Third Point April Monthly Report

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) Third Point April 2015 Performance 5/5/2015 Monthly Performance April YTD Third Point Offshore 0.5% 3.8%Fund, Ltd. S&P 500 1.0% 1.9% Historical Performance1 Third Point Offshore Fund S&P 500 Ltd. Annualized Return 17.2% 7.6% Exposure and Performance2 Long/Short Exposure P&L Equity Long Short Net Long Short Net Total L/S 81.4% -21.2% 60.2% 0.4% -0.6% -0.2% Equity Total Credit 37.7% -8.3% 29.4% 0.7% 0.0% 0.7% Total Other 10.6% -12.0% -1.4% 0.6% -0.6% 0.0% Geographic Exposure - Long/Short Equity Only Long ExposureAmericas: 109%EMEA: 10%Asia: 11% Short ExposureAmericas: -27%EMEA: -9%Asia: -6% Net ExposureAmericas: 82%EMEA: 1%Asia: 5% Market Capitalization310B: 82% Position Concentration Top 10 Top 20 Long 42% 55% Short 14% 19% 1 All performance since inception, December 1996 (net of fees). 2 Relates to the Third Point Offshore Master Fund L.P. 3 Market capitalization reflects only those holdings that are exchange-listedequity or any synthetic equity with an underlying reference instrument marketcapitalization. Explanatory Note Third Point Offshore Investors Limited is a feeder fund listed on the LondonStock Exchange that invests substantially all of its assets in Third PointOffshore Fund, Ltd ("Third Point Offshore"). Third Point Offshore is managedby Third Point LLC ("Third Point" or "Investment Manager"), an SEC-registeredinvestment adviser headquartered in New York. Third Point is primarily engagedin providing discretionary investment advisory services to its proprietaryprivate investment funds (each a "Fund" collectively, the "Funds"). ThirdPoint's Funds currently consist of Third Point Offshore, Third Point Ultra Ltd.("Third Point Ultra"), Third Point Partners L.P. ("TP Partners LP") and ThirdPoint Partners Qualified L.P. Third Point also currently manages threeseparate accounts. The Funds and any separate accounts managed by Third Pointare generally managed as a single strategy while Third Point Ultra has theability to leverage the market exposure of Third Point Offshore. All performance results are based on the NAV of fee paying investors only andare presented net of management fees, brokerage commissions, administrativeexpenses, and accrued performance allocation, if any, and include thereinvestment of all dividends, interest, and capital gains. While performanceallocations are accrued monthly, they are deducted from investor balances onlyannually (quarterly for Third Point Ultra) or upon withdrawal. The performanceresults represent fund-level returns, and are not an estimate of any specificinvestor's actual performance, which may be materially different from suchperformance depending on numerous factors. All performance results areestimates and should not be regarded as final until audited financialstatements are issued. The performance data presented represents that of Third Point Offshore unlessotherwise noted. Exposure data represents that of Third Point Offshore MasterFund L.P. unless otherwise noted. While the performances of the Funds have been compared here with theperformance of a well-known and widely recognized index, the index has not beenselected to represent an appropriate benchmark for the Funds whose holdings,performance and volatility may differ significantly from the securities thatcomprise the index. Investors cannot invest directly in an index (although onecan invest in an index fund designed to closely track such index). Past performance is not necessarily indicative of future results. Allinformation provided herein is for informational purposes only and should notbe deemed as a recommendation to buy or sell securities. All investmentsinvolve risk including the loss of principal. This transmission isconfidential and may not be redistributed without the express written consentof Third Point LLC and does not constitute an offer to sell or the solicitationof an offer to purchase any security or investment product. Any such offer orsolicitation may only be made by means of delivery of an approved confidentialoffering memorandum. Specific companies or securities shown in this presentation are meant todemonstrate Third Point's investment style and the types of industries andinstruments in which we invest and are not selected based on past performance.The analyses and conclusions of Third Point contained in this presentationinclude certain statements, assumptions, estimates and projections that reflectvarious assumptions by Third Point concerning anticipated results that areinherently subject to significant economic, competitive, and otheruncertainties and contingencies and have been included solely for illustrativepurposes. No representations, express or implied, are made as to the accuracyor completeness of such statements, assumptions, estimates or projections orwith respect to any other materials herein. Information provided herein, or otherwise provided with respect to a potentialinvestment in the Funds, may constitute non-public information regarding ThirdPoint Offshore Investors Limited, a feeder fund listed on the London StockExchange, and accordingly dealing or trading in the shares of that fund on thebasis of such information may violate securities laws in the United Kingdom andelsewhere. Website: www.thirdpointpublic.com Enquiries: Company Secretary - Northern Trust International Fund Administration Services (Guernsey) LimitedTel: +44 (0) 1481 745368Email: [email protected]