By: /s/ Jennifer Magro Jennifer Magro Chief Financial Officer & Director WILLOWBRIDGE ASSOCIATES INC. By: /s/ Stephen Crane Print Name: Stephen Crane JM/sr

EX-10.3.B 2 y04524exv10w3wb.htm EX-10.3.B exv10w3wb

Exhibit 10.3(b)

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/ Stephen Crane
Print Name: Stephen Crane
JM/sr