June 1, 2013 The Cambridge Strategy (Asset Mgt.) Ltd. Berger House

Exhibit 10.12(b)

June 1, 2013

The Cambridge Strategy (Asset Mgt.) Ltd.

Xxxxxx House

00-00 Xxxxxxxx Xxxxxx, 0xx Floor

Mayfair, London W1J5AE

UK

Attention: Xx. Xxxx Xxxxx

Re: Management Agreement Renewal

Dear Xx. Xxxxx:

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, 2014 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 Xx. Xxxxxx Xxxxxx at the address above or fax to 000-000-0000. If you have any questions I can be reached at 000-000-0000.

Very truly yours,

CERES MANAGED FUTURES LLC
By:		/s/ Xxxxxx Xxxxxx
		Xxxxxx Xxxxxx
		Chief Financial Officer & Director
THE CAMBRIDGE STRATEGY (ASSET MGT.) LTD.
By:		/s/ Xxxxxx Xxxxx
Print Name:		Xxxxxx Xxxxx
DG/sr