Zebra Global

Equity Fund LTD

Fund Investment Objectives

The Zebra Liquidity Return strategies seek to capture the commonly-known, liquidity premium in the public equity markets. The Zebra Global Liquidity Arbitrage Fund, in addition to capturing the liquidity premium, targets a beta neutral portfolio (+/- 0.2) and incorporates leverage (2-3:1). The strategy is designed to identify mispriced securities through the use of a proprietary methodology that analyzes a stock's relative liquidity. The General Partner believes that as a general principle, stocks with a low trading volume relative to earnings tend to be underpriced by the market, and conversely, stocks with a high trading volume relative to earnings tend to be overpriced. The Fund's methodology will analyze a large universe of stocks and the Partnership's portfolio will be broadly diversified. The portfolio will consist primarily of stocks of U.S. issuers, with a significant portion comprised of stocks of foreign issuers within the developed countries. The liquidity effect to be exploited by the Fund's liquidity arbitrage strategy represents a new and fundamentally different means of stock analysis than conventional traditional size, value or growth or momentum styles of analysis. Effective October, 2010 AUM reflects the aggregate of the various share classes and is reported in USD.