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March13,2012FourthQuarter2011InvestorLetterReviewandOutlookAfterasuccessionof“tailevents”–theArabSpring,Japaneseearthquakeandtsunami,USdebtdowngrade, floods inThailand,andEurope’sdebtcrisis–andtheresultantextremevolatilityintradingconditionslastyear,2012hasbeendownrighttranquilthusfar.Economic growth globally has picked up and is running ahead of expectations. In theUnitedStates,wehaveshiftedfromamiddlingminorrecessionarytoamoderategrowthenvironment. In Europe, the LTRO mechanism has taken the risks of chaos, creditcontraction, and domino default off the table for the near‐term and expectations havemovedupwardswiftlyfromadeeprecessiontoawelcomedflat line. InChina, fearsofahard landinghavebeen replacedwith confidence that the government transitionwill bewell‐orchestratedandgrowthwillremainrobust.TheyearoftheDragonisofftoabullishstart everywhere, andwesee favorable sentimentandpositive conditions continuing forthetimebeing.ForThirdPoint,thestartofthisyearhascreatedoneespeciallywelcomedynamic:afallincorrelations. For the first time in nearly a year, single name stock picking is beingrewarded. We have steadily increased capital invested in event‐driven situations inequities, corporate credit andmortgages. Today, our long exposure is ~120% and ourgrossexposureis~170%.Ourequitybetais40%,thehighestithasbeensinceJuly2011.Whilewearegenerallymoreconstructiveandfindingmanyinterestingsituations,wearefocused equally on shorts and longs and building an all‐weather portfolio amidst thefeeding frenzy. Although general market conditions are favorable, we have not simplystrapped ourselves onto a raging bull; our main focus remains disciplined buying andselling,prudentriskmanagement,andthoughtfulportfolioconstruction.Notwithstanding economic data in the US, Europe, China and emerging markets whichsuggesta“risk‐on”portfolio,wearecarefullymonitoringpoliticalandpolicydevelopmentsaroundtheworldwhichcouldhaveasignificantimpactonourmoreconstructiveoutlook.

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Starting at home, recent economic data has trended upwards. U.S. data inservices/manufacturing,PMIs,autosalesandemploymentmostlysurprisedtotheupsidein January and again in February. There is a growing perception that two of themostsignificantdragsonUSgrowth–housingandjobs–arestartingtoturnthecorner.Perhaps this should be unsurprising, since in a Presidential election year economicindicatorsoften seem to trend in the rightdirection for the incumbent. For this reason,whileweareconstructiveinthenear‐termbasedonthesetailwinds,weseethepotentialforadangerous2013andbeyond. Regardlessofone’spoliticalbeliefs, it ishardtodenythattheunabatedpoliciesofasecondObamaAdministrationwouldleadthecountrydownanunsustainablepathofexplodingdeficitsandmarginalprivatesectorgrowth.WhileourconcernsaboutasecondObamatermaremutedbythefactthatmuchofhisagendawillbestymied by a Republican House andmost likely a Republican Senate, gridlock is not aneffectiveway to run the country. It is, however,preferable toout‐of‐control entitlementspending and deficits which would result from another Obama administration in whichboth houses of Congress are under his control. Sadly, concerns about tax increases,haphazard regulation, and further redistributive policies will hold private capital andmarketparticipantsincheckforaslongasMr.ObamaremainsPresident.Europe, on the other hand, is healing,with elections in France posing the next potentiallandmine to an otherwise more “rosy” outlook. The Greek PSI exchange last week –essentiallyanorderlydefaultofgovernmentdebttoprivate investors–wasabsorbedbythe markets. Bondholders forgave more than €100 billion on their Greek governmentinvestments, completing the largest sovereign debt restructuring in history andmovingworriesaboutGreecetothebackburnerforthemoment.ItisinterestingtonotejusthowmuchEuropeisstartingto look likethe“UnitedStatesofEurope”. TheEUisdemandingchangeinfiscalpoliciesinvariouscountriesandChancellorMerkelisofferingtocampaignwith President Sarkozy as if she is a Governor lending a helping hand in a neighboringstate’s election. While Europe is slowly moving towards a “fiscal compact,” the Frenchelections are a particularly important event because Sarkozy’s challenger Hollande hasargued that he will not honor the deal signed in Brussels should he become President.Meanwhile,Italy,PortugalandSpainareimplementinghelpfulausteritymeasures,butitisimperativethatsomegrowthinitiativesbeadoptedorthegovernments’reformplanswilllikelystall.Thisisnotanenvironmentforrose‐coloredglasses. Ourportfolioisstructuredtoreflecttheunfortunate,ongoingrealityofdecayingWesterndemocraciesstavingoffcatastrophewithAdvil andbandageswhenmultiple, complex surgeries are theonlyway to save thepatientinthelong‐term.

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QuarterlyResultsSet forthbelowareour results throughDecember31,2011andperformance todate for2012.

ThirdPointOffshore S&P500 HFRI

2011FourthQuarter ‐0.1% 11.8% 1.6%

2011Performance 0.0% 2.1% ‐3.3%

2012YTDPerformance(throughFebruary29,2012)

4.9% 9.0% 4.6%

AnnualizedReturnSinceInception

17.5%* 5.8%* 9.1%*

*Returnsfrominception,December1996,throughFebruary29,2012.

ThetopfivewinnersfortheFourthQuarter2011wereYahoo!Inc,DelphiCorp,SaraLeeCorp,WilliamsCosInc,andShortA.ThetopfivelosersfortheperiodwereGenelEnergyPlc,Technicolor,ShortB,Gold,andHollyFrontierCorp.FirmassetsundermanagementatDecember31,2011were$7.5billion.AUMgrewto$8.9billionatFebruary29,2012.TheincreaseinassetswasprimarilyduetotheclosingoftheThirdPointReinsuranceLimitedtransactioninlateDecember,whichisdiscussedfurtherbelow. The funds remain closed to new investors with limited exceptions as discussedpreviously.SelectPortfolioPositionsSincemostofour investorsheardanextensivereviewofourQ4and2011resultsatourAnnualInvestorPresentationinmid‐January,wehaveincludedsummariesofmorerecentpositionsinthisletter.ForthoseofyouwhowereunabletoattendthePresentation,videooftheeventisavailableonourprivateInvestorWebsite,andtheslidedeckisalsoavailableforyourreview.PleasecontactInvestorRelationsforfurtherdetails.During our Investor Presentation, we discussed areas we thought were ripe for certaintypesof event‐drivenopportunities. As forecast,wehave foundanumberof interestingsituations in two of these areas specifically in recentmonths: forced selling and hiddengrowthstories.ForcedSelling

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We articulated particular interest in situations where we see forced selling. This is asimple concept that has been a successful part of our event‐driven framework since ourearliest days. Sellers forced to dispose of low‐conviction positions for technical orsentimental reasons create a dynamic favoring the buyer. When this sort of sellinghappens due to non‐fundamental driven pressures and prices rationalize fairly quickly,thesecheappurchasescanhaveespeciallycompellingIRR’s.AfewrecentexamplesofthisappliedframeworkarepositionsinUnicredit,Skyworks,andEksportFinans.LongPosition:UnicreditOneof thequestionswehavebeen askedmost frequentlyby investors over thepast 18months iswhetherEuropeanbank‐related investmentswereas compelling tousas theyseemed to be to other managers, some of which even raised funds to capitalize on thesupposedlymassive opportunities originating due to stressed conditions in Europe. Webidedour time andhavingdrypowderproved fruitful in Januarywhenwewereable tocapitalizeonanextraordinaryspecialsituation.Unicredit(UCG)isoneofItaly’slargestcommercialbankswithadditionalretailoperationsthroughout Central and Eastern Europe. The EBA bank stress tests conducted in Q4revealedUCG’sneedtoraise€7.5billionofcapitalbyJune30,2012toreachtheminimum9%thresholdrequiredunderBaselIII.InNovember2011,UCGannounceda€7.5billionrights offering with pricing to be determined in early 2012. Demand from UCG’sshareholderbasetounderwritethedealwasweakhowever,giventhatnearly25%of itsshareholders (mainly Italian foundations and theLibyanCentralBank) lacked additionalcapital. This prompted the consortium of banks underwriting the deal to price the newsharesata~60%discount,nearly2xthatofsimilartransactionsandmorethandoublingthesharesoutstanding.The dealwas announced on the first trading day of 2012 in thinmarkets due to arcaneregulatory requirements in some eastern European countries where UCG operates. Theoffering’s extreme discount and fears of indiscriminate selling by underwriters shockedthinly‐staffedtradingdesksacrossEuropeanddrovethestockdownby~50%.Panickedsellingnearly forced the stock through the rightsprice,meaning themarket temporarilydeemedtherightsclosetoworthless.The technicalpressuresand forcedsellingnaturallycaughtourattention.Theenormoustimewehave investedasa teaminattempting tounderstandthebroader impactsof theECB’srecentlyannouncedthree‐yearLTROalsoprovedcritical.TheECB’slatestattempttosupport ailing banks generated little fanfare when initiated in December 2011 butappearedtousasapotentialgame‐changerforEuroareariskpremia.Basedonourbelief

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that theLTROwould significantly compress riskpremia,particularly in Italian sovereignyields,webeganbuyingUCGrights.Theserights,onaconvertedbasis,allowedustocreatethestockat10%discounttoprevailingmarketlevelsand~0.25xtangiblecommonequity.This multiple implied nearly a 25% cost of equity for a bank in the upper quartile ofcapitalization versus its peers, with adequate liquidity for the foreseeable future, anddomiciledinasovereignwithcollapsingcreditspreads.Furthermore,atourentrypriceswewerelargelycoveredbyUCG’sstakesinpubliclytradedRussianandTurkishbanksandeffectivelygettingitsCentralEuropeanassetsforfree.As expected, Italian sovereign yields compressed and attracted attention to UCG’smeaningfully depressed valuation. The rights closed their discount to the shares and itbecameclearunderwriterswouldnotbeforcedtoholdunwantedstock.UCGquicklyre‐ratedto0.5xpricetotangiblecommonequity,enablingustodoubleourmoneyinlessthanone month. At the current valuation, investors need to be confident in management’soperationalrestructuringplan.Thiswasnotabetwewerewillingtotake,andsowehavefullyexitedourpositionwithasignificantgain.

LongEquityPosition:SkyworksSolutionsSkyworks Solutions is a leading provider of radio frequency (RF) semiconductors forwireless devices. The Company is levered to the growth in connected devices such ascellphones, tablets, and consumer electronics, and in connection options per device(cellular 2G, 3G, 4G, WiFi, Bluetooth). The growth in wireless devices and forms ofconnectivityisfurtheramplifiedbytheproliferationofnewwirelessspectrumbandsusedin carrier networks (e.g. 700MHz, 800MHz, 1900MHz, 2100MHz, and 2500MHz).ThesetrendshaveresultedinasurgeofRFsemiconductorcontentinwirelessdevices.Duringlate2011,Skyworks’sharessoldoffaggressivelyduetomarketshareshiftswithinthe iPhone 4S. By focusing exclusively on the Apple story, the markets missed thecompany’sgrowingsuccessoutsideofAppleproductsandtheseculartrendsnotedabove.Tax‐losssellingmovedthesharepricefrom$22to$14,andwecapitalizedonthesell‐offtobuild a partially hedged position in December. Skyworks was trading at a steep P/EdiscounttothesemiconductorspaceandmorespecificallyitsRFpeersRFMDandTQNT.Withsolid4Qresultsand1Qguidance,continued4Gdevicetraction,awindowtoregainsharewithin iPhone5 in2Q/3Q, and the recovery in semiconductor shares,webelievedSkyworkswaspoisedtore‐ratebacktowardpeerP/Emultiples,whichwouldimplynearly$30pershare.Ourthesiscametofruitionquickly,andweexitedthepositioninthemid‐$20’sforatidygainearlyinMarch.LongCreditPosition:EksportFinans

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AttheInvestorDay,wediscussedourpositioninEXPT,aquasi‐governmentalNorwegianinstitutioncreatedtolendcapitalforprivateinfrastructureprojectsprimarilyintheglobaloil and gas industry. The government announced that EksportFinans would be wounddown and a newwholly‐government owned institutionwould be created in its place toprovidethisexportfinancing.Moody’sandS&P,whichhadpreviouslytreatedthiscreditasessentially government paper, interpreted this statement to mean that the governmentwould not continue to backstop the outstanding loans and downgraded EXPT by sevennotches,fromAAtoBB+.Panicensuedamongthetraditionalholdersofthepaper–primarilypensionsandothers–andforcedsellingcausedthebondstotradeoff15‐20points,asshownonthechartbelow:

WesawthisdowngradeasanimmediateopportunityandsentoneofourcreditanalyststoNorwaytomeetwithgovernmentofficialsandtraditionalholdersoftheseloans.WorkinginourfavorwastheThanksgivingholiday,andananalysthappytogiveuphisturkeyandfootballtobuilda$500millionpositioninarelativelylow‐risk,highreturncreditsituationoverjustafewdays.Since we initiated the position, EXPT has performed as we expected. Before thegovernment’sannouncement,thebondsweretradingat~115.Wepurchasedmostofour

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positionaftertheyplungedto~85,andspreadshavesincenarrowedsothepaperisinthemid‐90’stoday.Weexpectthespreadstofurthercondensetowardstheirpre‐crisislevelsinthenear‐termandsocontinuetoownourposition.HiddenGrowthWealsospenttimeattheInvestorPresentationdiscussinganotherapproachwebelieveisfruitful in this macroeconomic environment: paying fair multiples for “hidden” growthrather than cheapmultiples for stagnation. This approach has led us to revisit certainemerging markets with renewed energy. While we have tended to gravitate towardscyclicalequitynamesinthepast,webelieveweneedtohavemorebalanceinourportfolioinayearwhichwillcontinuetobeturbulentfromamacroeconomicperspective. Afocuson companies benefitting from hidden growth should help add this balance, ultimatelydampeningvolatilitywhileincreasingoverallprofit. 

LongEquity:Abercrombie&FitchWebeganpurchasingsharesofAbercrombie&Fitch(ANF)inJanuaryafterthestockpricedeclined by nearly half over the past fewmonths. Abercrombie & Fitch was attractivebecause we believe we paid roughly 10x cy12 EPS (ex $7 net cash) for a business thatshouldgrowearningsatadoubledigitrateforatleastthenextfewyears.Thatgrowthwillcome fromrecoveringUSprofitabilityand fromcontinuedgrowthof thecompany'shighmarginonline(2009‐11CAGR+38%)andinternationalbusinesses(2009‐11CAGR+70%).IntheUS,managementisaggressivelyright‐sizingthestorebaseandplanstocloseanother20%ofitsstoresby2015.USprofitabilityshouldreboundasthecompetitiveenvironmentimproves after ahighlypromotionalholiday seasonandas averageunit costsdecline, inpartduetolowercottonprices.OutsidetheUnitedStates,thecompanyisopeninghighlyprofitablestoresinEuropeandAsiawherethebrandappealstoawidercustomerbaseandthecompanyisabletochargeapremiumprice.Whileitisdifficulttoknowhowoverseasprofitabilitywill trend over time,we think it is far too early towrite off the potentiallylucrative international growth story and believe our entry point provides a sufficientmarginofsafetyifwearewrong.LongEquity:VolkswagenVolkswagen(“VW”) isa long‐termholdingthatwe initiated inthespringof2010. VWisvaluedbythemarketasalow‐quality,cyclicalstockatlessthan7xforwardearnings.Wehave a differentiated view on VW’s earnings as we believe the market continues tounderestimatetwoofVW’ssecularearningsdrivers.First,VW’songoingshifttoamodularproductionsystemisdrivingstructuralmarginexpansion. Second,aswehaveexplainedpreviously,VWsellsmorethanhalfitsunitsinemergingmarketswithaparticularlystrong

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presence inChinaandBrazil. Thesetwodriversarecontributing~20%to“through‐the‐cycle”compoundedannualearningsgrowthfrom2008to2013earnings.VW’s pending acquisition of Porsche’s operating business remains a key catalyst for thestock.WesuspectthatVWmayfindawaytoacquiretheremaining51%stakeinthenext12months,whichshouldbemorethan10%accretivetoVW. LongCredit:AllyFinancialAs our investors know, ourCredit teamhas spent a significant portion of thepast threeyearsinvestingintheautoindustry.AllyFinancial,formerlyknownasGMAC,istheworld’slargestautofinancecompanyandarapidlygrowingonlinesavingsbankwith~$30billionindeposits.Allyreceivedgovernmentsupportduringthefinancialcrisislargelyduetoitsefforts to support its failingmortgage subsidiary, ResCap,which remains one of the fivelargestmortgageservicers in theUS. Asaresultof thecapital injection, theUSTreasurynow owns ~75% of Ally, diluting the stakes of its former owners, Cerberus CapitalManagementandGM,andgivingAllyarobust11%Tier1CommonRatiounderBaselIII.Givenitsstrongcapitalmetricsandampleliquidity,Ally’sdebtstructuretradedinlinewithmore highly rated competitors like FordMotor Credit formost of 2011 andmaintainedfairly tightspreads in its long‐datedbondsandnon‐USTpreferredshares.However,Allywas not spared when global credit spreads widened during the August sell‐off.Simultaneously, fears began to mount over Ally’s mortgage‐related liabilities fromwrongful foreclosures, representation and warranty breaches, and securities law fraudsuits associated with its pre‐crisis sale of mortgage‐backed securities. The majority ofthese potential liabilities originated from the ResCap subsidiary, and although Ally hasrepeatedlystateditsbeliefthatanyliabilityfortheseissuescanberingfencedatResCap,uncertaintyremains.Thiscombinationofrisingglobalcreditriskpremiumsandmortgageliabilities fearsdramaticallywidenedAlly’s spreadtoFordMotorCreditandsignificantlyincreasedthespreadsonitslong‐datedbondsandpreferredequity.WebeganinitiatingourpositioninAlly’slong‐datedbondsandpreferredsharesduringthefourth quarter because we believed that the mortgage‐related liabilities would becontainedatResCaporifnot,thattheywouldnotbelargeenoughtosignificantlyimpairAlly’s capitalor creditposition.Wealsobelieved that2012wouldprovideameaningfulresolutionoftheseliabilitiessuchthatAllydebtcouldbeupgraded.Furthermore,allofoursecuritieswerepurchasedatlargediscountstoparandcarrybetween8.0–8.5%currentpaycoupons,providingsignificantdownsideprotection.Ally’screditspreadshavestartedtonormalizein2012andthecompanyrecentlyachievedthefirstmilestoneinresolvingmortgage‐relatedliabilitiesviathewidelypublicizedState

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AttorneyGenerals’Settlement.Despitereturnsofbetween10%‐25%sofarthisyear,wecontinue to hold our securities as we expect full clarity (if not resolution) of mortgageliabilities and a potential eventual upgrade to an investment grade rating could driveadditionaltotalreturnsof15–35%.LongEquity:Yahoo!–TheCaseforAlibabaAs investors are aware,we established a sizeable position in Yahoo following a difficultoperationalandstrategicstretchduringthewaningdaysofCEOCarolBartz’stenurethatculminatedinasignificantsell‐off intheshares inAugust. Initially,wewereattractedtothe company simply by its significant discount to intrinsic value. In September, weannouncedpubliclythatwehadaccumulated5.2%ofthesharesofthecompanyandlaidoutourcaseforwhythevaluationwasdepressed.Whilethetravailsof“coreYahoo”graballtheheadlines,coreYahooformsonlyamodestportionoftheCompany’sactualvalue(amere$1.50pershare,tradingat~$14.49asof03/12/12).Theafter‐taxvalueofYahoo’sAsianassets–AlibabaandYahoo!Japan–currentlyconstitutes$11pershareofitsvalue(76%),withanadditional$2pershareofnetcash.CentraltoourinvestmentthesisisthehiddenjewelintheAsianassetportfolio,andindeedinYahooitself:Yahoo’s40%stakeinAlibabaGroup,thedominante‐commerceplatforminChina.AccordingtoiResearch,Alibabacurrentlyhas49%oftheB2Be‐commercemarket(four times greater than its nearest competitor), 90% of the C2C e‐commerce market(analogous toEbay), and53%of theB2Ce‐commercemarket (analogous toAmazon) in2011. It has complemented these core commerce positions with the leading onlinepayment platform, Alipay, with 49% market share, and also holds the #2 share of theChineseonlineadmarket (17%,behindBaiduat28%). Particularlyexciting isAlibaba’sshare of China’s rapidly growing B2C market represented by Taobao Mall, or Tmall(recentlyrenamedTianMao).AccordingtoiResearch,Chinahad187milliononlineshoppersin2011,comparedto170million in theU.S. AsBostonConsultingGroupnoted in itsNovember2011report, “TheWorld’sNextE‐CommerceSuperpower”,e‐commercetransactionvalueinChinaislikelytoovertaketheU.S.by2015,helpedbyconditionsthatmirrortheU.S.andinsomewaysfavore‐commerce in China. A combination of broad product assortments and lower pricesmirrortheU.S.,whilee‐commerceinChinabenefitsfromthefixedpricecertaintymissingin China’s traditional retail culture (where haggling is common), from relatively lowershippingcoststhanintheU.S.,andfromthelimitedgeographicreachofbrick‐and‐mortarchains. The Boston Consulting Group report highlights “The Taobao Phenomenon” andnotesmoreproductswerepurchasedonTaobaoin2010thanatChina’stop‐fivebrickandmortarretailerscombined.

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ThescaleandvelocityofChina’se‐commerceopportunity,whencombinedwithAlibaba’sdominantposition,makeforaverycompellingstory. AsitmovestowardanIPO,AlibabashouldquicklytakeitsplaceamongstChina’sonlineleaders–Tencent($47billionmarketcap),andBaidu($48billionmarketcap). ANovember2011reportonSoftbankbyUBS’sMakioInui,theproductofextensiveresearchintoAlibabaGroupandadetailedvaluation,placeda$63billionvalueonAlibabaGroup,whichwould imply justover$13perYahooshareaftertax. Itappearsthatwhile2012willbetheyearofFacebook,2013couldverywellbetheyearofAlibabaasitmovestowardalisting.Atthereported$35billionvaluationascribedtotheOctober2011purchaseofemployeeshares by Silver Lake,Temasek andYunfeng (an affiliate of CEO JackMa), Yahoo’s stakewas worth ~$7.60 per share after tax. That implies Yahoo’s stake has grown at acompounded rate of 55% per annum since its investment in October 2005, and it issignificantthatthemajorityofYahoo’svalueisnowdrivenbyitsAlibabastake.Clearly,asevidencedabove,weseetremendousupsideinjusttheAlibabapieceoftheYahoopuzzle.WhilethemediahascoveredthedramasurroundingthenegotiationswithMr.Mainsomedetail,WallStreethascontinuedtoneglecttheunderlyingAlibabavaluationstoryandthepressmakes too littleof it. Certainly there is somecompelling reasonwhyMr.Ma is sointerestedinrepurchasingYahoo’sstake!WesharehisexcitementandenthusiasmfortheAlibabaopportunity,andwerespectandappreciatethedominantanddynamic franchisehehasbuiltamongsttheworld’slargestbaseofInternetusers.OverthelastsixmonthswehavewitnessedtheBoardofDirectors’“strategicreview”thathas todateresulted in thehiringofanewCEO,ScottThompson, theresignationof JerryYang,andthependingexitofBoardChairmanRoyBostockandthreeotherDirectors. Inmid‐FebruaryweannouncedthatweintendtorunourownslateofDirectorsfortheYahooboardduringthisproxyseason.Westatedourintentiontonominatewell‐knownleadersinthemediaspaceJeffZuckerandMichaelWolf,restructuringguruHarryWilson,andDanhimself to the Board. We are glad Yahoo has played a critical role in Alibaba’s earlydevelopmentandhopenewleadershipatYahoocanchartanewcourseforthecompany’srelationshipwithMr.MaandAlibaba.ThirdPointReinsuranceLimitedDuring the FourthQuarter of 2011,we achieved a critical firmmilestone by closing theThird Point Reinsurance Limited (“TP Re”) transaction. TP Re opened for business onJanuary3rd,ledbyCEOJohnBergerandhiseliteteam.With~$800Mofequity,TPRehasalreadyunderwrittenits firstreinsurancecontractsandmetothersignificantoperationalmarkers.

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One reason we started TP Re was to bolster our already significant percentage of“permanent” assets under management. Including employee capital, our London‐listed,closed‐endTPOILfund,andTPRe,over20%ofourAUMisnowconsidered“permanent".Webelievethisassetmixgivesusanedgeininvestingbyprovidinguswithoneofthemoststableassetbasesintheworld.Thankyouforyourpartnership.Sincerely,ThirdPointLLC_____________________TheperformancedatapresentedrepresentsthatofThirdPointOffshoreFund,Ltd.AllP&Lorperformanceresultsarebasedonthenetassetvalueoffee‐payinginvestorsonlyandarepresentednetofmanagementfees,brokeragecommissions,administrativeexpenses,andaccruedperformanceallocation, ifany,andincludethereinvestmentofalldividends,interest, and capital gains. The performance above represents fund‐level returns, and is not an estimate of any specific investor’s actual performance,whichmay bemateriallydifferentfromsuchperformancedependingonnumerousfactors. Allperformanceresultsareestimatesandshouldnotberegardedasfinaluntilauditedfinancialstatementsareissued.ExposuredatarepresentsthatofThirdPointOffshoreMasterFundL.P.WhiletheperformancesoftheFundshavebeencomparedherewiththeperformanceofwell‐knownandwidelyrecognizedindices,theindiceshavenotbeenselectedtorepresentanappropriatebenchmarkfortheFundswhoseholdings,performanceandvolatilitymaydiffersignificantlyfromthesecuritiesthatcomprisetheindex.Investorscannotinvestdirectlyinindices(althoughonecaninvestinanindexfunddesignedtocloselytracksuchindex).Pastperformanceisnotnecessarilyindicativeoffutureresults.Allinformationprovidedhereinisforinformationalpurposesonlyandshouldnotbedeemedasarecommendationtobuyorsellsecurities.Allinvestmentsinvolveriskincludingthelossofprincipal.ThistransmissionisconfidentialandmaynotberedistributedwithouttheexpresswrittenconsentofThirdPointLLCanddoesnotconstituteanoffertosellorthesolicitationofanoffertopurchaseanysecurityorinvestmentproduct.Anysuchofferorsolicitationmayonlybemadebymeansofdeliveryofanapprovedconfidentialofferingmemorandum.Information provided herein, or otherwise providedwith respect to a potential investment in the Funds,may constitute non‐public information regarding Third Point OffshoreInvestorsLimited, a feeder fund listedon theLondonStockExchange, andaccordinglydealingor trading in the sharesof that fundon thebasisof such informationmayviolatesecuritieslawsintheUnitedKingdomandelsewhere.