Conversion of Securities

Third Point Offshore Investors Limited (the "Company") (A closed-ended investment company incorporated in Guernsey with registration number 47161) 23rd December 2014 Completion of 30th November 2014 Share Conversion Following the publication on 22nd of December final month-end net asset valuesfor 30th November 2014 the following share conversion ratios have beendetermined in accordance with the Articles of Association of the Company forthe purposes of the 30th November share conversion date: 1.502641 US Dollar shares for each Sterling share 0.665495 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 2,957 shares of no par value into 4,443 USD shares USD 23,157 shares of no par value into 15,410 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 1,971 shares of no par value into 2,962 USD shares USD 15,438 shares of no par value into 10,274 GBP shares Following conversion of the relevant shares, the total number of shares inissue in each class will be as follows: * 47,432,616 US Dollar shares; and * 2,011,988 Sterling shares * 31,621,764 US Dollar B shares; and * 1,341,333 Sterling B shares The Share conversion took place on 23rd December 2014 Enquiries: Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedAndrew Maiden +44 148-174-5368Email: [email protected]