CERES MANAGED FUTURES LLC, a Delaware limited liability company (“CMF”);

CERES TACTICAL CURRENCY L.P., a Delaware limited partnership (the “Partnership”);

THE CAMBRIDGE STRATEGY (ASSET MANAGEMENT) LIMITED, a limited liability company incorporated in England and Wales (“Cambridge”); and

MESIROW FINANCIAL INTERNATIONAL UK LIMITED, a limited liability company incorporated in England and Wales (“Mesirow”).

CMF, the Partnership and Cambridge entered into that certain amended and restated management agreement, dated as of October 22, 2012, as previously amended as of October 23, 2012, October 1, 2013, and January 1, 2018 (collectively, the “Initial Advisory Agreement”), pursuant to which Cambridge agreed to render and implement advisory services to the Partnership.

Cambridge wishes to be released and discharged from the Initial Advisory Agreement and wishes to transfer all of its rights and obligations under the Initial Advisory Agreement to Mesirow, and Mesirow wishes to assume all of such rights and obligations of Cambridge under the Initial Advisory Agreement and be bound by the terms of the Initial Advisory Agreement in Cambridge’s place.

Mesirow is authorised and regulated by the Financial Conduct Authority of the United Kingdom.

Mesirow is registered with the U.S Commodity Futures Trading Commission as a commodity trading advisor and is a member of the National Futures Association (“NFA”) in such capacity.

The parties have therefore agreed to novate Cambridge’s rights, obligations and liabilities under the Initial Advisory Agreement to Mesirow on the terms of this Novation, Assignment and Assumption Agreement with effect from October 1, 2018 (the “Effective Date”).

DEFINITIONS

NOVATION

Cambridge transfers all of its future rights, obligations and liabilities under the Initial Advisory Agreement to Mesirow. Mesirow shall enjoy all the rights and benefits of Cambridge under the Initial Advisory Agreement as of and after the Effective Date, and all references to Cambridge in the Initial Advisory Agreement shall be read and construed as references to Mesirow.

As of and after the Effective Date, Mesirow undertakes to perform the Initial Advisory Agreement and be bound by its terms in every way as if it were the original party to it in place of Cambridge.

CMF and the Partnership (together, the “Continuing Parties”) agree to perform the Initial Advisory Agreement and be bound by its terms in every way as if Mesirow were the original party to it in place of Cambridge.

RELEASE OF OBLIGATIONS AND LIABILITIES

CMF and the Partnership release Cambridge from all future obligations to them under the Initial Advisory Agreement, and Cambridge releases the Continuing Parties from all future obligations to it under the Initial Advisory Agreement.

Each of CMF and the Partnership releases and discharges Cambridge from all claims and demands under or in connection with the Initial Advisory Agreement, that arise on or after the Effective Date, and in each case whether known or unknown to the releasing party provided that such release and discharge shall not affect any rights, liabilities or obligations of the Continuing Parties or Cambridge with respect to payments or other obligations due and payable or due to be performed prior to the Effective Date, and all such payments and obligations shall be paid or performed by the Continuing Parties or Cambridge (as the case may be) in accordance with the terms of the Initial Advisory Agreements.

Each of CMF, the Partnership and Mesirow shall have the right to enforce the Initial Advisory Agreement and pursue any claims and demands under the Initial Advisory Agreement against the others with respect to matters arising on or after the Effective Date.

Mesirow shall not be responsible for any liability of Cambridge that arises in connection with the advisory services provided by Cambridge to the Partnership under the Initial Advisory Agreement prior to the Effective Date.

Notwithstanding any other provision of this Agreement, Cambridge agrees to indemnify CMF and the Partnership and their affiliates with respect to any matters arising prior to the Effective Date as though Section 6 of the Initial Advisory Agreement were still in effect with respect to Cambridge, and further agrees to maintain a gap insurance policy in the amount of USD$100,000 for a period of no less than 3 years from the date of this Agreement and name CMF and the Partnership as additional insured on such policy.

GOVERNING LAW

ARBITRATION

COUNTERPARTS

Patrick T. Egan

President and Director

NAME: Edward D. Baker

TITLE:  Executive Chairman

Patrick T. Egan

President and Director

NAME: Jeffrey Levine

TITLE:  Senior Managing Director