**EXHIBIT 10.01(l)**

 

**ADVISORY AGREEMENT**

** **

**among**

** **

**ORION GLOBAL HORIZONS, LLC,**

** **

**BLACKROCK INVESTMENT MANAGEMENT, LLC,**

** **

**and**

** **

**ORTUS CAPITAL MANAGEMENT LIMITED**

 

**Dated asof March 26, 2010**

 

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**ADVISORYAGREEMENT**

 

**Table ofContents**

 
| ** **                                                               | ** **                                                | **Page** |
|--------------------------------------------------------------------------|-----------------------------------------------------------|----------|
|                                                                     |                                                      |     |
| 1.                                                                       | Undertakings  in Connection with Offering of Units        | 1        |
| 2.                                                                       | Duties  of the Trading Advisor                            | 2        |
| 3.                                                                       | Trading  Advisor Independent                              | 4        |
| 4.                                                                       | Commodity  Broker; Floor Brokers                          | 4        |
| 5.                                                                       | Allocation  of Company Assets to Trading Advisor          | 5        |
| 6.                                                                       | Incentive  Fee                                            | 6        |
| 7.                                                                       | Term  and Termination                                     | 7        |
| 8.                                                                       | Right  to Advise Others; Uniformity of Acts and Practices | 7        |
| 9.                                                                       | Speculative  Position Limits                              | 8        |
| 10.                                                                      | Additional  Undertakings by the Trading Advisor           | 8        |
| 11.                                                                      | Representations  and Warranties                           | 9        |
| 12.                                                                      | Entire  Agreement                                         | 11       |
| 13.                                                                      | Indemnification                                           | 12       |
| 14.                                                                      | Assignment                                                | 13       |
| 15.                                                                      | Amendment;  Waiver                                        | 13       |
| 16.                                                                      | Severability                                              | 13       |
| 17.                                                                      | Notices                                                   | 13       |
| 18.                                                                      | Governing  Law                                            | 14       |
| 19.                                                                      | Consent  to Jurisdiction                                  | 14       |
| 20.                                                                      | Remedies                                                  | 15       |
| 21.                                                                      | Promotional  Material                                     | 15       |
| 22.                                                                      | Confidentiality                                           | 15       |
| 23.                                                                      | Survival                                                  | 16       |
| 24.                                                                      | Counterparts                                              | 16       |
| 25.                                                                      | Headings                                                  | 16       |
| Appendix  A - List of Authorized Traders                                 | A-1                                                       |
|                                                                     |                                                      |
| Appendix  B — List of Commodity Interests Traded by Trading Advisor | B-1                                                       |
|                                                                     |                                                      |
| Appendix  C - Commodity Trading Authority                                | C-1                                                       |
|                                                                     |                                                      |
| Appendix  D - Acknowledgment of Receipt of Disclosure Document           | D-1                                                       |
|                                                                     |                                                      |
| Appendix  E — List of Approved Executing Brokers and Platforms      | E-1                                                       |

 

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** **

**ADVISORY AGREEMENT**

 

THIS ADVISORY AGREEMENT(the “Agreement”), made as of this 26th day of March 2010, among ORION GLOBALHORIZONS, LLC, a Delaware limited liability company (the “Company”), BLACKROCKINVESTMENT MANAGEMENT LLC, a Delaware limited liability company and the managerof the Company (the “Manager”), and ORTUS CAPITAL MANAGEMENT LIMITED (the “TradingAdvisor”);

 

WITNESSETH:

 

WHEREAS, the Companytrades, buys, sells or otherwise acquires, holds or disposes of forwardcontracts, futures contracts for commodities, financial instruments andcurrencies on United States and foreign exchanges, any rights pertainingthereto and any options thereon or on physical commodities and engages in allactivities incident thereto (the foregoing forms of investment beingcollectively referred to herein as “commodity interests”);

 

WHEREAS, the sole holderof interests in the Company as of the date hereof, BlackRock Global Horizons I,LP (the “Fund”), is now offering Units of Limited Partnership Interest in theFund (“Units”) for sale to investors in an offering exempt from registrationunder the Securities Act of 1933, as amended (the “1933 Act”), pursuant to Section 4(2) thereofand Rule 506 under Regulation D promulgated thereunder, as described inthe Fund’s Confidential Private Placement Memorandum (the “Memorandum”) thathas been filed with the Commodity Futures Trading Commission (the “CFTC”) andthe National Futures Association (the “NFA”) pursuant to the Commodity ExchangeAct, as amended (the “CEA”), the commodity pool operator and commodity tradingadvisor regulations promulgated under the CEA by the CFTC (the “CommodityRegulations”), and NFA rules promulgated under the CEA (the “NFA Rules”);

 

WHEREAS, the Fund hadpreviously sold Units publicly pursuant to an effective registration under the1933 Act.  Such public offering wasdiscontinued in 1998, and the Units now being offered are the same class ofequity securities as the outstanding Units;

 

WHEREAS, the Trading Advisoris engaged in the business of, among other things, making trading decisions onbehalf of investors in the purchase and sale of certain commodity interests;and

 

WHEREAS, the Companydesires the Trading Advisor, upon the terms and conditions set forth herein, toact as a trading advisor for the Company and to make commodity interestsinvestment decisions for the Company with respect to the Company’s assets fromtime to time, and the Trading Advisor desires to so act;

 

NOW, THEREFORE, theparties hereto do hereby agree as follows:

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# 1.             Undertakings in Connection with Offering of Units.

##  

## (a)           Undertakings by the Trading Advisor. The Trading Advisor agrees to use its best efforts to cooperate with theFund and the Manager in amending the Memorandum, including without limitationby providing, as promptly as may be reasonably practicable, all information (ifany) regarding the Trading Advisor and its principals which the Manager 

 

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## reasonably believes to be necessary or advisable toinclude in the Memorandum, as the same may be amended from time to time;provided, that nothing herein shall require the Trading Advisor to disclose anyproprietary or confidential information related to its trading programs,systems or strategies or to its clients.

##  

## (b)           Certain Defined Terms. As used in this Agreement, the term “principal” shall have the samemeaning given to such term in Section 4.10(e) of the CommodityRegulations, and the term “affiliate” shall mean an individual or entity(including a stockholder, director, officer, employee, agent, or principal)that directly or indirectly controls, is controlled by, or is under commoncontrol with any other individual or entity. Other terms used but not defined herein have the meanings ascribed tothem in the Memorandum.

##  

## (c)           Use of Memorandum and Other Solicitation Material. Neither the Trading Advisor, its principals nor any of its employees,affiliates or agents, the employees, affiliates or agents of such affiliates,or their respective successors or assigns shall use, publish, circulate ordistribute the Memorandum (including any amendment or supplement thereto) orany related solicitation material nor shall any of the foregoing engage in anymarketing, sales or promotional activities in connection with the offering ofUnits, except as may be requested by the Manager and agreed to by the TradingAdvisor.

##  

## (d)           Updated Performance Information. At any time while Units continue to be offered and sold, at the writtenrequest of the Fund or the Manager, the Trading Advisor, at its own expense,shall promptly provide the Fund and the Manager with complete and accurateperformance information (in form and substance consistent with Section 4.35of the Commodity Regulations and the NFA Rules) reflecting the actualperformance of the accounts directed by the Trading Advisor up to the latestpracticable date (consistent with Section 4.35 of the CommodityRegulations) prior to the date of the Memorandum as amended or supplemented,together with any reports or letters relating to such performance data receivedfrom accountants and in the possession of the Trading Advisor.

##  

## (e)           Access to Books and Records. Upon reasonable notice to the Trading Advisor, the Company or theManager shall have the right to have access to the Trading Advisor’s offices inorder to inspect and copy such books and records during normal business hoursas may enable them to verify the accuracy and completeness of or to supplementas necessary the data furnished by the Trading Advisor pursuant to Section l(d) ofthis Agreement or to verify compliance with the terms of this Agreement(subject to such restrictions as the Trading Advisor may reasonably deemnecessary or advisable so as to preserve the confidentiality of proprietaryinformation concerning such trading systems, methods, models, strategies andformulas and of the identity of the Trading Advisor’s clients).

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# 2.             Duties of the Trading Advisor.

##  

## (a)           Speculative Trading.  As of thedate of this Agreement, the Trading Advisor acts as a trading advisor for theCompany.  The Trading Advisor and theCompany agree that in managing the assets of the Company, the Trading Advisorshall utilize similar currency programs as it utilizes to manage Ortus Fund(Cayman) Limited (the “Ortus Fund”) as described in the confidential PrivatePlacing Memorandum (the “PPM”) of the Ortus Fund****(the“Program”).  The Trading Advisor haspreviously provided to the Manager a copy of the PPM, 

 

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## and each time that the PPM is supplemented, revised,or updated, the Trading Advisor will within five business days provide theManager with such supplement, revision, or update (together with the PPM, the “DisclosureDocument”).  The Trading Advisor may tradea different portfolio for the Company only with the consent of theManager.  Except as provided otherwise inthis Section 2, the Trading Advisor shall have sole and exclusiveauthority and responsibility for directing the investment and reinvestment ofthe Company’s assets utilizing the Programs pursuant to and in accordance withthe Trading Advisor’s best judgment and its approach as described in theDisclosure Document, and as refined and modified from time to time in thefuture in accordance herewith, for the period and on the terms and conditionsset forth herein.  Only those individualscurrently employed by the Trading Advisor and listed in Appendix A arepermitted to implement trades for the Company. Notwithstanding the foregoing, the Company or the Manager may overridethe trading instructions of the Trading Advisor to the extent necessary:  (i) to fund any distributions orredemptions of Units to be made by the Fund; (ii) to pay the Company’s orthe Fund’s expenses; and/or (iii) to comply with speculative positionlimits; provided that the Company and the Manager shall permit the TradingAdvisor three days in which to liquidate positions for the purposes set forthin clauses (i)-(ii) prior to exercising its override authority.  The Trading Advisor will have no liabilityfor the results of any of the Manager’s interventions in (i)-(ii), above.

 

The Company and theManager both specifically acknowledge that in agreeing to manage the Company,the Trading Advisor is not making any guarantee of profits or of protectionsagainst loss.

 

The Trading Advisor shallgive the Company and the Manager prompt written notice of any proposed materialchange in the Program or the manner in which trading decisions are to be madeor implemented and shall not make any such proposed material change withrespect to trading for the Company without having given the Company and theManager at least 30 days’ prior written notice of such change.  The addition and/or deletion of commodityinterests from the Company’s portfolio managed by the Trading Advisor shall notbe deemed a change in the Trading Advisor’s trading approach and prior writtennotice to the Company or the Manager shall not be required therefor, except asset forth in section 2(b) below; provided that, with respect to theCompany, the Trading Advisor may trade a different trading program in managingthe Company only with the consent of the Manager.

##  

## (b)           List of Commodity Interests Traded by the TradingAdvisor.  The Trading Advisor shall provide the Companyand the Manager with a complete list of commodity interests which it intends totrade on the Company’s behalf.  Allcommodity interests other than regulated futures contracts and options onregulated futures contracts traded on a qualified board or exchange in theUnited States shall be listed on Appendix B to this Agreement.  The addition of commodity interests (otherthan forward contracts on foreign currencies) to the Company’s portfoliomanaged by the Trading Advisor as set forth in Appendix B to this Agreementshall require prior written notice to the Company or the Manager and anamendment to Appendix B.

##  

## (c)           Investment of Assets Held in Securities and Cash. Notwithstanding any provision of this Agreement to the contrary, theCompany and the Manager, and not the Trading Advisor, shall have the sole andexclusive authority and responsibility with regard to the investment,maintenance and management of the Company’s assets other than in respect of theTrading Advisor’s trading of the Company’s assets in commodity interests.

 

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## (d)           Trading Authorization.  Prior to theCompany’s acceptance of trading advice from the Trading Advisor in accordancewith this Agreement, the Company shall deliver to the Trading Advisor a tradingauthorization in the form of Appendix C hereto appointing the Trading Advisoras an agent of the Company and attorney-in-fact for such purpose.

##  

## (e)           Delivery of Disclosure Documents. The Trading Advisor shall, during the term of this Agreement, deliver tothe Company copies of all updated disclosure documents for the Program promptlyfollowing preparation of such disclosure documents, and the Manager on behalfof the Company shall, if requested, sign the Acknowledgment of Receipt ofDisclosure Document in the form of Appendix D hereto, for the initialdisclosure document so delivered.

##  

## (f)            Trade Reconciliations.  The TradingAdvisor acknowledges its obligation to review its commodity interest positionson a daily basis and to notify the Company and the Manager promptly of anyerrors committed by the Trading Advisor or any trade which the Trading Advisorbelieves was not executed in accordance with its instructions and which cannotbe promptly resolved. The Trading Advisor will use its own systems to evaluatetrade and portfolio information until it receives the necessary informationfrom the Company, upon which time the Trading Advisor will use the informationfrom the Company to evaluate the trade and portfolio information.

##  

## (g)           Trade Information.   The TradingAdvisor shall use reasonable efforts to provide trade information to OMRSystems by electronic file by 4:30 p.m. on the date of any trade made onbehalf of the Company.

#  

# 3.             Trading Advisor Independent. For all purposes of this Agreement, the Trading Advisor shall be deemedto be an independent contractor and shall have no authority to act for orrepresent the Company in any way and shall not otherwise be deemed to be anagent of the Company.  Nothing containedherein shall create or constitute the Trading Advisor and any other tradingadvisor for the Company, the Fund or the Manager as a member of anypartnership, joint venture, association, syndicate, unincorporated business orother separate entity, nor shall this Agreement be deemed to confer on any ofthem any express, implied, or apparent authority to incur any obligation orliability on behalf of any other.  Theparties acknowledge that the Trading Advisor has not been an organizer orpromoter of the Fund.

#  

# 4.             Commodity Broker; Floor Brokers.

##  

## (a)           Clearing of All Trades.  The TradingAdvisor shall clear orders for all commodity interest transactions for theCompany through such commodity broker or brokers as the Company shall designatefrom time to time in its sole discretion (the “Clearing Broker”).  The Trading Advisor will not, without theconsent of the Manager, trade on a “give up” basis through floor brokers notassociated with the Clearing Broker.  TheManager will review and approve or disapprove all executing brokers proposed bythe Trading Advisor for the Company’s account. The Manager agrees that it will only disapprove a proposed executingbroker suggested by the Trading Advisor for cause and that, if an executingbroker is approved, the Company will not hold the Trading Advisor liable forany error or breach of contract by any such executing broker, barringnegligence, misconduct or bad faith on the part of the Trading Advisor.  Even if such floor brokers receive theManager’s consent to execute trades on behalf of the Company, all such tradeswill be “given-up” to be carried by the Clearing Broker.  The Trading Advisor shall 

 

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## receive copies of all daily and monthly brokeragestatements for the Company directly from the Clearing Broker.

 

The parties acknowledgethat the Trading Advisor has no authority or responsibility for selecting acommodity broker or dealers or for the negotiation of brokerage commissionrates.  If necessary for the Trading Advisorto trade pursuant to the Program, the Company shall provide adequate dealinglines of credit for the Trading Advisor to place orders for spot and forwardcurrency contracts on behalf of the Company. The Trading Advisor may use any of the brokers and/or dealers andplatforms in Appendix E that are approved by the Manager.

##  

## (b)           Forward Trading.  All forwardtrades for the Company shall be executed through the forward dealer(s) (whichmay be affiliates of the Manager) designated by the Manager, provided that atthe request of the Trading Advisor, the Manager may consent to some otherforward trading arrangement, which consent shall not be unreasonablywithheld.  The Trading Advisor shall usesuch other banks or dealers only for what the Trading Advisor, in good faith,believes to be good cause.

##  

## (c)           Floor Brokerage. Notwithstanding Section 4(a) of this Agreement, the TradingAdvisor may place orders for commodity interest transactions for the Companythrough floor brokers selected by the Trading Advisor, and approved by theManager, such approval not to be unreasonably withheld.  Such floor brokers shall “give up” all tradeson behalf the Company to the Clearing Broker for clearance.

 

The brokerage and floorcommissions, “give-up” fees and other transaction costs charged by any floor brokerto effect Company transactions shall be subject to the approval of the Manager,such approval not to be unreasonably withheld provided that such fees andtransaction costs are competitive with the Clearing Broker’s standardrates.  The Manager hereby approves foruse with the Company the arrangement regarding brokerage and floor commissions,“give-up” fees and other transaction costs described in the PPM.

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# 5.             Allocation of Company Assets to Trading Advisor;Allocation of Receipts and Charges.

##  

## (a)           The Manager has allocated a portion of the Fund’sassets to the Company to be managed in accordance with the terms of thisAgreement.  The Manager may, in its solediscretion, reallocate Fund assets by contributing to or withdrawing amountsfrom the Company as of any month-end.

##  

## (b)           Gains and receipts (e.g., trading profits and, in someinstances, interest income), losses and charges (e.g., trading losses, TradingAdvisor management fees, incentive fees and brokerage commissions) specific tothe Company shall be allocated entirely to the Company.  Gains and receipts, losses and charges notspecific to (i) the Company or (ii) any other company or account heldby the Fund and managed by a specific trading advisor, shall be allocated amongall of the companies and accounts of the Fund managed by the different tradingadvisors, including the Company, *pro rata* basedon the beginning of month value of each such company and account afterreduction for account specific charges. The value of the Company 

 

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## after taking into account all realized and unrealizedgains and losses is the Company’s “Mark-to-Market Value.”

##  

## (c)           The value of the Company determined by deducting fromthe Company’s Mark-to-Market Value all charges and reserves (including but notlimited to charges specific to the Company provided for in Section 5(b),the Company’s pro rata share of Fund distribution fees, transfer agent fees,administrator’s fees, brokerage commissions and the Manager’s Sponsor Fee) exceptany charges or accruals for the fees provided for in Section 6 is theCompany’s “Net Asset Value Before Fees.”

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# 6.             Fees.

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## (a)           Management Fee.  Byapproximately ten business days of each calendar month-end, the Company willpay the Trading Advisor a Management Fee equal to **[**       **]***of theCompany’s month-end Net Asset Value Before Fees.  The resulting balance after payment of theManagement Fee is the Company’s “Post MF Net Asset Value.”  The Company’s balance after any furtherreduction for the Incentive Fee provided for in Section 6(b) is theCompany’s “Net Asset Value.”

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## (b)           Incentive Fee.

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### (i)               The Company will pay to the Trading Advisor, **[**       **]*** (“Incentive Fee Calculation Date”), an Incentive Feeequal to **[**     **]***of any New Trading Profit recognizedby the Company as of such Incentive Fee Calculation Date.

###  

### (ii)              Subject to the adjustments contemplated below, NewTrading Profit equals any increase in the Mark-to-Market Value of the Companyas of the current Incentive Fee Calculation Date over the High Water Markattributable to the Company.  New TradingProfit will be calculated prior to reduction for any accrued Incentive Fees**[**        **].***

###  

### (iii)             The High Water Mark attributable to the Company shallbe equal to the highest Net Asset Value of the Company (for avoidance of doubt,after reduction for the Incentive Fee then paid), as of any preceding IncentiveFee Calculation Date.  The High WaterMark shall be increased dollar-for-dollar by any capital allocated to theCompany and decreased proportionately when capital is reallocated away from theCompany (other than to pay expenses). The proportionate reduction made as a result of a reallocation shall becalculated by multiplying the High Water Mark in effect immediately prior tosuch reallocation by the fraction the numerator of which is the Net Asset Valueof the Company immediately following such reallocation and the denominator ofwhich is the Net Asset Value of the Company immediately before suchreallocation.

###  

### (iv)             If an Incentive Fee is paid as of an Incentive FeeCalculation Date, the High Water Mark is reset to the Net Asset Value of theCompany immediately following such payment.

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### * Confidential material redacted and filed separatelywith the Commission.

 

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### (v)              When there is an accrued Incentive Fee at the time anyreallocation from the Company is made, the Incentive Fee attributable to suchreallocation will be paid.  SuchIncentive Fee shall be determined by multiplying the Incentive Fee that wouldhave been paid had the date of the reallocation been an Incentive FeeCalculation Date by the fraction the numerator of which is the amount of thereallocation and the denominator of which is the Post MF Net Asset Value of theCompany immediately prior to the reallocation, in each case prior to reductionfor the accrued Incentive Fee.  SuchIncentive Fee will be paid from and reduce the amount of the reallocation.

###  

### (vi)             Interest income shall not be included in any of theforegoing calculations.  For theavoidance of doubt, no Incentive Fee shall be payable on any interest incomeearned by the Company.

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### (vii)            Termination of this Agreement shall be treated as anIncentive Fee Calculation Date.

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# 7.             Term and Termination.

##  

## (a)           Term and Renewal.  This Agreementshall continue in effect until December 31, 2010.  Thereafter, this Agreement shall beautomatically renewed for successive one-year periods, on the same terms,unless terminated by either the Trading Advisor or the Company upon 90 days’notice to the other party.

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## (b)           Termination. Notwithstanding Section 7(a) hereof, this Agreement shallterminate:

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### (i)               immediately if the Company shall terminate and bedissolved in accordance with the Limited Liability Company Agreement orotherwise;

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### (ii)              at the discretion of the Manager as of the end of anymonth;

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### (iii)             at the discretion of the Trading Advisor, as of thefollowing month-end, should any of the following occur:  (1) the assets managed by the TradingAdvisor decrease to less than $20,000,000 at the close of business on any day;or (2) the Trading Advisor has determined to cease managing any customeraccounts pursuant to the Program;

###  

### (iv)             on five days’ written notice to the Manager if theTrading Advisor reasonably believes in good faith that (x) the Company orthe Manager has disclosed Trade Data other than in accordance with the terms ofSection 22 hereof and (y) such disclosure would materially harm itsbusiness; or

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### (v)              at the discretion of the Trading Advisor as of the endof any month upon 30 days’ prior written notice to the Manager.

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# 8.             Right to Advise Others; Uniformity of Acts andPractices.

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## (a)           During the term of this Agreement, the Trading Advisorand its affiliates shall be free to advise other investors as to the purchaseand sale of commodity interests, to manage and trade other investors’ commodityinterests accounts and to trade for and on behalf of 

 

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## their own proprietary commodity interestsaccounts.  However, under no circumstancesshall the Trading Advisor or any of its affiliates favor any commodityinterests account directed by any of them (regardless of the date on which theybegan or shall begin to direct such account) over the Company’s account, givingdue consideration to the trading program which the Manager has requested theTrading Advisor to trade on behalf of the Company.  For purposes of this Agreement, the TradingAdvisor and its affiliates shall not be deemed to be favoring another commodityinterests account over the Company’s account if the Trading Advisor or itsaffiliates, in accordance with specific instructions of the owner of suchaccount, trade such account at a degree of leverage or in accordance withtrading policies which shall be different from that which shall normally beapplied to substantially all of the Trading Advisor’s other accounts or if theTrading Advisor or its affiliates, in accordance with the Trading Advisor’smoney management principles, shall not trade certain commodity interestscontracts for an account based on the amount of equity in such account.

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## (b)           The Trading Advisor understands and agrees that it andits affiliates shall have a fiduciary responsibility to the Company under thisAgreement.

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## (c)           At the request of the Company, the Trading Advisor andits affiliates shall promptly make available to the Company (if available to itwithout unreasonable efforts) copies of the normal monthly, quarterly andannual, as the case may be, written reports reflecting the performance of allcommodity pool accounts advised, managed, owned or controlled by the TradingAdvisor or its affiliates required to be delivered to pool participantspursuant to the CEA and similar written information, including monthly accountstatements, reflecting the performance of all other commodity interest accountsadvised, managed, owned or controlled by the Trading Advisor or its affiliates,with respect to which account reports shall not be required to be delivered tothe owners thereof pursuant to the CEA (subject to the need to preserve theconfidentiality of proprietary information concerning the Trading Advisor’strading systems, methods, models, strategies and formulas and the identity ofthe Trading Advisor’s clients).  At therequest of the Company, the Trading Advisor or its affiliates shall promptlydeliver to the Company a satisfactory written explanation, in the judgment ofthe Company, of the differences, if any, in the performance between the Company’saccount and such other commodity interest accounts traded utilizing the sameprogram or portfolio (subject to the need to preserve the confidentiality ofproprietary information concerning the Trading Advisor’s trading systems,methods, models, strategies and formulas and the identity of the TradingAdvisor’s clients).

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# 9.             Speculative Position Limits. If the Trading Advisor (either alone or aggregated with the positions ofany other person if such aggregation shall be required by the CEA, the CFTC orany other regulatory authority having jurisdiction) shall exceed or be about toexceed applicable limits in any commodity interest traded for the Company, theTrading Advisor shall immediately take such action as the Trading Advisor maydeem fair and equitable to comply with the limits, and shall immediatelydeliver to the Company a written explanation of the action taken to comply withsuch limits.  If such limits are exceededby the Company, the Manager may require the Trading Advisor to liquidatepositions as required.

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# 10.           Additional Undertakings by the Trading Advisor. Neither the Trading Advisor nor its employees, affiliates or agents, thestockholders, directors, officers, employees, principals, affiliates or agentsof such affiliates, or their respective successors or assigns shall:  (a) knowingly use or distribute for anypurpose whatsoever any list containing the names and/or 

 

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# residential addresses of and/or other informationabout the Limited Partners of the Fund; nor (b) knowingly solicit anyperson that the Trading Advisor Party knows or reasonably should know is aLimited Partner of the Fund for any business purpose whatsoever (unless suchLimited Partner is already a client of the Trading Advisor, or the TradingAdvisor is not aware that a person is a Limited Partner of the Fund).

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# 11.           Representations and Warranties.

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## (a)           The Trading Advisor hereby represents and warrants tothe other parties as follows:

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### (i)               The Trading Advisor is an entity duly organized andvalidly existing and in good standing under the laws of the jurisdiction of itsorganization and in good standing in each other jurisdiction in which thenature or conduct of its business requires such qualification and the failureto be duly qualified would materially affect the Trading Advisor’s ability toperform its obligations under this Agreement. The Trading Advisor has fullcorporate, partnership or limited liability company (as the case may be) powerand authority to perform its obligations under this Agreement.

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### (ii)              This Agreement has been duly and validly authorized,executed and delivered on behalf of the Trading Advisor and constitutes avalid, binding and enforceable agreement of the Trading Advisor in accordancewith its terms.

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### (iii)             The Trading Advisor has all governmental, regulatory andcommodity exchange licenses and approvals and has effected all filings andregistrations with governmental and regulatory agencies required to conduct itsbusiness and to act as described herein or required to perform its obligationshereunder, and the performance of such obligation will not violate or result ina breach of any provision of the Trading Advisor’s certificate ofincorporation, by-laws or any agreement, instrument, order, law or regulationbinding on the Trading Advisor.  TheTrading Advisor is not required to register as a commodity trading advisorunder the CEA or to be a member of the NFA because the Trading Advisor isexempt from such registration and membership requirements.

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### (iv)             The Trading Advisor is not required to be registeredunder and is not subject to the provisions of the U.S. Investment Advisors Actof 1940.

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### (v)              The Trading Advisor’s implementation of its tradingprogram on behalf of the Company will not infringe any other person’scopyrights, trademark or other property rights.

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### (vi)             The execution and delivery of this Agreement, theincurrence of the obligations herein set forth and the consummation of thetransactions contemplated herein will not constitute a breach of, or defaultunder, any instrument by which the Trading Advisor is bound or any order, rule orregulation application to the Trading Advisor of any court or any governmentalbody or administrative agency having jurisdiction over the Trading Advisor.

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### (vii)            Other than as may have been disclosed in writing tothe Manager by the Trading Advisor, there is not pending, or to the best of theTrading Advisor’s knowledge 

 

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### threatened, any action, suit or proceeding before orby any court or other governmental body to which the Trading Advisor is aparty, or to which any of the assets of the Trading Advisor is subject, whichmight reasonably be expected to result in any material adverse change in thecondition, financial or otherwise, business or prospects of the Trading Advisor.  The Trading Advisor has not received anynotice of an investigation or warning letter from NFA or CFTC regardingnon-compliance by the Trading Advisor with the CEA or the regulationsthereunder.

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## (b)           The Manager hereby represents and warrants to theother parties as follows:

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### (i)               The Manager is duly organized and validly existing andin good standing under the laws of its jurisdiction of formation and in goodstanding under the laws of each other jurisdiction in which the nature orconduct of its business requires such qualification and the failure to soqualify would materially adversely affect the Manager’s ability to perform itsobligations hereunder.

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### (ii)              The Manager has the power and authority underapplicable law to perform its obligations hereunder.

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### (iii)             This Agreement has been duly and validly authorized,executed and delivered by the Manager and constitutes a legal, valid andbinding agreement of the Manager enforceable in accordance with its terms.

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### (iv)             The execution and delivery of this Agreement, theincurrence of the obligations set forth herein and the consummation of thetransactions contemplated herein will not constitute a breach of, or defaultunder, any instrument by which the Manager is bound or any order, rule orregulation applicable to the Manager of any court or any governmental body oradministrative agency having jurisdiction over the Manager.

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### (v)              There is not pending, or, to the best of the Manager’sknowledge threatened, any action, suit or proceeding before or by any court orother governmental body to which the Manager is a party, or to which any of theassets of the Manager is subject, which might reasonably be expected to resultin any material adverse change in the condition (financial or otherwise),business or prospects of the Manager or is required to be disclosed pursuant toapplicable CFTC regulations.

###  

### (vi)             The Manager has all governmental, regulatory andcommodity exchange approvals and licenses, and has effected all filings andregistrations with governmental agencies required to conduct its business andto act as described herein or required to perform its obligations hereunder(including, without limitation, registration as a commodity pool operator underthe CEA and membership in NFA as a commodity pool operator), and theperformance of such obligations will not contravene or result in a breach ofany provision of its certificate of incorporation, by-laws or any agreement,order, law or regulation binding upon it. The principals of the Manager are duly registered as such on the Manager’scommodity pool operator Form 7-R registration.

###  

### (vii)            The Company is not an “investment company” within themeaning of the Company Act.

 

10

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##  

## (c)           The Company represents and warrants to the otherparties as follows:

###  

### (i)               The Company is duly organized and validly existing andin good standing as a limited liability company under the laws of the State ofDelaware and in good standing under the laws of each other jurisdiction inwhich the nature or conduct of its business requires such qualification and thefailure to so qualify would materially adversely affect the Company’s abilityto perform its obligations hereunder.

###  

### (ii)              The Company has the limited liability company powerand authority under applicable law to perform its obligations hereunder.

###  

### (iii)             This Agreement has been duly and validly authorized,executed and delivered by the Company and constitutes a legal, valid andbinding agreement of the Company enforceable in accordance with its terms.

###  

### (iv)             The execution and delivery of this Agreement, theincurrence of the obligations set forth herein and the consummation of thetransactions contemplated herein will not constitute a breach of, or defaultunder, any instrument by which the Company is bound or any order, rule orregulation applicable to the Company of any court or any governmental body oradministrative agency having jurisdiction over the Company.

###  

### (v)              There is not pending, or, to the best of the Company’sknowledge, threatened, any action, suit or proceeding before or by any court orother governmental body to which the Company is a party, or to which any of theassets of the Company is subject, which might reasonably be expected to resultin any material adverse change in the condition (financial or otherwise),business or prospects of the Company or which is required to be disclosedpursuant to applicable CFTC regulations.

###  

### (vi)             The Company has all governmental, regulatory andcommodity exchange approvals and licenses, and has effected all filings andregistrations with governmental agencies required to conduct its business andto act as described herein or required to perform its obligations hereunder andthe performance of such obligations will not contravene or result in a breachof any provision of its certificate of formation, limited liability companyagreement or any other agreement, order, law or regulation binding upon it.

###  

### (vii)            The Company is not an “investment company” within themeaning of the Company Act.

##  

## (d)           The foregoing representations and warranties shall becontinuing during the entire term of this Agreement and, if at any time, anyevent shall occur which would make any of the foregoing representations andwarranties of any party no longer true and accurate, such party shall promptlynotify the other parties.

#  

# 12.           Entire Agreement.  ThisAgreement constitutes the entire agreement between the parties hereto withrespect to the matters referred to herein, and no other agreement, verbal orotherwise, shall be binding as between the parties unless it shall be inwriting and signed by the party against whom enforcement is sought.

 

11

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#  

# 13.           Indemnification.

##  

## (a)           The Company shall indemnify, defend and hold harmlessthe Trading Advisor and its affiliates and their respective directors,officers, shareholders, employees and controlling persons from and against anyand all losses, claims, damages, liabilities (joint and several), costs andexpenses (including any investigatory, legal and other expenses incurred inconnection with, and any amounts paid in, any settlement; provided that theCompany shall have approved such settlement) resulting from a demand, claim,lawsuit, action or proceeding relating to any of such person’s actions orcapacities relating to the business or activities of the Company pursuant tothis Agreement; provided that the conduct of such person which was the subjectof the demand, claim, lawsuit, action or proceeding did not constitute grossnegligence, misconduct or a breach of this Agreement or of any fiduciaryobligation to the Company and was done in good faith and in a manner suchperson reasonably believed to be in, or not opposed to, the best interests ofthe Company.  The termination of anydemand, claim, lawsuit, action or proceeding by settlement shall not, initself, create a presumption that the conduct in question was not undertaken ingood faith and in a manner reasonably believed to be in, or not opposed to, thebest interests of the Company.

##  

## (b)           The Trading Advisor shall indemnify, defend and holdharmless the Company, the Manager, their respective affiliates and theirrespective directors, officers, shareholders, employees and controlling personsfrom and against any and all losses, claims, damages, liabilities (joint andseveral), costs and expenses (including any reasonable investigatory, legal andother expenses incurred in connection with, and any amounts paid in, anysettlement; provided that the Trading Advisor shall have approved suchsettlement) resulting from a demand, claim, lawsuit, action or proceedingrelating to any action or omission of the Trading Advisor or any of itsrespective officers, directors or employees relating to the business oractivities of such person under this Agreement or relating to the management ofan account of the Company provided:  theaction or omission of such person which was the subject of the demand, claim,lawsuit, action or proceeding constituted gross negligence or misconduct or abreach of this Agreement or was an action or omission taken otherwise than ingood faith and in a manner reasonably believed to be in, or not opposed to, thebest interests of the Company.

##  

## (c)           The Trading Advisor, its officers, directors,employees and shareholders shall not be liable to the Company and its officers,directors or members or to any of their successors or assigns except by reasonof acts or omissions in contravention of the express terms of this Agreement, ordue to their intentional misconduct or gross negligence, or by reason of nothaving acted in good faith and in the reasonable belief that such actions oromissions were in, or not opposed to, the best interests of the Company.

##  

## (d)           The foregoing agreements of indemnity shall be inaddition to, and shall in no respect limit or restrict, any other remedieswhich may be available to an indemnified party.

##  

## (e)           Any indemnification required by this Section 13unless ordered or expressly permitted by a court, shall be made by theindemnifying party only upon a determination by independent legal counselmutually agreeable to the parties hereto in a written opinion that the conductwhich is the subject of the claim, demand, lawsuit, action or proceeding withrespect to which indemnification is sought meets the applicable standard setforth in this Section 13.

 

12

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##  

## (f)            In the event that a person entitled to indemnificationunder this Section 13 is made a party to an action, suit or proceedingalleging both matters for which indemnification may be due hereunder andmatters for which indemnification may not be due hereunder, such person shallbe indemnified only in respect of the former matters.

##  

## (g)           Promptly after receipt by any of the indemnifiedparties under this Agreement of notice of any demand, claim, lawsuit, action orproceeding, the indemnified party shall notify the indemnifying party inwriting of the commencement thereof if a claim for indemnification in respectthereof is to be made under this Agreement. Except to the extent that the indemnifying party is not materiallyprejudiced thereby, the omission so to notify shall relieve the indemnifyingparty from any obligation or liability which it may have to any suchindemnified party under this section.  Inthe event that such demand, claim, lawsuit, action or proceeding is broughtagainst a person entitled to be indemnified under this Agreement, and theindemnifying party is notified of the commencement thereof, the indemnifyingparty shall be entitled to participate therein and, to the extent that theindemnifying party may wish, to assume the defense thereof, with counselselected by the indemnifying party and approved by the indemnified person(provided that approval may not be unreasonably withheld), and after noticefrom the indemnifying party to such indemnified person of the indemnifyingparty’s election so as to assume the defense thereof, the indemnifying partyshall not be liable to such person under this section for any legal or otherexpenses subsequently incurred by such person in connection with the defensethereof, unless the indemnifying party approves the employment of separatecounsel by such person (it being understood, however, that the indemnifyingparty shall not be liable for legal or other expenses of more than one separatefirm of attorneys for all such persons indemnified hereunder, which firm shallbe designated in writing by the Trading Advisor or the Company, as the case maybe).

#  

# 14.           Assignment.  ThisAgreement shall not be assigned by any of the parties hereto without the priorexpress written consent of the other parties hereto; provided, that eitherparty may assign this agreement to an affiliate upon prior notice to the otherparty.

#  

# 15.           Amendment; Waiver.  ThisAgreement shall not be amended except by a writing signed by the partieshereto.  No waiver of any provision ofthis Agreement shall be implied from any course of dealing between the partieshereto or from any failure by either party hereto to assert its rightshereunder on any occasion or series of occasions.

#  

# 16.           Severability.  If anyprovision of this Agreement, or the application of any provision to any personor circumstance, shall be held to be inconsistent with any present or futurelaw, ruling, rule or regulation of any court or governmental or regulatoryauthority having jurisdiction over the subject matter hereof, such provisionshall be deemed to be rescinded or modified in accordance with such law,ruling, rule or regulation, and the remainder of this Agreement, or theapplication of such provision to persons or circumstances other than those asto which it shall be held inconsistent, shall not be affected thereby.

#  

# 17.           Notices.  Any noticerequired or desired to be delivered under this Agreement shall be in writingand shall be delivered by courier service, facsimile, postage prepaid mail orother similar means and shall be effective upon actual receipt by the party towhich such notice shall be directed, addressed as follows (or to such otheraddress as the party entitled to notice shall hereafter designate in accordancewith the terms hereof):

 

13

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ifto the Company or the Manager:

 

ORIONGLOBAL HORIZONS, LLC

c/oBlackRock Investment Management LLC

40 East 52nd Street

25th Floor

NewYork, NY 10022

Attn:  Edward A. Rzeszowski

Facsimile:  212-810-8745

 

witha copy to:

 

BlackRockInvestment Management, LLC

PrincetonCorporate Campus

800Scudders Mill Road — Section 1B

Plainsboro,New Jersey  08536

Attn:  Michael Pungello

Facsimile:  609-282-2664

 

with afurther copy to:

BlackRockAlternative Advisors

601Union Street, 56th Floor

Seattle,Washington  98101

Attn:  Marie Bender

Facsimile:  206-613-6708

 

ifto the Trading Advisor:

 

Ortus Capital Management Limited

Unit 2706, 27th Floor, The Center

99 Queen’s Road Central

Hong Kong

Attn: Operations Department

Facsimile: 852-2169-3048

 

# 18.           Governing Law.  ThisAgreement shall be governed by and construed in accordance with the laws of theState of New York without regard to principles of conflicts of law.

#  

# 19.           Consent to Jurisdiction.  The partieshereto agree that any action or proceeding arising directly, indirectly orotherwise in connection with, out of, related to or from this Agreement, anybreach hereof or any transaction covered hereby, shall be resolved, whether byarbitration or otherwise, within the County of New York, City of New York, andState of New York.  Accordingly, theparties consent and submit to the jurisdiction of the federal and state courtsand any applicable arbitral body located within the County of New York, City ofNew York, and State of New York.  Theparties further agree that any such action or proceeding brought by any partyto enforce any right, assert any claim, or obtain any relief whatsoever in 

 

14

----

#  

# connection with this Agreement shall be brought bysuch party exclusively in federal or state courts, or if appropriate before anyapplicable arbitral body, located within the County of New York, City of NewYork, and State of New York.

#  

# 20.           Remedies.  In any actionor proceeding arising out of any of the provisions of this Agreement, theTrading Advisor, the Manager and the Company agree that they shall not seek anyprejudgment equitable or ancillary relief. Such parties also agree that their sole remedy in any such action orproceeding shall be to seek actual monetary damages for any breach of thisAgreement; provided, however, that the Company agrees that the Trading  Advisor and the Manager may seek declaratoryjudgment with respect to the indemnification provisions of this Agreement.

#  

# 21.           Promotional Material.  None of theparties hereto will make reference to any other such party in officially filedor publicly or privately distributed material without first submitting suchmaterial to the party so named for approval a reasonable period of time inadvance of the proposed use of such material.

#  

# 22.           Confidentiality.

##  

## (a)           As used herein the term “Trade Data”shall mean the Trading Advisor’s strategies, trading systems or programs,mathematical models, simulated results, simulation software, price or researchdatabases; trades, positions, andhigh-frequency performance data of the Account (defined as that any two timepoints used for measuring returns or estimating returns are less than one monthapart); and other non-public information identified in writing as suchand provided by the Trading Advisor to the Manager and/or the Company.

##  

## (b)           Each of the Company andthe Manager acknowledges that the Trade Data constitute proprietary databelonging to the Trading Advisor and that it shall not disclose or disseminateor grant access to any portion of Trade Data except:

###  

### (i)            to Privileged Personsas necessary to monitor and make investment decisions based on the TradingAdvisor’s trading on behalf of the Company and otherwise to effect thetransactions contemplated by this Agreement and to enforce either of theirrights and fulfill either of their obligations under this Agreement.  The term “Privileged Persons” as usedherein shall only include (1) employees of the Manager in the relevantdepartments who need to know such Trade Data solely for the purposes of servingthe Company, and (2) the Company’s attorneys, accountants, administrators,and prime brokers who provide services to the Company and are bound by a dutyof confidentiality to the Company. To avoid any doubt, Privileged Persons shallexclude any Limited Partners (or beneficial owners) of the Fund (other than anyLimited Partner (or beneficial owner) covered by (1) or (2) above)and their agents or consultants, any affiliate of the Manager or the Company(including, without limitation, their respective directors, officers,shareholders, employees and controlling persons), or anyone in other divisionsor departments of the Manager or the BlackRock group who does not need to knowsuch Trade Data for the purposes of serving the Company; and

 

15

----

###  

### (ii)           as required by applicable laws, therequest of any regulatory body or valid legal process (*provided,**however*,that, other than in connection with a routine audit or examination of theCompany or the Manager, the Company and the Manager will give the TradingAdvisor written notice of the Trade Data to be disclosed to the extent thatsuch notice is permissible under the circumstances and will allow the TradingAdvisor to seek to obtain confidential treatment of such information by thepersons to whom it is disclosed).

##  

## (c)           For avoidance of doubt,the Manager shall not use the Trade Data (i) to trade for its own accountor (ii) to attempt to recreate or reverse engineer any of the TradingAdvisor’s investment strategies, models or processes or (iii) to causeanyone to do (i) or (ii).

##  

## (d)           Each of the Company andthe Manager acknowledges that the Trading Advisor and its affiliates would beirreparably harmed if either the Company or the Manager violates therestrictions set forth in this Section 22, and agrees that the Trading Advisorshall be entitled to a court order enjoining any such violation without proofof irreparable harm or the posting of any bond or other security.

##  

## (e)           In the event that theCompany or the Manager become aware of a breach of this Section 22 or anythreat of doing so, they shall as soon as practicable notify the TradingAdvisor of such breach or threat of doing so and reasonably cooperate with theTrading Advisor to remedy such breach.

##  

## (f)            After termination ofthis Agreement and upon receipt of written request from the Trading Advisor,the Company and the Manager will destroy all Trade Data in their possessionthat is not required to be retained pursuant to applicable law, regulation,legal advice or guidance, or written compliance policies and procedures.  The Trading Advisor understands,acknowledges, and agrees that the Manager is required by CFTC regulations 4.23and 1.31 to keep records regarding the Trade Data for a minimum period of fiveyears.

#  

# 23.           Survival.  Theprovisions of this Agreement shall survive the termination hereof with respectto any matter arising while this Agreement shall be in effect.  Additionally, Section 21 shall survivethe termination of this Agreement.

#  

# 24.           Counterparts.  ThisAgreement may be executed in counterparts, each of which shall be deemed anoriginal but all of which together shall constitute one and the sameinstrument.

#  

# 25.           Headings.  Headings tosections and subsections in this Agreement are for the convenience of theparties only and are not intended to be a part of or to affect the meaning orinterpretation hereof.

#  

# *              *              *              *              *

 

16

----

#  

IN WITNESS WHEREOF, thisAgreement has been executed for and on behalf of the undersigned on the day andyear first written above.

 
|   |   | ORION GLOBAL HORIZONS,  LLC           |
|--------|--------|---------------------------------------|
|   |   |                                  |
|   |   | By:                                   | BLACKROCK INVESTMENT  MANAGEMENT, LLC,  its Manager |
|   |   |                                  |
|   |   |                                  |
|   |   | By:                                   |   |
|   |   |                                  | Name: | Robert S. Ellsworth |
|   |   |                                  | Title:   | Managing Director |
|   |   |                                  |   |
|   |   |                                  |
|   |   | By:                                   |   |
|   |   |                                  | Name: | Marie M. Bender |
|   |   |                                  | Title: | Managing Director |
|   |   |                                  |   |   |
|   |   |                                  |
|   |   | BLACKROCK INVESTMENT  MANAGEMENT, LLC |
|   |   |                                  |
|   |   |                                  |
|   |   | By:                                   |   |
|   |   |                                  | Name: | Robert S. Ellsworth |
|   |   |                                  | Title: | Managing Director |
|   |   |                                  |   |   |
|   |   |                                  |
|   |   | By:                                   |   |
|   |   |                                  | Name: | Marie M. Bender |
|   |   |                                  | Title: | Managing Director |
|   |   |                                  |   |   |
|   |   |                                  |
|   |   | By: ORTUS CAPITAL  MANAGEMENT LIMITED |   |
|   |   |                                  |   |
|   |   |                                  |
|   |   | By:                                   |   |
|   |   |                                  | Name: |
|   |   |                                  | Title: |
|        |        |                                       |  |  |  |  |  |

 

17

----

 

**APPENDIX A**

 

**AUTHORIZEDTRADERS**

 

The list all authorizedtraders for the Company is attached.  Thelist may be amended by the Trading Advisor from time to time provided that theamended list is provided by the Trading Advisor to the Manager and the Companyprior to the time at which any additions to the list begin trading for theCompany.

 

A-1

----

** **

**APPENDIX B**

** **

**COMMODITYINTERESTS TRADED BY ORTUS CAPITAL MANAGEMENT LIMITED**

 

The undersignedrepresents that the following is a complete list of all commodity interestswhich the undersigned intends to trade on behalf of ORION GLOBAL HORIZONS, LLCother than regulated futures contracts and options on regulated futurescontracts traded on a qualified board of trade or exchange:

 

OTC currency spot or forward or option contracts with maturities less thanor equal to twelve (12) months between any two of the following currencies:AUD, CAD, CHF, EUR, GBP, JPY, and USD (as amended from time to time per thesame amendments for the Ortus Fund that are communicated to the investors ofOrtus Fund).

 

 
|                             | ORTUS CAPITAL  MANAGEMENT LIMITED |
|----------------------------------|-----------------------------------|
|                             |                              |
|                             |                              | By: |   |
|                             |                              |   | Name: |
|                             |                              |   | Title: |
|                             |                              |   |   |
| Dated as of March 26,  2010 |                              |

 

B-1

----

** **

**APPENDIX C**

 

**COMMODITYTRADING AUTHORITY**

 

Ortus Capital Management Limited

Unit 2706, 27th Floor, The Center

99 Queen’s Road Central

Hong Kong

Attn:  James Shang

Facsimile:  852-2169-3048

 

Dear Ortus CapitalManagement Limited:

 

Orion Global Horizons,LLC (the “Company”) does hereby make, constitute and appoint you as itsattorney-in-fact to buy and sell commodity futures and forward contracts(including foreign futures and options contracts) in accordance with theAdvisory Agreement between us and certain others.

 

 
|                                | Very truly yours,           |
|-------------------------------------|-----------------------------|
|                                |                        |   |
|                                | ORION GLOBAL HORIZONS,  LLC |   |
|                                |                        |   |
|                                | By:                         | BLACKROCK INVESTMENT  MANAGEMENT, LLC, |
|                                |                        | its Manager |   |
|                                |                        |   |   |
|                                | By:                         |   |
|                                |                        | Name: |
|                                |                        | Title: |
|                                |                        |   |
| **Dated as of March 26, 2010** | ** **                  | ** ** |

 

C-1

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** **

**APPENDIX D**

** **

**ACKNOWLEDGMENTOF RECEIPT OF DISCLOSURE DOCUMENT**

 

The undersigned herebyacknowledges receipt of the Ortus Fund (Cayman) Limited Private PlacementMemorandum dated 28 May 2009.

 
|                             | ORION GLOBAL HORIZONS,  LLC |
|----------------------------------|-----------------------------|
|                             |                        |
|                             | By:                         | BLACKROCK INVESTMENT  MANAGEMENT, LLC, |
|                             |                        | its Manager |
|                             |                        |   |
|                             | By:                         |   |
|                             |                        | Name: |
|                             |                        | Title: |
|                             |                        |   |   |
| Dated as of March 26,  2010 |                        |   |   |

 

D-1

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** **

**APPENDIX E**

** **

**LIST OFAPPROVED EXECUTING BROKERS AND PLATFORMS**

 

Executing Brokers:

 
|   | 1.  | ANZ                                                |
|--------|-----|----------------------------------------------------|
|   | 2.  | Bank of America,  N.A.                             |
|   | 3.  | Bank of Montreal                                   |
|   | 4.  | Bank of Nova  Scotia                               |
|   | 5.  | Bank of  Tokyo-Mitsubishi                          |
|   | 6.  | Barclays Bank plc                                  |
|   | 7.  | BNP Paribas                                        |
|   | 8.  | Citibank N.A.                                      |
|   | 9.  | Commerzbank AG                                     |
|   | 10. | Commonwealth Bank  of Australia                    |
|   | 11. | Credit Suisse                                      |
|   | 12. | Deutsche Bank AG                                   |
|   | 13. | DBS                                                |
|   | 14. | Goldman Sachs                                      |
|   | 15. | HSBC                                               |
|   | 16. | ING Bank N.V.                                      |
|   | 17. | JP Morgan Chase  Bank, N.A.                        |
|   | 18. | Julius Baer                                        |
|   | 19. | NewEdge                                            |
|   | 20. | Mizuho Corporate  Bank Ltd, London                 |
|   | 21. | Morgan Stanley                                     |
|   | 22. | Nomura  International Plc, London                  |
|   | 23. | Royal Bank of  Canada                              |
|   | 24. | SAXO BANK A/S                                      |
|   | 25. | Skandinaviska  Enskilda Banken Ab, Stockholm (SEB) |
|   | 26. | Societe Generale  SA                               |
|   | 27. | Standard Chartered  Bank Ltd                       |
|   | 28. | State Street Bank  And Trust                       |
|   | 29. | Svenska  Handelsbanken Ab, New York                |
|   | 30. | The Bank of New  York                              |
|   | 31. | The Royal Bank of  Scotland plc                    |
|   | 32. | The  Toronto-Dominion Bank                         |
|   | 33. | UBS AG                                             |
|   | 34. | United Overseas  Bank, Singapore                   |
|   | 35. | Westdeutsche  Landesbank                           |
|   | 36. | Westpac Banking  Corp                              |

 

Trading Platforms:

 

1.               EBS

2.               Reuters

3.               FX All

4.               Hotspot FX

5.               Lava

6.               Currenex

7.               FXCM Pro

8.               CME

9.               Bloomberg

 

E-1

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