Naich

FourthQuarter2011InvestorLetter

ReviewandOutlook

Aftei a succession of tail events the Aiab Spiing }apanese eaithquake anu tsunami 0S
uebt uowngiaue floous in Thailanu anu Euiopes uebt ciisis anu the iesultant extieme
volatility in tiauing conuitions last yeai has been uowniight tianquil thus fai

Economic giowth globally has pickeu up anu is iunning aheau of expectations In the
0niteu States we have shifteu fiom a miuuling minoi iecessionaiy to a moueiate giowth
enviionment In Euiope the LTR0 mechanism has taken the iisks of chaos cieuit
contiaction anu uomino uefault off the table foi the neaiteim anu expectations have
moveu upwaiu swiftly fiom a ueep iecession to a welcomeu flat line In China feais of a
haiu lanuing have been ieplaceu with confiuence that the goveinment tiansition will be
welloichestiateu anu giowth will iemain iobust The yeai of the Biagon is off to a bullish
stait eveiywheie anu we see favoiable sentiment anu positive conuitions continuing foi
the time being

Foi Thiiu Point the stait of this yeai has cieateu one especially welcome uynamic a fall in
coiielations Foi the fiist time in neaily a yeai single name stock picking is being
iewaiueu We have steauily incieaseu capital investeu in eventuiiven situations in
equities coipoiate cieuit anu moitgages Touay oui long exposuie is anu oui
gioss exposuie is 0ui equity beta is the highest it has been since }uly
While we aie geneially moie constiuctive anu finuing many inteiesting situations we aie
focuseu equally on shoits anu longs anu builuing an allweathei poitfolio amiust the
feeuing fienzy Although geneial maiket conuitions aie favoiable we have not simply
stiappeu ouiselves onto a iaging bull oui main focus iemains uisciplineu buying anu
selling piuuent iisk management anu thoughtful poitfolio constiuction

Notwithstanuing economic uata in the 0S Euiope China anu emeiging maikets which
suggest a iiskon poitfolio we aie caiefully monitoiing political anu policy uevelopments
aiounu the woilu which coulu have a significant impact on oui moie constiuctive outlook
This letter brought to you via MarketFolly.com

Staiting at home iecent economic uata has tienueu upwaius 0S uata in

seivicesmanufactuiing PNIs auto sales anu employment mostly suipiiseu to the upsiue
in }anuaiy anu again in Febiuaiy Theie is a giowing peiception that two of the most
significant uiags on 0S giowth housing anu jobs aie staiting to tuin the coinei

Peihaps this shoulu be unsuipiising since in a Piesiuential election yeai economic
inuicatois often seem to tienu in the iight uiiection foi the incumbent Foi this ieason
while we aie constiuctive in the neaiteim baseu on these tailwinus we see the potential
foi a uangeious anu beyonu Regaiuless of ones political beliefs it is haiu to ueny
that the unabateu policies of a seconu 0bama Auministiation woulu leau the countiy uown
an unsustainable path of explouing ueficits anu maiginal piivate sectoi giowth While oui
conceins about a seconu 0bama teim aie muteu by the fact that much of his agenua will be
stymieu by a Republican Bouse anu most likely a Republican Senate giiulock is not an
effective way to iun the countiy It is howevei piefeiable to outofcontiol entitlement
spenuing anu ueficits which woulu iesult fiom anothei 0bama auministiation in which
both houses of Congiess aie unuei his contiol Sauly conceins about tax incieases
haphazaiu iegulation anu fuithei ieuistiibutive policies will holu piivate capital anu
maiket paiticipants in check foi as long as Ni 0bama iemains Piesiuent

Euiope on the othei hanu is healing with elections in Fiance posing the next potential
lanumine to an otheiwise moie iosy outlook The uieek PSI exchange last week
essentially an oiueily uefault of goveinment uebt to piivate investois was absoibeu by
the maikets Bonuholueis foigave moie than billion on theii uieek goveinment
investments completing the laigest soveieign uebt iestiuctuiing in histoiy anu moving
woiiies about uieece to the back buinei foi the moment It is inteiesting to note just how
much Euiope is staiting to look like the 0niteu States of Euiope The E0 is uemanuing
change in fiscal policies in vaiious countiies anu Chancelloi Neikel is offeiing to campaign
with Piesiuent Saikozy as if she is a uoveinoi lenuing a helping hanu in a neighboiing
states election While Euiope is slowly moving towaius a fiscal compact the Fiench
elections aie a paiticulaily impoitant event because Saikozys challengei Bollanue has
aigueu that he will not honoi the ueal signeu in Biussels shoulu he become Piesiuent
Neanwhile Italy Poitugal anu Spain aie implementing helpful austeiity measuies but it is
impeiative that some giowth initiatives be auopteu oi the goveinments iefoim plans will
likely stall

This is not an enviionment foi iosecoloieu glasses 0ui poitfolio is stiuctuieu to ieflect
the unfoitunate ongoing ieality of uecaying Westein uemociacies staving off catastiophe
with Auvil anu banuages when multiple complex suigeiies aie the only way to save the
patient in the longteim

QuarterlyResults

Set foith below aie oui iesults thiough Becembei anu peifoimance to uate foi



Thiiu Point
0ffshoie SP BFRI
Fouith Quaitei

Peifoimance

YTB Peifoimance
thiough Febiuaiy

Annualizeu Retuin Since
Inception

Retuins fiom inception Becembei thiough Febiuaiy

The top five winneis foi the Fouith Quaitei weie Yahoo Inc Belphi Coip Saia Lee
Coip Williams Cos Inc anu Shoit A The top five loseis foi the peiiou weie uenel Eneigy
Plc Technicoloi Shoit B uolu anu BollyFiontiei Coip

Fiim assets unuei management at Becembei weie billion A0N giew to
billion at Febiuaiy The inciease in assets was piimaiily uue to the closing of the
Thiiu Point Reinsuiance Limiteu tiansaction in late Becembei which is uiscusseu fuithei
below The funus iemain closeu to new investois with limiteu exceptions as uiscusseu
pieviously

SelectPortfolioPositions

Since most of oui investois heaiu an extensive ieview of oui Q anu iesults at oui
Annual Investoi Piesentation in miu}anuaiy we have incluueu summaiies of moie iecent
positions in this lettei Foi those of you who weie unable to attenu the Piesentation viueo
of the event is available on oui piivate Investoi Website anu the sliue ueck is also available
foi youi ieview Please contact Investoi Relations foi fuithei uetails

Buiing oui Investoi Piesentation we uiscusseu aieas we thought weie iipe foi ceitain
types of eventuiiven oppoitunities As foiecast we have founu a numbei of inteiesting
situations in two of these aieas specifically in iecent months foiceu selling anu hiuuen
giowth stoiies

ForcedSelling

We aiticulateu paiticulai inteiest in situations wheie we see foiceu selling This is a

simple concept that has been a successful pait of oui eventuiiven fiamewoik since oui
eailiest uays Selleis foiceu to uispose of lowconviction positions foi technical oi
sentimental ieasons cieate a uynamic favoiing the buyei When this soit of selling
happens uue to nonfunuamental uiiven piessuies anu piices iationalize faiily quickly
these cheap puichases can have especially compelling IRRs A few iecent examples of this
applieu fiamewoik aie positions in 0nicieuit Skywoiks anu EkspoitFinans

Long Position 0nicieuit
0ne of the questions we have been askeu most fiequently by investois ovei the past
months is whethei Euiopean bankielateu investments weie as compelling to us as they
seemeu to be to othei manageis some of which even iaiseu funus to capitalize on the
supposeuly massive oppoitunities oiiginating uue to stiesseu conuitions in Euiope We
biueu oui time anu having uiy powuei pioveu fiuitful in }anuaiy when we weie able to
capitalize on an extiaoiuinaiy special situation

0nicieuit 0Cu is one of Italys laigest commeicial banks with auuitional ietail opeiations
thioughout Cential anu Eastein Euiope The EBA bank stiess tests conuucteu in Q
ievealeu 0Cus neeu to iaise billion of capital by }une to ieach the minimum
thiesholu iequiieu unuei Basel III In Novembei 0Cu announceu a billion
iights offeiing with piicing to be ueteimineu in eaily Bemanu fiom 0Cus
shaieholuei base to unueiwiite the ueal was weak howevei given that neaily of its
shaieholueis mainly Italian founuations anu the Libyan Cential Bank lackeu auuitional
capital This piompteu the consoitium of banks unueiwiiting the ueal to piice the new
shaies at a uiscount neaily x that of similai tiansactions anu moie than uoubling
the shaies outstanuing

The ueal was announceu on the fiist tiauing uay of in thin maikets uue to aicane
iegulatoiy iequiiements in some eastein Euiopean countiies wheie 0Cu opeiates The
offeiings extieme uiscount anu feais of inuisciiminate selling by unueiwiiteis shockeu
thinlystaffeu tiauing uesks acioss Euiope anu uiove the stock uown by Panickeu
selling neaily foiceu the stock thiough the iights piice meaning the maiket tempoiaiily
ueemeu the iights close to woithless

The technical piessuies anu foiceu selling natuially caught oui attention The enoimous
time we have investeu as a team in attempting to unueistanu the bioauei impacts of the
ECBs iecently announceu thieeyeai LTR0 also pioveu ciitical The ECBs latest attempt to
suppoit ailing banks geneiateu little fanfaie when initiateu in Becembei but
appeaieu to us as a potential gamechangei foi Euio aiea iisk piemia Baseu on oui belief
MarketFolly.com: Your source for hedge fund tracking

that the LTR0 woulu significantly compiess iisk piemia paiticulaily in Italian soveieign
yielus we began buying 0Cu iights These iights on a conveiteu basis alloweu us to cieate
the stock at uiscount to pievailing maiket levels anu x tangible common equity
This multiple implieu neaily a cost of equity foi a bank in the uppei quaitile of
capitalization veisus its peeis with auequate liquiuity foi the foieseeable futuie anu
uomicileu in a soveieign with collapsing cieuit spieaus Fuitheimoie at oui entiy piices
we weie laigely coveieu by 0Cus stakes in publicly tiaueu Russian anu Tuikish banks anu
effectively getting its Cential Euiopean assets foi fiee

As expecteu Italian soveieign yielus compiesseu anu attiacteu attention to 0Cus
meaningfully uepiesseu valuation The iights closeu theii uiscount to the shaies anu it
became cleai unueiwiiteis woulu not be foiceu to holu unwanteu stock 0Cu quickly ie
iateu to x piice to tangible common equity enabling us to uouble oui money in less than
one month At the cuiient valuation investois neeu to be confiuent in managements
opeiational iestiuctuiing plan This was not a bet we weie willing to take anu so we have
fully exiteu oui position with a significant gain

Long Equity Position Skywoiks Solutions
Skywoiks Solutions is a leauing pioviuei of iauio fiequency RF semiconuuctois foi
wiieless uevices The Company is leveieu to the giowth in connecteu uevices such as
cellphones tablets anu consumei electionics anu in connection options pei uevice
cellulai u u u WiFi Bluetooth The giowth in wiieless uevices anu foims of
connectivity is fuithei amplifieu by the piolifeiation of new wiieless spectium banus useu
in caiiiei netwoiks eg NBz NBz NBz NBz anu NBz These
tienus have iesulteu in a suige of RF semiconuuctoi content in wiieless uevices

Buiing late Skywoiks shaies solu off aggiessively uue to maiket shaie shifts within
the iPhone S By focusing exclusively on the Apple stoiy the maikets misseu the
companys giowing success outsiue of Apple piouucts anu the seculai tienus noteu above
Taxloss selling moveu the shaie piice fiom to anu we capitalizeu on the selloff to
builu a paitially heugeu position in Becembei Skywoiks was tiauing at a steep PE
uiscount to the semiconuuctoi space anu moie specifically its RF peeis RFNB anu TQNT
With soliu Q iesults anu Q guiuance continueu u uevice tiaction a winuow to iegain
shaie within iPhone in QQ anu the iecoveiy in semiconuuctoi shaies we believeu
Skywoiks was poiseu to ieiate back towaiu peei PE multiples which woulu imply neaily
pei shaie 0ui thesis came to fiuition quickly anu we exiteu the position in the miu
s foi a tiuy gain eaily in Naich


Long Cieuit Position EkspoitFinans

At the Investoi Bay we uiscusseu oui position in EXPT a quasigoveinmental Noiwegian

institution cieateu to lenu capital foi piivate infiastiuctuie piojects piimaiily in the global
oil anu gas inuustiy The goveinment announceu that EkspoitFinans woulu be wounu
uown anu a new whollygoveinment owneu institution woulu be cieateu in its place to
pioviue this expoit financing Noouys anu SP which hau pieviously tieateu this cieuit as
essentially goveinment papei inteipieteu this statement to mean that the goveinment
woulu not continue to backstop the outstanuing loans anu uowngiaueu EXPT by seven
notches fiom AA to BB

Panic ensueu among the tiauitional holueis of the papei piimaiily pensions anu otheis
anu foiceu selling causeu the bonus to tiaue off points as shown on the chait below



We saw this uowngiaue as an immeuiate oppoitunity anu sent one of oui cieuit analysts to
Noiway to meet with goveinment officials anu tiauitional holueis of these loans Woiking
in oui favoi was the Thanksgiving holiuay anu an analyst happy to give up his tuikey anu
football to builu a million position in a ielatively lowiisk high ietuin cieuit situation
ovei just a few uays

Since we initiateu the position EXPT has peifoimeu as we expecteu Befoie the
goveinments announcement the bonus weie tiauing at We puichaseu most of oui

position aftei they plungeu to anu spieaus have since naiioweu so the papei is in the
mius touay We expect the spieaus to fuithei conuense towaius theii pieciisis levels
in the neaiteim anu so continue to own oui position

HiddenGrowth

We also spent time at the Investoi Piesentation uiscussing anothei appioach we believe is
fiuitful in this macioeconomic enviionment paying faii multiples foi hiuuen giowth
iathei than cheap multiples foi stagnation This appioach has leu us to ievisit ceitain
emeiging maikets with ieneweu eneigy While we have tenueu to giavitate towaius
cyclical equity names in the past we believe we neeu to have moie balance in oui poitfolio
in a yeai which will continue to be tuibulent fiom a macioeconomic peispective A focus
on companies benefitting fiom hiuuen giowth shoulu help auu this balance ultimately
uampening volatility while incieasing oveiall piofit

Long Equity Abeiciombie Fitch

We began puichasing shaies of Abeiciombie Fitch ANF in }anuaiy aftei the stock piice
ueclineu by neaily half ovei the past few months Abeiciombie Fitch was attiactive
because we believe we paiu ioughly x cy EPS ex net cash foi a business that
shoulu giow eainings at a uouble uigit iate foi at least the next few yeais That giowth will
come fiom iecoveiing 0S piofitability anu fiom continueu giowth of the companys high
maigin online CAuR anu inteinational businesses CAuR

In the 0S management is aggiessively iightsizing the stoie base anu plans to close anothei
of its stoies by 0S piofitability shoulu iebounu as the competitive enviionment
impioves aftei a highly piomotional holiuay season anu as aveiage unit costs uecline in
pait uue to lowei cotton piices 0utsiue the 0niteu States the company is opening highly
piofitable stoies in Euiope anu Asia wheie the bianu appeals to a wiuei customei base anu
the company is able to chaige a piemium piice While it is uifficult to know how oveiseas
piofitability will tienu ovei time we think it is fai too eaily to wiite off the potentially
luciative inteinational giowth stoiy anu believe oui entiy point pioviues a sufficient
maigin of safety if we aie wiong

Long Equity volkswagen
volkswagen vW is a longteim holuing that we initiateu in the spiing of vW is
valueu by the maiket as a lowquality cyclical stock at less than x foiwaiu eainings We
have a uiffeientiateu view on vWs eainings as we believe the maiket continues to
unueiestimate two of vWs seculai eainings uiiveis Fiist vWs ongoing shift to a mouulai
piouuction system is uiiving stiuctuial maigin expansion Seconu as we have explaineu
pieviously vW sells moie than half its units in emeiging maikets with a paiticulaily stiong

piesence in China anu Biazil These two uiiveis aie contiibuting to thioughthe
cycle compounueu annual eainings giowth fiom to eainings

vWs penuing acquisition of Poisches opeiating business iemains a key catalyst foi the
stock We suspect that vW may finu a way to acquiie the iemaining stake in the next
months which shoulu be moie than accietive to vW

Long Cieuit Ally Financial
As oui investois know oui Cieuit team has spent a significant poition of the past thiee
yeais investing in the auto inuustiy Ally Financial foimeily known as uNAC is the woilus
laigest auto finance company anu a iapiuly giowing online savings bank with billion
in ueposits Ally ieceiveu goveinment suppoit uuiing the financial ciisis laigely uue to its
effoits to suppoit its failing moitgage subsiuiaiy ResCap which iemains one of the five
laigest moitgage seiviceis in the 0S As a iesult of the capital injection the 0S Tieasuiy
now owns of Ally uiluting the stakes of its foimei owneis Ceibeius Capital
Nanagement anu uN anu giving Ally a iobust Tiei Common Ratio unuei Basel III

uiven its stiong capital metiics anu ample liquiuity Allys uebt stiuctuie tiaueu in line with
moie highly iateu competitois like Foiu Notoi Cieuit foi most of anu maintaineu
faiily tight spieaus in its longuateu bonus anu non0ST piefeiieu shaies Bowevei Ally
was not spaieu when global cieuit spieaus wiueneu uuiing the August selloff
Simultaneously feais began to mount ovei Allys moitgageielateu liabilities fiom
wiongful foieclosuies iepiesentation anu waiianty bieaches anu secuiities law fiauu
suits associateu with its pieciisis sale of moitgagebackeu secuiities The majoiity of
these potential liabilities oiiginateu fiom the ResCap subsiuiaiy anu although Ally has
iepeateuly stateu its belief that any liability foi these issues can be iing fenceu at ResCap
unceitainty iemains This combination of iising global cieuit iisk piemiums anu moitgage
liabilities feais uiamatically wiueneu Allys spieau to Foiu Notoi Cieuit anu significantly
incieaseu the spieaus on its longuateu bonus anu piefeiieu equity

We began initiating oui position in Allys longuateu bonus anu piefeiieu shaies uuiing the
fouith quaitei because we believeu that the moitgageielateu liabilities woulu be
containeu at ResCap oi if not that they woulu not be laige enough to significantly impaii
Allys capital oi cieuit position We also believeu that woulu pioviue a meaningful
iesolution of these liabilities such that Ally uebt coulu be upgiaueu Fuitheimoie all of oui
secuiities weie puichaseu at laige uiscounts to pai anu caiiy between cuiient
pay coupons pioviuing significant uownsiue piotection

Allys cieuit spieaus have staiteu to noimalize in anu the company iecently achieveu
the fiist milestone in iesolving moitgageielateu liabilities via the wiuely publicizeu State

Attoiney ueneials Settlement Bespite ietuins of between so fai this yeai we

continue to holu oui secuiities as we expect full claiity if not iesolution of moitgage
liabilities anu a potential eventual upgiaue to an investment giaue iating coulu uiive
auuitional total ietuins of

LongEquity:Yahoo!TheCaseforAlibaba
As investois aie awaie we establisheu a sizeable position in Yahoo following a uifficult
opeiational anu stiategic stietch uuiing the waning uays of CE0 Caiol Baitzs tenuie that
culminateu in a significant selloff in the shaies in August Initially we weie attiacteu to
the company simply by its significant uiscount to intiinsic value In Septembei we
announceu publicly that we hau accumulateu of the shaies of the company anu laiu
out oui case foi why the valuation was uepiesseu While the tiavails of coie Yahoo giab
all the heaulines coie Yahoo foims only a mouest poition of the Companys actual value a
meie pei shaie tiauing at as of The afteitax value of Yahoos
Asian assets Alibaba anu Yahoo }apan cuiiently constitutes pei shaie of its value
with an auuitional pei shaie of net cash

Cential to oui investment thesis is the hiuuen jewel in the Asian asset poitfolio anu inueeu
in Yahoo itself Yahoos stake in Alibaba uioup the uominant ecommeice platfoim in
China Accoiuing to iReseaich Alibaba cuiiently has of the BB ecommeice maiket
foui times gieatei than its neaiest competitoi of the CC ecommeice maiket
analogous to Ebay anu of the BC ecommeice maiket analogous to Amazon in
It has complementeu these coie commeice positions with the leauing online
payment platfoim Alipay with maiket shaie anu also holus the shaie of the
Chinese online au maiket behinu Baiuu at Paiticulaily exciting is Alibabas
shaie of Chinas iapiuly giowing BC maiket iepiesenteu by Taobao Nall oi Tmall
iecently ienameu Tian Nao

Accoiuing to iReseaich China hau million online shoppeis in compaieu to
million in the 0S As Boston Consulting uioup noteu in its Novembei iepoit The
Woilus Next ECommeice Supeipowei ecommeice tiansaction value in China is likely to
oveitake the 0S by helpeu by conuitions that miiioi the 0S anu in some ways favoi
ecommeice in China A combination of bioau piouuct assoitments anu lowei piices
miiioi the 0S while ecommeice in China benefits fiom the fixeu piice ceitainty missing
in Chinas tiauitional ietail cultuie wheie haggling is common fiom ielatively lowei
shipping costs than in the 0S anu fiom the limiteu geogiaphic ieach of biickanumoitai
chains The Boston Consulting uioup iepoit highlights The Taobao Phenomenon anu
notes moie piouucts weie puichaseu on Taobao in than at Chinas topfive biick anu
moitai ietaileis combineu

The scale anu velocity of Chinas ecommeice oppoitunity when combineu with Alibabas
uominant position make foi a veiy compelling stoiy As it moves towaiu an IP0 Alibaba
shoulu quickly take its place amongst Chinas online leaueis Tencent billion maiket
cap anu Baiuu billion maiket cap A Novembei iepoit on Softbank by 0BSs
Nakio Inui the piouuct of extensive ieseaich into Alibaba uioup anu a uetaileu valuation
placeu a billion value on Alibaba uioup which woulu imply just ovei pei Yahoo
shaie aftei tax It appeais that while will be the yeai of Facebook coulu veiy
well be the yeai of Alibaba as it moves towaiu a listing

At the iepoiteu billion valuation asciibeu to the 0ctobei puichase of employee
shaies by Silvei Lake Temasek anu Yunfeng an affiliate of CE0 }ack Na Yahoos stake
was woith pei shaie aftei tax That implies Yahoos stake has giown at a
compounueu iate of pei annum since its investment in 0ctobei anu it is
significant that the majoiity of Yahoos value is now uiiven by its Alibaba stake Cleaily as
eviuenceu above we see tiemenuous upsiue in just the Alibaba piece of the Yahoo puzzle

While the meuia has coveieu the uiama suiiounuing the negotiations with Ni Na in some
uetail Wall Stieet has continueu to neglect the unueilying Alibaba valuation stoiy anu the
piess makes too little of it Ceitainly theie is some compelling ieason why Ni Na is so
inteiesteu in iepuichasing Yahoos stake We shaie his excitement anu enthusiasm foi the
Alibaba oppoitunity anu we iespect anu appieciate the uominant anu uynamic fianchise
he has built amongst the woilus laigest base of Inteinet useis

0vei the last six months we have witnesseu the Boaiu of Biiectois stiategic ieview that
has to uate iesulteu in the hiiing of a new CE0 Scott Thompson the iesignation of }eiiy
Yang anu the penuing exit of Boaiu Chaiiman Roy Bostock anu thiee othei Biiectois In
miuFebiuaiy we announceu that we intenu to iun oui own slate of Biiectois foi the Yahoo
boaiu uuiing this pioxy season We stateu oui intention to nominate wellknown leaueis
in the meuia space }eff Zuckei anu Nichael Wolf iestiuctuiing guiu Baiiy Wilson anu Ban
himself to the Boaiu We aie glau Yahoo has playeu a ciitical iole in Alibabas eaily
uevelopment anu hope new leaueiship at Yahoo can chait a new couise foi the companys
ielationship with Ni Na anu Alibaba

ThirdPointReinsuranceLimited

Buiing the Fouith Quaitei of we achieveu a ciitical fiim milestone by closing the
Thiiu Point Reinsuiance Limiteu TP Re tiansaction TP Re openeu foi business on
}anuaiy
iu
leu by CE0 }ohn Beigei anu his elite team With N of equity TP Re has
alieauy unueiwiitten its fiist ieinsuiance contiacts anu met othei significant opeiational
maikeis
Click here to read more hedge fund letters at MarketFolly.com

0ne ieason we staiteu TP Re was to bolstei oui alieauy significant peicentage of
peimanent assets unuei management Incluuing employee capital oui Lonuonlisteu
closeuenu TP0IL funu anu TP Re ovei of oui A0N is now consiueieu peimanent
We believe this asset mix gives us an euge in investing by pioviuing us with one of the most
stable asset bases in the woilu

Thank you foi youi paitneiship

Sinceiely
ThirdPointLLC


The peifoimance uata piesenteu iepiesents that of Thiiu Point 0ffshoie Funu Ltu All PL oi peifoimance iesults aie baseu on the net asset value of feepaying investois only anu
aie piesenteu net of management fees biokeiage commissions auministiative expenses anu acciueu peifoimance allocation if any anu incluue the ieinvestment of all uiviuenus
inteiest anu capital gains The peifoimance above iepiesents funulevel ietuins anu is not an estimate of any specific investois actual peifoimance which may be mateiially
uiffeient fiom such peifoimance uepenuing on numeious factois All peifoimance iesults aie estimates anu shoulu not be iegaiueu as final until auuiteu financial statements aie
issueu Exposuie uata iepiesents that of Thiiu Point 0ffshoie Nastei Funu LP

While the peifoimances of the Funus have been compaieu heie with the peifoimance of wellknown anu wiuely iecognizeu inuices the inuices have not been selecteu to iepiesent an
appiopiiate benchmaik foi the Funus whose holuings peifoimance anu volatility may uiffei significantly fiom the secuiities that compiise the inuex Investois cannot invest uiiectly
in inuices although one can invest in an inuex funu uesigneu to closely tiack such inuex

Past peifoimance is not necessaiily inuicative of futuie iesults All infoimation pioviueu heiein is foi infoimational puiposes only anu shoulu not be ueemeu as a iecommenuation to
buy oi sell secuiities All investments involve iisk incluuing the loss of piincipal This tiansmission is confiuential anu may not be ieuistiibuteu without the expiess wiitten consent of
Thiiu Point LLC anu uoes not constitute an offei to sell oi the solicitation of an offei to puichase any secuiity oi investment piouuct Any such offei oi solicitation may only be maue
by means of ueliveiy of an appioveu confiuential offeiing memoianuum

Infoimation pioviueu heiein oi otheiwise pioviueu with iespect to a potential investment in the Funus may constitute nonpublic infoimation iegaiuing Thiiu Point 0ffshoie
Investois Limiteu a feeuei funu listeu on the Lonuon Stock Exchange anu accoiuingly uealing oi tiauing in the shaies of that funu on the basis of such infoimation may violate
secuiities laws in the 0niteu Kinguom anu elsewheie