June 30, 2015

Event-Driven, Value Investing

Exposure & Performance1

Performance

Exposure
Long

June

Net

Long

Short

Net

TotalL/SEquity

87.5% 17.3% 70.2%

1.1%

0.4%

0.7%

TotalCredit

38.9%

9.9% 29.0%

0.2%

0.1%

0.1%

8.5% 18.9% 10.4%

0.2%

0.2%

0.0%

TotalOther

Short

P&L

Gross Allocation by Strategy

YTD

ThirdPointOffshoreFund,Ltd.

0.8%

4.9%

S&P500

1.9%

1.2%

Historical Performance
3

AnnualizedReturn

Offshore

S&P500

17.1%

7.5%

180%

Market Capitalization2

Other

160%
140%

Macro

120%

ABS

100%

<$5B
7%
$510B
10%

Credit

80%
Long/Short
Equity

60%
40%
20%
0%
Jan15

Feb15

Mar15

Apr15

May15

>$10B
83%

Jun15

Geographic Exposure

Position Concentration
Long

Short

Net

120%

32%

88%

EMEA

9%

6%

3%

Asia

6%

8%

2%

Americas

Arb

Top10

Top20

Long

46%

62%

Short

23%

27%

RelatestotheThirdPointOffshoreMasterFundL.P.

Marketcapitalizationappliesonlytothelong/shortequitystrategyandreflectsonlythoseholdingsthatareexchangelistedequityoranysyntheticequitywithanunderlyingreferenceinstrumentmarket

Allperformancesinceinception,December1996.

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 SECregistered investment adviser headquartered in New York. Third Point is primarily engaged in providing discretionary investment
advisory services to its proprietary private investment funds (each a Fund collectively, the Funds). Third Points Funds currently consist of Third Point Offshore, Third Point Ultra Ltd. (Third Point Ultra), Third
Point Partners L.P. (TP Partners LP) and Third Point Partners Qualified L.P. Third Point also currently manages three separate accounts. The Funds and any separate accounts managed by Third Point are generally
managedasasinglestrategywhileThirdPointUltrahastheabilitytoleveragethemarketexposureofThirdPointOffshore.
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 (quarterly for Third Point Ultra)
or upon withdrawal. The performance results represent fundlevel returns, and are not an estimate of any specific investors actual performance, which may be materially different from such performance depending
onnumerousfactors.Allperformanceresultsareestimatesandshouldnotberegardedasfinaluntilauditedfinancialstatementsareissued.
TheperformancedatapresentedrepresentsthatofThirdPointOffshoreunlessotherwisenoted.ExposuredatarepresentsthatofThirdPointOffshoreMasterFundL.P.unlessotherwisenoted.
While the performances of the Funds have been compared here with the performance of a wellknown 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
closelytracksuchindex).
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
thesolicitationofanoffertopurchaseanysecurityorinvestmentproduct.Anysuchofferorsolicitationmayonlybemadebymeansofdeliveryofanapprovedconfidentialofferingmemorandum.
Specific companies or securities shown in this presentation are meant to demonstrate Third Points investment style and the types of industries and instruments in which we invest and are not selected based on past
performance. The analyses and conclusions of Third Point contained in this presentation include certain statements, assumptions, estimates and projections that reflect various assumptions by Third Point concerning
anticipated results that are inherently subject to significant economic, competitive, and other uncertainties and contingencies and have been included solely for illustrative purposes. No representations, express or
implied,aremadeastotheaccuracyorcompletenessofsuchstatements,assumptions,estimatesorprojectionsorwithrespecttoanyothermaterialsherein.
Information provided herein, or otherwise provided with respect to a potential investment in the Funds, may constitute nonpublic information regarding Third Point Offshore Investors Limited, a feeder fund listed on
theLondonStockExchange,andaccordinglydealingortradinginthesharesofthatfundonthebasisofsuchinformationmayviolatesecuritieslawsintheUnitedKingdomandelsewhere.

ThirdPointLLC|390ParkAvenue|NewYork,NY10022|ir@thirdpoint.com