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Arlene R. Busch

[email protected]

312.202.0205 Office

312.498.9595 Mobile

________________________________

From: Third Point Investor Relations [mailto:[email protected]]
Sent: Friday, March 19, 2010 2:57 PM
To: Third Point Investor Relations
Subject: Third Point Ultra Ltd. - Estimated Returns - March 17, 2010


Dear Investor,


Please find the following estimated net returns for Third Point Ultra
Ltd. as of March 17, 2010.


MTD Return: +5.2%

YTD Return: +12.4%


Sincerely,


Investor Relations

Third Point LLC

390 Park Avenue

New York, New York 10022

Tel 212-224-7416

Fax 212-318-3851

Email: [email protected]


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 (quarterly for Third Point Ultra)
or upon withdrawal. The performance above represents fund-level
returns, and is not an estimate of any specific investor's actual
performance, which may be materially different from such performance
depending on fee arrangements, entry times into the Fund, and
participation (or lack thereof) in Special Investments. All performance
results are estimates and should not be regarded as final until audited
financial statements are issued. 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.


"This communication may contain privileged or confidential information.
If you are
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message in error and that any review, dissemination, distribution or
copying of this
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solely those of
the author and do not necessarily represent those of Third Point LLC or
its
affiliates. If you have received this communication in error, please
notify us
immediately by email, and delete the original and any copies of the
message. We do not waive
confidentiality if you have received this communication in error. In the
UK, this
communication is directed to those persons who are market counterparties
or intermediate customers (as defined in the rules of the Financial
Services
Authority).

This is not an offer, or solicitation of any offer, to buy or sell any
security,
investment or other product."
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