Conversion of Securities

Third Point Offshore Investors Limited (the "Company") (A closed-ended investment company incorporated in Guernsey with registration number 47161) 26th November 2014 Completion of 31st October 2014 Share Conversion Following the publication on 21st November 2014 final month-end net assetvalues for 31st October 2014 the following share conversion ratios have beendetermined in accordance with the Articles of Association of the Company forthe purposes of the 31st October share conversion date: 1.537107 US Dollar shares for each Sterling share 0.650572 Sterling shares for each US Dollar share On the basis of aggregate applications received and using the conversion ratioslisted above, the following shares will be converted: GBP 26 shares of no par value into 39 USD shares USD 17,888 shares of no par value into 11,637 GBP shares The Company's Articles of Association provide that whenever a number of sharesis converted from one currency class to another, a corresponding number ofunlisted B shares shall be converted so as to maintain the set ratio of Bshares to ordinary shares. On this basis, the following B shares will beconverted: GBP 17 shares of no par value into 27 USD shares USD 11,925 shares of no par value into 7,758 GBP shares Following conversion of the relevant shares, the total number of shares inissue in each class will be as follows: * 47,451,330 US Dollar shares; and * 1,999,535 Sterling shares * 31,634,240 US Dollar B shares; and * 1,333,030 Sterling B shares The Share conversion took place on 26th November 2014 Enquiries: Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedAndrew Maiden +44 148-174-5368Email: [email protected]