Interim Management Statement

Third Point Offshore Investors Limited (the "Company") (a closed-ended investment company incorporated with limited liability under the laws of Guernsey with registered number 47161) Interim Management Statement 18 November 2014 This Interim Management Statement relates to the period from 30 June 2014 to30 September 2014. This Interim Management statement has been produced solely to provideadditional information to shareholders of Third Point Offshore InvestorsLimited to meet the relevant requirements of the U.K. Listing Authority'sDisclosure and Transparency Rules. It should not be relied upon by any otherparty for any other purpose. This statement has not been audited. Investment Objective The Company invests substantially all of its capital in Third Point OffshoreMaster Fund L.P. (the "Master Partnership") via Third Point Offshore Fund, Ltd.(the "Master Fund"). The Master Partnership and Master Fund's investmentobjective is to provide its investors with consistent long-term capitalappreciation, by using an event-driven, bottom-up fundamental approach toevaluate various types of securities throughout companies' capital structure. Performance Summary to 30 September 2014 USD Class 30-Jun-2014 30-Sep-2014 % Change Share Price 17.45 17.46 0.1% Net asset value per share 17.98 18.00 0.1% Premium/(discount) -2.9% -3.0% GBP Class 30-Jun-2014 30-Sep-2014 % Change Share Price 16.23 16.75 3.2% Net asset value per share 17.27 17.30 0.2% Premium/(discount) -6.1% -3.2% As announced on 4 November 2014, the estimated 31 October 2014 NAVs of the USDClass and GBP Class were USD17.78 and GBP17.09, representing a decrease in theperiod since 30 September 2014 of -1.2% for both classes. Investment Manager's Review Third Point LLC (the "Investment Manager" or the "Manager") portfolioperformance was flat, net of fees and expenses, during the Third Quarter,compared to returns for the S&P and CS Event-Driven Indices of +1.1% and -1.8%,respectively. Profits in August offset small losses in July and September.Gains in the third quarter were driven by continued success structured creditand several large equity positions. The equity portfolio returned +1.3% on average exposure during the period,slightly outpacing the S&P. Gains in Equities were driven by strength inseveral core positions, some of which were added following the Manager's recentcapital raise among private investors. Corporate credit lost -5.0% for thequarter, bringing the year-to-date return on average exposure to +11.7% versus+2.5% gains in 2014 for the IBOXX High-Yield Index. Structured credit continuedto perform in the third quarter, returning +2.9% on average exposure. Thestrategyhas contributed 50%+ of profits for the year with roughly 20% of NAVexposure. Amidst recent market volatility, the Manager repositioned the portfolio byadjusting gross and net exposures and maintaining a nimble hedging strategy.The Manager's multiyear effort on portfolio concentration has been effective ingenerating profits and portfolio management. Concentration will remain a corefocus for the firm. Additionally, the Manager expects continued periods ofshort-term market volatility to create opportunities to initiate positions atattractive valuations. The Investment Manager provides additional transparency to the Master Fund'sinvestors. On a monthly basis the Investment Manager discloses (via a RNSrelease) the Master Partnership's strategy exposure and performanceattribution, geographic exposure, exposure by market cap, and positionconcentrations. Material Events Other than those previously disclosed, the Board of the Company is not aware ofanymaterial events or transactions that have occurred between 30 June 2014 andthe date of the publication of this statement, which would have a materialimpact on the financial position of the Company. Website: www.thirdpointpublic.com Enquiries:Northern Trust International Fund Administration Services (Guernsey) LimitedTel: +44 (0) 1481 745368Email: [email protected]