Emerson Capital

Emerson Capital Master Fund, LP

Quarterly Performance Attribution Summary – Third Quarter 2009
Net Monthly Returns
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD ITD
2007 0.7% 0.1% (0.4)% (1.8% (1.7)% (3.0)%
2008 1.2% 0.7% 1.4% 2.8% 0.2% 1.4% 1.5% 2.1% (1.2)% 1.3% 7.1% (0.3)% 21.3%
2009 0.2% (6.9)% 0.8% (0.9)% 0.2% 3.8% 5.6% 3.7% 3.3% 9.7% 29.1%

Gross Performance Attribution – 09/30/09 Market Exposure – 09/30/09

QTD 2009 ITD Quarter Average Quarter End
Long 32.6% 39.6% 26.7% Long 101.2% 108.8%
Short (15.0)% (19.8)% 23.2% Short (68.4)% (74.5)%
Other (7) (0.9)% (5.3)% (7.9)% Gross 169.6% 183.3%
Total 16.8% (14.6)% 42.1% Net 32.9% 34.4%

Benchmark Comparison – 09/30/09 Exposure by Sector – 09/30/09

S&P 1500 Long Short Gross Net
Emerson S&P Russell Consumer Consumer Discretionary 43.0% (10.5)% 53.5% 32.5%
Capital 500 2000 Discretionary Consumer Staples 3.5% (3.7)% 7.2% (0.2)%
Energy 10.7% (4.5)% 15.2% 6.2%
Quarter To Date 13.1% 15.6% 19.3% 19.8%
Financials 14.4 % (21.5)% 35.9% (7.1)%
Year To Date 9.7% 18.9% 22.1% 32.4% Healthcare 1.1 % (2.6)% 3.7% (1.5)%
Industrials 21.9% (15.9)% 37.8% 6.0%
Inception To Date 29.1% (23.3)% (19.6)% (23.0)% Information Technology 11.2% (14.7)% 25.8% (3.5)%
Telecommunications 2.8% 0.0% 2.8% 2.8%
Materials 0.0% (1.1)% 1.1% (1.0)%
Utilities 0.2% 0.0% 0.2% 0.2%
Total 108.8% (74.5)% 183.3% 34.4%
Exposure by Region – 09/30/09
179.8
Top 5 Long Positions – 09/30/09 North America 107.8% (72.0)% 35.7%
%
Company Name Symbol % South America 0.0% 0.0% 0.0% 0.0%
Discover Financial Services DFS 6.1%
Europe 1.1% (2.4)% 3.5% (1.3)%
El Paso Corporation EP 4.9%
Asia 0.0% 0.0% 0.0% 0.0%
Exterran Holdings, Inc. EXH 4.3%
183.3
American Express Company AXP 3.9% Total 108.8% (74.5)% 34.4%
%
FedEx Corp. FDX 3.8%
Exposure by Market Capitalization – 09/30/09
Portfolio Concentration – 09/30/09 >$10B 21.5% (29.9)% 51.5% (8.4)%
Number of Long Positions 75 $5B - $10B 18.2% (18.5)% 36.7% (0.3)%
Number of Short Positions 63 $1B - $5B 33.4% (26.0)% 59.4% 7.3%
Total Number of Positions 138 $250M - $1B 24.5% 0.0% 24.5% 24.5%
Long / Short Ratio 1.5
<$250M 11.4% 0.0% 11.4%
Top 15 Longs % of Long Exposure 46% 11.4%
Top 15 Shorts % of Short Exposure 48% 183.3
Total 108.8% (74.5)% 34.4%
%
Notes:
(1) Net performance figures are based on an investment in the Fund at the time of inception. Net figures are presented after all expenses including any management fees, accrued incentive fees or incentive allocations, other
expenses and net interest. Long performance includes gains/income and losses/expenses from long positions related to trading, dividends and long interest income. Short performance includes gains/income and losses/expenses
from short positions related to trading, dividends, short rebates and short interest expense. Other performance includes profits/losses from options. Additionally, net figures include gains or losses from “New Issues,” if any. Net
performance for individual investors may vary from the net performance stated herein as a result of the timing of their investment(s) in the fund, different management and incentive fee or incentive allocation structures and the
investor’s eligibility to participate in “New Issues.”
(2) All performance and attribution figures contained herein are unaudited estimates based upon our records which may include information from third parties and should only be relied upon as such. The information and/or
assumptions are subject to change and may be amended or revised.
(3) All exposures presented above are summations of the respective attribution market values divided by total fund equity. For all equities, options, swaps, CFDs and other applicable derivative products, market value is defined
as shares multiplied by market price per share of the corresponding security.
(4) YTD% figures are calendar year returns. ITD% figures are from the Fund’s inception on August 1, 2007.
(5) Number of Long and Short Positions are for equity positions only.
(6) Totals may not add due to rounding.
(7) Other performance includes gains and losses on options and currencies.
** This document and the information contained herein is confidential and intended solely for use by the intended recipient and cannot be reproduced, shared or published in any manner without the prior written consent of
Emerson Capital, LP. This document does not constitute an offer to sell or the solicitation of an offer to purchase any security or investment product. Any such offer or solicitation may only be made by means of delivery of an
approved confidential offering memorandum. Past performance is not an indication of future results.
Emerson Capital, LP ● 430 Park Avenue, 8th Floor ● New York, New York 10022 ● 212.209.1355 ● David Gelobter, Managing Principal, dg@emercap.com