Subject: Fw: Third Point Ultra Ltd. - Estima ted Returns – February 15, 2012
From: "Arlene Busch" <[email-masked]>
To: "Hunter Biden" <[email-masked]>, "Eric Schwerin" <[email-masked]>
Date: Fri, 17 Feb 2012 22:37:02 +0000

Arlene Busch
202-333-1880
[email-masked] 

-----Original Message-----
From: Third Point Investor Relations <[email-masked]>
Date: Fri, 17 Feb 2012 15:48:41 
To: <[email-masked]>
Subject: Third Point Ultra Ltd. - Estima
 ted Returns – February 15, 2012

Dear Investor,
 
 Please find the following estimated net returns for Third Point Ultra Ltd. as of February 15, 2012. 
 
 MTD Return:   +1.4%
 YTD Return:   +7.3%
 
 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] <mailto:[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. 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.