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---------- 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.


--
Arlene Busch
202-333-1880
abusch@rosemontseneca.co