Third-Point-May-Exposure by mfolly


									                                                                                                                                                                 May 31, 2013
                                                                                                                                                 Event-Driven, Value Investing

Exposure & Performance1                                                                                      Performance
                                       Exposure                                P&L                                                                                              May              YTD
                                 Long       Short         Net        Long       Short         Net           Third Point Offshore Fund, Ltd.                                     3.6%           14.7%
Total L/S Equity               70.0% ‐22.5% 47.5%                    3.7%      ‐0.8%        2.9%            S&P 500                                                             2.3%           15.4%
Total Credit                   38.8%       ‐6.5% 32.3%               0.4%       0.0%        0.4%
Total Macro                    13.7% ‐11.6%              2.1%      ‐0.1%        0.4%        0.3%             Historical Performance
Total Other                      1.8%        0.0%        1.8%      ‐0.4%        0.4%        0.0%                                                                 Offshore                S&P 500
                                                                                                            Annualized Return                                      18.0%                    6.7%
Market Capitalization
                             <$5B                                                                            Gross Allocation by Strategy
                10%                                                                                           180%
                                                                                                                               Arb                           ABS

                                                                >$10B                                         140%
                                                                 82%                                                                                      Macro

Geographic Exposure
                                                                                                              100%                                Credit
                                                             Long           Short             Net
Americas                                                     89%            ‐29%             60%                80%

EMEA                                                         18%            ‐10%               8%
Asia                                                         17%              ‐2%            15%

Position Concentration
                                                           Top 10                  Top 20
Long                                                         44%                     57%                         0%
                                                                                                                  Nov‐12         Dec‐12       Jan‐13      Feb‐13       Mar‐13       Apr‐13       May‐13
Short                                                        14%                     17%

  Relates to the Third Point Offshore Master Fund L.P.
  Market capitalization applies only to the long/short equity strategy and reflects only those holdings that are exchange‐listed equity or any synthetic equity with an underlying reference instrument 
  All performance since inception, December 1996.

All information provided herein is for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned. The Third Point Offshore Fund, Ltd. is a
feeder fund in a master feeder structure in which it is limited partner of, and contributes substantially all of its assets to, Third Point Offshore Master Fund L.P. All information contained herein
relates to the TP Offshore Master Fund L.P. unless otherwise specified.  P&L and AUM information are presented at the feeder fund level. 

All P&L and performance results are based on the net asset value of fee‐paying investors only and are presented net of management fees, brokerage commissions, administrative expenses, 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 only annually or upon withdrawal. The performance above represents fund‐level returns, and is not an estimate of any specific investor’s actual performance, which may be
materially different from such performance depending on numerous factors.  All performance results are estimates and should not be regarded as final until audited financial statements are issued.
While the performance of the Offshore Fund has been compared here with the performance of a well‐known and widely recognized index, the index has not been selected to represent an
appropriate benchmark for the Offshore Fund whose holdings, performance and volatility may differ significantly from the securities that comprise the index. 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 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 confiden al offering memorandum. 

                                                     Third Point LLC  |  390 Park Avenue  |  New York, NY 10022  |

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