0001193125-12-355692 Sample Contracts

AMENDMENT NO. 1 TO CUSTODIAN AGREEMENT
Custodian Agreement • August 14th, 2012 • United States Short Oil Fund, LP • Commodity contracts brokers & dealers

This Amendment No. 1 to the Custodian Agreement dated as of July 30, 2012, is entered into among UNITED STATES SHORT OIL FUND, LP, a limited partnership organized under the laws of the State of Delaware (the “Fund”), UNITED STATES COMMODITY FUNDS LLC, a Delaware limited liability company and General Partner of the Fund (the “General Partner”), and BROWN BROTHERS HARRIMAN & CO., a limited partnership formed under the laws of the State of New York (“BBH & Co.” or the “Custodian”),

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UNITED STATES SHORT OIL FUND, LP AMENDMENT NO. 1 TO MARKETING AGENT AGREEMENT
Marketing Agent Agreement • August 14th, 2012 • United States Short Oil Fund, LP • Commodity contracts brokers & dealers

This Amendment No. 1 dated July 30, 2012 to the Marketing Agent Agreement by and among United States Short Oil Fund, LP, a Delaware limited partnership (the “Fund”), United States Commodity Funds LLC, a Delaware limited liability company, as General Partner of the Fund (the “General Partner”) and ALPS Distributors, Inc., a Colorado corporation (the “Marketing Agent”).

AMENDMENT NO. 1 TO ADMINISTRATIVE AGENCY AGREEMENT
Administrative Agency Agreement • August 14th, 2012 • United States Short Oil Fund, LP • Commodity contracts brokers & dealers

This Amendment No. 1 to the Administrative Agency Agreement dated as of July 30, 2012, is entered into among UNITED STATES SHORT OIL FUND, LP, a limited partnership organized under the laws of the State of Delaware (the “Fund”), UNITED STATES COMMODITY FUNDS LLC, a Delaware limited liability company and General Partner of the Fund (the “General Partner”), and BROWN BROTHERS HARRIMAN & CO., a limited partnership formed under the laws of the State of New York (“BBH & Co.” or the “Administrator”),

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