Conversion of Securities

Third Point Offshore Investors Limited (the "Company") (A closed-ended investment company incorporated in Guernsey with registration number 47161) 26th February 2015 Completion of 31st January 2015 Share Conversion Following the publication on 23rd February 2015 final month-end net assetvalues for 31st January 2015 the following share conversion ratios have beendetermined in accordance with the Articles of Association of the Company forthe purposes of the 31st January share conversion date: 1.448953 US Dollar shares for each Sterling share 0.690153 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 4,190 shares of no par value into 6,070 USD shares USD 37,254 shares of no par value into 25,709 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 2,793 shares of no par value into 4,047 USD shares USD 24,836 shares of no par value into 17,140 GBP shares Following conversion of the relevant shares, the total number of shares inissue in each class will be as follows: * 47,206,058 US Dollar shares; and * 2,163,721 Sterling shares * 31,470,726 US Dollar B shares; and * 1,442,489 Sterling B shares The Share conversion took place on 26th February 2015 Enquiries: Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedAndrew Maiden +44 148-174-5368Email: [email protected]