Investment risk disclosure

Fund status and research results

LION-S FUND SCSp, RCS Luxembourg B310614 (the “Fund”), is managed by LION-S GP S.à r.l. The Fund has not commenced trading and has no actual trading-performance record.

Historical long-only research results are not Fund returns. The intended Fund strategy uses a different long/short implementation. Historical, paper-traded, simulated or reconstructed results do not predict future returns.

Principal investment risks

Market and strategy risk. Equity prices, volatility, correlations and economic, political or company events may cause losses. Relative-value relationships may change or fail to converge. Hedging and efforts to reduce market exposure can fail, introduce other risks or reduce gains.

Short selling, leverage and derivatives. Short positions can lose more than their initial value. Borrowing and derivatives can magnify losses and create margin, collateral, financing and forced-sale risks. Securities may become expensive or unavailable to borrow, and lenders may recall them.

Models, data and implementation. Systematic signals and S-Factor analytics depend on data, assumptions and models that may be incomplete, inaccurate, delayed or ineffective. Research assumptions may not hold in live markets. Execution costs, market impact and operational or technology failures may reduce returns.

Liquidity, counterparties and valuation. Positions may be difficult to trade or value, particularly during stress. A broker, counterparty or service provider may fail to perform. Redemptions and transfers are subject to the Fund’s final terms and may be restricted, delayed or suspended as those terms permit.

Currency and sustainability risks. Exchange-rate movements can affect returns. Financially material environmental, social and governance events can reduce investment values. Risk integration does not remove these exposures.

Investment decisions

Fees, expenses, financing costs and taxes reduce investor returns. This notice summarises risks and is not exhaustive. The Fund’s final constitutive, offering and subscription documents govern investment terms, fees, liquidity and detailed risks.

Investors should assess those documents, their ability to bear losses and any need for independent advice. The public website does not accept subscriptions or determine investor eligibility. CSSF registration of the manager does not constitute approval of the Fund or a guarantee of investment performance.