---------- Forwarded message ----------
From: Third Point Investor Relations <ir@thirdpoint.com>
Date: Thu, Mar 31, 2011 at 6:37 PM
Subject: Third Point March Performance
To: abusch@rosemontseneca.com

Dear Investor,

Please find the following estimate of the net returns of funds managed by Third Point LLC for the month of March and for the year 2011.

	March	YTD 2011
Third Point Offshore Fund, Ltd.	+0.9%	+8.6%
Third Point Partners L.P.	+0.8%	+9.1%
Third Point Partners Qualified L.P.	+0.8%	+8.1%
Third Point Ultra Ltd.	+1.2%	+11.7%

Sincerely,

Investor Relations
Third Point LLC
390 Park Avenue
New York, New York 10022
Tel  212-224-7416
Fax 212-318-3851
Email: ir@thirdpoint.com

Performance results are based on the net asset value 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.  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 numerous factors.  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.