Net Asset Value(s)

Third Point Offshore Investors Limited (the "Company") (a closed-ended investment company incorporated with limited liability under the laws of Guernsey with registered number 47181) Monthly Final Net Asset Values The final month end net asset value per share ("NAV") of each ofthe under mentioned classes of shares of no par value in the Company, as atthe close of business on 31st March are: CLASS NAV MTD Performance YTD Performance SEDOL Sterling Shares GBP 16.97 1.1% 3.3% B1YQ6R9 USD Shares USD 17.64 1.1% 3.4% B1YQ721 The MTD performance figures are calculated by reference to theprevious final month end NAV. The YTD performance figures are calculated byreference to the NAV at the end of the last calendar year. The NAV figures stated in this announcement are based on unauditedvaluations supplied by the administrator of Third Point Offshore Fund, Ltd("Master Fund"). This document is for information purposes only and is not an offerto invest. All investments are subject to risk. Past performance is noguarantee of future returns. Prospective investors are advised to seek expertlegal, financial, tax and other professional advice before making anyinvestment decision. The value of investments may fluctuate. Results achievedin the past are no guarantee of future results. Enquiries: Company website: www.thirdpointpublic.com Andrew MaidenNorthern Trust International Fund Administration Services (Guernsey)LimitedTel: +44 (0)1481 745368Email: [email protected]