Preferential treatment – website disclosures as at July 20th 2014

The terms used in this disclosure have the same meaning as the terms defined in the Prospectus of Zebedee Growth Fund Limited dated January 23rd 2015.

As at the date of this disclosure, the Fund and/or the Investment Manager have entered into side arrangements with certain investors that include terms that contain certain clarifications in respect of the relevant investor’s investment in the Fund and/or provide the following preferential treatment or the right thereto:

Disclosure / Reporting:

(A)               require notification of the existence of side letters entered into by the Fund and/or the Investment Manager and/or the issue of Shares on more favourable terms to those described in the Prospectus (where applicable, as amended by any relevant side letter);

(B)              require notification of certain redemptions of Shares held by certain key persons, including the Investment Manager;

(C)              disclose certain events that affects, or relates to, the Fund and/or the Investment Manager;

(D)              require the provision of certain limited information, including periodic financial information and/or tax information, relating to the Investment Manager and/or the Fund and its assets in order to allow the relevant investor to comply with the laws and regulations and/or tax reporting obligations to which it is subject;

Fee terms:

(E)              calculate the Performance Fee borne by the relevant investor in respect of its Class B US$ Shares by reference to the Net Asset Value of Class B US$ Shares held by the investor, rather than on a share-by-share basis

Other:

(F)               ensure transferability of Shares in certain circumstances to relevant persons connected to the relevant investors;

(G)              provide certain capacity rights; and/or

(H)              permit the relevant investor to disclose certain information on a confidential basis in order to satisfy certain requirements applicable to that investor.

Other than any contractual right to enforce the provisions of the relevant side letter, the investors who benefit from such preferential treatment have no economic or legal links with the Investment Manager.