Document:

EX-10.3(a)

 Exhibit 10.3(a) 
 June 1, 2012 
 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, 2013 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 Mr. Brian Centner at the address above or fax to 212-296-6868. If you have any
questions I can be reached at 212-296-1290. 
 Very truly yours, 

 

			
	CERES MANAGED FUTURES LLC
		
	By:	 	/s/ Brian Centner
		 	  

		 	Brian Centner
		 	Chief Financial Officer & Director

			
	
	GRAHAM CAPITAL MANAGEMENT, L.P.
		
	By:	 	 /s/ Paul Sedlack

		 	  

			
		
	Print Name:	 	 Paul Sedlack, CEO

			
	BC/srEX-10.4(b)

 Exhibit 10.4(b) 
 June 1, 2012 
 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, 2013 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. 

  

	 	•	 	 CMF Willowbridge Argo Master Fund L.P. 

  

	 	•	 	 Orion Futures Fund (Cayman) Ltd. 

  

	 	•	 	 CTA Capital LLC 

  

	 	•	 	 Emerging CTA Portfolio LP 

Please acknowledge receipt of this modification by signing one copy of this letter and returning it to the attention of Mr. Brian Centner at the
address above or fax to 212-296-6868. If you have any questions I can be reached at 212-296-1290. 
 Very truly yours, 

 

			
	CERES MANAGED FUTURES LLC
		
	By:	 	/s/ Brian Centner
		 	  

		 	Brian Centner
		 	Chief Financial Officer & Director
	
	WILLOWBRIDGE ASSOCIATES INC.
		
	By:	 	/s/ Steven R. Crane
		 	  

			
		
	Print Name:	 	 Steven R. Crane

			
		
	BC/srEX-10.5(a)

 Exhibit 10.5(a) 
 June 1, 2012 
 Drury Capital Inc. 
 c/o Drury Capital Services 
 47 Hulfish Street - Suite 340 

Princeton, NJ 08542 
 Attention:
Mr. Bernard Drury 
  

	 	Re:	Management Agreement Renewals 

 Dear
Mr. Drury: 
 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, 2013 and all other provisions of the Management Agreements will remain unchanged. 

 

	 	•	 	 Tactical Diversified Futures Fund L.P. 

  

	 	•	 	 CMF Drury Capital Master 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 Mr. Brian Centner at the address above or fax to 212-296-6868. If you have any
questions I can be reached at 212-296-1290. 
 Very truly yours, 

 

			
	CERES MANAGED FUTURES LLC
		
	By:	 	/s/ Brian Centner
		 	  

		 	Brian Centner
		 	Chief Financial Officer & Director

			
	
	DRURY CAPITAL INC.
		
	By:	 	/s/ Bernard Drury
		 	  

			
		
	Print Name:	 	 BERNARD DRURY

			
	BC/srEX-10.6(a)

 Exhibit 10.6(a) 
 June 1, 2012 
 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, 2013 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. 

  

	 	•	 	 JWH Global Analytics Fund L.P. 

 Please acknowledge receipt of this modification by signing one copy of this letter and returning it to the attention of Mr. Brian Centner at the address above or fax to 212-296-6868. If you have any
questions I can be reached at 212-296-1290. 
 Very truly yours, 

 

			
	CERES MANAGED FUTURES LLC
		
	By:	 	/s/ Brian Centner
		 	  

		 	Brian Centner
		 	Chief Financial Officer & Director
	
	JOHN W. HENRY & COMPANY, INC
		
	By:	 	/s/ Kenneth S. Webster
		 	  

			
		
	Print Name:	 	 /s/ Kenneth S. Webster

		 	  

			
		
	BC/srEX-10.7(a)

 Exhibit 10.7(a) 
 June 1, 2012 
 Capital Fund Management SA 
 6 Boulevard Haussmann 
 75009 Paris 
 Frances 
 Attention: Mr. Jacques Sauliere 

 

	 	Re:	Management Agreement Renewals 

 Dear
Mr. Sauliere: 
 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, 2013 and all other provisions of the Management Agreements will remain unchanged. 

 

	 	•	 	 Diversified Multi-Advisor Futures Fund L.P. II. 

  

	 	•	 	 Tactical Diversified Futures Fund L.P. 

  

	 	•	 	 CMF Capital Fund Management 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 Mr. Brian Centner at the
address above or fax to 212-296-6868. If you have any questions I can be reached at 212-296-1290. 
 Very truly yours, 

 

			
	CERES MANAGED FUTURES LLC
		
	By:	 	 /s/ Brian Centner

		 	  

		 	Brian Centner
		 	Chief Financial Officer & Director
	
	CAPITAL FUND MANAGEMENT SA
		
	By:	 	 /s/ Jacques Saulière

		 	  

			
		
	Print Name:	 	 Jacques Saulière

		 	Co - CEO

			
		
	BC/sr	 	Capital Fund Management S.A.EX-10.8(a)

 Exhibit 10.8(a) 
 June 1, 2012 
 Aspect Capital Ltd. 

Nations House – 8th Floor 
 103
Wigmore Street 
 London W1U 1QS, U.K. 

Attention: Mr. Anthony Todd, CEO 
  

	 	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, 2013 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 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 Mr. Brian Centner at the
address above or fax to 212-296-6868. If you have any questions I can be reached at 212-296-1290. 
 Very truly yours, 

CERES MANAGED FUTURES LLC 
  

			
	By:	 	 /s/ Brian Centner

		 	  

		 	Brian Centner
		 	Chief Financial Officer & Director
	
	ASPECT CAPITAL LTD.
		
	By:	 	 /s/ Jonathan Greenwood

		 	  

			
		
	Print Name:	 	 Jonathan Greenwood

		 	Company Secretary and Authorised Signatory

			
	BC/sr	 	              Aspect Capital LimitedEX-10.9(a)

 Exhibit 10.9(a) 
 June 1, 2012 
 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, 2013 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. 

  

	 	•	 	 Tactical Diversified Futures Fund L.P. 

 Please acknowledge receipt of this modification by signing one copy of this letter and returning it to the attention of Mr. Brian Centner at the address above or fax to 212-296-6868. If you have any
questions I can be reached at 212-296-1290. 
 Very truly yours, 

 

			
	CERES MANAGED FUTURES LLC
		
	By:	 	 /s/ Brian Centner

		 	  

		 	Brian Centner
		 	Chief Financial Officer and Director
	
	ALTIS PARTNERS (JERSEY) LIMITED
		
	By:	 	 /s/ Tom O’Connor

		 	  

			
		
	Print Name:	 	 TOM O’CONNOR    N. REEVE - GRAY

			
	BC/srEX-10.10(a)

 Exhibit 10.10(a) 
 June 1, 2012 
 Krom River Trading AG 
 Walker House 
 87 Mary Street 
 George Town 
 Grand Cayman KY1-9002 
 Cayman Islands 
 Attention: Mr. Giles Hill 

 

	 	Re:	Management Agreement Renewals 

 Dear
Mr. Hill: 
 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, 2013 and all other provisions of the Management Agreements will remain unchanged. 

 

	 	•	 	 Commodity Advisors Portfolio, L.P. 

  

	 	•	 	 Tactical Diversified Futures Fund L.P. 

  

	 	•	 	 KR Master Fund L.P. 

  

	 	•	 	 Spectrum Currency 

 Please
acknowledge receipt of this modification by signing one copy of this letter and returning it to the attention of Mr. Brian Centner at the address above or fax to 212-296-6868. If you have any questions I can be reached at 212-296-1290.

 Very truly yours, 
  

			
	CERES MANAGED FUTURES LLC
		
	By:	 	 /s/ Brian Centner

		 	  

		 	Brian Centner
		 	Chief Financial Officer & Director
	
	KROM RIVER TRADING AG
		
	By:	 	 /s/ Mike Cartier

		 	  

			
	Print Name:	 	 MIKE CARTIER

			
		
	BC/sr

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