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 November 2015 Performance

    12/2/2015

    Monthly Performance

                                November           YTD       
                                                             
    Third Point Offshore         -0.2%            -0.2%      
    Fund, Ltd.                                               
                                                             
    S&P 500                       0.3%             3.0%      

    Historical Performance1

                            Third Point Offshore Fund           
                                      Ltd.             S&P 500  
                                                                
    Annualized Return                 16.4%              7.4%   

    Exposure and Performance2

     Long/Short             Exposure                           P&L               
       Equity                                                                    
                                                                                 
                      Long      Short        Net       Long      Short        Net
                                                                                 
       Total L/S     68.8%     -24.4%      44.4%      -0.3%      -0.1%      -0.4%
          Equity                                                                 
                                                                                 
    Total Credit     37.1%     -12.1%      25.0%       0.0%       0.1%       0.1%
                                                                                 
     Total Other      6.6%     -26.5%     -19.9%      -0.2%       0.3%       0.1%

    Geographic Exposure - Long/Short Equity Only

    Long Exposure

    Americas:  101%

    EMEA:  8%

    Asia: 4%

    Short Exposure

    Americas:  -39%

    EMEA:  -14%

    Asia: -10%

    Net Exposure

    Americas:  62%

    EMEA:  -6%

    Asia: -6%

    Market Capitalization3

    <$5B: 6%

    $5-10B: 10%

    >10B: 84%

    Position Concentration

                  Top 10    Top 20

    Long        54%         67%

    Short       38%          44%

    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-listed equity or any synthetic equity with an underlying reference
    instrument market capitalization.

    Explanatory Note

    Third Point Offshore Investors Limited is a feeder fund listed on the London
    Stock Exchange that invests substantially all of its assets in Third Point
    Offshore Fund, Ltd ("Third Point Offshore").  Third Point Offshore is managed
    by Third Point LLC ("Third Point" or "Investment Manager"), an SEC-registered
    investment adviser headquartered in New York.

    All performance results are based on the NAV of fee paying investors only and
    are presented net of management fees, brokerage commissions, administrative
    expenses, and accrued performance allocation, if any, and include the
    reinvestment of all dividends, interest, and capital gains.  While performance
    allocations are accrued monthly, they are deducted from investor balances only
    annually or upon withdrawal.  The performance results represent fund-level
    returns, and are not an estimate of any specific investor's actual performance,
    which may be materially different from such performance depending on numerous
    factors.  All performance results are estimates and should not be regarded as
    final until audited financial statements are issued.

    While the performances of the Funds have been compared here with the
    performance of a well-known and widely recognized index, the index has not been
    selected to represent an appropriate benchmark for the Funds whose holdings,
    performance and volatility may differ significantly from the securities that
    comprise the index.  Investors cannot invest directly in an index (although one
    can invest in an index fund designed to closely track such index).

    Past performance is not necessarily indicative of future results.  All
    information provided herein is for informational purposes only and should not
    be deemed as a recommendation to buy or sell securities.  All investments
    involve risk including the loss of principal.  This transmission is
    confidential and may not be redistributed without the express written consent
    of Third Point LLC and does not constitute an offer to sell or the solicitation
    of an offer to purchase any security or investment product.  Any such offer or
    solicitation may only be made by means of delivery of an approved confidential
    offering memorandum.

    Information provided herein, or otherwise provided with respect to a potential
    investment in the Funds, may constitute non-public information regarding Third
    Point Offshore Investors Limited, a feeder fund listed on the London Stock
    Exchange, and accordingly dealing or trading in the shares of that fund on the
    basis of such information may violate securities laws in the United Kingdom and
    elsewhere.

    Website:      www.thirdpointpublic.com

    Enquiries:
    Company Secretary - Northern Trust International Fund Administration Services
    (Guernsey) Limited
    Tel:     +44 (0) 1481 745640
    Email:   AL184@ntrs.com