Conversion of Securities

Third Point Offshore Investors Limited (the "Company") (A closed-ended investment company incorporated in Guernsey with registration number 47161) 29th January 2015 Completion of 31st December 2014 Share Conversion Following the publication on 27rd January 2015 of the final month-end net assetvalues for 31st December 2014 the following share conversion ratios have beendetermined in accordance with the Articles of Association of the Company forthe purposes of the 31st December share conversion date: 1.50039 US Dollar shares for each Sterling share 0.666493 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 1,750 shares of no par value into 2,625 USD shares USD 197,999 shares of no par value into 131,964 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 1,167 shares of no par value into 1,750 USD shares USD 131,999 shares of no par value into 87,976 GBP shares Following conversion of the relevant shares, the total number of shares inissue in each class will be as follows: * 47,237,242 US Dollar shares; and * 2,142,202 Sterling shares * 31,491,515 US Dollar B shares; and * 1,428,142 Sterling B shares The Share conversion took place on 29th January 2015 Enquiries: Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedAndrew Maiden +44 148-174-5368Email: [email protected]