Zebra Capital Management, LLC ("Zebra Capital") is a Connecticut limited liability company and independent investment management firm with its principal place of business located 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 Chief Investment Officer, and Mr. John J. Holmgren Jr., Managing Member and President.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 offering, organizational documents or client agreements and objectives. Zebra Capital also acts as sub-adviser to American Beacon Advisors for one of its open-end registered investment companies. Zebra Capital also provides investment management services to pension and profit-sharing plans and may provide investment management services to other clients as well, in each case on a separate account basis. Zebra Capital also licenses its intellectual property to third parties on a case-by-case basis.Zebra Capital is affiliated through common ownership and control with Zebra Advisors, LLC ("Zebra Advisors"), a Delaware limited liability company and registered investment adviser with the SEC. Zebra Advisors provides investment management services primarily to pooled investment vehicles. Zebra Advisors manages the client portfolios on a discretionary basis in accordance with the terms and conditions of each client's offering, organizational documents or client agreements and objectives.