ITEM 1

COVER PAGE

PART 2A OF FORM ADV: FIRM BROCHURE

Third Point LLC

March 31, 2011

Third Point LLC

th
390 Park Ave, 18 Floor
New York, NY 10022
212-224-7400
www.thirdpoint.com

This brochure provides information about the qualifications and business practices of Third Point LLC. If
you have any questions about the contents of this brochure,
please contact us at 212-224-7400. The information in this brochure has not been approved or verified by
the United States Securities and Exchange Commission (the “SEC”) or by any state securities authority.

Additional information about Third Point LLC also is available on the SEC's
website at www.adviserinfo.sec.gov.

Registration with the SEC or with any state securities authority does not imply a certain level of skill or
training.

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ITEM 2
MATERIAL CHANGES

This brochure is our first annual update pursuant to the SEC’s new Form ADV Part 2. Since
the format and responses are new, this update should be reviewed in its entirety.

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ITEM 3
TABLE OF CONTENTS

ITEM 1 COVER PAGE…………………………………………………..…….... 1

ITEM 2 MATERIAL CHANGES……………………………………………….. 2

ITEM 3 TABLE OF CONTENT……………………………………………….... 3

ITEM 4 ADVISORY BUSINESS……………………………………………….. 5

ITEM 5 FEES AND COMPENSATION……………………………………….... 5

ITEM 6 PERFORMANCE-BASED FEES AND SIDE-BY-SIDE

MANAGEMENT……………………………………………………….. 6

ITEM 7 TYPES OF CLIENTS…………………………………………………... 6

ITEM 8 METHODS OF ANALYSIS, INVESTMENT STRATEGIES AND

RISK OF LOSS…………………………………………………………. 6

ITEM 9 DISCIPLINARY INFORMATION……………………………………... 15

ITEM 10 OTHER FINANCIAL INDUSTRY ACTIVITIES AND

AFFILIATIONS…………………………………………………………. 15

ITEM 11 CODE OF ETHICS, PARTICIPATION OR INTEREST IN CLIENT

TRANSACTIONS AND PERSONAL TRADING……………………… 16

ITEM 12 BROKERAGE PRACTICES……………………………………………. 17

ITEM 13 REVIEW OF ACCOUNTS……………………………………………… 20

ITEM 14 CLIENT REFERRALS AND OTHER COMPENSATION…………….. 21

ITEM 15 CUSTODY………………………………………………………………. 21

ITEM 16 INVESTMENT DISCRETION………………………………………….. 21

ITEM 17 VOTING CLIENT SECURITIES……………………………………….. 21

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ITEM 18 FINANCIAL INFORMATION………………………………………….. 22

ITEM 19 IDENTITY AND BACKGROUND OF PRINCIPAL EXECUTIVE

OFFICERS AND MANAGEMENT…………………………………….. 22

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ITEM 4
ADVISORY BUSINESS

Third Point LLC (“Registrant”, “Third Point”, “we”, or “Adviser”) is a Delaware limited liability
company established in 1995. Registrant’s principal owner is Daniel S. Loeb. Registrant is
registered with the Securities and Exchange Commission (“SEC”).

Third Point provides discretionary investment advisory services to a variety of domestic and offshore
private investment vehicles (each a “Fund” and collectively, the “Funds”), a London Stock Exchange
listed closed-end fund (“LSE Fund”) and two separately-managed institutional accounts (“Separately
Managed Accounts”)(collectively, the “Unregistered Funds” or “Accounts”). We pursue an event-
driven, value-oriented strategy that spans across a broad range of industries, geographies and asset
classes.

We employ one strategy for all of our Accounts but modify the strategy for certain Accounts to
comply with account guidelines.

We manage approximately $6.2 billion on a discretionary basis.

ITEM 5
FEES AND COMPENSATION

For all but one Fund, we typically receive an annual management fee of between 1% and 2.5% for
each Fund’s assets under management depending on the Fund and share class. For the one Fund,
we may receive more than 2% depending on the ratio of the Fund’s leverage relative to that of
another Fund. In that instance, the management fee is equal to the annual rate of 2.0% multiplied
by the net assets of the Fund, multiplied in turn by the ratio of the Fund’s leverage relative to that
of the other Fund. Management fees are payable either monthly or quarterly in advance depending
on the Fund.

We also typically receive a quarterly or annual performance allocation equal to 20% of the net
realized and unrealized appreciation in the net asset value of each series of shares (in the case of
a limited partnership interest, net capital appreciation of a capital account) in the respective
Funds.

Investors in the Funds may redeem their interests or shares in whole or in part from the applicable
Fund in accordance with the withdrawal/redemption terms of the relevant PPM. Depending on the
Fund, or share class of the Fund, investors may generally redeem at the end of each month or
quarter with 30 or 60 days prior written notice. This is subject to a one year “soft” lock with a 5%
early redemption penalty. If an investor redeems his investment, any unearned fees paid in advance
will be refunded in an amount prorated from the date of termination to the end of the relevant period
in which the termination date falls.

Non-Fund accounts are charged fees that are negotiated with the client and typically carry a 2%

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management fee and a 20% performance allocation.

Depending on the client account, some accounts will also incur other costs including, but not
limited to, legal, administration, audit, tax, director’s fees, research, trade systems, deal fees/other
investment related expenses and market data. Please refer to Item 12 and the Funds’ PPMs or
other account offering documents for a more detailed discussion.

ITEM 6
PERFORMANCE-BASED FEES AND SIDE-BY-SIDE MANAGEMENT

A description of the fees charged by Adviser is provided above in Item 5.

We serve primarily as an investment adviser to the Funds and are not actively seeking other new
non-Fund accounts. However, on occasion, we will allow an investor who meets certain criteria to
open a separately managed account which may have different and, possibly more favorable, terms
regarding, among other things, transparency and liquidity than those of the Funds. Each Fund
imposes minimum investment limits upon investors in the Fund that can be waived in certain
circumstances as set forth in each Fund’s Offering Documents.

ITEM 7
TYPES OF CLIENTS

We primarily provide advice to the Funds, the LSE Fund, and the Separately Managed Accounts.
Investors in these Accounts typically include institutions and high net worth individuals. For the
Funds, a minimum investment of $10,000,000 is generally required. Details can be found in the
Funds’ PPMs and subscription agreements.

ITEM 8
METHODS OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS

Please refer to the Fund’s PPM or Offering Documents for a more detailed discussion of our
investment strategy and related risks.

We are a fundamental, research-focused, investment firm. We pursue an event-driven, value-

oriented strategy which seeks to identify companies or other securities/investments for which we
anticipate a catalyst that will unlock value. The anticipated events could include, among other
things, a restructuring or spin-off, changes in capital structure and/or uses of excess cash flows,
management changes, industry transition, or merger transactions. We are not constrained by
geographies, industries or types of securities. We invest in publicly traded and privately placed
debt and equity securities including, but not limited to, loans (including bank loans), distressed debt
instruments, high yield debt instruments, convertible debt securities or instruments, subordinated debt
securities or instruments, mortgage backed and preferred equity securities. We may also engage in
various transactions in short sales, forward contracts, swaps, credit default swaps, and other
derivatives and instruments to manage or hedge interest rate, currency exchange, industry, equity and
other risks. Please refer to the relevant Fund’s PPM or Offering Documents for a more detailed
discussion.

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We may attempt to enhance an Account’s performance or hedge our portfolios by the use of
leverage, short sales, options, futures and other derivative instruments.
Our investment activities are speculative and involve a substantial degree of risk including partial or
total loss of any investment. Accordingly, any investment should be made only after consulting with
independent, qualified sources of investment, legal, tax, accounting and other advice.

We cannot guarantee we will be able to identify investment opportunities or correctly exploit

inefficiencies in the markets. There is also no guarantee that our analyses and overall execution of
our investment strategies will be successful in a given set of market conditions, or that our strategies
are the most successful available system. Accordingly, there is no guarantee that investors will
realize a profit on their investments. In fact, investors could lose some or all of their
investments.
Investment Risk

Equity Securities. We invest in common and preferred stock and other equity securities
including both public and private securities. Equity securities generally will be subordinate to
the debt securities and other indebtedness of the issuers of such equity securities. Prices of
equity securities generally fluctuate more than prices of debt securities and are more likely to be
affected by poor economic or market conditions, general stock market fluctuations and changes
in market confidence and perceptions of issuers. Investor perceptions are based on various and
unpredictable factors including expectations regarding governmental, economic, monetary and
fiscal policies, inflation and interest rates, economic expansion and contraction, and global or
regional political, economic or financial crises. In some cases, the issuers of such equity
securities may be highly leveraged or subject to other risks such as limited product lines, markets
or financial resources. Some of the small and mid-cap issuers of equity securities in which we
may invest may be more vulnerable than larger companies to adverse business or market
developments, may have limited markets or financial resources and may lack experienced
management. In addition, some equity securities may be illiquid. Due to perceived or actual
illiquidity or investor concerns regarding leverage capitalization, certain equity securities often
trade at significant discounts to otherwise comparable investments or are not readily tradable.
Such securities generally do not produce current income and may be speculative. In addition,
actual and perceived accounting irregularities may cause dramatic price declines in the equity
securities of companies reporting such irregularities or that are rumored to be subject to
accounting irregularities.

Special Situations. We may invest in special situations. This generally involves investments in
securities of companies involved in a recapitalization, spinoff, corporate and financial
restructuring, litigation or other liability impairment, turnaround, management change,
consolidating industries and other catalyst-oriented situation. We may also invest in securities of
issuers in weak financial condition, experiencing poor operating results, having substantial
financial needs or negative net worth or facing special competitive or product obsolescence
problems. Investments of this type involve substantial financial business risks that can result in
substantial or total losses. Among the problems involved in assessing and making investments in
troubled issuers is the fact that it frequently may be difficult to obtain information as to the
condition of such issuer. The market prices of the securities of such issuers are also subject to

7
abrupt and erratic market movements and above average price volatility, and the spread between
the bid and asked prices of such securities may be greater than normally expected. It may take a
number of years for the market prices of such securities to reflect their intrinsic values.
Moreover, some of such securities may not be widely traded or we may own a substantial portion
in relation to the market for such securities.
These types of securities require active monitoring and may, at times, require participation in
bankruptcy or reorganization proceedings by the Investment Manager. To the extent that we
become involved in such proceedings, we may have a more active participation in the affairs of
the issuer than as a passive investor. In addition, our participation in such proceedings may
restrict or limit our ability to trade securities of the subject company.
As a result, the Fund may incur additional legal or other expenses, including, but not limited to,
the costs associated with conducting proxy contests, U.S. Securities and Exchange Commission
filings, litigation expenses and indemnification payments to us or persons serving at our request
on the boards of directors of companies in which we have an interest. It should also be noted
that any such board representatives have a fiduciary duty to act in the best interests of all
shareholders, and not simply our interest, and thus at times they may be obligated to act in a
manner that is adverse to our clients’ interests.
Distressed Securities. We may purchase securities and other obligations of companies that are
experiencing significant financial or business distress including companies involved in
bankruptcy or other reorganization and liquidation proceedings. Although such purchases may
result in significant returns, they involve a substantial degree of risk and may not show any
return for a considerable period of time. In fact, many of these securities and investments
ordinarily remain unpaid even if the company reorganizes and/or emerges from bankruptcy
proceedings, and as a result are converted to equity and may have to be held for an extended
period of time. The level of analytical sophistication, both financial and legal, necessary for
successful investment in companies experiencing significant business and financial distress is
unusually high. There is no assurance that we will correctly evaluate the nature and magnitude
of the various factors that could affect the prospects for a successful reorganization or similar
action. In any reorganization or liquidation proceeding relating to a company in which we
invest, we may lose our entire investment or may be required to accept cash or securities with a
value less than our original investment.

High Yield Securities. We may invest in “high yield” debt and preferred securities which are
rated in the lower rating categories by the various credit rating agencies (or in comparable non-
rated securities). Securities in the lower rating categories are subject to greater risk of loss of
principal and interest than higher-rated securities and are generally considered to be
predominately speculative with respect to the issuer’s capacity to pay interest and repay
principal. They are also generally considered to be subject to greater risk than securities with
higher ratings in the case of deterioration of general economic conditions. Because investors
generally perceive that there are greater risks associated with lower-rated securities, the yields
and prices of such securities may tend to fluctuate more than those of higher-rated securities.
The market for lower-rated securities is thinner and less active than that for higher-rated
securities, which can adversely affect the prices at which these securities can be sold. In
addition, adverse publicity and investor perceptions about lower rated securities, whether or not

8
based on fundamental analysis, may be a contributing factor in a decrease in the value and
liquidity of such lower-rated securities.
Non-U.S. Securities. We may invest in non-U.S. securities which may involve heightened risks
in comparison to the risks of investing in U.S. securities. The heightened risks may include
unfavorable changes in currency rates and exchange control regulations, reduced and less
reliable information about issuers and markets, less stringent accounting standards, illiquidity of
securities and markets, higher brokerage commissions and custody fees, local economic or
political instability and greater market risk in general. In particular, investing in securities of
issuers located in emerging market countries involves additional risks, such as exposure to
economic structures that are generally less diverse and mature than, and to political systems that
can be expected to have less stability than, those of developed countries. Other characteristics of
emerging market countries that may affect investment in their markets include certain national
policies that may restrict investment by non-U.S. residents in issuers or industries deemed
sensitive to relevant national interests and the absence of developed legal structures governing
private and non-U.S. investments and private property. The typically small size of the markets
for securities of issuers located in emerging markets and the possibility of a low or nonexistent
volume of trading in those securities may also result in a lack of liquidity and in price volatility
of those securities.
Residential Mortgage-Backed Securities and Other Asset-Backed Securities. We may invest in
residential mortgage-backed securities and other asset-backed securities. Generally, these
securities are subject to, among other things, the risk of a sharp and prolonged rise in interest
rates, a contraction in available credit to finance the underlying asset, or a sharp and broad
decline in the price of the underlying asset.
Risk Arbitrage Transactions. We may also engage in risk arbitrage transactions where we
purchase securities at prices slightly below the anticipated value of the cash, securities or other
consideration to be paid or exchanged for such securities in a proposed merger, exchange offer,
tender offer or other similar transaction. Such purchase price may be substantially in excess of
the market price of the securities prior to the announcement of the merger, exchange offer, tender
offer or other similar transaction. If the proposed merger, exchange offer, tender offer or other
similar transaction later appears likely not to be consummated or in fact is not consummated or is
delayed, the market price of the security we purchased may decline sharply and result in losses if
such securities are sold, transferred or exchanged for securities or cash, the value of which is less
than the purchase price. In certain transactions, we may not be “hedged” against market
fluctuations. This can result in losses, even if the proposed transaction is consummated. In
addition, we may sell short a security to be issued in a merger or exchange offer in the
expectation that the short position will be covered by delivery of such security when issued. If
the merger or exchange offer is not consummated, we may be forced to cover our short position
at a higher price than its short sale price, resulting in a loss.
Non-Publicly Traded and Illiquid Securities. Limitations on resale may have an adverse effect
on the marketability of portfolio securities and we might be unable to dispose of securities
purchased in private placements or other illiquid securities promptly or at reasonable prices and
might thereby experience difficulty satisfying redemptions on a timely basis. We might also
have to register such restricted securities in order to dispose of them resulting in additional
expense and delay. Adverse market conditions could impede such a public offering of securities.

9
Moreover, determining the fair value of illiquid securities may be difficult.

Leverage. Although the use of borrowed money to purchase securities will permit us to make
investments in an amount in excess of the capital we manage, it will also increase our exposure
to losses. Moreover, if we are not able to pay the principal of and interest on the debt when due,
the lender may liquidate the assets pledged as collateral at unfavorable prices resulting in a total
loss of our investments.
Counterparty Creditworthiness. To the extent that we engage in certain transactions, including,
but not limited to, forward foreign currency transactions, swap transactions, the purchase and
sale of bonds and other fixed income securities, we must rely on the creditworthiness of our
counterparty. In certain instances, counterparty or credit risk is affected by the lack of a central
clearinghouse. To reduce our credit risk exposure, we intend to effect currency and swap
transactions through leading banks and brokerage firms.
Derivative Instruments in General. We may use various derivative instruments including
options, futures, forward contracts, swaps and other derivatives, which may be volatile and
speculative. Certain positions may be subject to wide and sudden fluctuations in market value.
Derivatives, especially over the counter derivatives engaged as a privately negotiated contract
against a principal counterparty, may be subject to adverse valuations reflecting the
counterparty’s marks (or valuations), which might not correspond to the valuations of other
market or exchange-traded instruments. Derivatives used for hedging purposes may not
correlate perfectly with the underlying investment sought to be hedged. Derivative instruments
may not be liquid in all circumstances, so that in volatile markets the Fund may not be able to
close out a position without incurring a loss. Trading in derivative instruments can result in large
amounts of leverage, which may magnify the gains and losses. While derivatives used for
hedging purposes can reduce or eliminate losses, such use can also reduce or eliminate gains.
When we use derivatives as an investment vehicle to gain market exposure, rather than for
hedging purposes, any loss on the derivative investment will not be offset by gains on another
investment. We are therefore directly exposed to the risks of that derivative. Derivatives may
not be available upon acceptable terms. As a result, we may be unable to use derivatives for
hedging or other purposes. As noted above under “Counterparty Creditworthiness,” the use of
certain instruments, including derivatives, exposes us to the risk that the other party to the
transaction will not be able to perform.
Futures. Futures markets are highly volatile and are influenced by factors such as changing
supply and demand relationships, governmental programs and policies, national and international
political and economic events and changes in interest rates. Because of the low margin deposits
normally required in futures trading, a high degree of leverage is typical of a futures trading
account, and a relatively small price movement in a futures contract may result in substantial
losses to the trader. Futures positions are marked to the market each day and variation margin
payments must be paid to or by us. Futures trading may also be illiquid, and certain exchanges
do not permit trading in particular contracts at prices that represent a fluctuation in price during a
single day’s trading beyond certain set limits. Should prices fluctuate during a single day’s
trading beyond those limits, which conditions might last for several days with respect to certain
contracts, we could be prevented from promptly liquidating unfavorable positions and thus be
subjected to substantial losses. The U.S. Commodity Futures Trading Commission and various
exchanges impose speculative position limits on the number of positions that we may hold or

10
control in particular contracts.
Currency Exposure. The capital we manage is denominated in U.S. Dollars and will be issued
and redeemed in U.S. Dollars. From time to time, we may invest in securities and other
investments that are denominated in other currencies. Accordingly, the value of such assets may
be affected favorably or unfavorably by fluctuations in currency rates. We may seek to hedge
the foreign currency exposure but such hedging strategies may not necessarily be available or
effective and may not always be employed. Accordingly, the capital we manage may at times
be, directly or indirectly, subject to foreign exchange risks. Therefore, prospective investors
whose assets and liabilities are denominated predominantly in other currencies should take into
account the potential risk of loss arising from fluctuations in value between the U.S. Dollar and
such other currencies.
Short Sales. We may engage in selling securities short. Short selling involves selling securities
that are not owned by the short seller and borrowing them for delivery to the purchaser, with an
obligation to replace the borrowed securities at a later date. Short selling allows the investor to
profit from a decline in the market price to the extent such decline exceeds the transaction costs
and the costs of borrowing the securities. A short sale creates the risk of theoretically unlimited
losses, in that the price of the underlying security (and thus the cost of buying those securities in
the open market to return to the lender) could theoretically increase without limit. The possible
losses from a short sale of a security differ from losses that could be incurred from a cash
investment in the security; the former may be unlimited, whereas the latter can only equal the
total amount of the cash investment. There can be no assurance that we will be able to maintain
the ability to borrow securities sold short. The securities may be “bought in” (i.e., we may be
forced to repurchase securities in the open market to return to the lender). There also can be no
assurance that the securities necessary to cover a short position will be available for purchase at
or near prices quoted in the market. Purchasing securities to close out a short position can itself
cause the price of the securities to rise further. In a “short squeeze,” a lack of supply and an
excess of demand for a traded stock caused by short sellers seeking to cover their short positions
forces the prices upward. If the price of a stock starts to rise rapidly, the trend may escalate as an
increasing number of shorts sellers seek to close out their positions quickly. Short-selling
activities are subject to restrictions imposed by the Federal securities laws and the various
securities exchanges.
Options. Both the purchasing and selling of call and put options entail risks. Although an option
buyer’s risk is limited to the amount of the original investment for the purchase of the option, an
investment in an option may be subject to greater fluctuation than is an investment in the
underlying securities. In theory, an uncovered call writer’s loss is potentially unlimited, but in
practice the loss is limited by the term of existence of the call. The risk for a writer of a put
option is that the price of the underlying security may fall below the exercise price. Options also
involve counterparty risk. However, we generally intend to limit our trading in option contracts
to standardized options which trade on recognized exchanges. We believe that these options
provide greater liquidity and involve less counterparty risk than customized options for which a
clearinghouse does not exist.
Turnover. A substantial portion of the capital we manage may be invested on the basis of short-
term market considerations. The portfolio turnover rate of those investments may be significant,
potentially involving substantial brokerage commissions and fees. These commissions and fees

11
will, of course, reduce an account’s net return.
Market Risks and Lack of Liquidity. Our success depends to a great extent upon our ability to
assess correctly the future course of price movements of stocks, bonds, and non-U.S. currencies.
We cannot guarantee that our assessments will be correct. In addition, certain of the securities in
which we invest will, from time to time, have limited liquidity. This lack of liquidity, together
with a failure to accurately predict market movements, may adversely affect our ability to
execute trade orders at desired prices.

Operational Risks
Dependence on Daniel S. Loeb and the Investment Manager. All investment decisions by the
Investment Manager are made under the general supervision of Daniel S. Loeb; investors have
no right or power to take part in the management of the accounts. As a result, the success of the
accounts depends largely upon the abilities of Mr. Loeb, and no assurance can be given that a
suitable replacement could be found for him in the event of his death, disability or withdrawal
from the Investment Manager. Fund investors will have the right to withdraw from the Funds in
the event of Mr. Loeb’s death, disability or withdrawal as managing member of the Investment
Manager.
Fees. Accounts will incur substantial fees and expenses whether or not any profits are realized.
Changes in Applicable Laws. Our investment activities are subject to compliance with various
legal requirements, including requirements imposed by the Federal securities laws and tax laws.
Should any of those laws change, the legal requirements to which accounts and its holders may
be subject could differ materially from current requirements.
Side Letters. In the past, we entered into several letter agreements or other similar arrangements
(collectively, “Side Letters”) with one or more Fund investors that alter or supplement terms of
the relevant Fund agreement or any subscription agreement providing for, among other things,
increased liquidity, heightened transparency, heightened reporting and reduced Management
Fees. Certain side letter provisions may have provided a Fund investor with certain advantages
over other Fund investors. For instance, if a Fund investor had increased access to portfolio
information, such Fund investor could be able to make more informed decisions about redeeming
from the Fund. Any resulting redemption could have forced the Fund to sell investments at a
time when it might not otherwise have done so or for a price less than it deemed fair value.
Beginning in 2007, we revised our Fund PPMs in a manner designed to encompass the terms of
existing Side Letters and determined that, going forward, we would provide a “level playing
field” with respect to the terms of such side letters for all Fund investors and not enter into new
side letters other than those required to meet legal or regulatory requirements or policies
applicable to certain types of investors, such as state pension plans. Moreover, we determined
that any such side letter would not vary the terms of the PPMs with respect to fees, withdrawal
provisions or disclosure of portfolio information.
Effects of Substantial Redemptions. Substantial voluntary redemptions of investments by Fund
investors within a limited period of time could require the Fund to liquidate its securities positions
more rapidly than would otherwise be desirable, which could adversely affect the value of both the
investments being redeemed and the remaining investments. In addition, regardless of the period of

12
time in which redemptions occur, the resulting reduction in the Fund’s Net Asset Value, and thus in
its equity base, could make it more difficult for the Fund to generate trading profits or recoup losses,
and could even cause the Fund to liquidate positions prematurely.
Assets held by Prime Brokers. Barclays Capital, Inc. (“Barclays”), Citigroup Global Markets Inc.
(“CGMI”), Goldman Sachs & Co (“Goldman Sachs”), JP Morgan Clearing Corp. (“JP Morgan”),
Morgan Stanley & Co. (“Morgan Stanley”) and UBS Securities LLC (“UBS” and, together with
Barclays, CGMI, Goldman Sachs JP Morgan, and Morgan Stanley, each a “Prime Broker” and
together, the “Prime Brokers”) the Funds’ prime brokers, will each have a lien over those assets
of the Fund held by such Prime Broker, materially all of which are deposited as collateral.
Further, should a Prime Broker become insolvent, those assets may become available to the
creditors of such Prime Broker. The insolvency of any such Prime Broker could seriously
damage the operations of the Fund, and the Fund could lose a substantial portion or all of its
assets.
Execution Risks and Investment Manager Error. The execution of the trading and investment
strategies employed for the Fund can often require rapid execution of trades, high volume of
trades, complex trades, difficult to execute trades, use of negotiated terms with counterparties
such as in the use of derivatives and the execution of trades involving less common or novel
instruments. In each case, we seek best execution and have trained execution and operational
staff devoted to executing, settling and clearing such trades. However, in light of the high
volumes and complexity involved, some slippage, errors and miscommunications with brokers
and counterparties are inevitable and may result in losses to the accounts. Such losses may be
caused by the accounts’ brokers and counterparties or us or by a combination of the broker or
counterparty and us. We may, but are not required to, attempt to recover losses from brokers or
counterparties. We are not liable to the accounts for losses caused by brokers or counterparties,
by our own negligence or by a combination of the broker or counterparty and us. To the fullest
extent permitted by law (including the U.S. Federal securities laws), we will not be liable to the
accounts except for acts that constitute bad faith or fraud, willful misconduct or gross negligence.
Investments in the accounts are only available for subscription by investors who understand that
they and the accounts are waiving potential claims for damages arising from the operation of the
accounts, including damages resulting from our own negligence, and expect some execution
losses to the accounts.
Litigation. Litigation can and does occur in the ordinary course of our business. We may be
engaged in litigation both as a plaintiff and as a defendant. This risk is somewhat greater where
we exercise control or significant influence over a company’s direction, e.g. as a result of board
participation or being active on a creditor’s committee. Such litigation can arise as a result of
issuer defaults, issuer bankruptcies or other reasons. In certain cases, such issuers may bring
claims or counterclaims against us alleging violations of the securities laws and other typical
issuer claims and counterclaims seeking damages. We are indemnified by the accounts in
connection with such litigation subject to certain conditions. The expense of defending against
third-party claims made against the accounts or persons indemnified by the accounts and paying
any amounts pursuant to settlements or judgments generally would be borne by the accounts and
reduce net asset to the extent the accounts have not been able to protect themselves through
indemnification or other rights against the relevant portfolio company, is not entitled to such
protections, or is entitled to such protections but the portfolio company is insolvent.

13
Similarly, in instances where one of our employees may serve as a director with respect to a
portfolio company, we may obtain material non-public information in such capacity with respect
to the portfolio company or may be subject to trading restrictions pursuant to the internal policies
of such company. In such instances, we may choose to restrict ourselves or otherwise be
prohibited from engaging in transactions with respect to the securities or instruments of such
company, which restriction may have an adverse effect on the Accounts.
In addition, serving in any such capacity, we may acquire fiduciary duties to the company and its
shareholders which may compel us to take actions that, while in the best interests of the company
and its shareholders, may not be in the best interests of our clients thus posing a conflict of
interest.
Similar Funds. We may determine to organize and/or manage other accounts (including
separately managed accounts) that share substantially similar investment strategies and
objectives with the accounts from time to time. Such other accounts may offer investors in such
accounts benefits that investors will not receive in relation to their investments such as increased
liquidity, heightened transparency (including with respect to portfolio composition information),
the right to impose investment restrictions or guidelines, heightened reporting and reduced
managed fees and performance allocations or fees. We are not required to notify investors of the
terms applicable to such other accounts, and such increased liquidity and/or heightened
transparency may have an adverse effect on the accounts.
Valuation of Securities. For most of the accounts we manage, we, in consultation with the
Funds’ administrator, are responsible for valuing the securities and other instruments comprising
the assets of the accounts. We, in consultation with the Funds’ administrator, generally value the
relevant portfolios using U.S. generally accepted accounting principles (“U.S. GAAP”).
Typically, the valuations would be “marked to market” by reference to the last generally
available price or broker quotation. When no market exists for an investment or when we
determine that the market price does not fairly represent the value of the investment, we calculate
the fair value of such investment. Valuations assigned to securities and other instruments are not
necessarily equivalent to the value that can be realized by the accounts on the sale of those
securities and other instruments. In addition, there is a risk that the valuations of a security made
pursuant to U.S. GAAP may differ from the price at which the security may actually be sold.
Increases In Assets Under Management. We have not presently agreed to limit the amount of
additional assets we many manage and new investment strategies we may launch, and will
continue to seek new investment capital, although from time to time, we may close one or more
of the accounts (or one or more classes of interests therein) to new investments based on market
conditions and perceived opportunities. The greater the amount of assets we manage, the more
difficult it may be for us to invest profitably for the accounts because of the difficulty of trading
larger positions without adversely affecting prices and managing risks associated with larger
positions. In addition, there can be no assurance that there will be appropriate investment
opportunities to accommodate future increase in assets under management, which may force us
to modify our investment decisions for the accounts because we cannot deploy all the assets in a
manner we desire. Furthermore, due to the overlap of strategies and investments across many of
the accounts, the accounts may be adversely affected in the event of rapid or large liquidations of
investment positions held by the accounts due to a lack of liquidity resulting from large position
sizes in the same investments held by the other accounts.

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Location and Infrastructure. Most of the key personnel of our Firm are located in one building
in midtown Manhattan. Loss of the building and/or key personnel, whether through fire, terrorist
action, earthquake or some other catastrophic event, could adversely affect our operations and
the investment returns of the accounts. A serious impairment to the infrastructure of the building
such as extended loss of power or a prolonged restriction of physical access to the building by
governmental authorities also could adversely affect our operations and investment returns of the
accounts. We have contracted for offsite data back-up and recovery and have a disaster recovery
plan for offsite operation, but the risk of disruption of operations remains. Similar risks may
apply to the brokers, and dealers and other custodians of the accounts’ assets.

ITEM 9
Disciplinary Information

From time to time the firm and/or its principals are or may be subject to civil litigation. No such
litigation has or is expected to result in an adverse disposition. Of note, the firm and two of its
employees are among several hedge funds and their principals named as defendants in a lawsuit filed
in New Jersey state court in 2006 by Fairfax Financial Holdings Limited and one of its subsidiaries.
The case continues to wind its way through the court and we believe the lawsuit is without merit.
There are no other material administrative, civil or criminal actions.

ITEM 10
OTHER FINANCIAL INDUSTRY ACTIVITIES AND AFFILIATIONS

One portfolio manager is in the process of winding down an SEC-registered investment adviser he
operated before joining Third Point. He is not initiating new positions, and it occupies a de minimis
portion of his time. Another portfolio manager is an investor in, and currently serves on the board of
a private company that is not a portfolio company.

We do not have an affiliated broker-dealer. Nevertheless, we may have certain relationships with,
and receive certain benefits from, non-affiliated broker-dealers that may pose a conflict of interest
when selecting and using broker-dealers. Examples of such relationships and benefits include, but
are not limited to: (i) referral or recommendation of investors; (ii) personal investments by a
registered representative of a broker-dealer in funds managed we managed; (iii) access to an
electronic communication network for order entry and account information; (iv) receipt of
proprietary research; and (v) participation in broker-dealer sponsored research and capital
introduction conferences.

We serve as an adviser to private investment partnerships and offshore Funds and certain other
accounts. W e a r e a l s o a related person to the general partners of the following
Unregistered Funds that are investment limited partnership.

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General Partners Investment Managers

Third Point Advisors LLC Third Point LLC

Third Point Advisors II LLC

Domestic Funds Offshore Funds

Third Point Opportunities, L .P. Third Point Offshore Fund, Ltd.

Third Point Partners, L.P. Third Point Offshore Investors Ltd.
Third Point Partners Qualified, L.P. Third Point Offshore Master Fund, L.P.
Third Point Opportunities Ltd.
Separately Managed Accounts Third Point Opportunities Master Fund, L.P.
Third Point Ultra, Ltd.
dbX-Risk Arbitrage 11 Fund Third Point Ultra Master Fund, L.P.
Lyxor/Third Point Fund Limited

ITEM 11
CODE OF ETHICS, PARTICIPATION OR INTEREST IN CLIENT TRANSACTIONS
AND PERSONAL TRADING

Code of Ethics

We have adopted a code of ethics (“Code of Ethics”) which is designed to foster compliance with
the applicable federal statutes and regulatory requirements, prevent circumstances that may lead to
or give the appearance of conflicts of interest with clients, insider trading or unethical business
conduct as well as promote a culture of high ethical standards. Among other things, the Code of
Ethics governs personal securities trading by our employees. Generally, no employee may
personally trade or own any security (with the exception of certain securities such as U.S.
government obligations, cash equivalents, money market funds, open-end mutual funds, unit
investment trust, investment grade corporate bonds, investment grade preferred securities, limited
mortgage bonds, master limited partnerships, private investments, etc. (“Exempt Security” or
“Exempt Transaction”)). For some of the Exempt Securities or Exempt Transactions, Employees
must pre-clear any trades. In limited exception situations (primarily due to economic hardship),
employees may trade in other securities but only subject to compliance pre-approval.

The Code of Ethics also requires 1) employees to report personal transactions on a quarterly basis,
2) file annual personal account disclosures and report securities holdings; and (3) employees to
certify their compliance with the Code of Ethics on an annual basis.

Restrictions Due to Insider Information

We forbid employees from trading, either personally or on behalf of others (including client
accounts managed by Third Point), on material non-public information or communicating
material non-public information (“inside information”) to others in violation of the federal

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securities laws. This conduct is frequently referred to as “insider trading”. We have designed
and implemented policies and controls in order to monitor the flow of inside information as
well as prevent trading on the basis of inside information.
A copy of the Code of Ethics is available upon request.

Participation or Interest in Client Transactions

Third Point, its affiliates and their respective personnel may invest in the Funds and in securities or
other assets in which the Funds or other clients invest subject to applicable law and the firm’s Code
of Ethics.

Third Point, its related persons and employees may have financial interests in one or more of the
Funds either as direct investments, carried interests, indirectly through intermediaries or through
the rights of deferred compensation under a deferred incentive fee agreement that Third Point or
its related person may have with certain of its Funds (all such interests will be referred to herein
as “proprietary interests”). In some cases, such proprietary interests may exceed 25% of the
total Fund so that the Fund may be deemed to be a proprietary account.

For purposes of rebalancing Client portfolios with similar investment strategies, we periodically
through unaffiliated broker-dealers and at the market price, may dispose of a particular security
from one Client that it is acquiring for another by crossing the trade of one or more Clients to
one or more other Clients in order to minimize transaction and market impact costs
(“Rebalancing”). Additionally, there may be circumstances in which it may be advantageous to
enter into transactions whereby certain investments may be held by only certain of Applicant’s
Clients, while the economic benefits and risks of those investments are shared with other Clients
(“Shared Transactions”). Such Shared Transactions may entail the creation of special purpose
vehicles, derivative contracts and other mechanisms for sharing in the risk and reward of each
participating Client. Whenever such Rebalancing or Shared Transactions are effected between
Clients that include a proprietary account, such transactions are reviewed by an independent
party, which may include independent directors of any incorporated Fund to approve such
transactions in order to address potential conflicts of interests.

ITEM 12
BROKERAGE PRACTICES

The primary consideration in placing portfolio securities transactions with broker-dealers for
execution is to obtain, and maintain the availability of, execution at the best net price available and
in the most effective manner possible. In selecting broker-dealers to execute transactions and
evaluating the reasonableness of the brokerage commissions paid to them, consideration will be
given to the following: the ability to effect prompt and reliable executions at favorable prices
(including the applicable dealer spread or commission, if any): the operational efficiency with
which transactions are effected, taking into account the size of the order and difficulty of
execution: the financial strength, integrity and stability of the broker dealer; the firm’s risk in
positioning a block of securities; the quality, comprehensiveness and frequency of research
services available through the broker-dealer; and the competitiveness of commission. We

17
generally seek competitive commission rates, but we will not necessarily pay the lowest
commission available. Trading costs are measured and monitored by the Brokerage Committee
which reviews, among other things, the costs and quality of executing brokers.

Research and Other Soft Dollar Benefits.

We have entered into soft dollar arrangements where brokerage commissions executed through
certain broker-dealers are used to generate “soft dollars’ to pay for brokerage and research services
used by Third Point on behalf of the Funds. In accumulating soft dollars, we “pay up” or more than
the lowest available commission. Our intention is for the soft dollar arrangements to be within the
“safe harbor” of Section 28(e) of the Securities Exchange Act of 1934. These arrangements may be
with Soft Dollar Brokers that provide proprietary research directly or through third party arrangements
where the Soft Dollar Services are developed by third parties and the Soft Dollar Broker participates
in effecting the transaction. Some of the Soft Dollar Services include: newswire and quotation
systems, research reports and information on companies, industries and securities; economic, financial
and market data; economic surveys and analyses; recommendations as to specific securities; and
consultants that provide specialized data or analysis to specific companies or sectors.

If less than 100% of a product or service is used for assistance in our decision-making process,
we will consider the product as a “mixed-use” product. With mixed-use products, we will make
a good-faith allocation between the research and non-research benefits and will use commissions
to pay for only that portion of the product used to formulate investment decision and will pay for
the remainder in hard dollars. With mixed-use products, we may have a conflict of interest when
determining the allocation of good faith allocation of costs between research and non-research
benefits particularly in circumstances where the non-research benefits are not expenses paid for
by the Funds or managed accounts.

These services or products would otherwise only be available to us for a cash payment. To the extent
we utilize commissions to obtain items that would otherwise be an expense of the Registrant (and not
payable by the accounts), such use of commissions could be viewed as additional compensation to
Third Point. This may create a potential conflict of interest between our fiduciary duty to operate the
accounts in their best interest and the desire to receive or direct these soft dollar benefits. As a result
of receiving such services or products, there is an incentive for us to use, and continue to use, such
brokers and dealers to effect transactions for the accounts over which we exercise trading discretion so
long as such brokers and dealers continue to provide us with such soft dollars credits.

We have adopted procedures to monitor all soft dollar activities and maintain effective controls.
Brokerage and research services paid by one account may be used to benefit all the accounts. We do
not allocate the relative costs or benefits of research among the accounts because we believe that the
research received is fulfilling our overall responsibilities to our clients.

We also have commission sharing arrangements whereby soft dollars, which have been generated, are
paid to brokers who have provided research services in the past, in lieu of trading with those brokers.

On some occasions, we may separate orders and send them to different executing brokers. This may
result in two separate batch or block trades at approximately the same time for the same securities,
which may be executed at different prices or at different brokerage commission rates from one
another. This may result in less favorable pricing or commission rates than if they had been content in

18
using block or batch trades for execution.

Our personnel may receive or give certain gifts from or to broker-dealers or other persons with whom
we do business. This may include such things as tickets to sporting events, meals and other
entertainment, transportation, attendance at seminars or other educational training or informational
events, logo items and other items of small value, gifts associated with life events such as birthdays,
weddings, anniversaries, and other gifts of more substantial value. The receipt of such gifts and
gratuities might be viewed as causing a conflict of interest for us in selecting brokers and dealers and
other service providers. Our policy prohibits employees from accepting valuable gifts or excessively
lavish entertainment from any person or entity that does or seeks to do business with or on behalf of
Third Point or its clients. Employees are prohibited from accepting gifts of cash or cash equivalents.
Employees are also required to report, on a quarterly basis, the receipt of gifts and entertainment
exceeding certain thresholds.

From time to time we may participate in certain broker-dealer’s charity day programs. We may elect,
on a specified day, to execute certain trades through the sponsoring broker-dealer and permit it to use
a portion of the commissions for charitable purposes, including donations to other broker-dealers that
may need assistance in natural disaster recovery efforts.

On occasion, we may engage in a “step-out” transaction in which we may send part or all of a
commission in respect of a transaction to one broker while the transaction is executed by a different
broker.

Trade Error Policy

Client account transactions may be effected on occasion in a manner that differs from what was
intended for the account. We review any trade errors that we discover, on a case-by-case basis, and
decide what corrective steps to take, if any, after reviewing the error. Trade errors are often borne by
the Accounts.

Brokerage for Client Referrals.

We may effect transactions or otherwise utilize broker-dealers that have, or whose affiliates have,
referred or recommended investors to us and broker-dealers or registered representatives of broker-
dealers that personally or though related persons or family members have investments in some of
the accounts we managed. These practices may create an incentive for us to direct more business to
these broker-dealers in order to generate future referrals or additional affiliated investments.

Directed Brokerage.

A managed account client may direct us to utilize a particular broker-dealer to execute some or
all transactions for the client’s account. In such circumstances, the managed account client is
responsible for negotiating the terms and arrangements for the account with that broker-dealer.
We will not seek better execution services or prices from other broker-dealers or be able to
aggregate the managed account client's transactions, for execution through other brokers-dealers,
with orders for the Funds or the other managed account we manage. As a result, we may not
obtain best execution on behalf of such directing managed account client, who may pay
materially disparate commissions, greater spreads or other transaction costs, or receive less

19
favorable net prices on transactions for the account than would otherwise be the case. We seek
to allocate investment opportunities among Clients in the fairest possible way taking into
account Clients’ best interests and investment objectives/restrictions. We will follow
procedures to help ensure that allocations do not reflect a practice of favoring or discriminating
against any Client or group of Clients. Account performance is never a factor in trade
allocations.

Excluding the LSE Fund, we generally manage our Client portfolios on a parallel pro rata basis,
employing primarily the same investment strategies subject, but not limited, to each Client’s
varying stated investment objectives including the amount of leverage used, restrictions and tax
considerations. Consequently, when possible, Client orders in the same security are generally
placed on an aggregated basis and typically allocated proportionately to each participating Client
account. We may, however, increase or decrease the amount of securities allocated to an account
to avoid holding odd-lot shares for particular Clients. Each Client that participates in an
aggregated order will generally participate at the average share price for all the transactions in
that security on a given day, and transaction costs generally will be shared pro-rata based on each
Client's participation in the transaction.

On some occasions, we may separate orders and send them to different executing brokers. This
may result in two separate batch or block trades at approximately the same time for the same
securities, which may be executed at different prices or at different brokerage commission rates
from one another. This may result in less favorable pricing or commission rates than if they had
been content in suing block or batch trades for execution.

ITEM 13
REVIEW OF ACCOUNTS

Position Reviews: We perform various daily, weekly, monthly and quarterly reviews of all
Accounts. The Chief Executive Officer (“CEO”) is responsible for overseeing the reviews.
Research analysts also monitor existing holdings on a regular basis. In addition, our business
groups including accounting, operations and compliance conduct reviews on a regular basis for,
among others things, trade allocations, execution and commission paid on security transactions,
performance comparisons, investment objectives, guidelines and restrictions.

In addition, the Funds’ third party administrator (“Administrator”) provides daily reviews and
reconciliations of cash, positions, and activity to prime brokers to validate that all transactions were
executed as initiated and accounted for in a proper manner. Daily profits and losses are reconciled
by the Investment Manager back to the Administrator. On a daily basis the Administrator reports
reconciliation breaks for resolution by our Operations group. The monthly net asset value
calculations are prepared by the Administrator and reviewed by our accounting group.

Investors receive monthly capital account statements for their investment in each Fund as well as
monthly and quarterly written updates of activity in their Fund and the relevant markets. Investors
also receive annual audited financial statements of the Fund in which they are invested.

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ITEM 14
CLIENT REFERRALS AND OTHER COMPENSATION

We may receive certain economic benefits from broker-dealers and prime brokers which we
conduct business with that might not be received otherwise. These benefits may include: access to
an electronic communication network for order entry and account information; proprietary
research; and participation in sponsored research and capital introduction conferences. While these
services are generally provided at no additional cost, we may select certain broker-dealers due to
receipt of such services. We understand that the benefits received through these relationships
generally do not depend upon the amount of transactions directed to or the amount of assets
custodied.

We may compensate third parties that refer clients to us. Generally, compensation is based upon
the engagement and retention of new clients and a percentage of the assets invested. No portion of
the compensation paid to the third parties will be charged to the clients.

ITEM 15
CUSTODY

We may be deemed to have constructive custody of certain client assets as a result of fee payments
or the service of certain affiliates as general partners to private investment funds. Actual custody
of client assets, however, is at a broker-dealer, bank or trust company, not with us. Accounts are
reconciled, via statements provided by the counterparties and internal proprietary systems, at least
weekly between us, the fund administrator (IFS) and each counterparty. Any breaks are resolved
as soon as possible. Currently, client assets are custodied at Barclays, Citigroup, Goldman Sachs
& Co., HSBC Bank USA, N.A., JP Morgan Chase Clearing Co., Morgan Stanley, Inc., and UBS,
LLC We review our use of prime brokers periodically and may change them without notice. As
such, investors receive capital account statements on a monthly basis directly from the Funds’
administrator. Investors should carefully review all account statements.

ITEM 16
INVESTMENT DISCRETION

We provide investment advisory services to our clients on a discretionary basis in a manner

consistent with each account’s investment objectives and restrictions, as set forth in the governing
agreements and documents. In providing discretionary investment advisory services, we generally
supervise and manage the account’s portfolio and make investment decisions, without consulting
the investors.

ITEM 17
VOTING CLIENT SECURITIES

Our formal proxy voting policy is located in each Fund’s specific offering memorandum. These
written policies and procedures require us to vote the Fund’s proxies in the interest of

21
maximizing shareholder value. Votes on all matters are determined on a case-by-case basis. We
may choose not to participate in a particular proxy, to take no action or not vote if it concludes
that the effect on shareholders’ economic interest or the value of the portfolio holding is
indeterminable or insignificant, the potential benefit of voting is outweighed by the cost, or when
it is not in the Fund’s best interest to vote. Our Analysts are responsible for the
recommendation, the CEO or COO approves the decision and the Operations group executes the
vote.
Our proxy voting policies and procedures also include guidelines which Applicant follows if a
material conflict arises between the Applicant and the company that is the subject of the proxy or
a proponent of a proxy proposal.

Records of proxy materials and votes are maintained in our offices. A complete copy of our
proxy voting policies, procedures and prior voting history are available to investors upon request.

ITEM 18
FINANCIAL INFORMATION

This section is not applicable to the Adviser

ITEM 19
MANAGEMENT PERSONS

The following is a list of our management personnel:

Daniel S. Loeb (Chief Executive Officer) was born in 1961. He founded Third Point in 1995 and
leads its portfolio management activities. Before starting Third Point, Mr. Loeb was Vice-
President of high-yield bond sales at Citigroup, a Senior Vice-President in the distressed debt
department at Jefferies & Co. a risk arbitrage Analyst at Lafer Equity Investors and an Associate in
private equity at Warburg Pincus. Mr. Loeb graduated from Columbia University with an A.B. in
economics.

James P. Gallagher (Chief Administrative Officer and Director of Operations) was born in 1970.
He joined Third Point in 2008. Prior to joining Third Point, Mr. Gallagher was a Managing
Director at Indus Capital Partners LLC, where he was responsible for the middle and back office,
technology, risk management and fund administration functions. Previously, Mr. Gallagher was a
Vice President, Head of Operations for the Hedge Fund Strategies division of Goldman Sachs
Asset Management (formerly Commodities Corporation LLC). Mr. Gallagher holds a B.S. in
Accounting from the University of Richmond’s Robins School of Business.

R. Mendy Haas (Chief Financial Officer) was born in 1975. He joined Third Point in 2008. Prior
to joining Third Point, Mr. Haas was the Chief Financial Officer for DiMaio Ahmad Capital. Mr.
Haas holds a joint J.D./M.B.A. from Fordham University and a B.S. in Accounting from Brooklyn
College.

22
William Song (Chief Compliance Officer and Deputy General Counsel) was born in 1968. He
joined Third Point in 2008. Prior to joining Third Point, Mr. Song served as General Counsel of
TD Asset Management USA Inc. Previously, Mr. Song served as an attorney with the SEC,
Division of Enforcement. Mr. Song earned his B.A. from Tufts University, J.D. from Temple
University School of Law, and M.B.A. from the University of Pennsylvania, Wharton School.

Joshua L. Targoff (Chief Operating Officer and General Counsel) was born in 1969. He joined
Third Point in 2008. Prior to joining Third Point, Mr. Targoff was the General Counsel of the
Investment Banking Division of Jefferies & Co. Mr. Targoff spent seven years doing M & A
transactional work at Debevoise & Plimpton LLP. Mr. Targoff graduated with a J.D. from Yale
Law School, and holds a B.A. from Brown University.

23