Third Point Offshore Investors Limited (the "Company")

 (A closed-ended investment company incorporated in Guernsey with registration
                                 number 47161)

                               29th January 2015

               Completion of 31st December 2014 Share Conversion

Following the publication on 27rd January 2015 of the final month-end net asset
values for 31st December 2014 the following share conversion ratios have been
determined in accordance with the Articles of Association of the Company for
the purposes of the 31st December share conversion date:

1.50039     US Dollar shares for each Sterling share

0.666493    Sterling shares for each US Dollar share

On the basis of aggregate applications received and using the conversion ratios
listed above, the following shares will be converted:

GBP 1,750 shares of no par value into 2,625 USD shares

USD 197,999 shares of no par value into 131,964 GBP shares

The Company's Articles of Association provide that whenever a number of shares
is converted from one currency class to another, a corresponding number of
unlisted B shares shall be converted so as to maintain the set ratio of B
shares to ordinary shares. On this basis, the following B shares will be
converted:

GBP 1,167 shares of no par value into 1,750 USD shares

USD 131,999 shares of no par value into 87,976 GBP shares

Following conversion of the relevant shares, the total number of shares in
issue in each class will be as follows:

  * 47,237,242 US Dollar shares; and

  * 2,142,202 Sterling shares

  * 31,491,515 US Dollar B shares; and

  * 1,428,142 Sterling B shares

The Share conversion took place on 29th January 2015

Enquiries:

Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
Andrew Maiden +44 148-174-5368
Email: ARM7@ntrs.com