Third Point Management Activist Presentation Deck

THIRD POINT OVERVIEW Firm Overview ■ ■ Third Point Highlights ■ Third Point LLC is an SEC-registered investment adviser based in New York Approximately $18 billion under management Founder and CEO, Daniel S. Loeb, has over 30 years of experience in the financial markets ■ Proven Track Record Since inception in 1995, the Firm has generated average net annualized returns of 18% compared to the CS Event Driven Index, HFRI Event Driven Index, and S&P 500 returns of 8%, 9%, and 10%, respectively, over the same period Third Point has made over 40 active investments and has been successful during 100% of the firm's historical proxy campaigns Notable Recent Active Positions Yahoo!: Third Point helped create approximately $15 billion of value for shareholders; share price increased over 85% while Third Point directors served on the board from May 2012 until July 2013 O Sotheby's: Third Point helped create approximately $500 million of value for shareholders through 9/20/18; share price increased 17% while Third Point directors have served on the board since May 2014 THIRD POINT Baxter: Third Point helped create approximately $26 billion of value for shareholders through 9/20/18; share price increased 144% while Third Point directors have served on the board since September 2015 Dow: Third Point helped create approximately $51 billion of value for shareholders through 9/20/18; share price increased 107% since Third Point began engaging with Dow Chemical in November 2013 Note: Third Point returns reflect Third Point Partners from inception (June 1995) through 8.31.18. All references to CS and HFRI Indices reflect performance calculated through 7.31.18 Source: Third Point LLC #Refresh TheRecipe | 5

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