Conversion of Securities

Third Point Offshore Investors Limited (the "Company") (A closed-ended investment company incorporated in Guernsey with registration number 47161) 24th September 2014 Completion of 31st August 2014 Share Conversion Following the publication on 19th September 2014 final month-endnet asset values for 31st August 2014 the following share conversion ratioshave been determined in accordance with the Articles of Association of theCompany for the purposes of the 31st August 2014 share conversion date: 1.592017 US Dollar shares for each Sterling share0.628134 Sterling shares for each US Dollar share On the basis of aggregate applications received and using the conversionratios listed above, the following shares will be converted: GBP 29,435 shares of no par value into 46,859 USD sharesUSD 51 shares of no par value into 32 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 19,623 shares of no par value into 31,241 USD sharesUSD 34 shares of no par value into 21 GBP shares Following conversion of the relevant shares, the total number of shares inissue in each class will be as follows: - 47,411,895 US Dollar shares; and- 2,024,696 Sterling shares - 31,607,948 US Dollar B shares; and- 1,349,804 Sterling B shares The Share conversion took place on 24th September 2014 Enquiries: Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedAndrew Maiden +44 148-174-5368Email: [email protected]