Summary of 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 prospectus which should be reviewed carefully prior to making an investment in KLCC. Investing in KLCC’s Common Shares involves a high degree of risk. Also consider the following:

•Investment in KLCC is suitable only for sophisticated investors and requires the financial ability and willingness to accept the high risks and lack of liquidity inherent in an investment in KLCC.

•Investors may not have access to the money they invest for an extended period of time.

•We do not intend to list our shares on any securities exchange, and we do not expect a secondary market in our shares to develop prior to any listing. The purchase of our Common Shares is intended to be a long-term investment.

•You should not expect to be able to sell your Common Shares, regardless of how we perform.  Because you may not be able to sell your shares, you will be unable to reduce your exposure on any market downturn.

•We have implemented a share repurchase program, but only a limited number of shares will be eligible for repurchase and repurchases will be subject to available liquidity and other significant restrictions.

•An investment in our Common Shares is not suitable for you if you need access to the money you invest. See “Suitability Standards” and “Share Repurchase Program” in the prospectus.

•You will bear substantial fees and expenses in connection with your investment. See “Fees and Expenses” in the prospectus.

•Distributions are not guaranteed, and if made, may be funded from sources other than cash flow from operations, including the sale of assets, borrowings, return of capital or offering proceeds.  Although we generally expect to fund distributions from cash flow from operations, we have not established limits on the amounts we may pay from such sources.

•A return of capital (1) is a return of the original amount invested, (2) does not constitute earnings or profits and (3) will have the effect of reducing the basis such that when a shareholder sells its shares the sale may be subject to taxes even if the shares are sold for less than the original purchase price.

•Distributions may also be funded in significant part, directly or indirectly, from temporary waivers or expense reimbursements borne by the Advisor or its affiliates, that may be subject to reimbursement to the Advisor or its affiliates. The repayment of any amounts owed to our affiliates will reduce future distributions to which investors would otherwise be entitled.

•We are subject to financial market risks such as general market slowdowns or recessions, which may make us unable to repay our debt investments during these periods. Changes in interest rates can also occur in financial markets. A rise in the general level of interest rates can be expected to lead to higher interest rates applicable to the variable rate investments we may hold and to declines in the value of any fixed rate investments we may hold. A rise in interest rates would also be expected to lead to higher cost on our floating rate borrowings.

•We use and expect to continue to use leverage, which will magnify the potential for loss on amounts invested in us. See in the prospectus “Risk Factors - The Company Borrows Money, Which Magnifies the Potential for Gain or Loss on Amounts and May Increase the Risk of Investing With Us.”

•We intend to invest in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. They may also be illiquid and difficult to value.

•We have limited prior operating history and there is no assurance that we will achieve our investment objectives;

•There are significant potential conflicts of interest that could negatively impact KLCC’s returns, including 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. The Investment Advisor is registered as an investment advisor with the U.S. Securities and Exchange Commission. Please refer to the Investment Advisor’s Form ADV or the prospectus for a detailed description of such conflicts.

•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 European Union, Russia, Ukraine, the Middle East, and China;

•Foreign securities and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities;

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

•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 KLCC 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;

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

•You may pay a sales load of up to 3.50% and offering expenses of up to 0.13% on the amounts you invest. If you pay the maximum aggregate 3.63% for sales loads and offering expenses, you must experience a total return on your net investment of 3.76% in order to recover these expenses. Please refer to and read the Prospectus carefully;

•There are restrictions on shareholders; and

•There is a risk that investors may not receive distributions.

Important Disclosures

This sales and advertising literature (“Website”) is neither an offer to sell nor a solicitation of an offer to buy securities. An offering is made only by the prospectus which can be found at www.kennedylewiscapitalcompany.com. No offering is made except by a prospectus filed with the Department of Law of the State of New York.

Neither the Securities and Exchange Commission, the Attorney-General of the State of New York nor any other state securities regulator has approved or disapproved of our securities or determined if the prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

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. This Website must be read in conjunction with the prospectus in order to fully understand all the implications and risks of an investment in KLCC. Prior to making an investment, investors should read the prospectus, including the “Risk Factors” section therein, which contain the risks and uncertainties that we believe are material to our business and operating results. The information contained on this Website is superseded by and is qualified in its entirety by the prospectus. Any capitalized term not otherwise defined on this Website shall have the meaning ascribed to such term in the prospectus.

Securities are offered through Sanctuary Securities, Inc., Member FINRA and SIPC. Sanctuary Securities, Inc. (“Sanctuary”) is an affiliate of Kennedy Lewis Investment Management LLC and its affiliates, including Kennedy Lewis Capital Company (the “Company”) and Kennedy Lewis Capital Holdings LLC (the investment adviser to the Company, “KLCH,” together with Sanctuary and the Company “Kennedy Lewis”). Sanctuary, in its capacity as the Company’s managing dealer, may receive certain shareholder servicing and/or distribution fees in connection with the Company’s public offering of the Company’s shares.

Please read this information carefully. Speak with your relationship manager if you have any questions.

Certain information contained on this Website 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 on this Website may be relied upon as a guarantee, promise or assurance as to the future. Potential investors should refer to the section entitled "Certain Risk Factors" on this Website for a summary of the risks facing KLCC. For a more fulsome description of such risks, please refer to the prospectus.

Investments mentioned may not be in the best interest of, or suitable for, an investor’s goals, objectives and risk tolerance. Investors should be aware that an investment's value may be volatile and any investment involves the risk that you may lose money. Any product discussed herein may be purchased only after an investor has carefully reviewed the prospectus and executed the subscription documents. KLCH and its representatives may have a conflict of interest in promoting KLCC because they have a financial interest in KLCC, and receive compensation, directly or indirectly, in connection with the management, distribution and/or servicing of KLCC.

Alternative investments often are speculative, typically have higher fees than traditional investments, often include a high degree of risk and generally will only be in the best interest of, or suitable for, eligible, long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time. They may be highly illiquid and can engage in leverage and other speculative practices that may increase volatility and risk of loss. An investment in KLCC is subject to capital loss and investors may not get back the amount originally invested.

Alternative investments involve complex tax structures, tax inefficient investing and delays in distributing important tax information. Individual funds have specific risks related to their investment programs that will vary from fund to fund. BDCs are generally not taxed at the corporate level to the extent they distribute all of their taxable income in the form of dividends. Ordinary income dividends are taxed at individual tax rates and distributions may be subject to state tax. There is no guarantee that Kennedy Lewis will be able to operate KLCC as a BDC pursuant to the rules applicable to RICs and receive the favorable tax treatment.

Past performance is not necessarily indicative of future results, and there can be no assurance that KLCC will achieve comparable results, or that KLCC will be able to implement its investment strategy or achieve its investment objective. The information contained on this Website is set out for illustrative and informational purposes only and is based on various assumptions, including historical performance, current market conditions and potential investment opportunities that may be available and are necessarily speculative in nature, involve elements of subjective judgment and analysis and are based upon various assumptions made, and believed to be reasonable in light of the information presently available, by Kennedy Lewis in relation to KLCC. Prospective investors should pay close attention to the assumptions underlying the analyses contained herein.

Actual return on the investments will depend on, among other factors, future operating results, market conditions and changes beyond our control (including changes in economic, operational, political or other circumstances), the value of the assets at the time of disposition (exit values typically based on the application of assumed capitalization rates), any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions and circumstances on which the information contained herein are based. Accordingly, the actual returns on investments may differ materially from the returns indicated herein and no assurance or warranty is made by any person that any of the forecasts and targets will be achieved or that an investment in KLCC will not result in losses.

Except as otherwise indicated, the information provided on this Website is based on matters as they exist as of the date specified on this Website 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 such specified date. Additionally, no party has made any kind of independent verification of any of the information set forth herein, including any statements with respect to prospects of KLCC or the assumptions on which such statements are based, and does not undertake any obligation to do so.

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

The distribution of this Website in certain jurisdictions may be restricted by law. This Website 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.

Kennedy Lewis may offer strategies and vehicles other than or different from those summarized. All investment allocations will be subject to Kennedy Lewis’ allocation policy. Investments may be allocated between one or more Kennedy Lewis funds. Kennedy Lewis is required to provide fair and equitable treatment to any client account which shares similar investment mandates and guidelines. Allocations may be determined based on various factors, including account size, account ramp-up or liquidation status, cash considerations, tax restrictions, regulatory restrictions, specific investment guidelines, liquidity and other considerations. Pursuant to the Investment Company Act of 1940, KLCC is subject to prohibitions on co-investing with other Kennedy Lewis-managed funds on certain negotiated transactions. KLCC has received limited exemptive relief from the SEC with respect to these restrictions. Co-investment with KLCC will be in accordance with the SEC’s exemptive relief order and the conditions enumerated therein. There is no guarantee that co-investment will be available for all KLCC investments.

This Website may contain information either prepared by or obtained from independent third-party sources having no ownership of or managerial affiliation with 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.

Any of the data provided herein should not be construed as investment, tax, accounting or legal advice. Investors should consult their own legal, accounting and tax advisors as to the legal, business, tax and related matters concerning the information contained on this Website in order to make an independent determination as to the consequences of a potential investment in KLCC, including federal, state, local and foreign tax consequences.