Third Point LLC → Strata Critical Medical, Inc. SRTA

The Reporting Persons acquired the securities reported herein for investment purposes and believe that the Common Stock is undervalued. The Reporting Persons believe that the underlying business of the Issuer is strong, but not of a scale to support its current overhead and that management incentive options are not aligned with creating shareholder value. Accordingly, the Reporting Persons believe that the Issuer should explore strategic alternatives, including the consideration of a potential sale of the Issuer managed by a reputable investment banking firm. The Reporting Persons may communicate with the Issuer's management and/or Board regarding the foregoing, as well as a broad range of operational, governance and other strategic matters. The Reporting Persons may also communicate with other shareholders or third parties regarding the Issuer, its business, operations and strategic direction, including the potential exploration by the Issuer of strategic alternatives. The Reporting Persons may exchange information with any such persons pursuant to confidentiality or similar agreements. The Reporting Persons may also take steps to explore and prepare for various plans and actions, and propose transactions, before forming an intention to engage in such plans or actions or proceed with such transactions. The Reporting Persons intend to review their investment in the Issuer's shares of Common Stock (or derivatives with respect thereto) on a continuing basis. Depending on various factors including, without limitation, the Issuer's financial position and investment strategy, the price levels of the shares, conditions in the securities markets, general economic and industry conditions, and the Issuer's response to any communications that the Reporting Persons may have with the Issuer, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate including, without limitation, purchasing additional shares of Common Stock (or derivatives with respect thereto) or selling some or all of their shares of Common Stock (or derivatives with respect thereto). The response under Item 6 below is incorporated into this Item 4 by reference. Except as set forth herein, the Reporting Persons have no present plans or proposals that relate to or would result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D.