Ceres, on behalf of the Partnership, has retained Graham, WCM, EMC and Campbell as the commodity trading advisors to the Partnership. Ceres is responsible for selecting additional commodity trading advisors from time to time and for replacing Trading Advisors as it deems necessary. Trading Advisors can be added, removed or replaced at any time by Ceres, or Ceres may determine to adjust the allocation of assets to each Trading Advisor, without the consent of, or advance notice to, the Limited Partners.

Management Fee —

Effective as of January 1, 2021, the Partnership pays Graham a flat-rate monthly management fee equal to 1/12

of 1.25% (a 1.25% annual rate) of the Partnership’s net assets as of the first day of each month.

Effective as of January 1, 2021, the Partnership pays WCM a flat-rate monthly management fee equal to 1/12

of 1.5% (a 1.5% annual rate) of the Partnership’s net assets allocated to WCM as at the beginning of the relevant month, which will be equal to the prior month end net assets, net of all fees and expenses for the previous month, and decreased by any redemptions for such prior month end and increased by any subscriptions for the current month.

Effective as of January 1, 2021, the Partnership pays Campbell a flat rate monthly management fee equal to 1/12

of 1.25% (a 1.25% annual rate) of the beginning of the month net asset value allocated to Campbell.

Effective as of January 1, 2021, the Partnership pays EMC a flat rate monthly management fee equal to 1/12

of 0.875% (a 0.875% annual rate) of the beginning of the month net asset value allocated to EMC.

Incentive Fee —

Effective February 1, 2019, the Partnership pays Graham an annual incentive fee equal to 18% of trading profits experienced by the Partnership as of the end of such period.

Effective as of January 1, 2021, the Partnership pays WCM a quarterly incentive fee equal to 20% of new trading profits (as defined in the applicable management agreement) earned by WCM in each quarterly period. Pursuant to the management agreement with WCM, no incentive fee will be paid to WCM with respect to the Partnership until it has (i) recouped a certain loss carryforward and (ii) earned new trading profits (as defined in the applicable management agreement) from and after January 1, 2021. The loss carryforward applied to the Partnership will be adjusted according to the Partnership’s assets allocated to WCM as of January 1, 2021.

Effective as of January 1, 2021, the Partnership pays Campbell a quarterly incentive fee equal to 20% of trading profits (as defined in the applicable management agreement) earned by Campbell in each quarterly period.

Effective as of January 1, 2021, the Partnership pays EMC a quarterly incentive fee equal to 20% of trading profits (as defined in the applicable management agreement) earned by EMC in each quarterly period.

Trading profits represent the amount by which profits from trading in Futures Interests exceed losses after ongoing placement agent, management and administrative and General Partner’s fees are deducted. When the Trading Advisor experiences losses with respect to net assets as of the end of such period, the Trading Advisor must recover such losses before the Trading Advisor is eligible for an incentive fee in the future. Cumulative trading losses are adjusted on a pro-rated basis for the amount of each month’s net redemptions.