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.