Conversion of Securities

Third Point Offshore Investors Limited (the "Company") (A closed-ended investment company incorporated in Guernsey with registration number 47161) 23rd October 2014 Completion of 30th September 2014 Share Conversion Following the publication on 21st October 2014 final month-end net asset valuesfor 30th September 2014 the following share conversion ratios have beendetermined in accordance with the Articles of Association of the Company forthe purposes of the 30th September share conversion date: 1.557852 US Dollar shares for each Sterling share 0.641909 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 36,772 shares of no par value into 57,284 USD 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 24,515 shares of no par value into 38,190 USD shares Following conversion of the relevant shares, the total number of shares inissue in each class will be as follows: * 47,469,179 US Dollar shares; and * 1,987,924 Sterling shares * 31,646,138 US Dollar B shares; and * 1,325,289 Sterling B shares The Share conversion took place on 23rd October 2014 Enquiries:Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedAndrew Maiden +44 148-174-5368Email: [email protected]