Document:

Unassociated Document

    
      Exhibit
10.9

    

     

    REGISTRATION
RIGHTS AGREEMENT

     

    REGISTRATION
RIGHTS AGREEMENT (this “Agreement”), dated as of March
29, 2010, by and among Seaospa, Inc., a Nevada corporation (the “Company”), and each of the
undersigned (individually a “Holder” and collectively, the
“Holders”).

     

    WHEREAS:

     

    A.           In connection with a Share Exchange
Agreement by and among the parties hereto of even date herewith (the
“Exchange
Agreement”), the holders
of outstanding equity securities of Thwapr, Inc., a Delaware corporation
(“Thwapr”), shall
acquire approximately 90% of the issued and outstanding common stock of the
Company and Thwapr shall be come a wholly-owned subsidiary of the
Company.

     

    B.           The
Holders are current stockholders of the Company, and will remain stockholders of
the Company following the closing of the Exchange Agreement.

     

    C.           The
Company has agreed, upon the terms and subject to the conditions contained
herein, to provide the Holders with certain registration rights with respect to
the number of shares of the Company’s common stock set forth on Exhibit A hereto (the
“Common
Shares”).

     

    NOW, THEREFORE, in
consideration of the premises and the mutual covenants contained herein and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Company and each of the Holders hereby agree as
follows:

     

    1.           DEFINITIONS.

     

    a.           As
used in this Agreement, the following terms shall have the following
meanings:

     

    (i)           “Holders” means the Holders and
any transferee or assignee who agrees to become bound by the provisions of this
Agreement in accordance with Section 6 hereof.

     

    (ii)          “register,” “registered,” and “registration” refer to a
registration effected by preparing and filing a Registration Statement in
compliance with the 1933 Act and pursuant to Rule 415 under the 1933 Act or any
successor rule providing for offering securities on a continuous basis (“Rule 415”), and the
declaration or ordering of effectiveness of such Registration Statement by the
United States Securities and Exchange Commission (the “SEC”).

     

    (iii)        “Registrable Securities” means
the Common Shares.

     

    (iv)         “Registration Statement” means
a registration statement of the Company under the 1933 Act.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    2.           REGISTRATION.

     

    a.           If
the Company shall determine to register any of its securities for account of a
security holder or holders acquiring shares of common stock (“Financing Shares”) of the
Company in one or more financings within twelve (12) months after the date
hereof the Company will use commercially reasonable best efforts to include in
such Registration Statement covering the resale of the Registrable Securities,
and use commercially reasonable efforts to cause the Registration Statement
declared effective; provided, however, that the amount of Registrable Securities
(excluding the Registrable Securities held by Yossi Benitah and Yakov Terner) to
be included in the Registration Statement shall be limited to not less than 100%
of the maximum amount of the Registrable Securities which may be included in a
single registration statement without exceeding registration limitations imposed
the SEC pursuant to Rule 415, provided, further, that the amount of Registrable
Securities held by Yossi Benitah and Yakov Terner to be included in the
Registration Statement shall be limited to the extent of any registration
limitations imposed by the SEC pursuant to Rule 415, and provided, further, that
the Company shall not be obligated to the Holders for any penalties or damages,
liquidated or otherwise, if the Registration Statement is not declared
effective.

     

    b.           Except
as specifically otherwise set forth herein, any registration pursuant to Section
2.a, will be on the terms and conditions (including termination, cut backs,
etc.) agreed upon between the Company and the holders of Financing Shares as if
the Holders were holders of Financing Shares.

     

    c.           The
Company will pay all expenses  associated with the registration,
including, without limitation, filing and printing fees, and the Company’s
counsel and accounting fees and expenses and costs, if any, associated with
clearing the Registrable Securities for sale under applicable state securities
laws, but not any fees or expenses of the Holders, including any counsel to the
Holders.

     

    d.           The
Company will use commercially reasonable efforts to cause the Registration
Statement to remain continuously effective for a period (the “Effectiveness Period”) that
will terminate upon the earlier of (x) the date on which all the Registrable
Securities covered by the Registration Statement have been sold or (y) the date
on which all the Registrable Securities covered by the Registration Statement
may be sold immediately without registration under the Securities Act and
without volume restrictions pursuant to Rule 144(b), as determined by reputable
United States securities counsel to the Company pursuant to a written opinion
letter to such effect, addressed and acceptable to the Company’s transfer agent
and the affected Holder,
and will
advise the Holders when the Effectiveness Period has expired with respect to the
Holders.

     

    3.           OBLIGATIONS OF THE
HOLDERS.

     

    In
connection with the registration of the Registrable Securities, the Holders
shall have the following obligations:

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    a.           It
shall be a condition precedent to the obligations of the Company to complete the
registration pursuant to this Agreement with respect to the Registrable
Securities of a particular Holder that such Holder shall furnish to the Company
such information regarding itself, the Registrable Securities held by it and the
intended method of disposition of the Registrable Securities held by it as shall
be reasonably required to effect the registration of such Registrable Securities
and shall execute such documents in connection with such registration as the
Company may reasonably request.

     

    b.           Each
Holder, by such Holder’s acceptance of the Registrable Securities, agrees to
cooperate with the Company as reasonably requested by the Company in connection
with the preparation and filing of any Registration Statement hereunder, unless
such Holder has notified the Company in writing of such Holder’s election to
exclude all of such Holder’s Registrable Securities from any Registration
Statement.

     

    c.           Each
Holder agrees to immediately discontinue disposition of Registrable Securities
pursuant to any registration statement upon notice from the Company of (x) the
issuance of any stop order or other suspension of effectiveness of any
Registration Statement by the SEC, or the suspension of the qualification of any
of the Registrable Securities for sale in any jurisdiction by the applicable
regulatory authorities or (y) the happening of any event, as promptly as
practicable after becoming aware of such event, as a result of which the
prospectus included in any Registration Statement, as then in effect, includes
an untrue statement of a material fact or omission 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 or
(z) the failure of the prospectus included in any Registration Statement,
as then in effect, to comply with the requirements of the Securities Act, until
the Holder’s receipt of a supplemented or amended prospectus or receipt of
notice that no supplement or amendment is required.

     

    4.           INDEMNIFICATION.

     

    In the
event of a registration of any Registrable Securities under this
Agreement:

     

    a.           The
Company will, to the extent permitted by law, indemnify and hold harmless each
Holder, its officers, directors and other person, if any, who controls such
Holder within the meaning of the 1933 Act, against any losses, claims, damages
or liabilities, joint or several, to which such Holder or such controlling
person may become subject under the 1933 Act or otherwise, insofar as such
losses, claims, damages or liabilities (or actions in respect thereof) arise out
of or are based upon any untrue statement or alleged untrue statement of any
material fact contained in any Registration Statement, any preliminary
prospectus or final prospectus contained therein, or any amendment or supplement
thereof, or arise out of or are based upon the omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make
the statements therein not misleading in light of the circumstances when made,
and will subject to the provisions of Section 4.c reimburse such Holder and each
such controlling person for any legal or other expenses reasonably incurred by
them in connection with investigating or defending any such loss, claim, damage,
liability or action; provided, however, that the Company shall not be liable to
such Holder or any such controlling person to the extent that any such damages
arise out of or are based upon an untrue statement or omission made in any
preliminary prospectus if (i) such Holder failed to send or deliver a copy of
the final prospectus delivered by the Company to such Holder with or prior to
the delivery of written confirmation of the sale by such Holder to the person
asserting the claim from which such damages arise, (ii) the final prospectus
would have corrected such untrue statement or alleged untrue statement or such
omission or alleged omission, or (iii) to the extent that any such loss, claim,
damage or liability arises out of or is based upon an untrue statement or
alleged untrue statement or omission or alleged omission so made in conformity
with information furnished by any Holder or any controlling person in writing
specifically for use in any Registration Statement or prospectus.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    b.           Each
Holder severally but not jointly will, to the extent permitted by law, indemnify
and hold harmless the Company, and each person, if any, who controls the Company
within the meaning of the 1933 Act, each officer of the Company who signs a
Registration Statement, and each director of the Company, against all losses,
claims, damages or liabilities, joint or several, to which the Company or such
officer, director or controlling person may become subject under the 1933 Act or
otherwise, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon any untrue statement or alleged
untrue statement of any material fact contained in any Registration Statement,
any preliminary prospectus or final prospectus contained therein, or any
amendment or supplement thereof, or arise out of or are based upon the omission
or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading, and will
reimburse the Company and each such officer, director and controlling person for
any legal or other expenses reasonably incurred by them in connection with
investigating or defending any such loss, claim, damage, liability or action,
provided, however, that such Holder will be liable hereunder in any such case if
and only to the extent that any such loss, claim, damage or liability arises out
of or is based upon an untrue statement or alleged untrue statement or omission
or alleged omission made in reliance upon and in conformity with information
pertaining to such Holder, as such, furnished in writing to the Company by such
Holder specifically for use in any Registration Statement or prospectus, and
provided, further, however, that the liability of such Holder hereunder shall be
limited to the net proceeds actually received by such Holder from the sale of
Registrable Securities covered by a Registration Statement.

     

    c.           Promptly
after receipt by an indemnified party hereunder of notice of the commencement of
any action, such indemnified party shall, if a claim in respect thereof is to be
made against the indemnifying party hereunder, notify the indemnifying party in
writing thereof, but the omission so to notify the indemnifying party shall not
relieve it from any liability which it may have to such indemnified party other
than under this Section 4.c and shall only relieve it from any liability which
it may have to such indemnified party under this Section 4.c except and only if
and to the extent the indemnifying party is prejudiced by such omission. In case
any such action shall be brought against any indemnified party and it shall
notify the indemnifying party of the commencement thereof, the indemnifying
party shall be entitled to participate in and, to the extent it shall wish, to
assume and undertake the defense thereof with counsel satisfactory to such
indemnified party, and, after notice from the indemnifying party to such
indemnified party of its election so to assume and undertake the defense
thereof, the indemnifying party shall not be liable to such indemnified party
under this Section 4.c for any legal expenses subsequently incurred by such
indemnified party in connection with the defense thereof other than reasonable
costs of investigation and of liaison with counsel so selected, provided,
however, that, if the defendants in any such action include both the indemnified
party and the indemnifying party and the indemnified party shall have reasonably
concluded that there may be reasonable defenses available to it which are
different from or additional to those available to the indemnifying party or if
the interests of the indemnified party reasonably may be deemed to conflict with
the interests of the indemnifying party, the indemnified parties, as a group,
shall have the right to select one separate counsel and to assume such legal
defenses and otherwise to participate in the defense of such action, with the
reasonable expenses and fees of such separate counsel and other expenses related
to such participation to be reimbursed by the indemnifying party as
incurred.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    5.           CONTRIBUTION.

     

    To the
extent any indemnification by an indemnifying party is prohibited or limited by
law, the indemnifying party agrees to make the maximum contribution with respect
to any amounts for which it would otherwise be liable under Section 4 to the
fullest extent permitted by law; provided, however, that  no contribution
shall be made under circumstances where the maker would not have been liable for
indemnification under the fault standards set forth in Section 4,  no
seller of Registrable Securities guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution
from any seller of Registrable Securities who was not guilty of such fraudulent
misrepresentation, and contribution (together with any indemnification or other
obligations under this Agreement) by any seller of Registrable Securities shall
be limited in amount to the net amount of proceeds received by such seller from
the sale of such Registrable Securities.

     

    6.           ASSIGNMENT OF REGISTRATION
RIGHTS.

     

    The
rights under this Agreement shall be automatically assignable by the Holders to
any transferee of all or any portion of Registrable Securities if: (i) the
Holder agrees in writing with the transferee or assignee to assign such rights,
and a copy of such agreement is furnished to the Company within a reasonable
time after such assignment, (ii) the Company is, within a reasonable time
after such transfer or assignment, furnished with written notice of  the
name and address of such transferee or assignee, and  the securities with
respect to which such registration rights are being transferred or assigned,
(iii) following such transfer or assignment, the further disposition of such
securities by the transferee or assignee is restricted under the 1933 Act and
applicable state securities laws, (iv) at or before the time the Company
receives the written notice contemplated by clause (ii) of this sentence, the
transferee or assignee agrees in writing with the Company to be bound by all of
the provisions contained herein, (v) such transfer shall have been made in
accordance with the applicable requirements of the Purchase Agreement, and (vi)
such transferee shall be an “accredited investor” as that
term defined in Rule 501 of Regulation D promulgated under the 1933
Act.

     

    7.           AMENDMENT OF REGISTRATION
RIGHTS.

     

    Provisions
of this Agreement may be amended and the observance thereof may be waived
(either generally or in a particular instance and either retroactively or
prospectively), only with written consent of the Company, and Holders who in the
aggregate hold 25% of the Registrable Securities.  Any amendment or
waiver effected in accordance with this Section 7 shall be binding upon each
Holder and the Company.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    8.           MISCELLANEOUS.

     

    a.           A
person or entity is deemed to be a holder of Registrable Securities whenever
such person or entity owns of record such Registrable Securities.  If
the Company receives conflicting instructions, notices or elections from two or
more persons or entities with respect to the same Registrable Securities, the
Company shall act upon the basis of instructions, notice or election received
from the registered owner of such Registrable Securities.

     

    b.           Any
and all notices and other communications hereunder shall be in writing and shall
be deemed duly given to the party to whom the same is so delivered, sent or
mailed at addresses and contact information set forth on the signature pages
hereto (or at such other address for a party as shall be specified by like
notice.)  Any and all notices or other communications or deliveries
required or permitted to be provided hereunder shall be deemed given and
effective on the earliest of: (a) on the date of transmission, if such notice or
communication is delivered via facsimile at the facsimile number set forth on
the signature pages attached hereto prior to 5:30 p.m. (Pacific Standard Time)
on a business day, (b) on the next business day after the date of transmission,
if such notice or communication is delivered via facsimile at the facsimile
number set forth on the signature pages attached hereto on a day that is not a
business day or later than 5:30 p.m. (Pacific Standard Time) on any business
day, (c) on the second business day following the date of mailing, if sent by a
nationally recognized overnight courier service, or (d) if by personal delivery,
upon actual receipt by the party to whom such notice is required to be
given..

     

    c.           Failure
of any party to exercise any right or remedy under this Agreement or otherwise,
or delay by a party in exercising such right or remedy, shall not operate as a
waiver thereof.

     

    d.           
THIS AGREEMENT SHALL BE ENFORCED, GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEVADA APPLICABLE TO AGREEMENTS MADE AND TO BE
PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO THE PRINCIPLES OF
CONFLICT OF LAWS.  THE PARTIES HERETO HEREBY SUBMIT TO THE EXCLUSIVE
JURISDICTION OF THE UNITED STATES FEDERAL COURTS LOCATED IN LAS VEGAS, NEVADA,
WITH RESPECT TO ANY DISPUTE ARISING UNDER THIS AGREEMENT, THE AGREEMENTS ENTERED
INTO IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.
BOTH PARTIES IRREVOCABLY WAIVE THE DEFENSE OF AN INCONVENIENT FORUM TO THE
MAINTENANCE OF SUCH SUIT OR PROCEEDING.  BOTH PARTIES FURTHER AGREE
THAT SERVICE OF PROCESS UPON A PARTY MAILED BY FIRST CLASS MAIL SHALL BE DEEMED
IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON THE PARTY IN ANY SUCH SUIT OR
PROCEEDING.  NOTHING HEREIN SHALL AFFECT EITHER PARTY’S RIGHT TO SERVE
PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.  BOTH PARTIES AGREE THAT
A FINAL NON-APPEALABLE JUDGMENT IN ANY SUCH SUIT OR PROCEEDING SHALL BE
CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON SUCH JUDGMENT
OR IN ANY OTHER LAWFUL MANNER.  THE PARTY WHICH DOES NOT PREVAIL IN
ANY DISPUTE ARISING UNDER THIS AGREEMENT SHALL BE RESPONSIBLE FOR ALL FEES AND
EXPENSES, INCLUDING ATTORNEYS’ FEES, INCURRED BY THE PREVAILING PARTY IN
CONNECTION WITH SUCH DISPUTE.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    e.           In
the event that any provision of this Agreement is invalid or unenforceable under
any applicable statute or rule of law, then such provision shall be deemed
inoperative to the extent that it may conflict therewith and shall be deemed
modified to conform with such statute or rule of law.  Any provision
hereof which may prove invalid or unenforceable under any law shall not affect
the validity or enforceability of any other provision hereof.

     

    f.           This
Agreement constitutes the entire agreement among the parties hereto with respect
to the subject matter hereof and thereof.  There are no restrictions,
promises, warranties or undertakings, other than those set forth or referred to
herein.  This Agreement supersede all prior agreements and
understandings among the parties hereto with respect to the subject matter
hereof.

     

    g.           Subject
to the requirements of Section 6 hereof, this Agreement shall be binding upon
and inure to the benefit of the parties and their successors and
assigns.

     

    h.           The
headings in this Agreement are for convenience of reference only and shall not
form part of, or affect the interpretation of, this Agreement.

     

    i.           This
Agreement may be executed in two or more counterparts, each of which shall be
deemed an original but all of which shall constitute one and the same agreement
and shall become effective when counterparts have been signed by each party and
delivered to the other party.  This Agreement, once executed by a
party, may be delivered to the other party hereto by facsimile transmission of a
copy of this Agreement bearing the signature of the party so delivering this
Agreement.

     

    j.           Each
party shall do and perform, or cause to be done and performed, all such further
acts and things, and shall execute and deliver all such other agreements,
certificates, instruments and documents, as the other party may reasonably
request in order to carry out the intent and accomplish the purposes of this
Agreement and the consummation of the transactions contemplated
hereby.

     

    k.           Except
as otherwise provided herein, all consents and other determinations to be made
by the Holders pursuant to this Agreement shall be made by Holders holding a
majority of the Registrable Securities.

     

    l.           The
language used in this Agreement will be deemed to be the language chosen by the
parties to express their mutual intent, and no rules of strict construction will
be applied against any party.

     

    [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    IN WITNESS WHEREOF, the
Company and the undersigned Holders have caused this Agreement to be duly
executed as of the date first above written.

     

    
      
        
          	 
      	 
      	
                  Address for Notices:

                
	
                  SEAOSPA,
      INC.

                	 
      	 
      
	 
      	 
      	
                  220
      12th
      Avenue, 3rd
      Floor

                
	 
      	 
      	
                  New
      York, New York 10001

                
	 
      	 
      	
                  Attention:  Barry
      Hall

                
	 
      	 
      	
                  Facsimile
      No.:  (212) 537-5804

                
	
                  By:

                	 
      	 
      	 
      
	
                  Name:
      Barry Hall

                	 
      	 
      
	
                  Title:  Chief
      Financial Officer

                	 
      	 
      
	 
      	 
      	 
      

        

      

    

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    

    HOLDERS:

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        	 
      	 
      	
                                                                                Address for Notices:

                                                                              
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                                                                                Yossi
      Benitah

                                                                              	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                                                                                facsimile:

                                                                              	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                                                                                Yakov
      Terner

                                                                              	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                                                                                facsimile:

                                                                              	  
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                                                                                Yaron
      Borenstein

                                                                              	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                                                                                facsimile:

                                                                              	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                                                                                Ophir
      Even

                                                                              	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                                                                                facsimile:

                                                                              	  
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                                                                                Bronia
      Fruhter

                                                                              	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                                                                                facsimile:

                                                                              	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                                                                                Gideon
      Reifman

                                                                              	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                                                                                facsimile:

                                                                              	 
      

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    Exhibit
A

    

    
      
        
          
            	
                    Holder

                  	 	
                    Number of Common Shares

                  
	
                    Yossi
      Benitah

                  	 	
                    1,500,000

                  
	
                    Yakov
      Terner

                  	 	
                    1,500,000

                  
	
                    Yaron
      Borenstein

                  	 	
                    241,800

                  
	
                    Ophir
      Even

                  	 	
                    227,500

                  
	
                    Bronia
      Fruhter

                  	 	
                    258,000

                  
	
                    Gideon
      Reifman

                  	 	
                    278,867Exhibit
10.1

    FORM
OF

    UNITED
STATES BRENT OIL FUND, LP

    AUTHORIZED
PURCHASER AGREEMENT

    

    This
United States Brent Oil Fund, LP Authorized Purchaser Agreement (the
“Agreement”), dated as of [__________________], is entered into by and among
United States Brent Oil Fund, LP (the “Fund”), United States Commodity Funds
LLC, a Delaware limited liability company and the general partner of United
States Brent Oil Fund, LP (the “General Partner”), on behalf of itself and as
General Partner of United States Brent Oil Fund, LP, and [AUTHORIZED PURCHASER],
a [STATE/ TYPE OF ENTITY] (the “Authorized Purchaser”).

    

    SUMMARY

    

    The
General Partner serves in its capacity as General Partner of United States Brent
Oil Fund, LP (the “Fund”) pursuant to the Limited Partnership Agreement dated as
of the day the first Creation Basket is sold and the proceeds are invested
(substantially in the form attached hereto) between the General Partner and the
Limited Partners of the Fund (the “Partnership
Agreement”).   Brown Brothers Harriman Co. (the “Administrator”
or “Custodian”) and ALPS Distributors (the “Marketing Agent”) each serve as
agents of the General Partner for all purposes of this Agreement, and all
references to agreements, obligations or duties of the Administrator, Custodian
or Marketing Agent herein shall be deemed references to agreements, obligations
of duties of the General Partner acting through the relevant
agent.  As provided in the Partnership Agreement and described in the
Fund’s prospectus (the “Prospectus”), as supplemented and amended from time to
time, Units of fractional undivided beneficial interest in and ownership of the
limited partnership (the “Units”) may be created or redeemed through the
Marketing Agent by the Authorized Purchaser in aggregations of one hundred
thousand (100,000) Units (each aggregation, a “Creation Basket” or “Redemption
Basket,” respectively; collectively, “Baskets”).  Creation Baskets are
offered only pursuant to the most recent registration statement of the Fund, as
declared effective by the Securities and Exchange Commission (the “SEC”) and as
the same may be amended from time to time thereafter (collectively, the
“Registration Statement”).  Authorized Purchasers are the only persons
that may place orders to create and redeem Creation Baskets or Redemption
Baskets.

    

    Capitalized
terms used but not defined in this Agreement shall have the meanings assigned to
such terms in the Prospectus.  To the extent there is a conflict
between any provision of this Agreement other than the indemnities provided in
Section 9 and the provisions of the Prospectus, the provisions of the Prospectus
shall control.

    

    To give
effect to the foregoing premises and in consideration of the mutual covenants
and agreements set forth below, the parties hereto agree as
follows:

    

    Section 1.  Order
Placement.

    To place
an order for the creation or redemption of one or more Baskets, an Authorized
Purchaser must follow the procedures for creation and redemption referred to in
Section 3 of this Agreement and attached to this Agreement as Exhibit A;
provided, however, that in the case of an Authorized Purchaser’s initial order
to purchase one or more Creation Baskets on the first day the Baskets are to be
offered and sold, the procedures for creation will be as attached to this
Agreement as Exhibit A-1.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Section 2.  Status and
Obligations of Authorized Purchaser.

    The
Authorized Purchaser represents and warrants and covenants the
following:

    

    (a)           The
Authorized Purchaser is a participant of the Depository Trust Company (“DTC”)
(as such a participant, a “DTC Participant”).  If the Authorized
Purchaser ceases to be a DTC Participant, the Authorized Purchaser shall
give  prompt notice to the General Partner of such event, and this
Agreement shall terminate immediately as of the date the Authorized Purchaser
ceased to be a DTC Participant.

    

    (b)           Unless
Section 2(c) applies, the Authorized Purchaser either (i) is registered as a
broker-dealer under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), and is a member in good standing of the Financial Industry
Regulatory Authority (“FINRA”), or (ii) is exempt from being, or otherwise is
not required to be, licensed as a broker-dealer or a member of FINRA, and in
either case is qualified to act as a broker or dealer in the states or other
jurisdictions where the nature of its business so requires.  The
Authorized Purchaser will maintain any such registrations, qualifications and
membership in good standing and in full force and effect throughout the term of
this Agreement.  The Authorized Purchaser will comply with all
applicable federal law, the laws of the states or other jurisdictions concerned,
and the rules and regulations promulgated thereunder, including, but not limited
to those applicable to securities and commodities transactions, and with the
Constitution, By-Laws and Conduct Rules of FINRA (if it is a FINRA member) to
the extent the foregoing relate to the Authorized Purchaser’s transactions in,
and activities with respect to the Baskets.  The Authorized Purchaser
will not directly or indirectly offer or sell Units in or from any state or
jurisdiction where they may not lawfully be offered or sold.

    

    (c)           If
the Authorized Purchaser is offering or selling Units in jurisdictions outside
the several states, territories and possessions of the United States and is not
otherwise required to be registered, qualified or a member of FINRA as set forth
in Section 2(b) above, the Authorized Purchaser will (i) observe the applicable
laws of the jurisdiction in which such offer and/or sale is made, (ii) comply
with the full disclosure requirements of the Securities Act of 1933, as amended
(the “1933 Act”) and the Commodities Exchange Act (the “CEA”), and the rules and
regulations promulgated thereunder, and (iii) conduct its business in accordance
with the spirit of the FINRA Conduct Rules, in each case to the extent the
foregoing relate to the Authorized Purchaser’s transactions in, and activities
with respect to the Baskets.

    

    (d)           The
Authorized Purchaser  has written policies and procedures reasonably
designed to comply with the money laundering and related provisions of the
Uniting and Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism Act of 2001 (the “PATRIOT Act”), and the
regulations promulgated thereunder, if the Authorized Purchaser is subject to
the requirements of the PATRIOT Act.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    (e)           The
Authorized Purchaser has the capability to send and receive communications via
an authenticated telecommunication facility to and from the General Partner and
its agents, ALPS Distributors, Inc. and Brown Brothers Harriman &
Co.  The Authorized Purchaser shall confirm such capability to the
satisfaction of the General Partner and the Marketing Agent by the end of the
Business Day (as defined in Section 6) before placing its first order with the
Marketing Agent (whether such order is to create or to redeem
Baskets).  If required by the Marketing Agent, the Administrator or
the Custodian with respect to authorized telecommunications by telephonic
facsimile, the Authorized Purchaser shall enter into a separate agreement with
the Marketing Agent, the Administrator or the Custodian, as the case may be,
indemnifying such party with respect to its communications by telephonic
facsimile.

    

    (f)           Because
new Baskets can be created and Units therein issued on an ongoing basis, at any
point during the life of the partnership, a “distribution,” as such term is used
in the 1933 Act, may be occurring with respect to resales of these
Units.  The Authorized Purchaser is cautioned that some of its
activities may result in its being deemed a participant in a distribution in a
manner that would render it a statutory underwriter and subject it to the
prospectus-delivery and liability provisions of the 1933 Act.  The
Authorized Purchaser should review the “What is the Plan of Distribution?”
portion of the Prospectus and consult with its own counsel in connection with
entering into this Agreement and placing an Order (as defined in Section
3).  In addition to satisfying the prospectus-delivery and disclosure
requirements of the 1933 Act, the Authorized Purchaser and any other participant
in the distribution of the Units purchased by the Authorized Purchaser also has
the obligation to comply with the disclosure delivery requirements under the
CEA.  To the extent the Authorized Purchaser has distributed a
Preliminary Prospectus to prospective investors, if  the Authorized
Purchaser has been notified by the General Partner of material changes made to
that document as compared to the final Prospectus, the Authorized Purchaser
shall give notice to any prospective investor who received the Preliminary
Prospectus of such material change prior to consummating a sale.

    

    Section 3.
Orders.

    (a)           All
orders to create or redeem Baskets shall be made in accordance with the terms of
the Prospectus, this Agreement and the creation and redemption procedures
attached hereto as Exhibit A (the “ Procedures”), except in the case of an
Authorized Purchaser’s initial order to purchase one or more Creation Baskets on
the first day the Baskets are to be offered and sold which will be governed by
the procedures set forth in Exhibit A-1.  Each party will comply with
such foregoing terms to the extent applicable to it.  The General
Partner may issue additional or other procedures from time to time relating to
the manner of creating or redeeming Baskets and the Authorized Purchaser will
comply with such procedures.  The Authorized Purchaser hereby consents
to the use of recorded telephone lines; provided that the General Partner shall
promptly provide copies of recordings of any such calls to the Authorized
Purchaser upon reasonable request by the Authorized Purchaser unless such
recordings have been erased or destroyed prior to receipt of such request in the
normal course of business in accordance with the recording party’s general
record keeping policies and procedures.  The General Partner shall
take such actions as necessary to satisfy Authorized Purchasers’ reasonable
request for copies of recordings.

    

    (b)           The
Authorized Purchaser acknowledges and agrees it is acting solely as principal
and not on behalf of any party for which it is acting (whether such party is a
customer or otherwise), and that each order to create a Basket (a “Purchase
Order”) and each order to redeem a Basket (a “Redemption Order,” and each
Purchase Order and Redemption Order, an “Order”) may not be withdrawn by the
Authorized Purchaser.  A form of Purchase/Redemption Order is attached
hereto as Exhibit B.

    
      
         

      

      
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    Section
4. Fees.

    In
connection with each Order by an Authorized Purchaser to create or redeem one or
more Baskets, the General Partner shall charge, and the Authorized Purchaser
shall pay to the General Partner, the transaction fee (“Transaction Fee”)
prescribed in the Prospectus applicable to such creation or redemption. The
initial Transaction Fee shall be one thousand dollars ($1,000).  The
Transaction Fee may be adjusted from time to time as set forth in the
Prospectus.

    

    Section
5. Authorized Persons.

    Concurrently
with the execution of this Agreement and as requested in writing from time to
time thereafter, the Authorized Purchaser shall deliver to the General Partner
and the Marketing Agent, notarized and duly certified as appropriate by its
secretary or other duly authorized official, a certificate in the form of
Exhibit C setting forth the names and signatures of all persons authorized to
give instructions relating to activity contemplated hereby or by any other
notice, request or instruction given on behalf of the Authorized Purchaser
(each, an “Authorized Person”).  The General Partner or the Marketing
Agent may accept and rely upon such certificate as conclusive evidence of the
facts set forth therein and shall consider such certificate to be in full force
and effect until the General Partner receives a superseding certificate bearing
a subsequent date.  Upon the termination or revocation of authority of
any Authorized Person by the Authorized Purchaser, the Authorized Purchaser
shall give immediate written notice of such fact to the General Partner and the
Marketing Agent, and such notice shall be effective upon receipt by the General
Partner.

    

    Section
6. Creation Procedures.

    On any
Business Day, an Authorized Purchaser may place an order with the Marketing
Agent to create one or more Creation Baskets in accordance with this Agreement
and the Procedures.  For purposes of processing Purchase and
Redemption Orders, a “Business Day” means any day other than a day when any of
the NYSE Arca, ICE Futures Exchange or the New York Stock Exchange is closed for
regular trading.  Purchase orders must be placed by 12:00 PM New York
time or the close of regular trading on NYSE Arca, whichever is earlier, except
in the case of an Authorized Purchaser’s initial order to purchase one or more
Creation Baskets on the first day the Baskets are to be offered and sold, when
such orders shall be placed by 9:00 AM New York time on the day
agreed to by the General Partner and the Authorized Purchaser.  The
day on which the Marketing Agent receives a valid Purchase Order is the Purchase
Order Date.  By placing a Purchase Order, an Authorized Purchaser
agrees to (1) deposit Treasuries, cash, or a combination of Treasuries and cash
with the Custodian of the Fund, and (2) if required by the General Partner in
its sole discretion, enter into or arrange for a block trade, an exchange for
physical or exchange for swap, or any other over-the-counter energy transaction
(through itself or a designated acceptable broker) with the Fund for the
purchase of a number  and type of futures contracts at
the  closing  settlement price  for such contracts
on the Purchase Order Date, as specified in the Purchase Order Form (see Exhibit
B).  Failure to consummate (1) and (2) above shall result in the
cancellation of the order. The number and type of contracts specified shall be
determined by the General Partner, in its sole discretion,  to meet
the Fund’s investment objective and shall be purchased as a result of the
Authorized Purchaser’s purchase of Units.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    Prior to
the delivery of Baskets for a Purchase Order, the Authorized Purchaser must also
have wired to the Custodian the non-refundable transaction fee due for the
Purchase Order.  “ Treasuries” shall be any U.S. treasury security
with two years or less remaining to maturity with an aggregate market value, as
determined in the sole discretion of the Administrator using the valuation
procedures set forth in Exhibit D, that together with any cash amount, will
equal the purchase price of the Creation Basket being purchased.

    

    The total
deposit required to create each basket (“Creation Basket Deposit”) will be an
amount of Treasuries and/or cash that is in the same proportion to the total
assets of the Fund (net of estimated accrued but unpaid fees, expenses and other
liabilities) on the date the order to purchase is accepted as the number of
Units to be created under the Purchase Order is in proportion to the total
number of Units outstanding on the date the order is received.

    

    The
General Partner determines, directly in its sole discretion, or in consultation
with the Administrator, the requirements for Treasuries and/or the amount of
cash, including the maximum permitted remaining maturity of a Treasury and the
proportions of Treasuries and cash, that may be included in deposits to create
Baskets. The Marketing Agent will publish such requirements at the beginning of
each business day. Unless otherwise determined by the General Partner, if
Treasuries and cash are to be deposited, the amount of the cash deposit required
will be the difference between (i) the aggregate market value of the Treasuries
required to be included in a Creation Basket Deposit as of 4:00 PM New York time
on the Purchase Order Date and (ii) the total required deposit.

    

    An
Authorized Purchaser who places a Purchase Order is responsible for transferring
to the Fund’s account with the Custodian the required amount of Treasuries
and/or cash by the end of the third Business Day following the Purchase Order
Date, except in the case of an Authorized Purchaser’s initial order to purchase
one or more Creation Baskets on the first day the Baskets are to be offered and
sold when the Creation Basket Deposit will be due by 12:00 PM New York time on
the date the Purchase Order was accepted by the Marketing Agent.  Upon
receipt of the deposit amount, the Administrator will cause DTC to credit the
number of Baskets ordered to the Authorized Purchaser’s DTC account on the third
Business Day following the Purchase Order Date, except in the case of an
Authorized Purchaser’s initial order to purchase one or more Creation Baskets,
when the Administrator will cause DTC to credit the number of Baskets so ordered
upon confirmation by the Custodian that the Creation Basket Deposit has been
received by the Custodian.  The expense and risk of delivery and
ownership of Treasuries until such Treasuries have been received by the
Custodian on behalf of the Fund shall be borne solely by the Authorized
Purchaser.

    
      
         

      

      
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    Section
7.  Redemption Procedures.

    On any
Business Day, an Authorized Purchaser may place an order with the Marketing
Agent to redeem one or more Redemption Baskets in accordance with this Section 7
and the Procedures.  Redemption Orders must be placed by 12:00 PM New
York time or the close of regular trading on NYSE Arca, whichever is
earlier.  A Redemption Order so received is effective on the date it
is received in satisfactory form by the Marketing Agent.  The day on
which the Marketing Agent receives a valid Redemption Order is the “Redemption
Order Date”.  By placing a Redemption Order, an Authorized Purchaser
agrees to  (1) deliver the Redemption Basket to be redeemed through
DTC’s book-entry system to the Fund’s account with the Custodian not later than
3:00 PM New York time on the third Business Day following the effective date of
the Redemption Order (“Redemption Distribution Date”), and (2) if required by
the General Partner in its sole discretion, enter into or arrange for a block
trade, an exchange for physical or exchange for swap, or any other
over-the-counter energy transaction (through itself or a designated acceptable
broker) with the Fund for the sale of a number  and type of futures
contracts at the  closing  settlement price  for
such contracts on the Redemption Order Date, as specified in the Redemption
Order Form (see Exhibit B).   Failure to consummate (1) and (2)
above shall result in the cancellation of the order. The number and type of
contracts specified shall be determined by the General Partner, in its sole
discretion, to meet the Fund’s investment objective and shall be sold as a
result of the Authorized Purchaser’s sale of Units.  Prior to the
delivery of the redemption distribution for a Redemption Order, the Authorized
Purchaser must also have wired to the Fund’s account at the Custodian the
non-refundable Transaction Fee due for the Redemption Order.

    

    The
redemption distribution from the Fund consists of a transfer to the redeeming
Authorized Purchaser of an amount of Treasuries and/or cash with a value that is
in the same proportion to the total assets of the Fund (net of estimated accrued
but unpaid fees, expenses and other liabilities) on the date the order to redeem
is properly received as the number of Units to be redeemed under the Redemption
Order is in proportion to the total number of Units outstanding on the date the
order is received.  The General Partner, directly or in consultation
with the Administrator, will determine the requirements for Treasuries and/or
the amount of cash, including the maximum permitted remaining maturity of a
Treasury, and the proportions of Treasuries and cash, that may be included in
distributions to redeem Baskets.  The Marketing Agent will
publish such requirements shortly after 4:00 p.m. New York time on the
Redemption Order Date.

    

    The
redemption distribution due from the Fund is delivered to the Authorized
Purchaser on the Redemption Distribution Date if, by 3:00 PM New York time on
such Redemption Distribution Date, the Fund’ s DTC account has been credited
with the Baskets to be redeemed.  If the Fund’s DTC account has not
been credited with all of the Baskets to be redeemed by such time, the
redemption distribution is delivered to the extent of whole Baskets
received.  Any remainder of the redemption distribution is delivered
on the next Business Day to the extent of remaining whole Baskets received if
the Fund receives the fee applicable to the extension of the Redemption
Distribution Date which the General Partner may, from time to time, determine
and the remaining Baskets to be redeemed are credited to the Fund’s DTC account
by 3:00 PM New York time on such next Business Day.  Any further
remaining amount of the redemption order shall be cancelled and the Authorized
Purchaser will indemnify the Partnership for any losses, if any, due to such
cancellation, including but not limited to the difference in the price of
investments sold as a result of the redemption order and investments made to
reflect that such order has been cancelled.  Pursuant to instruction
from the General Partner, the Custodian may also deliver the redemption
distribution notwithstanding that the Baskets to be redeemed are not credited to
the Fund’s DTC account by 3:00 PM New York time on the Redemption Distribution
Date if the Authorized Purchaser has collateralized its obligation to deliver
the Baskets through DTC’s book entry system on such terms as the General Partner
may from time to time determine.

    

    Section 8.  Role of
Authorized Purchaser.

    (a)           The
Authorized Purchaser acknowledges that, for all purposes of this Agreement, the
Authorized Purchaser is and shall be deemed to be an independent contractor and
has and shall have no authority to act as agent for the Fund, the Marketing
Agent, the Administrator, the Custodian or the General Partner in any matter or
in any respect.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    (b)           The
Authorized Purchaser will, to the extent reasonably practicable, make itself and
its employees available, upon request, during normal business hours to consult
with the General Partner and the Marketing Agent concerning the performance of
the Authorized Purchaser’s responsibilities under this Agreement; provided that
the Authorized Purchaser shall be under no obligation to divulge or otherwise
discuss any information that the Authorized Purchaser believes (i) is
confidential or proprietary in nature or (ii) the disclosure of which to third
parties would be prohibited.

    

    (c)           Notwithstanding
the provisions of Section 8(b), the Authorized Purchaser will maintain records
of all sales of Creation Baskets made by or through it and, upon reasonable
request of the General Partner, except if prohibited by applicable law and
subject to any privacy obligations or other obligations arising under federal or
state securities laws it may have to its customers, will furnish the General
Partner with the names and addresses of the purchasers of such Creation Baskets
and the number of Creation Baskets purchased if and to the extent that the
General Partner has been requested to provide such information to the
Commodities Futures Trading Commission, Securities Exchange Commission,
Financial Industry Regulatory Authority, or Internal Revenue Service (“Fund
Regulators”).  For the avoidance of doubt, all such information
provided by the Authorized Purchaser shall be Confidential Information (as
defined in Section 18) and shall not be used for any purpose other than to
satisfy requests of Fund Regulators.

    

    (d)           The
Fund may from time to time be obligated to deliver prospectuses, proxy
materials, annual or other reports of the Fund or other similar information
(“Fund Documents”) to its limited partners.  The Authorized Purchaser
agrees (i) subject to any privacy obligations or other obligations arising under
federal or state securities laws it may have to its customers, to reasonably
assist the General Partner in ascertaining certain information regarding sales
of Creation Baskets made by or through the Authorized Purchaser that is
necessary for the Fund to comply with such obligations upon written request of
the General Partner or (ii) in lieu thereof, and at the option of the Authorized
Purchaser, the Authorized Purchaser may undertake to deliver Fund Documents to
the Authorized Purchaser’s customers that custody Units with the Authorized
Purchaser, after receipt from the Fund of sufficient quantities of such Fund
Documents to allow mailing thereof to such customers.  The expenses
associated with such transmissions shall be borne by the General Partner in
accordance with usual custom and practice in respect of such
communications.  The General Partner agrees that the names, addresses
and other information concerning the Authorized Purchaser’s customers are and
shall remain the sole property of the Authorized Purchaser, and none of the
General Partner, the Fund or any of their respective affiliates shall use such
names, addresses or other information for any purposes except in connection with
the performance of their duties and responsibilities hereunder and except to the
extent necessary for the Fund to meet its regulatory requirements as set forth
in Section 8(b) and in this Section 8(c) of the Agreement.

    
      
         

      

      
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    Section
9. Indemnification.

    (a)           Indemnification
of Authorized Purchaser.  The General Partner agrees to indemnify,
defend and hold harmless the Authorized Purchaser, its partners, stockholders,
members, directors, officers, employees, affiliates, agents and any person who
controls such persons within the meaning of Section 15 of the 1933 Act or
Section 20 of the Exchange Act, and the successors and assigns of all of the
foregoing persons (each a “GP Indemnified Person”), from and against any loss,
damage, expense, liability or claim (including reasonable attorney fees and the
reasonable cost of investigation) which the Authorized Purchaser or any such
person may incur under the 1933 Act, the Exchange Act, the CEA, the common law
or otherwise, insofar as such loss, damage, expense, liability or claim arises
out of or is based upon:

    

    
      	
               
      

            	
              (1)

            	
              any
      untrue statement or alleged untrue statement of a material fact contained
      in the Registration Statement (or in the Registration Statement as amended
      or supplemented) or in a Prospectus (the term Prospectus for the purpose
      of this Section 9 being deemed to include the Prospectus and the
      Prospectus as amended or supplemented) or 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 Authorized Purchaser furnished in writing
      by or on behalf of the Authorized Purchaser to the General Partner
      expressly for use in such Registration
  Statement;

            

    

    

    
      	
               
      

            	
              (2)

            	
              any
      untrue statement or alleged untrue statement of a material fact or breach
      by the General Partner of any representation or warranty contained in this
      Agreement;

            

    

    

    
      	
               
      

            	
              (3)

            	
              the
      failure by the General Partner, the Fund or their respective agents to
      perform when and as required, any agreement, obligation, duty or covenant
      contained herein;

            

    

    

    
      	
               
      

            	
              (4)

            	
              the
      failure by the General Partner, the Fund or their respective agents to
      comply with applicable laws and the rules and regulations of any
      governmental entity or any self-regulatory organization to the extent the
      foregoing relates to transactions in, and activities with respect to
      Baskets; or

            

    

    

    
      	
               
      

            	
              (5)

            	
              the
      Authorized Purchaser’s performance of its duties under this Agreement
      except in the case of this clause (5), for any loss, damage, expense,
      liability or claim resulting from the gross negligence or willful
      misconduct of the Authorized
Purchaser.

            

    

    

    In no
case is the indemnity of the General Partner in favor of the Authorized
Purchaser and such other persons as are specified in this Section 9(a) to be
deemed to protect the Authorized Purchaser and such persons against any
liability to the General Partner or the Fund to which the Authorized Purchaser
would otherwise be subject by reason of willful misfeasance, bad faith or gross
negligence in the performance of its duties or by reason of its reckless
disregard of its obligations and duties under this
Agreement.

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    If any
action, suit or proceeding (each, a “Proceeding”) is brought against a GP
Indemnified Person or any such person in respect of which indemnity may be
sought against the General Partner pursuant to the foregoing paragraph, such GP
Indemnified Person shall promptly notify the General Partner in writing of the
institution of such Proceeding, provided, however, that the omission to so
notify the General Partner shall not relieve the General Partner or the Fund
from any liability which it may have to the GP Indemnified Person except to the
extent that it has been materially prejudiced by such failure and has not
otherwise learned of such Proceeding. The GP Indemnified Person shall have the
right to employ its own counsel in any such case and the fees and expenses of
such counsel shall be borne by the General Partner and the Fund and paid as
incurred (it being understood, however, that the General Partner shall not be
liable for the expenses of more than one separate counsel (in addition to any
local counsel) in any one Proceeding or series of related Proceedings in the
same jurisdiction representing the GP Indemnified Persons who are parties to
such Proceeding) or for the expenses and fees incurred with respect to matters
that are not indemnifiable in accordance with the preceding
paragraph.  A GP Indemnified Person shall give the General Partner
reasonable prior notice of settlement of any Proceeding in respect of which
indemnity may be sought against the General Partner pursuant to this Section
9(a), provided, however that the omission to so notify the General Partner shall
not relieve the General Partner or the Fund from any liability which it may have
to the GP Indemnified Person.

    

    (b)           The
Authorized Purchaser agrees to indemnify, defend and hold harmless each of the
Fund, the General Partner and its partners, stockholders, members, directors,
officers, employees and any person who controls the General Partner within the
meaning of Section 15 of the 1933 Act or Section 20 of the Exchange Act, and the
successors and assigns of all of the foregoing persons (each, an “AP Indemnified
Person”), from and against any loss, damage, expense, liability or claim
(including reasonable attorney fees and the reasonable cost of investigation)
which the AP Indemnified Person may incur as a result of or in connection with
any untrue statement or alleged untrue statement of a material fact contained in
and in conformity with information furnished in writing by or on behalf of the
Authorized Purchaser to the General Partner expressly for use in the
Registration Statement (or in the Registration Statement as amended or
supplemented by any post-effective amendment thereof) or in a Prospectus, or
arises out of or is based upon any omission or alleged omission to state a
material fact in connection with such information required to be stated in such
Registration Statement or such Prospectus or necessary to make such information
not misleading.

    

    The Authorized Purchaser will also
indemnify each AP Indemnified Person from and against any loss, damage, expense,
liability or claim (including the reasonable cost of investigation) which such
AP Indemnified Person may incur as a result of or in connection with any actions
of an AP Indemnified Person in accordance with any instructions by the
Authorized Purchaser except in the case of any loss, damage, expense, liability
or claim resulting from the gross negligence or willful misconduct of an AP
Indemnified Person.  In no case is the indemnity of the Authorized
Purchaser in favor of each AP Indemnified Person to be deemed to protect the AP
Indemnified Person and such persons against any liability to the Authorized
Purchaser to which the AP Indemnified Person would otherwise be subject by
reason of willful misfeasance, bad faith or gross negligence in the performance
of its duties or by reason of its reckless disregard of its obligations and
duties under this Agreement.

    
      
         

      

      
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    If any Proceeding is brought against an
AP Indemnified Person, such AP Indemnified Person shall promptly notify the
Authorized Purchaser in writing of the institution of such Proceeding; provided,
however, that the omission to so notify the Authorized Purchaser shall not
relieve the Authorized Purchaser from any liability which it may have to such AP
Indemnified Person except to the extent that it has been materially prejudiced
by such failure and has not otherwise learned of such Proceeding.  The
AP Indemnified Person or such person shall have the right to employ its own
counsel and the fees and expenses of such counsel shall be borne by the
Authorized Purchaser and paid as incurred (it being understood, however, that
the Authorized Purchaser shall not be liable for the expenses of more than one
separate counsel (in addition to any local counsel) in any one Proceeding or
series of related Proceedings in the same jurisdiction representing the AP
Indemnified Persons who are parties to such Proceeding) or for the expenses and
fees incurred with respect to matters that are not indemnifiable in accordance
with the preceding paragraph.   An AP Indemnified Person shall
give the Authorized Purchaser reasonable prior notice of settlement of any
Proceeding in respect of which indemnity may be sought against the Authorized
participant pursuant to this Section 9(b), provided, however that the omission
to so notify the General Partner shall not relieve the General Partner or the
Fund from any liability which it may have to the GP Indemnified
Person.

    

    (c)           The
indemnity agreements contained in this Section 9 and the covenants, warranties
and representations of the General Partner contained in this Agreement shall
remain in full force and effect regardless of any investigation made by or on
behalf of the Authorized Purchaser, its partners, stockholders, members,
directors, officers, employees and or any person (including each partner,
stockholder, member, director, officer or employee of such person) who controls
the Authorized Purchaser within the meaning of Section 15 of the 1933 Act or
Section 20 of the Exchange Act, or by or on behalf of each of the General
Partner, the Fund, their partners, stockholders, members, directors, officers,
employees or any person who controls the General Partner or the Fund within the
meaning of Section 15 of the 1933 Act or Section 20 of the Exchange Act, and
shall survive any termination of this Agreement or the initial issuance and
delivery of the Units. The General Partner and the Authorized Purchaser agree
promptly to notify each other of the commencement of any Proceeding against it
and, in the case of the General Partner, against any of the General Partner’s
officers or directors in connection with the issuance and sale of the Units, or
in connection with the Registration Statement or the Prospectus.

    

    Section
10.

    (a)           Limitation
of Liability.

    None of
the General Partner, the Authorized Purchaser, the Marketing Agent, the
Administrator, or the Custodian, shall be liable to each other or to any other
person, including any party claiming by, through or on behalf of the Authorized
Purchaser, for any losses, liabilities, damages, costs or expenses arising out
of any mistake or error in data or other information provided to any of them by
each other or any other person or out of any interruption or delay in the
electronic means of communications used by them.

    

    (b)           Tax
Liability.

    The
Authorized Purchaser shall be responsible for the payment of any transfer tax,
sales or use tax, stamp tax, recording tax, value added tax and any other
similar tax or government charge applicable to the creation or redemption of any
Basket made pursuant to this Agreement, regardless of whether or not such tax or
charge is imposed directly on the Authorized Purchaser.  To the extent
the General Partner or the Fund is required by law to pay any such tax or
charge, the Authorized Purchaser agrees to promptly indemnify such party for any
such payment, together with any applicable penalties, additions to tax or
interest thereon.

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    Section
11. Acknowledgment.

    The
Authorized Purchaser acknowledges receipt of a copy of the Prospectus and
represents that it has reviewed and understands such document.

    

    Section
12. Effectiveness and Termination.

    Upon the
execution of this Agreement by the parties hereto, this Agreement shall become
effective in this form as of the date first set forth above, and may be
terminated at any time by any party upon thirty (30) days prior written notice
to the other parties unless earlier terminated: (i) in accordance with Section
2(a); (ii) upon notice to the Authorized Purchaser by the General Partner in the
event of a breach by the Authorized Purchaser of this Agreement or the
procedures described or incorporated herein; or (iii) at such time as the Fund
is terminated.

    

    Section
13. Marketing Materials; Representations Regarding Baskets; Identification in
Registration Statement.

    (a)           The
Authorized Purchaser represents, warrants and covenants that, (i) without the
written consent of the General Partner, the Authorized Purchaser will not make,
or permit any of its representatives to make, in connection with any sale or
solicitation of a sale of Baskets any representations concerning the Units or
the General Partner, the Fund or any AP Indemnified Person other than
representations consistent with (A) the then-current Prospectus of the Fund, (B)
printed information approved by the General Partner as information supplemental
to such Prospectus or (C) any promotional materials or sales literature
furnished to the Authorized Purchaser by the General Partner, and (ii) the
Authorized Purchaser will not furnish or cause to be furnished to any person or
display or publish any information or material relating to the Baskets, any AP
Indemnified Person or the Fund that is not consistent with the Fund’s then
current Prospectus. Copies of the then-current Prospectus of the Fund and any
such printed supplemental information will be supplied by the General Partner to
the Authorized Purchaser in reasonable quantities upon request.

    

    (b)           The
Authorized Purchaser agrees to comply with the prospectus and disclosure
delivery requirements of the federal securities and commodities
laws.  In connection therewith, the Authorized Purchaser will provide
each prospective purchaser with a copy of the Fund’s Prospectus.

    

    (c)           The
Authorized Purchaser hereby agrees that for the term of this Agreement the
General Partner or its agent, the Marketing Agent, may deliver the then-current
Prospectus, and any supplements or amendments thereto or recirculation thereof,
to the Authorized Purchaser in Portable Document Format (“PDF”) via electronic
mail to __________________ in lieu of delivering the Prospectus in paper
form.  The Authorized Purchaser may revoke the foregoing agreement at
any time by delivering written notice to the General Partner and, whether or not
such agreement is in effect, the Authorized Purchaser may, at any time, request
reasonable quantities of the Prospectus, and any supplements or amendments
thereto or recirculation thereof, in paper form from the General Partner or its
agent, the Marketing Agent.  The Authorized Purchaser acknowledges
that it has the capability to access, view, save and print material provided to
it in PDF and that it will incur no appreciable extra costs by receiving the
Prospectus in PDF instead of in paper form. The General Partner will, when
requested by the Authorized Purchaser, make available at no cost the software
and technical assistance necessary to allow the Authorized Purchaser to access,
view and print the PDF version of the Prospectus.

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    (d)           For
as long as this Agreement is effective, the Authorized Purchaser agrees to be
identified as an authorized purchaser of the Fund at the General Partner’s
discretion (i) in the section of the Prospectus included within the Registration
Statement entitled “Creation and Redemption of Units,” and in any other section
as may be required by the SEC and (ii) on the Fund’s website.  Upon
the termination of this Agreement, (i) during the period prior to when the
General Partner qualifies and elects to file on Form S-3, the General Partner
will remove such identification from the Prospectus in the amendment of the
Registration Statement next occurring after the date of the termination of this
Agreement and, during the period after when the General Partner qualifies and
elects to file on Form S-3, the General Partner will promptly file a current
report on Form 8-K indicating the withdrawal of the Authorized Purchaser as an
authorized purchaser of the Fund and (ii) the General Partner will promptly
update the Fund’s website to remove any identification of the Authorized
Purchaser as an authorized purchaser of the Fund.

    

    Section 14. Certain Covenants of the
General Partner.

    The
General Partner, on its own behalf and on behalf of the Fund, covenants and
agrees:

    

    (a)           to
notify the Authorized Purchaser 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 the 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 deliver or otherwise
make available, at the expense of the Fund, to the Authorized Purchaser copies
of such amendments or supplements to such Prospectus as may be necessary to
reflect any such change at such time and in such numbers as necessary to enable
the Authorized Purchaser to comply with any obligation it may have to deliver
such revised, supplemented or amended Prospectus to customers.

    

    (b)           to
notify the Authorized Purchaser when a revised, supplemented, or amended
Prospectus is available and to deliver or otherwise make available to the
Authorized Purchaser copies of such revised, supplemented or amended Prospectus
at such time and in such numbers as to enable the Authorized Purchaser to comply
with any obligation it may have to deliver such revised, supplemented or amended
Prospectus to customers, provided that as a general matter the General Partner
will make such revised, supplemented or amended Prospectus available to the
Authorized Purchaser on or before its effective date;

    

    (c)           to
cause Spicer Jeffries, LLP, accountants to the Fund, to deliver, at each time
(i) the Registration Statement or the Prospectus is amended or supplemented by
the filing of a post-effective amendment, (ii) a new Registration Statement is
filed to register additional Baskets in reliance on Rule 429 of the 1933 Act,
and (iii) there is financial information incorporated by reference into the
Registration Statement or the Prospectus, letters dated such dates and addressed
to the Authorized Purchaser, 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;

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    (d)           to
deliver to the Authorized Purchaser, at each time (i) the Registration Statement
or the Prospectus is amended or supplemented by the filing of a post-effective
amendment, (ii) a new Registration Statement is filed to register additional
Baskets in reliance on Rule 429 of the 1933 Act, and (iii) there is financial
information incorporated by reference into the Registration Statement or the
Prospectus, a certification by a duly authorized officer of the General Partner
in the form attached hereto as Exhibit E. In addition, any certificate signed by
any officer of the General Partner and delivered to the Authorized Purchaser or
counsel for the Authorized Purchaser pursuant hereto shall be deemed to be a
representation and warranty by the General Partner as to matters covered thereby
to the Authorized Purchaser;

    

    (e)           to
furnish directly or through the Marketing Agent to the Authorized Purchaser, at
each time (i) the Registration Statement or the Prospectus is amended or
supplemented by the filing of a post-effective amendment, (ii) a new
Registration Statement is filed to register additional Baskets in reliance on
Rule 429 of the 1933 Act, and (iii) there is financial information incorporated
by reference into the Registration Statement or the Prospectus, such documents
and certificates in the form as reasonably requested; and

    

    (f)           to
cause the Fund to file a supplement 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 Registration Statement.

    

    Section
15. Third Party Beneficiaries.

     Each
AP Indemnified Person, to the extent it is not a party to this Agreement, is a
third-party beneficiary of this Agreement and may proceed directly against the
Authorized Purchaser (including by bringing proceedings against the Authorized
Purchaser in its own name) to enforce any obligation of the Authorized Purchaser
under this Agreement which directly or indirectly benefits such AP Indemnified
Person.  Each GP Indemnified Person, to the extent it is not a party
to this Agreement, is a third-party beneficiary of this Agreement and may
proceed directly against the General Partner, the Fund or their respective
agents (including by bringing proceedings against the General Partner, the Fund
or their respective agents in its own name) to enforce any obligation of the
General Partner, the Fund or their agents under this Agreement which directly or
indirectly benefits such GP Indemnified Person.

    

    Section 16. Force
Majeure.

    No party
to this Agreement shall incur any liability for any delay in performance, or for
the non-performance, of any of its obligations under this Agreement by reason of
any cause beyond its reasonable control. This includes any act of God or war or
terrorism, any breakdown, malfunction or failure of transmission in connection
with or other unavailability of any wire, communication or computer facilities,
any transport, port, or airport disruption, industrial action, acts and
regulations and rules of any governmental or supra national bodies or
authorities or regulatory or self-regulatory organization or failure of any such
body, authority or organization for any reason, to perform its
obligations.

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    Section 17.
Miscellaneous.

    (a)           Entire
Agreement.  This Agreement (including any schedules and exhibits
attached hereto and thereto) contains all of the agreements among the parties
hereto (and thereto) with respect to the transactions contemplated hereby (and
thereby) and supersedes all prior agreements or understandings, whether written
or oral, among the parties with respect thereto.

    

    (b)           Amendment
and Modification.  This Agreement may be amended, modified or
supplemented only by a written instrument executed by all the
parties.

    

    (c)           Successors
and Assigns; Assignment.  All the terms and provisions of this
Agreement shall be binding upon and inure to the benefit of the parties and
their respective successors and permitted assigns. This Agreement shall not be
assigned by any party without the prior written consent of the other parties and
any assignment without such consent shall be null and void.

    

    (d)           Waiver
of Compliance.  Except as otherwise provided in this Agreement, any
failure of any of the parties to comply with any obligation, covenant, agreement
or condition herein may be waived by the party entitled to the benefits thereof
only by a written instrument signed by the party granting such waiver, but any
such waiver, or the failure to insist upon strict compliance with any
obligation, covenant, agreement or condition herein, shall not operate as a
waiver of, or estoppel with respect to, any subsequent or other failure or
breach.

    

    (e)           Severability.  The
parties hereto desire that the provisions of this Agreement be enforced to the
fullest extent permissible under the law and public policies applied in each
jurisdiction in which enforcement is sought. Accordingly, in the event that any
provision of this Agreement would be held in any jurisdiction to be invalid,
prohibited or unenforceable for any reason, such provision, as to such
jurisdiction, shall be ineffective, without invalidating the remaining
provisions of this Agreement or affecting the validity or enforceability of such
provision in any other jurisdiction. Notwithstanding the foregoing, if such
provision could be more narrowly drawn so as not to be invalid, prohibited or
unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so
narrowly drawn, without invalidating the remaining provisions of this Agreement
or affecting the validity or enforceability of such provision in any other
jurisdiction.

    

    (f)           Notices.  All
notices, waivers, or other communications pursuant to this Agreement shall be in
writing and shall be deemed to be sufficient if delivered personally, by
facsimile (and, if sent by facsimile, followed by delivery by
nationally-recognized express courier), sent by nationally-recognized express
courier or mailed by registered or certified mail (return receipt requested),
postage prepaid, to the parties at the following addresses (or at such other
address for a party as shall be specified by like notice):

    

    
      	
               
      

            	
              (1)

            	
              if
      to General Partner, to:

            

    

    

    United States Commodity Funds
LLC

    c/o Nicholas D. Gerber

    1320 Harbor Bay Parkway Suite
145

    Alameda,
CA 94502

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (2)

            	
              if
      to the Authorized Purchaser, to:

            

    

    

    [please provide]

    

    All such
notices and other communications shall be deemed to have been delivered and
received (i) in the case of personal delivery or delivery by facsimile or
e-mail, on the date of such delivery if delivered during business hours on a
Business Day or, if not delivered during business hours on a Business Day, the
first Business Day thereafter, (ii) in the case of delivery by
nationally-recognized express courier, on the first Business Day following
dispatch, and (iii) in the case of mailing, on the third Business Day following
such mailing.

    

    (g)           Governing
Law; Jurisdiction.

    

    
      	
               
      

            	
              (1)

            	
              All
      questions concerning the construction, interpretation and validity of this
      Agreement and all transactions hereunder 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.

            

    

    

    
      	
               
      

            	
              (2)

            	
              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 or any related 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 any related agreement or the transactions contemplated hereby
      or thereby which is instituted in any court of the State of New
      York.

            

    

    

    The
provisions of this Section 17(g) shall survive any termination of this
Agreement, in whole or in part.

    

    (h)           No
Partnership.  Nothing in this Agreement is intended to, or will be
construed to constitute the General Partner or the Fund, on the one hand, and
the Authorized Purchaser or any of its Affiliates, on the other hand, as
partners or joint venturers; it being intended that the relationship between
them will at all times be that of independent contractors.

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    (i)           Interpretation.  The
article and section headings contained in this Agreement are solely for the
purpose of reference, are not part of the agreement of the parties and shall not
in any way affect the meaning or interpretation of this Agreement.

    

    (j)           No
Strict Construction.  The language used in this Agreement will be
deemed to be the language chosen by the parties to express their mutual intent,
and no rule of strict construction will be applied against any
party.

    

    (k)           Counterparts;
Facsimile Signatures.  This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument.  Facsimile
counterpart signatures to this Agreement shall be acceptable and
binding.

    

    (l)           Other
Usages.  The following usages shall apply in interpreting this
Agreement: (i) references to a governmental or quasigovernmental agency,
authority or instrumentality shall also refer to a regulatory body that succeeds
to the functions of such agency, authority or instrumentality; and (ii)
“including” means “including, but not limited to.”

    

    Section
18.  Confidentiality.

    

    (a)                      The
General Partner and the Authorized Purchaser shall 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 internal and external
representatives  as may be necessary for such party to carry out its
obligations under this Agreement.

    

    “Confidential Information” shall mean
all information or data of a party or its customers 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.

    

    (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:

    

    
      	
               
      

            	
              (1)

            	
              is
      known to such party at the time of disclosure other than as the result of
      a breach of this Section 18 by such
party;

            

    

    

    
      	
               
      

            	
              (2)

            	
              has
      been or becomes publicly known, other than as the result of a breach of
      this Section 18 by such party, or has been or is publicly disclosed by the
      other party;

            

    

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (3)

            	
              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

            

    

    

    
      	
               
      

            	
              (4)

            	
              is
      required to be disclosed by law or similar compulsion or in connection
      with any legal proceeding or request for information on behalf of a
      governmental authority or self-regulatory organization, 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.

            

    

    

    (c)                      The
parties recognize and acknowledge that a breach or threatened breach by a party
of the provisions of this Section 18 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 Section 18.

    

    (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 that may come to such party’s attention.

    

    (e)                      Upon
the termination of this Agreement, if requested in writing by the other party,
each party shall, at such party’s option, promptly destroy or return to the
other 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.

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

    IN WITNESS WHEREOF, the Authorized
Purchaser and the General Partner have caused this Agreement to be executed by
their duly authorized representatives as of the date first set forth
above.

    

    
      
        
          	
                  UNITED
      STATES COMMODITY FUNDS LLC

                
	 
      
	
                  By:

                	 
      
	 
      	
                  Name:

                
	 
      	
                  Title:

                
	 
      	
                  Address:

                
	 
      	
                  Telephone:

                
	 
      	
                  Facsimile:

                

        

      

    

    

    
      
        
          	
                  UNITED
      STATES BRENT OIL FUND, LP

                
	
                  By:  United
      States Commodity Funds LLC, as General Partner

                
	 
      	 
      
	
                  By:

                	
                     

                
	 
      	
                  Name:

                
	 
      	
                  Title:

                
	 
      	
                  Date:

                

        

      

    

    

    
      
        	
                [AUTHORIZED
      PURCHASER]

              
	 
      
	
                By:

              	
                   

              
	 
      	
                Name:

              
	 
      	
                Title:

              
	 
      	
                Address:

              
	 
      	
                Telephone:

              
	 
      	
                Facsimile:

              

      

    

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

    EXHIBIT
A

    

    UNITED
STATES BRENT OIL FUND, LP

    CREATION
AND REDEMPTION PROCEDURES

    

    Scope of
Procedures and Overview

    

    These
procedures (the “Procedures ”) describe the processes by which one or more
Baskets of United States Brent Oil Fund, LP Units (the “Units” ) may be
purchased by an Authorized Purchaser, or, once Units have been issued, redeemed
by an Authorized Purchaser. Units may be created or redeemed only in blocks of
100,000 Units (each such block, a “Basket”).

    

    For
purposes of these Procedures, a “Business Day” is defined as any day other than
a day when any of the NYSE Arca, the ICE Futures Exchange (the “ICE”), or the
New York Stock Exchange is closed for regular trading.

    

    Baskets
are issued pursuant to the Prospectus, which will be delivered by the Marketing
Agent to each Authorized Purchaser prior to its execution of the Authorized
Purchaser Agreement, and are issued and redeemed in accordance with the
Authorized Purchaser Agreement.  Baskets may be issued and redeemed on
any Business Day by the Marketing Agent in exchange for cash and/or Treasuries,
which the Custodian receives from Authorized Purchasers or transfers to
Authorized Purchasers, in each case on behalf of the Fund.

    

    Upon
acceptance of the Authorized Purchaser Agreement, the Marketing Agent will
assign a personal identification number (a “PIN number”) to each Authorized
Person authorized to act for the Authorized Purchaser. This will allow the
Authorized Purchaser through its Authorized Person(s) to place Purchase Order(s)
or Redemption Order(s) for Baskets.

    

    Important
Notes:

    

    Any Order
is subject to rejection by the General Partner or the Marketing Agent, as agent
of the General Partner, for the reasons set forth in the Authorized Purchaser
Agreement.

    

    All
Orders are subject to the provisions of the Partnership Agreement, the
Prospectus and the Authorized Purchaser Agreement relating to unclear or
ambiguous instructions.

    

    The
Authorized Purchaser, and each distributor offering and selling Units as part of
the distribution of such Units, shall comply with the prospectus delivery and
disclosure requirements of the 1933 Act as well as the analogous requirements
under the CEA, including, the requirement that prospective investors provide an
acknowledgement of receipt of such disclosure materials prior to the payment for
any Units to the extent the foregoing relates to the Authorized Purchaser’s
transactions in, and activities with respect to, Units.

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

    CREATION
PROCESS

    

    An Order
to purchase one or more Baskets placed by an Authorized Purchaser with the
Marketing Agent by 12:00 PM New York time or the close of regular trading on
NYSE Arca, whichever is earlier (the “Order Cut-Off Time”) on a Business Day
(such day, “CREATION T”) results in the transfer to the Authorized Purchaser’s
account at The Depository Trust Company (“DTC”) of Baskets the Authorized
Purchaser has purchased, in most instances, by 9:00 AM New York time on CREATION
T+3:

    

    CREATION
PROCEDURES

    

    
      	
              1.

            	
              By
      the Order Cut-Off Time, an Authorized Person of the Authorized Purchaser
      calls the Marketing Agent at (303) 623-2577 to notify such agent that the
      Authorized Purchaser wishes to place a Purchase Order to create an
      identified number of Baskets and to request that it be provided with an
      order number (an “Order Number”).  The Authorized Person
      provides a PIN number as identification.  The Marketing Agent
      provides the Authorized Purchaser with an Order Number for the Authorized
      Purchaser’s Purchase Order Form.  The Authorized Purchaser then
      completes and faxes to the Marketing Agent the Purchase Order Form
      included as Exhibit B to the Authorized Purchaser
      Agreement.  The Purchase Order Form must include the Authorized
      Person’s signature, the number of Baskets being purchased, and the Order
      Number.

            

    

    

    
      	
              2.

            	
              If
      the Marketing Agent has not received the Purchase Order Form from the
      Authorized Purchaser within 15 minutes after the Marketing Agent receives
      the phone call from the Authorized Purchaser referenced in item (1) above,
      the Marketing Agent places a phone call to the Authorized Purchaser to
      enquire about the status of the Order.  If the Authorized
      Purchaser does not fax the Purchase Order Form to the Marketing Agent
      within 15 minutes after the Marketing Agent’s phone call, the Authorized
      Purchaser’s Order is cancelled.  The Marketing Agent will then
      notify the Authorized Purchaser that the Order has been cancelled via
      telephone call.

            

    

    

    
      	
              3.

            	
              By
      placing a Purchase Order, an Authorized Purchaser agrees to (1) deposit
      Treasuries, cash, or a combination of Treasuries and cash with the
      Custodian of the Fund, and (2) if required by the General Partner in its
      sole discretion, enter into or arrange for a block trade, an exchange for
      physical or exchange for swap, or any other over-the-counter energy
      transaction (through itself or a designated acceptable broker) with the
      Fund for the purchase of a number  and type of futures contracts
      at the  closing  settlement price  for such
      contracts on the Purchase Order Date, as specified in the Purchase Order
      Form (see Exhibit B). Failure to consummate (1) and (2) above shall result
      in the cancellation of the order.  The number and type of
      contracts specified shall be determined by the General Partner, in its
      sole discretion, to meet the Fund ’s investment objective and shall be
      purchased as a result of the Authorized Purchaser’s purchase of
      Units.  If the Marketing Agent has received the Authorized
      Purchaser’s Purchase Order Form on time in accordance with the preceding
      timing rules, then by 1:00 PM New York time the Marketing Agent returns to
      the Authorized Purchaser a copy of the Purchase Order Form submitted,
      marking it “Affirmed.”  The Marketing Agent shall indicate on
      the Purchase Order Form the details of the method of payment to be used
      for the Transaction Fee.  The Marketing Agent shall also have
      completed Part II of the Purchase Order Form, which includes the specific
      number and type of futures contracts to be purchased at the closing
      settlement price on the Purchase Order
Date.

            

    

    
      
         

      

      
        20

        
          

        

      

      
         

      

    

    

    
      	
              4.

            	
              Based
      on the Purchase Orders placed with it on CREATION T, the Marketing Agent
      sends a facsimile to the Transfer Agent indicating the total number of
      creation Units and total amount of cash and/or Treasuries for which the
      Marketing Agent will require an allocation into the custodial accounts of, respectively, the
      Authorized Purchaser and the Fund on CREATION T+3.  If the
      Marketing Agent rejects a Purchase Order pursuant to the Authorized
      Purchaser Agreement after the foregoing messages are given to the
      Custodian, the Marketing Agent will notify the Transfer Agent of such
      rejection as soon as practicable but, in any event, by 1:30 PM New York
      time the same day, identifying the Authorized Purchaser whose Purchase
      Order was rejected and the amount of Units contained in the rejected
      Purchase Order.  The Transfer Agent will address any such
      rejection notifications received after 1:30 PM New York time only on a
      best efforts basis.

            

    

    

    
      	
              5.

            	
              The
      General Partner acting by itself or through the Marketing Agent shall have
      the absolute right, but shall have no obligation, to reject any Purchase
      Order or Creation Basket Deposit (as defined in Section 6) (i) if the
      General Partner determines that the Purchase Order or Creation Basket
      Deposit is not in proper form; (ii) that the General Partner, in its sole
      discretion, believes would have adverse tax consequences to the Fund,
      Limited Partners, or unitholders; (iii) the acceptance or receipt of which
      would, in the opinion of counsel to the General Partner, be unlawful; or
      (iv) if circumstances outside the control of the General Partner, the
      Marketing Agent or the Custodian make it for all practical purposes not
      feasible to process creations of Creation Baskets (including if the
      General Partner determines that the investments available to the Fund at
      that time will not enable it to meet its investment
      objective).  None of the General Partner, the Marketing Agent or
      the Custodian shall be liable to any person by reason of the rejection of
      any Purchase Order or Creation Basket
Deposit.

            

    

    

    REDEMPTION
PROCESS

    

    An order
to redeem one or more Baskets placed by an Authorized Purchaser with the
Marketing Agent by 12:00 PM New York time or the close of regular trading on
NYSE Arca, whichever is earlier, on a Business Day (such day, “REDEMPTION T”)
results in the following taking place by 3:00 p.m. New York time on REDEMPTION
T+3:

    

    Transfer
to the account at DTC and the subsequent cancellation of the relevant number of
the Authorized Purchaser’s Baskets; and

    

    Transfer
to the Authorized Purchaser by credit to the Authorized Purchaser’s account of
cash and Treasuries, if any, in the relevant amount(s) corresponding to the
Baskets delivered for redemption (the “Redemption Distribution”).

     

    
      
         

      

      
        21

        
          

        

      

      
         

      

    

    REDEMPTION
PROCEDURES

    

    REDEMPTION
T (REDEMPTION ORDER TRADE DATE)

    

    
      	
              1.

            	
              By
      the Order Cut-off Time, an Authorized Person of the Authorized Purchaser
      calls the Marketing Agent at (303) 623-2577 to notify the Marketing Agent
      that the Authorized Purchaser wishes to place a Redemption Order with the
      Marketing Agent to redeem an identified number of Baskets and to request
      that the Marketing Agent provide an Order Number.  The
      Authorized Person provides a PIN number as identification to the Marketing
      Agent.  The Marketing Agent provides the Authorized Purchaser
      with an Order Number for the Authorized Purchaser’s Redemption Order
      Form.  The Authorized Purchaser then completes and faxes to the
      Marketing Agent the Redemption Order Form included as Exhibit B to the
      Authorized Purchaser Agreement.  The Redemption Order Form must
      include the Authorized Person’s signature, the number of Baskets being
      redeemed, and the Order Number previously provided by the Marketing
      Agent.

            

    

    

    
      	
              2.

            	
              If
      the Marketing Agent has not received the Redemption Order Form from the
      Authorized Purchaser within 15 minutes after the Marketing Agent receives
      the phone call from the Authorized Purchaser referenced in item (1) above,
      the Marketing Agent places a phone call to the Authorized Purchaser to
      enquire about the status of the Order.  If the Authorized
      Purchaser does not fax the Redemption Order Form to the Marketing Agent
      within 15 minutes after the Marketing Agent’s phone call, the Authorized
      Purchaser’ s Order is cancelled.  The Marketing Agent will then
      notify the Authorized Purchaser that the Order has been cancelled via
      telephone call and via fax.

            

    

    

    
      	
              3.

            	
              By
      placing a Redemption Order, an Authorized Purchaser agrees to (1) deliver
      the Redemption Basket to be redeemed through DTC’s book-entry system to
      the Fund’ s account with the Custodian not later than 3:00 PM New York
      time on the third Business Day following the effective date of the
      Redemption Order, and (2) if required by the General Partner in its sole
      discretion, enter into or arrange for a block trade, an exchange for
      physical or exchange for swap, or any other over-the-counter energy
      transaction (through itself or a designated acceptable broker) with the
      Fund for the sale of a number  and type of futures contracts at
      the  closing  settlement price  for such
      contracts on the Redemption Order Date, as specified in the Redemption
      Order Form (see Exhibit B).  Failure to consummate (1) and (2)
      above shall result in the cancellation of the order. The number and type
      of contracts specified shall be determined by the General Partner, in its
      sole discretion, to meet the Fund ’s investment objective and shall be
      sold as a result of the Authorized Purchaser’s sale of
      Units.  If the Marketing Agent has received the Authorized
      Purchaser’s Redemption Order Form on time in accordance with the preceding
      timing rules, then by 1:00 PM New York time the Marketing Agent returns to
      the Authorized Purchaser a copy of the Redemption Order Form submitted,
      marking it “Affirmed.”  The Marketing Agent shall indicate on
      the Redemption Order Form the amount of Treasuries and/or cash, if any, to
      be delivered in the Redemption Distribution, and provides details of the
      method of payment to be used for the Transaction Fee and the method of
      delivery of the Treasuries and/or cash portion, if any, of the Redemption
      Distribution. The Marketing Agent shall also indicate on the returned
      Redemption Order Form the specific number and type of futures contracts to
      be sold at the closing settlement price for such contracts on the
      Redemption Order Date. 

            

    

    
      
         

      

      
        22

        
          

        

      

      
         

      

    

    

    
      	
              4.

            	
              By
      1:00 PM New York time, the Marketing Agent sends a facsimile containing
      instructions to the Transfer Agent to transfer on REDEMPTION T+3 from the
      custodial accounts of, respectively, the Authorized Purchaser and the Fund
      (“deallocate”) the total number of redemption Units and the total amount
      of cash and/or Treasuries required to settle the Redemption Orders
      received by the Marketing Agent on REDEMPTION T.  If the
      Marketing Agent rejects a Redemption Order pursuant to the Authorized
      Purchaser Agreement after the foregoing message is sent, the Marketing
      Agent will notify the Transfer Agent of such rejection as soon as
      practicable but, in any event, by 1:30 pm New York time the same day,
      identifying the Authorized Purchaser whose Redemption Order was rejected
      and the amount of Units contained in the rejected Redemption
      Order.  The Transfer Agent will address any such rejection
      notifications received after 1:30 pm New York time only on a best efforts
      basis.

            

    

    

    
      	
              5.

            	
              The
      General Partner acting by itself or through the Marketing Agent may, in
      its sole discretion, reject any Redemption Order (i) the General Partner
      determines that the Redemption Order is not in proper form (ii) the
      fulfillment of which its counsel advises may be illegal under applicable
      laws and regulations, or (iii) if circumstances outside the control of the
      General Partner, the Marketing Agent or the Custodian make it for all
      practical purposes not feasible for the Units to be delivered under the
      Redemption Order. The General Partner may also reject a redemption order
      if the number of units being redeemed would reduce the remaining
      outstanding units to 100,000 units (i.e., one basket) or less, unless the
      General Partner has reason to believe that the placer of the redemption
      order does in fact possess all the outstanding units and can deliver
      them.

            

    

    

    
      	
              6.

            	
              The
      General Partner may, in its discretion, suspend the right of redemption,
      or postpone the Redemption Distribution Date, (1) for any period during
      which NYSE Arca or the ICE is closed other than customary weekend or
      holiday closings, or trading on the NYSE Arca or the ICE is suspended or
      restricted, (2) for any period during which an emergency exists as a
      result of which delivery, disposal or evaluation of Treasuries or other
      assets of the Fund is not reasonably practicable, or (3) for such other
      period as the General Partner determines to be necessary for the
      protection of the Limited Partners or Unitholders.  None of the
      General Partner, the Marketing Agent, the Administrator or the Custodian
      will be liable to any person or in any way for any loss or damages that
      may result from any such suspension or
  postponement.

            

    

    

    REDEMPTION
T+3

    

    
      	
              1.

            	
              By
      3:00 PM New York time, the Authorized Purchaser delivers free to the
      relevant account at DTC the Baskets to be
  redeemed.

            

    

    

    
      	
              2.

            	
              If
      the Custodian does not receive from a redeeming Authorized Purchaser all
      Units comprising the Baskets being redeemed by 3:00 PM New York time, (i)
      the Custodian will, only upon instruction from the General Partner, settle
      the Redemption Order to the extent of whole Baskets received from the
      Authorized Purchaser and (ii) the Marketing Agent will keep the redeeming
      Authorized Purchaser’s Redemption Order open until 9:00 AM New York time
      on the following Business Day (REDEMPTION T+4) as to the balance of the
      Redemption Order (such balance, the “Suspended Redemption
      Order”).  For each day (whether or not a Business Day) the
      Redemption Order is held open, the Authorized Purchaser will be charged
      the greater of $300 or $30 times the number of Units included in the
      Suspended Redemption Order, as determined in the sole discretion of the
      Fund.

            

    

    
      
         

      

      
        23

        
          

        

      

      
         

      

    

    

    REDEMPTION
T+4

    

    
      	
              1.

            	
              By
      9:00 AM New York time, the redeeming Authorized Purchaser must deliver
      free to the account at DTC the Basket(s) comprising the Suspended
      Redemption Order.  The Marketing Agent will settle the Suspended
      Redemption Order to the extent of whole Baskets received.  Any
      balance of the Suspended Redemption Order may be cancelled at the
      discretion of the General Partner.

            

    

    

    
      	
              2.

            	
              The
      sequence of instructions and events related to the settlement of the
      Suspended Redemption Order on REDEMPTION T+4 will be made in the manner
      provided for a Redemption Order under REDEMPTION
  T+3.

            

    

    

    * * *
*

    
      
         

      

      
        24

        
          

        

      

      
         

      

    

    EXHIBIT
A-1

    

    UNITED
STATES BRENT OIL  FUND, LP

    INITIAL
CREATION PROCEDURES

    

    Scope of
Procedures and Overview

    

    These
procedures (the “Initial Procedures”) describe the process by which one or more
Baskets of United States Brent Oil Fund, LP Units (the “Units”) may be purchased
by an Authorized Purchaser.  Units may be created only in blocks of
100,000 Units (each such block, a “Basket”).

    

    For
purposes of these Initial Procedures, a “Business Day” is defined as any day
other than a day when any of the NYSE Arca, the ICE Futures Exchange (the
“ICE”), or the New York Stock Exchange is closed for regular
trading.

    

    Baskets
are issued pursuant to the Prospectus, which will be delivered by the Marketing
Agent to the Authorized Purchaser prior to its execution of the Authorized
Purchaser Agreement, and are issued in accordance with the Authorized Purchaser
Agreement.  Baskets may be issued on any Business Day by the Marketing
Agent in exchange for cash and/or Treasuries, which the Custodian receives from
the Authorized Purchaser on behalf of the Fund.

    

    Upon
acceptance of the Authorized Purchaser Agreement, the Marketing Agent will
assign a personal identification number (a “PIN number”) to the Authorized
Person authorized to act for the Authorized Purchaser. This will allow the
Authorized Purchaser through its Authorized Person(s) to place the initial
Purchase Order for Baskets.

     

    It is
anticipated that on the effective date (the date the SEC declares the
registration statement relating to the Fund effective), the initial Authorized
Purchaser will, though it is under no obligation to do so, purchase one or more
Creations Baskets at a price per Unit of $50.00  It is expected the
proceeds of that purchase will be invested on that day and that Fund’s initial
per unit net asset value will be established as of 4:00 p.m. New York City time
that day.  The Units are expected to begin trading on the day
following the effective date.  Units offered in Creation Baskets on
any day after the effective date will be offered at the per Unit asset value as
of the earlier of 4:00 p.m. New York time or the close of trading on the
NYSE.

    

    Important
Notes:

    

    Any Order
is subject to rejection by the General Partner or the Marketing Agent, as agent
of the General Partner, for the reasons set forth in the Authorized Purchaser
Agreement.

    

    All
Orders are subject to the provisions of the Partnership Agreement, the
Prospectus and the Authorized Purchaser Agreement relating to unclear or
ambiguous instructions.

    

    The
Authorized Purchaser, and each distributor offering and selling Units as part of
the distribution of such Units, shall comply with the prospectus delivery and
disclosure requirements of the 1933 Act as well as the analogous requirements
under the CEA, including, the requirement that prospective investors provide an
acknowledgement of receipt of such disclosure materials prior to the payment for
any Units to the extent the foregoing relates to the Authorized Purchaser’s
transactions in, and activities with respect to Units.

    
      
         

      

      
        25

        
          

        

      

      
         

      

    

    

    CREATION
PROCESS

    

    An Order
to purchase one or more of the initial Baskets placed by the Authorized
Purchaser with the Marketing Agent by 9:00 AM New York time (the “Order Cut-Off
Time”) on a Business Day (such day, “CREATION T”) results in the transfer to the
Authorized Purchaser’s account at The Depository Trust Company (“DTC”) of
Baskets the Authorized Purchaser has purchased by 12:00 PM New York time on
CREATION T+0 if payment for such Baskets has been received by the Custodian
prior to that time:

    

    CREATION
PROCEDURES

    

    1.           By
the Order Cut-Off Time (the earlier of the close of regular trading on NYSE Arca
or 9:00 AM New York time), an Authorized Person of the Authorized Purchaser
calls the Marketing Agent at (303) 623-2577 to notify such agent that the
Authorized Purchaser wishes to place a Purchase Order to create an identified
number of Baskets and to request that it be provided with an order number (an
“Order Number”).  The Authorized Person provides a PIN number as
identification.  The Marketing Agent provides the Authorized Purchaser
with an Order Number for the Authorized Purchaser’s Purchase Order
Form.  The Authorized Purchaser then completes and faxes to the
Marketing Agent the Purchase Order Form included as Exhibit B to the Authorized
Purchaser Agreement.  The Purchase Order Form must include the
Authorized Person’s signature, the number of Baskets being purchased, and the
Order Number.

    

    2.           If
the Marketing Agent has not received the Purchase Order Form from the Authorized
Purchaser within 15 minutes after the Marketing Agent receives the phone call
from the Authorized Purchaser referenced in item (1) above, the Marketing Agent
places a phone call to the Authorized Purchaser to enquire about the status of
the Order.  If the Authorized Purchaser does not fax the Purchase
Order Form to the Marketing Agent within 15 minutes after the Marketing Agent’s
phone call, the Authorized Purchaser’s Order is cancelled.  The
Marketing Agent will then notify the Authorized Purchaser that the Order has
been cancelled via telephone call.

    

    3.           By
placing a Purchase Order, an Authorized Purchaser agrees to (1) deposit
Treasuries, cash, or a combination of Treasuries and cash with the Custodian of
the Fund, and (2) if required by the General Partner in its sole discretion,
enter into or arrange for a block trade, an exchange for physical or exchange
for swap, or any other over-the-counter energy transaction (through itself or a
designated acceptable broker) with the Fund for the purchase of a
number  and type of futures contracts at
the  closing  settlement price  for such contracts
on the Purchase Order Date, as specified in the Purchase Order Form (see Exhibit
B).  Failure to consummate (1) and (2) above shall result in the
cancellation of the order. If the Marketing Agent has received the Authorized
Purchaser’s Purchase Order Form on time in accordance with the preceding timing
rules, then by 10:00 AM New York time the Marketing Agent returns to the
Authorized Purchaser a copy of the Purchase Order Form submitted, marking it
“Affirmed.”   The Marketing Agent shall also have completed Part
II of the Purchase Order Form, which includes the specific number and type of
futures contracts to be purchased at the closing settlement price on the
Purchase Order Date. 

    
      
         

      

      
        26

        
          

        

      

      
         

      

    

    

    4.           Based
on the Purchase Orders placed with it on CREATION T, the Marketing Agent sends a
facsimile to the Transfer Agent indicating the total number of creation Units
and total amount of cash and/or Treasuries for which the Marketing Agent will
require an allocation into the custodial accounts of, respectively, the
Authorized Purchaser and the Fund on CREATION T+0 once the Custodian confirms to
the Transfer Agent that the payment for such Baskets in same day funds has been
received by it from the Authorized Purchaser.  If the Marketing Agent
rejects a Purchase Order pursuant to the Authorized Purchaser Agreement after
the foregoing messages are given to the Custodian, the Marketing Agent will
notify the Transfer Agent of such rejection as soon as practicable but, in any
event, by 10:30 AM New York time the same day, identifying the amount of cash
and/or Treasuries contained in the rejected Purchase Order.  The
Transfer Agent will address any such rejection notifications received after
10:30 AM New York time only on a best efforts basis.

    
      
         

      

      
        27

        
          

        

      

      
         

      

    

    

    EXHIBIT
B

    UNITED
STATES BRENT OIL FUND, LP

    

    PURCHASE/REDEMPTION
ORDER FORM

    

    CONTACT
INFORMATION FOR ORDER EXECUTION:

    
      
        	
                Telephone
      order number:

              	
                Telex
      Number

              
	
                 Facsimile
      number:

              	
                Business
      Number

              

      

    

    ALL ITEMS
IN PART I MUST BE COMPLETED BY AN AUTHORIZED PURCHASER.  THE GENERAL
PARTNER AND/OR THE MARKETING AGENT, IN THEIR DISCRETION, MAY REJECT ANY ORDER
NOT SUBMITTED IN COMPLETE FORM.

     

    I.           TO BE
COMPLETED BY AUTHORIZED PURCHASER:

    

    
      	
              Date:

            	
              Time:

            
	
              Broker Name:

            	
              Firm Name:

            
	
              NSCC Participant Number:

            	
              DTC Participant Number:

            
	
              Telephone Number:

            	
              Telex Number:

            
	
              Fax Number:

            	 
      

    

    

    Type of
Order (Check One)

    

    
      
        	
                Amount
      Created Units (100,000 Units)

              	
                _____________

              
	 
      	 
      
	
                Amount
      Written Out

              	
                _____________

              
	 
      	 
      
	
                Amount
      Redeemed Units (100,000 Units)

              	
                _____________

              
	 
      	 
      
	
                Amount
      Written Out:

              	
                _____________

              

      

    

    

    Order
#:             ____________________

    

     Check
One:

    

     ____   Agree
to purchase or arrange to purchase futures contracts, exchange for swaps,
exchange for physical or other over-the-counter transaction in amount and type
or form specified in Part II by the Marketing Agent

    

     ____   Agree
to sell or arrange to sell futures contracts, exchange for swaps, exchange for
physical or other over-the-counter transaction in amount and type specified in
Part II by Marketing Agent

    

    
      
        	
                Authorized
      Person’s Signature

              	
                ________________________________

              

      

    

    
      
         

      

      
        28

        
          

        

      

      
         

      

    

    Pursuant
to Section 17 CFR 4.21(b), United States Brent Oil Fund, LP may not accept or
receive funds, securities or other property from a prospective participant
unless it first receives from the prospective participant the following
acknowledgment:

    

    IN
ADDITION TO THE PLACEMENT OF THE ORDER ABOVE, ON BEHALF OF THE AUTHORIZED
PURCHASER AS A PROSPECTIVE PARTICIPANT OF THE UNITED STATES BRENT OIL FUND, LP,
I HEREBY ACKNOWLEDGE AND AFFIRM THAT I HAVE RECEIVED THE PROSPECTUS FOR THE
UNITED STATES BRENT OIL FUND, LP.

    

    
      	
              By:

            	
              ________________________________,
      an Authorized Person

            

    

    

    
      	
              Name:

            	
              ________________________________

            

    

    

    TO BE COMPLETED BY ALPS
DISTRIBUTORS, INC.:

    

    This
certifies that the above order has been:

    

    ___________
Accepted by the
Marketing Agent (for purchase or redemption)

    

    
      	
              ____

            	
              Futures
      contracts to be _____ purchased  _____ sold:
  

            

    

    

    
      	
               

            	
              Type:
      _________________________

            

    

    

    
      	
               

            	
              Month/
      Year (e.g., 12 month strip beginning N07 and ending O08):
      ________________

            

    

    

    
      	
               

            	
              Quantity:
      ______________________

            

    

    

    
      	
               

            	
              Contracts:
      _____________________

            

    

    

    
      	
               

            	
              Closing
      Settlement Price:
___________________

            

    

    

    
      	
              ____

            	
              Exchange
      for swaps, exchange for physical or other over-the-counter transaction
      entered into in form acceptable to United States Brent Oil Fund,
      LP

            

    

    

    ___________
Declined
-  Reason:   ________________________________________________

    

    
      
        	
                _____________

              	 
      	
                __________

              	 
      	
                _______________________

              	 
      	 
      
	
                Date

              	
                  

              	
                Time

              	
                  

              	
                Authorized
      Signature

              	
                  

              	 
      

      

    

     

    
      
         

      

      
        29

        
          

        

      

      
         

      

    

    EXHIBIT
C

    

    UNITED
STATES BRENT OIL FUND, LP

    

    FORM OF
CERTIFIED AUTHORIZED PERSONS

    OF
AUTHORIZED PURCHASER

    

    The
following are the names, titles and signatures of all persons (each an
“Authorized Person”) authorized to give instructions relating to any activity
contemplated by the United States Brent Oil Fund, LP Authorized Purchaser
Agreement or any other notice, request or instruction on behalf of the
Authorized Purchaser pursuant to the aforementioned agreement.

    

    Authorized
Purchaser:    _______________________

    

    Name:            _________________________

    

    Title:     _________________________

    

    Signature:       _________________________

    

    Name:         _________________________

    

    Title:     _________________________

    

    Signature:      _________________________

    

    Name:   _________________________

    

    Title:     _________________________

    

    Signature:      _________________________

    

    The
undersigned, [name],
[title] of [company], does hereby certify
that the persons listed above have been duly elected to the offices set forth
beneath their names, that they presently hold such offices, that they have been
duly authorized to act as Authorized Persons pursuant to the United States Brent
Oil Fund, LP Authorized Purchaser Agreement by and between [Authorized Purchaser] and the
General Partner of United States Brent Oil Fund, LP, dated ___________________,
and that their signatures set forth above are their own true and genuine
signatures.

    
      
         

      

      
        30

        
          

        

      

      
         

      

    

               IN
WITNESS WHEREOF, the undersigned has hereby set his/her hand and the seal of
[company] on the date
set forth below.

    

    Subscribed
and sworn to before me

    this
___  day of  ___________, ______.

    

    By:

    

    Name:  _________________________

    

    Signature:     _________________________

    

    Notary
Public

     

    
      
         

      

      
        31

        
          

        

      

      
         

      

    

    EXHIBIT
D

    

    BBH
Pricing Policies

    Futures,
Forwards, Swaps, Options and Treasuries

    

    The
pricing policies stated below are used for all BBH clients, including Mutual
Fund Registered Investment Companies.  These policies have been audited by
numerous accounting firms during annual fund audits.

    

    Futures

               Futures
traded on exchanges are valued using the closing settlement prices quoted on the
relevant exchange and obtained from pricing sources, typically Bloomberg or
Reuters.

    

    Forward
Currency Contracts

               BBH
obtains the WM Reuters London Close closing spot rates and the WM Reuters London
Close forward point rates on a daily basis.  The currency forward
contract pricing model derives the differential in point rates to the expiration
date of the forward and calculates its present value.  The forward is
valued at the net of the present value and the spot rate.

    

    Swaps

               Swaps
and other  similar derivative or contractual type instruments are
valued at a price provided by a single broker or dealer, typically the
counterparty. If no such price is available, the contract is valued at a price
at which the counterparty to such contract would repurchase the instrument or
terminate the contract.

    

    Options

    Option
contracts on securities, currencies, indices, futures contracts, commodities and
other instruments shall be valued at the last sale price on the exchange or
market that is the Primary Market.  If a contract did not trade on the
Primary Market, it shall be valued at the last sale price on another exchange or
market where it did trade.   If there is no such sale price, the
value shall be the most recent bid quotation.

    

    Sale
prices and bid quotations indicated above shall be supplied by a Pricing Service
(Reuters, Bloomberg, IDC, etc.). If a Pricing Service is not able to provide
such sale prices or bid quotations, the value shall be determined by taking the
mean between the bid and the asked quotations provided by a single broker or
dealer, unless the broker or dealer can only provide a bid quotation, in which
case the value shall be such bid quotation.

    

    Except as
provided below, OTC currency options are valued by uploading the applicable
implied volatility rates from Reuters or Bloomberg.  Other inputs are
either uploaded (interest rates, spots) or are specified when the ticker symbols
are set up (expiration date, strike).  OTC currency options are then
priced by using the Garman-Kohlhagen modified Black-Scholes formula, which
adjusts for a constant yield versus a fixed dividend.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    Except as
provided below, OTC equity/index options are priced according to the contract
specifications (days to expiration, current spot index level, interest rates,
dividends, strike price) using the Black-Scholes pricing model, modified for
dividends.  The volatility input assumption is interpolated from the previous
day’s price.

    

    US
Treasuries

    BBH uses
an evaluated bid supplied by IDC for treasury prices.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    EXHIBIT
E

    

    UNITED
STATES BRENT OIL  FUND, LP

    

    OFFICER’S
CERTIFICATE

    

    The
undersigned, a duly authorized officer of United States Commodity Funds LLC, a
Delaware limited liability company (the “General Partner”), and pursuant to
Section 13(d) of the United States Brent Oil Fund, LP Authorized Purchaser
Agreement (the “Agreement”), dated as of [_____________________], by and between
the General Partner and [Authorized Purchaser], (“the
Authorized Purchaser”), hereby certifies that:

    

    1.           Each
of the following representations and warranties of the General Partner is true
and correct in all material respects as of the date hereof:

    

    (a)         the
Prospectus does not 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; the Registration Statement complies in all material respects
with the requirements of the 1933 Act and the Prospectus complies 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 so described or filed; the conditions to the
use of Form S-1 or S-3, if applicable, have been satisfied; the Registration
Statement does not 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 does not 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 the Registration Statement or any Prospectus in reliance
upon and in conformity with information concerning the Authorized Purchaser and
furnished in writing by or on behalf of the Authorized Purchaser to the General
Partner expressly for use in the Registration Statement or such Prospectus; and
neither the General Partner nor any person known to the General Partner acting
on behalf of the Fund has distributed nor will distribute any offering material
other than the Registration Statement or the Prospectus;

    

    (b)         the
Fund has been duly formed and is validly existing as an investment fund under
the laws of the State of Delaware, as described in the Registration Statement
and the Prospectus, and as described in the Prospectus, the Marketing Agent is
authorized to issue and deliver the Baskets to the Authorized
Purchaser;

    

    (c)         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;

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    (d)         the
General Partner is duly qualified and is in good standing in each jurisdiction
where the conduct of its business requires such qualification; and the Fund is
not required to so qualify in any jurisdiction;

    

    (e)         the
outstanding Units have been duly and validly issued and are fully paid and
non-assessable and free of statutory and contractual preemptive rights, rights
of first refusal and similar rights;

    

    (f)          the
Units 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;

    

    (g)         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;

    

    (h)         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
under) its 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 to the Authorized Purchaser hereunder and the
consummation of the transactions contemplated hereby does 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 General Partner or the
Fund;

    

    (i)          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  Creation Baskets to the Authorized Purchaser hereunder or the
consummation by the General Partner or the Fund of the transactions contemplated
hereunder other than registration of the Units under the 1933 Act and the filing
of the Prospectus with the National Futures Association, which has been
effected, and any necessary qualification under the securities or blue sky laws
of the various jurisdictions in which the Units are being offered or under the
rules and regulations of NYSE Arca, Inc. (“NYSE Arca”);

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    (j)          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 shares 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 or otherwise;

    

    (k)         each
of the General Partner and the Fund 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 not 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;

    

    (l)          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 as required;

    

    (m)        except
as  set forth in the Registration Statement and the Prospectus, there
are no actions, suits, claims, investigations or proceedings pending or
threatened or contemplated to which the  General Partner or the Fund,
or 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;

    

    (n)         [______________],
whose report on the audited financial statements of the Fund is filed with the
SEC as part of the Registration Statement and the Prospectus, are independent
public accountants as required by the 1933 Act;

    

    (o)         the
audited financial statement(s) included in the Prospectus, together with the
related notes and schedules, presents fairly the financial position of the Fund
as of the date indicated and has 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
the Prospectus;

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

    (p)         subsequent
to the respective dates as of which information is given in the Registration
Statement and the Prospectus, 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 or the Fund,
which is material to the Fund, (iv) any change in the Units purchased by the
Authorized Purchaser or outstanding indebtedness of the General Partner or the
Fund or (v) any dividend or distribution of any kind declared, paid or made on
such Units;

    

    (q)         the
Fund is not and, after giving effect to the offering and sale of the Units, will
not be an “investment company” or an entity “controlled” by an “investment
company,” as such terms are defined in the Investment Company Act;

    

    (r)          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) 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 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 as to which the General Partner and the
Fund have no knowledge of any such pending or threatened claims, and the General
Partner and the Fund are unaware of any facts which could form a reasonable
basis for any such claim;

    

    (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; and

    

    (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

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    

    (s)         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;

    

    (t)          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;

    

    (u)         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, giving effect to the rules and regulations, and SEC staff
interpretations (whether or not public), 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; any material weaknesses in internal controls have been identified for
the Fund’s auditors;

    

    (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

    

    (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.

    

    For
purposes hereof, the term “ Registration Statement” shall mean the Registration
Statement as amended or supplemented from time to time to the date hereof, the
term “Preliminary Prospectus” shall mean the preliminary prospectus dated
______________, relating to the Units and any other prospectus dated prior to
effectiveness of the Registration Statement relating to the Units, and the term
“Prospectus” shall mean the Prospectus as amended or supplemented from time to
time to the date hereof.

    

    2.           Each
of the obligations of the General Partner to be performed by it on or before the
date hereof pursuant to the terms of the Agreement, and each of the provisions
thereof to be complied with by the General Partner on or before the date hereof,
has been duly performed and complied with in all material
respects.  Capitalized terms used, but not defined herein shall have
the meanings assigned to such terms in the Agreement.

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    

    IN
WITNESS WHEREOF, I have hereunto, on behalf of the General Partner, subscribed
my name this ___ day of ________, ____.

    

               By:
________________________

               Name:
Nicholas D. Gerber

               Title:
President

    

    I, Howard
Mah, in my capacity as Secretary, hereby certify that Nicholas D. Gerber is the
duly elected President of the General Partner, and that the signature set forth
immediately above is his genuine signature.

    

    IN
WITNESS WHEREOF, I have hereunto set my hand as of the date first set forth
above.

    

               By:
________________________

               Name:
Howard Mah

               Title:
Secretary

    
      
         

      

      
        8

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