Exhibit10.22

June  15,2005

Willowbridge Associates Inc.101 MorganLane – Suite 180Plainsboro, N.J.08536

Attention: Mr Steve R.Crane

Re: Management AgreementRenewals

Dear Mr.  Crane:

We arewriting with respect to your management agreements concerning thecommodity pools to which reference is made below (the‘‘Management Agreements’’). We areextending the term of the Management Agreements through June30,  2006 and all other provisions of the Management Agreementswill remain unchanged.

|  |              |                                             |
|--|--------------|---------------------------------------------|
|  | •  | Salomon SmithBarney Orion Futures Fund L.P. |

|  |              |                                          |
|--|--------------|------------------------------------------|
|  | •  | SmithBarney Diversified Futures FundL.P. |

|  |              |                                              |
|--|--------------|----------------------------------------------|
|  | •  | Smith Barney Diversified FuturesFund L.P. II |

|  |              |                                        |
|--|--------------|----------------------------------------|
|  | •  | Citigroup DiversifiedFutures Fund L.P. |

|  |              |          |
|--|--------------|----------|
|  | •  | Alera100 |

Please acknowledge receipt of this modification bysigning one copy of this letter and returning it to the attention ofMr.  Daniel  McAuliffe at the address above or fax to212-793-1986. If you have any questions I can be reached at212-559-5043.

Very truly yours,

CITIGROUPMANAGED FUTURES LLC

|           |                                                                                                                                                                 |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| By:  | /s/ Daniel R. McAuliffe,Jr.            Daniel R. McAuliffe, Jr.ChiefFinancial Officer &Director |

|           |                                                                                                                                                                                           |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| By:  | /s/ Steve R.Crane                             |

PrintName:    Steve R. Crane                   

DRMcA/sr

----

Exhibit10.22

June 15, 2005

WintonCapital Management 1a. St. Mary Abbot's PlaceKensington, London W86LS, U.K.

Attention: Mr. MartinHunt

Re:    Management Agreement Renewals

Dear Mr. Hunt:

We are writing with respect toyour management agreements concerning the commodity pools to whichreference is made below (the "ManagementAgreements"). We are extending the term of the ManagementAgreements through June 30, 2006 and all other provisions of theManagement Agreements will remainunchanged.

|  |              |                                           |
|--|--------------|-------------------------------------------|
|  | •  | Smith Barney Diversified FuturesFund L.P. |

|  |              |            |
|--|--------------|------------|
|  | •  | AURORA2001 |

|  |              |           |
|--|--------------|-----------|
|  | •  | AURORAIII |

|  |              |                            |
|--|--------------|----------------------------|
|  | •  | SSB Orion Futures FundL.P. |

|  |              |                    |
|--|--------------|--------------------|
|  | •  | Alera PortfolioSpc |

|  |              |                       |
|--|--------------|-----------------------|
|  | •  | CMF Winton Feeder LPI |

|  |              |                                        |
|--|--------------|----------------------------------------|
|  | •  | Citigroup Diversified Futures FundL.P. |

|  |              |                             |
|--|--------------|-----------------------------|
|  | •  | CMF Winton Master Fund L.P. |

Please acknowledge receipt of this modification by signingone copy of this letter and returning it to the attention of Mr. DanielMcAuliffe at the address above or fax to 212-793-1986. If you have anyquestions I can be reached at 212-559-5043.

Very trulyyours,

CITIGROUP MANAGED FUTURES LLC

|           |                                                                                                                                                                        |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| By:  | /s/ Daniel R.McAuliffe, Jr.            Daniel R. McAuliffe, Jr.Chief Financial Officer & Director |

|           |                                                                                                                                                                                        |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| By:  | /s/ MartinHunt                             |

PrintName:    Martin Hunt                   

DRMcA/sr

----

Exhibit10.22

June 15, 2005

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

Attention: Mr. AnthonyAnnunziato

Re:    Management Agreement Renewals

Dear Mr. Annunziato:

We are writing withrespect to your management agreements concerning the commodity pools towhich reference is made below (the "ManagementAgreements"). We are extending the term of the ManagementAgreements through June 30, 2006 and all other provisions of theManagement Agreements will remainunchanged.

|  |              |                       |
|--|--------------|-----------------------|
|  | •  | SB AAA Master FundLLC |

|  |              |                                             |
|--|--------------|---------------------------------------------|
|  | •  | Salomon Smith Barney Orion Futures FundL.P. |

|  |              |            |
|--|--------------|------------|
|  | •  | Aurora2001 |

|  |              |                                             |
|--|--------------|---------------------------------------------|
|  | •  | Salomon Smith Barney AAA Energy FundL.P. II |

|  |              |            |
|--|--------------|------------|
|  | •  | Aurora III |

Pleaseacknowledge receipt of this modification by signing one copy of thisletter and returning it to the attention of Mr. Daniel McAuliffe at theaddress above or fax to 212-793-1986. If you have any questions I canbe 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/ AnthonyAnnunziato             |

PrintName:    Anthony Annunziato 

DRMcA/sr

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