Astenbeck Offshore Commodities Fund II Ltd

September 30, 2014 Performance Report

The attached performance report (the Report) of Astenbeck Offshore Commodities

Fund II Ltd (the Fund) is for the cumulative period beginning January 1, 2008 and
ending September 30, 2014.
If you have any questions regarding the contents of this Report, please contact Chris
Chapman at (203) 221-6686.

Disclaimer: This Report has been furnished on a confidential basis solely for the
information of the person to whom it has been delivered and may not be reproduced,
distributed or used for any other purposes. Any views expressed herein are solely those
of Astenbeck Capital Management LLC (Astenbeck) as of the date of this Report and
are subject to change without notice. This Report is not an offer to sell or a solicitation of
an offer to buy any security or other instrument. Any offer to invest in the Fund managed
by Astenbeck can only be made pursuant to the confidential private placement
memorandum for the Fund. The data used in this Report is not audited and may contain
estimates. This Report is not prepared as, or intended to be, investment advice and is
issued without regard to the investment objectives, financial situation or particular needs
of any recipient. Recipients should consult their own advisors, including legal and tax
advisors, before making any investment decision. The delivery of this Report will under
no circumstances create any implication that the information herein has been updated or
corrected as of any time subsequent to the date of publication or, as the case may be, the
date as of which such information is stated. The Funds investment program is
speculative and entails substantial risk. There can be no assurance that the investment
objectives of the Fund will be achieved. The past investment performance of Astenbeck,
its affiliates, the funds they manage and any of their members, principals, or employees
may not be indicative of future results.

23432312v1

Astenbeck Offshore Commodities Fund II Ltd

Performance Report
For the period from the date of initial operation (January 1, 2008) through September 30, 2014

Net asset value (See Note A)

Net increase/(decrease) in net assets
resulting from operations
(after deducting management
and incentive fees payable
to the investment manager)
Total return (See Notes B, C, D, E, F and G):
Class A Shares (2% management fee; currently offered)
Class B Shares (1% management fee; no longer offered)
Class C Shares (1.75% management fee, currently offered)

Twelve Months Ended

December 31, 2008

Twelve Months Ended

December 31, 2009

Twelve Months Ended

December 31, 2010

As of and for the

Twelve Months Ended
December 31, 2011

Twelve Months Ended

December 31, 2012

Twelve Months Ended

December 31, 2013

Nine Months Ended

September 30, 2014

$206,149,863

$425,358,005

$1,741,175,516

$2,258,429,638

$1,988,750,302

$1,247,780,882

$926,551,202

$9,188,629

$74,992,584

$239,607,511

($171,373,108)

$80,054,603

($134,527,196)

$141,187,497

4.98%
6.11%
N/A

28.46%
29.36%
N/A

12.01%
13.91%
See Note (D)

-3.83%
-2.27%
-4.20%

3.41%
4.34%
3.87%

-8.31%
-7.37%
-8.03%

11.75%
12.09%
12.25%

Note (A): Net Asset Value represents the fair value, as defined in Accounting Standards Codification No. 820 as of the date indicated, as determined by the Administrator in good faith. The procedures used by the Administrator in connection with the
determination of fair value are more fully discussed in the Memorandum under "Valuation of Fund Assets and Shares." Actual value may differ from such estimated value and these differences may be material and adverse. NAV is net of accrued management
fees and incentive fees and other allocable fund expenses. No representations or warranties are made as of any other date. The prices of many of the commodities, currencies and securities in which the Fund trades, including derivative instruments, can be
highly volatile and market movements are difficult to predict. Prospective investors should review the information in the Confidential Private Placement Memorandum of the Feeder Fund under the headings "Certain Risk Factors" and "Potential Conflicts of
Interest."

Note (B): Class B represents the seed investor that pays a management fee of 1% instead of the current fee of 2% for Class A Shares or 1.75% for Class C Shares. The 1% rate is no longer offered to investors.

Note (C): Total return has been calculated separately for each class of shares without annualization and is based on the time-weighted rate of return methodology. The time-weighted rate of return removes the effects of cash flows which are generally investordriven. If capital cash flows occur during the period, returns are geometrically linked based on capital cash flow dates. In general, geometrically linking requires the computation of performance for each discrete period in which invested capital is constant (that is
for each period between investor cash flow dates), then multiplying those performance computations together to obtain the total return for a constant investment outstanding for the period. An individual investor's return may vary from the total and monthly
returns (see Note D) shown based on different management fee arrangements and the timing of capital transactions.

Note (D): Monthly returns are calculated by taking the change in the net asset value during the month, exclusive of any capital transactions, divided by the net asset value at the beginning of the month (see Note A). Since capital redemptions and contributions
normally occur at the end/beginning of each month, the time-weighted methodology described in Note C is not applicable to monthly returns. Monthly returns (net of management fees and incentive fees) since inception are as follows:

January 2008
February 2008
March 2008
April 2008
May 2008
June 2008
July 2008
August 2008
September 2008
October 2008
November 2008
December 2008
January 2009
February 2009
March 2009
April 2009
May 2009
June 2009
July 2009
August 2009
September 2009
October 2009
November 2009
December 2009
January 2010
February 2010
March 2010
April 2010
May 2010
June 2010
July 2010
August 2010
September 2010
October 2010
November 2010
December 2010
January 2011
February 2011
March 2011
April 2011
May 2011
June 2011
July 2011
August 2011
September 2011
October 2011
November 2011
December 2011
January 2012
February 2012
March 2012
April 2012
May 2012
June 2012
July 2012
August 2012
September 2012
October 2012
November 2012
December 2012
January 2013
February 2013
March 2013
April 2013
May 2013
June 2013
July 2013
August 2013
September 2013
October 2013
November 2013
December 2013
January 2014
February 2014
March 2014
April 2014
May 2014
June 2014
July 2014
August 2014
September 2014

Class A shares with Class B shares with

Class C shares with
2% mgt fee and 20% 1% mgt fee and 20% 1.75% mgt fee and 20%
incentive fee
incentive fee
incentive fee
-2.23%
-2.15%
N/A
8.64%
8.57%
N/A
-3.88%
-3.76%
N/A
4.84%
4.84%
N/A
7.62%
7.75%
N/A
5.99%
6.11%
N/A
-9.87%
-9.78%
N/A
-0.60%
-0.51%
N/A
-2.58%
-2.40%
N/A
-0.87%
-0.74%
N/A
-0.23%
-0.14%
N/A
-0.40%
-0.30%
N/A
-0.63%
-0.55%
N/A
-3.13%
-3.06%
N/A
4.11%
4.13%
N/A
3.48%
3.35%
N/A
17.34%
17.37%
N/A
-4.30%
-4.26%
N/A
1.94%
2.03%
N/A
-1.41%
-1.33%
N/A
1.72%
1.80%
N/A
3.21%
3.33%
N/A
4.04%
4.19%
N/A
0.47%
0.55%
N/A
-6.71%
-6.63%
N/A
2.61%
2.75%
N/A
3.51%
3.74%
N/A
1.17%
1.24%
N/A
-10.06%
-10.03%
N/A
-2.22%
-2.14%
N/A
2.71%
2.83%
2.76%
-2.76%
-2.70%
-2.76%
9.00%
9.63%
9.16%
3.76%
3.99%
3.92%
2.55%
2.61%
2.56%
9.69%
9.73%
9.69%
3.15%
3.22%
3.16%
4.56%
4.63%
4.57%
2.61%
2.69%
2.62%
6.77%
6.87%
6.74%
-6.41%
-6.28%
-6.36%
-3.79%
-3.62%
-3.98%
5.26%
5.20%
5.51%
-2.47%
-2.36%
-2.51%
-18.78%
-18.24%
-19.19%
12.29%
12.23%
12.27%
-0.17%
-0.09%
-0.16%
-3.28%
-3.04%
-3.23%
6.40%
6.09%
6.55%
6.46%
6.20%
6.76%
-2.22%
-2.06%
-2.29%
-1.28%
-1.14%
-1.31%
-14.41%
-13.81%
-14.60%
-0.64%
-0.56%
-0.61%
3.65%
3.78%
3.70%
5.41%
5.60%
5.54%
1.85%
1.64%
1.90%
-5.38%
-5.09%
-5.45%
5.06%
4.99%
5.21%
0.51%
0.54%
0.57%
4.43%
4.25%
4.78%
-2.25%
-2.06%
-2.37%
1.83%
1.80%
1.98%
-8.82%
-8.47%
-9.03%
3.71%
3.81%
3.74%
-5.78%
-5.71%
-5.76%
7.29%
7.40%
7.33%
2.84%
2.65%
3.04%
-4.35%
-4.02%
-4.49%
-2.86%
-2.78%
-2.84%
-3.57%
-3.50%
-3.56%
0.14%
0.22%
0.16%
-2.06%
-1.98%
-2.04%
7.66%
7.77%
7.69%
2.38%
2.42%
2.41%
3.07%
2.80%
3.14%
3.89%
3.76%
4.07%
3.69%
3.72%
3.70%
-6.85%
-6.57%
-6.76%
0.81%
0.83%
0.81%
-0.72%
-0.60%
-0.68%

Note (E): Past performance is not indicative of future results. An investment in the Fund is highly speculative and investors must be prepared to bear the risk of a total loss of their investment.
Note (F): This is not an offer of or solicitation for the purchase of shares in the Fund. Any offer will be made only through the Memorandum and Subscription Agreement for the Fund and is subject to the terms contained in such documents.

Note (G): The 2008 annual return figures as stated in the audited financial statements are slightly higher than the figures stated above. The differences are due to the method of calculation used in the different reports and are considered immaterial. Subsequent
to 2008, the method used in this report will be followed.
Note (H): Performance presented prior to 2010 represents the track record established by Astenbeck Capital Management LLC's portfolio manager under Phibro LLC, the Funds prior investment adviser. The portfolio manager was the primary individual
responsible for achieving the Funds performance results.