All persons using the Lioness Capital (“Lioness”) website (“Site”) expressly agree to the following disclaimer as a pre-condition to using this Site for any purpose whatsoever. The materials on the Site including, without limitation, news articles, informational materials, and all other manager-specific information, have been prepared for informational purposes only and do not constitute investment, financial, legal, tax, or any other advice. Lioness, including its affiliates and employees, makes no representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein and nothing contained herein shall be relied upon as a promise or representation as to the past or future performance. In no event shall Lioness be responsible or liable for any information or errors contained in information or data made available on this Site or for any damage or lost opportunities resulting from use of this data. Additional information is available on request.



The information contained herein is confidential information regarding Lioness. By accepting such information, the recipient agrees that it will, and it will cause its directors, partners, officers, employees and representatives, to use such information only to evaluate its potential interest in the securities described herein and for no other purpose. By accepting such information, recipient agrees not to divulge any such information to any other party. Any reproduction of such information, in whole or in part, is prohibited.
The information contained herein has been prepared solely for informational purposes and is not an offer to buy or sell or a solicitation of any offer to buy or sell any security or to participate in any trading strategy. These securities shall not be offered for sale in any jurisdiction in which such an offer, solicitation or sale would be unlawful until the requirements of the laws of such jurisdiction have been satisfied.

If any offer of securities is made, it shall be made pursuant to a definitive offering memorandum (the “Offering Memorandum”) prepared by or on behalf of the relevant fund which would contain material information not contained herein, including risk factors, and which would supersede this information in its entirety. Any decision to invest in the securities should be made after reviewing the definitive Offering Memorandum, conducting such investigations as the investor deems necessary and consulting the investor’s own legal, investment, financial, accounting, and/or tax advisors in order to make an independent determination of the suitability and consequences of an investment in the securities.

Any projections, market outlooks or estimates in this presentation are forward-looking statements and are based upon certain assumptions. Other events which were not taken into account may occur and may significantly affect returns or performance. Any projections, outlooks or assumptions should not be construed to be indicative of any actual events that will occur. Furthermore, future performance may be volatile and past performance, including that which is set forth herein, is not indicative of future results. Results reflect the performance of Lioness Partners LP (“U.S. Fund”) and Lioness Offshore Ltd (“Cayman Fund” and, collectively with U.S. Fund, the “Funds” or “Lioness Funds”). Actual performance will vary based on a number of factors, including whether the investment was made in the U.S. Fund or the Cayman Fund, the timing of the initial investment, additions and withdrawals, and participation in “New Issues” and “Side Pockets.” Performance is reflected net of fees and expenses and assumes the reinvestment of all proceeds from the disposition of investments and dividends. Calendar year results are audited; interim results are unaudited. This calculation of performance estimates monthly management fees at 0.125% (1.5% per annum) and a performance allocation at 20%.

Specific investments may be described in charts and schedules if, in Lioness’s view, they are interesting and lead to a better understanding of what Lioness invests in, the process by which Lioness invests and the path such investments take. They are not intended to and do not represent the performance of all investments or the Funds. It should not be assumed that investments made in the future will be profitable or will equal the performance of the securities discussed in this presentation.