Maverick Performance

First Quarter 2011

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Maverick Fund 3.6% 9.7% 7.9% 7.0% Maverick Levered Maverick Neutral Maverick Neutral Levered Maverick Long Maverick Long Enhanced 10.3 (0.5) (0.9) 3.6 3.6 5.9 4.8 28.7 (3.0) (7.6) 10.6 10.2 13.3 3.9 5.1 7.0 8.0 2.6 2.1 10.6 3.1 3.4 7.9 8.7 3.3 4.2 S&P 500 Index Morgan Stanley World Index 15.6 13.4 April 23, 2011 Dear Investor:

Net Performance

One Year Five Years Ten Years Since Since Ended Ended Ended 3/1/95 3/1/95 3/31/2011 3/31/2011 3/31/2011 Annualized Cumulative

The above results should only be read in conjunction with the Maverick Disclosure Statement found at the end of this letter.

Maverick enjoyed a solid start to the year, generating positive performance in every industry sector, save one, and each region in which we invest in the past quarter. In the first quarter our emerging market investments were more profitable than those in any other region. The majority of our gains in these markets came from short investments. Indeed, our interest in these markets is driven by both the relative inefficiency of these securities as well as the very attractive longer-term backdrop of emerging market economies. Steve Galbraiths attached piece, Go East Young Man, discusses these issues and Mavericks effort to make the most of such opportunities. I noted in our last letter that 2010 was marked by an unusual number of fundamental, analytical mistakes, which is quite frustrating as detailed, strategic analysis of individual stocks has arguably been Mavericks greatest strength over the years. In the same letter I pointed out that we continually strive to improve our processes and abilities, and in the past month we have altered the responsibilities of two senior Partners in an attempt to use their talents and abilities more effectively.

This letter brought to you via MarketFolly.com

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14.0% 22.8 9.3 14.3 13.8 16.1 8.4 6.7 727.3% 2,619.4 318.3 762.6 705.1 1,007.7 264.9 181.9

Maverick Capital 300 Crescent Court 18th Floor Dallas, TX 75201 (214) 880-4000 Phone (214) 880-4020 Fax

Maverick

As always, if you have any questions or advice, I hope you will be quick to call me. Sincerely,

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2

Lee S. Ainslie III Managing Partner

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Macroeconomic considerations are playing an ever greater role in todays markets, and we have asked Steve Galbraith to devote more time to researching and analyzing macro factors and the impact such trends could have on our portfolio. Furthermore, we have asked Andrew Warford, who oversees our technology investments, to lead an effort to improve collaboration among sector teams and increase the scrutiny of the relative merits of different investments across industry sectors. We believe that these tweaks to our investment effort will improve both our incorporation of macro considerations into our research, as well as our bottom-up evaluation of individual opportunities.

MAVERICK DISCLOSURE STATEMENT

Unless otherwise indicated, Maverick returns are those of Hedged Equity Strategy ("HES") which became the total management style of USA and LDC as of March 1, 1995. Information relating to HES is sometimes referred to as that of Maverick or the Maverick Fund. The portfolios of Levered, Neutral, Neutral Levered, Long and Long Enhanced are comprised substantially of the same asset allocations as HES, weighted in accordance with the respective fund's long/short exposure targets. Neutral, Neutral Levered, Long and Long Enhanced generally do not participate in non-publicly traded or credit investments. Neutral and Long generally do not incur substantial amounts of margin debt. USA, LDC, Levered, Neutral Levered and Long Enhanced incur margin debt in varying amounts as described in their respective Offering Memoranda. While the "investment mix" of the Funds may change over time, they have never been limited as to a specific type, quality or quantity of investment in which they may invest.

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Net returns for the Funds (unless noted otherwise) are for March 1, 1995 through March 31, 2011. The returns of each of the Funds are computed on a time-weighted total return basis and include the reinvestment of all income derived from, and gains from the sale of, assets in the Funds' underlying portfolios. Ernst & Young LLP has audited the financial statements of USA, LDC, Neutral, Neutral Levered, Long and their respective gross monthly and net year-to-date returns from commencement of operations through December 2010. Ernst & Young LLP has audited Levereds financial statements and its intermediate investment vehicles from commencement of operations through June 2010, and has examined their gross monthly and net year-to-date returns through that date. Ernst & Young LLP has audited the financial statements and gross returns of Long Enhanced and its intermediate investment vehicles through June 2010. Except as stated, data contained herein is unaudited. Performance, exposure and portfolio information relates to HES unless otherwise indicated.

Unless otherwise indicated, net returns shown for the Funds reflect the deduction of all operational expenses (including brokerage commissions) and for the Funds other than Long and Long Enhanced, a 1.5% management fee calculated on invested equity (including the proceeds of actual or deemed borrowings as described in the relevant Offering Memoranda) and, for the Funds other than Long and Long Enhanced, a 15% performance allocation calculated on net profits (also as described in the Offering Memoranda). In the case of Long, unless otherwise indicated the management fee is 1.25%, and there is no performance allocation. In the case of Long Enhanced, unless otherwise indicated, the management fee is 1% and performance allocations are calculated at a rate of 10% of net profits in excess of a return equal to the average of the S&P 500 and the MS World Indices (as defined below). For the returns shown, performance allocations are only charged on net profits in excess of losses from any prior period. Performance allocations for certain classes of certain funds may be charged on a reduced basis prior to the recoupment of all prior losses pursuant to terms described in the relevant offering memoranda. Net returns would be reduced from those shown if an investor selected alternative fee structures offering greater liquidity at higher fee levels. Actual returns will vary from one investor to the next taking into consideration factors described in the respective Funds' Offering Memoranda. For example, annualized returns for the Funds other than Long and Long Enhanced from March 1, 1995 through March 31, 2011 reflecting a 2% management fee and a 20% performance allocation are: Maverick 12.7%; Levered 20.2%; Neutral 8.3%; Neutral Levered 12.3%; the annualized return for Long for the same period reflecting a 0.5% management fee and a 25% performance allocation charged on net profits in excess of the return of the MS World Index is 12.7%; the annualized return for Long Enhanced for the same period reflecting a 1% management fee and a 20% performance fee charged on net profits in excess of a return equal to the average of the Indices (as defined below) is 15.2%. Net returns of the funds and HES for other periods and under different fee assumptions are available upon request. Levered commenced operations on July 1, 1998, and its performance returns related to periods commencing prior to July 1, 1998 are modeled by Maverick Capital, Ltd. on results of the HES portfolio for the period through June 30, 1998 and the actual experience of Levered for the remainder of the period indicated. Levered return data assumes estimated interest expense associated with modeled borrowings for the period through June 30, 1998 and actual interest expense associated with Leverage Feature borrowing (as described in the related Offering Memoranda) for the remainder of the period indicated. Neutral, Neutral Levered and Long commenced operations on January 1, 2005, and their return data is based on results for corresponding segments of the HES portfolio for the period through December 31, 2004 and the actual results of the respective fund for the remainder of the period indicated. Neutral Levered return data assumes estimated interest expense on modeled borrowings equal to investor capital for the period through December 31, 2004 and the interest expense on fund borrowings (as described in the related Offering Memoranda) for the remainder of the period indicated. Although Long Enhanced commenced operations on July 1, 2005, it changed its long/short exposure targets and fee structure as of October 1, 2007; its return data is based on results for corresponding segments of the HES portfolio for the period through September 30, 2007, adjusted to reflect its revised exposure targets and fee structure, and its actual results for the remainder of the period indicated. The S&P 500 Index and the MS World Index (together, the "Indices"), are generally considered appropriate benchmarks for various equity markets. The S&P 500 Index assumes dividends are reinvested unless otherwise noted. The MS World Index is the MSCI World Daily Total Return Index (USD with dividends reinvested after deduction of applicable withholding taxes). The Funds' portfolio of securities varies significantly from those in the Indices. Accordingly, comparing the results shown to the Indices may be of limited use. Maverick Capital, Ltd. makes no representation, and it should not be assumed, that future investment performance will conform to past performance. Additionally, there is the possibility for loss when investing in the Funds.

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All performance figures shown are calculated by Maverick Capital, Ltd., investment manager of each of Maverick Fund USA, Ltd. ("USA"), Maverick Fund, L.D.C. ("LDC"), Maverick Fund II, Ltd. ("Levered"), Maverick Neutral Fund, Ltd. ("Neutral"), Maverick Neutral Levered Fund, Ltd. ("Neutral Levered"), Maverick Long Fund, Ltd. ("Long") and Maverick Long Enhanced Fund, Ltd. ("Long Enhanced") (collectively, the "Funds" or the "Portfolio Funds"). Investment in the Portfolio Funds (other than USA) is effected through investment in intermediate investment vehicles. In addition to managing the Portfolio Funds, Maverick Capital, Ltd. also manages a fund of funds, Maverick Stable, and certain separately managed accounts.

Maverick
Go East Young Man Steve Galbraith

Washington is not a place to live. The rents are high, the food is bad, the dust is disgusting and the morals are deplorable. Go West, young man, go West and grow up with the country.

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Well, at least part of Horace Greeleys world view still rings true today. Far before it was cool to be a Sinophile (or phobe for that matter), my wife Lucy attended college in Beijing. While her memories of pig methane fueled stoves, rusted bicycles and tofu derived mystery meat may help explain why less intrepid souls avoided the journey East, it is pretty clear that Greeleys advice 150 years later should be turned on its head. At the risk of landing in the fido farm by revealing exactly when her college experience was, let us just say it was in the 1980s. While a blink of the eye in an historical context, it is remarkable the economic progress China has made in those few decades. From an investment perspective though, the debate is really only now heating up. Is China simply a sovereign version of Enron or AIG or is the investment opportunity in the region still ahead as a nation of 1.3 billion begins a transition to consumerism? Count Maverick squarely in support of the latter view; not because we believe it is a long only, one way trip to investment nirvana but rather because the breadth and depth of the investment opportunity in China is unlike anything any of us has seen in our lifetimes. In this context, I thought it might be helpful to frame the opportunity we see before us, but also to provide insight into the steps Maverick is taking to execute a strategy against an unprecedented Eastern investment landscape. Too Early to Tell on the French Revolution, but China Seems to Offer Promise Some 180 years after the French Revolution, Zhou Enlai was famously quoted as saying it was still too soon to judge its impact on society. With this perspective in mind, it is worth noting that China is now simply reclaiming a position it held on the world economic stage a mere 140 years ago (Exhibit 1). From a more current view though, virtually every important macro statistic suggests that China has an enormous economic runway ahead based on: continued capital formation (Exhibit 2), expanding consumption (Exhibit 3), reinvestment of surplus liquidity (Exhibit 4) and profound growth in urbanization (Exhibit 5). On the other hand, with the cost of capital artificially low, inflation expectations as yet unchecked, potentially excessive levels of fixed investment and a need to increase GDP at a minimum clip of 7% simply to prevent social unrest, it is not as if the economic backdrop is without challenges. From a top down perspective, what we see in China is a wonderful investment cocktail characterized first and foremost by tremendous growth potential, likely laced with enormous winners and losers but with still meaningful reliance on the state for capital allocation.

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Exhibit 1
Western Former Europe Soviet Union 17.9 % 3.4 % 20.0 3.5 22.5 4.4 23.6 5.4 33.6 7.6 33.5 8.6 26.3 9.6 25.7 9.4 20.6 3.4 17.1 4.4 15.9 4.0 United States 0.3 % 0.2 0.1 1.8 8.9 19.1 27.3 22.0 21.9 18.6 18.3

1500 1600 1700 1820 1870 1913 1950 1973 1998 2008 2015e

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Exhibit 2
Market Cap to GDP 120% 110% 100% 90% 80% 70% 60%
United States Developed Markets India World Brazil Emerging Markets

Source: Morgan Stanley Research

Source: Bank of America Merrill Lynch, Bloomberg, EIU Exhibit 3

12,000 10,000 8,000 6,000 4,000 2,000 0

The Global Consumer: Personal Consumption 2010E US $ Billion

US

EU-15

Japan

Source: Haver, UN, Morgan Stanley Research

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Japan 3.1 % 2.9 4.1 3.0 2.3 2.6 3.0 7.7 7.6 5.7 5.5 China 25.0 % 29.1 22.3 32.9 17.2 8.9 4.5 4.6 11.5 17.5 17.8 India 24.5 % 22.5 24.4 16.0 12.2 7.6 4.1 3.1 5.0 6.7 7.6
China

Shifting Mix of Global GDP

China

India

Exhibit 4
30% 25% 20% 15% 10% 5% 0% Jan-97 Jan-99 Jan-01 Jan-03

Jan-05

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Exhibit 5
50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Chinese Urbanization Rate 1949 1959 1969 1979 1989 1999

Source: Bank of America Merrill Lynch

Source: Bank of America Merrill Lynch

Willy Sutton Would Have Loved Shanghai What about China from the bottoms up view? Well, as of the latest quarter end Maverick had well over $2 billion in gross capital (i.e. both long and short) invested in Chinese companies with every sector except health care represented. We own consumer and technology companies that we believe have the ability to grow to multiples of their current size given the nascent market opportunity, financial firms with unique industrial positioning and sustainable solidly double digit ROEs, media companies at the epicenter of the Chinese social media boom and industrial companies with deep (sometimes literally) and wide moats around their businesses. Conversely, on the short side we see bad businesses, bad balance sheets and bad governance a perfect trifecta. What else is intriguing about the individual stock opportunity in China and the East? Well how about a market where: the investable universe (which at Maverick we define as stocks with a market cap of at least $1 billion that trade more than $10 million in average daily volume) has tripled in the past decade and is now roughly equal in size to that of Europe (Exhibit 6), the spread between the top and bottom performers is meaningfully larger than elsewhere in the world (Exhibit 7) while correlations to the U.S. market are far lower than most (Exhibit 8).

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Jan-07 Jan-09 Jan-11

China as a % of Total Foreign Holdings of US Treasuries

2009

Exhibit 6
1,500 1,250 1,000 750 500 250 North America

Europe 2001 2011

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110% 100% 90% 80% 70% 60% 50% Spread Between Top and Bottom Quintile of Rolling 12 Month Performance by Region North America Europe Asia Median LTM

Exhibit 7

Exhibit 8

Average 1 Year Rolling Correlation of S&P 500 vs Regional Indices Weekly Returns January 1995 to March 2011

100%

80% 60% 40% 20% 0%

MSCI Pacific

MSCI EAFE

MSCI Europe

So What Can Go Wrong Other than Everything? Without question the biggest risk to the China story is misallocation of capital (at what would perhaps be an epic level). Bastardizing Churchills take on democracy, I believe capitalism is the worst economic system except for all others tried. In this sense, the quasi-capitalist economic experiment we are witnessing in China

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Asia

Investable Universe By Region

MSCI World

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5

Maverick in Asia Boots on the Ground So turning to Maverick, how are we attacking the Chinese and broader Asian opportunity? Well, six years after we opened our first Asian office, last month Maverick christened our Hong Kong beachhead by hosting an investment retreat for our sector heads. Prior to the decision to expand our Asian efforts in Hong Kong, we sought out and received all kinds of advice for successfully establishing an Asian presence. The words of wisdom ranged from: the need to hire a high profile local to run the effort, why (choose one) Singapore/Beijing/Shanghai was the only city from which we should lead our Asian effort to why bother? Not surprisingly, we responded to this widely variant advice in a measured way. Jealous of our culture and committed to our belief that deep, global sector expertise will rule the investment roost; we are building and promoting from within to staff our Asian business. Ultimately we would expect to have every major industrial sector of relevance in the region represented by a Maverick based in Asia. What is Mandarin for Maverick? While we determined early on a physical presence was a must in Asia, it is also worth mentioning we are sweating the soft stuff as well. While perhaps apocryphal, a story about a General Motors car launch in Mexico provides a cautionary tale for any business entering relatively untested markets. Specifically, as the story goes, Chevy entered the Mexican market with its popular Nova brand but was deeply disappointed when sales badly lagged expectations. When a local employee later pointed out that no va in Spanish translated into no go, the punk sales output became less perplexing.

Hedge funds do not always elicit warm and fuzzy feelings among corporations, regulators or policymakers, so we have taken nothing for granted in building out our relationships and business in the region. First, wherever possible, we have leveraged our long, strong and deep relationships with brokerage counterparties to effect introductions. Here, clearly, our size, importance to Street firms and our long history are positives. Second, whenever possible, when Chinese managements visit us here in New York we try and ensure that a senior member of the Maverick team is here to engage them. Third, and most importantly, we get on planes frequently. In the past year, for example, the Maverick investment team spent well over 300 man days in China or Hong Kong. In other words, if China was open for business odds are a Maverick was visiting. Shifting From Ivy League Athletes to Go Getters Named Ivy Finally, we are adapting our staffing model. While overly simplified, most hedge funds tend to hire Ivy League athletes. The logic behind such a strategy is compelling as that combination tends to produce folks who are at least vaguely intelligent, but also possess competitiveness and experience working on a team. In founding Maverick, Lee, of course, provided a break from this mold by being neither an Ivy Leaguer, nor Jim Thorpe. My hiring ten years later provided further, more emphatic proof that Ivy League jockdom was not the only route to a Maverick W-2. What gets a Maverick hired today? Well, most of the exact same things that have always mattered integrity, drive and a history of achievement, but increasingly

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has to give any investor at least some pause. In my mind, the global financial crisis actually provided the ideal backdrop for the hybrid command/capitalist economy to shine. As we saw in the U.S. and Europe, having political debates in the midst of an economic catastrophe (and subsequent clean up) can be quite messy. Ironically, I suspect the true test of the Chinese economic model will come not with hardship, but with prosperity. Along these lines, having traveled to China regularly for a decade now, I have begun to notice two subtle, but somewhat disquieting, trends. First, companies which used to point to 2050 and beyond in articulating their futures are now seemingly shortening their horizons and speaking to how the current fiscal year looks. Second, policy makers, corporate chiefs and local investors alike have almost universal faith in the governments ability to navigate a soft landing; so much so that it is beginning to come across ever so lightly as hubris. While odds still strongly favor the continuation of Chinas economic ascendency, sometimes few things set economic policymakers up better for failure than, well, success (see Greenspan, Alan).

Exhibit 9
5 4 3 2 1 0

Number of Investment Team Members That Speak Foreign Languages

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Chinese French Spanish Japanese Hebrew Hindi Korean

No serious global investor can manage a portfolio today without an educated view on China both bottoms up and top down. The expansion of our Asian effort in Hong Kong is our latest step to ensure that Maverick is positioned to have informed views and seize upon what will continue to be an extraordinary investment opportunity for investment managers both long and short. On our recent visit, Ronnie Chan, Chairman of the Hang Lung Group (one of the largest real estate developers in China) appropriately framed the situation when he noted that the Western industrial revolution lasted more than 50 years and levered a population and economic base a fraction the size of what China offers. While perhaps an oxymoron, we feel blessed by the Chinese curse that we live in interesting investment times. Voting with our feet and our capital, Maverick is heading East and hopefully, growing up with the world.

Click here to read more hedge fund letters at MarketFolly.com

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Latvian Portugese

internationalism serves as a tie breaker. To this end, it is worth noting that we now have as many investment professionals speaking dialects of Chinese as we do speaking Spanish or French (Exhibit 9). While English may still serve as the universal language of business, it does not necessarily mean that it is always the language of doing business best.

March 2011 - Supplement

Gross Performance Attribution - Maverick HES Funds

March 2011 - Total Portfolio Sector Consumer Financials Healthcare Industrials Media & Telecom Technology Total USA
-1.1% -0.3% 0.5% -0.2% -0.4% -1.8% -3.3%

First Quarter 2011 - Total Portfolio Europe

0.1% 0.0% 0.1% -0.1% 0.0% -0.1% 0.0%

Japan
0.1% 0.3% 0.4%

Emerging Markets
0.3% 0.3% 0.0% 0.4% 0.9% -0.1% 1.8%

Total
-0.7% 0.0% 0.6% 0.2% 0.8% -2.0% -1.1%

Sector Consumer Financials Healthcare Industrials Media & Telecom Technology Total

March 2011 - Long Portfolio Sector Consumer Financials Healthcare Industrials Media & Telecom Technology Total USA
-0.7% 0.0% 0.6% 0.1% -0.3% -1.6% -1.9%

First Quarter 2011 - Long Portfolio Europe

0.1% -0.1% 0.0% 0.0% 0.0% 0.4% 0.4%

Japan
0.0% 0.1% 0.1%

Emerging Markets
0.3% 0.4% 0.0% 0.4% 0.8% -0.3% 1.6%

Total
-0.3% 0.3% 0.6% 0.5% 0.6% -1.5% 0.2%

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6.4% 1.5%

Sector Consumer Financials Healthcare Industrials Media & Telecom Technology Total

March 2011 - Short Portfolio Sector Consumer Financials Healthcare Industrials Media & Telecom Technology Total USA

First Quarter 2011 - Short Portfolio Sector Consumer Financials Healthcare Industrials Media & Telecom Technology Total USA

Europe
0.0% 0.1% 0.1% -0.1% -0.5% -0.4%

Japan
0.1% 0.2% 0.3%

Emerging Markets
0.0% -0.1% 0.0% 0.1% 0.2% 0.2%

Total

-0.4% -0.3% -0.1% -0.3% -0.1% -0.2% -1.4%

-0.4% -0.3% 0.0% -0.3% 0.2% -0.5% -1.3%

Year to Date 2011

YTD 2011 - Total Portfolio by Industry Sector Sector Consumer Financials Healthcare Industrials Media & Telecom Technology Total USA Europe
0.5% 0.3% 0.1% 0.0% 0.2% 0.5% 1.6%

YTD 2011 - Total Portfolio by Asset Class Sector Public Small Cap Private Credit USA Europe
1.0% 0.0% 0.0% 0.6%

Japan

Emerging Markets
-0.6% 0.5% 0.0% 0.7% 1.2% -0.1% 1.7%

Total

-2.3% -0.4% 1.7% 0.1% 0.8% 1.1% 1.0%

0.0% -0.1% 0.0% 0.1% 0.2% 0.0% 0.2%

-2.4% 0.3% 1.8% 0.9% 2.4% 1.5% 4.5%

Total

YTD 2011 - Long Portfolio by Industry Sector Sector Consumer Financials Healthcare Industrials Media & Telecom Technology Total USA Europe
0.1% 0.4% 0.0% -0.2% 0.3% 0.9% 1.5%

YTD 2011 - Long Portfolio by Asset Class Sector Public Small Cap Private Credit USA Europe
0.8% 0.1% 0.0% 0.6%

Japan

Emerging Markets
-0.6% 0.6% 0.0% 0.4% 1.3% -1.0% 0.7%

Total

-0.6% 0.8% 1.9% 0.8% 1.0% 2.5% 6.4%

0.0% -0.1% 0.0% 0.0% 0.2% 0.0% 0.1%

-1.1% 1.7% 1.9% 1.0% 2.8% 2.4% 8.7%

Total

YTD 2011 - Short Portfolio by Industry Sector Sector Consumer Financials Healthcare Industrials Media & Telecom Technology Total USA
-1.7% -1.2% -0.2% -0.7% -0.2% -1.4% -5.4%

YTD 2011 - Short Portfolio by Asset Class Sector Public Small Cap Private Credit USA
-5.3% -0.1% 0.0% 0.0%

Europe
0.4% -0.1% 0.1% 0.2% -0.1% -0.4% 0.1%

Japan
0.0% 0.0% 0.0% 0.1% 0.0% 0.0% 0.1%

Emerging Markets
0.0% -0.1% 0.0% 0.3% -0.1% 0.9% 1.0%

Total
-1.3% -1.4% -0.1% -0.1% -0.4% -0.9% -4.2%

Total

This supplement should be read in conjunction with the attached Maverick Disclosure Statement.

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USA Europe
0.5% 0.3% 0.1% 0.0% 0.2% 0.5% 1.6%

Month Ended March 31, 2011

First Quarter 2011

Japan

Emerging Markets
-0.6% 0.5% 0.0% 0.7% 1.2% -0.1% 1.7%

Total

-2.3% -0.4% 1.7% 0.1% 0.8% 1.1% 1.0%

0.0% -0.1% 0.0% 0.1% 0.2% 0.0% 0.2%

-2.4% 0.3% 1.8% 0.9% 2.4% 1.5% 4.5%

USA

Europe
0.1% 0.4% 0.0% -0.2% 0.3% 0.9%

Japan

Emerging Markets
-0.6% 0.6% 0.0% 0.4% 1.3% -1.0% 0.7%

Total

-0.6% 0.8% 1.9% 0.8% 1.0% 2.5%

0.0% -0.1% 0.0% 0.0% 0.2% 0.0% 0.1%

-1.1% 1.7% 1.9% 1.0% 2.8% 2.4% 8.7%

Europe
0.4% -0.1% 0.1% 0.2% -0.1% -0.4% 0.1%

Japan
0.0% 0.0% 0.0% 0.1% 0.0% 0.0% 0.1%

Emerging Markets
0.0% -0.1% 0.0% 0.3% -0.1% 0.9% 1.0%

Total
-1.3% -1.4% -0.1% -0.1% -0.4% -0.9% -4.2%

-1.7% -1.2% -0.2% -0.7% -0.2% -1.4% -5.4%

Japan
0.2% 0.0% 0.0% 0.0%

Emerging Markets
1.6% 0.1% 0.0% 0.0%

Total
3.8% 0.2% -0.1% 0.6%

1.0% 0.1% -0.1% 0.0%

1.0%

1.6%

0.2%

1.7%

4.5%

Japan
0.1% 0.0% 0.0% 0.0%

Emerging Markets
0.8% -0.1% 0.0% 0.0%

Total
8.0% 0.2% -0.1% 0.6%

6.3% 0.2% -0.1% 0.0%

6.4%

1.5%

0.1%

0.7%

8.7%

Europe
0.2% -0.1% 0.0% 0.0%

Japan
0.1% 0.0% 0.0% 0.0%

Emerging Markets
0.8% 0.2% 0.0% 0.0%

Total
-4.2% 0.0% 0.0% 0.0%

-5.4%

0.1%

0.1%

1.0%

-4.2%

March 2011 - Supplement

Detailed Portfolio Exposures at April 1, 2011 - Maverick Core Funds

Long Investment Exposure Sector Consumer Financials Healthcare Industrials Media & Telecom Technology Total Net Portfolio Exposure Sector Consumer Financials Healthcare Industrials Media & Telecom Technology Total USA
5.9% 5.6% 7.8% 1.7% 1.6% 11.4% 34.0%

Short Investment Exposure Europe

1.1% 5.8% 0.4% 4.4% 2.9% 7.8% 22.4%

USA
16.5% 16.7% 21.9% 8.5% 11.7% 25.1% 100.4%

Japan

Emerging Markets
5.0% 5.1% 5.0% 7.5% 5.4% 28.0%

Total
22.6% 27.6% 22.3% 17.9% 24.9% 38.3% 153.6%

2.8% 2.8%

Sector Consumer Financials Healthcare Industrials Media & Telecom Technology

Gross Portfolio Exposure Europe

-1.0% 2.5% -1.1% 2.7% 2.9% 1.8% 7.8%

Japan

Emerging Markets
4.5% 4.0%

Total
9.4% 12.1% 6.7% 4.9% 11.1% 15.1% 59.3%

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-0.1%

-1.6% 1.5%

2.1% 5.1% 1.9% 17.6%

Sector Consumer Financials Healthcare Industrials Media & Telecom Technology Total

Monthly Portfolio Information - Maverick Core Funds

Investment Concentration

Public Equity Concentration

# of Positions Largest Position Average Position Size Median Days Trading Vol. Owned

Long 69 5.5% 2.1% 1.5

Short 77 3.1% 1.2% 2.1

Total 146 5.5% 1.6% 1.8

Top 5 Investments Top 10 Investments Top 20 Investments All Investments

Assets by Industry Sector Consumer Financials Healthcare Industrials Media & Tel. Technology Total

Assets by Region Region USA Europe Japan Emerging Mkts Total

ASC 820 Breakdown

14% 17% 15% 13% 16% 25% 100%

67% 15% 2% 16% 100%

Maverick Fund Maverick Fund USA Maverick Levered

Gross Assets by Asset Class

% of Portfolio

Portfolio Liquidation Timeline

Market Capitalization

% of the Portfolio

1 day 21%

1 week 58%

1 month 91%

% of the Portfolio

Amount of the portfolio that could be liquidated assuming 20% of the daily trading volume

Market Cap definitions: Mega = >$100B, Large = $10B-$100B, Medium = $1B-$10B, Small = <$1B

This supplement should be read in conjunction with the attached Maverick Disclosure Statement.

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USA Europe
-2.1% -3.3% -1.5% -1.7%

Japan

Emerging Markets
-0.5% -1.1%

Total

-10.6% -11.1% -14.1% -6.8% -10.1% -13.7% -66.4%

-1.6% -1.3%

-6.0% -14.6%

-2.9%

-2.9% -2.4% -3.5% -10.4%

-13.2% -15.5% -15.6% -13.0% -13.8% -23.2% -94.3%

USA

Europe
3.2% 9.1% 1.9% 6.1% 2.9% 13.8% 37.0%

Japan

Emerging Markets
5.5% 6.2%

Total

27.1%

35.8%

27.8% 36.0% 15.3% 21.8% 38.8% 166.8%

1.6% 4.1%

5.7%

7.9% 9.9% 8.9% 38.4%

43.1% 37.9% 30.9% 38.7% 61.5% 247.9%

% of Equity Long Short

12.6% 22.5% 38.2% 94.3%

% of Portfolio Long Short

15.4% 29.2% 49.1% 100.0% 13.3% 23.8% 40.5% 100.0%

23.6% 44.9% 75.4% 153.6%

Level 1 84.1% 84.8% 82.9%

Level 2 14.2% 13.3% 15.7%

Level 3 1.7% 1.9% 1.4%

Public Private 96% 2%

Credit 2%

Total 100%

Mega 12%

Large 40%

Medium 46%

Small 2%

March 2011 - Supplement

Quarterly Organizational Update
$ millions Maverick Core Strategy Maverick Long Strategies Maverick Neutral & Neutral Levered Maverick Stable (FOF) $8,290 570 650 1,320

Number of Yrs Invested

Total Firm Total Employees by Function Accounting Human Resources Information Tech Investment IR & Client Service 19 2 19 46 8

$10,830

Endowments & Foundations Pensions Individuals & Trusts Mav Partners, Employees & Related Fund of Funds Sovereign Wealth Funds and Other Total Key Personnel Changes

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Current Prime Brokers Barclays, Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan, Morgan Stanley, UBS, State Street
This supplement should be read in conjunction with the attached Maverick Disclosure Statement.

Legal/Compliance Support Tax Trading Treasury Total

4 35 6 8 6 153

Additions

Departures Pedro Zevallos, Principal

Questions For questions please contact Amy Castillo at 214.880.4081 or Corrie Mattorano at 214.880.41 or send an email to ir@maverickcap.com.

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< 5 yrs 9% 13% 7% 1% 1% 2% 33% 5 - 10 yrs 4% 2% 6% 1% 4% 0% 17% > 10 yrs 10% 0% 13% 21% 4% 2% 50% Total 23% 15% 26% 23% 9% 4% 100%

Firm Total Assets by Strategy

Firm Total Assets by Investor Type

MAVERICK DISCLOSURE STATEMENT All performance figures shown are calculated by Maverick Capital, Ltd., investment manager of Maverick Fund USA, Ltd. ("USA"), Maverick Fund, L.D.C. ("LDC"), Maverick Fund II, Ltd. ("Levered"), Maverick Neutral Fund, Ltd. ("Neutral"), Maverick Neutral Levered Fund, Ltd. ("Neutral Levered"), Maverick Long Fund, Ltd. ("Long"), Maverick Long Enhanced Fund, Ltd. ("Long Enhanced"), Maverick Stable Partners, L.P. ("Stable Partners") and Maverick Stable Fund, Ltd. ("Stable Offshore" and together with Stable Partners, the "Stable Funds"). USA, LDC and Levered are sometimes collectively referred to as the Core Funds, and the Core Funds, Neutral, Neutral Levered, Long and Long Enhanced are sometimes collectively referred to in the Disclosure Statement as the Portfolio Funds. In addition to managing the Portfolio Funds, Maverick Capital, Ltd. also manages certain separately managed accounts.

The Maverick Hedged Equity Strategy ("HES") became the total management style of USA and LDC as of March 1, 1995. The portfolios of Levered, Neutral, Neutral Levered, Long and Long Enhanced are comprised substantially of the same asset allocations as HES, weighted in accordance with the respective fund's long/short exposure targets. Neutral and Long generally do not incur substantial amounts of margin debt. USA, LDC, Levered, Neutral Levered and Long Enhanced incur margin debt in varying amounts as described in their respective Offering Memoranda. While the "investment mix" of the Funds may change over time, they have never been limited as to a specific type, quality or quantity of investment in which they may invest. The Maverick Core Strategy is comprised of the assets of the Core Funds and those separately managed accounts that generally follow the HES strategy; the Maverick Long Strategies are comprised of the assets of Long and Long Enhanced and separately managed account assets that are managed in a similar manner. The returns of each of the funds are computed on a time-weighted total return basis and include the reinvestment of all income derived from, and gains from the sale of, assets in the Funds' underlying portfolios. Data contained herein is unaudited.

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Maverick Supplement

Unless otherwise indicated, information is presented as of the last day of the month indicated. The performance data shown is compiled in accordance with a proprietary investment management model developed by Maverick Capital, Ltd. and is approximate and unaudited. Performance attributions are gross of management and performance fees and include realized and unrealized securities gains and losses, dividend income and expense, foreign exchange gains and losses, and other income and expenses associated with financing. Net returns for the funds would be reduced from those shown and will vary due to differences in fees, new issues eligibility, timing of capital flows and other factors. Actual returns will vary from one investor to the next taking into consideration factors described in the respective funds' Offering Memoranda. Monthly, quarterly, year-to-date, annual and annualized since inception net returns of the funds under different fee assumptions are available upon request.

Portfolio Exposure information is calculated on the basis of fair market values as of the date indicated. Maverick Core Funds Portfolio Exposures indicate the allocation among assets of USA, LDC and Levered. Maverick Neutral Portfolio Exposures indicate the allocation among assets of Neutral and Neutral Levered. Maverick Long Portfolio Exposures and Maverick Long Enhanced Portfolio Exposures indicate the allocation of assets of Long and Long Enhanced, respectively. In the case of the Maverick Core Funds Portfolio Exposures, net assets include investor equity, the proceeds of the Leverage Feature (as described in Levered's Offering Memorandum), and certain deferred performance and management fees payable to Maverick Capital, Ltd. that have been reinvested in the Portfolio Funds. Classification of exposures by sector and region are based on classification of publicly traded and non-publicly traded investments in accordance with principles established by the Investment Manager that do not correspond with third party classifications. The fair market value of publicly traded securities is based generally on quotations from third party sources; the fair market value of other equity investments held by the Portfolio Funds has generally been determined by the Investment Manager and has been subject to a 50% beta adjustment to reflect reduced market volatility for purposes of measuring exposures; the Investment Manager determines the equity value of certain credit instruments for purposes of presenting portfolio exposures and may subject the value of such instruments to an adjustment factor; the fair market value of other assets is determined by the investment manager as of the end of each month; Currency Hedge Positions are currency forward contracts and assets derived from borrowings entered into to hedge currency exposures; Currency Hedge Positions are excluded from presentations of exposure data. Neutral, Neutral Levered, Long and Long Enhanced generally do not participate in non-publicly traded or credit investments. Return information of the Portfolio Funds is based on current valuations of publicly traded securities and is a preliminary estimate that is a blended return of all investors in the respective fund. Small Cap performance attribution is determined by reference to Small Cap investments classified as such by the Investment Manager. Information relating to Public Equity Concentration is provided for publicly-traded common stock positions and related derivative instruments of the indicated fund or funds, excluding certain positions classified as small cap securities based principally on their trading volumes. Information concerning the median days trading volume is given with respect to the aggregate positions of the Investment Manager's clients, excluding the Stable Funds. Multiple investments in an Issuer are aggregated in determining Investment Concentration. Information relating to the Assets by Investor Type relates to the duration of investors' and clients' relationships with the Investment Manager and its funds. The Portfolio Liquidation Timeline reflects the liquidation of all assets of the Investment Managers clients other than the Stable Funds and assumes the liquidation of private investments will take in excess of one month. ASC 820 Breakdown data shows total return swaps (Level 2) as an investment in the underlying asset rather than the market value (unrealized gain) that will be shown in the financial statement presentation. Maverick Capital, Ltd. makes no representation, and it should not be assumed, that future investment performance will conform to past performance. Additionally, there is the possibility for loss when investing in the Funds.

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