Management Agreement Renewal Extension between Ceres Managed Futures LLC and Graham Capital Management, L.P.

Summary

Ceres Managed Futures LLC and Graham Capital Management, L.P. have agreed to extend the term of their existing management agreements for several commodity pools until June 30, 2011. All other terms and conditions of the original agreements remain unchanged. The extension applies to multiple named funds managed by Graham Capital. Both parties have acknowledged the extension by signing this letter agreement.

EX-10.3.A 2 y04380exv10w3wa.htm EX-10.3.A exv10w3wa

Exhibit 10.3(a)

June 1, 2010

Graham Capital Management, L.P.
Rock Ledge Financial Center
40 Highland Avenue
Rowayton, CT 06853

Attention: Mr. Paul Sedlack

Re: Management Agreement Renewals

Dear Mr. Sedlack:

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, 2011 and all other provisions of the Management Agreements will remain unchanged.

	•		Diversified 2000 Futures Fund L.P.

	•		Fairfield Futures Fund L.P.

	•		Diversified Multi-Advisor Futures Fund L.P.

	•		Diversified Multi-Advisor Futures Fund L.P. II

	•		Tactical Diversified Futures Fund L.P.

	•		Fairfield Futures Fund L.P. II

	•		CMF Graham Master Fund L.P.

Please acknowledge receipt of this modification by signing one copy of this letter and returning it to the attention of Ms. Jennifer Magro 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/ Jennifer Magro
	Jennifer Magro
	Chief Financial Officer & Director

GRAHAM CAPITAL MANAGEMENT, L.P.
By:	/s/ Paul Sedlack
	Print Name:	Paul Sedlack

JM/sr