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Dear Investor:
Third Point Offshore Fund, Ltd returned -17.2% net of fees and expenses in the fourth
quarter of 2008 and returned -32.6% for the year ending December 31, 2008. The S & P
500 returned -21.9% for the quarter, and -37.0% in 2008. Firm assets under management
at January 1, 2009 were $2.3 billion.
Fund Letters
