THIRD POINT OFFSHORE INVESTORS LIMITED - Net Asset Value(s)

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)

                        Monthly Final Net Asset Values

The final month end net asset value per share ("NAV") of each of the under
mentioned classes of shares of no par value in the Company, as at the close of
business on 31st October are:



     CLASS           NAV           MTD       YTD Performance        SEDOL
                               Performance

Sterling Shares   GBP 17.09       -1.2%            5.5%            B1YQ6R9

   USD Shares     USD 17.78       -1.2%            5.4%            B1YQ721

The MTD performance figures are calculated by reference to the previous final
month end NAV. The YTD performance figures are calculated by reference to the
NAV at the end of the last calendar year.

The NAV figures stated in this announcement are based on unaudited valuations
supplied by the administrator of Third Point Offshore Fund, Ltd ("Master
Fund").


This document is for information purposes only and is not an offer to invest.
All investments are subject to risk. Past performance is no guarantee of future
returns. Prospective investors are advised to seek expert legal, financial, tax
and other professional advice before making any investment decision. The value
of investments may fluctuate. Results achieved in the past are no guarantee of
future results.


Enquiries:

Company website: www.thirdpointpublic.com

Andrew Maiden
Northern Trust International Fund Administration Services (Guernsey) Limited
Tel: [phone]
Email: [e-mail]