Exhibit 10.12

 

LOGO [g49669image001.jpg]   

Two American Lane

P.O. Box 5150

Greenwich, Connecticut

06831-8150

  

Tel 203.861.1031

Fax 203.552.1501

  

 

Joseph J. Allessie

Senior Vice President

General Counsel

    

 

September 14, 2004

 

John W. Henry & Company, Inc

Attn: General Counsel/Secretary

301 Yamato Road, Suite 2200

Boca Raton, FL

 

Re: Advisory Agreements for PB Diversified Futures Fund LP, Diversified Futures
Trust II, PB International Futures Fund B

 

Please be advised that it is anticipated that as of October 1, 2004, all the
issued and outstanding shares of capital stock of Prudential Securities Futures
Management Inc. and Seaport Futures Management, Inc., (together the “Prudential
Managing Owners”) of the above stated Trusts/Fund are owned by Preferred
Investment Solutions Corp. f/k/a Kenmar Advisory Corp. (the “Kenmar Managing
Owner”). Therefore, with respect to the various advisory agreements currently in
effect by and between the Trusts/Fund, the Prudential Managing Owner and you,
please be notified that the Kenmar Managing Owner has assumed the liabilities
and obligations of the Prudential Managing Owner thereunder and will continue to
satisfy and perform all liabilities and obligations thereunder.

 

The Kenmar Managing Owner will continue to operate per the existing advisory
agreements. If this is acceptable, please sign both copies of this Letter
Agreement and return one copy.

 

PREFERRED INVESTMENT SOLUTIONS CORP.

By:

 

/s/ Joseph J. Allessie

--------------------------------------------------------------------------------

Name:

 

Joseph J. Allessie

Title:

 

Senior Vice President, General Counsel

ACCEPTED AND AGREED TO:

JOHN W. HENRY & COMPANY, INC

By:

 

/s/ David M. Kozak

--------------------------------------------------------------------------------

Name:

 

David M. Kozak

Title:

 

Senior Vice President

   

General Counsel, Secretary