Third Point October 2014 Performance

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 October 2014 Performance 11/4/2014 Monthly Performance October YTD Third Point Offshore -1.3% 4.6%Fund, Ltd. S&P 500 2.4% 11.0% Historical Performance1 Third Point Offshore Fund S&P 500 Ltd. Annualized Return 17.4% 7.6% Exposure and Performance2 Long/Short Exposure P&L Equity Long Short Net Long Short Net Total L/S 57.4% -4.9% 52.5% -0.4% 0.3% -0.1% Equity Total Credit 29.7% -6.3% 23.4% -0.4% 0.0% -0.4% Total Macro 10.6% -12.5% -1.9% -0.3% 0.0% -0.3% Total Other 3.7% 0.0% 3.7% -0.6% 0.1% -0.5% Geographic Exposure - Long/Short Equity Only Long ExposureAmericas: 82%EMEA: 12%Asia: 8% Short ExposureAmericas: -12%EMEA: -6%Asia: -6% Net ExposureAmericas: 70%EMEA: 6%Asia: 2% Market Capitalization310B: 83% Position Concentration Top 10 Top 20Long 43% 55%Short 13% 17% 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 All information provided herein is for informational purposes only and shouldnot be deemed as a recommendation to buy or sell the securities mentioned. TheThird Point Offshore Fund, Ltd. is a feeder fund in a master feeder structurein which it is limited partner of, and contributes substantially all of itsassets to, Third Point Offshore Master Fund L.P. All information containedherein relates to the TP Offshore Master Fund L.P. unless otherwise specified.P&L and AUM information are presented at the feeder fund level. All P&L and performance results are based on the net asset value of fee-payinginvestors only and are presented net of management fees, brokerage commissions,administrative expenses, and accrued performance allocation, if any, andinclude the reinvestment of all dividends, interest, and capital gains. Whileperformance allocations are accrued monthly, they are deducted from investorbalances only annually or upon withdrawal. The performance above representsfund-level returns, and is not an estimate of any specific investor's actualperformance, which may be materially different from such performance dependingon numerous factors. All performance results are estimates and should not beregarded as final until audited financial statements are issued. While the performance of the Offshore Fund has 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 Offshore Fund whoseholdings, performance and volatility may differ significantly from thesecurities that comprise the index. Investors cannot invest directly in anindex (although one can invest in an index fund designed to closely track suchindex). Past performance is not necessarily indicative of future results. Allinvestments involve 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. Website: www.thirdpointpublic.com Enquiries: Company Secretary - Northern Trust International Fund Administration Services(Guernsey) Limited Tel: +44 (0) 1481 745368

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