Management Agreement Renewal Letter between Ceres Managed Futures LLC and Willowbridge Associates Inc.
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, 2013. All other terms and conditions of the original agreements remain unchanged. The renewal applies to multiple funds managed by Willowbridge Associates. Both parties confirm the extension by signing and returning the letter.
Exhibit 10.3(b)
June 1, 2012
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, 2013 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 |
| • | Tactical Diversified Futures Fund L.P. |
| • | CMF Willowbridge Argo Master Fund L.P. |
| • | Orion Futures Fund (Cayman) Ltd. |
| • | CTA Capital LLC |
| • | Emerging CTA Portfolio LP |
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 | |
| Brian Centner | ||
| Chief Financial Officer & Director |
| WILLOWBRIDGE ASSOCIATES INC. | ||
| By: | /s/ Steven Crane | |
| Print Name: | Steven Crane | |
| BC/sr | ||
