Third Point LLC 390 Park Avenue New York, NY  10022 Tel 212 715 3880 

October24,2019

ThirdQuarter2019InvestorLetter

Third Point’sOffshore Fund lost ‐0.2% during the ThirdQuarter of 2019 and returned

+12.7%throughSeptember30,2019.1 FortheyearthroughQ32019,ourRoAforequity

positionswas+30.1%andequitiescontributedover94%ofourtotalnetP&L.Returnsfor

the year were driven by core activist equity positions including Baxter, Nestlé, Sony,

Campbell’s,Sotheby’sandUnitedTechnologiesCorp.;byadistressedcreditposition,Pacific

Gas&Electric;andbytwoequitypositionsboughtatattractivepricesduringaperiodof

marketdislocation.ThemaindetractorsfortheyearthroughSeptember30,2019werea

sovereignbondinvestmentinArgentinaandsinglenameshorts.

The market’s slight gain in Q3 masked tumultuous factor rotation. In August, equity

portfoliostiedtomomentumorthenearinverse–“laggards”–outperformed,asmarkets

inflatedassetsreflectingeconomicweakeninginalowinflation/lowgrowthworld.These

momentumassetbiases–favoringlargecapoversmallcapstocks,growthversusvalue,or

“min vol” strategies – became increasingly correlated, crowded, and sometimes

expensive.Theequationextendeditselfmoreacutelyinseculargrowthnamesandsimilarly

punishedunlovedshorts.

In September, and so far intoOctober, this extremepositioninghas been challenged by

declining fearsofanadversetradewaroutcome,positivedirectionalchange ineconomic

surpriseindices,talkoffiscalstimulusoutsidetheU.S.,andanincreasinglyaccommodative

FederalReserve.Asteepeningyieldcurvealsohasgivenlifetounder‐ownedassetsatthe

expenseoftheover‐owned.WewereabletoidentifymanyoftheseshiftsinQ3andprovided

someprotectiontothe longsideofourbookthroughpositionmanagement,hedging,and

directionaloptionality.However,thescaleandsuddennessofthesefactormovescaughtus

offsidesincertainshortpositions.

1Netperformancefeebasedonmodifiedhighwatermarkcalculation.

2

Aswe look at conditions forQ4,U.S. consumerdata isholdingupbut the gapbetween

manufacturingandnon‐manufacturingdataiswide.Thelargedeclineininterestratesover

the past year has boosted financial conditions, and at aminimum, this should stabilize

growth.With a base case of three rate cuts, themarket has been sanguine thatweak

manufacturingdata isnot infectingconsumers,butacontinued implementationof tariffs

posesaseriousrisk.Withtheelectionloomingandweaknessintheglobaleconomy,most

observersexpectwewillgetaminidealon tradebetweenChinaand theU.S. thisyear,

puttingfurthertariffsonhold.Asweapproachyear‐end,weliketheflexiblepositioningof

ourportfolio,haveastrongbuylistintheeventoffurtherdislocations,andcontinuetore‐

underwriteourpositionscontinuouslyasmarketsfluctuate.

QuarterlyResults

SetforthbelowareourresultsthroughSeptember30,2019:

ThirdPoint

OffshoreLtd.

CSHFEvent

DrivenIndex

MSCIWorld

Index(TR)

S&P500

(TotalReturn)

2019ThirdQuarterPerformance ‐0.2% ‐1.5% 0.7% 1.7%

2019Year‐to‐DatePerformance* 12.7% 5.9% 18.2% 20.6%

AnnualizedReturnSinceInception** 14.5% 6.9% 6.8% 8.2%

*ThroughSeptember30,2019. **Returnfrom inception,December1996forTPOffshore,CSHedgeFundEventDriven

Index,MSCIWorldIndex(TR),andS&P500(TR).

Activism:GeneratingAlphainaPassiveandQuantitatively‐DrivenMarket

Investingwithanevent‐drivenapproachbyfocusingonspecificcatalystshasbeenacore

elementofourprocesssinceourfoundingin1995.Event‐driventechniquescanbeapplied

tobothcreditandequityinvestmentsandactasavaluabledisciplinewhenscreeningideas

andtimingentryandexitpoints.Asourengagementmethodsingovernancehaveevolved,

wehavedemonstratedthemanywaysinwhichouractivistinvestingcangeneratealphafor

ourinvestors.Activismallowsustocreateourowncatalystinconcentratedpositionswhere,

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bydefinition,wehaveadifferentiatedviewofacompany’spotentialvaluebasedonour

intervention.Aftermanyyearsofdoingthis,webenefitfrompatternrecognitioninfinding

andsourcingideasthatwebelievehavefavorablerisk/rewardcharacteristics–headswe

win,tailswedon’tlosetoomuch.Today,wearededicatingmoretimeandcapitaltoactivism,

whichhasbecomeanevenmorevaluablestrategy inmarkets increasinglydominatedby

passiveandquantitativeplayers.

Theshiftfromactivetopassiveholdingshasbeensubstantialandvelocityisincreasing,at

theexpenseofactivemanagement:

Traditional investment frameworks are becoming less useful for active investors,

particularly over the short‐term, because stock ownership is increasingly concentrated

amongownerswhoareagnostictocompanyfundamentalsandvaluation.

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

 $‐

 $2,000

 $4,000

 $6,000

 $8,000

 $10,000

 $12,000

 $14,000

 $16,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

US Equity Mutual Fund and ETF AUM ($bn) ‐ Passive as % of Total (RHS)

Active (MF + ETFs) Passive ETFs Index MFs Passive (%, RHS)

Source: Credit Suisse As of August 31st, 2019

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Quantsarealsomakingitmoredifficulttogenerateequityalphaastheiralgorithmsevolve.

A typical fundamentalanalysthasbehaviorandbiases thatquantalgorithmsattempt to

replicateandexploit. Quantsareshowing thatanalysts’seeminglydivergentviewpoints,

which were thought to be their primary source of alpha generation, may actually be

successfuldirectionalbetsonmomentum,growth, sector,or strategy factors thatcanbe

moreeffectivelyexpressedviatheirmodels.

Inaworldwheretraditionalformsofalphaareincreasinglybeingcommoditizedandbeta

canbecheaplyreplicated,activismstandsoutasavaluablesourceofalphaavailableonlyto

asmallcohortof investors. Recognizingthis,wecreatedadedicatedgovernanceteamto

enhanceouractivistideagenerationandraisedoursecondSPVthisyeartobringcapitalto

ahigh‐convictionactivistidea. Over40%ofourportfoliotodayisinactivistnames–our

highestpercentageinhistory.

We have several strengths we believe distinguish our activist abilities that cannot be

replicatedbysystematicplayers,including:

1) Asuccessfultrackrecordandreputationformakingchange:Asmanagementteams,

advisors,institutionalinvestors,andfellowboardmembersattest,ThirdPointbrings

credible insights to companies when we engage. We are selective with our

investments,thoughtfulinourproposals,andourrecommendationsarealwaysinthe

long‐terminterestofthecompany.Ourmediaandcommunicationcapabilitiesallow

ustobringourmessagetomarketparticipantswithprecisionandtransparency.

2) Awiderangeofengagementtechniqueswithcompanies:Ourpreferredmethodof

activism is a constructive approach, where we work collaboratively with

management teams to increaseshareholdervalue. However, in therare instances

whereconstructivedialoguedoesnotprogressoracompanyisossified,wecanpush

forboardandmanagementchanges.Ourtrackrecordofworkingcollaborativelywith

boards–whetherinvitedonorotherwise–hasenabledustoattractextraordinary

candidatesforboardservice.

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3) Anabilitytoinvestglobally: Ourcollaborativeapproachhasenabledustopresent

ideasthatmightinitiallyseemcontroversialbutarelaterunderstoodandadoptedby

companiesacrosstheglobe.Wehaveachievedthisbypresentingconvincingideas

andoftenformingconsensuswithfellowshareholdersandotherstakeholders.Very

few firms have a successful track record of engaged investing inNorthAmerica,

Europe,andAsia,andwe see foreignmarketsasanenormousopportunitygoing

forward.

4) Deep sector expertise: We have few generalists on our investment team. Most

analystsaresector‐focusedwithdeepdomainknowledge. Thesesectorspecialists

workcloselywithDan,Munibandourgovernance teamoneach investment. We

believe the sector‐specialistmodel improves the quality of our interactionwith

managementteamsandfellowinvestorsandreducestheprobabilityoferrorsinour

investmenttheses.

5) Sophisticated hedging strategies: In order to maximize alpha and enhance

idiosyncraticreturn,wehavebolsteredourtradeconstructionandriskmanagement

capabilities. This allows us tomake a deliberate decision on howmuchmarket,

sector, or factor riskwewant to take. These bespoke hedges are created on an

individual investment level and we layer in volatility strategies to enhance

positioning.

6) Alargecapitalbasewithasubstantialportionoflongdurationcapital:Ourassetbase

includestwopubliclylistedvehiclesandsubstantialemployeecapitalthatamounts

to almost 30% of AUM and allows us to take positions in some of the largest

companies in theworld to advocate for change on behalf of shareholders. Our

significantpercentageofstickycapitalandabilitytoraiseSPVswithmulti‐yearterms

allowustopatientlywaitforlong‐termchangesandevenundertaketurnarounds.

Sofarin2019,ourtopfiveperformersandsixofourtoptenprofitgeneratorsareactivist

positions thatdemonstrate our range of engagement techniques – from collaborative to

contested. Our intention is tomaintain or increase our exposures to activist ideas and

continue to invest in our platform. Belowwe discuss our exit from a nearly six‐year

investmentinSotheby’s,anewpositioninEssilorLuxottica,andanupdateonSony.

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Sotheby’s

During the Third Quarter, Sotheby’s (“BID” or the “Company”) was sold to an entity

controlledbyPatrickDrahi. Thesalemarked theendofoursix‐year investment inBID,

whichbeganasanactivistcampaignatan “oldmasterpaintingdesperately inneedofa

restoration”andendedwithanattractiveacquisitionata61%premiumfollowingatotal

operationaloverhaulofthebusiness.WhenwefirstinvestedinSotheby’sin2013,wesaw

an iconicbrand inneedofnew leadershipaftermanyyearsofmiddlinggrowthdespite

strongartmarkettailwinds.TheSotheby’scampaignwashard‐foughtbutendedwithDan

and two Third Point director nominees joining the board. As a director on several

committees,DanworkedcloselywiththerestoftheboardtobringinTadSmithasCEO.Tad

andhisteam(manyofwhomherecruited)revampedSotheby’scorporatestrategyaround

revenuegrowthandexpensedisciplineandembracedtechnologytotransformacenturies‐

old businessmodel. They also dramatically improved capital allocation practices and

optimizedthebalancesheet.

AlltheseinitiativestooktimetoplayoutbutultimatelyputtheCompanyonasolidpathto

growthandmadeitanattractiveacquisitiontarget.InthefiveyearsDanspentontheBoard,

our team collaborated with Sotheby’s in numerous ways, advising both formally and

informally on communications, strategy, and shareholder interests, something made

possiblebythetrustthatdevelopedbetweenus.Sotheby’sisfarstrongerafteroursixyears

of involvementandweare confident that returning theCompany toprivatehands isan

excellentoutcomeforallofSotheby’sstakeholders.

EssilorLuxottica

ThirdPointholdsa~$700millionstakeinEssilorLuxottica(the“Company”or“EL”),which

we purchased in early 2019. EssilorLuxottica is theworld’s largest eyecare company,

generatingover€17billioninrevenueandnearly€4billioninEBITDAannually.Formedin

late2018throughthemergerofEssilor,theworldleaderinophthalmiclenses,andLuxottica,

the world leader in eyeglass frames and sunglasses, the pro forma Company has the

industry’sonlyverticallyintegratedbusinessmodelfromdesigntomanufacturingtoretail

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sales. The logicbehind themergerwaselegant:combining framesand lensesallows the

Companytocontroltheentireeyewearvaluechainandtransformanantiquatedindustry

structure.Bothconsumersandshareholdersshouldreapthebenefits.

Eyecareisanattractiveindustry,withover€100billioninrevenueandseveralstructural

growth drivers. Over the next 30 years, secular trends including an aging population,

consumerlifestylechangessuchasstaringatscreensandlesstimeoutdoors,andemerging

marketspenetrationwillleadto~2billionmoreconsumerswithvisioncorrectionneeds.2

EssilorLuxotticahasmanyofthekeycharacteristicswelookforinaninvestment:compelling

end‐marketgrowthinadefensivecategory,strongmarketshare,highreturnsoninvested

capital, potential for incremental capital deployment, and competitivemoats created by

brandsandtechnology.

ThecombinedEssilorLuxotticahasthepotentialtogrowwellaheadoftheindustry.Eyecare

isanunderdevelopedconsumercategory–onlineandomni‐channelsellingisinitsinfancy,

the retail channel is highly fragmented, andmany consumers, particularly in emerging

markets,donothaveaccesstovisioncare. ELplanstouse itsscale,globalfootprint,and

productinnovationtooptimizethemarket.Forexample,theCompanyisimprovingaccess

to vision diagnostics equipment and leveraging its consumer touchpoints to increase

awarenessaroundvisioncorrection.Bydrivingconversionratesofhigh‐valuelenscoatings

andpremiumeyewearbrands,ELwillaccelerategrowthacrosstheeyecareindustry.

DespiteEL’sscaleandstrongbrands,theCompanysellslessthan10%ofglassespurchased

worldwide each year and independent optical stores account for overhalf of the global

marketandupwardsof80‐90% inemergingmarkets like IndiaandLatinAmerica. This

fragmented industry structure, combined with EssilorLuxottica’s clean balance sheet,

presentsasignificantopportunityforconsolidation,particularlyinretaildistribution.These

types of acquisitions have proven highly accretive for EL due to its ability to in‐source

2 Essilorreport,“EliminatingPoorVisioninaGeneration”.

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procurement and distribute well‐known brands through a new retail network. The

proposedacquisitionofGrandVisionisthelatestexampleofthissuccessfulstrategy.

SynergyOpportunity

Themergerprovidesarunwaytocreateadditionalvalueoverthenextseveralyears.Our

analysisofpotentialmergersynergiespointstoover€1billioninadditionalprofitthrough

efficienciesandrevenuegrowth,almostdoubletheCompany’scurrenttargets.Inthenear‐

term, this will be driven by cross‐selling to wholesale customers, in‐sourcing lens

procurement, and supply chain efficiencies. The longer‐termopportunity todisrupt the

industry value chain is evenmore appealing: combining lens and frame to shrink raw

materialneedandwaste,reducingshippingcostsbymergingprescriptionlabswithglobal

distributionhubs,andprovidingatrueomni‐channelsalesoffering. Theseinitiativeswill

transformthewayglassesaresold,significantlyimprovingthecustomerexperience.

The combination of two powerful franchises in the eyecare space,meaningful top and

bottom‐line synergies, and ongoing capital deployment, present a compelling long‐term

opportunitytoincreaseearnings.WeexpectEssilorLuxotticatogrowearningsandfreecash

flow at amid‐teens CAGR for the next several years. Combined with the GrandVision

acquisition,weexpectELtoearnover€8ofEPSin2023,nearlydoublingthefigurefrom

2019.

Governance

While both Essilor and Luxottica had impressive track records of value creation as

independententities,thecombinedCompanyischallengedbyapoorcorporategovernance

framework.The2017CombinationAgreementcurrentlyinplaceeffectivelypermitsEssilor

and Luxottica to continue to run as independent companies. A deadlocked board and

managementteamhasslowedintegrationandstrategicdecisionmaking.

Despiteitsmanyadvantages,EssilorLuxotticaislosingfavoramongshareholderswhoare

frustratedbythe lackofsynergyrealization. Withanarrayofpotentialthreats–upstart

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brands,insourcingbymajorfashionhouses,anddisruptivetechnologies–theboardandthe

Companyshouldaccelerateleadershiptransitionsanddelineateatimelymergerstrategy.

WehavemetwithmanyofEL’sexecutivesandsharedwiththeirboardourviewsformed

throughmanyyearsofexperienceinpartneringwithcompaniestoupgradegovernanceand

drivestrategy.Weareconfidentthatactionstoimprovegovernancecanunlockacompelling

multi‐year value creation opportunity thatwill benefit all stakeholders – shareholders,

employees,andthebillionsofconsumerswhowillgainaccesstolifechangingvisioncare.

SonyUpdate

In late September, Sony (the “Company”) disclosed the results of an in‐depth review

conductedbytheCompanywiththeassistanceofitsadvisor,GoldmanSachs,overthepast

severalmonths.Thereviewwasundertakeninresponsetoourearlierconversationsandto

apresentationwesharedonJune13,2019atwww.astrongersony.comwhereweproposed

numerousportfolioimprovementsandamorecoherentcapitalallocationpolicytoimprove

Sony’svaluationandpositiontheCompanyforlong‐termsuccess.

Mostinvestorsexpectedthatfollowingalengthyreview,Sonywouldsharesomemeaningful

planstoclosetheyawninggapbetweenitssharepriceandintrinsicvalue.Wewerelooking

forwardtoathoughtfularticulationofastrategytostreamlineSony’sportfolio,includinga

plantouseproceedsfromdivestitureseithertostrengthenandgrowtheCompany’score

businessesorreducesharecountatthecurrentlysteepdiscount.Whilewedidnotexpect

that all our requests, such as the separation of the image sensor business, would be

addressed immediately, we did expect that the Company would make some

recommendations toaddress the structural impediments to long‐termvaluecreation for

Sony’sshareholders.

Instead,Sonyrevealedthatthereview’sconclusionwastomaintainthestatusquowithno

concrete proposals to improve the business. As students and practitioners of Japanese

businessprincipleslikekaizen,itisdifficultforustoimaginethatacompanyofSony’ssize

andcomplexitycouldnotfindasingleconcreteactiontoimproveitsbusinessandvaluation.

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WearecommittedtoacontinuedconstructivedialoguewiththeCompanyandtocreating

long‐termvalueatSonyforallstakeholders.Discussionsareongoing,guidedbyourview

thatSonyremainsoneofthemostundervaluedlargecapitalizationstocksintheworld.

ArgentineCreditUpdate

Our largest loss intheThirdQuarterwas inArgentinesovereigndebt,whenasurprising

outcome in the August 11th presidential primary caused a panic in the capital

markets. Argentine credit generated significant profits for us from 2014‐2016 and our

return to the sovereignbondswasdrivenbyourview that:1) the incumbentPresident,

MauricioMacri,hadagoodchanceofprevailinginthenationalelectioninOctoberashehad

beengaining inpollsandnearlyeverypieceofdata correlatedwithhiselectabilitywas

improving.We expectedMacri to lose inAugust but by a slimmargin to the opposing,

market‐unfriendly ticket ofAlberto Fernández andCristinaKirchner; and2) even if the

Fernándezticketprevailedinthegeneralelection,Argentina’seconomicfundamentalsand

Fernández’sbackgroundsuggestedthatthedraconianrestructuringthemarketfearedwas

unlikely.

InfailingtoanticipatetheextentofMacri’slossintheprimaryelection,ourmostsignificant

mistakewasmissingthesecondorderthinkingthatinsuchascenario,Argentinawouldbe

rudderlessforalmostthreemonthsbetweentheAugustprimaryandtheOctoberelection

and economicmayhem could ensue. The hugemargin in the primary effectivelymade

AlbertoFernándezthecountry’sPresident,buthehadlimitedopportunityorincentiveto

calmthemarketwhileMacriremainedinpower.Inthisvacuum,investorfearsspiraledinto

amassive sell off in the currency and reserve depletion,making a debt restructuring

inevitable.

Opportunisticinvestingsuccesscomesfromhavingadifferentiatedviewattherighttime;in

thiscase,ourthesiswasleftinlimboandtoavoidunacceptabledownsiderisk,wereduced

our position at higher levels than are prevailing today.When theOctober 27th election

presumably makes Alberto Fernández president‐elect, we expect debt restructuring

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negotiationstobeginandwhilethisprocesswilllikelyleadtomorevolatility,weanticipate

thatthebondswillultimatelyrecoversignificantlymore(30‐50%)thancurrentprices.

BusinessTeamUpdates

SinceBobBoroujerdijoinedThirdPointlastSeptember,hehasmadeameaningfulimpactin

upgrading all aspects of portfolio management including our research processes, data

analytics, hedging strategies, riskmanagement, and technology infrastructure. He also

works closelywith senior leadership on strategic initiatives around talentdevelopment,

cross‐assetefforts,andcounterpartyrelationships. Withhismanycontributions,Bobhas

quicklybecomeanimportantleaderatthefirmandhasassumedthenewlycreatedroleof

HeadofMarkets andPortfolio Strategy. Bobwill continue tooverseehisbroad agenda

aroundmanagingmarketsandriskbutalsoincreasehisfocusonthebreadthoftheportfolio,

itssynchronicities,andwhereit–andtheorganization–canbeimproved.

InOctober,ParkerQuillenjoinedThirdPoint,wherehewillfocusprimarilyonshortselling.

Before joiningThirdPoint,ParkerwasananalystservingonBridgerCapital’s investment

committee.Hebeganhis career in1987atLazardFreres&Co’sEquityCapitalMarkets,

before formingQuilcap Corp., a short‐biased equitymanagement firm, in 1994. He is a

graduateofNewYorkUniversitywithaB.A.inEconomics.

ElissaDoyleformallyjoinedourgovernanceteamasHeadofESGEngagementthissummer.

SheremainsChiefCommunicationsOfficer,afunctionshehasheldsincejoiningThirdPoint

overadecadeagoandone inwhich she leads strategic communications forouractivist

investments.IntheESGrole,Elissawillbringadditionalfocustoourexternalgovernance

initiatives, including engaging in dialoguewith institutional shareholders. Shewill also

developinternalESGpracticesforThirdPointandimplementtheirintegrationthroughout

thefirm.

InSeptember,wewelcomedJennyWoodasournewGlobalHeadofMarketingandInvestor

Relations. Jennyhasbeen in the financial services industry forover twodecades, since

graduatingfromDartmouthCollege.Shestartedhercareerasaninvestmentbanker.After

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joining the hedge fund marketing world at Cantillon Capital, she moved to Senator

InvestmentGroupwheresheledmarketingandstrategyeffortsforadecade.

Sincerely,

ThirdPointLLC

_____________________

Allperformanceresultsarebasedon theNAVof feepaying investorsonlyandarepresentednetofmanagement fees,

brokeragecommissions,administrativeexpenses,andaccruedperformanceallocation,ifany,andincludethereinvestment

ofalldividends,interest,andcapitalgains.Whileperformanceallocationsareaccruedmonthly,theyaredeductedfrom

investorbalancesonlyannuallyoruponwithdrawal.Theperformanceresultsrepresentfund‐levelreturns,andarenotan

estimateofanyspecificinvestor’sactualperformance,whichmaybemateriallydifferentfromsuchperformancedepending

onnumerous factors. Allperformanceresultsareestimatesandshouldnotberegardedas finaluntilaudited financial

statementsareissued.

While the performances of the Funds have been compared herewith the performance of awell‐known andwidely

recognizedindex,theindexhasnotbeenselectedtorepresentanappropriatebenchmarkfortheFundswhoseholdings,

performanceandvolatilitymaydiffersignificantlyfromthesecuritiesthatcomprisethe index. Investorscannot invest

directlyinanindex(althoughonecaninvestinanindexfunddesignedtocloselytracksuchindex).

Pastperformance isnotnecessarily indicative of future results. All informationprovided herein is for informational

purposesonlyand shouldnotbedeemedasa recommendation tobuyor sell securities. All investments involve risk

includingthelossofprincipal.Thistransmissionisconfidentialandmaynotberedistributedwithouttheexpresswritten

consentofThirdPointLLCanddoesnotconstituteanoffertosellorthesolicitationofanoffertopurchaseanysecurityor

investmentproduct. Anysuchofferorsolicitationmayonlybemadebymeansofdeliveryofanapprovedconfidential

offeringmemorandum.

SpecificcompaniesorsecuritiesshowninthispresentationaremeanttodemonstrateThirdPoint’sinvestmentstyleand

thetypesofindustriesandinstrumentsinwhichweinvestandarenotselectedbasedonpastperformance.Theanalyses

and conclusions ofThirdPoint contained in thispresentation include certain statements, assumptions, estimates and

projectionsthatreflectvariousassumptionsbyThirdPointconcerninganticipatedresultsthatareinherentlysubjectto

significanteconomic,competitive,andotheruncertaintiesandcontingenciesandhavebeenincludedsolelyforillustrative

purposes. No representations express or implied, aremade as to the accuracy or completeness of such statements,

assumptions,estimatesorprojectionsorwithrespecttoanyothermaterialsherein.ThirdPointmaybuy,sell,coveror

otherwisechangethenature,formoramountofitsinvestments,includinganyinvestmentsidentifiedinthisletter,without

furthernoticeandinThirdPoint’ssolediscretionandforanyreason.ThirdPointherebydisclaimsanydutytoupdateany

informationinthisletter.

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Informationprovidedherein,orotherwiseprovidedwithrespecttoapotentialinvestmentintheFunds,mayconstitute

non‐public information regarding Third Point Offshore Investors Limited, a feeder fund listed on the London Stock

Exchange, and accordinglydealingor trading in the sharesof that fundon thebasisof such informationmay violate

securitieslawsintheUnitedKingdomandelsewhere.