What does this do in assembly

Question

My teacher wants us to have a basic understanding of assembly, because later down the road, that might be helpful. I'm fine with that, but my college provides zero documentation on the subject, apart from 4 small examples. I'm trying to figure out what is happening in this one:

.DEVICE ATmega32

.CSEG
main:

ldi    ZL,low(varclist<<1)
ldi    ZH,high(varclist<<1)

.CSEG
varclist:
.db    1, 2
.db    3, 4
.db    5, 6
.db    7, 8
.db    9, 0

I'm am working in AVR studio 5, and looking at the 'processor' tab. I can't seem to find any relation between the values in 'varclist', and the hexadecimal values the registers are showing. How do i look at this?

I would expect the Z register to contain 0x0100 as i would imagine the 'most-significant' bit to be the first one declared, and the least significant the last declared. I'm seeing 0x0070, however. I'm not sure what the shifting does, though.