EX-10.25







Exhibit 10.25




June 5, 2008




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, 2009 and all other provisions of the Management Agreements will remain
unchanged.





	 	•	 	Smith Barney Diversified Futures Fund L.P.
	 
	 	•	 	Smith Barney Diversified Futures Fund L.P. II
	 
	 	•	 	SSB Orion Futures Fund L.P.
	 
	 	•	 	Citigroup Diversified Futures Fund L.P.
	 
	 	•	 	CMF Institutional Futures Portfolio LP
	 
	 	•	 	CMF Willowbridge Argo 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,




CITIGROUP MANAGED FUTURES LLC




	 	 	 	 	 
	By:

	 	 	 	 
	 

	 	/s/
Jennifer Magro 	 	 
	 

	 	Jennifer Magro	 	 
	 

	 	Chief Financial Officer & Director	 	 






WILLOWBRIDGE
ASSOCIATES INC.




	 	 	 	 	 
	By:

	 	 	 	 
	 

	 	/s/
Steven R. Crane
 	 	 
	 
	 	 	 	 
	Print Name: 

	 	     Steven R. Crane 	 	 






JM/sr





 








 




June 5, 2008




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, 2009 and all other provisions of the Management Agreements will remain
unchanged.





	 	•	 	Smith Barney Diversified Futures Fund L.P.
	 
	 	•	 	SSB Orion Futures Fund L.P.
	 
	 	•	 	CMF Winton Feeder LP I
	 
	 	•	 	CMF Winton Master Fund L.P.
	 
	 	•	 	Citigroup Diversified Futures Fund L.P.
	 
	 	•	 	AURORA III
	 
	 	•	 	CMF Institutional Futures Portfolio LP
	 
	 	•	 	Citigroup Abingdon Futures Fund L.P.
	 
	 	•	 	Citigroup 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,




CITIGROUP MANAGED FUTURES LLC




	 	 	 	 	 
	By:

	 	 	 	 
	 

	 	/s/
Jennifer Magro 	 	 
	 

	 	Jennifer Magro	 	 
	 

	 	Chief Financial Officer & Director	 	 






WINTON CAPITAL MANAGEMENT




	 	 	 	 	 
	By:

	 	/s/ Martin Hunt 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Print Name: 
	 	Martin Hunt 	 	 
	 

	 	 	 	 






JM/sr





 








 




June 5, 2008




AAA Capital Management Inc.

1300 Post Oak Blvd. #350

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, 2009 and all other provisions of the Management Agreements will remain
unchanged.





	 	•	 	SB AAA Master Fund LLC
	 
	 	•	 	Salomon Smith Barney Orion Futures Fund L.P.
	 
	 	•	 	Smith Barney AAA Energy Fund L.P.
	 
	 	•	 	Salomon Smith Barney AAA Energy Fund L.P. II
	 
	 	•	 	Citigroup Diversified Futures Fund L.P.
	 
	 	•	 	CMF Institutional Futures Portfolio L.P.
	 
	 	•	 	Legion LTD AAA
	 
	 	•	 	Citigroup Energy Advisors Portfolio L.P.
	 
	 	•	 	Citigroup 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,




CITIGROUP MANAGED FUTURES LLC




	 	 	 	 	 
	By:

	 	 	 	 
	 

	 	/s/
Jennifer Magro 	 	 
	 

	 	Jennifer Magro	 	 
	 

	 	Chief Financial Officer & Director	 	 






AAA CAPITAL MANAGEMENT INC.




	 	 	 	 	 
	By:

	 	/s/ Anthony Annunziato 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Print Name:
	 	Anthony Annunziato 	 	 
	 

	 	 	 	 






JM/sr