Tudor Third-Quarter Letter

The Tudor BVI Global Fund Ltd. Trading Shares

Second Quarter 2009 Performance Review and Current Market Outlook

October 15, 2009The Tudor BVI Global Fund Ltd.Kaya Flamboyan 9P.O. Box 4774Curaçao, Netherlands AntillesLadies and Gentlemen:The Tudor BVI Global Fund Ltd. Trading Shares (“Tudor BVI Trading Shares” orthe “Fund”) completed the third quarter of 2009 with an estimated year-to-date netreturn of +14.88% for Class A (FINRA Unrestricted) and +14.90% for Class B (FINRARestricted) Shares. Class D Series 1 and Class E Series 1 Shares, which were first issuedon March 1, 2009, completed their first seven months with an estimated net return of+7.83% and +7.82%, respectively.As of this writing, we are able to report an estimated month-to-date net returnthrough and including October 14

th

of approximately +1.95% across the Fund’s variousclasses. Our report for the quarter ended September 30, 2009 and our current marketoutlook follows.Very truly yours,Paul T. Jones IIChairmanTudor Investment CorporationTrading Advisor toThe Tudor BVI Global Portfolio L.P.

The Tudor BVI Global Fund Ltd. – Trading SharesThird Quarter 2009 Performance Review and Current Market OutlookOctober 15, 2009

Page 2

S

UMMARY AND

I

NDEX

S

ECTION

-S

UB

-S

ECTION

P

AGE

I. Third Quarter 2009 Performance Summary and Attribution by Strategy……...……3

Net Performance

C

LASS

A C

LASS

B

Month Quarter Year Month Quarter Year July +1.04% +1.04%August +0.51% +0.51%September

(estimate)

+2.23% +3.82% +14.88% +2.26% +3.84% +14.90%

Net Performance

C

LASS

D

-

S

ERIES

1 C

LASS

E

-

S

ERIES

1

Month Quarter Year Month Quarter Year July +0.81% +0.81%August +0.46% +0.46%September

(estimate)

+1.90% +3.19% +7.83% +1.90% +3.19% +7.82%

Class A and D Shares are FINRA Non-Restricted (with New Issues).Class B and E Shares are FINRA Restricted (de minimis New Issues).Class D and E Shares were first issued on March 1, 2009.Net performance among classes may vary as a result of New Issue trading and performance allocations.For reporting on the Legacy Side Pocket please refer to the monthly Legacy Class Side Pocket Holdings andAttribution Report posted at the Tudor Group website at www.tudorfunds.com.

II. Capital Allocations by Strategy as of October 1, 2009………….…………………..…5III. Market Outlook – Macro Perspective………………………………………………….…9

Paul Jones and Research Associates

IV. Administrative Update…………………………………………………………………….13V. Appendix to Market Outlook……………………………………………………………...14Inquiries:

Tudor Group Investor Relations Telephone 203-863-86771275 King Street U.S. Toll-Free 888-31-Tudor (888-318-8367)Greenwich, CT 06831 USA Fax 203-863-1868investor@tudor.com www.tudorfunds.com

The Tudor BVI Global Fund Ltd. – Trading SharesThird Quarter 2009 Performance Review and Current Market OutlookOctober 15, 2009

Page 3

The Tudor BVI Global Portfolio L.P. Trading InterestsThird Quarter 2009 Performance Summary and Attribution by Strategy

The Tudor BVI Global Portfolio L.P. Trading Interests showed estimated gross results acrossstrategies for Q3 2009 as follows

1

:

S

TRATEGY

G

ROSS

P&L

(U.S.D

OLLARS INMILLIONS

)

Q1 Q2 Q3 Q4Y-T-D

2009

Global Macro StrategiesDiscretionary Macro 420.8 339.3 177.4 937.5Quantitative Macro -40.4 65.4 103.7 128.7Global Macro Strategies Sub-Total

380.4 404.7 281.1 1,066.2

Equity StrategiesDiscretionary Equity Long/Short -21.9 -6.7 38.0 9.4Quantitative Equity Systems 29.9 28.9 13.4 72.2Equity Strategies Sub-Total

8.0 22.2 51.4 81.6

January 2009 Additional Categories*

47.8 0.0 0.0 47.8

Treasury Activities

3.36.4 9.9 19.6Total 439.5 433.3 342.4 1,215.2

*

This category includes private equity and credit strategies. The positions associated with this category were moved to the LegacySide Pocket on January 31, 2009.

Investor appetite for risk assets in the third quarter was evident in the strongperformance of global equity markets and the tightening of corporate credit spreads,particularly for lower quality names. The market rally which began in mid-March gainedsteam in the third quarter as the economy showed additional signs of stability andcorporations, generally through cost cutting, reported earnings above loweredexpectations. The Dow Jones Index was up 15% for the quarter, its best quarter since1998. The US dollar continued to weaken against most major currencies, while yieldcurves generally flattened and precious metals prices increased during the quarter.Discretionary Macro: Discretionary macro strategies posted strong results for thequarter with equity and commodity asset classes as the largest contributors. Strongequity market performance globally generated profits predominantly in the US withadditional contributions primarily in Korea, Brazil, the UK and global emerging marketsindices. Commodity trading contributed to positive performance led by agricultural,precious metals and energy-related positions, partially offset by positions in broadcommodity indices. Currency trading was profitable as the US dollar continued adownward trend. The majority of gains occurred in the British pound, the Swedish

1

Gross results represent gains for The Tudor BVI Global Portfolio L.P. for January 2009 and for The Tudor BVIGlobal Portfolio L.P. Trading Interests alone for February through September 2009.