Viking Q2 Letter

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 First Six Months

0.5% 8.0%

16.5% 4.8%

15.9% 3.2%

Annualized Volatility Second Quarter First Six Months

6.6% 7.5%

20.5% 26.6%

26.1% 34.8%

The unlevered return was 17.0% for our longs and 27.9% for our shorts yielding a longshort 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 [email protected]. 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 [email protected].

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With the move to full external fund administration, we are discontinuing the AgreedUpon 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

Base Case Variation from Base Case Actual Long Performance (17.0%) Actual Short Performance (27.9%) Actual Net Exposure (31%) Actual Gross Exposure (99%) Total Variation from Base Case

Return

Exposure

Contribution

28.5%

40%

11.4%

-11.5% 0.6% 28.5%

120% 80% -9%

-13.8% 0.5% -2.6% 6.0% -9.9%

Total Return from Equity Positions Total Return from Credit Positions Other (Interest & Fees)

1.5% 0.2% -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 Other Consumer Discretionary

9.1% 4.8% 13.9%

9.1% 3.2% 12.3%

5.0% 1.8% 6.7%

4.6% 0.4% 5.0%

0.7%

0.0%

15.6%

-6.8%

8.5% 3.0% 6.8% 3.0% 4.0% 2.4% 43.2%

2.4% 2.1% 5.7% 1.7% 1.6% -1.7% 5.1%

9.0% 0.6% 9.6%

1.3% 0.5% 1.8%

7.0% 3.4% 10.4%

-4.0% 1.5% -2.6%

18.2% 3.0% 21.2%

9.9% 1.6% 11.5%

Materials

1.9%

1.1%

Telecommunication Services

2.0%

0.1%

Utilities

2.2%

2.2%

111.9%

36.7%

Consumer Staples Food Beverage & Tobacco Other Consumer Staples Energy Financials Banks Diversified Financials Asset Management & Custody Banks Investment Banking & Brokerage Other Diversified Financial Services Specialized Finance Insurance Other Financials Health Care Health Care Equipment & Services Other Health Care Industrials Capital Goods Other Industrials Information Technology Software & Services Technology Hardware & Equipment

Total Exposure *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): Firm AUM (in $millions):

$6,675 $10,624

Equity Exposure By Sector

Long

Short

Gross

Net

Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Telecommunication Services Utilities Other

11.4% 5.9% 0.4% 23.9% 5.7% 3.9% 16.5% 1.5% 0.6% 2.2% 0.0%

-0.8% -0.9% -0.3% -19.2% -3.7% -6.5% -4.9% -0.4% -0.9% 0.0% 0.0%

12.2% 6.8% 0.7% 43.1% 9.4% 10.4% 21.4% 1.9% 1.6% 2.2% 0.0%

10.6% 5.0% 0.0% 4.7% 2.0% -2.6% 11.6% 1.1% -0.3% 2.2% 0.0%

Total

72.1%

-37.7%

109.9%

34.4%

Long

Short

Gross

Net

U.S. & Canada Western Europe Japan Asia (ex-Japan) Emerging Markets Other

54.3% 14.3% 1.3% 0.5% 1.7% 0.0%

-25.3% -8.2% -1.5% -0.5% -2.3% 0.0%

79.6% 22.5% 2.8% 1.0% 4.0% 0.0%

29.0% 6.1% -0.3% 0.1% -0.6% 0.0%

Total

72.1%

-37.7%

109.9%

34.4%

Long

Short

Gross

Net

Large Cap Mid Cap Small Cap

62.1% 9.7% 0.3%

-25.6% -11.8% -0.4%

87.7% 21.5% 0.7%

36.6% -2.1% 0.0%

Total

72.1%

-37.7%

109.9%

34.4%

Non- Equity Exposure

Long

Short

Gross

Net

Corporate Bonds Bank Loans

0.6% 2.1%

-0.2% 0.0%

0.8% 2.1%

0.3% 2.1%

Total

2.7%

-0.2%

2.9%

2.5%

Notional

Unrealized

4.7% 0.0%

-0.1% 0.0%

0.5% 0.0%

0.1% 0.0%

Long

Short

65 4.2% 32.5%

80 -2.3% -12.4%

Equity Exposure By Geography

Equity Exposure By Market Cap

CDS Exposure Single Name CDS Purchased Protection Written Protection Index CDS Purchased Protection Written Protection Concentration # of Equity Positions Largest Position Top 10 Positions FAS 157 Disclosure (expressed as % of total market value) Level 1 Positions Level 2 Positions Level 3 Positions

96.3% 3.2% 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 Performance Attribution by Sector

Fund AUM (in $millions): Firm AUM (in $millions): Aug-09 Sep-09 Oct-09

Nov-09

$6,675 $10,624 Dec-09

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% 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% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

1.5% 0.6% 0.1% 5.4% 1.1% 0.5% 3.4% 0.0% -0.4% -0.1% 0.0% 12.0%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.1% -0.1% 0.0% -0.8% -0.2% -0.2% 0.2% 0.1% 0.0% 0.0% 0.0% -0.9%

0.0%

0.0%

0.0%

0.0%

0.5%

0.0%

0.0%

-1.8%

0.0% 0.0% 0.0%

0.0% 0.0% 0.0%

9.9% 9.9% 9.9%

Jan-09

Feb-09

Mar-09

Apr-09

May-09

Jun-09

Jul-09

Long: Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Telecommunication Services Utilities Other Total Long Performance

0.9% -0.1% 0.0% -2.3% 0.2% 0.0% -0.3% 0.0% -0.6% 0.0% 0.0% -2.2%

0.1% -0.1% -0.3% -1.0% -0.2% -0.2% 0.8% 0.0% 0.2% 0.0% 0.0% -0.7%

0.0% 0.0% -0.1% 2.9% -0.2% 0.2% 1.3% 0.0% 0.2% 0.0% 0.0% 4.3%

-0.2% 0.1% 0.0% 2.5% 0.6% 0.2% 1.1% 0.0% -0.2% 0.0% 0.0% 4.0%

0.0% 0.4% 0.3% 2.1% 0.4% 0.2% 0.5% 0.0% 0.1% -0.1% 0.0% 4.0%

0.7% 0.1% 0.2% 0.5% 0.2% 0.0% -0.2% 0.0% 0.0% 0.0% 0.0% 1.5%

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% 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% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Short: Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Telecommunication Services Utilities Other Total Short Performance

0.5% 0.0% 0.0% 3.8% 0.3% 1.7% 0.2% 0.3% 0.0% 0.0% 0.0% 6.8%

0.2% 0.0% 0.0% 2.1% 0.4% 1.0% 0.5% 0.1% 0.0% 0.0% 0.0% 4.2%

-0.1% -0.1% 0.0% -1.9% -0.2% -0.5% -0.4% 0.0% 0.0% 0.0% 0.0% -3.1%

-0.3% -0.1% 0.0% -2.9% -0.3% -1.7% -0.2% -0.2% 0.0% 0.0% 0.0% -5.7%

-0.1% 0.0% 0.0% -1.4% -0.1% -0.5% 0.1% -0.1% 0.0% 0.0% 0.0% -2.2%

0.0% 0.0% 0.0% 0.0% -0.3% 0.0% 0.1% 0.0% 0.0% 0.0% 0.0% -0.2%

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% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

P&L from Credit Portfolio

0.1%

0.0%

0.0%

0.0%

0.1%

0.2%

0.0%

0.0%

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%

Total Gross Return - Composite Total Gross Return - New Issue Eligible Total Gross Return - Ineligible

4.6% 4.6% 4.6%

3.4% 3.4% 3.4%

1.1% 1.1% 1.1%

-1.9% -1.9% -1.9%

1.8% 1.8% 1.8%

0.6% 0.6% 0.6%

0.0% 0.0% 0.0%

0.0% 0.0% 0.0%

0.0% 0.0% 0.0%

0.0% 0.0% 0.0%

Jan-09

Feb-09

Mar-09

Apr-09

May-09

Jun-09

Jul-09

Aug-09

Sep-09

Oct-09

Nov-09

Dec-09

Long: U.S. & Canada Western Europe

-1.2% -0.8%

-0.9% 0.4%

3.4% 0.5%

2.5% 1.3%

2.2% 1.6%

1.4% -0.1%

0.0% 0.0%

0.0% 0.0%

0.0% 0.0%

0.0% 0.0%

0.0% 0.0%

0.0% 0.0%

8.1% 3.2%

Japan Asia (ex-Japan) Emerging Markets Other Total Long Performance

-0.3% 0.0% 0.0% 0.0% -2.2%

-0.1% -0.1% 0.0% 0.0% -0.7%

0.1% 0.3% 0.0% 0.0% 4.3%

-0.1% 0.2% 0.1% 0.0% 4.0%

0.0% 0.1% 0.2% 0.0% 4.0%

0.0% 0.1% 0.1% 0.0% 1.5%

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% 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% 0.0% 0.0% 0.0% 0.0%

-0.5% 0.8% 0.4% 0.0% 12.0%

Short: U.S. & Canada Western Europe Japan

4.9% 1.6% 0.2%

3.5% 0.4% 0.1%

-1.9% -0.6% -0.2%

-3.5% -1.9% 0.0%

-1.3% -0.3% -0.1%

0.1% 0.0% -0.2%

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% 0.0% 0.0%

0.0% 0.0% 0.0%

1.3% -1.1% -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 Total Gross Return - Ineligible

4.6% 4.6%

3.4% 3.4%

1.1% 1.1%

-1.9% -1.9%

1.8% 1.8%

0.6% 0.6%

0.0% 0.0%

0.0% 0.0%

0.0% 0.0%

0.0% 0.0%

0.0% 0.0%

0.0% 0.0%

9.9% 9.9%

Schedule of Net Performance:

MTD 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%

QTD 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3%

YTD Fiscal YTD 7.9% 0.9% 7.9% 0.9% 8.1% 1.0% 8.1% 1.0% 7.9% 0.9% 7.9% 0.9% 8.1% 1.0% 8.1% 1.0%

NOTES: (1) The performance attribution and exposure figures provided above are as of June 30, 2009; the fund's performance attribution and exposure figures will likely vary in subsequent periods. (2) All performance figures are unaudited. Gross performance is after management fees and fund expenses but before the incentive allocation. (3) All profit attribution and exposure figures are expressed as a % of total fund capital. (4) Miscellaneous includes management fees and interest on broker balances. (5) Individual investor returns may vary based on timing of contributions and withdrawals. (6) Values may not add due to rounding. (7) Past performance is not an indication of future performance.

YTD 3.2% 4.8%

(8) The S&P 500 Index and the MSCI World Index are provided for comparison purposes only. The fund does not restrict its investments solely to securities included in the S&P 500 Index and the MSCI World Index. (9) The Gross and Net Calendar YTD performance figures assume a hypothetical investment as of the beginning

Performance Attribution by Geography

Class A - New Issues Eligible Class A - New Issues Non-Eligible Class B - New Issues Eligible Class B - New Issues Non-Eligible Class H - New Issues Eligible Class H - New Issues Non-Eligible Class I - New Issues Eligible Class I - New Issues Non-Eligible

Index Returns: MTD QTD S&P 500 Index* 0.2% 15.9% -0.1% 16.5% MSCI World Index** *Returns presented with dividend income reinvested. **Returns presented with dividend income reinvested net of withholding taxes; measured in local currency terms

of the calendar year (January 1st) and do not take into account any prior high water marks, if applicable.

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.

YTD

YTD