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November 30, 2014

Event-Driven, Value Investing

Exposure & Performance1

Performance

Exposure
Long

Short

P&L
Net

Long

Short

Net

TotalL/SEquity

67.2%

4.6% 62.6%

2.4%

0.1%

2.3%

TotalCredit

30.0%

6.5% 23.5%

0.1%

0.0%

0.1%

TotalMacro

13.9% 12.5%

1.4%

0.0%

0.1%

0.1%

2.5%

0.1%

0.2%

0.1%

TotalOther

2.5%

0.0%

November

YTD

ThirdPointOffshoreFund,Ltd.

2.4%

7.1%

S&P500

2.7%

14.0%

Historical Performance
Offshore

S&P500

17.4%

7.7%

AnnualizedReturn
Market Capitalization

Gross Allocation by Strategy

<$5B
7%

180%

$510B
9%

160%
140%

Macro
Other

>$10B
84%

120%

ABS

100%

Geographic Exposure
Long

Short

Net

Americas

89%

12%

77%

EMEA

11%

7%

4%

Asia

14%

5%

9%

Arb
Arb

Credit

80%
Long/Short
Equity

60%
40%

Position Concentration

20%

Top10

Top20

Long

48%

61%

Short

12%

16%

0%
Jun14

Jul14

Aug14

Sep14

Oct14

Nov14

RelatestotheThirdPointOffshoreMasterFundL.P.
Marketcapitalizationappliesonlytothelong/shortequitystrategyandreflectsonlythoseholdingsthatareexchangelistedequityoranysyntheticequitywithanunderlyingreferenceinstrument
3
Allperformancesinceinception,December1996.
2

All information provided herein is for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned. The Third Point Offshore Fund, Ltd. is a
feeder fund in a master feeder structure in which it is limited partner of, and contributes substantially all of its assets to, Third Point Offshore Master Fund L.P. All information contained herein relates
totheTPOffshoreMasterFundL.P.unlessotherwisespecified.P&LandAUMinformationarepresentedatthefeederfundlevel.
All P&L and performance results are based on the net asset value of feepaying 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 above represents fundlevel returns, and is not an estimate of any specific investors actual performance, which may be materially
differentfromsuchperformancedependingonnumerousfactors.Allperformanceresultsareestimatesandshouldnotberegardedasfinaluntilauditedfinancialstatementsareissued.

While the performance of the Offshore Fund has 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 Offshore Fund whose holdings, performance and volatility may differ significantly from the securities that comprise the index. Investors cannot invest directly in an index (although
onecaninvestinanindexfunddesignedtocloselytracksuchindex).
Past performance is not necessarily indicative of future results. 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
bemadebymeansofdeliveryofanapprovedconfidentialofferingmemorandum.

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