1. 1 OCTOBER 2010 Liquidity Transparency Absolute Returns ●● This information is not a solicitation and should not be considered as a recommendation for you to engage in any transaction involving the purchase of any Blackheath Fund Management Inc. products or Blackheath Fund Management Inc. Individually Managed Accounts. The risk of loss in trading futures contracts or commodity options can be substantial. Investors should carefully consider the risks of investing in light of their investment objectives, risk tolerance and financial circumstances. Important information about the Blackheath Futures Fund LP and the Blackheath Volatility Arbitrage LP are contained in each fund’s respective Offering Memorandum. DISCLAIMER

2. Liquidity Transparency Absolute Returns ●●

3. 3 OCTOBER 2010 Liquidity Transparency Absolute Returns ●● STRATEGY Sentiment Trading Strategy Volatility Arbitrage Strategy (launched Sept 30, 2010)

4. 4 OCTOBER 2010 Liquidity Transparency Absolute Returns ●● Blackheath Performance vs Benchmarks (March 31, 2003 = 100) COMPARATIVE PERFORMANCE SINCE INCEPTION

5. 5 OCTOBER 2010 Liquidity Transparency Absolute Returns ●● CORRELATION S&P 500 Composite Index C/S Tremont Hedge Fund Index Barclays CTA Index Blackheath Offshore Limited 0.0970.2460.397 1.000 Barclays CTA Index 0.0730.310 1.000 C/S Tremont Hedge Fund Index 0.720 1.000 S&P 500 Composite Index 1.000

6. 6 OCTOBER 2010 Liquidity Transparency Absolute Returns ●● DJ UBS Commodities Index vs. Avg 1-Month Correlation of Components One Year

7. 7 OCTOBER 2010 Liquidity Transparency Absolute Returns ●● Correlation of DJUBS Commodity Index vs SP500 2006 - present

8. 8 OCTOBER 2010 Liquidity Transparency Absolute Returns ●● Sugar #11 Price vs Net Managed Futures

9. 9 OCTOBER 2010 Liquidity Transparency Absolute Returns ●● Managed Futures – Assets Under Management US$ bil Q2 2010

10. 10 OCTOBER 2010 Liquidity Transparency Absolute Returns ●● DJ-UBS Commodity Index vs CTAs vs SP500