Malibu Life Holdings Limited – Third Point Master Fund April 2026 Performance

6 May 2026

Third Point Master Fund[1]

Monthly Update: April 2026 Performance

April 2026 Performance Highlights

· Third Point Offshore Fund, Ltd. returned 4.5% in April 2026.
· The top contributors for the month included e-commerce company Amazon.com
Inc., internet and technology company Alphabet Inc., and enterprise technology
company Broadcom Inc.
· The top detractors for the month included a short position, media and
internet company Quebecor Inc., and diversified life sciences and diagnostics
company Danaher Corp.

Net Performance

[]
MTD QTD YTD
Third Point Offshore Fund, Ltd.[2] 4.5% 4.5% 4.0%

Current Malibu Life Asset Mix[3]

Third Point Offshore Fund, Ltd. 80%
Malibu Life Reinsurance SPC 20%

Portfolio Detail[4]

The net weightings of the strategy at period-end were 43.9% in Equity, 36.2% in
Credit, 4.6% in Privates and 2.9% in Other. A breakdown of positions, including
major contributors and detractors, is provided below. For further detail please
visit:

https://www.malibulifeinsurance.com/resources/

[][][][][]
EXPOSURE GROSS MTD P&L[5] NET MTD P&L[6] GROSS YTD
P&L[5] NET YTD P&L[6]
LONG SHORT NET LONG SHORT NET NET LONG SHORT
NET NET

Equity 66.4% -22.5% 43.9% 4.9% -0.1% 4.8% 3.7% 2.7% 1.5%
4.2% 2.7%

Credit 36.4% -0.2% 36.2% 0.8% 0.0% 0.8% 0.6% 1.1% 0.0%
1.1% 0.8%

Privates 4.6% 0.0% 4.6% 0.0% 0.0% 0.0% -0.1% -0.1% 0.0%
-0.1% -0.2%

Other[7] 2.9% 0.0% 2.9% 0.1% 0.1% 0.2% 0.2% 0.4% 0.3%
0.7% 0.6%

Total 110.4% -22.7% 87.6% 5.8% 0.0% 5.8% 4.5% 4.1% 1.8%
5.9% 4.0%

Portfolio Detail

MTD Contributors[8]

Amazon.com Inc. (e-commerce company)

Alphabet Inc. (internet and technology company)

Broadcom Inc. (enterprise technology company)

TSMC (semiconductor company)

CRH PLC (industrials and materials company)

MTD Detractors[8]

Short

Quebecor Inc. (media and internet company)

Danaher Corp. (diversified life sciences and diagnostics company)

Short

Paramount Skydance Corp. (media and internet company)

YTD Contributors[8]

MasTec Inc. (industrials and materials company)

Siemens Energy AG (industrials and materials company)

Amazon.com Inc. (e-commerce company)

Carpenter Technology Corp. (industrials and materials company)

Keysight Technologies Inc. (enterprise technology company)

YTD Detractors[8]

CoStar Group Inc. (financial company)

Capital One Financial Corp. (financial company)

Somnigroup International Inc. (consumer discretionary company)

Brookfield Corp. (financial company)

Indra Sistemas SA (enterprise technology company)

Top Gross Equity Longs[8]

Amazon.com Inc. (e-commerce company)

Nvidia Corp. (enterprise technology company)

Warner Bros Discovery Inc. (media and internet company)

Broadcom Inc. (enterprise technology company)

Telephone and Data Systems, Inc. (telecommunications company)

Top Gross Corporate Credit Longs[8,9]

Bausch Health Cos Inc. (healthcare company)

Connect Holding II LLC (telecommunications company)

AMC Entertainment Holdings Inc. (movie theatre company)

Ardagh Group SA (industrials and materials company)

Coreweave Inc. (enterprise technology company)

Press Enquiries

[][][][][][][][][][]
Kekst CNC
(PR Adviser to the
Company)
Richard Campbell
Tel: +44 7775 784933
Guy Bates
Tel: +44 7581 056415
Katherine Kilgallen
Tel: +44 7581 068251
Footnotes
[][][][][][][][][][]
[1] This report is
being furnished to
shareholders of
Malibu Life Holdings
Limited (the
«Company»). The
Company completed
the acquisition of
Malibu Life
Reinsurance SPC on
September 12, 2025,
and changed its
name to Malibu
Life Holdings
Limited on September
22, 2025. Currently,
the Company
invests a majority
of its assets into
Third Point Offshore
Fund, Ltd.
(the «Fund»). The
Fund is a feeder
fund in a master
-feeder
structure to
the Third Point
Master Fund LP.
[2] Net MTD, QTD
and YTD performance
shows indicative
performance for a
new issues
eligible investor in
the highest
management fee (2%
per
annum), in
addition to leverage
factor multiple, if
applicable, and
incentive
allocation rate
(20%) class of each
Fund, who has
participated
in all side pocket
private investments
(as applicable).
Net
performance reflects
the deduction of
operating expenses
paid by
the Fund
during the period,
and, unless
otherwise noted, is
inclusive
of legacy
private investments.
New Series
performance excludes
legacy
venture and
other private
-related investments
and was launched on
June
1, 2023. An
individual
investor’s
performance may vary
based on timing
of capital
transactions.
[3] Data provided
represents the
percentage of the
assets of the
Company
and are as of
December 31, 2025.
[4] The sum of
long and short
exposure percentages
and the sum of gross
long and short
MTD and YTD P&L
percentages may not
visually add to the
corresponding
net figure due to
rounding. Subtotals
of long, short,
and/or net
exposure percentages
and MTD and YTD P&L
percentages may
not visually
match the
corresponding
subtotal in another
section of
the report due
to rounding.
[5] Gross P&L
attribution does not
reflect the
deduction of
management
fees,
incentive
allocations and any
other expenses which
may be
incurred in
the management of
the fund.  An
investor’s actual
return
will be
reduced by such fees
and expenses.  See
Part 2A of the
Adviser’s Form
ADV for a complete
description of the
management fees
and incentive
allocations
customarily charged
by Adviser.
[6] Net P&L
attribution reflects
the allocation of
the highest
management
fee (2% per
annum), in addition
to leverage factor
multiple, if
applicable,
and incentive
allocation rate
(20%), and pro rata
share of
expenses paid
by the Fund during
the applicable
period, to the
aggregate
underlying positions
in the referenced
sub-portfolio
group’s
gross P&L, or
referenced
individual position
level gross P&L, as
applicable.
The management fees
and operating
expenses are
allocated
for the period
proportionately
based on the average
gross exposure of
the aggregate
underlying positions
of the referenced
sub-portfolio
group. The
implied incentive
allocation is based
on the deduction of
management fee
and expense ratio
from the Fund level
gross P&L
attribution
for the period. The
incentive allocation
is accrued for
each period to
only those positions
within the
referenced sub
-portfolio
group with i)
positive P&L and ii)
if during the
current
MTD period
there is an
incentive
allocation. In MTD
periods where
there is a
reversal of
previously accrued
incentive
allocation, the
impact of the
reversal will be
based on the
previous month’s YTD
accrued
incentive
allocation. The
assume operating
expense ratio noted
herein is
applied uniformly
across all
underlying positions
in the
referenced sub
-portfolio group
given the inherent
difficulty in
determining
and allocating the
expenses on a sub
-portfolio group
basis. If
expenses were to be
allocated on a sub
-portfolio group
basis, the net
P&L would likely be
different for each
referenced sub
-portfolio
group, as
applicable.
[7] Includes
currency hedges,
macro investments,
and receivables.
Interest
rate
swaptions, rates and
FX related
investments are
excluded from
exposure
figures. MTD and YTD
P&L of Other
includes net
attribution of
macro
investments and
certain P&L
components not
directly attributed
to individual
sub-asset classes
such as gains and
losses attributable
to unhedged
currency movements
relative to USD,
interest income and
expense on
cash balances,
financing income and
expense, etc.
[8] Excludes any
confidential
positions, portfolio
level equity hedges
and
EU MAR related
positions.
[9] Does not
include private
debt.
[10] Includes all
funds and separately
managed accounts
managed by Third
Point and its
affiliates and
participation notes
issued by the
applicable
Third Point-managed
funds relating to
legacy private
investments.
Important Notes and
Disclaimers

Malibu Life Holdings
Limited (the
«Company») formerly
known as Third Point
Investors Limited,
completed the
acquisition of
Malibu Life
Reinsurance SPC on
September 12, 2025,
and changed its name
to Malibu Life
Holdings Limited on
September 22, 2025.
Third Point Offshore
Fund, Ltd.  («Third
Point Offshore») is
managed by Third
Point LLC («Third
Point» or
«Investment
Manager»), an SEC
-registered
investment adviser
headquartered in New
York. Neither the
securities
regulatory authority
of any state nor the
SEC have approved
the Funds and
investments
described herein and
have not passed on
the accuracy or
adequacy of this
document. Any
representation to
the contrary is
unlawful. Unless
otherwise stated,
information relates
to the Third Point
Master Fund LP (the
«Fund») inclusive of
Legacy Private
investments.
Exposures are
categorized in a
manner consistent
with the Investment
Manager’s
classifications for
portfolio and risk
management purposes
in its sole
discretion.

Unless otherwise
stated, information
relates to the Fund
inclusive of legacy
private investments.
Exposures are
categorized in a
manner consistent
with the Investment
Manager’s
classifications for
portfolio and risk
management purposes
in its sole
discretion.

Performance results
include the
performance of
legacy private
investments and are
presented net of
management fees,
brokerage
commissions,
administrative
expenses, and
accrued incentive
allocation, if any,
and include the
reinvestment of all
dividends, interest,
and capital gains.
While incentive
allocations are
accrued monthly,
they are deducted
from investor
balances only
annually or upon
withdrawal. From
Fund inception
through December 31,
2019, Third Point
Offshore Fund,
Ltd.’s historical
performance has been
calculated using the
actual management
fees, incentive
allocations, and
expenses paid by the
Fund. The actual
management fees and
incentive
allocations paid by
the Fund reflect a
blended rate of
management fees and
incentive
allocations based on
the weighted average
of amounts invested
in different share
classes subject to
different management
fee and/or incentive
allocation terms.
Such management fee
rates have ranged
over time from 1.25%
to 3% per annum. The
amount of incentive
allocations
applicable to any
one investor in the
Fund will vary
materially depending
on numerous factors,
including without
limitation: the
specific terms, the
date of initial
investment, the
duration of
investment, the date
of withdrawal, and
market conditions.
As such, the net
performance shown
for the Fund from
inception through
December 31, 2019 is
not an estimate of
any specific
investor’s actual
performance. During
this period, had the
highest management
fee and incentive
allocation been
applied solely,
performance results
would likely be
lower. For the
period beginning
January 1, 2020, the
Fund’s historical
performance shows
indicative
performance for a
new issues eligible
investor in the
highest management
fee (2% per annum)
and incentive
allocation rate
(20%) class of the
Fund, who has
participated in all
side pocket private
investments (as
applicable) from
March 1, 2021
onward. Net
performance reflects
the deduction of
operating expenses
paid by the Fund
during the period.
An individual
investor’s
performance may vary
based on timing of
capital
transactions. The
inception date for
Third Point Offshore
Fund, Ltd. is
December 1, 1996.
All performance
results are
estimates and past
performance is not
necessarily
indicative of future
results. All
information provided
herein is for
informational
purposes only and
should not be deemed
as a recommendation
to buy or sell
securities. All
investments involve
risk including the
loss of principal.
This transmission is
confidential and may
not be redistributed
without the express
written consent of
Third Point LLC and
does not constitute
an offer to sell or
the solicitation of
an offer to purchase
any security or
investment product.
Any such offer or
solicitation may
only be made by
means of delivery of
an approved
confidential
offering memorandum.
The Funds’
performance
information shown
within includes net
gains and losses
from «new issues.»
The market price for
new issues is often
subject to
significant
fluctuation, and
investors who are
eligible to
participate in new
issues may
experience
significant gains or
losses. An investor
who invests in a
class of Interests
that does not
participate in new
issues may
experience
performance that is
different, perhaps
materially, from the
performance
reflected above. All
performance results
are estimates and
should not be
regarded as final
until audited
financial statements
are issued. The
performance results
of the Funds include
unrealized gains and
are based on
valuations, which
are not certain.
Third Point values
the securities and
other instruments
comprising the
assets and
liabilities of each
Fund pursuant to
Third Point’s
written valuation
policy, as it may be
amended from time to
time. A summary of
Third Point’s
valuation policy is
available to any
limited partner or
potential investor
upon request.
Valuations assigned
to an asset are not
necessarily
equivalent to the
value that would be
realized on the sale
of that asset, if
sold. Please see the
applicable Fund’s
offering documents
for additional
information about
valuations.

While the
performances of the
Funds have been
compared with the
performance of well
-known and widely
recognized indices
to provide insight
as to the comparison
of the performance
information shown to
that of well-known
market indices, the
indices holdings,
performance and
volatility may
differ significantly
from the securities
that comprise the
Fund. Additionally,
unlike the Funds,
indices are
unmanaged. Indices
also cannot be used
to predict the
future results of
any investment. The
indices include the
reinvestment of
dividends, interest
and other earnings
and have not been
adjusted for
management fees or
expenses. No
representation is
made as to the risk
profile of any
indices relative to
the risk profile of
the Fund. Indices
have material
inherent limitations
and should not be
used as a basis for
investment
decisions. Investors
cannot invest
directly in an index
(although one can
invest in an index
fund designed to
closely track such
index). The
information related
to the various
indices is sourced
from the provider’s
websites or
Bloomberg. Third
Point is not
responsible for any
historic revision
made to the indices.
Past performance is
not necessarily
indicative of future
results.

All information
provided herein is
for informational
purposes only and
should not be deemed
as a recommendation
to buy or sell
securities. All
investments involve
risk including the
loss of principal.
An investment in the
Fund is speculative,
involves significant
risks of loss, and,
by its terms will
have restrictions on
liquidity. An
investor could lose
all or a substantial
portion of its
investment.
Investing in
corporate credit
involves various
risks and the
performance of the
Fund can be
adversely affected
by a variety of
factors that are
outside the control
of Third Point.
Please see the
applicable Fund PPM
for a full
discussion of such
risks. This
transmission is
confidential and may
not be redistributed
without the express
written consent of
Third Point LLC and
does not constitute
an offer to sell or
the solicitation of
an offer to purchase
any security or
investment product.
Any such offer or
solicitation may
only be made by
means of delivery of
an approved
confidential
offering memorandum.

The Company has not
been and will not be
registered under the
US Investment
Company Act of 1940,
as amended (the
«Investment Company
Act»). In addition,
the shares in the
Company have not
been and will not be
registered under the
US Securities Act of
1933, as amended
(the «Securities
Act»). Consequently,
shares in the
Company may not be
offered, sold or
otherwise
transferred within
the United States or
to, or for the
account or benefit
of, US Persons (as
defined in the
Securities Act). No
public offering of
any shares in the
Company is being, or
has been, made in
the United States.

Information provided
herein, or otherwise
provided with
respect to a
potential investment
in the Fund, may
constitute non
-public information
regarding the
Company, which is
listed on the London
Stock Exchange, and
accordingly dealing
or trading in the
shares of the listed
instrument on the
basis of such
information may
violate securities
laws in the United
Kingdom, United
States and
elsewhere.

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