BERNARD DRURY
Exhibit 10.5(a)
June 1, 2012
Drury Capital Inc.
c/o Drury Capital Services
47 Hulfish Street - Suite 340
Princeton, NJ 08542
Attention: Mr. Bernard Drury
| Re: | Management Agreement Renewals |
Dear Mr. Drury:
We are writing with respect to your management agreements concerning the commodity pools to which reference is made below (the “Management Agreements”). We are extending the term of the Management Agreements through June 30, 2013 and all other provisions of the Management Agreements will remain unchanged.
| • | Tactical Diversified Futures Fund L.P. |
| • | CMF Drury Capital Master Fund L.P. |
| • | Institutional Futures Portfolio L.P. |
Please acknowledge receipt of this modification by signing one copy of this letter and returning it to the attention of Mr. Brian Centner at the address above or fax to ###-###-####. If you have any questions I can be reached at ###-###-####.
Very truly yours,
| CERES MANAGED FUTURES LLC | ||
| By: | /s/ Brian Centner | |
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| Brian Centner | ||
| Chief Financial Officer & Director | ||
| DRURY CAPITAL INC. | ||
| By: | /s/ Bernard Drury | |
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| Print Name: | BERNARD DRURY | |
| BC/sr |
