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To: Investors in Viking Global Equities

From: O. Andreas Halvorsen


Date: July 8, 2009

Performance and Portfolio

Our performance in the second quarter was 0.5% net of all fees on a composite 1 basis
compared to a gain of 16.5% for the MSCI World Index and a gain of 15.9% for the S&P
500 Index. We are disappointed with our performance and, while our shorts will always
constitute a drag on our results in rising markets, we aspire to do better than we did in the
second quarter.

VGE MSCI World Index S&P 500 Index


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Net Return
Second Quarter 0.5% 16.5% 15.9%
First Six Months 8.0% 4.8% 3.2%
Annualized Volatility
Second Quarter 6.6% 20.5% 26.1%
First Six Months 7.5% 26.6% 34.8%

The unlevered return was 17.0% for our longs and 27.9% for our shorts yielding a long-
short spread of negative 11.0% for the quarter. The market rebounded strongly in the
second quarter, and our short positions contributed a significant loss as they appreciated
more than the broad market indices. At the same time, our longs performed in line with
the indices. Due to our positive net exposure, Viking’s net return was virtually flat in
spite of the negative long-short spread. Obviously, generating a negative spread is not
conducive to producing compelling investment returns over time, but we remain
committed to our fundamental stock-picking methodology and believe the portfolio is
well-positioned for gains on both our longs and shorts going forward.

Our gross exposure2 increased from 86% to 112% in the quarter while our net exposure
increased from 29% to 37%. We made a conscious decision to increase gross exposure

1
The VGE estimated composite return is the weighted average of investor returns across the Viking hedge
fund products (VGE LP, VGE II LP, and VGE III Ltd.) assuming investors are subject to a 1.5%
management fee and a 20% incentive fee taken at calendar year-end. Actual investor returns will vary
based on fund, class, hot issue eligibility, and timing of individual contributions and withdrawals. The
attached Performance Report provides further details by fund, class, and hot issue eligibility. VGE LP,
VGE II LP, and VGE III Ltd. generally invest on a pari passu basis but performance and exposures may
vary for reasons including, but not limited to, differences in expense ratios, portfolio composition and tax
considerations. The estimated composite return has not been audited. Past performance is not a guarantee
of future results.
2
Exposure numbers in the letter exclude credit derivative exposures, which are detailed in the attached
Performance Report.

© 2009 Viking Global Investors LP (unpublished)


as the uncertainty around government and regulatory actions has abated and we feel the
market is more stable. We anticipate a further rise in gross exposure, but have not set a
target level. Gross exposure increased through a combination of market movements and
new idea generation. The rapid appreciation in share prices around the world inflated the
values of both our longs and shorts, growing our balance sheet without producing
material profits. We continually push our analysts to come forward with great ideas, and
I am encouraged by the productivity of the investment staff and the number of new ideas
we have added to the portfolio as changing stock prices provided opportunities for
repositioning. At the end of the quarter, we had 145 equity positions, up from 125
positions at the beginning of the quarter. Of the 145 positions, 68 (47%) were not in the
portfolio at the beginning of the quarter. The increase in net exposure is the natural
outcome of our bottom-up stock-picking process and should not be interpreted as a bet on
continued rising markets.

The Information Technology sector was the largest profit contributor in the second
quarter. The bulk of this profit came from our longs. At the end of the quarter, Software
and Services (which includes companies that develop software and provide information
technology consulting and services, data processing, and outsourced services) made up
the largest industry group within the Information Technology sector. Software and
Services represented 18.2% of total gross exposure, consisting of 14.1% long and 4.2%
short exposure for a net exposure of positive 9.9%. The industry groups with the next
largest net long positions were Media at 9.1%, Other Diversified Financial Services at
5.7%, and Food, Beverage and Tobacco at 4.6%. We continued to carry a net short
position within Capital Goods in the Industrials sector at negative 4.0%. Attached to this
letter, you will find a breakdown of our exposures by sector and industry group as
defined by the Global Industry Classification Standard (“GICS”).

At the end of the second quarter, Invesco Limited was our largest long position at 4.2%
of capital. Our ten largest longs comprised 32.2% of capital and the ten largest shorts
accounted for 12.2% of capital. The largest individual short position represented 2.3% of
capital. The following is a list of our ten largest long positions on June 30th (in order of
size):

Invesco Limited (IVZ.N)


Mastercard Inc. (MA.N)
Visa Inc. (V.N)
Unilever NV (UNc.AS)
The DIRECTV Group, Inc. (DTV.O)
Google Inc. (GOOG.O)
JP Morgan Chase & Co. (JPM.N)
The Walt Disney Co. (DIS.N)
Bank of America Corp. (BAC.N)
Qualcomm Inc. (QCOM.O)

Five of the top ten long positions were new to, or reentered, the list this quarter:
Unilever, DIRECTV, JP Morgan Chase, Walt Disney, and Bank of America.

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Our largest profit contributor for the quarter was Invesco Limited contributing 1.0% to
performance. We have covered Invesco closely for several years and believe that the
company will continue to outperform many of its competitors. Viking is currently
net long 2.4% in the Asset Management and Custody Banks industry group, which
includes the Invesco long position and short positions in asset managers that we believe
will experience deteriorating fundamentals in their businesses. The net profit in the
quarter attributable to this industry group was 0.2%. We believe Invesco’s streamlined
organization and improved investment performance position it well for continued growth
in assets under management and a substantial widening of operating margins. Invesco
has begun to generate positive net asset flows, which we expect will continue in the
coming quarters. In addition, the company’s option to participate in consolidation
opportunities in the asset management industry adds to its attractiveness.

Our largest loss for the quarter was a short position in the financial sector. Among our
long positions, our largest loss was in Apollo (APOL.O) which cost us 0.6%. We have
analyzed Apollo for years; it entered the top 10 list in the second quarter of 2008 and, as
referenced in our fourth quarter letter, was our most profitable investment in 2008. We
initially reduced the size of the position in April when Apollo reported earnings for its
February quarter (Apollo has a fiscal year-end of August 31st) and disclosed that
enrollment growth slowed more than expected which caused a slight reduction in our
earnings estimates. Despite the slowdown earlier this year, Apollo has shown strength in
its core business, most recently beating earnings expectations in the May quarter when
they reported last week. Notwithstanding the continued fundamental strength of the
company, the stock declined in the second quarter due to, in our opinion,
concerns regarding potential legislative risks and an associated reduction in earnings
growth and profit margins. The reason Apollo no longer appears in our top 10 list is that,
according to our beliefs, its stock price has begun to react to potential legislative changes
more so than to fundamentals. As I have described before, Viking strives to avoid
situations where less predictable factors, such as regulatory actions, overwhelm
fundamentals. Viking will continue to monitor Apollo and the for-profit education
sector and has not changed its positive fundamental view of the company and its
management team.

Viking’s portfolio weighting in North America at the end of the quarter was 72% of gross
exposure which is near the high end of our historical range (low of 45% in December
1999 and high of 74% in September 2002). Our analysts are charged with seeking out
the best investment opportunities regardless of geography, and we do not override the
resulting geographic weightings by top-down adjustments other than for purposes of risk
mitigation.

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Viking Team

We have just completed our mid-year review of all Viking personnel, and I would like to
share my observations concerning the status of our team and the demands on our staff
going forward.

We continue to believe that our investment staff is as strong as ever. Our performance
measurement system, designed by David Ott, represents a sound analytical framework
that forms the starting point in assessing the contribution of each analyst and,
importantly, has the buy-in of the full team. As a result, we waste little time debating the
value an analyst contributes to performance. To help each analyst make a significant
impact on Viking’s results over time, we have effectively communicated the attributes
required for such success. Over 80% of our analysts had positive adjusted profit
(adjusted for market performance) in the first half of 2009, and our current staff has
achieved positive adjusted profit in 44 of 53 man-years. We have also methodically
improved the analyst coverage of our investable universe and continue to mentor and
develop our junior analysts with the objective of further expanding our areas of in-house
expertise. While our analysts specialize in different industries globally, they think and
act as a single team, sharing ideas and making decisions for the good of the overall
portfolio.

As discussed in our fourth quarter 2008 letter, we felt there was great potential for the
credit team to have a stronger impact on Viking’s profits and, to that end, have
incorporated these analysts into the equity team, where they will continue in their search
for credit-related investment opportunities. This structure allows us to integrate further
the capital structure expertise of our credit analysts with the sector and company
expertise of our equity analysts. Josh Abramowitz, who joined Viking in 2004 and
served as a portfolio manager of credit-related investments, has announced his
resignation from the firm. Josh has been integral to developing Viking’s expertise in the
credit area, and we thank him for his contributions and wish him success in his pursuits.

Turning to our operating functions, I firmly believe all our practices are on par with our
best-in-class peer group. I base my opinion on our ongoing thorough review and
conversations with investors, members of our peer group, and other external
constituencies. I also believe that unless we raise the bar across all these functions in the
years ahead, we will no longer remain at the forefront of our industry. We are constantly
reminded of the fact that we are in an unforgiving business, and we do our very best
every day to be better than we were the day before. Succeeding in this pursuit is a
requirement for remaining in business given the increased uncertainty within our industry
and the ratcheting up of demands from our investors, the marketplace, and various
regulatory authorities. All Vikings take these demands very seriously. What encourages
me the most is that we have the resources to seize the opportunities for improvement we
see across all our practices. As always, Viking will rise to the occasion. We will not
succumb and avoid taking the right course of action just because it is difficult to navigate.

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All of our managers know that we look to them to lead the advancement as neither I nor
my senior partners can be expected to know all the answers. Just like we put our best
analysts in charge of stock-picking in their sectors of expertise, we put our operational
managers in charge of finding ways to raise the bar in their areas of responsibility. We
give authority to our managers because they are the best practitioners we know and
experts at what they do. Our managers may meet initial resistance when they challenge
long-held beliefs by proposing changes to our operating practices. In these instances, we
expect them to advocate their ideas vigorously and be persuasive in their analysis. If they
have good ideas, but they are unable to advance them, they will have little impact and
meet limited success at Viking.

A continuous challenge facing every one of us is the natural tendency to self-impose


constraints on the idea generation process. Facts and circumstances change constantly,
and if we are not prepared to challenge the status quo, we will eventually stumble. A
path not followed in the past, and rightly so, may very well be the optimal path today.
This concept is embodied in our very best managers, but it is very demanding to live by
for long periods of time. Past successes and established routines make it difficult for
some to constantly question their assumptions and appropriately renew their operating
procedures. This process requires extraordinary professionals in all positions around the
firm who are relentless in their pursuit of excellence. This system is not for everyone, but
it is the only one I know that stands a chance of earning continued trust from our
investors.

As a result, over the past year and a half, we have augmented our management team in
several key areas. Another reason for this expansion in our managerial ranks is that, as
our operations have grown steadily over time and the investing environment has become
increasingly uncertain, the level of coordination required to avoid mistakes has risen
dramatically. Our various activities have become increasingly interdependent, leading to
a level of complexity that no longer can be managed by a small handful of senior
managers. Every manager at Viking needs to lead their departments with a
comprehensive understanding of our overall strategy to best serve and protect our
investors’ interest. Our very best managers have been able to step up and take charge of
these new and more strategically oriented demands, thereby opening up attractive growth
opportunities for their direct reports. This is always the preferred evolution at Viking. In
other instances, we have added management talent and restructured job responsibilities to
properly align skills and duties.

Herein lies one of our biggest challenges: preserving the wonderful culture and esprit de
corps of Viking while responding to incremental demands on all operating functions. We
have a number of very conscientious Vikings who have done a fantastic job over long
periods of time. It is thanks to them that we have such a solid foundation from which to
launch new initiatives in a relatively short time and without setbacks. Examples of this
include our trading system upgrade and fund administration transition, both of which I
will cover later in this letter. These projects required institutional knowledge, a
challenging of the status quo and tremendous cross-functional team effort. In tackling

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projects like these, we do our best to preserve the contributions that have been made
while taking advantage of fresh perspectives and new ideas.

As Viking evolves, we must accept that great Vikings occasionally move on. Recently,
Carl Casler, a nine-year Viking who has served as our CFO since January 2008, resigned
from the firm. Carl has been a great Viking and a valuable contributor to the firm
throughout his tenure. He will pursue an opportunity with a start-up hedge fund, and we
wish him success in his future endeavors. Brian Smith, Viking’s CFO from inception
until the beginning of 2008, and currently an Advisory Director of the firm, has assumed
Carl’s responsibilities until Carl’s replacement joins Viking. We have conducted a
thorough search for a new CFO and have identified an outstanding individual who will
join the firm as soon as he has transitioned his current responsibilities. I look forward to
sharing his background in our next letter.

I am encouraged by the fact that all our hard work continues to yield results. I believe we
have built a great business and the quality of our staff continues to improve since the last
time I wrote a quarterly letter; I am convinced it will be stronger yet when we meet in
October for our Annual Meeting. This is what I care about. If we have the best team, we
will be able to raise the bar and set new standards. I often reflect on how privileged I am
to be on this team, and I know my teammates feel the same way. All of us remind
ourselves that we must come to work every day and demonstrate that we deserve to
remain on the team tomorrow.

Operations

Our pursuit of best practices across the board positions the firm well to comply with
regulatory requirements including SEC registration should that become mandatory. Our
size allows us to support the complex and ever-changing business in which we operate
and permits us to hire and retain the very best people, improve our technology and
systems, respond to and abide by new regulation, and review our processes and make
changes when necessary.

We continue to upgrade our trade execution function as part of our ongoing efforts to be
best-in-class across all activities. Since Keith Gertsen joined Viking to head the trading
desk in January, he has spearheaded a number of new initiatives. We have concentrated
our trading activity with our strongest brokerage relationships to improve trade execution
cost, and we have moved a large portion of our trades (as much as 50% on some days) to
their electronic venues to maintain anonymity. As a consequence, we pay a number of
third-party research providers through commission sharing arrangements with our main
trading partners. We have also given our traders new, state-of-the-art tools to identify
additional sources of liquidity by upgrading our order management system earlier this
month, and we are in the process of installing enhanced trade execution software as well
as a transaction cost monitoring capability. Once these upgrades are complete, we will be
able to analyze the efficacy of our trading practices by broker and venue (electronic or
voice brokerage) and by each trader on the desk, as well as evaluate the order placement

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practices of our portfolio managers. We are enthusiastic about early indications of
improvements in the price impact of our trading activity and commissions paid, and we
will report back to you when our new systems are fully operational and their impact can
be better quantified.

June 30th marks the fiscal year-end of VGE III Ltd., and accordingly our Finance and Tax
teams are in the process of preparing the year-end financial statements. We want to make
you aware that the financial statements will reflect a reserve of approximately 64 basis
points of fund capital for potential tax liabilities outside the United States. This reserve
has already been reflected in all the performance figures you have received. Should you
have any questions concerning why or how we calculated this reserve, please do not
hesitate to contact Rebecca Ginzburg at (212) 672-7012 or by email at
rebecca@vikingglobal.com.

Gross external redemptions for the second quarter were 4.9% of capital under
management. We continued our longstanding business practice of running the fund cash
flow neutral by seeking to replace redemptions with offsetting subscriptions during the
period. On only four occasions in the past ten years, when the combination of idea
generation and liquidity were aligned, did we grow our capital base through incremental
subscriptions. Of the $10.5 billion we manage, 22% is net paid-in-capital; the remainder
represents appreciation. The gross external redemptions we have experienced since late
last year are unprecedented in Viking’s operating history: 6.1% at year-end, 3.6% during
the first quarter, and 4.9% during the second quarter. The vast majority of these
redemptions have been partial redemptions, and we have diligently replaced that capital
by admitting new, high quality investors who we believe will further strengthen the
stability of our capital base going forward. The tendency of redeeming investors to trim
their positions combined with our ongoing practice of replacing redemptions has caused
us to bump up against the limited number of holders of record or “slots” we can offer.
We highly value the partnership we have with each of our investors and are carefully
evaluating changes we may need to make in order to responsibly manage the fund. These
changes may include enforcing our current minimum of $1 million per account and
increasing the minimum for prospective investors.

As mentioned in a prior communication, we have chosen Morgan Stanley Fund Services


(“MSFS”) to administer both VGE III Ltd. and VGE LP. We will continue doing all
internal accounting functions that we have always done, but MSFS will maintain the
official books and records of the funds as of July 1st and will independently strike the
NAV on a monthly basis beginning on July 31st. As a result of this move, we will cease
to post investor balances to our website beginning in August. MSFS will provide
monthly account statements through the same communication method that you have been
receiving statements previously or as you have indicated to them directly. You should
have received, or will receive shortly, a communication from MSFS confirming
the contact and distribution details of your account. Please respond directly to MSFS by
July 31st with any updates. If you would like to contact their Investor Services, you can
reach them in New York at (914) 225-8885 or in Dublin at +353 1-799-8778 or via email
at fs-investor-services@msfundservices.com.

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With the move to full external fund administration, we are discontinuing the Agreed-
Upon Procedures (“AUP”) report prepared by PricewaterhouseCoopers. As VGE III Ltd.
investors will receive audited financial statements for the fiscal year-end June 30th, the
March 31st AUP report was the final one. For VGE LP, the June 30th AUP report will be
the final one.

Other

Our 2009 Annual Meeting will be held on Tuesday, October 13th beginning at 2:00pm at
the St. Regis Hotel, 2 East 55th Street in New York City. You will receive more
information and a formal invitation by mail. We hope to see you there.

All Vikings wish you a great summer and thank you for your loyal support.

Confidentiality

This document contains proprietary, confidential, and copyrighted material and is


intended only for the use of the investor to whom it is addressed. Its contents may not be
disclosed to any person except as expressly permitted under the investor's Subscription
Agreement. If you are not the addressee, please destroy all copies of the letter and its
attachments and notify us immediately.

This letter is not an offer to sell, or a solicitation of an offer to buy, any interest in any
Viking fund. Offers will be made only by means of a formal Confidential Memorandum
to be furnished to a prospective investor upon request and appropriate subscription
documents.

Investment Advisers Act Disclosure

It should not be assumed that investments made in the future will be profitable or will
equal the performance of the securities discussed in this letter. The specific securities
described herein do not represent all of the securities purchased, sold or recommended by
Viking during the applicable period. All Viking positions listed in this letter are as of the
quarter end and are subject to change without notice.

Disclosure Relating to Commission Payments

During the 12 months ending June 30, 2009, the aggregate commission payments to
brokers by VGE LP, VGE II LP, VGE III Ltd., and Viking Long Fund Master Ltd. were

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$89.6 million (including $450,000 in commissions paid by VLF Master Ltd. during the
six months since its inception on January 1, 2009), or approximately 0.9% of average
capital under management. The brokers were chosen for their ability to provide best
execution, taking into account, among other things, the quality of published research,
analyst access, and research meetings. The average global commission rate of all trades
was 13.9 basis points. Of this total, $16.7 million was paid via trades to executing
brokers, who in turn paid third-party providers of research and research-related services.
These payments were made in the form of both traditional soft dollar payments and
commission sharing arrangements (CSAs).

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Base Case Analysis for Period 4/1/2009 – 6/30/2009

Return Exposure Contribution


Base Case 28.5% 40% 11.4%
Variation from Base Case
Actual Long Performance (17.0%) -11.5% 120% -13.8%
Actual Short Performance (27.9%) 0.6% 80% 0.5%
Actual Net Exposure (31%) 28.5% -9% -2.6%
Actual Gross Exposure (99%) 6.0%
Total Variation from Base Case -9.9%
Total Return from Equity Positions 1.5%
Total Return from Credit Positions 0.2%
Other (Interest & Fees) -1.0%
Gross Return 0.7%
Net Composite Return 0.5%
Past performance is not a guarantee of future results.

Overview
The base case quantifies alpha generation on our equity portfolio relative to the average performance of our investable
universe (~2,000 stocks that trade $20+ million on average per day selected across all sectors and geographies). Please note
that the base case return is derived from an essentially equal-weighted index and thus may differ substantially from returns
based on indices such as the S&P 500 and the MSCI World which are market capitalization-weighted indices. We reconcile
the average return of this universe to our actual performance based on alpha generation on longs and shorts and a
reconciliation of our actual exposures to our base case exposures of 120% long, 80% short, 200% gross and 40% net.

Calculations
Base Case: The base case return of 28.5% is the average return of the stocks in our investable universe. The universe
returns are calculated on a currency-protected basis and are inclusive of dividends. When the average return of the universe
is multiplied by the 40% net exposure, the base case portfolio yielded an 11.4% gain for the period.
Actual Long Performance: The actual unlevered performance of our long equity portfolio was 17.0%. The differential
between our unlevered long performance and the 28.5% mean return of the universe was -11.5%, which is the alpha
attributed to our longs. The long alpha multiplied by 120% base case long exposure contributes -13.8% to the base case
variation relating to the performance of our longs.
Actual Short Performance: The actual unlevered performance of our short equity portfolio was 27.9%. When compared to
the 28.5% mean return of the universe, the alpha attributed to our shorts was 0.6%. The short alpha multiplied by 80% base
case short exposure contributes 0.5% to the base case variation relating to the performance of our shorts.
Actual Net Exposure: The actual average net exposure of 31% deviated from the base case 40% net exposure by -9%. The -
9% differential multiplied by the base case return of 28.5% contributes -2.6% to the base case variation relating to our net
exposure.
Actual Gross Exposure: The actual average gross exposure (99%: 65% long, 34% short) deviated from the base case gross
exposure (200%: 120% long, 80% short). The deviation in the level and composition of gross exposure contributed to a base
case variation of 6.0%.
Total Variation from Base Case: The sum of the above variations.
Total Return from Equity Positions: The sum of Base Case Contribution and Total Variation from Base Case.
Total Return from Credit Positions: The contribution to Viking's return generated by Viking's credit positions (bank debt,
corporate bonds, CDS, LCDS, etc.).
Other (Interest & Fees): The contribution to Viking's return generated by management fees, debit/credit interest on broker
balances, and net short rebate income.
Gross Return: The sum of Total Return from Equity Positions plus Total Return from Credit Positions plus Other (Interest &
Fees).
Net Composite Return: Gross Return, net of fees for an investor assuming one year lockup terms (20% incentive fee).
Actual returns will vary based on fund, class, hot issue eligibility, and timing of individual contributions and withdrawals.

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GICS Sector and Industry Group Exposure as of June 30, 2009

Gross Exposure Net Exposure

Consumer Discretionary
Media 9.1% 9.1%
Other Consumer Discretionary 4.8% 3.2%
13.9% 12.3%
Consumer Staples
Food Beverage & Tobacco 5.0% 4.6%
Other Consumer Staples 1.8% 0.4%
6.7% 5.0%
Energy 0.7% 0.0%
Financials
Banks 15.6% -6.8%
Diversified Financials
Asset Management & Custody Banks 8.5% 2.4%
Investment Banking & Brokerage 3.0% 2.1%
Other Diversified Financial Services 6.8% 5.7%
Specialized Finance 3.0% 1.7%
Insurance 4.0% 1.6%
Other Financials 2.4% -1.7%
43.2% 5.1%
Health Care
Health Care Equipment & Services 9.0% 1.3%
Other Health Care 0.6% 0.5%
9.6% 1.8%
Industrials
Capital Goods 7.0% -4.0%
Other Industrials 3.4% 1.5%
10.4% -2.6%
Information Technology
Software & Services 18.2% 9.9%
Technology Hardware & Equipment 3.0% 1.6%
21.2% 11.5%
Materials 1.9% 1.1%
Telecommunication Services 2.0% 0.1%
Utilities 2.2% 2.2%
Total Exposure 111.9% 36.7%
*Values may not add due to rounding

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Viking Global Equities III Ltd.
Exposure Report as of June 30, 2009
Fund AUM (in $millions): $6,675
Firm AUM (in $millions): $10,624

Equity Exposure By Sector Long Short Gross Net

Consumer Discretionary 11.4% -0.8% 12.2% 10.6%


Consumer Staples 5.9% -0.9% 6.8% 5.0%
Energy 0.4% -0.3% 0.7% 0.0%
Financials 23.9% -19.2% 43.1% 4.7%
Health Care 5.7% -3.7% 9.4% 2.0%
Industrials 3.9% -6.5% 10.4% -2.6%
Information Technology 16.5% -4.9% 21.4% 11.6%
Materials 1.5% -0.4% 1.9% 1.1%
Telecommunication Services 0.6% -0.9% 1.6% -0.3%
Utilities 2.2% 0.0% 2.2% 2.2%
Other 0.0% 0.0% 0.0% 0.0%

Total 72.1% -37.7% 109.9% 34.4%

Equity Exposure By Geography Long Short Gross Net

U.S. & Canada 54.3% -25.3% 79.6% 29.0%


Western Europe 14.3% -8.2% 22.5% 6.1%
Japan 1.3% -1.5% 2.8% -0.3%
Asia (ex-Japan) 0.5% -0.5% 1.0% 0.1%
Emerging Markets 1.7% -2.3% 4.0% -0.6%
Other 0.0% 0.0% 0.0% 0.0%

Total 72.1% -37.7% 109.9% 34.4%

Equity Exposure By Market Cap Long Short Gross Net

Large Cap 62.1% -25.6% 87.7% 36.6%


Mid Cap 9.7% -11.8% 21.5% -2.1%
Small Cap 0.3% -0.4% 0.7% 0.0%

Total 72.1% -37.7% 109.9% 34.4%

Non- Equity Exposure Long Short Gross Net

Corporate Bonds 0.6% -0.2% 0.8% 0.3%


Bank Loans 2.1% 0.0% 2.1% 2.1%

Total 2.7% -0.2% 2.9% 2.5%

CDS Exposure Notional Unrealized

Single Name CDS


Purchased Protection 4.7% -0.1%
Written Protection 0.0% 0.0%
Index CDS
Purchased Protection 0.5% 0.1%
Written Protection 0.0% 0.0%

Concentration Long Short

# of Equity Positions 65 80
Largest Position 4.2% -2.3%
Top 10 Positions 32.5% -12.4%

FAS 157 Disclosure (expressed as % of total market value)

Level 1 Positions 96.3%


Level 2 Positions 3.2%
Level 3 Positions 0.5%

Confidentiality
This document contains proprietary and confidential information and is intended only for the
use of the investor to whom it is addressed. Its contents may not be disclosed to any person
except as expressly permitted under the investor's Subscription Agreement. If you are not
the addressee, please destroy all copies of this document and notify us immediately. Thank you.
Viking Global Equities III Ltd. - Performance Report as of June 30, 2009 Fund AUM (in $millions): $6,675
Firm AUM (in $millions): $10,624
Performance Attribution Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 YTD
by Sector

Long:
Consumer Discretionary 0.9% 0.1% 0.0% -0.2% 0.0% 0.7% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.5%
Consumer Staples -0.1% -0.1% 0.0% 0.1% 0.4% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.6%
Energy 0.0% -0.3% -0.1% 0.0% 0.3% 0.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.1%
Financials -2.3% -1.0% 2.9% 2.5% 2.1% 0.5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 5.4%
Health Care 0.2% -0.2% -0.2% 0.6% 0.4% 0.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.1%
Industrials 0.0% -0.2% 0.2% 0.2% 0.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.5%
Information Technology -0.3% 0.8% 1.3% 1.1% 0.5% -0.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 3.4%
Materials 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Telecommunication Services -0.6% 0.2% 0.2% -0.2% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.4%
Utilities 0.0% 0.0% 0.0% 0.0% -0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.1%
Other 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Total Long Performance -2.2% -0.7% 4.3% 4.0% 4.0% 1.5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 12.0%

Short:
Consumer Discretionary 0.5% 0.2% -0.1% -0.3% -0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.1%
Consumer Staples 0.0% 0.0% -0.1% -0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.1%
Energy 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Financials 3.8% 2.1% -1.9% -2.9% -1.4% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.8%
Health Care 0.3% 0.4% -0.2% -0.3% -0.1% -0.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.2%
Industrials 1.7% 1.0% -0.5% -1.7% -0.5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.2%
Information Technology 0.2% 0.5% -0.4% -0.2% 0.1% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.2%
Materials 0.3% 0.1% 0.0% -0.2% -0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.1%
Telecommunication Services 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Utilities 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Total Short Performance 6.8% 4.2% -3.1% -5.7% -2.2% -0.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.9%

P&L from Credit Portfolio 0.1% 0.0% 0.0% 0.0% 0.1% 0.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.5%

Other Items (mgmt fees, interest) -0.1% -0.1% -0.2% -0.2% -0.2% -0.9% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -1.8%

Total Gross Return - Composite 4.6% 3.4% 1.1% -1.9% 1.8% 0.6% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 9.9%
Total Gross Return - New Issue Eligible 4.6% 3.4% 1.1% -1.9% 1.8% 0.6% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 9.9%
Total Gross Return - Ineligible 4.6% 3.4% 1.1% -1.9% 1.8% 0.6% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 9.9%

Performance Attribution Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 YTD
by Geography

Long:
U.S. & Canada -1.2% -0.9% 3.4% 2.5% 2.2% 1.4% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 8.1%
Western Europe -0.8% 0.4% 0.5% 1.3% 1.6% -0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 3.2%
Japan -0.3% -0.1% 0.1% -0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.5%
Asia (ex-Japan) 0.0% -0.1% 0.3% 0.2% 0.1% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.8%
Emerging Markets 0.0% 0.0% 0.0% 0.1% 0.2% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.4%
Other 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Total Long Performance -2.2% -0.7% 4.3% 4.0% 4.0% 1.5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 12.0%

Short:
U.S. & Canada 4.9% 3.5% -1.9% -3.5% -1.3% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.3%
Western Europe 1.6% 0.4% -0.6% -1.9% -0.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -1.1%
Japan 0.2% 0.1% -0.2% 0.0% -0.1% -0.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.3%
Asia (ex-Japan) 0.1% 0.1% -0.2% -0.1% -0.1% -0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.4%
Emerging Markets 0.0% 0.1% -0.2% -0.2% -0.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.5%
Other 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Total Short Performance 6.8% 4.2% -3.1% -5.7% -2.2% -0.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.9%

P&L from Credit Portfolio 0.1% 0.0% 0.0% 0.0% 0.1% 0.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.5%

Other Items (mgmt fees, interest) -0.1% -0.1% -0.2% -0.2% -0.2% -0.9% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -1.8%

Total Gross Return - Composite 4.6% 3.4% 1.1% -1.9% 1.8% 0.6% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 9.9%
Total Gross Return - New Issue Eligible 4.6% 3.4% 1.1% -1.9% 1.8% 0.6% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 9.9%
Total Gross Return - Ineligible 4.6% 3.4% 1.1% -1.9% 1.8% 0.6% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 9.9%

Schedule of Net Performance: MTD QTD YTD Fiscal YTD NOTES:


Class A - New Issues Eligible 0.5% 0.3% 7.9% 0.9% (1) The performance attribution and exposure figures provided above are as of June 30, 2009;
Class A - New Issues Non-Eligible 0.5% 0.3% 7.9% 0.9% the fund's performance attribution and exposure figures will likely vary in subsequent periods.
Class B - New Issues Eligible 0.5% 0.3% 8.1% 1.0% (2) All performance figures are unaudited. Gross performance is after management fees and fund expenses
Class B - New Issues Non-Eligible 0.5% 0.3% 8.1% 1.0% but before the incentive allocation.
Class H - New Issues Eligible 0.5% 0.3% 7.9% 0.9% (3) All profit attribution and exposure figures are expressed as a % of total fund capital.
Class H - New Issues Non-Eligible 0.5% 0.3% 7.9% 0.9% (4) Miscellaneous includes management fees and interest on broker balances.
Class I - New Issues Eligible 0.5% 0.3% 8.1% 1.0% (5) Individual investor returns may vary based on timing of contributions and withdrawals.
Class I - New Issues Non-Eligible 0.5% 0.3% 8.1% 1.0% (6) Values may not add due to rounding.
(7) Past performance is not an indication of future performance.
Index Returns: MTD QTD YTD (8) The S&P 500 Index and the MSCI World Index are provided for comparison purposes only. The fund does
S&P 500 Index* 0.2% 15.9% 3.2% not restrict its investments solely to securities included in the S&P 500 Index and the MSCI World Index.
MSCI World Index** -0.1% 16.5% 4.8% (9) The Gross and Net Calendar YTD performance figures assume a hypothetical investment as of the beginning
*Returns presented with dividend income reinvested. of the calendar year (January 1st) and do not take into account any prior high water marks, if applicable.
**Returns presented with dividend income reinvested net of withholding taxes;
measured in local currency terms

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