TIGER CONSUMER PARTNERS MASTER FUND, L.P.

Quarterly Update
Third Quarter 2012
October 23, 2012

Tiger Consumer Partners Master Fund, L.P. 1 finished the third quarter up 1.0% (net of
fees) 2 compared to a 6.4% increase in the S&P 500. Year-to-date the fund is up 7.8%
(net of fees) versus 16.4% for the S&P 500. Since inception on June 15, 2000, the fund is
up 167.2%, or 8.3% annually, compared to a 23.6% increase, or a 1.7% annual increase,
in the S&P 500. Please see important disclosures at the end of this letter.
As shown in the attribution analysis on the website, the components of the funds year
to date return of 9.8% (gross of incentive fees)2 are 2.5% from alpha, or return before
leverage versus the custom index, 2.9% from beta, or unleveraged net exposure to the
custom index, and 4.4% from leverage, or exposure in excess of the funds equity
capital.
We remain reasonably sanguine on the current investing environment. On the plus side,
accelerating competitive changes for consumer facing businesses is creating clear
secular winners and losers. For instance, this year, Apple, Amazon and Google will
grow their revenues by over 40%, or $75 billion to $260 billion. On the other hand,
Research in Motion, Dell, Hewlett Packard, Lexmark, Sears and JC Penney will shrink by
close to $25 billion or nearly 10%. This trend has significant implications for our
investment universe. Since earnings are the driver of value, if we can identify secular
winners/losers where change causes earnings to increase/decrease, our chance of
success improves.
While much of this is well known, we think the degree of change discounted in stock
prices can be under-appreciated, creating opportunities on the long and short side.
This is true because of our willingness to look out over a longer period of time compared
to the average investor/speculator. In most cases, we base our view of value on two
year forward earnings and the trajectory of earnings over an even longer time frame.
As a result, we can appreciate the dramatic impact, both up and down, these
changes can have on the value of a business.
1 Each of Tiger Consumer Partners, L.P. (the Domestic Fund) and Tiger Consumer Partners, Ltd. (the Offshore Fund) invests all of its
investable assets through Tiger Consumer Partners Master Fund, L.P. (the Master Fund), and as such, the views espoused and the
performance reported are equally applicable to investors in both the Domestic Fund and the Offshore. As of February 2006, all
performance and exposure data for the Master Fund are a composite of the Domestic Fund (inception date 6/15/00) and the Offshore
Fund (inception date 1/30/06). Prior to February 2006, all data reflects only the Domestic Fund.
2 All performance discussed herein other than attribution analysis is presented on a net basis. Net performance is after 1.5% management

fee and 20% incentive fee, subject to a "high-water" mark. S&P 500 performance is total return including reinvested dividends. Attribution
analysis performance is presented on a gross basis. Gross performance is after 1.5% management fee but before incentive fee.

I am also enthusiastic about the research efforts we are deploying to capitalize on

these opportunities. Our team of seven research analysts conducts deep dives into
300+ companies. In many cases, our research inputs are internally sourced and
proprietary. We maintain current detailed financial models on the 300+ companies
and feel like we are in a confident position to analyze and react to company or
industry events, as well as to changing stock prices. We work as a team and meet daily
to stay on top of our holdings and the greater investment universe.
There are, however, challenges to investing, most notably on the short side. As I have
mentioned in past letters, shorting stocks is tough in a normal environment, but is
particularly difficult when short term interest rates are zero since we no longer receive a
short rebate. When compared to a normal 3% short term interest rate environment, the
lack of a rebate penalizes performance by an estimated 2%. Absent any material
change in short term interest rates, we believe this will persist.
We have completed our staff expansion with the hiring of Stefanie Donath as our Chief
Compliance Officer. Stefanie has over ten years of compliance experience (her full bio
is on the website), and she has hit the ground running. We now have seven people on
the operations side of our business overseen by Jay Coyle, our COO. As intended, this
infrastructure permits me to spend less time on the non-investment side of the business
despite the increased demands brought on by more staff and SEC registration. To
accommodate our increased staffing, we have taken over more, segregated space at
101 Park Ave. If you have not done so already, please contact Chris Jacob and come
in for a visit.
Thank you for your support and, as always, please do not hesitate to contact me if you
have any questions, suggestions, or investment ideas.

Best Regards,
Patrick McCormack

Monthly Review
Performance

September 2012
Sep-12

Q3-Sep

2012

Inception

Tiger Consumer Partners (gross) (3)

0.0%

1.2%

9.8%

235.9%

Tiger Consumer Partners Offshore, Ltd.

Tiger Consumer Partners (net) (4)

0.0%

1.0%

7.8%

167.2%

Tiger Consumer Partners, L.P.

Custom Benchmark (5)

2.6%

6.5%

18.8%

201.7%

Total

$2,102

S&P 500 (6)

2.6%

6.4%

16.4%

23.6%
Number of Positions

Stocks

Performance (gross) (7)

Assets Under Management (15)

$ Million
$1,324
$778

Sep-12

Q3-Sep

2012

Inception

Long Performance

2.2%

5.1%

22.8%

418.2%

Longs

Short Performance

-2.2%

-4.0%

-13.1%

-182.3%

Shorts

50

Total Performance

0.0%

1.2%

9.8%

235.9%

Total

81

Performance Attribution (gross) (8)

31

Sep-12

Q3-Sep

2012

Inception

Alpha

-0.4%

-0.3%

2.5%

126.5%

Sharpe Ratio (16)

Beta

0.4%

1.0%

2.9%

29.0%

Volatility - Tiger Consumer Partners (11)

9%

Leverage

0.0%

0.5%

4.4%

80.4%

Volatility - S&P 500 (11)

16%

Total Performance (gross)

0.0%

1.2%

9.8%

235.9%

Correlation with S&P 500 (17)

0.4

R with S&P 500 (18)

0.1

Average Exposure (% equity) (9)

Other Data - Since Inception

0.7

Sep-12

Q3-Sep

2012

Inception

Long Exposure

101%

104%

105%

87%

Level I (including cash)

ASC 820 Classifications (19)

% Equity

Short Exposure

75%

76%

77%

65%

Level II

0.0%

Gross Exposure

176%

180%

182%

152%

Accruals and Subscriptions

-1.7%

Net Exposure

26%

27%

28%

22%

Total

101.7%

100.0%

Rolling Annual Returns/Volatility (10,11)

1 Yr

3 Yr

5 Yr

Inception

Tiger Consumer (net) - Annual Return

7.7%

6.9%

5.8%

8.3%

Long

4.4

7.9%

7.5%

9.1%

8.6%

Short

5.4

30.2%

13.2%

1.1%

1.7%

13.2%

15.4%

19.0%

16.0%

Volatility
S&P 500 - Annual Return
Volatility

Liquidity - Days to Liquidate (20)

Days

End of Month Exposure (12,13)

Long

Short

Gross

Net

Investors by Type (21)

U.S.

97%

-68%

165%

29%

Endowments and Foundations

26%

Hong Kong

1%

-1%

2%

0%

Fund of Funds

22%

Japan

0%

-1%

1%

-1%

Pension Funds

27%

Canada

0%

-3%

3%

-3%

Families / Trusts

15%

98%

-73%

171%

25%

Other

10%

Total

100%

Total

Largest Longs - By Name

% Equity

% AUM

Largest Shorts - by GICS Sub-Sector

% Equity

Google Inc.

6.5%

Packaged Foods & Meats

-2.6%

Michael Kors Holdings Ltd.

5.2%

Food Distributors

-2.5%

Dollar General Corp.

4.9%

Packaged Foods & Meats

-2.5%

Apple Inc.

4.6%

Packaged Foods & Meats

-2.5%

Priceline.com Inc.

4.6%

Home Improvement Retail

-2.3%

Top 5

25.8%

Top 5

-12.4%

Top 10

47.0%

Top 10

-22.7%

End of Month Exposure (12,14)

Long

Short

Gross

Net

P&L - Month (gross) (14)

Long

Short

Large Cap

62%

-18%

80%

44%

Large Cap

2.3%

-0.2%

2.1%

Mid Cap

27%

-35%

62%

-8%

Mid Cap

-0.4%

-0.8%

-1.2%

0.4%

-1.1%

-0.7%

Total

2.3%

-2.1%

Small Cap
Total

9%

-20%

29%

-11%

Small Cap

98%

-73%

171%

25%

Other (22)

Total

-0.2%
0.0%

End of Month Exposure (12)

Long

Short

Gross

Net

P&L - Month (gross)

Long

Short

Total

Consumer Discretionary

59%

-39%

98%

20%

Consumer Discretionary

1.4%

-1.5%

-0.1%

Consumer Staples

12%

-19%

31%

-7%

Consumer Staples

-0.5%

-0.2%

-0.7%

Financials

0%

-3%

3%

-3%

Financials

0.0%

0.0%

0.0%

Health Care

9%

0%

9%

9%

Health Care

0.4%

0.0%

0.4%

Industrials

0%

-1%

1%

-1%

Industrials

0.0%

-0.1%

-0.1%

Information Technology

18%

-9%

27%

9%

Information Technology

1.0%

-0.2%

0.8%

Materials

0%

-2%

2%

-2%

Materials

0.0%

-0.1%

-0.1%

98%

-73%

171%

25%

Other (22)
2.3%

-2.1%

Total

Total

-0.2%
0.0%

Confidential - Not for Distribution

As of :

30-Sep-12

Performance Attribution Analysis

PERFORMANCE, BENCHMARK AND EXPOSURE DATA
Performance (3,4,5)
Gross

2001

2002

2003

2004

2005

2006

Custom

Long

Short

Perform

Perform

Long

2008

2011

2012

Performance Due to Leverage

Performance Due to Beta

Performance Due to Alpha

TCP

TCP

Bmark

Short

Gross

Net

Long

Short

Total

Long

Short

Gross

Net

Long

Short

Total

Long

Short

Total

Long

Short

Total

G=E+F

H=E-F

I=C/G

J=D/G

K=A/G

L=E/G

M=F/G

N=G/G

O=H/G

P=C-I

Q=D-J

R=A-K

S=B*L

T=B*(M)

U=B*O

V=I-S

W=J-T

X=K-U

0.8%

0.7%

0.0%

0.5%

0.3%

15%

16%

31%

-1%

1.6%

1.1%

2.7%

48%

52%

100%

-3%

-1.1%

-0.8%

-1.8%

0.0%

0.0%

0.0%

1.6%

1.1%

2.7%

Q3

15.6%

12.5%

6.7%

7.7%

8.0%

50%

44%

93%

6%

8.2%

8.6%

16.8%

53%

47%

100%

6%

-0.6%

-0.6%

-1.2%

3.6%

-3.1%

0.4%

4.7%

11.7%

16.4%

Q4

-0.5%

-0.5%

6.2%

-4.9%

4.4%

61%

58%

119%

4%

-4.1%

3.7%

-0.5%

52%

48%

100%

3%

-0.8%

0.7%

-0.1%

3.2%

-3.0%

0.2%

-7.3%

6.6%

-0.6%

Year (1/2 Yr)

16.0%

12.8%

13.3%

2.5%

13.5%

50%

46%

95%

4%

2.6%

14.1%

16.7%

52%

48%

100%

4%

-0.1%

-0.6%

-0.8%

6.9%

-6.3%

0.6%

-4.3%

20.5%

16.2%

Q1

5.8%

4.6%

5.5%

15.2%

-9.5%

75%

49%

124%

25%

12.3%

-7.7%

4.6%

60%

40%

100%

20%

2.9%

-1.8%

1.1%

3.3%

-2.2%

1.1%

9.0%

-5.5%

3.5%

Q2

2.5%

2.0%

12.7%

18.6%

-16.1%

61%

59%

119%

2%

15.6%

-13.5%

2.1%

51%

49%

100%

2%

3.0%

-2.6%

0.4%

6.5%

-6.2%

0.2%

9.1%

-7.3%

1.8%

Q3

-0.7%

-0.7%

-16.6%

-18.6%

17.9%

56%

58%

113%

-2%

-16.4%

15.8%

-0.6%

49%

51%

uhr

-2%

-2.2%

2.1%

-0.1%

-8.2%

8.4%

0.3%

-8.2%

7.4%

-0.9%

Q4

10.0%

8.0%

25.4%

21.9%

-11.9%

66%

63%

129%

3%

17.0%

-9.3%

7.8%

51%

49%

100%

3%

4.9%

-2.6%

2.2%

13.0%

-12.4%

0.6%

4.0%

3.1%

7.1%

Year

18.4%

14.7%

24.4%

38.3%

-19.9%

64%

57%

121%

7%

31.6%

-16.4%

15.2%

53%

47%

100%

6%

6.7%

-3.5%

3.2%

12.9%

-11.5%

1.5%

18.7%

-5.0%

13.7%

13.4%

-10.2%

Q1

-12.6%

68%

54%

121%

14%

56%

44%

100%

11%

2.4%

-12.6%

5.5%

-4.4%

1.1%

5.5%

4.4%

9.9%

Q2

0.5%

0.4%

-1.6%

1.7%

-1.2%

69%

44%

113%

25%

1.5%

-1.1%

0.4%

61%

39%

100%

22%

0.2%

-0.1%

0.1%

-1.0%

0.6%

-0.4%

2.5%

-1.7%

0.8%

Q3

-0.5%

-0.5%

-20.5%

-16.1%

15.6%

68%

50%

118%

19%

-13.6%

13.2%

-0.4%

58%

42%

100%

16%

-2.5%

2.4%

-0.1%

-11.9%

8.6%

-3.2%

-1.8%

4.6%

0.8%

0.6%

9.8%

11.0%

2.8%

Q4

0.5%

0.4%

4.1%

-1.9%

2.5%

60%

59%

119%

1%

-1.6%

2.1%

0.5%

50%

50%

100%

1%

-0.3%

0.4%

0.1%

2.1%

-2.0%

0.0%

-3.7%

4.1%

0.4%

Year

1.3%

1.1%

-10.6%

-3.1%

4.5%

66%

52%

118%

14%

-2.7%

3.8%

1.1%

56%

44%

100%

12%

-0.5%

0.7%

0.2%

-5.9%

4.6%

-1.3%

3.3%

-0.9%

2.4%

Q1

2.4%

1.9%

-4.6%

-4.1%

6.5%

65%

59%

123%

6%

-3.3%

5.2%

1.9%

53%

47%

100%

5%

-0.8%

1.2%

0.4%

-2.4%

2.2%

-0.2%

-0.9%

3.0%

2.1%

Q2

14.9%

11.9%

22.5%

25.6%

-10.8%

66%

66%

132%

0%

19.4%

-8.2%

11.3%

50%

50%

100%

0%

6.2%

-2.6%

3.6%

11.3%

-11.2%

0.1%

8.1%

3.1%

11.2%

Q3

-1.1%

-1.1%

6.1%

4.5%

-5.7%

55%

51%

106%

3%

4.3%

-5.4%

-1.1%

52%

48%

100%

3%

0.3%

-0.3%

-0.1%

3.2%

-3.0%

0.2%

1.1%

-2.4%

-1.3%

8%

-0.8%

Q4

-1.4%

-1.4%

10.6%

4.1%

-5.5%

46%

39%

85%

6%

4.9%

-6.5%

-1.6%

54%

46%

100%

-0.7%

1.0%

0.2%

5.7%

-4.9%

0.8%

-1.6%

-2.4%

Year

14.7%

11.7%

37.1%

32.3%

-17.6%

58%

54%

112%

4%

28.9%

-15.8%

13.1%

52%

48%

100%

4%

3.4%

-1.8%

1.5%

19.3%

-17.9%

1.4%

9.7%

2.1%

11.8%

Q1

-1.9%

-1.9%

8.4%

2.5%

-4.4%

56%

41%

97%

15%

2.5%

-4.5%

-1.9%

58%

42%

100%

15%

-0.1%

0.1%

0.0%

4.8%

-3.6%

1.3%

-2.3%

-0.9%

-3.2%

Q2

-1.7%

-1.7%

-2.0%

-2.1%

0.5%

58%

49%

107%

9%

-2.0%

0.4%

-1.6%

54%

46%

100%

8%

-0.1%

0.0%

-0.1%

-1.1%

0.9%

-0.2%

-0.9%

-0.5%

-1.4%

Q3

4.8%

3.9%

-2.6%

-0.5%

5.4%

54%

45%

100%

9%

-0.5%

5.4%

4.8%

55%

45%

100%

9%

0.0%

0.0%

0.0%

-1.4%

1.2%

-0.2%

0.9%

4.2%

5.1%

Q4

6.1%

4.9%

12.8%

9.7%

-3.6%

66%

54%

120%

12%

8.1%

-3.0%

5.1%

55%

45%

100%

10%

1.6%

-0.6%

1.0%

7.0%

-5.8%

1.2%

1.1%

2.8%

3.9%

Year

7.3%

5.8%

16.6%

9.6%

-2.4%

59%

47%

106%

11%

9.1%

-2.2%

6.9%

55%

45%

100%

10%

0.5%

-0.1%

0.4%

9.2%

-7.5%

1.7%

-0.1%

5.2%

5.1%

Q1

2.8%

2.2%

2.9%

3.3%

-0.5%

91%

64%

155%

27%

2.1%

-0.3%

1.8%

59%

41%

100%

17%

1.2%

-0.2%

1.0%

1.7%

-1.2%

0.5%

0.5%

0.9%

1.3%

Q2

3.2%

2.6%

5.9%

5.8%

-2.6%

95%

70%

164%

25%

3.6%

-1.6%

1.9%

58%

42%

100%

15%

2.3%

-1.0%

1.2%

3.4%

-2.5%

0.9%

0.2%

0.9%

1.0%

Q3

-3.4%

-3.4%

-7.4%

-7.2%

3.8%

91%

65%

156%

26%

-4.6%

2.4%

-2.2%

58%

42%

100%

16%

-2.6%

1.3%

-1.2%

-4.3%

3.1%

-1.2%

-0.3%

-0.7%

-1.0%

Q4

11.0%

8.8%

5.3%

15.8%

-4.7%

98%

73%

171%

25%

9.2%

-2.8%

6.5%

57%

43%

100%

15%

6.6%

-2.0%

4.6%

3.1%

-2.3%

0.8%

6.1%

-0.5%

5.7%

Year

13.7%

11.0%

6.3%

17.8%

-4.1%

94%

68%

161%

26%

11.0%

-2.5%

8.5%

58%

42%

100%

16%

6.8%

-1.6%

5.2%

3.7%

-2.7%

1.0%

7.4%

0.1%

7.5%

Q1

5.3%

4.2%

9.4%

11.6%

-6.4%

100%

72%

172%

28%

6.8%

-3.7%

3.1%

58%

42%

100%

16%

4.9%

-2.7%

2.2%

5.5%

-3.9%

1.5%

1.3%

0.2%

1.5%

Q2

2.7%

2.1%

-7.3%

-3.3%

6.0%

107%

69%

175%

38%

-1.9%

3.4%

1.5%

61%

39%

100%

22%

-1.4%

2.6%

1.1%

-4.4%

2.8%

-1.6%

2.5%

0.6%

3.1%

Q3

8.4%

6.7%

4.4%

10.5%

-2.1%

110%

84%

194%

26%

5.4%

-1.1%

4.3%

57%

43%

100%

13%

5.1%

-1.0%

4.0%

2.5%

-1.9%

0.6%

2.9%

0.8%

Q4

3.2%

2.5%

5.9%

11.7%

-8.6%

108%

91%

200%

17%

5.9%

-4.3%

1.6%

54%

46%

100%

8%

5.8%

-4.3%

1.6%

3.2%

-2.7%

0.5%

2.7%

-1.6%

1.1%

20.8%

16.7%

12.1%

33.2%

-12.3%

106%

79%

185%

27%

17.9%

-6.7%

11.2%

57%

43%

100%

15%

15.2%

-5.7%

9.6%

7.0%

-5.2%

1.8%

10.9%

-1.5%

9.5%
0.9%

Q1

2.7%

2.1%

3.4%

1.3%

3.7%

6.4%

-3.8%

113%

86%

199%

26%

3.2%

-1.9%

1.3%

57%

43%

100%

13%

3.2%

-1.9%

1.9%

-1.5%

0.4%

1.3%

-0.4%

Q2

0.5%

0.4%

0.6%

1.9%

-1.4%

119%

84%

203%

35%

1.0%

-0.7%

0.2%

59%

41%

100%

17%

1.0%

-0.7%

0.2%

0.3%

-0.2%

0.1%

0.6%

-0.5%

Q3

-1.7%

-1.7%

-10.0%

-9.4%

7.7%

112%

83%

195%

29%

-4.8%

3.9%

-0.9%

58%

42%

100%

15%

-4.6%

3.8%

-0.8%

-5.7%

4.2%

-1.5%

0.9%

-0.3%

0.6%

Q4

-4.2%

-4.2%

-14.8%

-15.5%

11.3%

104%

82%

186%

22%

-8.3%

6.1%

-2.3%

56%

44%

100%

12%

-7.2%

5.2%

-1.9%

-8.3%

6.5%

-1.7%

-0.1%

-0.4%

-0.5%

Year

-2.8%

-2.8%

-20.2%

-17.0%

14.2%

112%

84%

196%

28%

-8.7%

7.2%

-1.5%

57%

43%

100%

14%

-8.3%

6.9%

-1.4%

-11.6%

8.7%

-2.9%

2.9%

-1.4%

1.5%

Q1

-1.4%

2.2%

1.6%

-1.4%

-5.2%

-5.2%

3.9%

101%

71%

172%

30%

-3.0%

-0.8%

59%

41%

100%

17%

-2.2%

-0.6%

-3.1%

2.2%

-0.9%

7.9%

6.3%

-6.6%

-1.2%

9.1%

106%

73%

179%

33%

-0.7%

5.1%

4.4%

59%

41%

100%

18%

-0.5%

4.0%

3.5%

-3.9%

2.7%

-1.2%

3.3%

2.4%

5.7%

Q3

-9.1%

-9.1%

2.1%

-4.0%

-5.1%

115%

81%

195%

34%

-2.1%

-2.6%

-4.7%

59%

41%

100%

17%

-2.0%

-2.5%

-4.5%

1.2%

-0.9%

0.4%

-3.3%

-1.7%

-5.0%

-5.0%

0.0%

0.1%

0.1%

Q2

0.1%

-5.0%

-28.6%

-30.7%

25.7%

89%

57%

146%

32%

-21.1%

17.7%

-3.4%

61%

39%

100%

22%

-9.6%

8.1%

-1.6%

-17.5%

11.1%

-6.4%

-3.6%

6.5%

Year

-8.1%

-8.1%

-35.5%

-40.4%

32.3%

103%

70%

173%

32%

-23.4%

18.7%

-4.7%

59%

41%

100%

19%

-17.0%

13.6%

-3.4%

-21.1%

14.4%

-6.6%

-2.3%

4.2%

1.9%

Q1

16.0%

12.8%

1.2%

10.0%

5.9%

89%

59%

148%

29%

6.8%

4.0%

10.8%

60%

40%

100%

20%

3.3%

1.9%

5.2%

0.7%

-0.5%

0.2%

6.1%

4.5%

10.6%

Q2

3.5%

2.8%

21.4%

27.1%

-23.6%

103%

70%

173%

33%

15.7%

-13.7%

2.0%

60%

40%

100%

19%

11.4%

-10.0%

1.5%

12.8%

-8.6%

4.1%

2.9%

-5.0%

-2.1%

Q3

5.2%

4.2%

17.8%

22.7%

-17.5%

100%

63%

163%

36%

13.9%

-10.7%

3.2%

61%

39%

100%

22%

8.8%

-6.8%

2.0%

10.9%

-6.9%

4.0%

3.0%

-3.8%

-0.8%

Q4

2.9%

2.3%

3.0%

7.3%

-4.5%

98%

62%

161%

36%

4.6%

-2.8%

1.8%

61%

39%

100%

22%

2.8%

-1.7%

1.1%

1.9%

-1.2%

0.7%

2.7%

-1.6%

1.1%
8.3%

Year
2010

PERFORMANCE DUE TO LEVERAGE, BETA AND ALPHA (8)

Un-Leveraged Avg Daily Exposure

6/15-/6/30

Q4
2009

Un-Leveraged Performance

Period Ending

Year
2007

UN-LEVERAGED PERFORMANCE AND EXPOSURE

Avg Daily Exposure (% equity) (7)

Net

A
2000

Gross Attribution (6)

3.0%

29.9%

26.4%

49.1%

77.9%

-48.1%

97%

64%

161%

34%

48.3%

-29.8%

18.5%

60%

40%

100%

21%

29.6%

-18.3%

11.3%

29.7%

-19.4%

10.3%

18.7%

-10.4%

Q1

9.3%

7.5%

16.0%

20.7%

-11.3%

104%

69%

173%

35%

12.0%

-6.6%

5.4%

60%

40%

100%

21%

8.7%

-4.8%

3.9%

9.6%

-6.4%

3.3%

2.3%

-0.2%

2.1%

Q2

-7.8%

-7.8%

-11.8%

-12.6%

4.8%

98%

66%

163%

32%

-7.7%

2.9%

-4.8%

60%

40%

100%

20%

-4.9%

1.8%

-3.0%

-7.0%

4.7%

-2.3%

-0.7%

-1.8%

-2.5%

Q3

3.8%

3.0%

12.8%

11.9%

-8.1%

90%

70%

161%

20%

7.4%

-5.1%

2.4%

56%

44%

100%

12%

4.5%

-3.1%

1.4%

7.2%

-5.6%

1.6%

0.2%

0.5%

0.8%

Q4

0.3%

0.3%

13.4%

12.6%

-12.2%

96%

71%

167%

25%

7.5%

-7.3%

0.2%

57%

43%

100%

15%

5.0%

-4.9%

0.1%

7.7%

-5.7%

2.0%

-0.1%

-1.6%

-1.8%

YTD

4.9%

4.0%

30.8%

32.1%

-27.1%

97%

69%

166%

28%

19.3%

-16.4%

3.0%

58%

42%

100%

17%

12.7%

-10.8%

2.0%

18.0%

-12.8%

5.2%

1.3%

-3.6%

-2.2%

Q1

-1.5%

-1.5%

3.2%

3.4%

-4.9%

104%

72%

176%

32%

1.9%

-2.8%

-0.9%

59%

41%

100%

18%

1.5%

-2.1%

-0.7%

1.9%

-1.3%

0.6%

0.1%

-1.5%

-1.4%

Q2

7.9%

6.4%

3.8%

9.4%

-1.5%

112%

73%

185%

39%

5.1%

-0.8%

4.3%

61%

39%

100%

21%

4.3%

-0.7%

3.7%

2.3%

-1.5%

0.8%

2.8%

0.7%

3.5%

Q3

0.7%

0.6%

-13.5%

-10.0%

10.7%

104%

70%

174%

34%

-5.7%

6.2%

0.4%

60%

40%

100%

20%

-4.2%

4.6%

0.3%

-8.1%

5.4%

-2.7%

2.3%

0.8%

3.1%

Q4

-0.11%

-0.11%

13.7%

8.4%

-8.5%

105%

77%

182%

29%

4.6%

-4.7%

-0.1%

58%

42%

100%

16%

3.8%

-3.8%

0.0%

7.9%

-5.8%

2.2%

-3.3%

1.1%

-2.2%

YTD

7.0%

5.6%

5.4%

11.1%

-4.1%

106%

73%

179%

34%

6.2%

-2.3%

3.9%

59%

41%

100%

19%

4.9%

-1.8%

3.1%

3.2%

-2.2%

1.0%

3.0%

-0.1%

2.9%

Q1

11.1%

8.9%

12.9%

21.5%

-10.4%

106%

79%

185%

27%

11.6%

-5.6%

6.0%

57%

43%

100%

15%

9.9%

-4.8%

5.1%

7.4%

-5.5%

1.9%

4.2%

-0.1%

4.1%

Q2

-2.4%

-1.9%

-1.2%

-3.8%

1.5%

107%

76%

183%

30%

-2.1%

0.8%

-1.3%

58%

42%

100%

17%

-1.7%

0.7%

-1.1%

-0.7%

0.5%

-0.2%

-1.4%

0.3%

-1.1%

Q3

1.2%

0.9%

6.5%

5.1%

-4.0%

104%

76%

180%

27%

2.9%

-2.2%

0.7%

58%

42%

100%

15%

2.3%

-1.8%

0.5%

3.7%

-2.7%

1.0%

-0.9%

0.5%

-0.3%

Q4

YTD

9.8%

7.8%

18.8%

22.8%

-13.1%

105%

77%

182%

28%

12.5%

-7.2%

5.4%

58%

42%

100%

15%

10.3%

-5.9%

4.4%

10.8%

-7.9%

2.9%

1.7%

0.8%

2.5%

418.2%

-182.3%

87%

65%

152%

22%

275.7%

-120.2%

155.5%

57%

43%

100%

14%

142.4%

-62.1%

80.4%

115.3%

-86.3%

29.0%

160.4%

-33.9%

126.5%

0.5%

-0.2%

0.3%

0.5%

-0.4%

0.0%

0.4%

0.2%

0.5%

Since Inception

235.9%

167.2%

201.7%

CAGR

10.4%

8.3%

9.4%

Volatility

10.0%

8.6%

21.3%

Average month

Note: see next page for a detailed explanation of this performance attribution model.

PAGE 2

Confidential - Not for Distribution

Tiger Consumer Partners - Long/Short Equity Performance Attribution Model

Our performance attribution model breaks investment returns into the three drivers a long/short equity
hedge fund manager has at his/her disposal to generate performance: leverage, beta and alpha.
Segmenting performance in this manner helps us and our investors honestly evaluate how our
performance is generated.
In our view, alpha generation or the unleveraged return versus a benchmark, is the most difficult return
stream to replicate and is therefore the most valuable. Determining the optimal amount of gross
exposure or leverage is a portfolio/risk management skill, largely related to accessing downside risk, and
should be evaluated as such. Returns from beta are from market exposure and, in our view, are the most
replicable or least valuable return source.
Potential shortcomings of the model are; (1) differences in average exposures used in the model and
actual exposures and (2) style differences between actual exposures and the index/benchmark (ie; beta
of long and short exposure compared to benchmark).
This article is divided into three sections; (1) data, (2) unleveraged performance/exposure and (3)
performance due to leverage, beta and alpha and follows along with the alphabetical references (in
parenthesis) in our performance attribution model.
Data
The first step in the process of segmenting a funds return into its three component parts is to obtain the
required data. The following data is required;
1. Fund performance (A), segmented by long (C) and short performance (D)
2. Performance of the index or benchmark the fund best compares with (B),
3. Average long (E) and short exposure (F), gross (G) and net exposure (H).
Unleveraged Performance and Exposure
The next step is to adjust the funds performance and exposure for leverage (shown in columns I-O). To
do this performance and exposure are divided by gross exposure. This unleveraged performance and net
exposure is the equivalent of performance and exposure if gross exposure was 100% or equal to a funds
equity capital.
Performance Attributable to Leverage, Beta and Alpha
Performance due to leverage, or the return from capital employed relative to a funds equity capital, is
the difference between total (long/short) performance and un-leveraged total (long/short) performance
(columns P-R).
The unleveraged performance can then be segmented into alpha and beta. To calculate the
performance due to beta, or the un-leveraged return associated with market exposure, multiply the
benchmark return (B) by un-leveraged net exposure (S-U).
Alpha, or the un-leveraged return attributed to stock/sector selection, is the difference between
unleveraged performance (I-K) and beta (V-X)

PAGE 3

Confidential - Not for Distribution

FOOTNOTES
1. For more information on Tiger Consumer Partners contact: Chris Jacob (212) 984-2446 or chris_jacob@tigerconsumer.com
2. As of February 2006 all performance and exposure data for Tiger Consumer Partners are a composite of Tiger Consumer Partners L.P
(domestic fund, inception date 6/15/00) and Tiger Consumer Partners LTD. (offshore fund inception date 1/30/06). Prior to Feb 2006,
all data reflects only Tiger Consumer Partners L.P. The two funds have a similar strategy and holdings although their results may vary slightly.
3. Gross performance calculated after a 1.5% management fee, pro forma prior to Q3 2003.
4. Net performance is calculated after a 1.5% management fee and a 20% incentive fee, proforma prior to Q3 2003.
5. The Custom Benchmark from 1/2012 is 70% S&P 1500 Consumer Discretionary and 30% S&P 1500 Consumer Staples, total return indices.
From 6/00 - 12/11, the Custom Benchmark was based on 17 S&P sub-sector industries (price only) in the large, mid and small cap area
These 51 sub-sectors are made up of 160 individual companies. The index was designed to reflect the universe of companies Tiger Consumer
Partners selected from at the time. The weights in the index are based on the number of stocks in each S&P sub-industry group relative to the
total.
6. S&P 500 is total return including dividends.
7. Long and short performance attribution is calculated as gain or loss on securities including dividends. All non-securities P&L (interest,
management and other fees ) are allocated to long and short performance on a pro-rata basis. Beginning in January 2007 interest expense
and income is directly attributed to long and short performance while all other non-interest items are allocated pro-rata. Beginning Jan 2011
foreign currency hedging income/loss is attributed to securities, prior to this was in "other".
8. Our performance Attribution model segments performance into three components; (1) Alpha, (2) Beta and (3) Leverage. See attached
write-up "Tiger Consumer Partners - Long/Short Performance Attribution Model" for detailed explanation.
9. Average exposure based on average daily exposure for period (monthly) and average of months for quarter, YTD and since inception.
10. Rolling returns are compound annual growth through latest period.
11. Volatility is standard deviation times the square root of 12, from June 15, 2000 to latest date, based on monthly data.
12. Exposure at end of period.
13. Geographic classification based on country of primary stock listing.
14. Market cap definitions are: large cap >= $10 billion, mid cap $2-10 billion and small cap < $2 billion.
15. AUM (assets under management) in millions of US dollar includes Tiger Consumer Partners L.P (domestic fund) and LTD (offshore fund).
16. Sharpe ratio is annualized return of the fund (net) minus assumed risk free rate divided by fund volatility.
17. Correlation of monthly fund returns and S&P 500 returns from June 15, 2000 to latest reported date.
18. R-squared is correlation of fund and S&P 500 raised to the second power.
19. ASC 820 Classifications (formerly known as FAS 157) represent percentages of fund's assets and liabilities attributable to each defined level
under FASB's ASC 820, a framework for measuring fair value in generally accepted accounting principles.
20. Market value weighted average of days to liquidate longs and shorts assuming 20% of 21 day average volume.
21. Investors by type classified according to underlying subscriptions documentation. Other includes; insider capital and other type of investors.
22. Other includes non-securities P&L (interest, management and other fees).
23. An individual's returns may vary depending on eligibility to participate in "hot issue" income and the timing of investment.
The information set forth in this supplement is based on materials produced by Morgan Stanley Fund Services and reviewed by
Tiger Consumer Management, L.L.C., and has not been verified or audited. Past performance is not indicative of futures results.
DISCLAIMER
This document, which is being provided on a confidential basis, shall not constitute an offer to sell or the solicitation of any offer to buy which
may only be made at the time a qualified offeree receives a confidential private offering memorandum or a confidential explanatory
memorandum, as applicable, (the "Memorandum"), which contain important information (including investment objective, policies, risk factors,
fees, tax implications and relevant qualifications), and only in those jurisdictions where permitted by law. In the case of any inconsistency
between the descriptions or terms in this document and the memorandum, the memorandum shall control. These securities shall not be offered
or sold in any jurisdiction in which such offer, solicitation or sale would be unlawful until the requirements of the laws of such jurisdiction have
been satisfied. This document is not intended for public use or distribution. While all the information prepared in this document is believed to be
accurate, Tiger Consumer Management, LLC makes no express warranty as to the completeness or accuracy, nor can it accept responsibility
for errors, appearing in the document.
An investment in the funds discussed in this material is speculative and involves a high degree of risk. Investors may not have access to capital
when it is needed, and no secondary market for interests in the funds exists or is expected to develop. The funds may use investment techniques
and strategies that involve greater risk or cause more volatile performance than other investments. No investor should make any investment
unless it is prepared to lose all or a substantial portion of its investment. The fees and expenses charged in connection with an investment in the
funds may be higher than the fees and expenses of other investment alternatives and may offset profits.
There is no guarantee that the investment objective discussed in this material will be achieved. Any projections, market outlooks or estimates
that may be included in this material are forward looking statements and based upon certain assumptions. Other events that were not taken
into account may occur, and may significantly affect the returns or performance of the funds. Any projections, outlooks or assumptions should
not be construed to be indicative of the actual events which will occur.
Past performance should not be construed as an indicator of future results. Future returns are not guaranteed and loss of principal may occur.

Confidential - Not for Distribution

This letter, and the information presented therein, does not constitute an offer to sell, or a solicitation of an
offer to purchase an interest in Tiger Consumer Partners, L.P. or Tiger Consumer Partners Offshore Ltd. (Tiger
Consumer Partners). Such offer or solicitation may only be made to qualified offerees by means of a final
confidential private offering memorandum ("CPOM") and other materials relating to the offering.
This letter is being provided to you on a confidential basis solely to assist you in deciding whether or not to
proceed with a further investigation of an investment in Tiger Consumer Partners and may not be disclosed
to any third parties without the prior written consent of Tiger Consumer Management, LLC.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. FUTURE RETURNS ARE NOT GUARANTEED AND
LOSS OF PRINCIPAL MAY OCCUR. There is no assurance that Tiger Consumer Partners will achieve its
investment objective. Returns are calculated net of all expenses and asset-based management fees and
before incentive fees. The performance information presented has been computed by Tiger Consumer
Management, LLC and is based on audited financial statements and un-audited estimates. Any index
information is included to show the general trend in the equity markets in the periods indicated and is not
intended to imply that the Tiger Consumer Partners portfolio was similar to the indices either in composition
or element of risk.
The information presented in this letter should not be considered a recommendation to purchase or sell any
particular security. Any specific securities discussed in this letter are for illustrative purposes only and were
selected based on objective, non-performance based criteria and in the aggregate may represent only a
small percentage of the portfolio holdings of Tiger Consumer Partners, and there can be no assurance that
they will remain in the portfolio. It should not be assumed that any of the holdings discussed in this letter
have been or will be profitable.
Benchmarks and financial indices are shown for illustrative purposes only, may not be available for direct
investment, are unmanaged, assume reinvestment of income, do not reflect the impact of any
management or incentive fees or allocations and have limitations when used for comparison or other
purposes because they may have different volatility, credit, or other material characteristics (such as
number and types of securities). S&P 500 return information included herein is total return including
dividends. The custom index is 70% S&P 1500 Consumer Discretionary and 30% S&P 1500 Consumer Staples,
total return indices.
Before making a decision with respect to an investment in Tiger Consumer Partners, potential investors are
advised to read carefully the relevant CPOM and the related documents and to consult with their tax,
legal and financial advisors. This letter is not intended to be final or complete and is qualified in its entirety
by reference to the CPOM. In the case of any inconsistency between the descriptions or terms in this letter
and the CPOM, the CPOM shall control. Further, any information regarding portfolio composition or
investment restrictions are intended as guidelines, which may be modified or changed by Tiger Consumer
Management, LLC in its sole discretion without notice. Interests in Tiger Consumer Partners shall not be
offered or sold in any jurisdiction in which such offer; solicitation or sale would be unlawful.
An investment in Tiger Consumer Partners is speculative and involves a high degree of risk. Opportunities for
the redemption and transferability of interests in Tiger Consumer Partners are restricted, so investors may not
have access to capital when it is needed. There is no secondary market for the interests and none is
expected to develop. An investor should not make an investment in Tiger Consumer Partners unless it is
prepared to bear the economic risk of loss of all or a substantial portion of its investment. The fees and
expenses charged in connection with this investment may be higher than the fees and expenses of other
investment alternatives and may offset profits.