Net Asset Value(s)

Third Point Offshore Investors Limited (the "Company") (A closed-ended investment company incorporated in Guernsey with registrationnumber47181 ) ESTIMATED NET ASSET VALUE OF SHARES The estimated net asset value per share ("NAV") of each of the undermentionedtwo classes of shares of no par value in the Company, as at the closeof business on31st December 2014 is: CLASS NAV MTD Performance YTD Performance SEDOL Sterling GBP 16.41 -1.3% 6.7% B1YQ6R9 Shares USD Shares USD 17.07 -1.2% 6.5% B1YQ721 The MTD performance figures are calculated by reference to the previousestimated month end NAV or, if published, the previous month end confirmed NAV.The YTD performance figures are calculated by reference to the NAV at the endof the last calendar year. The NAV figures stated in this announcement are an estimate only, and are basedon unaudited estimated valuations supplied by the administrator of Third PointOffshore Fund, Ltd("Master Fund").The actual month end NAV may be materiallydifferent from the estimated monthly value. Accordingly, no reliance should beplaced on such estimated NAV and it should only be taken as an indicativeguide. This document is for information purposes only and is not an offer to invest.All investments are subject to risk. Past performance is no guarantee of futurereturns. Prospective investors are advised to seek expert legal, financial, taxand other professional advice before making any investment decision. The valueof investments may fluctuate. Results achieved in the past are no guarantee offuture results. Enquiries: Northern Trust International Fund Administration Services (Guernsey) Limited Enquiries: Company website: www.thirdpointpublic.com Andrew MaidenNorthern Trust International Fund Administration Services(Guernsey) LimitedTel: +44 (0)1481 745368Email: [email protected] 5th January 2015

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