Conversion of Securities

Third Point Offshore Investors Limited (the "Company") (A closed-ended investment company incorporated in Guernsey with registration number 47161) 26th March 2015 Completion of 28th February 2015 Share Conversion Following the publication on 20th March 2015 final month-end net asset valuesfor 28th February 2015 the following share conversion ratios have beendetermined in accordance with the Articles of Association of the Company forthe purposes of the 28th February share conversion date: 1.484468 US Dollar shares for each Sterling share 0.673641 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 111,064 shares of no par value into 164,869 USD shares USD 37,142 shares of no par value into 25,018 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 74,043 shares of no par value into 109,913 USD shares USD 24,761 shares of no par value into 16,680 GBP shares Following conversion of the relevant shares, the total number of shares inissue in each class will be as follows: * 47,333,785 US Dollar shares; and * 2,077,675 Sterling shares * 31,555,878 US Dollar B shares; and * 1,385,126 Sterling B shares The Share conversion took place on 26th March 2015 Enquiries: Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedAndrew Maiden +44 148-174-5368Email: [email protected]