June
15,  2005

Drury Capital Inc.
47 Hulfish
Street – Suite 340
Princeton, N.J.
08542

Attention: Mr.  Bernard
Drury


Re: Management Agreement
Renewal


Dear Mr.  Drury:

We are
writing with respect to your management agreement concerning the
commodity pool to which reference is made below (the
‘‘Management Agreement’’). We are extending
the term of the Management Agreement through June  30,
2006 and all other provisions of the Management Agreement will remain
unchanged.

			
		• 	Citigroup 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.  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 &
Director

By: /s/ Bernard Drury


Print
Name: Bernard Drury


DRMcA/sr








June  15,
2005

Aspect Capital Management 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,
2006 and all other provisions of the Management Agreements will remain
unchanged.

			
		• 	Salomon Smith Barney Global
Diversified Futures Fund L.P.


			
		• 	Salomon
Smith Barney Diversified 2000 Futures Fund
L.P.


			
		• 	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 &
Director

By: /s/ Anthony Todd


Print
Name: Anthony Todd


DRMcA/sr








June  15,
2005

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,  2006 and all other provisions
of the Management Agreements will remain
unchanged.

			
		• 	Shearson Mid-West Futures
Fund


			
		• 	Shearson Lehman Select Advisors
Futures Fund L.P.


			
		• 	Smith Barney Mid-West
Futures Fund L.P. II


			
		• 	Smith Barney
Westport Futures Fund L.P.


			
		• 	Hutton
Investors Futures Fund, L.P. II (HIFF
II)


			
		• 	AURORA
2001


			
		• 	AURORA
III


			
		• 	Salomon Smith Barney Diversified
2000 Futures Fund L.P.


			
		• 	Alera
100


			
		• 	JWH Strategic Allocation Master Fund
LLC


			
		• 	Citigroup Diversified Futures
Fund


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 &
Director

By: /s/ Ken Webster


Print
Name: Ken Webster


DRMcA/sr








June  15,
2005

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,
2006 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 &
Director

By: /s/ Steve R.
Crane


Print Name: Steve R. Crane


DRMcA/sr








June  15,
2005

Capital Fund Management
6 Boulevard
Haussmann
75009 Paris
France

Attention:
Jean-Pierre Aguilar, CFO

Re: Management
Agreement Renewals

Dear Mr.
Aguilar:

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,  2006 and all other provisions of the Management Agreements
will remain unchanged.

			
		• 	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 &
Director

By: /s/ Jean-Pierre
Aguilar


Print Name: Jean-Pierre Aguilar


DRMcA/sr








June  15,
2005

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,
2006 and all other provisions of the Management Agreements will remain
unchanged.

			
		• 	Smith Barney Global Markets
Futures Fund


			
		• 	Smith Barney Diversified
Futures Fund L.P. II


			
		• 	Smith Barney
Diversified Futures Fund L.P.


			
		• 	Salomon
Smith Barney Diversified 2000 Futures Fund L.P.


			
		• 	AURORA
2001


			
		• 	AURORA
III


			
		• 	Salomon Smith Barney Fairfield
Futures Fund L.P.


			
		• 	Citigroup Diversified
Futures Fund L.P.


			
		• 	Citigroup Fairfield
Futures Fund L.P. II


			
		• 	Alera
100


			
		• 	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 &
Director

By: /s/ Paul Sedlack


Print
Name: Paul Sedlack


DRMcA/sr








June  15,
2005

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,  2006 and all other provisions
of the Management Agreements will remain
unchanged.

			
		• 	Smith Barney Diversified
Futures Fund L.P.


			
		• 	AURORA
2001


			
		• 	AURORA
III


			
		• 	SSB Orion Futures Fund
L.P.


			
		• 	Alera Portfolio
Spc


			
		• 	CMF Winton Feeder LP
I


			
		• 	Citigroup Diversified Futures Fund
L.P.


			
		• 	CMF Winton 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.  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 &
Director

By: /s/ Martin Hunt


Print
Name: Martin Hunt


DRMcA/sr