Conversion of Securities

Third Point Offshore Investors Limited (the "Company") (A closed-ended investment company incorporated in Guernsey with registration number 47161) 26th May 2015 Completion of 30th April 2015 Share Conversion Following the publication on 20th May 2015 final month-end net asset values for30th April 2015 the following share conversion ratios have been determined inaccordance with the Articles of Association of the Company for the purposes ofthe 30th April share conversion date: 1.477974 US Dollar shares for each Sterling share 0.676601 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 11,342 shares of no par value into 16,763 USD shares USD 1,945 shares of no par value into 1,315 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 7,561 shares of no par value into 11,175 USD shares USD 1,297 shares of no par value into 877 GBP shares Following conversion of the relevant shares, the total number of shares inissue in each class will be as follows: * 47,302,985 US Dollar shares; and * 2,099,584 Sterling shares * 31,535,344 US Dollar B shares; and * 1,399,734 Sterling B shares The Share conversion took place on 26th May 2015 Enquiries: Company Secretary Northern Trust International Fund Administration Services (Guernsey) LimitedAndrew Maiden +44 148-174-5368Email: [email protected] END