This report is being furnished by Stone House Capital Management, LLC (the “Manager”) on a confidential basis to 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. Such an offer or solicitation of an investment in SH Capital Partners, L.P. (the “U.S. Fund") or SH Capital Offshore, LTD (the “Offshore Fund”, and, together with the U.S. Fund, the “Fund”) may only be made to prospective eligible investors by means of delivery of the Fund’s confidential offering documents that contain a description of the material terms relating to such investment, of which this presentation is not a part. The information and opinions expressed herein are provided for informational purposes only, are as of the date indicated, are summary in nature, are not complete, are subject to change and should not be relied upon by any person in making an investment decision. While the information and opinions provided herein is believed to be accurate and reliable, no representations or warranties are made as to the accuracy, timeliness or completeness of such information or opinion and the Manger undertakes no obligation to update or revise this report. An investment in the Fund is speculative due to a variety of risks and considerations as are detailed in the confidential offering documents of the Fund, and this report is qualified in its entirety by the more complete information contained therein.

​

This report is strictly confidential, and the information contained herein or provided herewith may not be disclosed or distributed by the recipient to any other person (other than the recipient’s affiliates, partners, members, directors, officers, employees and advisors and other agents who have a legitimate need for such information in connection with evaluating the recipient’s investment). Your receipt and review of this report constitutes your agreement to comply with these provisions.

​

An investment in the Fund involves a significant degree of risk, and there can be no assurance that its investment objectives will be achieved or that its investments will be profitable. The value of investments can go down as well as up. Unless otherwise noted, the performance results of the Fund included in this report are presented on a net-of-fees basis and reflect the deduction of, among other things, management fees, brokerage commissions, administrative expenses, and performance allocation, if any. The Fund’s net returns are calculated net of a 2% annual management fee and 20% performance allocation, and assume that an investor made a single capital contribution at the inception of the Fund with no subsequent contributions or withdrawals. Performance results include the reinvestment of dividends and other earnings. An investor’s actual performance and actual fees will differ from the performance information shown due to, among other factors, capital contributions and withdrawals/redemptions, different share classes and eligibility to participate in “new issues.” Performance results are unaudited and have been calculated by the Fund’s independent administrator, SS&C GlobeOp. Performance results for 2025 are unaudited and estimated based upon the information available to the Manager as of the date hereof, and are subject to subsequent revision as a result of the Fund’s audit. Certain share classes of the Fund may be closed, including the share class from which the performance shown has been derived. Past performance is not necessarily a reliable indicator of future performance of the Fund.

​

Hypothetical results are shown for illustration purposes only, do not reflect actual trading results, and should not be relied upon. Hypothetical results do not involve financial risk or reflect actual trading, and therefore do not reflect the impact that economic and market factors may have on investment decisions. Unless otherwise noted, hypothetical results included in this report are presented on a net-of-fees basis and assume that an investor made a single capital contribution at the inception of the Fund with no subsequent contributions or withdrawals. No representation is made as to the reasonableness, accuracy, timeliness or completeness of the calculations, methodologies or assumptions underlying the hypothetical results or that all assumptions used in achieving the results have been utilized equally or appropriately, or that other assumptions should not have been used or would have been more accurate or representative.

 

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 the Manager, 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 the Manager’s or the Fund’s control. Future evidence and actual results (including actual composition and investment characteristics of the Fund’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. The Manager undertakes no responsibility or obligation to revise or update such Statements.

​

References to the S&P 500 index, Russell 2000 and other indices herein are for informational and general comparative purposes only. There are significant differences between such indices and the investment program of the Fund. The Fund does 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 Fund will, or is likely to, achieve returns, volatility or other results similar to such indices. The Fund’s investment objective is not restricted to the securities or instruments comprising such indices. No representation is made that any benchmark or index is appropriate measure for comparison.

 

Certain information set forth in this report is based upon information obtained from various third parties believed by the Manager to be reliable. Neither the Manager nor any of its affiliates has independently verified any such information and they shall not have any liability associated with the inaccuracy or inadequacy thereof.

​

The information in this report is not intended to provide, and should not be relied upon for, accounting, legal, or tax advice or investment recommendations. Each recipient should consult its own tax, legal, accounting, financial, or other advisors about the issues discussed herein.