Conversion of Securities

Third Point Offshore Investors Limited (the "Company") (A closed-ended investment company incorporated in Guernsey with registration number 47161) 24th April 2015 Completion of 31st March 2015 Share Conversion Following the publication on 21st April 2015 final month-end net asset valuesfor 31st March 2015 the following share conversion ratios have been determinedin accordance with the Articles of Association of the Company for the purposesof the 31st March share conversion date: 1.42824 US Dollar shares for each Sterling share 0.700162 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 3,052 shares of no par value into 4,358 USD shares USD 49,976 shares of no par value into 34,988 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 2,035 shares of no par value into 2,905 USD shares USD 33,317 shares of no par value into 23,327 GBP shares Following conversion of the relevant shares, the total number of shares inissue in each class will be as follows: * 47,288,167 US Dollar shares; and * 2,109,611 Sterling shares * 31,525,466 US Dollar B shares; and * 1,406,418 Sterling B shares The Share conversion took place on 24th April 2015 Enquiries:Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedAndrew Maiden +44 148-174-5368Email: [email protected]