NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE
    OR IN PART, INTO OR WITHIN THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH
    AFRICA, ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA (OTHER THAN THE UNITED
    KINGDOM) OR ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION
    OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION OR TO US PERSONS (AS
    DEFINED BELOW). PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS
    ANNOUNCEMENT.

    This Announcement is an advertisement and not a prospectus. Investors should
    not subscribe for or purchase or make an election for any securities referred
    to herein except on the basis of the information contained in the prospectus
    (the "Prospectus") expected to be published by JZ Capital Partners Limited (the
    "Company" or "JZCP") in due course relating to such securities.

    4 September 2015

                              JZ CAPITAL PARTNERS LIMITED                          

     (a closed-ended investment company incorporated with limited liability under  
                  the laws of Guernsey with registered number 48761)               

     Further information on proposed Placing and Open Offer to raise up to US$150  
                                        million                                    

    Further to the Company's announcement regarding the proposed Placing and Open
    Offer released 4 September 2015, the Company confirms that Qualifying Ordinary
    Shareholders are being given the opportunity to apply for the Open Offer Shares
    at the Offer Price (419.19p) and, subject to the terms and conditions of the
    Open Offer, pro rata to their holdings of Existing Ordinary Shares on the Open
    Offer Record Date on the basis of 9 New Ordinary Shares for every 25 Existing
    Ordinary Shares registered in the name of the Qualifying Ordinary Shareholder
    on the Open Offer Record Date and so in proportion to any other number of
    Existing Ordinary Shares then registered.

    Enquiries:

    Company website

    www.jzcp.com

    J.P. Morgan Cazenove
    William Simmonds                     
    +44 (0)20 7742 4000

    FTI Consulting
    Ed Berry / Kit Dunford
    +44 (0)20 3727 1143

    Northern Trust International Fund Administration Services (Guernsey) Limited
    Franczeska Hanford                               
    +44 (0)1481 745 918
     

    Terms used in this Announcement shall have the same meaning as set out in the
    Prospectus.

    IMPORTANT NOTICE

    This Announcement is not for publication or distribution, directly or
    indirectly, in whole or in part, into or within the United States (including
    its territories and possessions, any state of the United States and the
    District of Columbia) (the "United States"), Australia, Canada, Japan, South
    Africa, any member state of the European Economic Area (other than the United
    Kingdom) or any other jurisdiction where to do so might constitute a violation
    of the relevant laws or regulations of such jurisdiction or to US persons (as
    defined below). The distribution of this Announcement, the Prospectus and any
    other documentation associated with the Placing and Open Offer and the New
    Ordinary Shares may be restricted by law in certain jurisdictions and persons
    into whose possession any document or other information referred to in this
    Announcement comes should inform themselves about and observe any such
    restriction. Any failure to comply with these restrictions may constitute a
    violation of the securities laws of any such jurisdiction.

    This Announcement is for information purposes only and does not constitute or
    form part of an offer or invitation to sell, nor a solicitation to purchase or
    subscribe for any securities referred to herein or any other securities, nor
    shall it (or any part of it) or the fact of its distribution, form the basis
    of, or be relied on in connection with, any contract therefor. In particular,
    this Announcement does not contain or constitute an offer or invitation to
    sell, nor a solicitation to purchase or subscribe for any securities referred
    to herein or any other securities in the United States or in any other
    jurisdiction.

    The Company has not been and will not be registered under the US Investment
    Company Act of 1940, as amended (the "US Investment Company Act"), and as such,
    investors will not be entitled to the benefits of the US Investment Company
    Act. In addition, the New Ordinary Shares and Open Offer Entitlements have not
    been and will not be registered under the US Securities Act of 1933, as amended
    (the "US Securities Act") or under the securities laws of any state or other
    jurisdiction of the United States, and accordingly may not be offered or sold
    in the United States, or to or for the account or benefit of US persons (as
    defined in Regulation S under the US Securities Act), except pursuant to an
    exemption from, or in a transaction not subject to, the registration
    requirements of the US Securities Act and under circumstances that will not
    require the Company to register as an investment company under the US
    Investment Company Act. There will be no public offer of securities in the
    United States.

    In addition, the New Ordinary Shares and Open Offer Entitlements have not been
    and will not be registered under the applicable securities laws of any state,
    province or territory of Australia, Canada, Japan, South Africa or any other
    jurisdiction where the extension or availability of the Placing and Open Offer
    would breach any applicable law (the "Excluded Territories"), and accordingly,
    subject to certain exceptions, may not be offered or sold in any of the
    Excluded Territories, or to or for the account or benefit of any national,
    resident or citizen of any of the Excluded Territories. There will be no public
    offer of the securities referred to herein in any of the Excluded Territories.