Management Agreement Renewal Extension between Ceres Managed Futures LLC and Willowbridge Associates Inc.

Summary

Ceres Managed Futures LLC and Willowbridge Associates Inc. 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 funds managed by Willowbridge Associates. Both parties have acknowledged the extension by signing this letter agreement.

EX-10.4.A 3 y04380exv10w4wa.htm EX-10.4.A exv10w4wa

Exhibit 10.4(a)

June 1, 2010

Willowbridge Associates Inc.
101 Morgan Lane — Suite 180
Plainsboro, N.J. 08536

Attention: Mr Steve R. Crane

Re: Management Agreement Renewals

Dear Mr. Crane:

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 Multi-Advisor Futures Fund L.P.

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

	•		Orion Futures Fund L.P.

	•		Tactical Diversified Futures Fund L.P.

	•		Institutional Futures Portfolio LP

	•		CMF Willowbridge Argo Master Fund L.P.

	•		Orion Futures Fund (Cayman) Ltd.

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

WILLOWBRIDGE ASSOCIATES INC.
By:	/s/ Steven R. Crane
	Print Name:	Steven R. Crane

JM/sr