERNATIVE STRATEGIES FUND LLC
Two Xxxxxxx Plaza
Baltimore, MD 21201

•, 2005

Mercantile Alternative Strategies Master Fund LLC

Two Xxxxxxx Plaza

Baltimore, MD 21201

Ladies and Gentlemen:

     Mercantile Alternative Strategies Fund LLC hereby offers to purchase interests in Mercantile Alternative Strategies Master Fund LLC (the “Company Interest”) for an aggregate price of one hundred thousand ($100,000.00) dollars. This letter will confirm that Mercantile Alternative Strategies Fund LLC is purchasing the Company Interest for its own account for investment purposes only and not with a view to reselling or otherwise distributing such shares.

Sincerely,

MERCANTILE ALTERNATIVE

     STRATEGIES FUND LLC

By:

 Name:

 Title:

ACCEPTED AND AGREED: 

MERCANTILE ALTERNATIVE STRATEGIES

     MASTER FUND LLC

By:

 Name:

 Title: