# EDGAR Filing Document

**Accession Number:** 0001809051
**File Stem:** 0001213900-23-003892
**Filing Date:** 2023-1
**Character Count:** 84946
**Document Hash:** 9a01f1823ec2499a979e5b7e6e33c0ca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-003892.hdr.sgml**: 20230120

**ACCESSION NUMBER**: 0001213900-23-003892

**CONFORMED SUBMISSION TYPE**: SC TO-I

**PUBLIC DOCUMENT COUNT**: 6

**FILED AS OF DATE**: 20230120

**DATE AS OF CHANGE**: 20230120

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Zell Capital
- **CENTRAL INDEX KEY:** 0001809051
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** SC TO-I
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-93763
- **FILM NUMBER:** 23538817

**BUSINESS ADDRESS:**
- **STREET 1:** 175 S. THIRD
- **STREET 2:** SUITE 200
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43215
- **BUSINESS PHONE:** (937) 935-3581

**MAIL ADDRESS:**
- **STREET 1:** 175 S. THIRD
- **STREET 2:** SUITE 200
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43215
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Zell Capital
- **CENTRAL INDEX KEY:** 0001809051
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** SC TO-I

**BUSINESS ADDRESS:**
- **STREET 1:** 175 S. THIRD
- **STREET 2:** SUITE 200
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43215
- **BUSINESS PHONE:** (937) 935-3581

**MAIL ADDRESS:**
- **STREET 1:** 175 S. THIRD
- **STREET 2:** SUITE 200
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43215

#### UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549
**_______________________________**

#### SCHEDULE TO

#### TENDER OFFER STATEMENT UNDER SECTION 14(d)(1) OR 13(e)(1)<br> OF THE SECURITIES EXCHANGE ACT OF 1934<br>(Amendment No. ___)
**_______________________________**

#### Zell Capital<br> (Name of Subject Company (Issuer))

#### Zell Capital<br> (Names of filing Person (Offeror and Issuer))

#### Shares of Beneficial Interest, No Par Value<br> (Title of Class of Securities)

#### 98932L 100<br> (CUSIP Number of Class of Securities)

#### William L. Zell<br>Chief Executive Officer<br>Zell Capital<br>175 S. Third, Suite 200<br>Columbus, Ohio 43215<br>Phone: (888) 484-1944
(Name, address and telephone number of person authorized <br>to receive notices and communications on behalf of filing person)

***Copy to:***

#### Steven B. Boehm<br>Payam Siadatpour<br>Eversheds Sutherland (US) LLP<br>700 Sixth Street, NW<br>Washington, DC 20001<br> (202) 383-0100
☐ Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.

Check the appropriate boxes below to designate any transactions to which the statement relates:

☐ Third-party tender offer subject to Rule 14d-1.

☒ Issuer tender offer subject to Rule 13e-4.

☐ Going-private transaction subject to Rule 13e-3.

☐ Amendment to Schedule 13D under Rule 13d-2.

Check the following box if the filing is a final amendment reporting the results of the tender offer: ☐

------

**Introductory Statement**

This Issuer Tender Offer Statement on Schedule TO relates to an offer by Zell Capital, a Delaware statutory trust that operates as an internally managed registered closed-end management investment company (the "Fund"), to repurchase all of its issued and outstanding common shares of beneficial interest, no par value (the "Shares"), at a price equal to $20 per share.

Purchases will be made upon the terms and subject to the conditions described in the Offer to Purchase, dated January 20, 2023 (the "Offer to Purchase"), a copy of which is filed herewith as Exhibit (a)(1)(A), and the related Letter of Transmittal (the "Letter of Transmittal," which, together with the Offer to Purchase, as each may be amended or supplemented from time to time, constitute the "Offer"), a copy of which is filed herewith as Exhibit (a)(1)(B). This Schedule TO is intended to satisfy the reporting requirements of Rule 13e-4(c)(2) promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

The information contained in the Offer to Purchase and the Letter of Transmittal, respectively, as each may be amended or supplemented from time to time, is hereby incorporated by reference in response to certain items of this Schedule TO.

#### Item 1. Summary Term Sheet
The information set forth under "Summary Term Sheet" in the Offer to Purchase is incorporated herein by reference.

#### Item 2. Subject Company Information
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Name and Address.** The name of the issuer is Zell Capital. The address and telephone number of the issuer's principal executive offices are: 175 S. Third, Suite 200, Columbus, Ohio 43215, and (888) 484-1944.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Securities.** As of December 31, 2022 there were approximately 35,686.25 shares of beneficial interest of the Fund issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Trading and Market Price**. There is no established trading market for the Fund's shares of beneficial interest.

#### Item 3. Identity and Background of Filing Person
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Name and Address.** The filing person is Zell Capital, located at 175 S. Third, Suite 200, Columbus, Ohio 43215. The phone number for Zell Capital is (888) 484-1944. The members of the Fund's Board of Trustees are William L. Zell, R. Jeffrey Young and Lindsay Karas Stencel. The executive officers of the Fund are William L. Zell, Michelle Murcia, and Hope Newsome. The address of each Trustee and executive officer is 175 S. Third, Suite 200, Columbus, Ohio 43215.

#### Item 4. Terms of the Transaction
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Material Terms.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The following sections of the Offer to Purchase contain a description of the material terms of the transaction and are incorporated herein by reference: *Summary Term Sheet; Section 1 — Purchase Price, Number of Shares, Expiration Date; Section 2 — Purpose of the Offer, Plans or Proposals of the Fund; Section 3 — Certain Conditions of the Offer; Section 4 — Procedures for Tendering Shares; Section 5 — Withdrawal Rights; Section 6 — Payment for Shares; Section 7 — Source and Amount of Funds; Section 9 — Interest of Trustees, Executive Officers and Certain Related Persons, Transactions and Arrangements Concerning Shares; Section 10 — Certain Effects of the Offer; Section 13 — Certain United States Federal Income Tax Consequences; and Section 14 — Amendments, Extension of Tender Period, Termination.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Purchases.** None of the Fund's Trustees or executive officers intend to tender any of their Shares in the Offer.

#### Item 5. Past Contacts, Transactions, Negotiations and Agreements
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The information set forth in the Offer to Purchase under "*Section 2 — Purpose of the Offer, Plans or Proposals of the Fund*" "*Section 9 — Interest of Trustees, Executive Officers and Certain Related Persons, Transactions and Arrangements Concerning Shares*" and "*Section 11 — Certain Information About the Fund*" is incorporated herein by reference.

#### Item 6. Purposes of the Transaction and Plans or Proposals
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Purposes.** Information regarding the purpose of the transaction is incorporated herein by reference from the Offer to Purchase under the heading "*Section 2 — Purpose of the Offer; Plans or Proposals of the Fund*."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Use of Securities Acquired.** Information regarding the treatment of Shares acquired pursuant to the Offer is incorporated herein by reference from the Offer to Purchase under the heading "*Section 10 — Certain Effects of the Offer*."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Plans.** Information regarding any plans or proposals is incorporated herein by reference from the Offer to Purchase under the heading "*Section 2 — Purpose of the Offer; Plans or Proposals of the Company.*"

#### Item 7. Source and Amount of Funds or Other Consideration
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Source of Funds.** Information regarding the source of funds is incorporated herein by reference from the Offer to Purchase under the heading "*Section 7 — Source and Amount of Funds*."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Conditions.** Information regarding the source of funds is incorporated herein by reference from the Offer to Purchase under the heading "*Section 7 — Source and Amount of Funds*."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Borrowed Funds.** Not Applicable.

#### Item 8. Interest in Securities of the Subject Company
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Securities Ownership**. The information under the heading "*Section 9 — Interests of Trustees, Executive Officers and Certain Related Persons; Transactions and Arrangements Concerning the Shares*" in the Offer to Purchase is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Securities Transactions.** The information under the heading "*Section 9 — Interests of Trustees, Executive Officers and Certain Related Persons; Transactions and Arrangements Concerning the Shares*" in the Offer to Purchase is incorporated herein by reference.

#### Item 9. Persons / Assets, Retained, Employed, Compensated or Used
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Solicitations or Recommendations.** Not Applicable. No persons have been directly or indirectly employed, retained, or are to be compensated by or on behalf of the Fund to make solicitations or recommendations in connection with the Offer to Purchase.

#### Item 10. Financial Statements
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Financial Information.** Not Applicable. The consideration offered to shareholders consists solely of cash; the offer is not subject to any financing condition; and the offer is for all outstanding securities of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Pro Forma Information.** Not Applicable.

#### Item 11. Additional Information.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Agreements, Regulatory Requirements and Legal Proceedings.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information under the heading "*Section 2 — Purpose of the Offer; Plans or Proposals of the Company*" in the Offer to Purchase is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Other Material Information.** None.

#### Item 12. Exhibits
(a)(1)(A) [Offer to Purchase, Dated January 20, 2023](sctoi_ex99a1azellcapital.htm)

(a)(1)(B) [Letter of Transmittal](sctoi_ex99a1bzellcapital.htm)

(a)(1)(C) [Notice of Withdrawal](sctoi_ex99a1czellcapital.htm)

(a)(1)(D) [Letter to Shareholders, Dated January 20, 2023](sctoi_ex99a1dzellcapital.htm)

(a)(5) [<u>Definitive Proxy Statement of Zell Capital, filed on Schedule 14A on December</u> <u>16, 2022.</u>](http://www.sec.gov/Archives/edgar/data/1809051/000121390022080338/def14a1122_zellcapital.htm)

(b) [Filing Fees](sctoi2022ex-fee_zellcapital.htm)

#### Item 13. Information Required by Schedule 13E-3
Not Applicable.

#### SIGNATURE
After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

---

| | | |
|:---|:---|:---|
|  Dated: January 20, 2023 |  |  |
|  | **Zell Capital** | **Zell Capital** |
|  | By: | /s/ William L. Zell |
|  | Name: | William L. Zell |
|  | Title: | Chief Executive Officer |

---

## Ex-99.(A)(1)(A)

#### Exhibit (a)(1)(A)

#### OFFER TO PURCHASE FOR CASH<br>SHARES OF BENEFICIAL INTEREST OF ZELL CAPITAL<br>AT A PURCHASE PRICE EQUAL TO $20 PER SHARE

#### THE OFFER WILL EXPIRE AT 11:59 P.M. EASTERN TIME<br>ON FEBRUARY 17 , 2023 UNLESS THE OFFER IS EXTENDED
To the Shareholders of Zell Capital:

Zell Capital, an internally managed registered closed-end management investment company organized as a Delaware statutory trust (the "***Fund***," "***our***," "***we***," or "***us***"), is offering to purchase all of its shares of beneficial interest, no par value ("***Shares***"), at a price equal to $20 per share (the "***Purchase Price***"). The purpose of this Offer to Purchase is to provide shareholders with liquidity because there is otherwise no public market for our Shares. See Section 2 below. The repurchase offer is made upon the terms and subject to the conditions set forth in this Offer to Purchase and the related Letter of Transmittal (which together with any amendments or supplements thereto, collectively constitute the "***Offer***"). The Offer will expire at 11:59 P.M., Eastern Time, on February 17, 2023, unless extended (the "***Expiration Date***").

**THE OFFER IS NOT CONDITIONED ON ANY MINIMUM NUMBER OF SHARES BEING TENDERED. THE OFFER IS, HOWEVER, SUBJECT TO OTHER CONDITIONS. SEE SECTION 3 BELOW.**

#### IMPORTANT INFORMATION
Shareholders who desire to tender their Shares should either: (1) properly complete and sign the Letter of Transmittal, and submit it to the Fund with any other documents required by the Letter of Transmittal; or (2) request their broker, dealer, commercial bank, trust company or other nominee to effect the transaction on their behalf. Shareholders who desire to tender Shares registered in the name of such a firm must contact that firm to effect a tender on their behalf. Tendering shareholders will not be obligated to pay brokerage commissions in connection with their tender of Shares, but they may be charged a fee by such a firm for processing the tender(s). The Fund reserves the absolute right to reject tenders determined not to be in appropriate form.

**IF YOU DO NOT WISH TO TENDER YOUR SHARES, YOU NEED NOT TAKE ANY ACTION. NEITHER THE FUND NOR ITS BOARD OF TRUSTEES (THE "*BOARD*"), MAKES ANY RECOMMENDATION TO ANY SHAREHOLDER AS TO WHETHER TO TENDER OR REFRAIN FROM TENDERING SHARES. NO PERSON HAS BEEN AUTHORIZED TO MAKE ANY RECOMMENDATION ON BEHALF OF THE FUND OR ITS BOARD AS TO WHETHER SHAREHOLDERS SHOULD TENDER OR REFRAIN FROM TENDERING SHARES PURSUANT TO THE OFFER OR TO MAKE ANY REPRESENTATION OR TO GIVE ANY INFORMATION IN CONNECTION WITH THE OFFER OTHER THAN AS CONTAINED HEREIN OR IN THE ACCOMPANYING LETTER OF TRANSMITTAL. IF MADE OR GIVEN, ANY SUCH RECOMMENDATION, REPRESENTATION OR INFORMATION MUST NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED BY THE FUND OR ITS BOARD.**

**SHAREHOLDERS SHOULD BE AWARE THAT THE NET ASSET VALUE ("*NAV*") OF THE FUND MAY INCREASE OR DECREASE AFTER THEY TENDER THEIR SHARES. TENDERING SHAREHOLDERS WILL NOT PARTICIPATE IN ANY POTENTIAL INCREASES OR DECREASES IN THE NAV OF THE FUND. SHAREHOLDERS WHO DO NOT TENDER THEIR SHARES WILL BECOME PARTICIPANTS IN A PRIVATE FUND AND WILL NO LONGER BE AFFORDED THE PROTECTIONS OF THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE "*1940 ACT*").**

**SHAREHOLDERS ARE URGED TO EVALUATE CAREFULLY ALL INFORMATION IN THE OFFER, CONSULT THEIR OWN INVESTMENT AND TAX ADVISERS AND MAKE THEIR OWN DECISIONS WHETHER TO TENDER OR REFRAIN FROM TENDERING THEIR SHARES.**

Neither the U.S. Securities and Exchange Commission nor any state securities commission nor any other regulatory authority has approved or disapproved of these transactions or determined if the information contained herein is truthful or complete. Any representation to the contrary is a criminal offense.

The date of this Offer to Purchase is January 20, 2023.

------

The Offer does not constitute an offer to buy or the solicitation of an offer to sell securities in any circumstance or jurisdiction in which such offer or solicitation is unlawful. The delivery of the Offer materials shall not under any circumstances create any implication that the information contained therein is current as of any time subsequent to the date of such information.

------

#### SUMMARY TERM SHEET
(Section references are to this Offer to Purchase)

This Summary Term Sheet highlights the material information concerning this Offer. For a more complete discussion of the terms and conditions of the Offer, you should read carefully the entire Offer to Purchase and the related Letter of Transmittal.

#### What is the Offer?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are offering to purchase all of the Fund's shares of beneficial interest, no par value, at a price equal to $20 per share. The Fund, as of December 31, 2022 had 35,686.25 Shares issued and outstanding. The Offer is for cash at the Purchase Price.

#### Why is the Fund making the tender offer?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Offer is designed to provide liquidity to our shareholders because there is otherwise no current public market.

#### When will the Offer expire, and may the Offer be extended?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Offer will expire at 11:59 P.M., Eastern Time, on February 17, 2023, unless extended. We may extend the period of time the Offer will be open by issuing a press release or making some other public announcement by no later than the next business day after the Offer otherwise would have expired. See Section 14 below.

#### How is the Purchase Price Determined?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Purchase Price will be $20 per share, which was the initial NAV per share for the Fund.

#### What is the most recent NAV per share?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The most recent NAV per share is $4.94, which was determined on October 31, 2022.

#### Are there conditions to the Offer?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Yes. Our obligation to accept for payment and pay for the Shares in the Offer is subject to a number of conditions that must be satisfied or waived (to the extent permitted by law) on or prior to the expiration of the Offer. See Section 3 below for a more complete description of the conditions to the Offer.

#### How do I tender my Shares?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you own Shares that are registered in your name, you will receive the Offer, which consists of the Offer to Purchase, the related Letter of Transmittal and any amendments or supplements thereto. Once you receive these materials, you should read them, and if you should decide to tender, complete a Letter of Transmittal and submit any other documents required by the Letter of Transmittal. These materials must be received by us, in proper form (as described in Section 4 below), before 11:59 P.M. Eastern Time, on February 17, 2023 (unless the Offer is extended by us, in which case the new deadline will be as stated in the public announcement of the extension). If your Shares are held by a broker, dealer, commercial bank, trust company or other nominee (e.g., in "street name"), you should contact that firm to obtain the package of information necessary to make your decision, and you can only tender your Shares by directing that firm to complete, compile and deliver the necessary documents for submission to the Fund by 11:59 P.M., Eastern Time, on February 17, 2023 (or if the Offer is extended, the expiration date as extended). See Section 4 below.

#### May I tender only a portion of the Shares that I hold?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Yes. You do not have to tender all or any minimum amount of the Shares that you own to participate in the Offer.

------

#### Is there any cost to tender?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is no cost charged by us in connection with this Offer. Your broker, dealer, commercial bank, trust company or other nominee may charge you fees according to its individual policies. See the Letter of Transmittal.

#### May I withdraw my Shares after I have tendered them and, if so, by when?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Yes, you may withdraw your Shares at any time prior to the expiration of the Offer (including any extension period) by submitting a Notice of Withdrawal to us, in the manner described in Section 9 below, which must be received by us prior to the expiration of the Offer (including any extension period). In addition, you may withdraw your tendered Shares any time after March 20, 2023 (which is 40 business days after the commencement of the Offer), if they have not been accepted for payment by that date. See Section 5 below.

#### May I place any conditions on my tender of Shares?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No.

#### Is there a limit on the number of Shares I may tender?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No.

#### If I decide not to tender, how will the Offer affect the Shares I hold?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your percentage ownership interest in the Fund will increase, in the immediate term, after completion of the Offer. After completion of the Offer, the Fund intends to deregister under the 1940 Act and then convert to a private fund (See Section 2 below for more details). In order to fund the Offer, the Fund issued convertible notes that will convert to membership interests in the Fund upon the Fund's conversion to a private fund (See Section 7 below for more details). Upon the conversion of the convertible notes, your percentage ownership in the Fund will decrease. See Section 10 below.

#### Does the Fund have the financial resources to make payment?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Yes. See Section 7 below.

#### If Shares I tender are accepted by the Fund, when will payment be made?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Payment for properly tendered Shares (not timely withdrawn) will be made promptly following expiration of the Offer. See Section 6 below.

#### Is my sale of Shares in the Offer a taxable transaction?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For most shareholders, yes. We anticipate that U.S. Shareholders (defined below), other than those who are tax-exempt, who sell Shares in the Offer will recognize gain or loss for U.S. federal income tax purposes equal to the difference between the cash they receive for the Shares sold and their adjusted tax basis in the Shares. The sale date for tax purposes will be the date we accept Shares for purchase. See Section 13 below for details, including the nature of the income or loss and the possibility of other tax treatment. Please consult your tax advisor as well.

#### Is the Fund required to complete the Offer and purchase all Shares tendered?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Under most circumstances, yes. There are certain circumstances, however, in which we will not be required to purchase any Shares tendered, as described in Section 3 below.

#### Is there any reason Shares tendered would not be accepted?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have reserved the right to reject any and all tenders determined by us not to be in appropriate form. See Section 3, below.

------

#### What if I decide not to tender my Shares?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You do not need to take any action. As discussed in more detail in Section 2, the Fund intends to deregister under the 1940 Act after the completion of the Offer and convert to a private fund. If you do not tender your shares, you will become a participant in a private fund, and will not be afforded the protections of the 1940 Act.

#### Does management encourage shareholders to participate in the Offer, and will they participate in the Offer?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No. Neither we nor our Board is making any recommendation to tender or not to tender Shares in the Offer, and neither management nor the Board will participate in the Offer. See Section 9 below.

#### How do I obtain information?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Questions and requests for assistance or requests for additional copies of the Offer to Purchase, the Letter of Transmittal and all other Offer documents should be directed to Zell Capital as follows:

---

| | |
|:---|:---|
|  Our website: | *zellcapital.com* |
|  Telephone: | 1-888-484-1944 |
|  U.S. mail (Regular): | Zell Capital<br> c/o U.S. Bank Global Fund Services<br> P.O. Box 701<br> Milwaukee, WI 53201-0701 |
|  U.S. mail (Overnight): | Zell Capital<br> c/o U.S. Bank Global Fund Services<br> 615 East Michigan Street, 3<sup>rd</sup> Floor<br> Milwaukee, WI 53202 |

---

If you do not own Shares directly, you should obtain this information and the documents from your broker, dealer, commercial bank, trust company or other nominee, as appropriate. You may also contact your broker, dealer, commercial bank, trust company or nominee for assistance concerning the Offer.

------

#### **TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  **Section** |  | **Page** |
| 1. | Purchase Price; Number of Shares; Priority of Purchases; Expiration Date | 1 |
| 2. | Purpose of the Offer; Plans or Proposals of the Fund | 1 |
| 3. | Certain Conditions of the Offer | 2 |
| 4. | Procedures for Tendering Shares | 2 |
| 5. | Withdrawal Rights | 3 |
| 6. | Payment for Shares | 3 |
| 7. | Source and Amount of Funds | 4 |
| 8. | Financial Statements | 4 |
| 9. | Interest of Trustees, Executive Officers and Certain Related Persons; Transactions and Arrangements Concerning the Shares | 4 |
| 10. | Certain Effects of the Offer | 5 |
| 11. | Certain Information about the Fund | 5 |
| 12. | Additional Information | 5 |
| 13. | Certain United States Federal Income Tax Consequences | 5 |
| 14. | Amendments; Extension of Tender Period; Termination | 7 |
| 15. | Forward Looking Statements; Miscellaneous | 7 |

---

i

***1. Purchase Price; Number of Shares; Expiration Date.***

Zell Capital, an internally managed registered closed-end management investment company organized as a Delaware statutory trust, is offering to purchase all of its shares of beneficial interest, no par value, at a price equal to $20 per share. As of December 31, 2022, the Fund had 35,686.25 Shares outstanding. Certain of the holders of record are brokers, dealers, commercial banks, trust companies and other institutions that hold shares in nominee name on behalf of multiple beneficial owners. The purpose of this Offer to Purchase is to provide shareholders with a measure of liquidity because there is otherwise no public market for our Shares. See Section 2 below. The Offer is for cash at the Purchase Price.

If you wish to tender your Shares to be purchased by the Fund, submit the Letter of Transmittal dated January 20, 2023 to the Fund, pursuant to the instructions therein, which has been sent to you.

The Offer will remain open until 11:59 P.M., Eastern Time, on February 17, 2023, unless and until we, in our discretion, extend the period of time during which the Offer will remain open. If we extend the period of time during which the Offer remains open, the term "Expiration Date" will refer to the latest time and date at which the Offer expires. See Section 14 below for a description of our rights to extend, delay, terminate and/or amend the Offer.

We will publish a notice to all shareholders if we decide to extend, terminate, supplement or amend the terms of the Offer. If the Offer is scheduled to expire within ten (10) business days from the date we notify you of a significant amendment to the Offer, we also intend to extend the Offer, if necessary, to ensure that the Offer remains open for at least five (5) business days after the date we publish notice of the amendment. To the extent the methodology by which we determine the price at which Shares will be repurchased changes following the date tender offer materials were provided to you, we will extend the Offer by at least ten (10) business days.

A "business day" means any day other than a Saturday, Sunday or federal holiday and consists of the time period from 12:00 A.M. through 11:59 P.M., Eastern Time.

***2. Purpose of the Offer; Plans or Proposals of the Fund.***

The purpose of the Offer is to provide liquidity to our shareholders because there is otherwise no public market for the Shares. As disclosed in the proxy statement filed by the Fund on December 16, 2022 (the "***Proxy Statement***"), the Board, at a meeting held on August 18, 2022, approved the deregistration of the Fund under the 1940 Act, subject to the approval of the deregistration by holders of a majority of the Fund's outstanding voting securities (including a majority of outstanding securities not held by private investment funds) (the "***Required Vote***"). The Board also approved the conversion of the Fund to a limited liability company, and later approved a limited liability company operating agreement to govern the Fund upon its conversion. At a special meeting held on January 3, 2023, the deregistration of the Fund was approved by the Required Vote, and as such, the Fund intends to deregister under the 1940 Act. After deregistration, the Fund intends to convert to a limited liability company and continue operations as a private fund, excluded from the definition of investment company under the 1940 Act pursuant to Section 3(c)(1). As such, the Fund's shareholders will no longer be afforded the protections of the 1940 Act. After the deregistration and conversion of the Fund, the Fund will no longer be governed by a Board of Trustees, and instead will be managed by its managing member, pursuant to the limited liability company operating agreement. The Proxy Statement, which is attached to Schedule TO as Exhibit (a)(5), contains additional information regarding how the Fund intends to operate as a private fund, and also includes a copy of the Fund's limited liability company operating agreement.

Other than as set forth above, we do not have any present plans or proposals and are not currently engaged in any negotiations that relate to or would result in: (a) any extraordinary transaction, such as a merger, reorganization or liquidation, involving the Fund; (b) other than in connection with transactions in the ordinary course of the Fund's operations and for purposes of accompanying the Offer, any purchase, sale or transfer of a material amount of assets of the Fund; (c) any material change in the Fund's present dividend rate or policy, or indebtedness or capitalization of the Fund; (d) any change in the composition of the Board or management of the Fund, including, but not limited to, any plans or proposals to change the number or the term of members of the Board, to fill any existing vacancies on the Board or to change any material term of the employment contract of any executive officer; (e) any other material change in the Fund's corporate structure or business, including any plans or proposals to make any changes in the Fund's investment policy for which a vote would be required by Section 13 of the 1940 Act; (f) the acquisition by any person of additional securities of the Fund, or the disposition of securities of the Fund; or (g) any changes in the Fund's charter, bylaws or other governing instruments or other actions that could impede the acquisition of control of the Fund.

***3. Certain Conditions of the Offer.***

Shares held of record as of the date of this Offer are eligible to be repurchased pursuant to the Offer.

Notwithstanding any other provision of the Offer, we will not be required to purchase any Shares tendered pursuant to the Offer if such repurchase will cause us to be in violation of the securities, commodities or other laws of the United States or any other relevant jurisdiction. Further, we will not be required to purchase any Shares tendered in the Offer if there is any (i) material legal action or proceeding instituted or threatened which challenges, in the Board's judgment, the Offer or otherwise materially adversely affects the Fund or the value of our Shares, (ii) declaration of a banking moratorium by Federal, state or foreign authorities or any suspension of payment by banks in the United States, New York State or in a foreign country that is material to the Fund, (iii) limitation that affects the Fund or the issuers of its portfolio securities imposed by Federal, state or foreign authorities on the extension of credit by lending institutions or on the exchange of foreign currencies, (iv) commencement of war, armed hostilities or other international or national calamity directly or indirectly involving the United States or any foreign country that is material to the Fund, or (v) other event or condition which, in the Board's judgment, would have a material adverse effect on the Fund or its shareholders if Shares tendered pursuant to the Offer were purchased.

The foregoing conditions are for our sole benefit and may be asserted by us regardless of the circumstances giving rise to any such condition, and any such condition may be waived by us, in whole or in part, at any time and from time to time in its reasonable judgment. Our failure at any time to exercise any of the foregoing rights shall not be deemed a waiver of any such right; the waiver of any such right with respect to particular facts and circumstances shall not be deemed a waiver with respect to any other facts or circumstances; and each such right shall be deemed an ongoing right which may be asserted at any time and from time to time; provided that any such waiver shall apply to all tenders of Shares. Any determination by us concerning the events described in this Section 3 shall be final and binding, subject to the rights of tendering shareholders to challenge our determination in a court of competent jurisdiction.

We reserve the right, at any time during the pendency of the Offer, to amend, extend or terminate the Offer in any respect. See Section 14 below.

***4. Procedures for Tendering Shares.***

Participation in the Offer is voluntary. If you elect not to participate in the Offer, your Shares will remain outstanding and you will become a participant in a private fund and will no longer be afforded the protections of the 1940 Act. To participate in the Offer, shareholders must complete and submit the Letter of Transmittal pursuant to the instructions sent to them. Letters of Transmittal may be submitted electronically by following the instructions provided via email.

Letters of Transmittal may be sent directly to the Fund's Transfer Agent by mail at:

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| |
|:---|
|  U.S. mail (Regular): |
|  U.S. mail (Overnight):<br> Zell Capital<br>c/o U.S. Bank Global Fund Services<br>615 East Michigan Street, 3<sup>rd</sup> Floor<br>Milwaukee, WI 53202 |

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The Letter of Transmittal must be received by us before 11:59 P.M. Eastern Time on February 17, 2023, when the Offer expires. Shareholders may call 1-888-484-1944 to confirm receipt of the Letter of Transmittal.

**THE DELIVERY OF THE LETTER OF TRANSMITTAL AND ANY OTHER REQUIRED DOCUMENTS IS AT THE OPTION AND SOLE RISK OF THE TENDERING SHAREHOLDER. IF SUBMITTING BY MAIL, REGISTERED MAIL WITH RETURN RECEIPT REQUESTED AND PROPERLY INSURED, IS RECOMMENDED. SHAREHOLDERS HAVE THE RESPONSIBILITY TO CAUSE THEIR SHARES TO BE TENDERED, AND THE LETTER OF TRANSMITTAL TO BE PROPERLY COMPLETED AND TIMELY DELIVERED.**

All questions as to the validity, form, eligibility (including time of receipt) and acceptance of tenders will be determined by the Fund, in its sole discretion, and its determination will be final and binding. The Fund reserves the absolute right to reject any or all tenders determined by it not to be in appropriate form or the acceptance of, or payment for, which would, in the opinion of counsel for the Fund, be unlawful. The Fund also reserves the absolute right to waive any of the conditions of the Offer or any defect in any tender with respect to any particular Shares or any particular Shareholder (including, without limitation, the conditions relating to the dates on which Shares must be tendered or withdrawn), and the Fund's interpretation of the terms and conditions of the Offer will be final and binding. Unless waived, any defects or irregularities in connection with tenders must be cured within such time as the Fund shall determine. Tenders will not be deemed to have been made until the defects or irregularities have been cured or waived. **NEITHER THE FUND, NOR ITS BOARD, IS OR WILL BE OBLIGATED TO GIVE ANY NOTICE OF ANY DEFECT OR IRREGULARITY IN ANY TENDER, AND NONE OF THEM WILL INCUR ANY LIABILITY FOR FAILURE TO GIVE ANY SUCH NOTICE.**

To prevent the imposition of U.S. federal backup withholding tax at a rate of 24% on the gross payments made pursuant to the Offer, prior to receiving such payments, each shareholder accepting the Offer who has not previously submitted to the Fund a correct, completed, and signed Internal Revenue Service ("***IRS***") Form W-9 ("***Form W***-9") (for U.S. Shareholders, defined below) or otherwise established an exemption from such withholding, must submit the appropriate form to the Fund. See Section 13 below.

***5. Withdrawal Rights.***

At any time prior to 11:59 P.M., Eastern Time, on the Expiration Date, and, if the Shares have not by then been accepted for payment by us, at any time after March 20, 2023 (which is forty (40) business days after the commencement of the Offer), any shareholder may withdraw any amount of the Shares that the shareholder has tendered.

To be effective, a notice of withdrawal of Shares tendered by a shareholder must be timely received by us. Any notice of withdrawal must be substantially in the form attached hereto as Exhibit (a)(1)(C) and specify the name(s) of the person having tendered the Shares to be withdrawn and the number of Shares to be withdrawn. The notice with withdrawal may be sent by mail or submitted electronically. Notices of withdrawal may be submitted electronically by following the instructions provided via email.

Letters of Transmittal may be sent directly to the Fund's Transfer Agent by mail at:

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| |
|:---|
|  U.S. mail (Regular): |
|  U.S. mail (Overnight):<br> Zell Capital<br>c/o U.S. Bank Global Fund Services<br>615 East Michigan Street, 3<sup>rd</sup> Floor<br>Milwaukee, WI 53202 |

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All questions as to the validity, form and eligibility (including time of receipt) of notices of withdrawal will be determined by us in our sole discretion, which determination will be final and binding. Shares properly withdrawn will not thereafter be deemed to be tendered for purposes of the Offer. Withdrawn Shares, however, may be re-tendered by following the procedures described in Section 4 above prior to 11:59 P.M., Eastern Time, on the Expiration Date.

***6. Payment for Shares.***

Our acceptance of your Shares will form a binding agreement between you and the Fund on the terms and subject to the conditions of this Offer. You will not receive interest on the Purchase Price under any circumstances.

In all cases, payment for Shares purchased pursuant to the Offer will be made only after timely receipt by us of a Letter of Transmittal and any other documents required by the Letter of Transmittal (as described in Section 4). Shareholders may be charged a fee by a broker, dealer or other institution for processing the tender requested. We will pay any transfer taxes payable on the transfer of Shares purchased pursuant to the Offer. If, however, tendered Shares are registered in the name of any person other than the person signing the Letter of Transmittal, the amount

of any such transfer taxes (whether imposed on the registered owner or such other person) payable on account of the transfer to such person of such Shares will be deducted from the Purchase Price unless satisfactory evidence of the payment of such taxes, or exemption therefrom, is submitted. We may not be obligated to purchase Shares pursuant to the Offer under certain conditions. See Section 3 above.

Any tendering shareholder or other payee who has not previously submitted a correct, completed, and signed Form W-9 or other appropriate form, as necessary, and who fails to complete fully and sign either the Substitute Form W-9 in the Letter of Transmittal or other appropriate form and provide such properly completed form to us may be subject to U.S. federal backup withholding tax imposed at a rate of 24% on the gross proceeds paid to such shareholder or other payee pursuant to the Offer. See Section 13.

***7. Source and Amount of Funds.***

The total cost to us of purchasing a maximum of 35,686.25 of our issued and outstanding Shares pursuant to the Offer, assuming a Purchase Price of $20 per Share, would be $713,725. The actual number of Shares that will be repurchased and, therefore, our total cost of purchasing Shares pursuant to the Offer, is not determinable at this time. To fund the purchase of Shares validly tendered, we will use any cash on hand and cash obtained through the private offering of convertible notes. One convertible note was issued on August 18, 2022 and subsequent offerings will be made as needed to fund the Offer. The investors in the convertible notes are sophisticated and experienced investors, all of whom are accredited investors (as that term is defined in Rule 501 of Regulation D under the Securities Act of 1933, as amended) and professional/industry acquaintances of William Zell, the Fund's Chief Executive Officer. The convertible notes will convert to membership interests in the private fund upon the conversion of the Fund at $20 per unit, and as such it is likely that the convertible note investors will be immediately diluted upon the conversion of their notes to membership units. The convertible note investors are aware of this dilutive effect, but accept this because they are willing to take the risk that in the long term, their investment in the Fund will accrete. The purchase of the convertible notes by the investors was contingent upon the approval of the Fund's deregistration under the 1940 Act (described in *Section 2 — Purpose of the Offer; Plans or Proposals of the Fund*), which was approved by shareholders at a special meeting held on January 3, 2023. The Fund does not have any alternative financing arrangements.

***8. Financial Statements.***

Financial statements have not been included herein because the consideration offered to shareholders consists solely of cash; the Offer is not subject to any financing condition; and the Offering is for all outstanding securities of the Fund.

Information about the Fund and reports filed with the Securities and Exchange Commission (the "***SEC***") are available, free of charge, on the SEC's website at *www.sec.gov*.

***9. Interest of Trustees, Executive Officers and Certain Related Persons; Transactions and Arrangements Concerning the Shares.***

The Trustees and executive officers of the Fund and the aggregate number and percentage of the shares held by each of them beneficially are set forth in the table below.

#### Summary of Ownership by Executive Officers and Trustees:
The following table sets forth information regarding the beneficial ownership of our shares as of December 31, 2022, in each case including shares which may be acquired by such persons within 60 days, by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our executive officers and Trustees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all of our Trustees and executive officers as a group.

Unless otherwise indicated, the address of all executive officers and trustees is c/o Zell Capital, 175 S. Third, Suite 200, Columbus, Ohio 43215.

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| | | |
|:---|:---|:---|
|  **Name and Address of Beneficial Owner** | **Number of <br>Shares <br>Owned <br>Beneficially<sup>(1)</sup>** | **Percentage of <br>Class** |
|  **Interested Trustees:** |  |  |
|  William L. Zell | 2050 | 5.7% |
|  **Independent Trustees:** |  |  |
|  R. Jeffrey Young | 0 | 0% |
|  Lindsay Karas Stencel | 0 | 0% |
|  **Officers Who Are Not Trustees** |  |  |
|  Michelle Murcia | 100 | 0.3% |
|  Hope Newsome | 0 | 0% |
|  **All Trustees and Officers as a group** | 2150 | 6% |

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____________

(1) Beneficial ownership has been determined in accordance with Rule 13d-3 under the Exchange Act.

During the 60 days prior to December 31, 2022, the Fund has not issued any shares. Based upon our records and upon information provided to us, there have not been any other transactions in shares that as of December 31, 2022 were effected during such period by any of our Trustees or executive officers, any person controlling the Fund, any Trustee or executive officer of any corporation or other person ultimately in control of the Fund, any associate or minority-owned subsidiary of the Fund or any executive officer or director of any subsidiary of the Fund. Except as set forth in this Offer, neither we nor, to the best of our knowledge, any of the above mentioned persons, is a party to any contract, arrangement, understanding or relationship with any other person relating, directly or indirectly, to the Offer with respect to any of our securities (including, but not limited to, any contract, arrangement, understanding or relationship concerning the transfer or the voting of any such securities, joint ventures, loan or option arrangements, puts or calls, guaranties of loans, guaranties against loss or the giving or withholding of proxies, consents or authorizations). Based upon information provided or available to us, none of our Trustees, executive officers or affiliates intends to tender Shares pursuant to the Offer. The Offer does not, however, restrict the purchase of Shares pursuant to the Offer from any such person.

***10. Certain Effects of the Offer.***

The purchase of Shares pursuant to the Offer will have the effect of increasing the proportionate interest in the Fund of shareholders who do not tender Shares in the immediate term. After completion of the Offer, the Fund intends to deregister under the 1940 Act and then convert to a private fund (See Section 2). In order to fund the Offer, the Fund issued convertible notes that will convert to membership interests in the Fund upon the Fund's conversion to a private fund (See Section 7). Upon the conversion of the convertible notes, shareholders who did not tender will experience a decrease in their percentage ownership in the Fund. All Shares purchased by the Fund pursuant to the Offer will be retired and thereafter will be authorized and unissued shares.

Shareholders who tender their Shares should be aware that the NAV of the Fund may increase or decrease after the tender offer is complete. Tendering shareholders will not participate in any potential increases or decreases in the NAV of the Fund.

***11. Certain Information about the Fund.***

We are a Delaware statutory trust that operates as an internally managed registered closed-end management investment company. As an internally managed company, we are managed by our executive officers under the supervision of our Board and we do not depend on an external investment adviser. We have elected to be treated and intend to qualify each year as a regulated investment company (a "***RIC***") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "***Code***").

Our investment objective is to maximize our portfolio's long-term total return principally by seeking capital gains on our equity investments and secondarily through ordinary income from debt and debt-like investments in venture stage companies. We invest principally in equity securities, including common equity and preferred equity, and to a lesser extent in alternative financing strategies, such as convertible debt and preferred shares in connection with revenue sharing agreements, of what we believe to be rapidly growing venture stage companies. Our goal is for our

investments to provide returns that are comparatively higher than returns on investments in publicly traded equity securities. Because most of the companies in which we will invest will be private, venture stage companies that are highly speculative and whose securities are illiquid, an investment in our shares involves substantial risk.

Our principal office is located at 175 S. Third, Suite 200, Columbus, Ohio 43215.

As stated in Section 2, the Fund intends to convert to a limited liability company, and operate as a private fund. The Fund intends to seek the same investment objective as a private fund.

***12. Additional Information.***

The Fund's audited financial statements, and independent registered public accounting firm's report thereon contained in the Fund's annual report dated March 31, 2022, is incorporated herein by reference. The Fund's annual report and semi-annual report are available upon request, without charge, by calling the Fund toll-free at (888) 484-1944.

***13. Certain United States Federal Income Tax Consequences.***

The following is a summary of the material U.S. federal income tax consequences of the Offer to U.S. Shareholders whose Shares are tendered and accepted for payment pursuant to the Offer. This summary is based upon the Code, U.S. Treasury Regulations promulgated under the Code, published rulings, administrative pronouncements and judicial decisions, any changes to which could affect the tax consequences described in this Offer (possibly on a retroactive basis). This summary assumes that Shares held by shareholders as capital assets within the meaning of section 1221 of the Code (generally, property held for investment). It does not address all of the tax consequences that may be relevant to particular shareholders in light of their particular circumstances, or to shareholders subject to special rules, including, without limitation, pass-through entities (including arrangements and entities treated as partnerships, "grantor trusts" and S corporations for U.S. federal income tax purposes) and investors in such entities, certain financial institutions, brokers, dealers or traders in securities or commodities, insurance companies, U.S. expatriates, mutual funds, real estate investment trusts, business development companies, cooperatives, trusts and estates, persons who mark-to-market our Shares, tax-exempt organizations, persons who are subject to the alternative minimum tax, persons who hold Shares as a position in a "straddle" or as part of a "hedging" or "conversion" transaction or other integrated investment, shareholders that have a functional currency other than the U.S. dollar, or persons who acquired their Shares upon the exercise of stock options or otherwise as compensation. This summary also does not address any state, local, non-U.S. or other tax consequences of participating in the Offer. **This summary is included for general information only. Each Shareholder is urged to consult such Shareholder's own tax advisor to determine the particular tax consequences to him or her of the Offer, including the applicability and effect of state, local and foreign tax laws.**

For purposes of this discussion, a "U.S. Shareholder" is a beneficial holder of Shares that, for U.S. federal income tax purposes, is (1) an individual that is a citizen or a resident of the United States, (2) a corporation, or other entity treated as a corporation, that is created or organized in or under the laws of the United States or any State or the District of Columbia, (3) an estate, the income of which is subject to U.S. federal income taxation regardless of its source, or (4) a trust if (x) a U.S. court is able to exercise primary supervision over its administration and one or more U.S. persons, within the meaning of section 7701(a)(30) of the Code, have authority to control all of its substantial decisions, or (y) it has a valid election in place to be treated as a U.S. person.

If a partnership (including an entity treated as a partnership for U.S. federal income tax purposes) holds Shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. Any partner of a partnership holding Shares should consult its tax advisers with respect to the purchase, ownership and disposition of such shares.

*U.S. Shareholders.* The sale of Shares pursuant to the Offer generally will be a taxable transaction for U.S. federal income tax purposes, either as a "sale or exchange," or under certain circumstances, as a "dividend." Under Section 302(b) of the Code, a sale of Shares pursuant to the Offer generally will be treated as a "sale or exchange" if the receipt of cash: (a) results in a "complete termination" of the shareholder's interest in the Fund, (b) is "substantially disproportionate" with respect to the shareholder or (c) is "not essentially equivalent to a dividend" with respect to the shareholder. In determining whether any of these tests has been met, Shares actually owned, as well as Shares considered to be owned by the shareholder by reason of certain constructive ownership rules set forth in Section 318 of the Code, generally must be taken into account. Although it generally is anticipated that most shareholders who

tender shares would satisfy one of these three tests for "sale or exchange" treatment, shareholders should consult their own tax advisors to determine if any of these tests would be satisfied in light of their own unique circumstances. If any of these three tests for "sale or exchange" treatment is met, a shareholder will recognize gain or loss equal to the difference between the amount of cash received pursuant to the Offer and the adjusted tax basis of the Shares sold. The gain or loss will be a capital gain or loss. In general, capital gain or loss with respect to Shares sold will be long-term capital gain or loss if the holding period for such Shares is more than one year. The maximum long-term capital gains rate applicable to individual shareholders is 20%. Specific limitations may apply to the deductibility of capital losses by a U.S. Shareholder. Under the "wash sale" rules of the Code, recognition of a loss on Shares sold pursuant to the Offer ordinarily will be disallowed to the extent a shareholder acquires substantially identical Shares within 30 days before or after the date the Shares are purchased by the Fund pursuant to the Offer. In that event, the basis and holding period of the Shares acquired will be adjusted to reflect the disallowed loss. Additionally, any loss realized upon a taxable disposition of Shares held for six months or less will be treated as a long-term capital loss to the extent of any capital gains dividends received by the shareholder (or amounts credited to the shareholder as undistributed capital gains) with respect to such Shares.

If none of the tests set forth in Section 302(b) of the Code are met, amounts received by a shareholder who sells Shares pursuant to the Offer will be taxable to the shareholder as a "dividend" to the extent of such shareholder's allocable share of the Fund's current or accumulated earnings and profits. The excess of such amounts received over the portion that is taxable as a dividend will constitute a non-taxable return of capital (to the extent of the shareholder's adjusted tax basis in the Shares sold pursuant to the Offer). Any amounts received in excess of the shareholder's adjusted tax basis in such case will be treated as taxable gain. If the amounts received by a tendering Shareholder are treated as a "dividend," the adjusted tax basis in the Shares tendered to the Fund will be transferred to any remaining Shares held by such shareholder.

In addition, if a tender of Shares is treated as a "dividend" to a tendering shareholder, the IRS may take the position that a constructive distribution under Section 305(c) of the Code may result to a shareholder whose proportionate interest in the earnings and assets of the Fund has been increased by such tender. Shareholders are urged to consult their own tax advisors regarding the possibility of deemed distributions resulting from the sale of Shares pursuant to the Offer.

Individuals with modified adjusted gross incomes in excess of $200,000 ($250,000 in the case of married individuals filing jointly) and certain estates and trusts are subject to an additional 3.8% tax on their "net investment income," which generally includes net income from interest, dividends, annuities, royalties, and rents, and net capital gains (other than certain amounts earned from trades or businesses).

The Fund may be required to impose backup withholding at a rate of 24% on the gross proceeds paid to a U.S. Shareholder or other payee pursuant to the Offer unless either: (a) the U.S. Shareholder has completed and submitted to the Fund a Form W-9 (or Substitute Form W-9), providing the U.S. Shareholder's employer identification number or social security number as applicable, and certifying under penalties of perjury that: (1) such number is correct; (2) either (i) the U.S. Shareholder is exempt from backup withholding, (ii) the U.S. Shareholder has not been notified by the IRS that the U.S. Shareholder is subject to backup withholding as a result of an under-reporting of interest or dividends, or (iii) the IRS has notified the U.S. Shareholder that the U.S. Shareholder is no longer subject to backup withholding; or (b) an exception applies under applicable law. A Substitute Form W-9 is included as part of the Letter of Transmittal for U.S. Shareholders.

***14. Amendments; Extension of Tender Period; Termination.***

We reserve the right, at any time during the pendency of the Offer, to amend, supplement, extend or terminate the Offer in any respect. Without limiting the manner in which we may choose to make a public announcement of such an amendment, supplement, extension or termination, we shall have no obligation to publish, advertise or otherwise communicate any such public announcement, except as provided by applicable law (including Rules 14e-1(d) and 13e-4(e)(3) promulgated under the Exchange Act).

We may extend the period of time the Offer will be open by issuing a press release or making some other public announcement by no later than 9:00 A.M., Eastern Time, on the next business day after the Offer would have expired. Except to the extent required by applicable law (including Rule 13e-4(f)(1) promulgated under the Exchange Act), we will have no obligation to extend the Offer.

***15. Forward Looking Statements; Miscellaneous.***

This Offer may contain forward-looking statements. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about the Fund, our current and prospective portfolio investments, our industry, our beliefs, and our assumptions. Words such as "anticipates," "expects," "intends," "plans," "will," "may," "continue," "believes," "seeks," "estimates," "would," "could," "should," "targets," "projects," and variations of these words and similar expressions are intended to identify forward-looking statements.

These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Offer should not be regarded as a representation by us that our plans and objectives will be achieved. These forward-looking statements apply only as of the date of this Offer. Moreover, we assume no duty and do not undertake to update the forward-looking statements. Because we are an investment company, the forward-looking statements and projections contained in this Offer are excluded from the safe harbor protection provided by Section 21E of the Exchange Act.

The Offer is not being made to, nor will we accept tenders from, or on behalf of, owners of Shares in any jurisdiction in which the making of the Offer or its acceptance would not comply with the securities or "blue sky" laws of that jurisdiction. We are not aware of any jurisdiction in which the making of the Offer or the acceptance of tenders of, purchase of, or payment for, Shares in accordance with the Offer would not be in compliance with the laws of such jurisdiction. We, however, reserve the right to exclude shareholders in any jurisdiction in which it is asserted that the Offer cannot lawfully be made or tendered Shares cannot lawfully be accepted, purchased or paid for. So long as we make a good-faith effort to comply with any state law deemed applicable to the Offer, we believe that the exclusion of holders residing in any such jurisdiction is permitted under Rule 13e-4(f)(9) promulgated under the Exchange Act. In any jurisdiction where the securities, blue sky or other laws require the Offer to be made by a licensed broker or dealer, the Offer shall be deemed to be made on our behalf by one or more brokers or dealers licensed under the laws of such jurisdiction.

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| | |
|:---|:---|
|  January 20, 2023 | **ZELL CAPITAL** |

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## Ex-99.(A)(1)(B)

#### Exhibit (a)(1)(B)

#### LETTER OF TRANSMITTAL<br> PURSUANT TO THE OFFER TO PURCHASE DATED JANUARY 20 , 2023
THIS OFFER WILL EXPIRE AT 11:59 P.M., EASTERN TIME, ON<br>FEBRUARY 17, 2023, UNLESS THE OFFER IS EXTENDED

Any questions concerning the offer or this letter of transmittal can be directed to: (888) 484-1944

**THIS LETTER OF TRANSMITTAL AND ALL OTHER DOCUMENTS MUST BE SUBMITTED TO ZELL CAPITAL (THE "FUND") ONLINE BY FOLLOWING THE INSTRUCTIONS PROVIDED VIA EMAIL OR BY DELIVERING THE LETTER OF TRANSMITTAL TO THE FUND BY MAIL AT:** 

<u> U.S. mail (Regular): </u>   <u> Zell Capital c/o U.S. Bank Global Fund Services P.O. Box 701 Milwaukee, WI 53201-0701 </u> <br> <u> U.S. mail (Overnight): </u>   <u> Zell Capital c/o U.S. Bank Global Fund Services 615 East Michigan Street, 3<sup>rd</sup> Floor Milwaukee, WI 53202 </u>

#### SUBMISSION BY ANY OTHER MEANS WILL NOT CONSTITUTE VALID DELIVERY TO THE FUND.
**THE OFFER TO PURCHASE AND THIS ENTIRE LETTER OF TRANSMITTAL, INCLUDING THE ACCOMPANYING INSTRUCTIONS, SHOULD BE READ CAREFULLY BEFORE THIS LETTER OF TRANSMITTAL IS COMPLETED.**

#### IF YOU WANT TO RETAIN YOUR SHARES, YOU DO NOT NEED TO TAKE ANY ACTION.

#### LADIES AND GENTLEMEN:
This letter of transmittal is provided in connection with the Fund's offer dated January 20, 2023 to purchase all of its shares of beneficial interest ("***Shares***"). As of December 31, 2022, the Fund had 35,686.25 shares of beneficial interest outstanding. The Fund is a Delaware statutory trust that operates as an internally managed registered closed-end management investment company. The person(s) signing this Letter of Transmittal (the "***Signatory***") hereby tender(s) to the Fund, the number of Shares specified below in Section B for purchase by the Fund at a price equal to $20 per share (the "***Purchase Price***"), in cash, under the terms and subject to the conditions set forth in the Offer to Purchase, receipt of which is hereby acknowledged, and in this Letter of Transmittal (which Offer to Purchase and Letter of Transmittal together with any amendments or supplements thereto collectively constitute the "***Offer***"). The Offer to Purchase will expire at 11:59 p.m., Eastern Time, on February 17, 2023 (the "***Expiration Date***"), unless extended.

Subject to, and effective upon, acceptance for payment for the Shares tendered herewith, in accordance with the terms and subject to the conditions of the Offer, the Signatory hereby sells, assigns and transfers to, or upon the order of, the Fund, all right, title and interest in and to all of the Shares that are being tendered hereby that are purchased pursuant to the Offer.

The name(s) and address(s) of the registered owner(s) should be printed exactly as on the subscription agreement accepted by the Fund in connection with the purchase of the Shares.

The Signatory recognizes that, under certain circumstances as set forth in the Offer to Purchase, the Fund may amend, extend or terminate the Offer or may not be required to purchase any of the Shares tendered hereby. In any such event, the Signatory understands that the Shares not purchased, if any, will continue to be held by the Signatory and will not be tendered.

The Signatory understands that acceptance of Shares by the Fund for payment will constitute a binding agreement between the Signatory and the Fund upon the terms and subject to the conditions of the Offer.

------

The Signatory understands that the payment of the Purchase Price for the Shares accepted for purchase by the Fund will be made as promptly as practicable by the Fund following the conclusion of the Offer and that in no event will the Signatory receive any interest on the Purchase Price. Payment of the Purchase Price for the Shares tendered by the undersigned will be made on behalf of the Fund by check or wire transfer to the account identified by the undersigned below.

All authority herein conferred or agreed to be conferred shall survive the death or incapacity of the Signatory and all obligations of the Signatory hereunder shall be binding upon the heirs, personal representatives, successors and assigns of the Signatory. Except as stated in the Offer, this tender is irrevocable.

The Signatory hereby acknowledges that capitalized terms not defined in the Letter of Transmittal shall have the meanings ascribed to them in the Offer to Purchase.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. <u>Shareholder Information</u>**

#### Beneficial Owner Information

---

| | |
|:---|:---|
|  **Name** | **Name** |
|  **Address** | **Address** |
|  **Social Security/<br>Tax ID** | **Social Security/<br>Tax ID** |
|  **Phone Number** | **Phone Number** |

---

Shares are held through an individual retirement account or other qualified pension account: ☐YES ☐NO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. <u>Number of Shares Being Tendered (select one option)</u>**

☐ All Shares owned as of the Expiration Date

☐ Other number of Shares: _____

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. <u>Remittance Information (select one option)</u>**

If no option is selected, (i) all proceeds from tenders processed for custodial accounts will be remitted to the custodian and (ii) all proceeds from tenders processed for non-custodial accounts will be remitted to the address of record for the owner(s).

☐ Remit payment in the name of the owner(s) to the address of the owner(s) or custodian of record, as applicable, on record with the Fund.

☐ Remit payment in the name of the owner(s) directly to the bank account of the owner(s) or custodian of record, as applicable, on record with the Fund. If no such bank account information is on record with the Fund, payment will be remitted in the name of the owner(s) to the address of the owner(s) or custodian of record, as applicable, on record with the Fund.

☐ Remit payment to, and in the name of, the following third party:

---

| | |
|:---|:---|
|  **Name:** | _________________________________________________________________ |
|  **Address:** | _________________________________________________________________ |
|  | (street) (city/state) (zip) |

---

☐ Remit payment in the name of the following account holder and to the following bank account via ACH:

---

| |
|:---|
|  **Bank Name:** ____________________________________________________________________ |
|  **Bank Routing No.:** _______________________________________________________________ |
|  **Bank Account No.:** _______________________________________________________________ |
|  **Bank Account Holder Name:** ______________________________________________________ |
|  **Bank Account Holder Social:** ______________________________________________________ |
|  **Security or Tax ID No.:** ___________________________________________________________ |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. <u>Cost Basis (Information Required for Tax Reporting Purposes)</u>**

Per the Internal Revenue Service (***"IRS"***) regulation "Basis Reporting by Securities Brokers and Basis Determination for Stock," the Fund is required to know the cost accounting method the owner(s) would like the Fund to use in calculating the gain or loss associated with this Offer. If the owner(s) does not provide this information, the Fund will use its chosen default method, First-In, First-Out (FIFO). Note that the Fund's default method may not be the most tax advantageous method. The owner(s) may want to consult their financial advisor or tax professional before completing this section.

Select one option then complete the additional information requested, if applicable:

☐ **First**-In**, First**-Out **(FIFO)**

First-In, First-Out uses the first lots purchased into the account to determine the cost basis of the Shares and to calculate the gain or loss.

☐ **Specific Share Identification**

Specific Share Identification allows the owner(s) to select the Shares from any purchase or reinvested lot that has not previously been sold. Indicate in the table below the number of Shares and date of purchase for each lot to be repurchased in this transaction. To the extent all Shares tendered are not accepted by the Fund, the Fund will use the Shares listed in the first row of the table and proceed to the next row(s) as necessary until all Shares accepted by the Fund are accounted.

---

| | |
|:---|:---|
|  **NUMBER OF SHARES** | **DATE OF PURCHASE** |
|  ____________ | ____________ |
|  ____________ | ____________ |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. <u>Signatures</u>**

The Signatory authorizes and instructs the Fund to make a cash payment (payable by check or wire transfer) of the Purchase Price for Shares accepted for purchase by the Fund, without interest thereon and less any applicable withholding taxes, to which the Signatory is entitled in accordance with the instructions in Section C "Remittance Information" above. By executing this Letter of Transmittal, the Signatory hereby delivers to the Fund in connection with the Offer the number of Shares indicated in Section B "Number of Shares Being Tendered" above.

---

| | |
|:---|:---|
|  **Name of<br>Beneficial Owner** | **Name of<br>Beneficial Owner** |
|  **Title of Signatory<br>If Acting In<br>Representative<br>Capacity** | **Title of Signatory<br>If Acting<br>In Representative<br>Capacity** |
|  **Signature** | **Signature** |
|  **Date** | **Date** |

---

------

#### INSTRUCTIONS TO LETTER OF TRANSMITTAL

#### THESE INSTRUCTIONS FORM PART OF THE TERMS AND CONDITIONS OF THIS LETTER OF TRANSMITTAL
1. *Delivery of Letter of Transmittal*. This Letter of Transmittal, properly completed and duly executed, should be submitted to the Fund, online by following the instructions provided via email or by delivering the Letter of Transmittal to the Fund by mail at:

<u> U.S. mail (Regular): </u>   <u> Zell Capital c/o U.S. Bank Global Fund Services P.O. Box 701 Milwaukee, WI 53201-0701 </u> <br> <u> U.S. mail (Overnight): </u>   <u> Zell Capital c/o U.S. Bank Global Fund Services 615 East Michigan Street, 3<sup>rd</sup> Floor Milwaukee, WI 53202 </u>

A properly completed and duly executed Letter of Transmittal must be received by the Fund by 11:59 P.M., Eastern Time, on February 17, 2023 unless the Offer is extended. The Purchase Price will be paid and issued in exchange for the Shares tendered and accepted for purchase by the Fund pursuant to the Offer in all cases only after receipt by the Fund of a properly completed and duly executed Letter of Transmittal.

**The method of delivery of all documents is at the option and risk of the Signatory, and the delivery will be deemed made only when actually received.**

2. *Signatures on this Letter of Transmittal, Powers of Attorney and Endorsements.*

(a) If this Letter of Transmittal is signed by the registered holder(s) of the Shares to be tendered, the signature(s) of the holder on this Letter of Transmittal must correspond exactly with the name(s) on the subscription agreement accepted by the Fund in connection with the purchase of the Shares, unless such Shares have been transferred by the registered holder(s), in which event this Letter of Transmittal must be signed in exactly the same form as the name of the last transferee indicated on the stock ledger maintained in book-entry form by U.S. Bank Global Fund Services, the Fund's transfer agent.

(b) If any Shares tendered with this Letter of Transmittal are owned of record by two or more joint owners, all such owners must sign this Letter of Transmittal.

(c) If this Letter of Transmittal is signed by a director, executor, administrator, guardian, attorney-in-fact, officer of a corporation or other person acting in a fiduciary or representative capacity, such person must so indicate when signing, and proper evidence satisfactory to the Fund of such person's authority to so act must be submitted.

3. *Withholding*. The Fund is entitled to deduct and withhold from the Purchase Price otherwise payable to any holder of Shares whose Shares are accepted for purchase by the Fund any amounts that the Fund is required to deduct and withhold with respect to the making of such payment under the Internal Revenue Code of 1986, as amended, or any provision of state, local or foreign tax law. To the extent that amounts are withheld, the withheld amounts will be treated for all purposes as having been paid and issued to the holder of Shares in respect of which such deduction and withholding was made.

4. *Determinations of Validity*. All questions as to the form of documents and the validity of Shares will be resolved by the Fund in its sole discretion, whose determination will be final and binding, subject to the rights of tendering Shareholders to challenge the Fund's determination in a court of competent jurisdiction. The Fund reserves the absolute right to reject any deliveries of any Shares that are not in proper form, or the acceptance of which would, in the opinion of the Fund or its counsel, be unlawful. The Fund reserves the absolute right to waive any defect or irregularity of delivery for exchange with regard to any Shares, provided that any such waiver shall apply to all tenders of Shares.

------

**NEITHER THE FUND NOR ITS BOARD OF TRUSTEES WILL BE OBLIGATED TO GIVE ANY NOTICE OF ANY DEFECT OR IRREGULARITY IN ANY TENDER, AND NONE OF THEM WILL INCUR ANY LIABILITY FOR FAILURE TO GIVE ANY SUCH NOTICE.**

5. *Requests for Assistance or Additional Copies*. Shareholders may obtain additional copies of this Letter of Transmittal at the Fund's website, zellcapital.com, or by calling (888) 484-1944. Shareholders who do not own Shares directly may also obtain such information and copies from their commercial bank, trust company or other nominee and should NOT submit this Letter of Transmittal to the Fund. Shareholders who do not own Shares directly are required to tender their Shares through their commercial bank, trust company, or other nominee.

6. *Backup Withholding*. Each holder that desires to tender Shares must, unless an exemption applies, provide the Fund with a correct, completed, and signed Form W-9 or other appropriate form, as necessary. Failure to do this will subject the shareholder to U.S. federal backup withholding on the portion of the gross proceeds paid to such shareholder or other payee pursuant to the Offer.

The Fund may be required to withhold a portion of the gross proceeds paid to a U.S. shareholder or other payee pursuant to the Offer unless either: (a) the U.S. Shareholder has completed and submitted to the Fund a Form W-9, providing the U.S. Shareholder's employer identification number or social security number as applicable, and certifying under penalties of perjury that: (1) such number is correct; (2) either (i) the U.S. Shareholder is exempt from backup withholding, (ii) the U.S. Shareholder has not been notified by the IRS that the U.S. Shareholder is subject to backup withholding as a result of an under-reporting of interest or dividends, or (iii) the IRS has notified the U.S. Shareholder that the U.S. Shareholder is no longer subject to backup withholding; or (b) an exception applies under applicable law.

If backup withholding applies, the Fund is required to withhold a portion of any payment made to the Shareholder with respect to Shares purchased pursuant to the Offer. The applicable rate for backup withholding of U.S. Shareholders is currently 24%. Backup withholding is not an additional tax. Rather, the U.S. federal income tax liability of persons subject to backup withholding will be reduced by the amount of tax withheld. If withholding results in an overpayment of taxes, a refund may be obtained by the holder from the IRS.

#### SHARE HOLDERS SHOULD CONSULT THEIR TAX ADVISOR(S) AS TO THEIR QUALIFICATION FOR EXEMPTION FROM THE BACKUP WITHHOLDING REQUIREMENTS AND THE PROCEDURE FOR OBTAINING AN EXEMPTION.
\* \* \*

**IMPORTANT: THIS LETTER OF TRANSMITTAL PROPERLY COMPLETED AND MUST BE RECEIVED BY THE FUND AS SPECIFIED ON THE FRONT PAGE OF THIS LETTER OF TRANSMITTAL PRIOR TO THE EXPIRATION DATE.**

------

## Ex-99.(A)(1)(C)

#### Exhibit (a)(1)(C)
**NOTICE OF WITHDRAWAL OF TENDER**<br>**REGARDING SHARES HELD IN**<br>**ZELL CAPITAL (THE "FUND")**

TENDERED PURSUANT TO THE OFFER TO PURCHASE<br>DATED JANUARY 20, 2023

**THE WITHDRAWAL RIGHTS WILL EXPIRE AT,<br>AND THIS NOTICE OF WITHDRAWAL MUST BE RECEIVED BY<br>THE FUND BEFORE 11:59 P.M., EASTERN TIME<br>ON FEBRUARY 17, 2023, UNLESS THE OFFER IS EXTENDED.**

**THIS NOTICE OF WITHDRAWAL IS ONLY TO BE USED TO CANCEL A PREVIOUSLY SUBMITTED LETTER OF TRANSMITTAL.**

**SHAREHOLDERS MUST SUBMIT A NOTICE OF WITHDRAWAL SUBSTANTIALLY IN THE FORM PROVIDED IN THIS EXHIBIT (a)(1)(C) TO THE FUND ONLINE BY FOLLOWING THE INSTRUCTIONS PROVIDED VIA EMAIL OR BY DELIVERING THE NOTICE TO THE FUND BY MAIL AT:**

---

| |
|:---|
|  U.S. mail (Regular): |
|  U.S. mail (Overnight):<br> Zell Capital<br>c/o U.S. Bank Global Fund Services<br>615 East Michigan Street, 3<sup>rd</sup> Floor<br>Milwaukee, WI 53202 |

---

**YOU ARE RESPONSIBLE FOR CONFIRMING THAT THIS NOTICE OF WITHDRAWAL IS RECEIVED BY THE FUND.**

------

**NOTICE OF WITHDRAWAL**<br> PURSUANT TO THE OFFER TO PURCHASE DATED<br>JANUARY 20, 2023

**LADIES AND GENTLEMEN**:

The undersigned shareholder of Zell Capital (the "Fund") hereby withdraws the tender of his, her, or its shares of beneficial interest of the Fund, no par value (the "Shares"), which the shareholder submitted by a Letter of Transmittal dated _______, 20__. This tender was in the amount of: _____Shares.

The undersigned recognizes that upon the timely receipt of this Notice of Withdrawal of Tender, properly executed, the Shares previously tendered will not be repurchased by the Fund.

**IMPORTANT**: The signature of the shareholder(s) or person(s) authorized to sign on behalf of the shareholder(s) (an "Authorized Person") should be exactly as it appeared in the subscription agreement. Attach additional copies as necessary.

---

| |
|:---|
| **Signature of Shareholder(s) or Authorized Person(s)**: ________________________________________________ |
| Name of Signatory (Please print): __________________________________________________________________ |
| Title of Authorized Person (Please print): ____________________________________________________________ |
| **Signature of Shareholder(s) or Authorized Person(s)**: ________________________________________________ |
| Name of Signatory (Please print): __________________________________________________________________ |
| Title of Authorized Person (Please print): ____________________________________________________________ |

---

------

## Ex-99.(A)(1)(D)

#### Exhibit (a)(1)(D)

#### ZELL CAPITAL

#### LETTER TO SHAREHOLDERS
**THIS IS A NOTIFICATION OF AN OFFER TO PURCHASE, DATED JANUARY 20, 2023. IF YOU ARE NOT INTERESTED IN SELLING YOUR SHARES AT THIS TIME, KINDLY DISREGARD THIS NOTICE.**

January 20, 2023

Dear Shareholder:

No action is required of you at this time. We have sent this letter to you only to announce the offer to purchase (the "**Offer**") by Zell Capital (the "**Fund**"). The Offer is for cash at a price equal to $20 per share of our shares of beneficial interest, no par value ("**Shares**") (the "**Purchase Price**"), and is made upon the terms and subject to the conditions set forth in the accompanying Offer to Purchase and Letter of Transmittal. The purpose of the Offer is to provide liquidity to our shareholders because there is otherwise no public market for the Shares. Additionally, as further described in the Offer to Purchase, it is the intention of the Fund to deregister under the Investment Company Act of 1940, as amended, and convert to a limited liability company and continue operations as a private fund. After the deregistration and conversion, the Fund's shareholders will no longer be afforded the protections of the 1940 Act. The Offer period will begin on January 20, 2023 and end at 11:59 P.M. Eastern Time, on February 17, 2023. Subject to the limitations contained in the Offer to Purchase, which is attached to this letter, all properly completed and duly executed letters of transmittal returned to us will be processed promptly following the expiration of the Offer period.

**IF YOU HAVE NO DESIRE TO SELL ANY OF YOUR SHARES PLEASE DISREGARD THIS NOTICE.**

If you would like to tender a portion or all of your Shares for repurchase at this time, complete and submit the Letter of Transmittal by following the instructions sent to you. Please see the attached Offer to Purchase for conditions to the Offer. The Offer to Purchase are attached to this notice, and can also be accessed at *http://zellcapital.com*.

**All requests to tender shares must be received in good order by the Fund by 11:59 P.M. Eastern Time, on February 17, 2023. Shareholders must submit their Letter of Transmittal by following the instructions provided.**

If you have any questions, please call your financial advisor, visit our website at *http://zellcapital.com*, or call us at 888-484-1944.

Sincerely,

William L. Zell<br>*Chief Executive Officer*

*This announcement is neither an offer to purchase nor a solicitation of an offer to sell shares. The Offer is made solely by the Offer to Purchase, dated January 20, 2023, and the related Letter of Transmittal, and any amendments or supplements thereto. The Offer is not being made to, nor will tenders be accepted from or on behalf of, holders of shares of common stock in any jurisdiction in which the making or acceptance or offers to sell shares would not be in compliance with the laws of that jurisdiction.*

------

## Ex-Filing

**Exhibit 107**

**Exhibit (b)**

**FILING FEES**

---

| | | | |
|:---|:---|:---|:---|
|  | **Transaction Valuation** | **Fee Rate** | **Amount of Filing Fee** |
| **Fees to be Paid** | $713725<sup>(1)</sup> | .0001102<sup>(2)</sup> | $78.65 |
| **Fees Previously Paid** |  |  |  |
| **Total Transaction Valuation** | $713725<sup>(1)</sup> |  |  |
| **Total Fees Due for Filing** |  |  | $78.65 |
| **Total Fees Previously Paid** |  |  |  |
| **Total Fee Offsets** |  |  | - |
| **Net Fee Due** |  |  | $78.65 |

---

(1) Estimated for purposes of calculating the filing fee only. The amount is based upon the offer to purchase all of the Fund's
outstanding shares of beneficial interest as of December 31, 2022, at a price of $20 per share.

(2) Based on the current fee rate, effective 10/1/2022 to 9/30/2023, of $110.20 per $1,000,000.