Extension Letter for Management Agreement Between Ceres Managed Futures LLC and Willowbridge Associates Inc.
Ceres Managed Futures LLC and Willowbridge Associates Inc. have agreed to extend their existing management agreements for several commodity pools until June 30, 2012. All other terms 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.
Exhibit 10.3(b)
June 1, 2011
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, 2012 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. |
| • | 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 and Director |
| WILLOWBRIDGE ASSOCIATES INC. | ||
| By: | /s/ Stephen Crane | |
| Print Name: | Stephen Crane | |
| JM/sr | ||
