THIRD POINT LLC

The Registrant provides investment advisory services on a discretionary basis, managing approximately $20.0701 billion as of February 28, 2025, which includes assets managed by Relying Advisers. The advisory business involves methods of analysis and investment strategies specific to each BG Relying Adviser, such as Birch Grove and CLO Management’s flexible, opportunistic strategy. The Adviser also believes that it can build value after an issuer is reorganized by providing management assistance as appropriate. After an investment is made, the Adviser seeks to maximize recovery through ongoing assessments, selling at the appropriate time, and participating in negotiations. The Adviser's senior executives may play active roles in restructurings, commensurate with the size of the Fund’s investment position. The advisory services also involve certain additional fees, such as monitoring fees, and are subject to conflicts of interest, particularly concerning advisory services to collateralized loan obligation vehicles.

The Investment Manager generally follows analytical methodologies and investment strategies, but these are not an exclusive list. The Investment Manager may modify and/or implement additional strategies as appropriate for different investments or in response to changing market conditions. The Investment Manager will opportunistically implement whatever strategies, risk management techniques or discretionary approaches, as well as such other investment tactics, as it believes from time to time may be suited to prevailing market conditions. Investors must recognize that by investing in each Account, they are placing their capital indirectly under the discretionary management of the Investment Manager and authorizing the Investment Manager indirectly to trade for each Account and to implement whatever strategies, risk management techniques or discretionary approaches, as well as such other investment tactics, in such manner as the Investment Manager may determine. The Investment Manager may use such leverage, position size, duration and other portfolio management techniques as it believes are appropriate for each Account.

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