Certain Risk Factors

There are significant risk factors associated with an investment in Kennedy Lewis Capital Company (“KLCC”). An investment in KLCC will involve a high degree of risk due to, among other things, the nature of KLCC’s investments and actual and potential conflicts of interest. There can be no assurance that KLCC will be able to implement its strategy, achieve its investment objectives, find investments that fit its criteria or avoid substantial losses. Investors should have the financial ability and willingness to accept the risks (including, among other things, the risk of loss of investment and the lack of liquidity) characteristic of investments in entities such as KLCC. Prospective investors should be aware of the additional risk factors that may affect an investment in KLCC. These risk factors include (but are not limited to) the following, each of which is described in more detail in KLCC’s Private Placement Memorandum (as may be amended, restated or supplemented from time to time, the “PPM”) which should be reviewed carefully prior to making an investment in KLCC:

• Newly formed business development company with limited operating history;

• Potential conflicts related to obligations Kennedy Lewis Capital Holdings LLC (the “Investment Advisor”), the Investment Advisor’s Investment Committee, and the Investment Advisor’s affiliates have to other clients and conflicts related to fees and expenses of such other clients;

• KLCC’s ability to enter into transactions with its affiliates may be restricted;

• KLCC’s business prospects and the prospects of its portfolio companies;

• Risk associated with possible disruptions in KLCC’s operations or the economy generally;

• General economic, political and industry trends and other external factors, including uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union, Russia and China;

• KLCC’s contractual arrangements and relationships with third parties;

• The use of borrowed money to finance a portion of KLCC’s investments;

• The adequacy of KLCC’s financing sources and working capital;

• The timing of cash flows, if any, from the operations of KLCC’s portfolio companies;

• The ability of the Investment Advisor to locate suitable investments for the Company and to monitor and administer its investments;

• The ability of the Investment Advisor and its affiliates to attract and retain highly talented professionals;

• KLCC’s ability to qualify and maintain qualification as a BDC and as a regulated investment company (“RIC”);

• The effect of changes in tax laws and regulations and interpretations thereof; and

• KLCC’s shares are illiquid and KLCC’s ability to effect a liquidity event will depend on market conditions.

Disclaimers

This is neither an offer to sell nor a solicitation of an offer to buy the securities described herein and must be read in conjunction with the PPM in order to understand fully all of the implications and risks of the offering to which this sales and advertising literature relates. A copy of the PPM must be made available to you in advance of any purchase in connection with this offering.

This confidential Presentation (this “Presentation”) is furnished on a confidential basis to a limited number of sophisticated prospective investors for the purpose of providing certain information in relation to a potential investment opportunity in KLCC (the “Investment Opportunity”). If the Investment Opportunity materializes, investors will participate by subscribing for common shares of beneficial interest in KLCC (an “Interest”) which is sponsored by Kennedy Lewis Investment Management LLC and its affiliates (collectively, “Kennedy Lewis”) and managed by the Investment Advisor.

This Presentation is not, and may not be relied on in any manner as, legal, tax, investment, accounting or other advice or as an offer to sell or a solicitation of an offer to buy Interests in KLCC. Any such offer or solicitation shall only be made pursuant to the PPM, and KLCC’s subscription documents, which will be furnished to qualified investors on a confidential basis at their request for their consideration in connection with the Investment Opportunity. The PPM qualifies in its entirety the information set forth herein and should be read carefully prior to investment in KLCC for a description of the merits and risks of an investment in KLCC. By accepting this Presentation, the recipient agrees that it will, and will cause its representatives and advisors to, use the information only to evaluate its potential interest in KLCC and for no other purpose and will not, and cause its representatives and advisors not to, divulge any such information to any other party. Neither Kennedy Lewis nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein and nothing contained herein should be relied upon as a promise or representation as to past or future performance of KLCC or any other entity.

The Investment Opportunity is suitable only for sophisticated investors and requires the financial ability and willingness to accept the high risks and lack of liquidity inherent in such investment. Prospective investors must be prepared to bear such risks for an indefinite period of time. No assurance can be given that the investment objectives of KLCC will be achieved or that investors will receive a return of their investment.

This Presentation contains a summary of terms relating to KLCC. The summary set forth in this Presentation does not purport to be complete and is subject to and qualified in its entirety by reference to the PPM. In the event that the descriptions in or terms of this Presentation are inconsistent with or contrary to the descriptions in or terms of the PPM shall control. Kennedy Lewis reserves the right to modify the terms of the offering and Interests described in this Presentation and the Interests are offered subject to Kennedy Lewis’ ability to reject any subscription in whole or in part.

Only KLCC’s complete and final offering materials and the information contained therein or otherwise authorized thereby may be relied upon in connection with any offer of, sale of or decision to purchase any security related to KLCC. Recipients are strongly advised to carefully review KLCC’s complete and final offering materials before making any such investment decision, including all disclosures in such materials regarding “risk factors”.

The recipient acknowledges that, to the maximum extent permitted by law, each of Kennedy Lewis and its related parties or affiliates disclaims all liability to the recipient or to any other person for any expense, cost, loss or damage of any kind including direct, indirect or consequential loss or damage (however caused, including by negligence) incurred by any person arising from or relating to any information included or omitted from this Presentation, whether by reason of such information being inaccurate or incomplete or for any other reason. This Presentation does not constitute and should not be considered as any form of financial opinion or recommendation. The recipient should conduct its own inquiries as to the adequacy, accuracy, completeness and reliability of any information, whether such information is contained in this Presentation or not, relating to the Investment Opportunity.

In addition, certain information contained herein has been obtained from published and non-published sources prepared by other, which in certain cases have not been updated through the date hereof. While such information is believed to be reliable for the purpose used herein, none of Kennedy Lewis, any of its directors, officers, employees, Kennedy Lewis partners, shareholders or affiliates assume any responsibility for the accuracy of such information, and such information may not have been independently verified.

Certain information contained in this Presentation constitute “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” ‘forecast,” “intend,” “continue,” “target,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance may differ materially from those reflected or contemplated in such forward-looking statements. Nothing contained in this Presentation may be relied upon as a guarantee, promise, assurance or a representation as to the future. Except as otherwise indicated, the information provided in this Presentation is based on matters as of the dates indicated within the Presentation, and not as of any future date, and will not be updated or otherwise revised to reflect information that subsequently becomes available or circumstances existing or changes occurring after the date hereof. Potential investors should refer to the slide entitled "Risk Factors" in this Presentation for a summary of the risks facing KLCC. For a more fulsome description of such risks, please refer to the PPM.

The views expressed in this Presentation are subject to change based on market and other conditions.

Prospective investors should pay close attention to the assumptions underlying the analyses, forecasts and targets contained herein. The analyses, forecasts, illustrations and targets contained in this Presentation are based on assumptions believed to be reasonable in light of the information presently available. Such assumptions (and the resulting analyses, forecasts, illustrations and targets) may require modification as additional information becomes available and as economic and market developments warrant. Any such modification could be either favorable or adverse. The forecasts, illustrations and targets have been prepared and are set out for illustrative purposes only, and no assurances can be made that they will materialize. No assurance, representation or warranty is made by any person that any of the forecasts and targets will be achieved and no investor should rely on the forecasts and the targets. Nothing contained in this Presentation may be relied upon as a guarantee, promise, assurance or a representation as to the future. Except as otherwise indicated, the information provided in this Presentation is based on matters as they exist as of the date specified in the Presentation and not as of any future date, and will not be updated or otherwise revised to reflect information that subsequently becomes available or circumstances existing or changes occurring after the date hereof. The views expressed in this Presentation are subject to change based on market and other conditions.

This Presentation has been provided on a confidential basis for the sole use of the person to whom it is delivered by Kennedy Lewis. This Presentation may not be distributed, reproduced or used without the consent of Kennedy Lewis for any purpose other than the evaluation of KLCC by the person to whom this Presentation is delivered. The recipient of this Presentation agrees to keep the information contained herein confidential and not to disclose such information to any third party other than recipient’s attorneys, accountants, consultants and financial advisors (“Representatives”) on a need to know basis. The recipient will inform its Representatives of the confidential nature of this Presentation and direct such Representatives to treat the information contained herein confidentially and to use such information solely for its intended purpose. Either upon a decision not to invest in KLCC, or at the request of Kennedy Lewis, each recipient shall return this Presentation and/or delete all electronic copies in its possession.

The information contained herein has been prepared to assist the recipients in making their own evaluation of KLCC and does not purport to contain all information that the recipients may desire. In all cases, interested parties should conduct their own investigation and analysis of KLCC, their business, prospects, results of operations and financial condition. No party has made any kind of independent verification of any of the information set forth herein, including any statements with respect to projections or prospects of KLCC or the assumptions on which such statements are based, and does not undertake any obligation to do so. Kennedy Lewis makes no representation or warranty, express or implied, as to the accuracy or completeness of this Presentation or of the information contained herein and shall have no liability for the information contained in, or any omissions from, this Presentation, or for any of the written, electronic or oral communications transmitted to the recipient in the course of the recipient’s own investigation and evaluation of KLCC. This Presentation speaks as of the date hereof, except where otherwise indicated, and Kennedy Lewis undertakes no obligation to update the information contained herein.

This Presentation may contain information either prepared by or obtained from independent third-party sources having no ownership of or managerial affiliation with the Kennedy Lewis or KLCC. Any such information is believed to be reliable, but there can be no assurance as to the accuracy or completeness thereof. Although Kennedy Lewis believes in good faith that all information and data provided by third-party sources that is either referred to or provided herein is reliable, Kennedy Lewis has not independently verified or ascertained, nor undertakes to verify or ascertain, any such data or information or the underlying economic assumptions relied upon by such sources.

KLCC’s common shares of beneficial interests (the “Common Shares”) are not be registered under the Securities Act of 1933, as amended (the “Securities Act”). The Common Shares issued in the continuous private offering are exempt from registration requirements pursuant to Section 4(a)(2) of and Regulation D under the Securities Act. Because the Common Shares will be acquired by investors in one or more transactions “not involving a public offering,” they will be “restricted securities.” The Common Shares offered and sold in the private offering may not be sold, assigned, transferred or pledged (each, a “Transfer”) (i) without KLCC’s prior written consent and (ii) the Transfer is made in connection with transactions exempt from, or not subject to, the registration requirements of the Securities Act, and otherwise in accordance with applicable securities laws. No Transfer will be effectuated except by registration of the Transfer on KLCC’s books. Each transferee must agree to be bound by these restrictions and all other obligations as an investor in KLCC. Following any Liquidity Event (as defined below), investors may be restricted from selling or transferring their Common Shares for a certain period of time by applicable securities laws or contractually by a lock-up agreement with the underwriters of any Liquidity Event or otherwise. A “Liquidity Event” is defined as including (1) an initial public offering (“IPO”) or other listing of the Common Shares on a national securities exchange (an “Exchange Listing”), or (2) a Sale Transaction. A “Sale Transaction” means (a) the sale of all or substantially all of KLCC’s assets to, or other liquidity event with, another entity or (b) a transaction or series of transactions, including by way of merger, consolidation, recapitalization, reorganization, or sale of stock in each case for consideration of either cash and/or publicly listed securities of the acquirer. Each transferee will be required to execute an instrument agreeing to be bound by these restrictions and the other restrictions imposed on the Common Shares and to execute such other instruments or certifications as are reasonably required by us.

Recipients are not to construe the contents of this Presentation as legal, business or tax advice. Recipients must rely upon their own representatives, including legal counsel and accountants, as to any legal, tax, investment and other considerations.

Projected financial data for the investment opportunities discussed herein is based, in part, on assumptions made by the Kennedy Lewis team, which may not be borne out in the future.

Projections assume realization events at various times, with exit values typically based on the application of assumed capitalization rates, in addition to certain other disposition assumptions.

While the projected returns are based on assumptions which Kennedy Lewis currently believes to be reasonable under the circumstances, the actual return on the investments will depend on, among other factors, future operating results, market conditions and the value of the assets at the time of disposition, any related transaction costs, and the timing and manner of sale, all of which may differ from the assumptions and circumstances on which the projections are based. Accordingly, the actual returns on investments may differ materially from the projected returns indicated herein. Further, past performance is not indicative of future results.

Unless otherwise noted, all internal rates of return (“IRRs”) are presented on a “gross” basis (i.e., they do not reflect any management fees, carried interest, taxes, transaction costs and other expenses to be borne by certain and/or all investors, which will reduce returns and, in the aggregate, are expected to be substantial). In considering the targeted performance information contained herein, prospective investors should bear in mind that forecasted or targeted performance is not necessarily indicative of future results, and there can be no assurance that comparable results will be achieved.

The distribution of this Presentation in certain jurisdictions may be restricted by law. This Presentation does not constitute an offer to sell or the solicitation of an offer to buy in any state of the United States or other US or non-US jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such state or jurisdiction.