Conversion of Securities

Third Point Offshore Investors Limited (the "Company")

(A closed-ended investment company incorporated in Guernsey with registration number 47161)

28th April 2014

Completion of 31st March 2014 Share Conversion

Following the publication on 24th April 2014 of the final month-end net asset values for 31st March 2014, the following share conversion ratios have been determined in accordance with the Articles of Association of the Company for the purposes of the 31st March 2014 share conversion date:

On the basis of aggregate applications received and using the conversion ratios listed above, the following shares will be converted:

USD 16,000 shares of no par value into 9,996 GBP shares

GBP 46,393 shares of no par value into 74,255 USD shares

The Company's Articles of Association provide that whenever a number of shares is converted from one currency class to another, a corresponding number of unlisted B shares shall be converted so as to maintain the set ratio of B shares to ordinary shares. On this basis, the following B shares will be converted:

USD 10,667 shares of no par value into 6,664 GBP shares

GBP 30,929 shares of no par value into 49,504 USD shares

Following conversion of the relevant shares, the total number of shares in issue in each class will be as follows:

- 47,218,262 US Dollar shares; and

- 2,144,511 Sterling shares

- 31,478,856 US Dollar B shares; and

- 1,429,679  Sterling B shares

The Share conversion took place on 28th April 2014

Enquiries:

Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited

Andrew Maiden +44 148-174-5368

Email: ARM7@ntrs.com