Zebra Capital Management, LLC

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Zebra Capital Management, LLC ("Zebra Capital") is a Connecticut limited liability company and investment management firm with its principal place of business in Stamford, Connecticut. Zebra Capital has been in business since 2001 and is registered as an investment adviser with the U.S. Securities and Exchange Commission (the "SEC"). Registration with the SEC does not imply any level of skill or training. Zebra Capital is owned and managed by Professor Roger Ibbotson, Managing Member and Chairman, and Mr. John J. Holmgren Jr., Managing Member, President and Chief Investment Officer.

Zebra Capital provides investment management services primarily to pooled investment vehicles and separate accounts. Zebra Capital manages the client portfolios on a discretionary basis in accordance with the terms and conditions of each client's organizational and/or offering documents, if any, client agreements and objectives. Zebra Capital also licenses its intellectual property to third parties on a case-by-case basis for the creation, sponsorship, compilation, maintenance and calculation, among other things, of one or more indexes.

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