Important Notices

The Private Placement Memorandum and Private Placement Sub-Fund Supplement for the Zen Capital Management Global Fund SP offers Wholesale Investors (as defined under s761G of the Corporations Act 2001) the opportunity to subscribe for shares. The Private Placement Memorandum and Private Placement Sub-Fund Supplement does not constitute an offer to any retail client and is not a Product Disclosure Statement for the purposes of Part 7.9 of the Corporations Act 2001.

The Private Placement Memorandum and Private Placement Sub-Fund Supplement for the Zen Capital Management Global Fund SP does not constitute an offer to sell or a solicitation of an offer to buy Participating Shares in any jurisdiction (i) in which such offer or solicitation is not authorised, or (ii) in which the person making the offer is not qualified to do so, or (iii) to whom it is unlawful to make such offer or solicitation.

An investment in the Zen Capital Management Global Fund SP is speculative and is not intended as a complete investment program. Investment in the Zen Capital Management Global Fund SP involves special risks, and purchase of the sub-fund shares in the Zen Capital Management Global Fund SP should be considered only by persons who can bear the economic risk of their investment for an indefinite period and who can afford a total loss of their investment. Please see the section entitled "Risk Factors" within the Private Placement Memorandum for a description of certain risks involved in the purchase of Zen Capital Management Global Fund SP shares.

Clients and prospective clients are required to register with Zen Capital Management prior to accessing the performance and offer documents for the fund.