Third Point LLC

FEES AND COMPENSATION

Fees

For the Hedge Funds, we typically receive an annual management fee of between 0.75% and 2.0% on assets
under management depending on the Hedge Fund and share class or tranche. For one Hedge Fund, we may
receive more than 2% depending on the ratio of its leverage relative to that of another Hedge Fund. In that
instance, the management fee is equal to the applicable annual management fee rate (which may be 2.0%,
depending on the share class) multiplied by the net assets of the Hedge Fund, multiplied in turn by the ratio
of the Hedge Fund’s leverage relative to that of the other Hedge Fund. For certain Funds that invest in a
CLO Fund, the management fees of the Fund will be reduced dollar for dollar by the fees which are charged
and not waived by the Investment Manager or its affiliates and attributable to the Fund’s pro rata share of
the equity interests in such CLO Fund. Management fees are payable either monthly or quarterly in advance
depending on the Hedge Fund. We also typically receive an annual performance allocation between 15%
to 30% of the net realized and unrealized appreciation in the net asset value of the Hedge Fund or each
series of shares (in the case of a limited partnership interest, net capital appreciation of a capital account)
in the respective Hedge Funds, which in some cases is subject to a hurdle or preferred return. For Hedge
Fund investors in side pocket share classes, we receive management fees based on investment cost, and
incentive fees that crystalize upon investment realization. Investors in the Hedge Funds may
withdraw/redeem their interests or shares in whole or in part from the applicable Hedge Fund, which may
be subject to additional limitations or penalties in accordance with the withdrawal/redemption terms of the
relevant offering documents (“PPM”). Generally, if an investor withdraws/redeems its 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.

For the Private Equity Funds, depending on investment strategy, generally we receive a management fee of
between 0.75% to 1.5% based on either invested capital or capital commitments (subject to certain
limitations and adjustments) and carried interest at a rate between 12.5% to 20%. In some cases, the carried
interest is based on an amount equal to between 12.5% to 20% of the net capital appreciation of a limited
partner’s contributions to the Private Equity Fund, in excess of specified performance thresholds. Investors
in the funds may not withdraw/redeem their interests. In certain cases, the portion of the management fee
allocable to an Investor in a Private Equity Fund will be waived or reduced for certain Investors (including
but not limited to Investors participating in early closings).

For the Private Real Estate Fund, Third Point Private CRE Credit LLC receives an annual management fee
of 1% on percentage of invested capital in the fund. Management fees are payable quarterly and in arrears.
For any period, other than a full quarterly period, the management fee will be adjusted on a pro rata basis
per the actual number of days in such period. The fund’s general partner will receive a performance based-
fee in the form of an incentive distribution. of 10% of the yearly net profit or appreciation of a capital
account subject to a 6% hurdle. Incentive distributions are calculated annually and are generally not payable
out of unrealized appreciation, although such appreciation may be considered in determining if the
applicable hurdle has been met.

In addition, the Private Real Estate Fund may exempt certain investors from payment of all or a portion of
the management and/or incentive disbursements by a direct exemption or as otherwise set forth in the
Private Real Estate Fund’s PPM. As of December 31, 2024, there were approximately 54 investors in the
Private Real Estate Fund that are “founding investors”. These founding investors are charged management
fees and/or incentive disbursement fees but are entitled to a rebate of all or a portion of such fees depending

upon whether Third Point Private CRE Credit LLC or the Private Real Estate Fund’s general partner
experiences a profit in a given calendar year, as further described below. The rebate for such founding
investors is based on such investor’s pro-rata share of Founding Commitment Profits (as defined below).
Such investor’s share of the Founding Commitment Profits that can be used as a rebate or reduction to
management fees and/or incentive disbursement fees previously paid by or reserved on behalf of such
investor in the applicable calendar year is based upon the capital commitments made by such investor as a
percentage of the total $200,000,000 of “founding commitments” (regardless of whether $200,000,000 of
founding commitments are actually made). By way of example, if the founding investor makes an
$80,000,000 capital commitment, the investor shall be entitled to a fee rebate calculated as 40% of Founding
Commitment Profits, up to a maximum amount equal to the annual management fees and incentive
disbursement fees actually charged to the invest in the same calendar year, regardless of the total capital
commitments to the Private Real Estate Fund as of any time. As used herein, the term “Founding
Commitment Profits” shall mean 10% of the excess each year, if any, of (i) the management fee and
incentive disbursement fee received by Third Point Private CRE Credit LLC or the general partner of the
Private Real Estate Fund, over (ii) all (x) non-reimbursed operating and organizational expenses of Third
Point Private CRE Credit LLC and the general partner of the Private Real Estate Fund, whether incurred
prior to or after the date of such investor’s capital commitment, including but not limited to Operating
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TYPES OF CLIENTS

Investors in the Accounts we manage typically include corporate and public pensions, sovereign wealth
funds, endowments, foundations, fund of funds, high net worth individuals, and other investment or
business entities. Investors in the Accounts also include a London Stock Exchange-listed life & annuity
reinsurer (LSE:MLHL), a Bermuda-based reinsurance affiliate (NYSE:SPNT), and employee assets.

All investors in the Accounts are subject to applicable suitability requirements including, as applicable,
that each investor in an Account be an “accredited investor” as defined in Regulation D under the Securities
Act and/or a “qualified purchaser” as defined in Section 2(a)(51) of the U.S. Investment Company Act of
1940, as amended. In certain circumstances, the investors may be required to meet other suitability
requirements (e.g., a Person that is not a U.S. Person as defined in Regulation S under the Securities Act).
Generally, investors must invest a minimum dollar amount as determined in the applicable General
Partner’s sole discretion. The General Partner reserves the right, in its sole discretion, to waive the
minimum dollar amount.