Monthly Update: August 2024 NAV Performance

6 September 2024

Third Point Investors Limited

Monthly Update: August 2024 NAV Performance

August 2024 Performance Highlights

• Third Point Investors Limited returned 1.0% on a NAV basis in August 2024, compared with a
  2.7% return for the MSCI World Index and a 2.4% return for the S&P 500 Index.
• During the month the Company’s share price returned 0.5%, reflecting a widening in the discount to NAV from 23.1% to 23.5%.
• The top contributors for the month included a private position, utility company Pacific Gas and Electric Co., and financial company London Stock Exchange Group PL.
• The top detractors for the month included e-commerce company Amazon.com Inc., consumer goods company Bath & Body Works Inc. and automotive aftermarket parts company Advance Auto Parts Inc.

Full portfolio detail is available at https://www.thirdpointlimited.com/resources/portfolio-updates

Net Performance

	MTD	QTD	YTD
Third Point Investors Ltd. (NAV)1	1.0%	0.6%	12.1%
Third Point Investors Ltd. (Price)2	0.5%	-2.5%	11.8%
MSCI World Index (Total Return)	2.7%	4.5%	17.1%
S&P 500 (Total Return)	2.4%	3.7%	19.5%

Key Statistics and AUM Summary

Premium/(Discount) to NAV	(23.5%)
Third Point Investors Ltd. Net AUM3	$0.5 B

Portfolio Detail⁴

The net weightings of the strategy at period-end were 72.0% in Equity, 39.1% in Credit, 8.0% in Privates and 1.3% in Other. A breakdown of positions, including major contributors and detractors, is provided below. For further detail please visit: https://www.thirdpointlimited.com/resources/portfolio-updates.

	EXPOSURE					GROSS MTD P&L5			NET MTD P&L6	GROSS YTD P&L5					NET YTD P&L6
	LONG	SHORT		NET		LONG	SHORT	NET	NET	LONG	SHORT		NET		NET
Equity	109.6%		-37.6%		72.0%	-0.9%	-1.6%	-2.5%	-2.6%	13.0%		-6.1%		6.9%	5.8%
Credit	39.8%		-0.7%		39.1%	0.3%	-0.2%	0.1%	0.1%	1.5%		0.3%		1.8%	1.4%
Privates	8.0%		0.0%		8.0%	3.6%	0.0%	3.6%	3.6%	4.6%		0.0%		4.6%	4.5%
Other7	1.3%		0.0%		1.3%	0.0%	0.0%	0.0%	0.0%	-0.6%		-0.6%		-1.2%	-1.2%
Total	158.7%		-38.3%		120.4%	3.0%	-1.9%	1.2%	1.1%	18.4%		-6.4%		12.1%	10.5%

Portfolio Detail

MTD Contributors⁸

Private

Pacific Gas and Electric Co. (utility company)

London Stock Exchange Group PL (financial company)

Cinemark Holdings Inc (movie theatre company)

Vistra Corp. (energy company)

MTD Detractors⁸

Amazon.com Inc. (e-commerce company)

Bath & Body Works Inc. (consumer goods company)

Advance Auto Parts Inc (automotive aftermarket parts company)

Ferguson Enterprises Inc. (industrials and materials company)

Alphabet Inc (internet and technology company)

YTD Contributors⁸

Private

Vistra Corp. (energy company)

Meta Platforms Inc. (media and internet company)

TSMC (semiconductor manufacturing company)

Pacific Gas and Electric Co. (utility company)

YTD Detractors⁸

Bath & Body Works Inc. (consumer goods company)

Advance Auto Parts Inc (automotive aftermarket parts company)

Glencore PLC (industrials and materials company)

DuPont de Nemours Inc. (industrials and materials company)

Short

Top Gross Equity Longs⁸

Pacific Gas and Electric Co. (utility company)

Amazon.com Inc. (e-commerce company)

Danaher Corp. (diversified life sciences and diagnostics company)

Covestro AG (industrials and materials company)

Microsoft Corp. (infrastructure software company)

Top Gross Corporate Credit Longs^8,9

Radiate Holdco LLC (cable company)

Polaris Newco LLC (software company)

Community Health Systems Inc. (healthcare company)

CSC Holdings LLC (cable and telecommunications company)

Michaels Cos Inc/The (consumer goods company)

Press Enquiries

Buchanan PR

Charles [e-mail]: [phone]Henry [e-mail]: [phone]Notes to EditorsAbout Third Point Investors Limitedwww.thirdpointlimited.comThird Point Investors Limited (LSE: TPOU) was listed on the London Stock Exchange in 2007 and is a feeder fund that invests in the Third Point Offshore Fund (the Master Fund), offering investors a unique opportunity to gain direct exposure to founder Daniel S. Loeb’s investment strategy. The Master Fund employs an event-driven, opportunistic strategy to invest globally across the capital structure and in diversified asset classes to optimize risk-reward through a market cycle. TPIL’s portfolio is 100% aligned with the Master Fund, which is Third Point’s largest investment strategy. TPIL’s assets under management are currently $500 million.About Third Point LLCThird Point LLC is an institutional investment manager that actively engages with companies across their lifecycle, using dynamic asset allocation and an ethos of continuous learning to drive long-term shareholder return. Led by Daniel S. Loeb since its inception in 1995, the Firm has a 47-person investment team, a robust quantitative data and analytics team, and a deep, tenured business team. Third Point manages approximately $11.3 billion10 in assets for sovereign wealth funds, endowments, foundations, corporate & public pensions, high-net-worth individuals, and employees.Footnotes 1 Reflects the NAV return of Third Point Investors Limited inclusive of gearing the Company introduced in 2021 and chose to discontinue as of June 2023. 2 Reflects the total share price return of Third Point Investors Limited. 3 The net AUM figure for Third Point Investors Limited is included in the AUM of Third Point Offshore Fund, Ltd. 4 The sum of long and short exposure percentages and the sum of gross long and short MTD and YTD P&L percentages may not visually add to the corresponding net figure due to rounding. Subtotals of long, short, and/or net exposure percentages and MTD and YTD P&L percentages may not visually match the corresponding subtotal in another section of the report due to rounding. 5 Gross P&L attribution does not reflect the deduction of management fees, incentive allocations and any other expenses which may be incurred in the management of the fund.  An investor’s actual return will be reduced by such fees and expenses.  See Part 2A of the Adviser's Form ADV for a complete description of the management fees and incentive allocations customarily charged by Adviser. 6 Net P&L attribution reflects the allocation of the highest management fee (2% per annum), in addition to leverage factor multiple, if applicable, and incentive allocation rate (20%), and an assumed operating expense ratio (0.3%), to the aggregate underlying positions in the referenced sub-portfolio group’s gross P&L. The management fees and operating expenses are allocated for the period proportionately based on the average gross exposure of the aggregate underlying positions of the referenced sub-portfolio group. The implied incentive allocation is based on the deduction of management fee and expense ratio from the Fund level gross P&L attribution for the period. The incentive allocation is accrued for each period to only those positions within the referenced sub-portfolio group with i) positive P&L and, ii) if during the current MTD period there is an incentive allocation. In MTD periods where there is a reversal of previously accrued incentive allocation, the impact of the reversal will be based on the previous month’s YTD accrued incentive allocation. The assume operating expense ratio noted herein is applied uniformly across all underlying positions in the referenced sub-portfolio group given the inherent difficulty in determining and allocating the expenses on a sub-portfolio group basis. If expenses were to be allocated on a sub-portfolio group basis, the net P&L would likely be different for each referenced sub-portfolio group, as applicable. 7 Includes broad-based market and equity-based hedges. 8 Excludes any confidential positions, portfolio level equity hedges and EU MAR related positions. 9 Does not include private debt. 10 Includes all funds and separately managed accounts managed by Third Point and its affiliates and participation notes issued by the applicable Third Point-managed funds relating to legacy private investments. Important Notes and DisclaimersThird Point Investors Limited (the “Company”) is a feeder fund listed on the London Stock Exchange that invests substantially all of its assets in Third Point Offshore Fund, Ltd (“Third Point Offshore”).  Third Point Offshore is managed by Third Point LLC (“Third Point” or “Investment Manager”), an SEC-registered investment adviser headquartered in New York. Neither the securities regulatory authority of any state nor the SEC have approved the Funds and investments described herein and have not passed on the accuracy or adequacy of this document. Any representation to the contrary is unlawful. Unless otherwise stated, information relates to the Third Point Offshore Master Fund L.P. (the "Fund") inclusive of legacy private investments. Exposures are categorized in a manner consistent with the Investment Manager's classifications for portfolio and risk management purposes in its sole discretion. Performance results include the performance of legacy private investments and are presented net of management fees, brokerage commissions, administrative expenses, and accrued incentive allocation, if any, and include the reinvestment of all dividends, interest, and capital gains. While incentive allocations are accrued monthly, they are deducted from investor balances only annually or upon withdrawal. From Fund inception through December 31, 2019, Third Point Offshore Fund, Ltd.'s historical performance has been calculated using the actual management fees, incentive allocations, and expenses paid by the Fund. The actual management fees and incentive allocations paid by the Fund reflect a blended rate of management fees and incentive allocations based on the weighted average of amounts invested in different share classes subject to different management fee and/or incentive allocation terms. Such management fee rates have ranged over time from 1.25% to 3% per annum. The amount of incentive allocations applicable to any one investor in the Fund will vary materially depending on numerous factors, including without limitation: the specific terms, the date of initial investment, the duration of investment, the date of withdrawal, and market conditions.  As such, the net performance shown for the Fund from inception through December 31, 2019 is not an estimate of any specific investor’s actual performance. During this period, had the highest management fee and incentive allocation been applied solely, performance results would likely be lower. For the period beginning January 1, 2020, the Fund’s historical performance shows indicative performance for a new issues eligible investor in the highest management fee (2% per annum) and incentive allocation rate (20%) class of the Fund, who has participated in all side pocket private investments (as applicable) from March 1, 2021 onward. Net performance reflects the deduction of operating expenses paid by the Fund during the period. An individual investor’s performance may vary based on timing of capital transactions. The inception date for Third Point Offshore Fund, Ltd. is December 1, 1996. All performance results are estimates and past performance is not necessarily indicative of future results. All information provided herein is for informational purposes only and should not be deemed as a recommendation to buy or sell securities. All investments involve risk including the loss of principal. This transmission is confidential and may not be redistributed without the express written consent of Third Point LLC and 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. The Funds’ performance information shown within includes net gains and losses from “new issues.” The market price for new issues is often subject to significant fluctuation, and investors who are eligible to participate in new issues may experience significant gains or losses. An investor who invests in a class of Interests that does not participate in new issues may experience performance that is different, perhaps materially, from the performance reflected above. All performance results are estimates and should not be regarded as final until audited financial statements are issued. The performance results of the Funds include unrealized gains and are based on valuations, which are not certain. Third Point values the securities and other instruments comprising the assets and liabilities of each Fund pursuant to Third Point’s written valuation policy, as it may be amended from time to time. A summary of Third Point’s valuation policy is available to any limited partner or potential investor upon request. Valuations assigned to an asset are not necessarily equivalent to the value that would be realized on the sale of that asset, if sold. Please see the applicable Fund’s offering documents for additional information about valuations. While the performance of the Funds has been compared here with the performance of well-known and widely recognized indices, the indices have not been selected to represent an appropriate benchmark for the Funds whose holdings, performance and volatility, among other things, may differ significantly from the securities that comprise the indices. The indices include the reinvestment of dividends, interest and other earnings and have not been adjusted for management fees or expenses. Investors cannot invest directly in an index (although one can invest in an index fund designed to closely track such index). Past performance is not necessarily indicative of future results. All information provided herein is for informational purposes only and should not be deemed as a recommendation to buy or sell securities. All investments involve risk including the loss of principal. This transmission is confidential and may not be redistributed without the express written consent of Third Point LLC and 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. The Company has not been and will not be registered under the US Investment Company Act of 1940, as amended (the “Investment Company Act”). In addition, the shares in the Company have not been and will not be registered under the US Securities Act of 1933, as amended (the “Securities Act”). Consequently, shares in the Company may not be offered, sold or otherwise transferred within the United States or to, or for the account or benefit of, US Persons (as defined in the Securities Act). No public offering of any shares in the Company is being, or has been, made in the United States. Information provided herein, or otherwise provided with respect to a potential investment in the Funds, may constitute non-public information regarding Third Point Investors Limited, a feeder fund listed on the London Stock Exchange, and accordingly dealing or trading in the shares of the listed instrument on the basis of such information may violate securities laws in the United Kingdom, United States and elsewhere.

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