Exhibit
10.22

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








Exhibit
10.22

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








Exhibit
10.22

June 15, 2005

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

			
		• 	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 212-793-1986. 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
Annunziato            


Print
Name:    Anthony Annunziato 


DRMcA/sr