Third Point Offshore Investors Ltd - Third Point November 2016 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 November 2016 Performance

12/2/2016

Monthly Performance

	November	YTD
Third Point Offshore Fund, Ltd.	-0.9%	5.5%
S&P 500	3.7%	9.8%

Historical Performance¹

	Third Point Offshore Fund Ltd.	S&P 500
Annualized Return	15.7%	7.5%

Exposure and Performance²

Long/Short Equity	Exposure			P&L
	Long	Short	Net	Long	Short	Net
Total L/S Equity	63.0%	-7.5%	55.5%	-1.1%	-0.7%	-1.8%
Total Credit	31.9%	-6.5%	25.4%	-0.4%	0.3%	-0.1%
Total Other3	13.2%	-8.5%	4.7%	0.7%	0.3%	1.0%

Geographic Exposure - Long/Short Equity Only

Long Exposure
Americas: 98%
EMEA: 8%
Asia: 2%

Short Exposure
Americas: -12%
EMEA: -9%
Asia: -1%

Net Exposure
Americas: 86%
EMEA: -1%
Asia: 1%

Market Capitalization⁴
<$5B: 6%
$5-10B: 5%
>10B: 89%

Position Concentration
Top 10 Top 20
Long 45% 60%
Short 15% 18%

1 All performance since inception, December 1996 (net of fees).

2 Relates to the Third Point Offshore Master Fund L.P.

3 Does not include rights in a Delaware appraisal action with respect to cancelled common shares of PetSmart, Inc., representing approximately 2% of NAV.

4 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 Fund 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 Fund 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: [phone]
Email: [e-mail]