Exhibit 10.12(b)

June 1, 2014

The Cambridge Strategy (Asset Mgt.) Ltd.

Berger House

36-38 Berkeley Square, 7th Floor

Mayfair, London W1J5AE

UK

Attention: Mr. Tony Henry

Re: Management Agreement Renewal

Dear Mr. Henry:

We are writing with respect to your management agreement concerning the commodity pool to which reference is made below (the “Management Agreement”). We are extending the term of the Management Agreement through June 30, 2015 and all other provisions of the Management Agreement will remain unchanged.

• Cambridge Master Fund L.P.

• Emerging CTA Portfolio L.P.

• MSSB Spectrum Currency & Commodity L.P.

Please acknowledge receipt of this modification by signing one copy of this letter and returning it to the attention of Mrs. Alice Lonero at the address above or fax to 212-296-6868. If you have any questions I can be reached at 212-296-1304.

Very truly yours,

CERES MANAGED FUTURES LLC
By:	/s/ Alice Lonero
	Alice Lonero
	Chief Financial Officer
THE CAMBRIDGE STRATEGY (ASSET MGT.) LTD.
By:	/s/ Edward Baker
Print Name:	Edward Baker - Executive Chairman
AL/sr