Third Point Investors Limited

Feeder Fund into Third Point Offshore Fund, Ltd.

May 31, 2022

NET PERFORMANCE MTD QTD YTD KEY STATISTICS AND AUM SUMMARY
1
Third Point Investors Limited (NAV) -1.5% -3.0% -15.9% Third Point Investors Limited Leverage Factor3 1.18
2
Third Point Investors Limited (Price) -0.8% -3.6% -13.3% Premium/(Discount) to NAV (11.4%)
Third Point Offshore Fund, Ltd. -1.3% -2.8% -14.2% Third Point Offshore Fund, Ltd. AUM $7.0 B
MSCI World Index (TR) 0.1% -8.1% -12.8% Third Point Investors Limited AUM4 $0.8 B
S&P 500 (TR) 0.2% -8.6% -12.8%

MASTER FUND PORTFOLIO DETAIL5

EXPOSURE GROSS MTD P&L6 GROSS YTD P&L6
LONG SHORT NET LONG SHORT NET LONG SHORT NET
Equity
Activism/Constructivism7 9.5% -1.4% 8.1% 0.2% 0.1% 0.4% -1.2% -0.1% -1.3%
Fundamental & Event 54.4% -26.1% 28.2% -2.5% 0.9% -1.6% -18.5% 3.0% -15.5%
Portfolio Hedges8 0.0% -2.5% -2.5% 0.0% 0.2% 0.2% 0.0% 3.4% 3.4%
Total Equity 63.9% -30.0% 33.9% -2.2% 1.2% -1.1% -19.8% 6.4% -13.4%

Credit
Performing
Corporate & Sovereign 9.3% -1.5% 7.8% 0.0% 0.0% 0.0% -1.0% 0.5% -0.5%
Distressed
Structured 21.3% -0.1% 21.2% 0.3% -0.2% 0.0% -1.0% 0.1% -0.9%
Total Credit 30.6% -1.6% 28.9% 0.3% -0.2% 0.1% -1.9% 0.6% -1.4%

Privates 10.0% 0.0% 10.0% -0.1% 0.0% -0.1% -0.6% 0.0% -0.6%

Side Pocket Privates 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
9
Other 0.2% 0.0% 0.2% 0.0% 0.0% -0.1% 1.3% 0.5% 1.8%

Total Portfolio 104.7% -31.6% 73.0% -2.1% 0.9% -1.2% -21.0% 7.4% -13.6%

MASTER FUND EQUITY DETAIL5

EXPOSURE GROSS MTD P&L6 GROSS YTD P&L6
EQUITY SECTORS LONG SHORT NET LONG SHORT NET LONG SHORT NET
Consumer Discretionary 3.5% -2.5% 1.0% -0.7% 0.4% -0.2% -4.6% 1.1% -3.5%
Consumer Staples 8.5% -5.7% 2.8% 0.2% 0.1% 0.3% 0.2% 0.0% 0.2%
Utilities 6.3% 0.0% 6.3% -0.2% 0.0% -0.2% -0.1% -0.1% -0.2%
Energy 15.1% 0.0% 15.1% 1.7% -0.1% 1.6% 3.8% -0.4% 3.4%
Financials 2.4% -1.9% 0.5% -0.5% 0.0% -0.4% -3.4% 0.2% -3.2%
Healthcare 4.2% -2.5% 1.7% 0.0% 0.0% 0.1% -2.7% 0.8% -2.0%
Industrials & Materials 15.3% -3.3% 11.9% -0.2% 0.0% -0.2% -3.5% 0.4% -3.2%
Enterprise Technology 5.6% -6.0% -0.4% -2.6% 0.3% -2.2% -8.1% 0.6% -7.6%
Media & Internet 3.1% -5.5% -2.4% 0.1% 0.2% 0.2% -1.2% 0.3% -0.9%
8
Portfolio Hedges 0.0% -2.5% -2.5% 0.0% 0.2% 0.2% 0.0% 3.4% 3.4%
Total 63.9% -30.0% 33.9% -2.2% 1.2% -1.1% -19.8% 6.4% -13.4%

GEOGRAPHIC EXPOSURE LONG SHORT NET MARKET CAP10 LONG SHORT NET
Americas 48.7% -26.2% 22.6% > $50 billion 28.8% -2.3% 26.4%
EMEA 15.1% -2.3% 12.8% $25-50 billion 5.8% -2.3% 3.5%
Asia ex-Japan 0.0% -1.1% -1.1% $10-25 billion 19.0% -9.9% 9.1%
Japan 0.0% -0.4% -0.4% < $10 billion 10.3% -5.4% 4.9%
Total 63.9% -30.0% 33.9% Indices & Other 0.0% -10.1% -10.1%
Total 63.9% -30.0% 33.9%
11 12
EQUITY EXPOSURE LONG SHORT NET POSITION LONG SHORT TOTAL
Delta-Adjusted 63.9% -30.0% 33.9% Equity Positions 41 76 117
Beta-Adjusted 48.4% -37.9% 10.5% Top 10 Positions 41% -11%
Dollar Adjusted 62.2% -29.8% 32.4% Top 20 Positions 55% -16%

Third Point LLC | 55 Hudson Yards | New York, NY 10001 | [email protected] | Page 1 of 4
Third Point Investors Limited
Feeder Fund into Third Point Offshore Fund, Ltd.

May 31, 2022

5
MASTER FUND CREDIT DETAIL
EXPOSURE GROSS MTD P&L6 GROSS YTD P&L6
LONG SHORT NET LONG SHORT NET LONG SHORT NET
Credit
Sovereign 0.1% 0.0% 0.1% 0.0% 0.0% 0.0% -0.6% 0.0% -0.6%
Investment Grade 2.5% 0.0% 2.5% 0.0% 0.0% 0.0% -0.3% 0.0% -0.3%
High Yield 4.0% -0.4% 3.6% 0.0% 0.0% 0.0% -0.3% 0.0% -0.3%
Distressed 2.7% 0.0% 2.7% 0.0% 0.0% 0.0% -0.1% 0.0% -0.1%
13
Hedges 0.0% -1.1% -1.1% 0.0% 0.0% 0.0% 0.0% 0.5% 0.5%
Total Credit 9.3% -1.5% 7.8% 0.0% 0.0% 0.0% -1.0% 0.5% -0.5%

ABS
Performing
Residential Mortgages 12.7% 0.0% 12.6% 0.3% 0.0% 0.3% -1.1% 0.0% -1.1%
Distressed
Consumer ABS 7.5% 0.0% 7.5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Commercial Mortgages 0.9% 0.0% 0.9% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
CLO 0.1% 0.0% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Hedges13 0.1% -0.1% 0.0% 0.0% -0.2% -0.2% 0.1% 0.1% 0.2%
Total ABS 21.3% -0.1% 21.2% 0.3% -0.2% 0.0% -1.0% 0.1% -0.9%

CORPORATE CREDIT SECTORS STRUCTURED CREDIT TRANCHES15

EXPOSURE
SECTORS LONG SHORT NET 8.6% 8.4%
Consumer Discretionary 2.2% -0.3% 1.9%
Consumer Staples 0.0% -0.1% -0.1%
Utilities 0.1% -0.1% -0.1%
Energy 2.3% -0.2% 2.1%
Financials 1.4% 0.0% 1.4%
Healthcare 0.6% -0.4% 0.2% 3.5%
Industrials & Materials 2.0% -0.1% 1.9%
Enterprise Technology 0.0% 0.0% 0.0%
Media & Internet 0.4% -0.2% 0.2%
Government 0.2% 0.0% 0.2% 0.7%
Portfolio Hedges14 0.0% 0.0% 0.0%
Total 9.3% -1.5% 7.8%
Senior Mezz Junior Other
TOTAL MASTER FUND PORTFOLIO POSITIONS DETAIL

MTD WINNERS16 MTD LOSERS16

Shell PLC SentinelOne Inc
EQT Corp Zendesk Inc
Short Bath & Body Works Inc
Ovintiv Inc S&P Global Inc
Cenovus Energy Inc Pacific Gas and Electric Co
16
YTD WINNERS YTD LOSERS16
Shell PLC SentinelOne Inc
EQT Corp Intuit Inc
Macro A Rivian Automotive, Inc.
Macro B Amazon.com Inc.
Credit Interest Rate Hedges Prudential PLC

TOP GROSS EQUITY LONGS16 TOP GROSS CORPORATE CREDIT LONGS16,17

Shell PLC Boeing Co/The
Pacific Gas and Electric Co American Airlines Inc
Danaher Corp Occidental Petroleum Corp
SentinelOne Inc Endo Pharmaceuticals
EQT Corp Energy Transfer LP

Third Point LLC | 55 Hudson Yards | New York, NY 10001 | [email protected] | Page 2 of 4
Third Point Investors Limited
Feeder Fund into Third Point Offshore Fund, Ltd.

May 31, 2022

HISTORICAL ANNUALIZED PERFORMANCE SUMMARY (NET)18

Third Point Investors Third Point Investors Third Point Offshore
S&P 500 MSCI World
Limited (NAV) Limited (Price) Fund, Ltd.
1 Year -10.3% -7.3% -8.2% -0.3% -4.4%
3 Year 12.6% 17.6% 10.9% 16.4% 13.2%
5 Year 8.6% 11.0% 7.1% 13.4% 10.3%
10 Year 10.8% 12.0% 9.6% 14.4% 11.7%
Since TPIL Inception 8.6% 8.3% 8.4% 9.2% 6.5%
Since TP Offshore Fund, Ltd. Inception NA NA 14.1% 8.9% 7.3%
19
TRAILING 12-MONTH PERFORMANCE AND PREMIUM/(DISCOUNT) TO NAV

NAV (LHS) Price (LHS) Prem/(Disc) (RHS)

$40 0%

-5%
$35
-10%
$30
-15%
$25
-20%

$20 -25%

ASC TOPIC 820 ASSETS20 MASTER FUND

Level I 66%
Level II 23%
Level III 11%
1 Reflects the levered NAV return of Third Point Investors Limited.

2 Reflects the total share price return of Third Point Investors Limited.
3 Reflects the leverage factor applied to Third Point Investors Limited's investment into Third Point Offshore Fund, Ltd., defined as total assets divided by the total
assets less debt.
4 Reflects the total AUM less borrowings and other liabilities of Third Point Investors Limited. The net AUM figure for Third Point Investors Limited is included in the
AUM of Third Point Offshore Fund, Ltd.
5 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.
6 Gross P&L attribution does not reflect the deduction of management fees, performance 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
7 Includes constructivism, activism and post-activism positions. “Constructivism” is defined as communications with an issuer regarding Third Point ideas to increase
shareholder value that conclude without activism. “Activism” is defined as an active campaign currently ongoing.
8 Primarily broad-based market and equity-based hedges.
9 Includes currency hedges, digital assets, and macro investments. Rates and FX related investments are excluded from exposure figures. MTD and YTD P&L of Other
includes net attribution of macro investments, digital assets, as well as residual gains and losses attributable to unhedged currency movements relative to USD, and
interest, income and expense on cash balances.
10 Market capitalization reflects only those holdings that are exchange-listed equity or any synthetic equity with an underlying reference instrument market
capitalization.
11 Beta-adjusted exposures are calculated relative to the S&P based on one-year of historical daily returns for USD denominated assets and weekly returns for foreign
denominated assets. Dollar-adjusted exposures are calculated with option positions shown at current market value in lieu of delta-adjusted exposure.
12 Equity positions do not include SPAC holdings and related transactions that have not yet announced a business combination agreement.
13 Primarily broad-based market and credit-based hedges.
14 Primarily broad-based market hedges.
15 Other includes non-tranched ABS, CDS, and direct asset investments.
16 Excludes any confidential positions, portfolio level equity hedges and EU MAR related positions.
17 Does not include ventures-related debt.
18 Returns for periods greater than one year are annualized. Inception dates for Third Point Investors Limited and Third Point Offshore Fund, Ltd. are July 20, 2007 and
December 1, 1996, respectively. Third Point Investors Limited NAV and Price returns are inclusive of dividends.
19 NAV, Price, and Premium/Discount data is presented for the trailing 12-month period as of the date of this report. Data is presented using month-end figures only.
20 ASC Levels provided are as of March 31, 2022.

Third Point LLC | 55 Hudson Yards | New York, NY 10001 | [email protected] | Page 3 of 4
Third Point Investors Limited
Feeder Fund into Third Point Offshore Fund, Ltd.

May 31, 2022

IMPORTANT NOTES AND DISCLAIMERS

Third 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.
Unless otherwise stated, information relates to the Third Point Offshore Master Fund L.P. Exposures are categorized in a manner consistent with the Investment
Manager's classifications for portfolio and risk management purposes in its sole discretion.
All fund level net profit and loss or performance results are based on the net asset value of fee paying investors only and are presented net of management fees (which
may vary depending on share class), brokerage commissions, administrative expenses, any other expenses of the Funds, and accrued performance allocation, if any,
and include the reinvestment of all dividends, interest, and capital gains. While performance allocations are accrued monthly, they are deducted from investor balances
annually or upon withdrawal. The net performance results represent fund-level returns (reflecting blended rates of management fees and performance allocations
based on the weighted average of the amounts invested in each share class), and are not an estimate of any specific investor’s actual performance, which may be
materially different from such performance depending on numerous factors. For example, had the highest management fee been applied solely, performance results
would likely be lower. 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.
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 may differ significantly from the securities that comprise the indices.
Historical net performance for Third Point Offshore Fund, Ltd. is available upon request. 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, offer or solicitation to buy or sell securities including those of the
Company in the United States or in any other jurisdiction, nor shall it, or the fact of its distribution, form the basis of, or be relied upon, in connection with any contract
therefor. 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, or SiriusPoint Ltd., and accordingly dealing or trading in the shares of either listed instrument on
the basis of such information may violate securities laws in the United Kingdom, United States and elsewhere.

Third Point LLC | 55 Hudson Yards | New York, NY 10001 | [email protected] | Page 4 of 4