Third Point Offshore Investors : Third Point December 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 December 2016 Performance                     
                                       1/04/2017                                   

    Monthly Performance

                                December           YTD       
                                                             
    Third Point Offshore          0.6%             6.1%      
    Fund, Ltd.                                               
                                                             
    S&P 500                       2.0%            12.0%      

    Historical Performance1

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

    Exposure and Performance2

     Long/Short             Exposure                           P&L               
       Equity                                                                    
                                                                                 
                      Long      Short        Net       Long      Short        Net
                                                                                 
       Total L/S     64.3%      -6.0%      58.3%       0.7%      -0.2%       0.5%
          Equity                                                                 
                                                                                 
    Total Credit     33.2%      -6.9%      26.3%       0.4%      -0.1%       0.3%
                                                                                 
    Total Other3     18.7%     -19.1%      -0.4%      -0.1%      -0.1%      -0.2%

    Geographic Exposure - Long/Short Equity Only


    Long Exposure
    Americas:  105%
    EMEA: 8%
    Asia: 3%

    Short Exposure
    Americas:  -11%
    EMEA:  -11%
    Asia: -10%

    Net Exposure
    Americas:  94%
    EMEA: -3%
    Asia: -7%

    Market Capitalization4
    <$5B: 8%
    $5-10B: 5%
    >10B: 87%

    Position Concentration
          Top 10       Top 20
    Long        45%         62%
    Short        23%         26%

    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]