Subject: FW: Third Point Ultra Ltd. - Estimated Returns – May 4, 2011
From: "Arlene Busch" <[email-masked]>
To: "Hunter Biden" <[email-masked]>, "Eric Schwerin" <[email-masked]>
Date: Fri, 6 May 2011 16:18:14 -0400

Fyi…

Arlene Busch

202-333-1880

[email-masked]

*From:* Third Point Investor Relations [mailto:[email-masked]]
*Sent:* Friday, May 06, 2011 4:16 PM
*To:* [email-masked]
*Subject:* Third Point Ultra Ltd. - Estimated Returns – May 4, 2011

Dear Investor,

Please find the following estimated net returns for Third Point Ultra Ltd.
as of May 4, 2011.

MTD Return:   -1.3%
YTD Return:   +12.2%

Sincerely,

Investor Relations
Third Point LLC
390 Park Avenue
New York, New York 10022
Tel 212-224-7416
Fax 212-318-3851
Email: [email-masked]

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