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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
<$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