6 November 2024

Third Point Investors Limited

Monthly Update: October 2024 NAV Performance

October 2024 Performance Highlights

    --  Third Point Investors Limited returned 2.7% on a NAV basis in October
        2024, compared with a -2.0% return for the MSCI World Index and a -0.9%
        return for the S&P 500 Index.
    --  During the month the Company’s share price returned 2.6%, reflecting the
        discount to NAV staying relatively flat month-over-month at 21.6%.
    --  The top contributors for the month included semiconductor manufacturing
        company TSMC, financial company LPL Financial Holdings Inc., and energy
        company Siemens Energy AG.
    --  The top detractors for the month included diversified life sciences and
        diagnostics company Danaher Corp., consumer goods company Bath & Body
        Works Inc., and infrastructure software company Microsoft Corp.

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

Net Performance

                                    MTD   QTD   YTD

Third Point Investors Ltd. (NAV)1   2.7%  2.7%  18.4%

Third Point Investors Ltd. (Price)2 2.6%  2.6%  21.0%

MSCI World Index (Total Return)     -2.0% -2.0% 17.0%

S&P 500 (Total Return)              -0.9% -0.9% 21.0%

Key Statistics and AUM Summary

Premium/(Discount) to NAV           (21.6%)

Third Point Investors Ltd. Net AUM3 $0.5 B

Portfolio Detail⁴

The net weightings of the strategy at period-end were 74.7% in Equity, 37.8% in Credit, 5.7% in Privates and 2.9% 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.

                                                NET                     NET YTD
         EXPOSURE             GROSS MTD P&L5    MTD   GROSS YTD P&L5    P&L6
                                                P&L6

         LONG SHORT NET       LONG  SHORT NET   NET   LONG SHORT NET    NET

Equity   104.7% -29.9% 74.7%  1.9%  0.6%  2.6%  2.4%  19.4% -6.4% 13.1% 11.6%

Credit   38.4%  -0.6%  37.8%  0.2%  0.2%  0.4%  0.4%  2.5%  0.5%  3.0%  2.5%

Privates 5.7%   0.0%   5.7%   0.0%  0.0%  0.0%  0.0%  2.9%  0.0%  3.0%  2.8%

Other7   2.9%   0.0%   2.9%   -0.1% -0.1% -0.2% -0.2% 0.9%  -0.8% 0.0%  0.0%

Total    151.7% -30.5% 121.2% 2.1%  0.8%  2.9%  2.7%  25.8% -6.7% 19.1% 16.9%

Portfolio Detail

MTD Contributors⁸

TSMC (semiconductor manufacturing company)

LPL Financial Holdings Inc. (financial company)

Siemens Energy AG (energy company)

Vistra Corp. (energy company)

Apollo Global Management Inc. (financial company)

MTD Detractors⁸

Danaher Corp. (diversified life sciences and diagnostics company)

Bath & Body Works Inc. (consumer goods company)

Microsoft Corp. (infrastructure software company)

Glencore PLC (industrials and materials company)

Intercontinental Exchange Inc. (financial 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)

Short

Glencore PLC (industrials and materials company)

DuPont de Nemours Inc. (industrials and materials company)

Top Gross Equity Longs⁸

Pacific Gas and Electric Co. (utility company)

Amazon.com Inc. (e-commerce company)

TSMC (semiconductor manufacturing company)

Danaher Corp. (diversified life sciences and diagnostics company)

UBS Group AG (financial company)

Top Gross Corporate Credit Longs^8,9

Radiate Holdco LLC (cable company)

CSC Holdings LLC (cable and telecommunications company)

Polaris Newco LLC (software company)

LABL Acquisition Corp. (industrials and materials company)

AMC Entertainment Holdings Inc. (movie theatre company)

Press Enquiries

Buchanan PR

Charles Rylandcharlesr@buchanan.uk.comTel: +44 (0)20 7466 5107Henry
Wilsonhenryw@buchanan.uk.comTel: +44 (0)20 7466 5111Notes 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 46-person investment team, a robust quantitative data and analytics team,
and a deep, tenured business team. Third Point manages approximately $11.6
billion10 in assets for sovereign wealth funds, endowments, foundations,
corporate & public pensions, high-net-worth individuals, and
employees.Footnotes


   Reflects the NAV return of Third Point Investors Limited inclusive of
1  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.

   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
4  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.

   Gross P&L attribution does not reflect the deduction of management fees,
   incentive allocations and any other expenses which may be incurred in the
5  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.

   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 pro rata share of expenses paid by the
   Fund during the applicable period, to the aggregate underlying positions in
   the referenced sub-portfolio group’s gross P&L, or referenced individual
   position level gross P&L, as applicable. 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
6  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.

   Includes currency hedges, macro investments, and receivables. Interest rate
   swaptions, rates and FX related investments are excluded from exposure
   figures. MTD and YTD P&L of Other includes net attribution of macro
7  investments and certain P&L components not directly attributed to
   individual sub-asset classes such as gains and losses attributable to
   unhedged currency movements relative to USD, interest income and expense on
   cash balances, financing income and expense, etc.

8  Excludes any confidential positions, portfolio level equity hedges and EU
   MAR related positions.

9  Does not include private debt.

   Includes all funds and separately managed accounts managed by Third Point
10 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.