Third Point RE New Investor Presentation

• Specialty property and casualty reinsurance

• Class 4 Bermuda-domiciled reinsurer

• A- financial strength rating from A.M. Best

• $1.31 billion of shareholders equity as of September 30, 2013

• Third Point LLC, an SEC-registered investment manager, manages Third Point Re’s investment portfolio under a long-term investment management agreement

• Daniel S. Loeb, founder of Third Point LLC, and related personal investment vehicles provided 10.8% of founding capital ($85 million) in Third Point Re

• Year end 2012: 13.0%

• YTD through 9/30/13: 16.1%¹

Generating ROE from underwriting and positive asset leverage

• Reinsurance strategy

–  Identify profitable reinsurance opportunities that generate stable underwriting profits

–  Target sub-sectors and specific situations where capacity and alternatives may be constrained

–  Flexibility to adjust level of volatility according to market conditions and expected margins

–  Current focus on quota share contracts

• Third Point Re’s approach is to position itself for the expected improvement in P&C pricing over the medium term

– Management has a track record of entering new lines of business to capitalize on market opportunities and produce strong underwriting results

–  Strong management relationships provide access to attractive underwriting opportunities

• Asset leverage is expected to grow over time and help drive ROE

– The Company expects to capture net investment income generated by float^* primarily from the time-lag between receipt of premiums and payment of claims

Third Point LLC manages Third Point Re’s assets under a long-term investment management agreement

• Third Point LLC manages virtually all of Third Point Re’s investable assets

• Exclusive relationship for an initial contractual term through 2016, followed by successive three-year terms on renewal

–  The company pays a standard 2% management fee and 20% performance allocation

–  Performance allocation is subject to a standard high water mark, loss carry-forward provision

• Third Point Re investments are held in a separate account and managed by Third Point LLC on substantially the same basis as its main hedge funds

– The account is subject to certain additional investment guidelines and parameters not employed by the main funds (i.e. limitations on exposure, increased liquidity, etc.)

• Third Point Re has full ownership of and access to the investment portfolio to provide liquidity to pay claims and expenses 

Full presentation here TPRE – Investor Presentation February 2014 v1_v001_v7uxei