SECOND AMENDMENT TO THE MANAGEMENT AGREEMENT

This SECOND AMENDMENT, dated as of the 1^st day of August 2015 to the MANAGEMENT AGREEMENT made as of the 1^st day of October 2005, as amended by that certain Amendment to the Management Agreement dated as of the 1^st day of June 2013 (as so amended, the “Management Agreement”), among CERES MANAGED FUTURES LLC (formerly, Citigroup Managed Futures LLC), a Delaware limited liability company (“CMF”), GLOBAL DIVERSIFIED FUTURES FUND L.P. (formerly, Salomon Smith Barney Global Diversified Futures Fund L.P.), a New York limited partnership (the “Partnership”) and ALTIS PARTNERS (JERSEY) LIMITED, a States of Jersey, Channel Islands corporation (the “Advisor” or “Altis”, and together with CMF and the Partnership, the “Parties”).  Capitalized terms not defined herein have the meaning ascribed to such terms in the Management Agreement.

WHEREAS, the assets of the Partnership allocated to the Advisor are traded through CMF Altis Partners Master Fund L.P., of which CMF is the general partner and Altis is the Advisor; and

WHEREAS, effective August 1, 2015, the Advisor’s monthly fee for professional management services is being reduced to 1/12 of 1.25% (1.25% per year); and

WHEREAS, the Parties wish to amend the Management Agreement to reflect this change.

NOW, therefore the Parties agree as follows:

“In consideration of and as compensation for all of the services to be rendered by the Advisor to the Partnership under this Agreement, the Partnership shall pay the Advisor (i) an annual incentive fee equal to 20% of New Trading Profits (as such term is defined below) earned by the Advisor for the Partnership and (ii) a monthly fee for professional management services equal to 1/12 of 1.25% (1.25% per year) of the month-end Net Assets of the Partnership allocated to the Advisor.”

IN WITNESS WHEREOF, this Second Amendment to the Management Agreement has been executed for and on behalf of the undersigned as of the date and year first written above.