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Our friend Dan….


Arlene Busch

202-333-1880

abusch@rosemontseneca.com


*From:* Third Point Investor Relations [mailto:ir@thirdpoint.com]
*Sent:* Friday, March 15, 2013 4:03 PM
*To:* abusch@rosemontseneca.com
*Subject:* Third Point Ultra Ltd. - Estimated Returns – March 13, 2013


Dear Investor,

Please find the following estimated net returns for Third Point Ultra Ltd.
as of March 13, 2013:

MTD Return: +3.3%
YTD Return: +12.3%

Sincerely,

Investor Relations
Third Point LLC
390 Park Avenue
New York, New York 10022
Tel 212-715-6707
Fax 212-318-3851
Email: ir@thirdpoint.com

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.
Information provided herein, or otherwise provided with respect to a
potential investment in the Funds, may constitute non-public information
regarding Third Point Offshore Investors Limited, a feeder fund listed on
the London Stock Exchange, and accordingly dealing or trading in the shares
of that fund on the basis of such information may violate securities laws
in the United Kingdom and elsewhere