IMPORTANT NOTES

This presentation does not contain all the information that is material to a prospective investor in SH Capital Partners, L.P. (the “Onshore Partnership”) or SH Capital Offshore, LTD (the “Offshore Partnership” and together with the Onshore Partnership, the “Partnerships”). 

Confidentiality; Not to be disseminated – The information set forth in this presentation is being furnished on a confidential basis to the recipient and does not constitute an offer, solicitation or recommendation to sell or an offer to buy any securities, investment products or investment advisory services, including an investment in any private partnership advised by Stone House Capital Management, LLC (“SHCM”). Such an offer may only be made to qualified investors by means of delivery of a confidential private offering memorandum or other similar materials that contain a description of material terms relating to such investment. The information published, and the opinions expressed herein are provided for informational purposes only. This information is qualified in its entirety by the information contained in the Partnerships’ offering documents, including the confidential private offering memorandum (collectively with respect to each Partnership, the “Offering Documents”). Prospective investors should rely solely on the Offering Documents in making any investment decision. The Offering Documents contains important information, including, among other information, a description of the Partnerships’ risks, investment program, fees and expenses, and should be read carefully before any investment decision is made. This material does not take into account the particular investment objectives, restrictions, or financial, legal or tax situation of any specific investor. An investment in a Partnership is not suitable for all investors. This presentation is confidential and has been prepared solely for the information of the intended recipient and may not be reproduced, distributed or used for any other purpose. Reproduction and distribution of this presentation may constitute a violation of federal or state securities laws.

No tax or legal advice – Nothing contained herein constitutes financial, legal, tax, or other advice. The Partnerships make no representation that the information and opinions expressed herein is accurate, complete or current. The information contained herein is current as of the date hereof, but may become outdated or subsequently may change.

RISKS – No representation is made that SHCM’s or the Partnerships’ investment process, investment objectives, goals or risk management techniques will or are likely to be achieved or successful or that the Partnerships or any underlying investment will make any profit or will not sustain losses. An investment in a Partnership involves risk, as disclosed in the Partnership’s Offering Documents. Partnership redemptions/withdrawals are restrictive and subject to prior notice requirements. Such notice requirements are disclosed in the Offering Documents. The risk management techniques which may be utilized by SHCM cannot provide any assurance that the Partnerships will not be exposed to risks of significant trading losses. An investor is subject to potential loss of investment. An investment in a Partnership is speculative due to a variety of risks and considerations as detailed in the Offering Documents and this presentation is qualified in its entirety by the more complete information contained therein and in the related subscription materials. Any descriptions involving investment process, investment examples, statistical analysis, investment strategies or risk management techniques are provided for illustration purposes only, will not apply in all situations, may not be fully indicative of any present or future investments, may be changed in the discretion of SHCM and are not intended to reflect performance. Portfolio characteristics and limits reflect guidelines only and are implemented, and may change, in the discretion of SHCM. Investments are selected by, and will vary in the discretion of, SHCM and are subject to availability and market conditions, among other factors.

Facts & opinions – Any opinions, assumptions, assessments, statements or the like (collectively, “Statements”) regarding future events or which are forward-looking, including regarding portfolio characteristics and limits, constitute only subjective views, beliefs, outlooks, estimations or intentions of SHCM, should not be relied on, are subject to change due to a variety of factors, including fluctuating market conditions and economic factors, and involve inherent risks and uncertainties, both general and specific, many of which cannot be predicted or quantified and are beyond SHCM’s or the Partnerships’ control. Future evidence and actual results (including actual composition and investment characteristics of a Partnership’s portfolio) could differ materially from those set forth in, contemplated by, or underlying these Statements, which are subject to change without notice. In light of these risks and uncertainties, there can be no assurance and no representation is given that these Statements are now, or will prove to be accurate, or complete in any way. SHCM undertakes no responsibility or obligation to revise or update such Statements. Although the statements of facts in this presentation have been obtained and are based upon information provided by third parties that SHCM believes to be reliable, SHCM does not guarantee their accuracy and any such information may be incomplete or condensed. All opinions and estimates included in this report constitute SHCM’s judgment as of the date of this presentation and are subject to change without notice.

Performance – Unless otherwise indicated, the performance shown is unaudited, net of applicable management fees (2% assumption), performance allocations (20% assumption), and other fees and expenses, presumes reinvestment of earnings and excludes investor specific sales and other charges. Partnership returns assume that an investor made a single capital contribution at the inception of the Partnership with no subsequent additions or withdrawals and reinvestment of dividends. Please refer to each Partnership’s Offering Documents for more information regarding the Partnership’s fees, charges and expenses, which will reduce the Partnership’s gains. Performance may vary substantially from year to year or even from month to month. An investor’s actual performance and actual fees may differ from the performance information shown due to, among other factors, capital contributions and withdrawals/redemptions, different share classes (and applicable management fees and performance allocations related thereto) and eligibility to participate in “new issues.” Returns and statistics are based on the results calculated by the Partnership's administrator, SS&C GlobeOp. The returns for 2019 are preliminary, unaudited estimates.  The value of investments can go down as well as up. Certain share classes of a Partnership may be closed, including the share class from which the performance shown has been derived. The Partnership has offered Class A, B, C and D interests or shares, as applicable, in the past; however, such interests and/or shares generally are not currently being offered to new investors. Past performance is not necessarily indicative of future results. This presentation is based on information believed to be correct, but subject to revision and audit adjustment.

Indices – References to the S&P 500 and other indices herein are for informational and general comparative purposes only, and are included only as context reflecting general market results during the period. There are significant differences between such indices and the investment program of the Partnerships. Such benchmarks and indices may not be available for direct investment, may be unmanaged, assume reinvestment of income, do not reflect the impact of any trading commissions and costs, management or performance fees, and have limitations when used for comparison or other purposes because they, among other reasons, may have different trading strategy, volatility, credit or other material characteristics (such as limitations on the number and types of securities or instruments). The Partnerships’ investment objective is not restricted to the securities and instruments comprising any one index. The Partnerships do not invest in all or necessarily any significant portion of the securities, industries or strategies represented by such indices. References to indices do not suggest that the Partnerships will, or is likely to, achieve returns, volatility or other results similar to such indices. The Partnerships’ investment objective is not restricted to the securities or instruments comprising any one index. No representation is made that any benchmark or index is appropriate measure for comparison.

No Recommendation – The mention of or reference to specific strategies or instruments in this presentation should not be interpreted as a recommendation or opinion that you should make any purchase or sale or participate in any transaction.

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