Exhibit10.21

June 11, 2004

WillowbridgeAssociates 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 managementagreements concerning the commodity pools to which reference is madebelow (the "Management Agreements"). We areextending the term of the Management Agreements through June 30, 2005and all other provisions of the Management Agreements will remainunchanged.

|              |                                             |
|--------------|---------------------------------------------|
| •  | Salomon Smith Barney OrionFutures Fund L.P. |

|              |                                           |
|--------------|-------------------------------------------|
| •  | Smith BarneyDiversified Futures Fund L.P. |

|              |                                             |
|--------------|---------------------------------------------|
| •  | SmithBarney Diversified Futures Fund L.P.II |

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

|              |           |
|--------------|-----------|
| •  | Alera 100 |

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 and Director |

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

PrintName: Steve R. Crane

DRMcA/sr

----

Exhibit 10.21

June11, 2004

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

Attention: Mr. Anthony Annunziato

**Re: Management Agreement Renewals**

Dear Mr. Annunziato:

We are writingwith respect to your management agreements concerning the commoditypools to which reference is made below (the "ManagementAgreements"). We are extending the term of the ManagementAgreements through June 30, 2005 and all other provisions of theManagement Agreements will remainunchanged.

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

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

|              |                                             |
|--------------|---------------------------------------------|
| •  | Salomon Smith Barney Orion FuturesFund L.P. |

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

|              |                                             |
|--------------|---------------------------------------------|
| •  | Salomon Smith Barney AAA EnergyFund L.P. II |

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

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 212-559-1986. If you have anyquestions I can be reached at 212-559-5043.

Verytruly yours,

**CITIGROUP MANAGED FUTURESLLC**

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

|           |                       |
|-----------|-----------------------|
| By:  | /s/ AnthonyAnnunziato |

Print Name: Anthony Annunziato

DRMcA/sr

----

Exhibit 10.21

June11, 2004

Winton Capital Management 1a. St.Mary Abbot's Place Kensington, London W86LS, U.K.

Attention: Mr. Martin Hunt

Re:    ManagementAgreement Renewals

Dear Mr. Hunt:

We arewriting with respect to your management agreements concerning thecommodity pools to which reference is made below (the"Management Agreements"). We are extendingthe term of the Management Agreements through June 30, 2005 and allother provisions of the Management Agreements will remainunchanged.

|              |                                           |
|--------------|-------------------------------------------|
| •  | Smith Barney DiversifiedFutures Fund L.P. |

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

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

|              |                     |
|--------------|---------------------|
| •  | Alera Portfolio Spc |

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 and Director |

|           |                 |
|-----------|-----------------|
| By:  | /s/ Martin Hunt |

PrintName: Martin Hunt

DRMcA/sr

----