Document:

Management Agreement - Rotella Capital Management, Inc.

 Exhibit 10.13 
 MANAGEMENT AGREEMENT 
 AGREEMENT made as of the 1st day of September, 2012,
is by and among CERES MANAGED FUTURES LLC, a Delaware limited liability company (“CMF”), EMERGING CTA PORTFOLIO L.P., a New York limited partnership (the “Partnership”) and ROTELLA CAPITAL MANAGEMENT, INC., a Nevada corporation
(the “Advisor”). 
 W I T N E S S E T H :

 WHEREAS, CMF is the general partner of the Partnership, a limited partnership organized for the purpose of speculative
trading of commodity interests, including futures contracts, options, forward contracts, swaps and other derivative instruments with the objective of achieving substantial capital appreciation; and 

WHEREAS, the Fourth Amended and Restated Limited Partnership Agreement dated as of May 1, 2012 (the “Partnership
Agreement”), permits CMF to delegate to one or more commodity trading advisors CMF’s authority to make trading decisions for the Partnership, which advisors may or may not have any prior experience managing client funds; and 

WHEREAS, the Advisor is registered as a commodity trading advisor with the Commodity Futures Trading Commission (“CFTC”) and is
a member of the National Futures Association (“NFA”); and 
 WHEREAS, CMF is registered as a commodity trading advisor
and a commodity pool operator with the CFTC and is a member of NFA; and 
 WHEREAS, CMF, the Partnership and the Advisor wish to
enter into this Agreement in order to set forth the terms and conditions upon which the Advisor will render and implement advisory services in connection with the conduct by the Partnership of its commodity trading activities during the term of this
Agreement. 
 NOW, THEREFORE, the parties agree as follows: 

1. DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole
authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by CMF in commodity interests,
including commodity futures contracts, options, and forward contracts. The Advisor may also engage in swap transactions and other over-the-counter derivative transactions on behalf of the Partnership with the prior written approval of CMF. All such
trading on behalf of the Partnership shall be in accordance with the trading strategies and trading policies set forth in the sections entitled “Summary–Objective of the Fund,” “The General Partner–Trading Policies” and
“The Advisors,” as applicable, in the Partnership’s Private Placement Offering Memorandum and Disclosure Document dated May 1, 2012, as supplemented or amended from time to time (the “Memorandum”), and as such trading
policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change (such policies, as may be amended, the “Partnership Trading Policies”), and pursuant to the trading strategy selected by CMF to be
utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s 

 
Rotella TEXO Program (the “Program”) to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change
in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the Partnership Trading Policies without the prior written consent of the Partnership
given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not result in losses. The sole duty of the Advisor hereunder shall be to manage the Partnership’s
assets allocated to it pursuant to the terms of this Agreement, and the Advisor shall not otherwise be responsible for the management, operation or administration of the Partnership. 

(b) CMF acknowledges receipt of the description of the Advisor’s Program, attached hereto as Appendix A. All trades made by the
Advisor for the account of the Partnership shall be made through such commodity clearing broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with
the clearance of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up
agreements (by original, fax copy or email copy). The Advisor may execute trades through executing brokers selected by the Advisor in its discretion so long as arrangements are made by the Advisor for such executing brokers to give up or transfer
the positions to the Partnership’s clearing brokers and CMF is provided notice of such executing brokers used. 
 (c) The
initial allocation of the Partnership’s assets to the Advisor will be made to the Program as described in the Memorandum, provided that CMF and the Partnership acknowledge that the Advisor intends to manage the assets of the Partnership
utilizing two times the leverage normally applied to the Program, unless otherwise agreed to by the parties hereto in writing. In the event the Advisor wishes to make a material change to the Program, the Advisor will provide prior written notice to
CMF of any such change; provided, however, that the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account and will not trade any commodity interests not on such list,
unless the Advisor gives CMF prior written notice of its intention to trade commodity interests not on such list and CMF consents thereto in writing. In the event the Advisor wishes to use a trading strategy other than or in addition to the Program
in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading strategy, and CMF consents thereto in writing. In
addition, the Advisor will notify CMF of any changes to the Program that would require a change in the description of the trading strategy or methods described in Appendix A or the Memorandum, as applicable, to be materially inaccurate. The Advisor
also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The
Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. 

(d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4
of the CFTC’s regulations (“principals”), 

  
 -2-

 
shareholders, directors, officers and employees, their trading performance and general trading methods of the Program, its customer accounts that trade the Program (but not the identities of or
identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by federal or state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this
Agreement, the Advisor is not required to disclose the actual trading results of proprietary accounts of the Advisor or its principals that trade the Program unless CMF reasonably determines that such disclosure is required in order to fulfill its
fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by federal or state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a
property right belonging to the Advisor and that they will keep all such advice confidential pursuant to the provisions of Section 9. 
 (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net
Assets of the Partnership (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets of the Partnership to any such
trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. 

(f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among the trading
advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a calendar month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions
in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific
positions by the Advisor. CMF will use its best efforts to give two business days’ prior notice to the Advisor of any reallocations or liquidations. 
 (g) (i) Subject to Sections 1(g)(ii) and 6(c) hereof, the Advisor shall not assume financial responsibility to the Partnership or to CMF for any trading errors committed or caused by the Advisor in
transmitting orders for the purchase or sale of commodity interests for the Partnership’s account, including, but not limited to, trading errors involving the inputting of trading signals improperly or the communication of orders for execution
incorrectly in accordance with the Advisor’s allocation policy. 
 (ii) Notwithstanding Section 1(g)(i) hereof, the
Advisor shall be liable to the Partnership for any errors resulting in a loss to the Partnership’s account that is directly caused by an act or omission of the Advisor or its employees, directors or officers which (A) causes a loss to the
Partnership’s account equal to or greater than $35,000, or (B) constitutes willful misconduct or negligence or is the result of any such person not having acted in good faith and in the reasonable belief that such acts or omissions were
in, or not opposed to, the best interests of the Partnership. 

  
 -3-

 (iii) The Advisor shall not be financially responsible for errors committed or caused by any
executing broker, floor broker or futures commission merchant executing trades, or any clearing broker. The Advisor shall have an affirmative obligation promptly to notify CMF and the relevant clearing broker of any error that the Advisor believes,
in good faith, is subject to Section 1(g)(ii) hereof and the Advisor shall use commercially reasonable best efforts to identify and promptly notify CMF and the relevant clearing broker of any order or trade that the Advisor believes, in good
faith, was not executed by an executing broker in accordance with the Advisor’s instructions in all material respects. 

2. INDEPENDENCE OF THE ADVISOR. For all purposes herein, the Advisor shall be deemed to be an independent contractor and, unless
otherwise expressly provided or authorized, shall have no authority to act for or represent the Partnership in any way and shall not be deemed an agent, promoter or sponsor of the Partnership, CMF, or any other trading advisor. The Advisor shall not
be responsible to the Partnership, CMF, any trading advisor or any limited partners for any acts or omissions of any other trading advisor to the Partnership. 
 3. COMPENSATION. (a) In consideration of and as compensation for all of the services to be rendered by the Advisor to the Partnership under this Agreement, the Partnership shall pay the Advisor
(i) an incentive fee payable quarterly equal to 17% of New Trading Profits (as such term is defined below) earned by the Advisor for the Partnership (the “Incentive Fee”) and (ii) a monthly fee for professional management
services equal to 1/12 of 0.5% (0.5% per year) of the month-end Net Assets of the Partnership allocated to the Advisor (computed monthly by multiplying the Partnership’s Net Assets allocated to the Advisor as of the last business day of each
month by 0.5% and dividing the result thereof by 12) (the “Management Fee”). 
 (b) “Net Assets of the
Partnership” shall have the meaning set forth in Section 7(d)(2) of the Partnership Agreement and, unless the Advisor consents in writing, without regard to further amendments thereto, provided that in determining the Net Assets of the
Partnership on any date, no adjustment shall be made to reflect any distributions, redemptions, administrative fees or incentive fees accrued or payable as of the date of such determination. 

(c) “New Trading Profits” shall mean the excess, if any, of Net Assets of the Partnership managed by the Advisor at the end of
the quarterly period over Net Assets of the Partnership managed by the Advisor at the end of the highest previous quarterly period or Net Assets of the Partnership allocated to the Advisor at the date trading commences by the Advisor for the
Partnership, whichever is higher, and as further adjusted to eliminate the effect on Net Assets of the Partnership resulting from new capital contributions, redemptions, reallocations or capital distributions, if any, made during the quarterly
period decreased by interest or other income, not directly related to trading activity, earned on the Partnership’s assets during the quarterly period, whether the assets are held separately or in margin accounts. Ongoing expenses (including,
but not limited to, legal expenses) shall be attributed to the Advisor based on the Advisor’s proportionate share of Net Assets of the Partnership. Ongoing expenses shall not include expenses of litigation not involving the activities of the
Advisor on behalf of the Partnership. No Incentive Fee shall be paid to the Advisor until the end of the first full calendar quarter of the Advisor’s trading for the Partnership, which fee shall be based on New Trading Profits (if any) earned
from the commencement of trading by the Advisor on behalf of the Partnership through the end of the first full calendar quarter of such trading. Interest income 

  
 -4-

 
earned, if any, will not be taken into account in computing New Trading Profits earned by the Advisor. If Net Assets of the Partnership allocated to the Advisor are reduced due to redemptions,
distributions or reallocations (net of additions), there will be a corresponding proportional reduction in the related loss carryforward amount that must be recouped before the Advisor is eligible to receive another Incentive Fee. 

(d) Quarterly Incentive Fees and monthly Management Fees shall be paid within twenty (20) business days following the end of the
period for which such fee is payable. CMF shall prepare and deliver to the Advisor an invoice describing in reasonable detail the calculation of Incentive Fees. In the event of the termination of this Agreement as of any date which shall not be the
end of a calendar quarter or a calendar month, as the case may be, the quarterly Incentive Fee shall be computed as if the effective date of termination were the last day of the then current quarter and the monthly Management Fee shall be prorated
to the effective date of termination. If, during any month, the Partnership does not conduct business operations or the Advisor is unable to provide the services contemplated herein for more than two successive business days, the monthly Management
Fee shall be prorated by the ratio which the number of business days during which CMF conducted the Partnership’s business operations or utilized the Advisor’s services bears in the month to the total number of business days in such month.

 (e) The provisions of this Section 3 shall survive the termination of this Agreement. 

4. RIGHT TO ENGAGE IN OTHER ACTIVITIES. (a) Except as otherwise provided herein, the services provided by the Advisor
hereunder are not to be deemed exclusive. CMF on its own behalf and on behalf of the Partnership acknowledges that, subject to the terms of this Agreement, the Advisor and its officers, directors, employees and shareholder(s), may render advisory,
consulting and management services to other clients and accounts including proprietary accounts of the Advisor, its principals and affiliates. The Advisor and its officers, directors, employees and shareholder(s) shall be free to trade for their own
accounts and to advise other investors and manage other commodity accounts during the term of this Agreement and to use the same information, computer programs and trading strategies, programs or formulas which they obtain, produce or utilize in the
performance of services to CMF for the Partnership. However, the Advisor represents, warrants and agrees that it believes the rendering of such consulting, advisory and management services to other accounts and entities will not require any material
change in the Program and will not affect the capacity of the Advisor to continue to render services to CMF for the Partnership of the quality and nature contemplated by this Agreement. 

(b) If, at any time during the term of this Agreement, the Advisor is required to aggregate the Partnership’s commodity positions
with the positions of any other person for purposes of applying CFTC- or exchange-imposed speculative position limits, the Advisor agrees that it will promptly notify CMF in writing if the Partnership’s positions are included in an aggregate
amount which exceeds the applicable speculative position limit. The Advisor agrees that, if its trading recommendations are altered because of the application of any speculative position limits, the Advisor will not modify the trading instructions
with respect to the Partnership’s account in such manner as to affect the Partnership substantially disproportionately as compared with the Advisor’s other accounts. The Advisor further represents, warrants and

  
 -5-

 
agrees that under no circumstances will it knowingly or deliberately favor any client or account managed by it over any other client or account in any manner, it being acknowledged, however, that
different trading strategies or methods may be utilized for differing sizes of accounts, accounts with different trading policies, accounts experiencing differing inflows or outflows of equity, accounts that commence trading at different times,
accounts that have different portfolios or different fiscal years, accounts utilizing different executing brokers and accounts with other differences, and that such differences may cause divergent trading results. 

(c) It is acknowledged that the Advisor and/or its officers, employees, directors and shareholder(s) presently act, and it is agreed that
they may continue to act, as advisor for other accounts managed by them, and may continue to receive compensation with respect to services for such accounts in amounts which may be more or less than the amounts received from the Partnership.

 (d) Subject to Section 1(d) of this Agreement, the Advisor agrees that it shall make such information available to CMF
respecting the performance of the Partnership’s account as compared to the performance of other accounts managed by the Advisor or its principals that trade the Program, if any, as shall be reasonably requested by CMF. The Advisor presently
believes and represents that existing speculative position limits will not materially adversely affect its ability to manage the Partnership’s account given the potential size of the Partnership’s account and the Advisor’s and its
principals’ current accounts and all proposed accounts for which they have contracted to act as trading advisor pursuant to the Program or otherwise. 
 5. TERM. (a) This Agreement shall continue in effect until June 30, 2013. CMF may, in its sole discretion, renew this Agreement for additional one-year periods upon written notice to the
Advisor not less than 30 days prior to the expiration of the previous period. During the term of this Agreement, CMF may terminate this Agreement for any or for no reason at any month-end upon no less than thirty (30) days’ prior written
notice to the Advisor. In addition, at any time during the term of this Agreement, CMF may elect immediately to terminate this Agreement upon no less than five (5) days’ prior written notice to the Advisor if (i) the Net Asset Value
per unit of the Partnership shall decline as of the close of business on any day to $400 or less; (ii) the Net Assets of the Partnership allocated to the Advisor (adjusted to exclude the effect of redemptions, distributions, withdrawals or
reallocations, if any) decline by 20% or more as of the end of a trading day from such Net Assets’ previous highest value; (iii) limited partners owning at least 50% of the outstanding units of the Partnership shall vote to require CMF to
terminate this Agreement; (iv) the Advisor fails to comply in any material respect with the terms of this Agreement; (v) CMF, in good faith, reasonably determines that the performance of the Advisor has been such that CMF’s fiduciary
duties to the Partnership require CMF to terminate this Agreement; (vi) CMF reasonably believes that the application of speculative position limits will substantially affect the performance of the Partnership; or (vii) the Advisor fails to
conform to the Partnership Trading Policies. In addition, at any time during the term of this Agreement, CMF may elect immediately to terminate this Agreement upon written notice to the Advisor if (i) the Advisor merges, consolidates with
another entity, sells a substantial portion of its assets, or becomes bankrupt or insolvent; (ii) either Veeru Perianan or Robert Rotella dies, becomes incapacitated, leaves the employ of the Advisor, ceases to control the Advisor or is
otherwise not managing the trading programs or systems of the Advisor; (iii) the Advisor’s registration as a commodity trading advisor with the CFTC or its membership in NFA or any other regulatory

  
 -6-

 
authority, is terminated or suspended; or (iv) CMF reasonably believes that the Advisor has or may contribute to any material operational, business or reputational risk to CMF or CMF’s
affiliates. This Agreement will immediately terminate upon dissolution of the Partnership or upon cessation of trading by the Partnership prior to dissolution. 
 (b) The Advisor may terminate this Agreement at any month-end by giving no less than thirty (30) days’ prior written notice to CMF. The Advisor may elect immediately to terminate this Agreement
upon no less than five (5) days’ prior written notice to the Advisor in the event that the Partnership Trading Policies are changed in such manner that the Advisor reasonably believes will adversely affect the performance of its trading
strategies. The Advisor may immediately terminate this Agreement upon written notice to CMF if CMF’s registration as a commodity pool operator or its membership in NFA is terminated or suspended. 

(c) Except as otherwise provided in this Agreement, any termination of this Agreement in accordance with this Section 5 shall be
without penalty or liability to any party, except for any fees due to the Advisor pursuant to Section 3 hereof. 
 6.
INDEMNIFICATION. (a)(i) Subject to Section 6(a)(iii) hereof, in any threatened, pending or completed action, suit, or proceeding to which the Advisor was or is a party or is threatened to be made a party arising out of or in connection
with this Agreement or the management of the Partnership’s assets by the Advisor or the offering and sale of units in the Partnership, CMF shall indemnify and hold harmless the Advisor against any loss, liability, damage, fine, penalty
obligation, cost, expense (including, without limitation, reasonable attorneys’ and accountants’ fees, collection fees, court costs and other legal expenses), judgments and awards and amounts paid in settlement actually and reasonably
incurred by it in connection with such action, suit, or proceeding if the Advisor acted in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the Partnership, and provided that its conduct did not
constitute negligence, bad faith, recklessness, intentional misconduct, or a breach of its fiduciary obligations to the Partnership as a commodity trading advisor, unless and only to the extent that the court or administrative forum in which such
action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all circumstances of the case, the Advisor is fairly and reasonably entitled to indemnity for such expenses which such court or
administrative forum shall deem proper; and further provided that no indemnification shall be available from the Partnership if such indemnification is prohibited by Section 16 of the Partnership Agreement. The termination of any action, suit
or proceeding by judgment, order or settlement shall not, of itself, create a presumption that the Advisor did not act in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the Partnership. 

(ii) Without limiting subsection (i) above, to the extent that the Advisor has been successful on the merits or otherwise in defense
of any action, suit or proceeding referred to in subsection (i) above, or in defense of any claim, issue or matter therein, CMF shall indemnify the Advisor against the expenses (including, without limitation, reasonable attorneys’ and
accountants’ fees) actually and reasonably incurred by it in connection therewith. 
 (iii) Any indemnification under
subsection (i) above, unless ordered by a court or administrative forum, shall be made by CMF only as authorized in the specific case and only 

  
 -7-

 
upon a determination by independent legal counsel in a written opinion that such indemnification is proper in the circumstances because the Advisor has met the applicable standard of conduct set
forth in subsection (i) above. Such independent legal counsel shall be selected by CMF in a timely manner, subject to the Advisor’s approval, which approval shall not be unreasonably withheld. The Advisor will be deemed to have approved
CMF’s selection unless the Advisor notifies CMF in writing, received by CMF within five days of CMF’s telecopying to the Advisor of the notice of CMF’s selection, that the Advisor does not approve the selection. 

(iv) In the event the Advisor is made a party to any claim, dispute or litigation or otherwise incurs any loss or expense as a result of,
or in connection with, the Partnership’s or CMF’s activities or claimed activities unrelated to the Advisor, CMF shall indemnify, defend and hold harmless the Advisor against any loss, liability, damage, cost or expense (including, without
limitation, attorneys’ and accountants’ fees) incurred in connection therewith. 
 (v) As used in this
Section 6(a), the term “Advisor” shall include the Advisor, its principals, officers, directors, stockholders and employees and the term “CMF” shall include the Partnership. 

(b)(i) The Advisor agrees to indemnify, defend and hold harmless CMF, the Partnership and their affiliates against any loss, liability,
damage, fine penalty, obligation, cost or expense (including, without limitation, reasonable attorneys’ and accountants’ fees, collection fees, court costs and other legal expenses), judgments and awards and amounts paid in settlement
reasonably incurred by them (A) as a result of the material breach of any representations and warranties or covenants made by the Advisor in this Agreement, or (B) as a result of any act or omission of the Advisor relating to the
Partnership if (i) there has been a final judicial or regulatory determination, or a written opinion of an arbitrator pursuant to Section 15 hereof, to the effect that such acts or omissions violated the terms of this Agreement in
any material respect or involved negligence, bad faith, recklessness or intentional misconduct on the part of the Advisor (except as otherwise provided in Section 1(g)), or (ii) there has been a settlement of any action or
proceeding with the Advisor’s prior written consent. 
 (ii) In the event CMF, the Partnership or any of their affiliates
is made a party to any claim, dispute or litigation or otherwise incurs any loss or expense as a result of, or in connection with, the activities or claimed activities of the Advisor or its principals, officers, directors, shareholder(s) or
employees unrelated to CMF’s or the Partnership’s business, the Advisor shall indemnify, defend and hold harmless CMF, the Partnership or any of their affiliates against any loss, liability, damage, fine, penalty, obligation, cost or
expense (including, without limitation, reasonable attorneys’ and accountants’ fees, collection fees, court costs and other legal expenses) judgments, awards and amounts including amounts paid in settlement incurred in connection
therewith. 
 (c) In the event that a person entitled to indemnification under this Section 6 is made a party to an action,
suit or proceeding alleging both matters for which indemnification can be made hereunder and matters for which indemnification may not be made hereunder, such person shall be indemnified only for that portion of the loss, liability, damage, cost or
expense incurred in such action, suit or proceeding which relates to the matters for which indemnification can be made. 

  
 -8-

 (d) None of the indemnifications contained in this Section 6 shall be applicable with
respect to default judgments, confessions of judgment or settlements entered into by the party claiming indemnification without the prior written consent, which shall not be unreasonably withheld or delayed, of the party obligated to indemnify such
party. 
 (e) The provisions of this Section 6 shall survive the termination of this Agreement. 

7. REPRESENTATIONS, WARRANTIES AND AGREEMENTS. 
 (a) The Advisor represents and warrants that: 
 (i) All references to the Advisor
and its principals in the Memorandum, if any, are accurate in all material respects and as to them the Memorandum does not contain any untrue statement of a material fact or omit to state a material fact that is necessary to make the statements
therein not misleading, except that with respect to Table B and any other pro forma or hypothetical performance information in the Memorandum, if any, this representation and warranty extends only to the underlying data made available by the Advisor
for the preparation thereof and not to any hypothetical or pro forma adjustments. Subject to such exception, all references to the Advisor and its principals, if any, in the Memorandum or a supplement thereto will, after review and approval of such
references by the Advisor prior to the use of such Memorandum or supplement in connection with the offering of the Partnership’s units (with such notice to Advisor as required by Section 8(b)(iii) of this Agreement), be accurate in all
material respects. 
 (ii) The information with respect to the Advisor set forth in the actual performance tables in the
Memorandum, if any, is based on all of the customer accounts managed on a discretionary basis by the Advisor’s principals and/or the Advisor during the period covered by such tables and required to be disclosed therein. The Advisor’s
performance tables have been examined by an independent accountant and the report thereon has been provided to CMF. The Advisor will have its performance tables so examined upon reasonable request of CMF. 

(iii) The Advisor will be acting as a commodity trading advisor with respect to the Partnership and not as a securities investment
adviser and is duly registered with the CFTC as a commodity trading advisor, is a member of NFA, and is in compliance with any such other registration and licensing requirements as shall be necessary to enable it to perform its obligations
hereunder, and agrees to maintain and renew such registrations and licenses during the term of this Agreement. 
 (iv) The
Advisor is a corporation duly organized, validly existing and in good standing under the laws of the State of Nevada and has full corporate power and authority to enter into this Agreement and to provide the services required of it hereunder.

 (v) The Advisor will not, by acting as a commodity trading advisor to the Partnership, breach or cause to be breached any
undertaking, agreement, contract, statute, rule or regulation to which it is a party or by which it is bound. 

  
 -9-

 (vi) This Agreement has been duly and validly authorized, executed and delivered by the
Advisor and is a valid and binding agreement enforceable in accordance with its terms. 
 (vii) At any time during the term of
this Agreement that an offering memorandum or prospectus relating to the units is required to be delivered in connection with the offer and sale thereof, the Advisor agrees upon the request of CMF to promptly provide the Partnership with such
information as shall reasonably be necessary so that, as to the Advisor and its principals, such offering memorandum or prospectus is accurate. 
 (b) CMF represents and warrants for itself and the Partnership that: 
 (i) CMF is
a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware and has full limited liability company power and authority to perform its obligations under this Agreement. 

(ii) CMF and the Partnership have the capacity and authority to enter into this Agreement on behalf of the Partnership. 

(iii) This Agreement has been duly and validly authorized, executed and delivered on CMF’s and the Partnership’s behalf and is
a valid and binding agreement of CMF and the Partnership enforceable in accordance with its terms. 
 (iv) CMF will not, by
acting as general partner to the Partnership and the Partnership will not, breach or cause to be breached any undertaking, agreement, contract, statute, rule or regulation to which it is a party or by which it is bound which would materially limit
or affect the performance of its duties under this Agreement. 
 (v) CMF is registered as a commodity pool operator and is a
member of NFA, and it will maintain and renew such registration and membership during the term of this Agreement. 
 (vi) The
Partnership is a limited partnership duly organized and validly existing under the laws of the State of New York and has full limited partnership power and authority to enter into this Agreement and to perform its obligations under this Agreement.

 (vii) The Partnership is a “qualified eligible person” as defined in Rule 4.7 under the Commodity Exchange Act
(“Rule 4.7”). The Partnership and CMF consent to the account being treated by the Advisor as an exempt account under Rule 4.7, and the Partnership and CMF acknowledge that they will not receive a commodity trading advisor disclosure
document from the Advisor that contains all disclosures required by Part 4 of the rules under the Commodity Exchange Act. 

(viii) The Partnership is not, and during the term of this Agreement shall not be, “plan assets” subject to the Employee
Retirement Income Security Act of 1974, as amended, or Section 4975 of the Internal Revenue Code of 1986, or similar provision of law. 

  
 -10-

 8. COVENANTS OF THE ADVISOR, CMF AND THE PARTNERSHIP. 

(a) The Advisor agrees as follows: 
 (i) In connection with its activities on behalf of the Partnership, the Advisor will comply with all applicable laws, including rules and regulations of the CFTC, NFA and/or the commodity exchange on
which any particular transaction is executed. 
 (ii) The Advisor will promptly notify CMF of the commencement of any
investigation, suit, action or proceeding involving the Advisor or any of its affiliates, officers, directors, employees, agents or representatives (other than routine regulatory examinations by NFA or other applicable regulatory or self-regulatory
authority); regardless of whether such investigation, suit, action or proceeding also involves CMF. The Advisor will provide CMF, upon reasonable request, copies of any correspondence (including, but not limited to, any notice or correspondence
regarding the violation, or potential violation, of position limits) from or to the CFTC, NFA or any commodity exchange in connection with an investigation or audit of the Advisor’s business activities; provided, however, the Advisor has no
obligation to provide CMF with copies of correspondence relating to routine regulatory examinations by NFA or other applicable regulatory or self-regulatory authority. 
 (iii) In the placement of orders for the Partnership’s account and for the accounts of any other client, the Advisor will utilize a pre-determined, systematic, fair and reasonable order entry system,
which shall, on an overall basis, be no less favorable to the Partnership than to any other account managed by the Advisor. The Advisor acknowledges its obligation to review the Partnership’s positions, prices and equity in the account managed
by the Advisor daily and within two business days to notify, in writing, CMF and the Partnership’s brokers of (A) any reconciliation error committed by the Advisor or its principals or employees; (B) any trade which the Advisor
believes was not executed in accordance with its instructions; and (C) any discrepancy with a value of $10,000 or more (due to differences in the positions, prices or equity in the account) between its records and the information reported on
the account’s daily and monthly broker statements. 
 (iv) The Advisor will maintain a net worth of not less than $250,000
during the term of this Agreement. 
 (v) For so long as the Advisor or any of its principals or affiliates acts as advisor to
the Partnership or any affiliate of the Partnership, the management fee and incentive fee to be charged to such accounts shall at least be the equivalent to such management fee and incentive fee charged to any account managed or advised by the
Advisor other than proprietary accounts of the Advisor, its principals and affiliates, when compared on an aggregate basis. 

(vi) The Advisor will use its commercially reasonable efforts to close out all futures positions prior to any applicable delivery period
and will use its commercially reasonable efforts to avoid causing the Partnership to take delivery of any commodity. 
 (b) CMF
agrees for itself and the Partnership that: 
 (i) CMF and the Partnership will comply with all applicable laws, including rules
and regulations of the CFTC, NFA and/or the commodity exchange on which any particular transaction is executed, as well as other laws applicable to its operation, if any. 

  
 -11-

 (ii) CMF will promptly notify the Advisor of the commencement of any material suit, action
or proceeding involving it or the Partnership, whether or not such suit, action or proceeding also involves the Advisor. 

(iii) CMF will ensure that CMF, the Partnership and their respective affiliates will not utilize (or cause to be utilized) any marketing
documents or materials for delivery to third persons outside of CMF, the Partnership and their affiliates (exclusive of CMF’s and the Partnership’s advisors) that refer in any way to the Advisor or the Program including without limitation
the Memorandum or any supplement (the “Promotional Materials”), unless the Advisor has received a copy of the portion of such Promotional Materials that relate to the Advisor no less than 10 days in advance of its intended first use or
amendment thereof, and has approved any information regarding the Advisor and the Program contained therein. 
 9.
CONFIDENTIALITY. 
 (a) For all purposes of this Agreement, all non-public information relating to the Advisor, its
principals and their respective affiliates, including but not limited to, records, whether original, duplicated, computerized, handwritten, or in any other form, and information contained therein, business and/or marketing and/or sales plans and
proposals, names of past and current clients, names of past, current and prospective contacts, trading methodologies, systems, strategies and programs, trading advice, instructions, results, orders and fills, current and historical trading
positions, training materials, research data bases, portfolios, and computer software, and all written and oral information, furnished by or on behalf of the Advisor or its affiliates to CMF, the Partnership, and/or their affiliates, officers,
directors, employees, agents (including, but not limited to, attorneys, accountants, consultants, and financial advisors) or controlling persons (each of the foregoing, a “Recipient”), regardless of the manner in which it is furnished,
together with any analysis, compilations, studies or other documents or records which are prepared by a Recipient of such information and which contain or are generated from such information, and regardless of whether explicitly identified as
confidential or delivered pursuant to this Agreement or otherwise, with the exception of information which (i) is or becomes generally available to the public other than as a result of acts by the Recipient in violation of this Agreement,
(ii) is in the possession of the Recipient prior to its disclosure pursuant to the terms hereof, (iii) is or becomes available to the Recipient from a source that is not bound by a confidentiality agreement with regard to such information
or by any other legal obligation of confidentiality prohibiting such disclosure, (iv) that is independently developed by the Recipient without use of the confidential information described in this Section 9, (v) are Promotional
Materials as described above, or (vi) must be disclosed to comply with any demand of any self-regulatory, regulatory, judicial or taxing authority having jurisdiction over the Recipient or as otherwise required by law or regulation, are and
shall be confidential information and/or trade secrets and the exclusive property of the Advisor and/or its affiliates (collectively, “Confidential Information”). 
 (b) CMF and the Partnership each warrants and agrees that they and their Recipients will protect and preserve the Confidential Information and will disclose Confidential Information or otherwise make
Confidential Information available only to Recipients who need to know the Confidential Information (or any part of it) for the purpose of satisfying their fiduciary, legal, reporting, filing or other obligations hereunder or to monitor performance
in the 

  
 -12-

 
account during the term of this Agreement or thereafter. Additionally, CMF and the Partnership each warrants and agrees that it and any Recipient will use the Confidential Information solely for
the purpose of satisfying CMF’s or the Partnership’s obligations under this Agreement and not in a manner which violates the terms of this Agreement. Without limitation to the foregoing, (i) CMF and the Partnership each shall not
copy, license, misuse, misappropriate or reverse engineer or otherwise appropriate or make use of in any manner any of the Confidential Information, including without limitation, trading results or current and historical trading positions, and
(ii) CMF and the Partnership each agree that they may not use any Confidential Information in the formulation or computation of any index aimed at being a replication of “commodity pool” or “commodity trading account”
returns they may create, sponsor or manage. The provisions of this Section 9 shall survive the termination of this Agreement. 
 10. COMPLETE AGREEMENT. This Agreement constitutes the entire agreement between the parties pertaining to the subject matter hereof. 

11. ASSIGNMENT. This Agreement may not be assigned by any party without the express written consent of the other parties.

 12. AMENDMENT. This Agreement may not be amended except by the written consent of the parties. 

13. NOTICES. All notices, demands or requests required to be made or delivered under this Agreement shall be effective upon actual
receipt and shall be made either by electronic mail (email) copy or in writing and delivered personally or by registered or certified mail or expedited courier, return receipt requested, postage prepaid, to the addresses below or to such other
addresses as may be designated by the party entitled to receive the same by notice similarly given: 
 If to CMF or to the
Partnership: 
 Ceres Managed Futures LLC 

522 Fifth Avenue, 14th Floor 
 New York, New York 10036 
 Attention: Walter Davis 

Email: walter.davis@morganstanleysmithbarney.com 
 If to the Advisor: 
 Rotella Capital Management Inc. 

300 North LaSalle Street, Suite 2000 
 Chicago, Illinois 60654 
 Attention: Milt Buckingham, General Counsel 

Email: milt.buckingham@rotellacapital.com 

  
 -13-

 with a copy to: 
 DLA Piper LLP (US) 
 203 North LaSalle Street, Suite 1900 

Chicago, Illinois 60601 
 Attention: Wesley G. Nissen 
 Email: wesley.nissen@dlapiper.com 

14. GOVERNING LAW. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without
giving effect to principles of conflicts of law. 
 15. ARBITRATION. The parties agree that any dispute or controversy
arising out of or relating to this Agreement or the interpretation thereof, shall be settled by arbitration in accordance with the rules, then in effect, of NFA or, if NFA shall refuse jurisdiction, then in accordance with the rules, then in effect,
of the American Arbitration Association; provided, however, that the power of the arbitrator shall be limited to interpreting this Agreement as written and the arbitrator shall state in writing his reasons for his award, and further
provided, that any such arbitration shall occur within the Borough of Manhattan in New York City. Judgment upon any award made by the arbitrator may be entered in any court of competent jurisdiction. 

16. NO THIRD PARTY BENEFICIARIES. There are no third party beneficiaries to this Agreement, except that certain persons not
parties to this Agreement may have rights under Section 6 hereof. 
 17. COUNTERPART ORIGINALS. This Agreement may
be executed in one or more counterparts, each of which shall constitute an original, but all of which, when taken together, shall constitute but one agreement. The delivery of a signed counterpart by fax or email shall be binding on the signatory.

 [THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK] 

  
 -14-

 PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF
QUALIFIED ELIGIBLE PERSONS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON
THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT. 

IN WITNESS WHEREOF, this Agreement has been executed for and on behalf of the undersigned as of the day and year first above written.

  

			
	CERES MANAGED FUTURES LLC
		
	By:	 	 /s/ Walter Davis

		 	Walter Davis
		 	President and Director
	
	EMERGING CTA PORTFOLIO L.P.
		
	By:	 	Ceres Managed Futures LLC
		 	(General Partner)
		
	By:	 	 /s/ Walter Davis

		 	Walter Davis
		 	President and Director
	
	ROTELLA CAPITAL MANAGEMENT, INC.
		
	By:	 	 Joseph A. Canepari

		 	Joseph A. Canepari
		 	President

  
 -15-

 Appendix A 
 Rotella TEXO Program 
 The Rotella TEXO Program identifies statistically significant pairs
within defined market sectors and attempts to profit from the convergence / divergence of those pairs from their historical relationship. The TEXO portfolio invests in three asset classes across North America, Europe, and Asia Pacific using futures
contracts and options on futures contracts on financial instruments, currencies and other commodities. A systematic investment process is coupled with discretionary leverage management that is designed to produce consistent returns with disciplined
risk management under a variety of market conditions. The Rotella TEXO Program is managed by Veeru Perianan. 

  
 -16-Management Agreement - Cambridge Strategy (Asset Management) Limited

 Exhibit 10.14 
 MANAGEMENT AGREEMENT 
 AGREEMENT made as of the 1st day of September, 2012,
is by and among CERES MANAGED FUTURES LLC, a Delaware limited liability company (“CMF”), EMERGING CTA PORTFOLIO L.P., a New York limited partnership (the “Partnership”) and THE CAMBRIDGE STRATEGY (ASSET MANAGEMENT) LIMITED, a
limited liability company incorporated in England and Wales (“Cambridge” or the “Advisor”). 
 W
I T N E S S E T H : 
 WHEREAS, CMF is the general partner of the
Partnership, a limited partnership organized for the purpose of speculative trading of commodity interests, including futures contracts, options, forward contracts, swaps and other derivative instruments with the objective of achieving substantial
capital appreciation, such trading to be conducted directly or through an investment in Cambridge Master Fund L.P., a Delaware limited partnership (the “Master Fund”) of which CMF is the general partner and Cambridge is the advisor; and

 WHEREAS, the Fourth Amended and Restated Limited Partnership Agreement dated as of May 1, 2012 (the “Partnership
Agreement”), permits CMF to delegate to one or more commodity trading advisors CMF’s authority to make trading decisions for the Partnership, which advisors may or may not have any prior experience managing client funds; and 

WHEREAS, the Advisor is authorized and regulated in the United Kingdom by the Financial Services Authority (“FSA”), is
registered as an investment adviser with the U.S. Securities and Exchange Commission (“SEC”) and is exempt from registration as a commodity trading advisor with the Commodity Futures Trading Commission (“CFTC”); and 

WHEREAS, CMF is registered as a commodity trading advisor and a commodity pool operator with the CFTC and is a member of the National
Futures Association (“NFA”); and 
 WHEREAS, CMF, the Partnership and the Advisor wish to enter into this Agreement in
order to set forth the terms and conditions upon which the Advisor will render and implement advisory services in connection with the conduct by the Partnership of its commodity trading activities during the term of this Agreement. 

NOW, THEREFORE, the parties agree as follows: 
 1. DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s
agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by CMF in commodity interests, including commodity futures contracts, options, spot and forward
contracts. The Advisor may also engage in swap transactions and other derivative transactions on behalf of the Partnership with the prior written approval of CMF. All such trading on behalf of the Partnership shall be in accordance with the trading
strategies and trading policies set forth in the Partnership’s Private Placement Offering Memorandum and Disclosure Document dated May 1, 2012, as supplemented (the “Memorandum”), and as such trading policies may be changed from
time to time upon receipt by the Advisor of prior written notice of such change, and pursuant to 

 
the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Asian Markets Alpha Programme (the
“Program”) to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be
closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty
that the trading to be directed by it for the Partnership will be profitable or will not result in losses. 
 (b) CMF
acknowledges receipt of the description of the Program, attached hereto as Appendix A. All trades made by the Advisor for the account of the Partnership, whether directly or indirectly through the Master Fund, shall be made through such commodity
broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the
negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by original, fax copy or email copy) of CMF, may direct any and all trades in commodity futures and options to a futures commission merchant or
independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved
in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (by original, fax copy or email copy). 

(c) The initial allocation of the Partnership’s assets to the Advisor will be made to the Program, as described in the Memorandum
provided that CMF and the Partnership agree that, for so long as the Partnership trades through the Master Fund, the amount of leverage applied to the assets of the Partnership allocated to the Advisor by CMF shall be in accordance with the terms of
the agreement by and among CMF, the Master Fund and the Advisor, dated as of September 1, 2012, as such agreement may be amended from time to time. In the event the Advisor wishes to use a trading system or methodology other than or in addition
to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF
consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor
deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF, which shall not be unreasonably
withheld or delayed. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in Appendix A or the Memorandum, as
applicable, to be materially inaccurate. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account and the Advisor will not trade any additional commodity
interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management
together with all other matters deemed by the Advisor to be material 

  
 - 2 -

 
changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign
currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin
foreign positions. 
 (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its
principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholders, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or
identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF in good faith to be made in any filings required by federal or state law or NFA rule or order. Notwithstanding Sections 1(d) and
4(d) of this Agreement, the Advisor is not required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines in good faith that such disclosure is required in order to fulfill
its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by federal or state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a
property right belonging to the Advisor and that they will keep all such advice confidential and they agree that in the event of a breach of such confidentiality by either one of them damages might not be a sufficient remedy and that as a result
injunctive or other equitable relief may be obtained in respect of any such breach or anticipated breach. 
 (e) The Advisor
understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets of the Partnership (as defined in Section 3(b)
hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets of the Partnership to any such trading advisors pursuant to this Section 1 shall neither
terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. 
 (f) CMF
may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as
of the first day of a calendar month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the
Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two business days’ prior notice to the Advisor
of any reallocations or liquidations. For the avoidance of doubt, the Advisor will not be liable for any losses incurred in the Partnership’s account in respect of any such liquidation required by CMF pursuant to this Section 1(f).

 (g) Except for the losses referred to in Section 1(f), the Advisor shall assume financial responsibility for any errors
committed or caused by it in transmitting orders for the purchase or sale of commodity interests for the Partnership’s account including payment to the brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction
charges 

  
 - 3 -

 
and give-up charges incurred by the brokers on such trades. The Advisor’s errors shall include, but not be limited to, inputting improper trading signals or communicating incorrect orders to
the commodity brokers. The Advisor shall have an affirmative obligation to promptly notify CMF in accordance with the provisions of Section 8(a)(iii) of any errors with respect to the account, and the Advisor shall use its best efforts to
identify and promptly notify CMF of any order or trade which the Advisor reasonably believes was not executed in accordance with its instructions to any broker utilized to execute orders for the Partnership. 

2. INDEPENDENCE OF THE ADVISOR. For all purposes herein, the Advisor shall be deemed to be an independent contractor and, unless
otherwise expressly provided or authorized, shall have no authority to act for or represent the Partnership in any way and shall not be deemed an agent, promoter or sponsor of the Partnership, CMF, or any other trading advisor. The Advisor shall not
be responsible to the Partnership, CMF, any trading advisor or any limited partners or any other person whatsoever for any acts or omissions of any other trading advisor to the Partnership. 

3. COMPENSATION. (a) In consideration of and as compensation for all of the services to be rendered by the Advisor to the
Partnership under this Agreement, the Partnership shall pay the Advisor (i) an incentive fee payable quarterly equal to 15% of New Trading Profits (as such term is defined below) earned by the Advisor for the Partnership (the “Incentive
Fee”) and (ii) a monthly fee for professional management services equal to 1.5% per year of the month-end Net Assets of the Partnership allocated to the Advisor (computed monthly by multiplying the Partnership’s Net Assets
allocated to the Advisor as of the last business day of each month by 1.5% and dividing the result thereof by 12) (the “Management Fee”). 
 (b) “Net Assets of the Partnership” shall have the meaning set forth in Section 7(d)(2) of the Partnership Agreement and, unless the Advisor consents in writing, without regard to further
amendments thereto, provided that in determining the Net Assets of the Partnership on any date, no adjustment shall be made to reflect any distributions, redemptions, administrative fees or incentive fees accrued or payable as of the date of such
determination. 
 (c) “New Trading Profits” shall mean the excess, if any, of Net Assets of the Partnership managed by
the Advisor at the end of the fiscal period over Net Assets of the Partnership managed by the Advisor at the end of the highest previous fiscal period or Net Assets of the Partnership allocated to the Advisor at the date trading commences by the
Advisor for the Partnership, whichever is higher, and as further adjusted to eliminate the effect on Net Assets of the Partnership resulting from new capital contributions, redemptions, reallocations or capital distributions, if any, made during the
fiscal period decreased by interest or other income, not directly related to trading activity, earned on the Partnership’s assets during the fiscal period, whether the assets are held separately or in margin accounts. Ongoing expenses shall be
attributed to the Advisor based on the Advisor’s proportionate share of Net Assets of the Partnership. Ongoing expenses shall not include expenses of litigation not involving the activities of the Advisor on behalf of the Partnership. No
Incentive Fee shall be paid to the Advisor until the end of the first full calendar quarter of the Advisor’s trading for the Partnership, which fee shall be based on New Trading Profits (if any) earned from the commencement of trading by the
Advisor on behalf of the Partnership through the end of the first full calendar quarter of such trading. Interest income earned, if any, will not be taken into account in 

  
 - 4 -

 
computing New Trading Profits earned by the Advisor. If Net Assets of the Partnership allocated to the Advisor are reduced due to redemptions, distributions or reallocations (net of additions),
there will be a corresponding proportional reduction in the related loss carryforward amount that must be recouped before the Advisor is eligible to receive another Incentive Fee. 

(d) Quarterly Incentive Fees and monthly Management Fees shall be paid within twenty (20) business days following the end of the
period for which such fee is payable. In the event of the termination of this Agreement as of any date which shall not be the end of a calendar quarter or a calendar month, as the case may be, the quarterly Incentive Fee shall be computed as if the
effective date of termination were the last day of the then current quarter and the monthly Management Fee shall be prorated to the effective date of termination. If, during any month, the Partnership does not conduct business operations or the
Advisor is unable to provide the services contemplated herein for more than two successive business days, the monthly Management Fee shall be prorated by the ratio which the number of business days during which CMF conducted the Partnership’s
business operations or utilized the Advisor’s services bears in the month to the total number of business days in such month. 
 (e) The provisions of this Section 3 shall survive the termination of this Agreement. 
 4. RIGHT TO ENGAGE IN OTHER ACTIVITIES. (a) The services provided by the Advisor hereunder are not to be deemed exclusive. CMF on its own behalf and on behalf of the Partnership acknowledges
that, subject to the terms of this Agreement, the Advisor and its officers, directors, employees and shareholder(s), may render advisory, consulting and management services to other clients and accounts. The Advisor and its officers, directors,
employees and shareholder(s) shall be free to trade for their own accounts and to advise other investors and manage other commodity accounts during the term of this Agreement and to use the same information, computer programs and trading strategies,
programs or formulas which they obtain, produce or utilize in the performance of services to CMF for the Partnership. However, the Advisor represents, warrants and agrees that it believes the rendering of such consulting, advisory and management
services to other accounts and entities will not require any material change in the Advisor’s basic trading strategies and will not affect the capacity of the Advisor to continue to render services to CMF for the Partnership of the quality and
nature contemplated by this Agreement. 
 (b) If, at any time during the term of this Agreement, the Advisor is required to
aggregate the Partnership’s commodity positions with the positions of any other person for purposes of applying CFTC- or exchange-imposed speculative position limits, the Advisor agrees that it will promptly notify CMF in writing if the
Partnership’s positions are included in an aggregate amount which exceeds the applicable speculative position limit. The Advisor agrees that, if its trading recommendations are altered because of the application of any speculative position
limits, it will not modify the trading instructions with respect to the Partnership’s account in such manner as to affect the Partnership substantially disproportionately as compared with the Advisor’s other accounts. The Advisor further
represents, warrants and agrees that under no circumstances will it knowingly or deliberately use trading programs, strategies or methods for the Partnership that are inferior to strategies or methods employed for any other client or account and
that it will not knowingly or deliberately favor any client or account managed by it over any 

  
 - 5 -

 
other client or account in any manner, it being acknowledged, however, that different trading programs, strategies or methods may be utilized for differing sizes of accounts, accounts with
different trading policies, accounts experiencing differing inflows or outflows of equity, accounts that commence trading at different times, accounts that have different portfolios or different fiscal years, accounts utilizing different executing
brokers and accounts with other differences, and that such differences may cause divergent trading results. 
 (c) It is
acknowledged that the Advisor and/or its officers, employees, directors and shareholder(s) presently act, and it is agreed that they may continue to act, as advisor for other accounts managed by them, and may continue to receive compensation with
respect to services for such accounts in amounts which may be more or less than the amounts received from the Partnership. 

(d) The Advisor agrees that it shall make such information available to CMF respecting the performance of the Partnership’s account
as compared to the performance of other commodity trading accounts managed by the Advisor or its principals, if any, as shall be reasonably requested by CMF. The Advisor presently believes and represents that existing speculative position limits
will not materially adversely affect its ability to manage the Partnership’s account given the potential size of the Partnership’s account and the Advisor’s and its principals’ current accounts and all proposed accounts for which
they have contracted to act as trading advisor. 
 5. TERM. (a) This Agreement shall continue in effect until
June 30, 2013. CMF may, in its sole discretion, renew this Agreement for additional one-year periods upon notice to the Advisor not less than 30 days prior to the expiration of the previous period. After June 30, 2013, CMF may terminate
this Agreement at any month-end upon 30 days’ notice to the Advisor. At any time during the term of this Agreement, CMF may elect immediately to terminate this Agreement upon 5 days’ notice to the Advisor if (i) the Net Asset Value
per unit shall decline as of the close of business on any day to $400 or less; (ii) the Net Assets of the Partnership allocated to the Advisor (adjusted for redemptions, distributions, withdrawals or reallocations, if any) decline by 20% or
more as of the end of a trading day from such Net Assets’ previous highest value; (iii) limited partners owning at least 50% of the outstanding units of the Partnership shall vote to require CMF to terminate this Agreement; (iv) the
Advisor fails to comply with the terms of this Agreement; (v) CMF, in good faith, reasonably determines that the performance of the Advisor has been such that CMF’s fiduciary duties to the Partnership require CMF to terminate this
Agreement; (vi) CMF reasonably believes that the application of speculative position limits will substantially affect the performance of the Partnership; or (vii) the Advisor fails to conform to the trading policies set forth in the
Partnership Agreement or the Memorandum as they may be changed from time to time. At any time during the term of this Agreement, CMF may elect immediately to terminate this Agreement if (i) the Advisor merges, consolidates with another entity,
sells a substantial portion of its assets, or becomes bankrupt or insolvent; (ii) David Russell Thompson dies, becomes incapacitated, leaves the employ of the Advisor, ceases to control the Advisor or is otherwise not managing the trading
programs or systems of the Advisor; (iii) the Advisor’s registration with the FSA or any other regulatory authority, is terminated or suspended, or the Advisor is no longer entitled to rely on an exemption from registration with the CFTC
as a commodity trading advisor; (iv) the Advisor fails to register as a commodity trading advisor with the CFTC and become a member of NFA on 

  
 - 6 -

 
or before December 31, 2012; or (v) CMF reasonably believes that the Advisor has or may contribute to any material operational, business or reputational risk to CMF or CMF’s
affiliates. This Agreement will immediately terminate upon dissolution of the Partnership or upon cessation of trading by the Partnership prior to dissolution. 
 (b) The Advisor may terminate this Agreement by giving not less than 30 days’ notice to CMF (i) in the event that the trading policies of the Partnership as set forth in the Memorandum are
changed in such manner that the Advisor reasonably believes will adversely affect the performance of its trading strategies; (ii) after June 30, 2013; or (iii) in the event that CMF or the Partnership fails to comply with the terms of
this Agreement. The Advisor may immediately terminate this Agreement if (i) CMF’s registration as a commodity pool operator or its membership in NFA is terminated or suspended or (ii) the Partnership merges, consolidates with another
entity, sells a substantial portion of its assets, or becomes bankrupt or insolvent. 
 (c) Except as otherwise provided in this
Agreement, any termination of this Agreement in accordance with this Section 5 shall be without penalty or liability to any party, except for any fees due to the Advisor pursuant to Section 3 hereof. 

6. INDEMNIFICATION. (a)(i) In any threatened, pending or completed action, suit, or proceeding to which the Advisor was or is a
party or is threatened to be made a party arising out of or in connection with this Agreement or the management of the Partnership’s assets by the Advisor or the offering and sale of units in the Partnership, CMF shall, subject to subsection
(a)(iii) of this Section 6, indemnify and hold harmless the Advisor against any loss, liability, damage, fine, penalty, obligation, cost, expense (including, without limitation, attorneys’ and accountants’ fees, collection fees, court
costs and other legal expenses), judgments and awards and amounts paid in settlement actually and reasonably incurred by it in connection with such action, suit, or proceeding if the Advisor acted in good faith and in a manner reasonably believed to
be in or not opposed to the best interests of the Partnership, and provided that its conduct did not constitute negligence, bad faith, recklessness, intentional misconduct, or a breach of its fiduciary obligations to the Partnership as a commodity
trading advisor, unless and only to the extent that the court or administrative forum in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all circumstances of the case,
the Advisor is fairly and reasonably entitled to indemnity for such expenses which such court or administrative forum shall deem proper; and further provided that no indemnification shall be available from the Partnership if such indemnification is
prohibited by Section 16 of the Partnership Agreement. The termination of any action, suit or proceeding by judgment, order or settlement shall not, of itself, create a presumption that the Advisor did not act in good faith and in a manner
reasonably believed to be in or not opposed to the best interests of the Partnership. 
 (ii) Without limiting subsection
(i) above, to the extent that the Advisor has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in subsection (i) above, or in defense of any claim, issue or matter therein, CMF shall
indemnify the Advisor against the expenses (including, without limitation, attorneys’ and accountants’ fees) actually and reasonably incurred by it in connection therewith. 

  
 - 7 -

 (iii) Any indemnification under subsection (i) above, unless ordered by a court or
administrative forum, shall be made by CMF only as authorized in the specific case and only upon a determination by independent legal counsel in a written opinion that such indemnification is proper in the circumstances because the Advisor has met
the applicable standard of conduct set forth in subsection (i) above. Such independent legal counsel shall be selected by CMF in a timely manner, subject to the Advisor’s approval, which approval shall not be unreasonably withheld. The
Advisor will be deemed to have approved CMF’s selection unless the Advisor notifies CMF in writing, received by CMF within five days of CMF’s telecopying to the Advisor of the notice of CMF’s selection, that the Advisor does not
approve the selection. 
 (iv) In the event the Advisor is made a party to any claim, dispute or litigation or otherwise incurs
any loss or expense as a result of, or in connection with, the Partnership’s or CMF’s activities or claimed activities unrelated to the Advisor, CMF shall indemnify, defend and hold harmless the Advisor against any loss, liability, damage,
cost or expense (including, without limitation, attorneys’ and accountants’ fees) incurred in connection therewith. 

(v) As used in this Section 6(a), the term “Advisor” shall include the Advisor, its principals, officers, directors,
shareholder(s) and employees and the term “CMF” shall include the Partnership. 
 (b) (i) The Advisor agrees to
indemnify, defend and hold harmless CMF, the Partnership and their affiliates against any loss, liability, damage, fine penalty, obligation, cost or expense (including, without limitation, attorneys’ and accountants’ fees, collection fees,
court costs and other legal expenses), judgments and awards and amounts paid in settlement reasonably incurred by them (A) as a result of the material breach of any representations and warranties or covenants made by the Advisor in this
Agreement, or (B) as a result of any act or omission of the Advisor relating to the Partnership if (i) there has been a final judicial or regulatory determination, or a written opinion of an arbitrator pursuant to Section 14
hereof, to the effect that such acts or omissions violated the terms of this Agreement in any material respect or involved negligence, bad faith, recklessness or intentional misconduct on the part of the Advisor (except as otherwise provided in
Section 1(g)), or (ii) there has been a settlement of any action or proceeding with the Advisor’s prior written consent. 
 (ii) In the event CMF, the Partnership or any of their affiliates is made a party to any claim, dispute or litigation or otherwise incurs any loss or expense as a result of, or in connection with, the
activities or claimed activities of the Advisor or its principals, officers, directors, shareholder(s) or employees unrelated to CMF’s or the Partnership’s business, the Advisor shall indemnify, defend and hold harmless CMF, the
Partnership or any of their affiliates against any loss, liability, damage, fine, penalty, obligation, cost or expense (including, without limitation, attorneys’ and accountants’ fees, collection fees, court costs and other legal
expenses), judgments, awards and amounts including amounts paid in settlement incurred in connection therewith. 
 (c) In the
event that a person entitled to indemnification under this Section 6 is made a party to an action, suit or proceeding alleging both matters for which indemnification can be made hereunder and matters for which indemnification may not be made
hereunder, such 

  
 - 8 -

 
person shall be indemnified only for that portion of the loss, liability, damage, cost or expense incurred in such action, suit or proceeding which relates to the matters for which
indemnification can be made. 
 (d) None of the indemnifications contained in this Section 6 shall be applicable with
respect to default judgments, confessions of judgment or settlements entered into by the party claiming indemnification without the prior written consent, which shall not be unreasonably withheld or delayed, of the party obligated to indemnify such
party. 
 (e) The provisions of this Section 6 shall survive the termination of this Agreement. 

7. REPRESENTATIONS, WARRANTIES AND AGREEMENTS. 
 (a) The Advisor represents and warrants that: 
 (i) All references to the Advisor
and its principals in the Memorandum, if any, are accurate in all material respects and as to them the Memorandum does not contain any untrue statement of a material fact or omit to state a material fact that is necessary to make the statements
therein not misleading, except that with respect to Table B and any other pro forma or hypothetical performance information in the Memorandum, if any, this representation and warranty extends only to the underlying data made available by the Advisor
for the preparation thereof and not to any hypothetical or pro forma adjustments. Subject to such exception, all references to the Advisor and its principals, if any, in the Memorandum or a supplement thereto will, after review and approval of such
references by the Advisor prior to the use of such Memorandum in connection with the offering of the Partnership’s units, be accurate in all material respects. 
 (ii) The information with respect to the Advisor set forth in the actual performance tables in the Memorandum, if any, is based on all of the customer accounts managed on a discretionary basis by the
Advisor’s principals and/or the Advisor during the period covered by such tables and required to be disclosed therein. The Advisor’s performance tables have been examined by an independent certified public accountant and the report thereon
has been provided to CMF. The Advisor will have its performance tables so examined no less frequently than annually during the term of this Agreement. 
 (iii) The Advisor will be acting as a commodity trading advisor with respect to the Partnership and not as a securities investment adviser. The Advisor is exempt from registration with the CFTC as a
commodity trading advisor, is authorized and regulated by the FSA, is registered as an investment adviser with the SEC and is in compliance with any such other registration and licensing requirements as shall be necessary to enable it to perform its
obligations hereunder. The Advisor agrees to maintain and renew such registrations and licenses during the term of this Agreement. The Advisor agrees that it will register as a commodity trading advisor with the CFTC and become a member of NFA on or
before December 31, 2012. 
 (iv) The Advisor is a corporation duly organized, validly existing and in good standing under
the laws of England and Wales and has full corporate power and authority to enter into this Agreement and to provide the services required of it hereunder. 

  
 - 9 -

 (v) The Advisor will not, by acting as a commodity trading advisor to the Partnership,
breach or cause to be breached any undertaking, agreement, contract, statute, rule or regulation to which it is a party or by which it is bound. 
 (vi) This Agreement has been duly and validly authorized, executed and delivered by the Advisor and is a valid and binding agreement enforceable in accordance with its terms. 

(vii) At any time during the term of this Agreement that an offering memorandum or prospectus relating to the units is required to be
delivered in connection with the offer and sale thereof, the Advisor agrees upon the request of CMF to promptly provide the Partnership with such information as shall be necessary so that, as to the Advisor and its principals, such offering
memorandum or prospectus is accurate. 
 (b) CMF represents and warrants for itself and the Partnership that: 

(i) CMF is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware and
has full limited liability company power and authority to perform its obligations under this Agreement. 
 (ii) CMF and the
Partnership have the capacity and authority to enter into this Agreement on behalf of the Partnership. 
 (iii) This Agreement
has been duly and validly authorized, executed and delivered on CMF’s and the Partnership’s behalf and is a valid and binding agreement of CMF and the Partnership enforceable in accordance with its terms. 

(iv) CMF will not, by acting as general partner to the Partnership and the Partnership will not, breach or cause to be breached any
undertaking, agreement, contract, statute, rule or regulation to which it is a party or by which it is bound which would materially limit or affect the performance of its duties under this Agreement. 

(v) CMF is registered as a commodity pool operator and is a member of NFA and is in compliance with any such other registration and
licensing requirements as shall be necessary to enable it to perform its obligations hereunder, and it will maintain and renew such registrations and membership during the term of this Agreement. 

(vi) The Partnership is a limited partnership duly organized and validly existing under the laws of the State of New York and has full
limited partnership power and authority to enter into this Agreement and to perform its obligations under this Agreement. 

(vii) The Partnership is a qualified eligible person as defined in CFTC Rule 4.7 under the Commodity Exchange Act. 

8. COVENANTS OF THE ADVISOR, CMF AND THE PARTNERSHIP. 
 (a) The Advisor agrees as follows: 
 (i) In connection with its activities on
behalf of the Partnership, the Advisor will comply with all applicable laws, including rules and regulations of the CFTC, NFA and/or the commodity exchange on which any particular transaction is executed. 

  
 - 10 -

 (ii) The Advisor will promptly notify CMF of the commencement of any investigation, suit,
action or proceeding involving the Advisor or any of its affiliates, officers, shareholder(s), employees, agents or representatives; regardless of whether such investigation, suit, action or proceeding also involves CMF. The Advisor will provide CMF
with copies of any correspondence (including, but not limited to, any notice or correspondence regarding the violation, or potential violation, of position limits) from or to the CFTC, NFA or any commodity exchange in connection with an
investigation or audit of the Advisor’s business activities. 
 (iii) In the placement of orders for the Partnership’s
account and for the accounts of any other client, the Advisor will utilize a pre-determined, systematic, fair and reasonable order entry system, which shall, on an overall basis, be no less favorable to the Partnership than to any other commodity
trading account managed by the Advisor. The Advisor acknowledges its obligation to review the Partnership’s positions, prices and equity in the account managed by the Advisor daily and within two business days to notify, in writing, the broker
and CMF and the Partnership’s brokers of (A) any error committed by the Advisor or its principals or employees; (B) any trade which the Advisor believes was not executed in accordance with its instructions; and (C) any
discrepancy with a value of $10,000 or more (due to differences in the positions, prices or equity in the account) between its records and the information reported on the account’s daily and monthly broker statements. 

(iv) The Advisor will maintain a net worth of not less than $250,000 during the term of this Agreement. 

(v) The Advisor will use its best efforts to close out all futures positions prior to any applicable delivery period, and will use its
best efforts to avoid causing the Partnership to take delivery of any commodity. 
 (vi) CMF shall have the right for a period
of 24 months following the date of this Agreement to allocate up to $150,000,000 in assets to the Advisor’s Program on behalf of any collective investment vehicle or account operated or managed by CMF and the Advisor represents that such
allocation will not exceed the capacity limits of the Program. 
 (b) CMF agrees for itself and the Partnership that:

 (i) CMF and the Partnership will comply with all applicable laws, including rules and regulations of the CFTC, NFA and/or the
commodity exchange on which any particular transaction is executed. 
 (ii) CMF will promptly notify the Advisor of the
commencement of any material suit, action or proceeding involving it or the Partnership, whether or not such suit, action or proceeding also involves the Advisor. 

  
 - 11 -

 9. COMPLETE AGREEMENT. This Agreement constitutes the entire agreement between the
parties pertaining to the subject matter hereof. 
 10. ASSIGNMENT. This Agreement may not be assigned by any party
without the express written consent of the other parties. 
 11. AMENDMENT. This Agreement may not be amended except by
the written consent of the parties. 
 12. NOTICES. All notices, demands or requests required to be made or delivered
under this Agreement shall be effective upon actual receipt and shall be made either by electronic mail (email) copy or in writing and delivered personally or by registered or certified mail or expedited courier, return receipt requested, postage
prepaid, to the addresses below or to such other addresses as may be designated by the party entitled to receive the same by notice similarly given: 
 If to CMF or to the Partnership: 
 Ceres Managed Futures LLC 

522 Fifth Avenue, 14th Floor 
 New York, New York 10036 
 Attention: Walter Davis 

Email: walter.davis@morganstanleysmithbarney.com 
 If to the Advisor: 
 The Cambridge Strategy (Asset Management) Limited 

Berger House 
 36-38 Berkley Square, 7th Floor 
 Mayfair, London W1J5AE 

United Kingdom 

Attention: Tony Henry 
 Email: legalnotices@thecambridgestrategy.com 
 13. GOVERNING LAW. This
Agreement shall be governed by and construed in accordance with the laws of the State of New York. 
 14. ARBITRATION.
The parties agree that any dispute or controversy arising out of or relating to this Agreement or the interpretation thereof, shall be settled by arbitration in accordance with the rules, then in effect, of NFA or, if NFA shall refuse jurisdiction,
then in accordance with the rules, then in effect, of the American Arbitration Association; provided, however, that the power of the arbitrator shall be limited to interpreting this Agreement as written and the arbitrator shall state
in writing his reasons for his award, and further provided, that any such arbitration shall occur within the Borough of Manhattan in New York City. Judgment upon any award made by the arbitrator may be entered in any court of competent jurisdiction.

  
 - 12 -

 15. NO THIRD PARTY BENEFICIARIES. There are no third party beneficiaries to this
Agreement, except that certain persons not parties to this Agreement may have rights under Section 6 hereof. 
 16.
COUNTERPARTS. This Agreement may be executed in any number of counterparts, including via facsimile or email, each of which is an original and all of which when taken together evidence the same agreement. 

[THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK] 

  
 - 13 -

 17. CFTC DISCLOSURE NOTICE. CMF, the Partnership and the Advisor agree that the following disclosure shall
apply at such time as the Advisor obtains registration as a commodity trading advisor with the CFTC and files with NFA a claim of exemption pursuant to CFTC Rule 4.7(c): 
 PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT
BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY
FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT. 
 IN
WITNESS WHEREOF, this Agreement has been executed for and on behalf of the undersigned as of the day and year first above written. 
  

			
	CERES MANAGED FUTURES LLC
		
	By	 	 /s/ Walter Davis

		 	Walter Davis
		 	President and Director
	
	EMERGING CTA PORTFOLIO L. P.
		
	By:	 	Ceres Managed Futures LLC
		 	(General Partner)
		
	By	 	 /s/ Walter Davis

		 	Walter Davis
		 	President and Director
	
	THE CAMBRIDGE STRATEGY (ASSET MANAGEMENT) LIMITED
		
	By	 	 /s/ David Russell Thompson

		 	David Russell Thompson
		 	Chief Investment Officer

  
 - 14 -

 Appendix A 

The Asian Markets Alpha Programme 
 The Advisor employs a series of systematic proprietary decision tools to identify trading opportunities in the global currency markets. The process combines three types of trading strategies: a systematic
technical strategy, a systematic fundamental strategy and a Market Information Strategy. These trading tools are utilized in a set of systematic strategies which are combined into investment portfolios and are designed to perform across diverse
market environments. The Systematic Fundamental Strategy is used in the Asian currency section of the Advisor’s portfolios and reflects a predetermined set of positions designed to reflect ‘market’ views on the relative attractiveness
of Asian currencies versus the US dollar. Assets are allocated to the Systematic Fundamental Strategy based on a proprietary measure of volatility in the global currency markets (in highly volatile markets the allocation is reduced and when
volatility is low the allocation is increased). The Market Information Strategy leverages the experience and global network of the portfolio managers to understand and exploit the behavior of other market participants and to participate in hedging
and investment flows. The Advisor believes that long run success is achieved through successful mitigation of downside returns with risk controlled at the portfolio, strategy and individual trade levels. 

  
 - 15 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00210-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00210-of-00352.parquet"}]]