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ZEBRA GLOBAL EQUITY ADVANTAGE FUND, LP - BETA NEUTRAL June 2015 to February 2017 Investment Strategy The Zebra Global Equity Advantage Strategy is a systematic, equity beta neutral strategy derived from the Zebra Global Equity Fund, LP. The Zebra Global Equity Advantage Fund, LP ("ZGLEAF" or the "Fund") invests in fundamentally strong companies that are less popular while simultaneously selling short shares of companies that are fundamentally weak but nonetheless extremely popular. The Fund utilizes higher leverage and more aggressive regional allocations while targeting near-zero beta with volatility in the 12 to 15% range. The investment strategy of the Fund can be viewed as pro-fundamental and anti-glamour in terms of the stocks it favors. Net Monthly Returns (1) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec (5.33)% 3.20% (0.59)% 0.91% (2.45)% (8.82)% 2.17% (1.88)% 1.31% (0.85)% 0.75% 0.27% 1.48% (2.38)% 4.98% 2.39% 3.58% 2.51% (0.11)% 4.41% (1.00)% Recent Performance ZEBRA (1) HFRX EMN (2) MSCI World (3) February 2017 Year to Date Trailing 1 Year Return Annualized Return Since Inception (0.59)% (5.89)% (10.75)% 2.00% 0.01% 0.76% (2.65)% 0.63% 2.77% 5.25% 21.26% 3.81% 2017 2016 2015 YTD -5.89% -1.24% 11.38% Recent Performance (1) 15% 10% 5% 0% -5% -10% -15% 2.00% (5.89)% (10.75)% Year to Date Trailing 1 Year Return Annualized Return Since Inception Historical Performance (1,2,3) ZEBRA HFRX EMN MSCI World Measures of Risk (1,2,3) ZEBRA HFRX EMN MSCI World Annualized Return Cumulative Return Average Monthly Return Average Monthly Gain Average Monthly Loss Largest Monthly Gain Largest Monthly Loss % Profitable Months 2.00% 3.53% 0.17% 2.33% (2.60)% 4.98% (8.82)% 57% 0.63% 1.10% 0.05% 0.81% (0.77)% 2.02% (1.86)% 52% 3.81% 6.76% 0.31% 2.71% (2.74)% 7.92% (6.62)% 57% Standard Deviation Return to Risk Ratio Sharpe Ratio (0.00%) Sortino Ratio (0.00%) Downside Deviation (0.00%) Maximum Drawdown Date Maximum Drawdown Recovery Time (months) 11.28% 0.18 0.18 0.24 8.40% (13.46)% Sep-16 - 3.47% 0.18 0.18 0.27 2.30% (5.27)% Dec-16 - 12.46% 0.31 0.31 0.49 7.84% (11.96)% Feb-16 10 MSCI World HFRX EMN Benchmark Comparison (1,2,3) Return to Risk (1,2,3) 0.30% 3.67% N/A N/A N/A 0.15% 1.79% N/A N/A N/A Annualized Return 10% ZGLEAF Alpha ZGLEAF Annualized Alpha ZGLEAF Beta (Realized Monthly) ZGLEAF Correlation ZGLEAF R-Squared MSCI World TR 5% HFRX EMN ZGLEAF LP 0% -5% 0% 2% 4% 6% 8% 10% 12% 14% Annualized Standard Deviation ZGLEAF LP HFRX EMN MSCI World TR N/A - Not enough data points to be meaningful. Please see important notes on page 3. Confidential Page 1 of 3 ZEBRA GLOBAL EQUITY ADVANTAGE FUND, LP - BETA NEUTRAL June 2015 to February 2017 Sector Exposure Cons Disc Long Short Net Gross 40.60% (37.55)% 3.05% 78.15% Cons Staples 11.24% (11.50)% (0.26)% 22.74% Energy 8.09% (4.23)% 3.86% 12.32% Top 5 Longs Selective Insurance Group In Grand Canyon Education Inc. Columbia Sportswear Co West Corp Deluxe Corp Fin'ls 46.80% (37.70)% 9.10% 84.50% Health Care 18.85% (10.66)% 8.19% 29.51% Ind'ls 42.77% (41.72)% 1.05% 84.49% % of Equity 1.94% 1.86% 1.72% 1.62% 1.49% 8.63% Top 5 Monthly Contributors Freeport-Mcmoran Inc-Short National Beverage Corp-Long General Cable Corp/De-Short V Technology Co Ltd-Short Coeur Mining Inc-Short Info Tech 28.68% (22.90)% 5.78% 51.58% Mat'ls 16.12% (14.79)% 1.33% 30.91% Real Estate 3.00% (2.86)% 0.14% 5.86% Tele comm 1.68% (1.07)% 0.61% 2.75% Utilities 12.40% (7.89)% 4.51% 20.29% Other Total 0.00% 0.00% 0.00% 0.00% 230% -193% 37% 423% % of Equity Top 5 Shorts Hitachi Construction Machinery Nikon Corporation Mitsubishi Motors JFE Holdings Inc JGC Corporation (1.64)% (1.63)% (1.49)% (1.43)% (1.34)% (7.53)% Bottom 5 Monthly Contributors 0.18% 0.16% 0.14% 0.14% 0.13% 0.75% Mitsubishi Motors Corp-Short Scientific Games Corp-Short Syntel Inc-Long Advanced Micro Devices-Short United States Steel Corp-Short (0.27)% (0.23)% (0.21)% (0.20)% (0.19)% (1.11)% Summary of Terms Fund AUM (MM, Estimated) Strategy Assets (MM, Estimated) Firm AUM (BLN, Estimated) Subscription Redemption Redemption Notice Management Fee Incentive Fee Lock Up 113 630 1.1 Monthly Monthly 15 Day Written Notice 1.50% 20% 2% early redemption fee within first 12 months payable to the Fund. Hurdle Rate High Water Mark Investment Manager Administrator Auditor Fund Legal Counsel Prime Broker No Yes Zebra Capital Management, LLC SS&C GlobeOp - Prime Mgmt Ltd KPMG Cobb & Associates PC Morgan Stanley Fund Structure(s) LP, LTD, Managed Accounts Please see important notes on page 3. Confidential Page 2 of 3 ZEBRA GLOBAL EQUITY ADVANTAGE FUND, LP - BETA NEUTRAL June 2015 to February 2017 Important Notes & Disclosures Zebra Capital Management, LLC is an independent investment management firm registered with the U.S. Securities and Exchange Commission and located in Milford, CT. (1) Performance information is presented for the Zebra Global Equity Advantage Fund, LP (the “Fund”) and represents the actual performance of the Fund for the periods indicated. The Fund is managed on a fully discretionary basis and managed according to the Zebra Global Equity Advantage investment strategy. Performance returns include cash and cash equivalents and reflect the reinvestment of dividends, interest and other earnings. Performance is presented net of actual management fees, incentive fees, commissions and other fund expenses, as applicable. All returns are subject to review until completion of the annual audit. (2) The HFRX Equity Market Neutral Index ("HFRX EMN") is a leading market index prepared by Hedge Fund Research (HFR). This index is designed to be representative of the segment of the hedge fund universe representing equity market neutral investment strategies seeking to generate consistent returns in both up and down markets. These strategies typically maintain net equity market exposure no greater than 10% long or short. (3) The MSCI World Index (“MSCI World”) is an unmanaged, market capitalization-weighted index of equity securities of companies domiciled in various countries. The index is designed to represent the performance of developed stock markets throughout the world and excludes certain market segments unavailable to U.S. based investors. These indices are unmanaged and include the reinvestment of dividends and earnings. Investors cannot invest directly in these indices. The HFRX EMN Index is an appropriate index for the Fund because of the nature and mix of the investment holdings. The MSCI World Index is presented for informational purposes. The securities noted in this monthly summary do not represent all of the securities purchased, sold or recommended for the Fund. It should not be assumed that an investment in the securities noted was or will be profitable. Additional information about the calculation methodology and other holdings’ contribution to performance is available on request. Performance results for individual investors and funds will vary due to the timing of investments, additions/withdrawals, time and size of investment, among other reasons. Past results are no guarantee of future results and no representation is made that an investor will or is likely to achieve results similar to those shown. All investments involve risk including the risk of loss of principal. This material is furnished on a confidential basis to a limited number of current and potential investors in the Fund. These materials do not constitute or form part of any offer to issue or sell, or any solicitation of any offer to subscribe or purchase any interest/shares in the Fund in any jurisdiction, nor shall it or the fact of its distribution form the basis of, or be relied on in connection with, any related contract. These materials are intended only to provide a broad overview of the Fund or of its recent performance for discussion purposes. Any offer of interests in the Zebra Global Equity Funds can only be made by means of the specific Fund’s Confidential Offering Memorandum or Private Placement Memorandum (the “Offering Memorandum”). All information contained herein is qualified in its entirety by the Offering Memorandum and only jurisdictions in which such offer would be lawful and exempt from registration. Prospective investors should carefully review the Offering Memorandum prior to making any investment decision about Zebra’s Global Equity Funds. This presentation does not constitute legal, tax or investment advice. Neither Zebra Capital nor any of its affiliates are acting as your agent or adviser with regard to your decision to invest in the Zebra Global Equity Funds. Certain information contained herein has been provided by third party sources and although believed to be reliable, it has not been independently verified and its accuracy or completeness cannot be guaranteed and should not be relied upon as such. Certain of the financial statistics contained in this presentation were calculated using software by AlternativeSoft. Additional information about Zebra Capital, the investment funds and performance is available on request. PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. Zebra Capital Management, LLC 612 Wheelers Farms Road Milford, Connecticut 06461 203-878-1388 zebracapital.com Confidential Page 3 of 3