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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 Fund’s 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.

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Astenbeck Offshore Commodities Fund II LtdPerformance ReportFor the period from the date of initial operation (January 1, 2008) through September 30, 2014Net asset value (See Note A)

$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

Net increase/(decrease) in net assets resulting from operations

(after deducting management and incentive fees payable to the investment manager)$9,188,629$74,992,584$239,607,511($171,373,108)$80,054,603($134,527,196)$141,187,497

Total return (See Notes B, C, D, E, F and G):

Class A Shares (2% management fee; currently offered)4.98%28.46%12.01%-3.83%3.41%-8.31%11.75% Class B Shares (1% management fee; no longer offered)6.11%29.36%13.91%-2.27%4.34%-7.37%12.09% Class C Shares (1.75% management fee, currently offered)N/AN/ASee Note (D)-4.20%3.87%-8.03%12.25% January 2008-2.23%-2.15%N/AFebruary 20088.64%8.57%N/A March 2008-3.88%-3.76%N/A April 20084.84%4.84%N/AMay 20087.62%7.75%N/AJune 20085.99%6.11%N/AJuly 2008-9.87%-9.78%N/A August 2008-0.60%-0.51%N/ASeptember 2008-2.58%-2.40%N/AOctober 2008-0.87%-0.74%N/ANovember 2008-0.23%-0.14%N/ADecember 2008-0.40%-0.30%N/AJanuary 2009-0.63%-0.55%N/AFebruary 2009-3.13%-3.06%N/AMarch 20094.11%4.13%N/A April 20093.48%3.35%N/AMay 200917.34%17.37%N/AJune 2009-4.30%-4.26%N/AJuly 20091.94%2.03%N/A August 2009-1.41%-1.33%N/ASeptember 20091.72%1.80%N/AOctober 20093.21%3.33%N/ANovember 20094.04%4.19%N/ADecember 20090.47%0.55%N/AJanuary 2010-6.71%-6.63%N/AFebruary 20102.61%2.75%N/AMarch 20103.51%3.74%N/A April 20101.17%1.24%N/AMay 2010-10.06%-10.03%N/AJune 2010-2.22%-2.14%N/AJuly 20102.71%2.83%2.76% August 2010-2.76%-2.70%-2.76%September 20109.00%9.63%9.16%October 20103.76%3.99%3.92%November 20102.55%2.61%2.56%December 20109.69%9.73%9.69%January 20113.15%3.22%3.16%February 20114.56%4.63%4.57%March 20112.61%2.69%2.62% April 20116.77%6.87%6.74%May 2011-6.41%-6.28%-6.36%June 2011-3.79%-3.62%-3.98%July 20115.26%5.20%5.51% August 2011-2.47%-2.36%-2.51%September 2011-18.78%-18.24%-19.19%October 201112.29%12.23%12.27%November 2011-0.17%-0.09%-0.16%December 2011-3.28%-3.04%-3.23%January 20126.40%6.09%6.55%February 20126.46%6.20%6.76%March 2012-2.22%-2.06%-2.29% April 2012-1.28%-1.14%-1.31%May 2012-14.41%-13.81%-14.60%June 2012-0.64%-0.56%-0.61%July 20123.65%3.78%3.70% August 20125.41%5.60%5.54%September 20121.85%1.64%1.90%October 2012-5.38%-5.09%-5.45%November 20125.06%4.99%5.21%December 20120.51%0.54%0.57%January 20134.43%4.25%4.78%February 2013-2.25%-2.06%-2.37%March 20131.83%1.80%1.98% April 2013-8.82%-8.47%-9.03%May 20133.71%3.81%3.74%June 2013-5.78%-5.71%-5.76%July 20137.29%7.40%7.33% August 20132.84%2.65%3.04%September 2013-4.35%-4.02%-4.49%October 2013-2.86%-2.78%-2.84%November 2013-3.57%-3.50%-3.56%December 20130.14%0.22%0.16%January 2014-2.06%-1.98%-2.04%February 20147.66%7.77%7.69%March 20142.38%2.42%2.41% April 20143.07%2.80%3.14%May 20143.89%3.76%4.07%June 20143.69%3.72%3.70%July 2014-6.85%-6.57%-6.76% August 20140.81%0.83%0.81%September 2014-0.72%-0.60%-0.68%

As of and for the

Class A shares with 2% mgt fee and 20% incentive feeClass B shares with 1% mgt fee and 20% incentive feeClass C shares with 1.75% mgt fee and 20% incentive fee

Twelve Months Ended December 31, 2008 Twelve Months Ended December 31, 2010 Twelve Months Ended December 31, 2011 Twelve Months Ended December 31, 2009 Nine Months Ended September 30, 2014 Twelve Months Ended December 31, 2012 Twelve Months Ended December 31, 2013

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 Fund’s prior investment adviser. The portfolio manager was the primary individual responsible for achieving the Fund’s performance results.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 investor-driven. 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: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.