5.	Trading Advisors to the Trading Companies

Ceres retains certain commodity Trading Advisors to make all trading decisions for the Trading Companies. The Trading Advisors and their strategies for each Trading Company as of December 31, 2014 are as follows:

Trading Company	Trading Advisor	Strategy
Augustus	GAM International Management Limited	Global Rates Program – Futures/FX Only
	(“GAM”)

TT II, LLC	Transtrend	Enhanced Risk Profile (USD) of Diversified

Boronia I, LLC	Boronia	Boronia Diversified Program

Compensation to the Trading Advisors by the Trading Companies consists of a management fee and an incentive fee as follows:

Management Fee – Each Trading Company pays its Trading Advisor a monthly management fee based on a percentage of net assets allocated to each Trading Company as of the first day of each month.

Augustus I, LLC pays GAM a monthly fee equal to 1/12th of 1.5% (a 1.5% annual rate). TT II, LLC pays Transtrend a monthly fee equal to 1/12th of 1.25% (a 1.25% annual rate). Boronia I, LLC pays Boronia a monthly fee equal to 1/12th of (3.0% if the beginning net assets is less than or equal to 60 million; 1.875% if the beginning net assets is greater than 60 million and less than or equal to 120 million; or 1.50% if the beginning net assets is greater than 120 million) based on the Boronia I, LLC’s beginning net assets plus additions less withdrawals (as of the beginning of the month); however, effective January 1, 2015, the monthly management fee paid by Boronia I, LLC to Boronia was reduced to a monthly fee equal to 1/12th of 1.5% (a 1.5% annual rate).

For the period from January 1, 2014 to September 30, 2014, TT II LLC paid Transtrend a monthly management fee of either 1/12^th of (1.5% if the beginning net assets were less than 400,000 and 1.25% if the beginning net assets were equal or greater than 400,000) based on the aggregated net assets of TT II, LLC as of the first day of each month.

Incentive Fee – Each Trading Company pays each Trading Advisor a quarterly incentive fee equal to 20% of the trading profits earned by the applicable Trading Company. Such fee is accrued on a monthly basis.

Trading profits represent the amount by which profits from Futures Interests trading exceed losses after management fees and administrative fees are deducted. When a Trading Advisor experiences losses with respect to net assets as of the end of a calendar quarter, the Trading Advisor must recover such losses before that Trading Advisor is eligible for an incentive fee in the future.