Document:

exv10w3wc

Exhibit
10.3(b)

June 1, 2010

John W. Henry & Company, Inc.

301 Yamato Road, Suite 2200

Boca Raton, Fl. 33431-4931

Attn: Mr. Ken Webster

     Re:    Management Agreement Renewals

Dear Mr. Webster:

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.

	 	•	 	Westport JWH Futures Fund L.P.
	 
	 	•	 	JWH Master Fund LLC
	 
	 	•	 	Tactical Diversified Futures Fund L.P.
	 
	 	•	 	Institutional Futures Portfolio L.P.

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 212-793-1986. If you have
any questions I can be reached at 212-559-5046.

Very truly yours,

CERES MANAGED FUTURES LLC

	 	 	 	 	 

	By:

	 	/s/ Jennifer Magro
 

	 	 
	 

	 	Jennifer Magro	 	 
	 

	 	Chief Financial Officer & Director	 	 
	 
	 	 	 	 
	JOHN W. HENRY & COMPANY, INC	 	 
	 
	 	 	 	 
	By:

	 	/s/ Kenneth S. Webster	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Print Name:

	 	Kenneth S. Webster	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	JM/srexv10w5wa

Exhibit 10.5(a)

June 1, 2010

Campbell & Company, Inc.

2850 Quarry Lake Drive

Baltimore, MD 21209

Attn: Ms. Theresa Becks

	 	Re:	 	Management Agreement Renewals

Dear Ms. Becks:

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.

	 	•	 	Potomac Futures Fund L.P.
	 
	 	•	 	Global Diversified Futures Fund L.P.
	 
	 	•	 	CMF Campbell Master Fund L.P.

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 212-793-1986. If you have
any questions I can be reached at 212-559-5046.

Very truly yours,

	 	 	 	 	 
	CERES MANAGED FUTURES LLC

 	 	 
	By:  	/s/ Jennifer Magro	 	 
	 	Jennifer Magro 	 	 
	 	Chief Financial Officer & Director 	 	 
	 

	 	 	 	 	 
	CAMPBELL & COMPANY, INC.

 	 	 
	By:  	/s/ Thomas P. Lloyd	 	 
	 	Print  Name: 	Thomas P. Lloyd	 	 
	 	 	 	 
	 

JM/srexv10w6wa

Exhibit 10.6(a)

June 1,
2010

Aspect Capital Ltd.

Nations House — 8th Floor

103 Wigmore Street

London W1U 1QS, U.K.

Attention: Mr. Anthony Todd

     Re: Management Agreement Renewals

Dear Mr. Todd:

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.

	 	•	 	Global Diversified Futures Fund L.P.
	 
	 	•	 	Diversified 2000 Futures Fund L.P.
	 
	 	•	 	Tactical Diversified Futures Fund L.P.
	 
	 	•	 	CMF Aspect Master Fund L.P.
	 
	 	•	 	Institutional Futures Portfolio LP
	 
	 	•	 	Global Futures Fund 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 212-793-1986. If you have any
questions I can be reached at 212-559-5046.

Very truly yours,

	 	 	 	 	 
	CERES MANAGED FUTURES LLC

 	 
	By:  	/s/ Jennifer Magro
 	 
	 	Jennifer Magro 	 
	 	Chief Financial Officer & Director 	 
	 	 
	By:  	/s/
Kenneth Hope
 	 
	  	Print Name: Kenneth Hope
 	 

JM/srexv10w7wa

Exhibit 10.7(a)

June 1,
2010

Altis Partners (Jersey) Limited

2 Hill Street

St Helier, Jersey

Channel Islands JE2 4UA

Attention: Mr. Stephen Hedgecock

	 	 	 	 	 
	 

	 	Re:
	 	Management Agreement Renewals

Dear Mr. Hedgecock:

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.

	 	•	 	CTA Capital LLC
	 
	 	•	 	Global Diversified Futures Fund L.P.
	 
	 	•	 	Emerging CTA Portfolio L.P.
	 
	 	•	 	CMF Altis Partners Master Fund L.P.
	 
	 	•	 	Institutional Futures Portfolio L.P.
	 
	 	•	 	Global Futures Fund 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 212-296-6868. If you have any
questions I can be reached at 212-296-1302.

Very truly yours,

CERES MANAGED FUTURES LLC

	 	 	 	 	 
	By:

	 	/s/ Jennifer Magro

	 	 
	 	 	Jennifer Magro
	 	 
	 

	 	Chief Financial Officer and Director	 	 
	 
	 	 	 	 

ALTIS PARTNERS (JERSEY) LIMITED

	 	 	 	 	 
	 
	 	 	 	 
	By:

	 	/s/ Stephen Hedgecock	 	 
	 	 	Print Name: Stephen Hedgecock
	 	 

JM/srexv10w8wa

Exhibit 10.8(a)

June 1,
2010

Waypoint Capital Management

23 Greene St. Suite 210
Huntington, N.Y. 11743

Attn: Mr. Robert Calabretta

     Re: Management Agreement Renewals

Dear Mr. Calabretta:

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.

	 	•	 	CTA Capital LLC
	 
	 	•	 	Emerging CTA Portfolio L.P.
	 
	 	•	 	Global Diversified Futures Fund L.P.
	 
	 	•	 	Waypoint Master Fund L.P.
	 
	 	•	 	Diversified 2000 Futures Fund L.P.

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 212-793-1986. If you have any
questions I can be reached at 212-559-5046.

Very truly yours,

	 	 	 	 	 
	CERES MANAGED FUTURES LLC

 	 
	By:  	/s/ Jennifer Magro
 	 
	 	Jennifer Magro 	 
	 	Chief Financial Officer & Director 	 
	 
	WAYPOINT CAPITAL MANAGEMENT

 	 
	By:  	/s/ Robert E. Calabretta
 	 
	  	Print Name: Robert E. Calabretta

 	 

JM/srexv10w3wb

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 212-793-1986. If you have
any questions I can be reached at 212-559-5046.

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/srexv10w4wb

Exhibit 10.4(b)

June 1, 2010

Winton Capital Management

1a. St. Mary Abbot’s Place

Kensington, London W86LS,

U.K.

Attention: Mr. Martin Hunt

			
	     Re:	 	Management Agreement Renewals

Dear Mr. Hunt:

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.
	 
	 	•	 	Orion Futures Fund L.P.
	 
	 	•	 	CMF Winton Feeder I LP
	 
	 	•	 	CMF Winton Master Fund L.P.
	 
	 	•	 	Tactical Diversified Futures Fund L.P.
	 
	 	•	 	Institutional Futures Portfolio LP
	 
	 	•	 	Abingdon Futures Fund L.P.
	 
	 	•	 	Global Futures Fund Ltd.
	 
	 	•	 	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 212-793-1986. If you have
any questions I can be reached at 212-559-5046.

Very truly yours,

CERES MANAGED FUTURES LLC

	 	 	 	 	 

	By:

	 	/s/ Jennifer Magro
 

Jennifer Magro
	 	 
	 

	 	Chief Financial Officer & Director	 	 
	 
	 	 	 	 
	WINTON CAPITAL MANAGEMENT	 	 
	 
	 	 	 	 
	By:

	 	/s/ Peter Jau Hal
 

	 	 
	Print Name:  Peter Jau Hal

	 	 
	JM/srexv10w5wb

Exhibit 10.5(b)

June 1, 2010

Graham Capital Management, L.P.

Rock Ledge Financial Center

40 Highland Avenue

Rowayton, CT 06853

Attention: Mr. Paul Sedlack

			
	     Re:	 	Management Agreement Renewals

Dear Mr. Sedlack:

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 2000 Futures Fund L.P.
	 
	 	•	 	Fairfield Futures Fund L.P.
	 
	 	•	 	Diversified Multi-Advisor Futures Fund L.P.
	 
	 	•	 	Diversified Multi-Advisor Futures Fund L.P. II.
	 
	 	•	 	Tactical Diversified Futures Fund L.P.
	 
	 	•	 	Fairfield Futures Fund L.P. II
	 
	 	•	 	CMF Graham Capital Master Fund L.P.

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 212-793-1986. If you have
any questions I can be reached at 212-559-5046.

Very truly yours,

CERES MANAGED FUTURES LLC

	 	 	 	 	 

	By:

	 	/s/ Jennifer Magro
 

Jennifer Magro
	 	 
	 

	 	Chief Financial Officer & Director	 	 
	 
	 	 	 	 
	GRAHAM CAPITAL MANAGEMENT, L.P.	 	 
	 
	 	 	 	 
	By:

	 	/s/ Peter Sedlack
 

	 	 
	Print Name:  Peter Sedlack

	 	 
	JM/sr

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