0001104659-14-036885 Sample Contracts

ADVISORY AGREEMENT among EUPHRATES GLOBAL HORIZONS, LLC BLACKROCK INVESTMENT MANAGEMENT, LLC and ELLINGTON MANAGEMENT GROUP, L.L.C. Dated as of February 7, 2014
Advisory Agreement • May 9th, 2014 • BlackRock Global Horizons I L.P. • Commodity contracts brokers & dealers • New York

The undersigned hereby acknowledges receipt of Ellington Management Group, L.L.C.’s Disclosure Statement for Ellington Quantitative Macro Fund Ltd. dated November 2013.

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