Exhibit
10.21

June 11, 2004

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, 2005
and all other provisions of the Management Agreements will remain
unchanged.

		
	• 	Salomon Smith Barney Orion
Futures Fund L.P.


		
	• 	Smith Barney
Diversified Futures Fund L.P.


		
	• 	Smith
Barney Diversified Futures Fund L.P.
II


		
	• 	Citigroup Diversified Futures Fund
L.P.


		
	• 	Alera 100


Please
acknowledge receipt of this modification by signing one copy of this
letter and returning it to the attention of Mr. Daniel McAuliffe at the
address above or fax to 212-793-1986. If you have any questions I can
be reached at 212-559-5043.

Very truly yours,

CITIGROUP MANAGED FUTURES LLC

		
	By: 	/s/ Daniel R. McAuliffe, Jr.

Daniel R. McAuliffe, Jr.
 Chief Financial Officer and Director


		
	By: 	/s/ Steve R. Crane


Print
Name: Steve R. Crane

DRMcA/sr








Exhibit 10.21

June
11, 2004

AAA Capital Management Inc.
 5051
Westheimer – Suite 2100
 Houston, Texas 77056

Attention: Mr. Anthony Annunziato


Re: Management Agreement Renewals


Dear Mr. Annunziato:

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, 2005 and all other provisions of the
Management Agreements will remain
unchanged.

		
	• 	Smith Barney AAA Energy Fund
L.P.


		
	• 	SB AAA Master Fund
LLC


		
	• 	Salomon Smith Barney Orion Futures
Fund L.P.


		
	• 	Aurora
2001


		
	• 	Salomon Smith Barney AAA Energy
Fund L.P. II


		
	• 	Aurora III


Please acknowledge receipt of this modification by signing
one copy of this letter and returning it to the attention of Mr. Daniel
McAuliffe at the address above or fax to 212-559-1986. If you have any
questions I can be reached at 212-559-5043.

Very
truly yours,


CITIGROUP MANAGED FUTURES
LLC


		
	By: 	/s/ Daniel R. McAuliffe,
Jr.
 Daniel R. McAuliffe, Jr.
 Chief Financial Officer and
Director


		
	By: 	/s/ Anthony
Annunziato


Print Name: Anthony Annunziato

DRMcA/sr








Exhibit 10.21

June
11, 2004

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, 2005 and all
other provisions of the Management Agreements will remain
unchanged.

		
	• 	Smith Barney Diversified
Futures Fund L.P.


		
	• 	AURORA
2001


		
	• 	SSB Orion Futures Fund
L.P.


		
	• 	Alera Portfolio Spc


Please acknowledge receipt of this modification by signing
one copy of this letter and returning it to the attention of Mr. Daniel
McAuliffe at the address above or fax to 212-793-1986. If you have any
questions I can be reached at 212-559-5043.

Very truly
yours,

CITIGROUP MANAGED FUTURES LLC

		
	By: 	/s/ Daniel R. McAuliffe, Jr.

Daniel R. McAuliffe, Jr.
 Chief Financial Officer and Director


		
	By: 	/s/ Martin Hunt


Print
Name: Martin Hunt

DRMcA/sr