----

----

|   | (a) | At      the time of purchase of a Creation Basket by an Authorized Purchaser under      the Authorized Purchaser Agreement, the Registration Statement shall have      become effective and no stop order of the SEC with respect thereto has      been issued and no proceedings for such purpose have been instituted or,      to the General Partner’s knowledge after due inquiry, is contemplated by      the SEC; any Preliminary Prospectus provided to prospective investors, at      the time of filing thereof, complied in all material respects to the      requirements of the 1933 Act; the Registration Statement complies and will      comply when it becomes effective and at the time of purchase of a Creation      Basket by an Authorized Purchaser, in all material respects with the      requirements of the 1933 Act and the Prospectus will comply, as of its      date and at the time of purchase of a Creation Basket by an Authorized      Purchaser, in all material respects with the requirements of the 1933 Act      and any statutes, regulations, contracts or other documents that are      required to be described in the Registration Statement or the Prospectus      or to be filed as exhibits to the Registration Statement have been and      will be so described or filed; the conditions to the use of Form S-1 have      been satisfied; the Registration Statement does not and will not when it      becomes effective and at the time of purchase of a Creation Basket by an      Authorized Purchaser contain an untrue statement of a material fact or      omit to state a material fact required to be stated therein or necessary      to make the statements therein not misleading and the Prospectus will not,      as of its date and at the time of purchase of the Creation Baskets by the      Authorized Purchaser, contain an untrue statement of a material fact or      omit to state a material fact required to be stated therein or necessary      to make the statements therein, in light of the circumstances under which      they were made, not misleading; provided, however, that the General      Partner makes no warranty or representation with respect to any statement      contained in any Preliminary Prospectus, the Registration Statement or any      Prospectus in reliance upon and in conformity with information concerning      the Marketing Agent and furnished in writing by or on behalf of the      Marketing Agent to the General Partner expressly for use in the      Registration Statement or such Prospectus; and the General Partner has not      distributed nor will distribute any offering material in connection with      the offering or creation of the Baskets by the Authorized Purchaser other      than any Preliminary Prospectus provided to prospective investors, the      Registration Statement or theProspectus; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | as      of the date of this Agreement, and as of the time of purchase of a      Creation Basket by an Authorized Purchaser, respectively, the statement of      financial position as set forth in the section of the Registration      Statement and the Prospectus entitled “Financial Condition of USNG”      accurately reflects the financial condition of the Fund as of the date      specified in such statement of financial  position; |
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----

|   | (c) | at      the time of purchase of a Creation Basket by an Authorized Purchaser, the      Fund has been duly formed and is validly existing as a limited partnership      under the laws of the State of Delaware, as described in the Registration      Statement and the Prospectus; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the      General Partner has been duly organized and is validly existing as a      limited liability company in good standing under the laws of the State of      Delaware, with full power and authority to conduct its business as      described in the Registration Statement and the Prospectus, and has all      requisite power and authority to execute and deliver this      Agreement; |
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|   | (e) | each      of the Fund and the General Partner is duly qualified and is in good      standing in each jurisdiction where the conduct of its business requires      such qualification; |
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|   | (f) | at      the time of purchase of a Creation Basket by an Authorized Purchaser, the      Units in a Creation Basket will have been duly and validly authorized and,      when issued and delivered against payment therefor, will be duly and      validly issued, fully paid and non-assessable and free of statutory and      contractual preemptive rights, rights of first refusal and similar      rights; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | at      the time of purchase of a Creation Basket by an Authorized Purchaser, the      Units will conform in all material respects to the description thereof      contained in the Registration Statement and the Prospectus and the holders      of the Units will not be subject to Personal liability by reason of being      such holders, except as set forth in the Partnership Agreement as in      effect at that time; |
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|   | (h) | this      Agreement has been duly authorized, executed and delivered by the General      Partner and constitutes the valid and binding obligations of the General      Partner, enforceable against the General Partner in accordance with its      terms; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      General Partner is not in breach or violation of or in default under (nor      has any event occurred which with notice, lapse of time or both would      result in any breach or violation of, constitute a default under or give      the holder of any indebtedness (or a Person acting on such holder’s      behalf) the right to require the repurchase, redemption or repayment of      all or a part of such indebtedness) its respective constitutive documents,      or any indenture, mortgage, deed of trust, bank loan or credit agreement      or other evidence of indebtedness, or any license, lease, contract or      other agreement or instrument to which the General Partner is a party or      by which any of them or any of their properties may be bound or affected,      and the execution, delivery and performance of this Agreement, the      issuance and sale of Units in Creation Baskets to the Authorized Purchaser      and the consummation of the transactions contemplated hereby will not      conflict with, result in any breach or violation of or constitute a      default under (nor constitute any event which with notice, lapse of time      or both would result in any breach or violation of or constitute a default      under), respectively, the amended and restated limited liability company      agreement of the General Partner, or any indenture, mortgage, deed of      trust, bank loan or credit agreement or other evidence of indebtedness, or      any license, lease, contract or other agreement or instrument to which the      General Partner is a party or by which, respectively, the General Partner      or any of its properties may be bound or affected, or any federal, state,      local or foreign law, regulation or rule or any decree, judgment or order      applicable to the GeneralPartner; |
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----

|   | (j) | no      approval, authorization, consent or order of or filing with any federal,      state, local or foreign governmental or regulatory commission, board,      body, authority or agency is required in connection with the issuance and      sale of the Units other than registration of the Units under the 1933 Act      and the registration of the General Partner as a Commodity Pool Operator      with the National Futures Association (the “NFA”) under the Commodities      Exchange Act (the “CEA”) and the filing of the Prospectus with the NFA,      which has been or will be effected, and any necessary qualification under      the securities or blue sky laws of the various jurisdictions in which the      Units are being offered or any requirements for listing under the rules      and regulations of the American Stock Exchange  (“AMEX”); |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | except      as set forth in the Registration Statement and the Prospectus (i) no      Person has the right, contractual or otherwise, to cause the Fund to issue      or sell to it any Units or other equity interests of the Fund, and (ii) no      Person has the right to act as an underwriter or as a financial advisor to      the Fund in connection with the offer and sale of the Units, in the case      of each of the foregoing clauses (i), and (ii), whether as a result of the      filing or effectiveness of the Registration Statement or the sale of the      Units as contemplated thereby or otherwise; no Person has the right,      contractual or otherwise, to cause the General Partner on behalf of the      Fund or the Fund to register under the 1933 Act any other equity interests      of the Fund, or to include any such units or interests in the Registration      Statement or the offering contemplated thereby, whether as a result of the      filing or effectiveness of the Registration Statement or the sale of the      Units as contemplated thereby orotherwise; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (l) | the      General Partner has all necessary licenses, authorizations, consents and      approvals and has made all necessary filings required under any federal,      state, local or foreign law, regulation or rule, and has obtained all      necessary authorizations, consents and approvals from other Persons, in      order to conduct its respective business; the General Partner is not in      violation of, or in default under, or has received notice of any      proceedings relating to revocation or modification of, any such license,      authorization, consent or approval or any federal, state, local or foreign      law, regulation or rule or any decree, order or judgment applicable to the      General Partner; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (m) | all      legal or governmental proceedings, affiliate transactions, off-balance      sheet transactions, contracts, licenses, agreements, leases or documents      of a character required to be described in the Registration Statement or      the Prospectus or to be filed as exhibits to the Registration Statement      have been so described or filed asrequired; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (n) | except      as set forth in the Registration Statement and the Prospectus, there are      no actions, suits, claims, investigations or proceedings pending or      threatened or, to the General Partner’s knowledge after due inquiry,      contemplated to which the General Partner, or (to the extent that is or      could be material in the context of the offering and sale of the Baskets      to the Authorized Purchaser) any of the General Partner’s directors or      officers, is or would be a party or of which any of their respective      properties are or would be subject at law or in equity, before or by any      federal, state, local or foreign governmental or regulatory commission,      board, body, authority or agency; |
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|   | (o) | Spicer      Jeffries LLP, whose report on the audited financial statements of the Fund      is filed with the Commission as part of the Registration Statement and the      Prospectus, are independent public accountants as required by the 1933      Act; |
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|   | (p) | the      audited financial statements included in the Prospectus, together with the      related notes and schedules, present fairly the financial position of the      Fund as of the date indicated and have been prepared in compliance with      the requirements of the 1933 Act and in conformity with generally accepted      accounting principles; there are no financial statements (historical or      pro forma) that are required to be included in the Registration Statement      and the Prospectus that are not included as required; and the Fund does      not have any material liabilities or obligations, direct or contingent      (including any off-balance sheet obligations), not disclosed in the      Registration Statement and theProspectus; |
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|   | (q) | Subsequent      to the respective dates as of which information is given in the      Registration Statement and the Prospectus, and prior to the purchase by      the Authorized Purchaser of the Baskets, there has not been (i) any      material adverse change, (ii) any transaction which is material to the      General Partner or the Fund taken as a whole, (iii) any obligation, direct      or contingent (including any off-balance sheet obligations), incurred by      the General Partner, which is material to the Fund, (iv) any change in the      outstanding indebtedness of the General Partner or the Fund, or (v) any      dividend or distribution of any kind declared, paid or made on the      Units; |
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|   | (r) | the      Fund is not and, after giving effect to the offering and sale of the      Baskets, will not be an “investment company” or an entity “controlled” by      an “investment company,” as such terms are defined in the Investment      Company Act of 1940, as amended (the “Investment Company      Act”); |
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----

|   | (s) | except      as set forth in the Registration Statement and the Prospectus, the General      Partner and the Fund own, or have obtained valid and enforceable licenses      for, or other rights to use, the inventions, patent applications, patents,      trademarks (both registered and unregistered), tradenames, copyrights,      trade secrets and other proprietary information described in the      Registration Statement and the Prospectus as being owned or licensed by      them or which are necessary for the conduct of their respective      businesses, (collectively, “Intellectual Property”); (i) except as set      forth in the Registration Statement and the Prospectus, to the knowledge      of the General Partner or the Fund, there are no third parties who have or      will be able to establish rights to any Intellectual Property, except for      the ownership rights of the owners of the Intellectual Property which is      licensed to the General Partner or the Fund; (ii) to the knowledge of the      General Partner or the Fund, there is no infringement by third parties of      any Intellectual Property; (iii) there is no pending or, to the knowledge      of the General Partner or the Fund, threatened action, suit, proceeding or      claim by others challenging the General Partner’s or the Fund’s rights in      or to any Intellectual Property, and the General Partner and the Fund are      unaware of any facts which could form a reasonable basis for any such      claim; (iv) there is no pending or, to the knowledge of the General      Partner or the Fund, threatened action, suit, proceeding or claim by      others challenging the validity or scope of any Intellectual Property; (v)      there is no pending or, to the knowledge of the General Partner or the      Fund, threatened action, suit, proceeding or claim by others that the      General Partner or the Fund infringes or otherwise violates any patent,      trademark, copyright, trade secret or other proprietary rights of others,      and the General Partner and the Fund are unaware of any facts which could      form a reasonable basis for any such claim; (vi) to the knowledge of the      General Partner or the Fund, there is no patent or patent application that      contains claims that interfere with the issued or pending claims of any of      the Intellectual Property; and (vii) to the knowledge of the General      Partner or the Fund, there is no prior art that may render any patent      application licensed to the General Partner  unpatentable; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (t) | all      tax returns required to be filed by the General Partner have been filed,      and all taxes and other assessments of a similar nature (whether imposed      directly or through withholding) including any interest, additions to tax      or penalties applicable thereto due or claimed to be due from such      entities have been paid; and no tax returns or tax payments are due with      respect to the Fund as of the date of this  Agreement; |
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|   | (u) | the      General Partner has not sent or received any communication regarding      termination of, or intent not to renew, any of the contracts or agreements      referred to or described in, or filed as an exhibit to, the Registration      Statement, and no such termination or non-renewal has been threatened by      the General Partner or any other party to any such contract or      agreement; |
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|   | (v) | on      behalf of the Fund, the General Partner has established and maintains      disclosure controls and procedures (as such term is defined in Rule 13a-14      and 15d-14 under the Exchange Act of 1934, as amended (the “Exchange      Act”), giving effect to the rules and regulations, and SEC staff      interpretations thereunder)); such disclosure controls and procedures are      designed to ensure that material information relating to the Fund, is made      known to the General Partner, and such disclosure controls and procedures      are effective to perform the functions for which they were established; on      behalf of the Fund, the General Partner has been advised of: (i) any      significant deficiencies in the design or operation of internal controls      which could adversely affect the Fund’s ability to record, process,      summarize, and report financial data; and (ii) any fraud, whether or not      material, that involves management or other employees who have a role in      the Fund’s internal controls; and any material weaknesses in internal      controls have been identified for the Fund’s  auditors; |
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----

|  | (w) | any      statistical and market-related data included in the Registration Statement      and the Prospectus are based on or derived from sources that the General      Partner believes to be reliable and accurate, and the General Partner has      obtained the written consent to the use of such data from such sources to      the extent required; and |
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|   | (x) | neither      the General Partner, nor any of the General Partner’s directors, members,      officers, affiliates or controlling Persons has taken, directly or      indirectly, any action designed, or which has constituted or might      reasonably be expected to cause or result in, under the Exchange Act or      otherwise, the stabilization or manipulation of the price of any security      or asset of the Fund to facilitate the sale or resale of the Units; and to      the General Partner’s knowledge after due inquiry, there are no      affiliations or associations between any member of the AMEX and any of the      General Partner’s officers, directors or 5% or greater securityholders,      except as may be set forth in the Registration Statement and the      Prospectus. |
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----

|   | § | .06%      on the Fund’s assets up to$3,000,000,000 |
|--------|--------|----------------------------------------------------------|

----

|   | § | .04%      on the Fund’s assets in excess of$3,000,000,000 |
|--------|--------|-----------------------------------------------------------------|

|   | (a) | to      furnish such information as may be required and otherwise to cooperate in      qualifying the Units for offering and sale under the securities or blue      sky laws of such states and foreign jurisdictions as the Marketing Agent      may reasonably designate and to maintain such qualifications in effect so      long as the Marketing Agent may request during the term of this Agreement;      provided that the Fund shall not be required to qualify as a foreign      corporation or to consent to the service of process under the laws of any      such jurisdiction (except service of process with respect to the offering      and sale of the Units); and to promptly advise the Marketing Agent of the      receipt by the General Partner or the Fund of any notification with      respect to the suspension of the qualification of the Units for sale in      any jurisdiction or the initiation or threatening of any proceeding for      such purpose; |
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|   | (b) | to      take all necessary action to register the Units under the 1933 Act in      order to sell the initial Creation Basket and take, from time to time,      such steps, including payment of the related filing fees, as may be      necessary to register additional Units under the 1933 Act to the end that      all Units sold in additional Creation Baskets will be properly registered      under the 1933 Act and to keep the Registration Statement effective and      current during the term of thisAgreement; |
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|   | (c) | to      make available to the Marketing Agent, as soon as practicable after the      Registration Statement becomes effective, and thereafter from time to      time, furnish to the Marketing Agent, as many copies of the Prospectus (or      of the Prospectus as amended or supplemented if any amendments or      supplements have been made thereto after the effective date of the      Registration Statement) as the Marketing Agent may request for the      purposes contemplated by the 1933Act; |
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----

|   | (d) | to      advise the Marketing Agent promptly and, if requested by the Marketing      Agent, to confirm such advice in writing when the Registration Statement      and any post-effective amendment thereto has become effective, and upon      receipt of request from the Marketing Agent therefore, to file a      post-effective amendment removing any reference to the Marketing Agent      thereunder; |
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|   | (e) | to      prepare, at the expense of the Fund, such amendments or supplements to the      Registration Statement or the Prospectus and to file such amendments or      supplements with the Commission, when and as required, by the 1933 Act,      the Exchange Act, and the rules and regulations of the Commission      thereunder, including if requested by the Marketing Agent; to advise the      Marketing Agent promptly of any proposal to amend or supplement the      Registration Statement or the Prospectus and to provide the Marketing      Agent and the Marketing Agent’s counsel with copies of any such documents      for review and comment within a reasonable amount of time prior to any      proposed filing and to file no such amendment or supplement to which the      Marketing Agent or its counsel shall reasonably object in writing; and to      advise the Marketing Agent promptly, confirming such advice in writing, of      any request by the Commission for amendments or supplements to the      Registration Statement or the Prospectus or for additional information      with respect thereto, or of notice of institution of proceedings for, or      the entry of a stop order suspending the effectiveness of the Registration      Statement and, if the Commission should enter a stop order suspending the      effectiveness of the Registration Statement, to use its best efforts to      obtain the lifting or removal of such order as soon as      possible; |
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|   | (f) | to      file promptly all reports and any information statement required to be      filed by the Fund with the Commission in order to comply with the Exchange      Act and the CEA subsequent to the date of the Prospectus and for so long      as the term of this Agreement; and to provide the Marketing Agent and the      Marketing Agent’s counsel with a copy of such reports and statements and      other documents to be filed by the Fund pursuant to Section 13, 14 or      15(d) of the Exchange Act (excluding filings under Rule 12b-25) and under      17 C.F.R. §4.22 during such period for review and comment within a      reasonable amount of time prior to any proposed filing and to file no such      amendment or supplement to which the Marketing Agent or its counsel shall      reasonably object in writing; |
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|   | (g) | if      necessary or appropriate, to file a registration statement pursuant to      Rule 462(b) under the 1933 Act; |
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|   | (h) | to      advise the Marketing Agent promptly of the happening of any event during      the term of this Agreement which could require the making of any change in      the Prospectus then being used so that such Prospectus would not include      an untrue statement of material fact or omit to state a material fact      necessary to make the statements therein, in the light of the      circumstances under which they are made, not misleading, and, during such      time, to prepare and furnish, at the expense of the Fund, to the Marketing      Agent promptly such amendments or supplements to such Prospectus as may be      necessary to reflect any suchchange; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | to      furnish to the holders of the Fund’s Units as soon as practicable after      the end of each fiscal year an annual report (including a balance sheet      and statements of income and cash flow of the Fund for such fiscal year,      accompanied by a copy of the certificate or report thereon of nationally      recognized independent certified public  accountants); |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | to      furnish to the Marketing Agent a copy of the Registration Statement, as      initially filed with the Commission, and of all amendments thereto      (including all exhibits thereto); |
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|   | (k) | to      (1) furnish to the Marketing Agent promptly during the term of this      Agreement (i) copies of any reports, proxy statements, or other      communications which are sent to the holders of the Fund’s Units or shall      from time to time publish or publicly disseminate, (ii) copies of all      annual, quarterly and current reports filed with the Commission on Forms      10-K, 10-Q and 8-K, or such other similar forms as may be designated by      the Commission, (iii) copies of documents or reports filed with the AMEX,      (iv) copies of documents or reports filed with the NFA and with the      Commodity Futures Trading Commission, and (v) such other information as      the Marketing Agent may reasonably request regarding the Fund; and (2)      make available for inspection by the Marketing Agent, its attorneys,      accountants and other advisors or agents, all financial and other records,      pertinent corporate documents and properties, and cause the officers,      directors and employees of the General Partner and independent accountants      to supply all information reasonably requested by the Marketing Agent, its      attorneys, accountants and other advisors and  agents; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (l) | to      use its best efforts to cause the Units to be listed on the      AMEX; |
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|  | (m) | to      furnish to the Marketing Agent (i) at the time of the purchase of the      initial Creation Basket by the Initial Authorized Purchaser and (ii) at      such other times as the Marketing Agent reasonably requests, which may      include when the Registration Statement or the Prospectus is amended or      supplemented, and an opinion of Sutherland Asbill & Brennan LLP,      counsel for the General Partner, addressed to the Marketing Agent and      substantially in the form attached hereto as Exhibit  B; |
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|   | (n) | to      cause Spicer Jeffries LLP to deliver to the Marketing Agent (i) at the      time of the effectiveness of the purchase of the Baskets by the Authorized      Purchaser and (ii) at each time (A) the Registration Statement or the      Prospectus is amended or supplemented by the filing of a post-effective      amendment, (B) a new Registration Statement is filed to register      additional Units in reliance on Rule 429, and there is financial      information incorporated by reference into the Registration Statement or      the Prospectus, letters dated such dates and addressed to the Marketing      Agent, containing statements and information of the type ordinarily      included in accountants’ letters to underwriters with respect to the      financial statements and other financial information contained in or      incorporated by reference into the Registration Statement and the      Prospectus; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (o) | to      deliver to the Marketing Agent (i) at the time of the effectiveness of the      purchase of a Creation Basket by an Authorized Purchaser, (ii) at each      time the Registration Statement or the Prospectus is amended or      supplemented, (iii) at each time the Registration Statement or the      Prospectus files any report, statement or other document pursuant to      Section 13, 14 or 15(d) of the Exchange Act (excluding filings required by      Rule 12b-25), and (iv) at such other times as the Marketing Agent      reasonably requests, an officer’s certificate in the form attached as      Exhibit D hereto; |
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|   | (p) | to      furnish to the Marketing Agent (i) at the time of the effectiveness of the      purchase of a Creation Basket by an Authorized Purchaser and (ii) at each      time (A) the Registration Statement or the Prospectus is amended or      supplemented, (iii) at each time the Fund files any report, statement or      other document pursuant to Section 13, 14 or 15(d) of the Exchange Act      (excluding filings required by Rule 12b-25), and (iv) at such other times      as the Marketing Agent reasonably requests, such other documents and      certificates as of such dates as the Marketing Agent may reasonably      request; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (q) | to      cause the Fund to file a post-effective amendment to the Registration      Statement no less frequently than once per calendar quarter on or about      the same time that the Fund files a quarterly or annual report pursuant to      Section 13 or 15(d) of the Exchange Act (including the information      contained in such report), until such time as the Fund’s reports filed      pursuant to Section 13 or 15(d) of the Exchange Act are incorporated by      reference in the RegistrationStatement. |
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|   | (a) | The      General Partner and the Marketing Agent will develop the Fund and its      marketing plan prior to the effective date of the Registration Statement      in accordance with the provisions of this Section 6.1 and the marketing      strategy as described in Exhibit C. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      General Partner and the Marketing Agent will use commercially reasonable      efforts to commit sufficient resources to finalize the Registration      Statement and the governing documents of the Fund and the Fund’s service      providers, communicate with the Commission to obtain approval of the      Registration Statement and communicate with the AMEX to obtain approval of      the listing of the Units on theAMEX. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | The      General Partner and the Marketing Agent will market the Fund and the Units      on an ongoing basis after the Registration Statement is declared effective      and the Units have been listed on the AMEX in accordance with the      provisions of this Section 6.2. |
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|   | (b) | Subject      to necessary regulatory approvals and compliance with all applicable legal      and regulatory requirements, the Marketing Agent  shall: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | in      good faith, and subject to existing market conditions, use      commercially-reasonable efforts to market the Fund;  and |
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|   | (ii) | include      crude oil in strategic and tactical research of the Marketing      Agent. |
|--------|------|----------------------------------------------------------------------------------------|

|   | (c) | The      Marketing Agent shall provide the General Partner with copies of all      written marketing materials distributed by it connected with the      Fund. |
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|   | (d) | The      Marketing Agent shall process orders for Baskets as set forth in the      Authorized Purchaser Agreement. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------|

|   | (a) | In      order to oversee the pre-launch development and post-launch performance of      the Fund on a regular basis, the partiesshall: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | conduct      at least once each calendar quarter in which the annual review described      in clause (ii) below is not conducted, a review of the performance of the      Fund, with such review to include the senior management of the General      Partner and the senior management of the Marketing Agent and to cover such      topics as asset growth/decline, sales strategy, new business efforts, new      product initiatives and stock exchange trading activity;    and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | conduct      at least once each calendar year, a review of the overall performance of      the Fund, which will include a review of the most recent quarterly period,      with such review to include the chief executive officer of the General      Partner and senior management of the Marketing Agent and to cover such      topics as strategic direction and new business  initiatives. |
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|   | (b) | Prior      to each of the quarterly and annual reviews which will take place pursuant      to this Section 6.3, the General Partner and the Marketing Agent will      jointly prepare and circulate among the parties, a report covering the      quarterly or annual period which is the subject of each review, with such      report to cover such topics describedabove. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|   | (a) | any      untrue statement or alleged untrue statement of a material fact contained      in the Registration Statement (or in the Registration Statement as amended      or supplement) or in a Prospectus (the term Prospectus for the purpose of      this Section 7 being deemed to include the Prospectus and the Prospectus      as amended or supplemented), or arises out of or is based upon any      omission or alleged omission to state a material fact required to be      stated in either such Registration Statement or such Prospectus or      necessary to make the statements made therein not misleading, except      insofar as any such loss, damage, expense, liability or claim arises out      of or is based upon any untrue statement or alleged untrue statement of a      material fact contained in and in conformity with information concerning      the Marketing Agent furnished in writing by or on behalf of the Marketing      Agent to the General Partner expressly for use in such Registration      Statement or such Prospectus; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any      untrue statement or alleged untrue statement of a material fact or breach      by the General Partner of any representation or warranty contained in      Section 2 hereof or in any certificate delivered by the General Partner      pursuant to paragraph (o) of Section 5.1hereof; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the      failure by the General Partner to perform when and as required any      agreement or covenant containedherein; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------|

|   | (d) | any      untrue statement of any material fact contained in any audio or visual      materials provided by the General Partner or based upon written      information furnished by or on behalf of the General Partner including,      without limitation, slides, videos, films or tape recordings used in      connection with the marketing of theUnits; |
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|   | (e) | the      Marketing Agent’s performance of its duties under this Agreement except in      the case of this clause (e), for any loss, damage, expense, liability or      claim resulting from the gross negligence or willful misconduct of the      Marketing Agent; provided, however, that the indemnity agreement contained      in clause (a) above with respect to any amended Preliminary Prospectus      shall not inure to the benefit of the Marketing Agent (or to the benefit      of any Person controlling the Marketing Agent) from whom the Person      asserting any such loss, damage, expense, liability or claim purchased the      Units which is the subject thereof if the Prospectus corrected any such      alleged untrue statement or omission in any case where the Marketing Agent      was required to send or give a copy of the Prospectus to such Person by      the 1933 Act, the General Partner had notified the Marketing Agent of the      amendment or supplement prior to the sending of the written confirmation      of sale and the Marketing Agent failed to send or give a copy of the      Prospectus to such Person, unless the failure is the result of      noncompliance by the General Partner with paragraph (c) of Section 5.1      hereof. |
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|   | (a) | The      General Partner and the Marketing Agent shall during the Term and for one      (1) year thereafter maintain in confidence, use only for the purposes      provided for in this Agreement, and not disclose to any third party,      without first obtaining the other party’s consent in writing, any and all      Confidential Information (as defined below) such party receives from the      other party; provided, however, that either party may disclose      Confidential Information received from the other party to those of its      Representatives as may be necessary for such party to carry out its      obligations under this Agreement. |
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|   | “Confidential      Information” shall mean all information or data of a party that is      disclosed to or received by the other party, whether orally, visually or      in writing, in any form, including, without limitation, information or      data which relates to such party’s business or operations, research and      development, marketing plans or activities, or actual or potential      products. |
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|   | (b) | Notwithstanding      the provisions of this Agreement to the contrary, a party shall have no      liability to the other party for the disclosure or use of any Confidential      Information of the other party if the Confidential      Information: |
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|   | (i) | is      known to such party at the time of disclosure other than as the result of      a breach of this Section 9 by suchparty; |
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|   | (ii) | has      been or becomes publicly known, other than as the result of a breach of      this Section 9 by such party, or has been or is publicly disclosed by the      other party; |
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|   | (iii) | is      received by such party after the date of this Agreement from a third party      (unless such third party breaches an obligation of confidentiality to the      other party); or |
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|   | (iv) | is      required to be disclosed by Law or similar compulsion or in connection      with any legal proceeding, provided that such party shall promptly inform      the other party in writing of such requirement and that such disclosure      shall be limited to the extent so required and, except to the extent      prohibited by Law, such party shall reasonably cooperate with the other      party (at the expense of the other party) in seeking a protective order or      other suitable confidentialityprotections. |
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|   | (c) | The      parties recognize and acknowledge that a breach or threatened breach by a      party of the provisions of this Section 9 may cause irreparable and      material loss and damage to the other party which cannot be adequately      remedied at law and that, accordingly, in addition to, and not in lieu of,      any damages or other remedy to which the non-breaching party may be      entitled, the issuance of an injunction or other equitable remedy (without      the requirement that a bond or other security be posted) is an appropriate      remedy for the non-breaching party for any breach or threatened breach of      the obligations set forth in this Section9. |
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|   | (d) | Each      party agrees that it will use the same degree of care, but no less than a      reasonable degree of care, in safeguarding the Confidential Information of      the other party as it uses for its own Confidential Information of a      similar nature. Each party shall promptly notify the other party in      writing of any misuse, misappropriation or unauthorized disclosure of the      Confidential Information of the other party which may come to such party’s      attention. |
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|   | (e) | Upon      the termination of this Agreement, if requested in writing by a party, the      other party shall, at such party’s option, promptly destroy or return to      the party all Confidential Information received from the other party, all      copies and extracts of such Confidential Information and all documents or      other media containing any such Confidential  Information. |
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|   | (a) | All      questions concerning the construction, interpretation and validity of this      Agreement shall be governed by, and construed and enforced in accordance      with, the domestic laws of the State of New York, without giving effect to      any choice or conflict of law provision or rule (whether in the State of      New York or any other jurisdiction) that would cause the application of      the laws of any jurisdiction other than the State of New York. In      furtherance of the foregoing, the internal law of the State of New York      will control the interpretation and construction of this Agreement, even      if under such jurisdiction’s choice of law or conflict of law analysis,      the substantive law of some other jurisdiction would ordinarily or      necessarily apply. |
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|   | (b) | Each      party irrevocably consents and agrees, for the benefit of the other      parties, that any legal action, suit or proceeding against it with respect      to its obligations, liabilities or any other matter arising out of or in      connection with this Agreement may be brought in the courts of the State      of New York and hereby irrevocably consents and submits to the      non-exclusive jurisdiction of each such court in Personam, generally and      unconditionally with respect to any action, suit or proceeding for itself      and in respect of its properties, assets and revenues. Each party      irrevocably waives any immunity to jurisdiction to which it may otherwise      be entitled or become entitled (including sovereign immunity, immunity to      pre-judgment attachment and execution) in any legal suit, action or      proceeding against it arising out of or based on this Agreement or the      transactions contemplated hereby or thereby which is instituted in any      court of the State of New York. |
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| VICTORIA      BAY ASSET MANAGEMENT, LLC                         |
|-----------------------------------------------------------------|
|                                                            |   |
| By:                                                             | /s/      Howard Mah |   |
| Name:      Howard Mah                                           |
| Title:      Managing Director                                   |
|                                                            |   |
| UNITED      STATES 12 MONTH OIL FUND, LP                        |
| By:      Victoria Bay Asset Management, LLC, as General Partner |
|                                                            |   |
| By:                                                             | /s/      Howard Mah |   |
| Name:      Howard Mah                                           |
| Title:      Managing Director                                   |
|                                                            |   |
| ALPS      DISTRIBUTORS, INC.                                    |
|                                                            |   |
| By:                                                             | /s/      Jeremy O. May |   |
| Name:      Jeremy O. May                                        |
| Title:      ManagingDirector                                    |

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