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June 30, 2013 Event-Driven, Value Investing

Exposure & Performance1 Exposure Long TotalL/SEquity TotalCredit TotalMacro TotalOther 37.8% 2.1%

Performance P&L Net Long 1.2% 0.4% 0.3% 0.0% Short 0.1% 0.1% 0.1% 0.0% Net 1.1% 0.3% 0.4% 0.0% AnnualizedReturn

June ThirdPointOffshoreFund,Ltd. S&P500 Historical Performance Offshore 17.8% 1.8% 1.3%

YTD 12.6% 13.8%


62.2% 14.7% 47.5% 5.8% 32.0% 1.5% 2.1% 0.0% 17.2% 15.7%

S&P500 6.6%

Market Capitalization

<$5B 9% $510B 10%

Gross Allocation by Strategy

200% 180% 160% Arb Other

ABS Macro

>$10B 81%
Geographic Exposure Long Americas EMEA Asia Position Concentration Top10 Long Short

140% 120%


Short 19% 9% 8%

Net 61% 8% 14%

100% 80% 60% 40% Long/Short Equity

80% 17% 22%

Top20 52% 15%

20% 0% Jan13

39% 12%






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


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 relatestotheTPOffshoreMasterFundL.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(althoughonecaninvestinanindexfunddesignedtocloselytracksuchindex). 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.