Exhibit10.18

MANAGEMENT AGREEMENT

AGREEMENT made asof the 15th day of January, 2004 among CITIGROUP MANAGED FUTURES LLC, aDelaware limited liability company ("CMF"),SALOMON SMITH BARNEY GLOBAL DIVERSIFIED FUTURES FUND L.P., a New Yorklimited partnership (the "Partnership") andALTIS PARTNERS LIMITED, a United Kingdom corporation (the"Advisor").

W IT N E S S ET H :

WHEREAS, CMF is the general partner ofthe Partnership, a limited partnership organized for the purpose ofspeculative trading of commodity interests, including futurescontracts, options and forward contracts with the objective ofachieving substantial capital appreciation; and

WHEREAS, theLimited Partnership Agreement establishing the Partnership (the"Limited Partnership Agreement") permits CMFto delegate to one or more commodity trading advisors CMF'sauthority to make trading decisions for the Partnership; and

WHEREAS, the Advisor is regulated as an investment manager in theU.K. by the Financial Services Authority and registered as a commoditytrading advisor in the U.S.A. with the Commodity Futures TradingCommission ("CFTC") and is a member of theNational Futures Association ("NFA"); and

WHEREAS, CMF is registered as a commodity pool operator with theCFTC and is a member of the NFA; and

WHEREAS, CMF, thePartnership and the Advisor wish to enter into this Agreement in orderto set forth the terms and conditions upon which the Advisor willrender and implement advisory services in connection with the conductby the Partnership of its commodity trading activities during the termof this Agreement;

NOW, THEREFORE, the parties agree asfollows:

1.    DUTIES OF THE ADVISOR. (a) For theperiod and on the terms and conditions of this Agreement, the Advisorshall have sole authority and responsibility, as one of thePartnership's agents and attorneys-in-fact, for directing theinvestment and reinvestment of the assets and funds of the Partnershipallocated to it by the General Partner in commodity interests,including commodity futures contracts, options and forward contracts.All such trading on behalf of the Partnership shall be in accordancewith the trading policies set forth in the Partnership'sProspectus and Disclosure Document dated November 25, 1998, assupplemented (the "Prospectus"), as suchtrading policies may be changed from time to time upon receipt by theAdvisor of prior written notice of such change, and pursuant to thetrading strategy selected by CMF to be utilized by the Advisor inmanaging the Partnership's assets. CMF has initially selected theAdvisor's Global Futures Portfolio to manage thePartnership's assets allocated to it. Any open positions or otherinvestments at the time of receipt of such notice of a change intrading policy shall not be deemed to violate the changed policy andshall be closed or sold in the ordinary course of trading. The Advisormay not deviate from the trading policies set forth in the Prospectuswithout the prior written consent of the Partnership given by CMF. TheAdvisor makes no representation or warranty that the trading to bedirected by it for the Partnership will be profitable or will not incurlosses.

(b)    CMF acknowledges receipt of the Advisor'sdisclosure document for Qualified Eligible Persons (as defined in CFTCRule 4.7) dated April 30, 2003 (the "DisclosureDocument"). All trades made by the Advisor for the accountof the Partnership shall be made through such commodity broker orbrokers as CMF shall direct, and the Advisor shall have no authority orresponsibility for selecting or supervising any such broker inconnection with the execution, clearance or confirmation oftransactions for the Partnership or for the negotiation of brokeragerates charged therefor. However, the Advisor, with the prior writtenpermission (by either original or fax copy) of CMF, may direct alltrades in commodity futures and options to a futures commissionmerchant or independent floor 

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broker it chooses for execution withinstructions to give-up the trades to the broker designated by CMF,provided that the futures commission merchant or independent floorbroker and any give-up or floor brokerage fees are approved in advanceby CMF. All give-up or similar fees relating to the foregoing shall bepaid by the Partnership after all parties have executed the relevantgive-up agreements (by either original or fax copy).

(c)    The initial allocation of the Partnership's assets tothe Advisor will be made to the Advisor's Global FuturesPortfolio (the "Program"), as described inthe Disclosure Document. In the event the Advisor wishes to use atrading system or methodology other than or in addition to the Programin connection with its trading for the Partnership, either in whole orin part, it may not do so unless the Advisor gives CMF prior writtennotice of its intention to utilize such different trading system ormethodology and CMF consents thereto in writing. In addition, theAdvisor will provide five days' prior written notice to CMF ofany change in the trading system or methodology to be utilized for thePartnership which the Advisor deems material. If the Advisor deems suchchange in system or methodology or in markets traded to be material,the changed system or methodology or markets traded will not beutilized for the Partnership without the prior written consent of CMF.In addition, the Advisor will notify CMF of any changes to the tradingsystem or methodology that would require a change in the description ofthe trading strategy or methods described in the Disclosure Document.Further, the Advisor will provide the Partnership with a current listof all commodity interests to be traded for the Partnership'saccount and will not trade any additional commodity interests for suchaccount without providing notice thereof to CMF and receivingCMF's written approval. The Advisor also agrees to provide CMF,on a monthly basis, with a written report of the assets under theAdvisor's management together with all other matters deemed bythe Advisor to be material changes to its business not previouslyreported to CMF. The Advisor further agrees that it will convertforeign currency balances (not required to margin positions denominatedin a foreign currency) to U.S. dollars no less frequently than monthly.U.S. dollar equivalents in individual foreign currencies of more than$100,000 will be converted to U.S. dollars within one business dayafter such funds are no longer needed to margin foreign positions.

(d)    The Advisor agrees to make all material disclosures to thePartnership regarding itself and its principals as defined in Part 4 ofthe CFTC's regulations ("principals"),shareholders, directors, officers and employees, their tradingperformance and general trading methods, its customer accounts (but notthe identities of or identifying information with respect to itscustomers) and otherwise as are required in the reasonable judgment ofCMF to be made in any filings required by Federal or state law or NFArule or order. Notwithstanding Sections 1(d) and 4(d) of thisAgreement, the Advisor shall not be required to disclose the actualtrading results of proprietary accounts of the Advisor or itsprincipals unless CMF reasonably determines that such disclosure isrequired in order to fulfill its fiduciary obligations to thePartnership or the reporting, filing or other obligations imposed on itby Federal or state law or NFA rule or order. The Partnership and CMFacknowledge that the trading advice to be provided by the Advisor is aproperty right belonging to the Advisor and that they will keep allsuch advice confidential. Further, CMF agrees to treat as confidentialany results of proprietary accounts and/or proprietary information withrespect to trading systems obtained from the Advisor.

(e)    The Advisor understands and agrees that CMF may designateother trading advisors for the Partnership and apportion or reapportionto such other trading advisors the management of an amount of NetAssets (as defined in Section 3(b) hereof) as it shall determine in itsabsolute discretion. The designation of other trading advisors and theapportionment or reapportionment of Net Assets to any such tradingadvisors pursuant to this Section 1 shall neither terminate thisAgreement nor modify in any regard the respective rights andobligations of the parties hereunder.

(f)    CMF may, fromtime to time, in its absolute discretion, select additional tradingadvisors and reapportion funds among the trading advisors for thePartnership as it deems appropriate. CMF shall use its best efforts tomake reapportionments, if any, as of the first day of a month. TheAdvisor agrees that it may be called upon at any time promptly toliquidate positions in CMF's sole discretion so that CMF mayreallocate the Partnership's assets, meet margin calls on thePartnership's account, 

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fund redemptions, or for any other reason,except that CMF will not require the liquidation of specific positionsby the Advisor. CMF will use its best efforts to give two days'prior notice to the Advisor of any reallocations or liquidations.

(g)    The Advisor will not be liable for trading losses in thePartnership's account including losses caused by errors;provided, however, that (i) the Advisor will be liable to thePartnership with respect to losses incurred due to errors committed orcaused by it or any of its principals or employees in communicatingimproper trading instructions or orders to any broker on behalf of thePartnership and (ii) the Advisor will be liable to the Partnership withrespect to losses incurred due to errors committed or caused by anyexecuting broker (other than any CMF affiliate) selected by the Advisor(it also being understood that CMF, with the assistance of the Advisor,will first attempt to recover such losses from the executingbroker).

2.    INDEPENDENCE OF THE ADVISOR. For allpurposes herein, the Advisor shall be deemed to be an independentcontractor and, unless otherwise expressly provided or authorized,shall have no authority to act for or represent the Partnership in anyway and shall not be deemed an agent, promoter or sponsor of thePartnership, CMF, or any other trading advisor. The Advisor shall notbe responsible to the Partnership, the General Partner, any tradingadvisor or any limited partners for any acts or omissions of any othertrading advisor to the Partnership.

3.    COMPENSATION. (a) In consideration of and ascompensation for all of the services to be rendered by the Advisor tothe Partnership under this Agreement, the Partnership shall pay theAdvisor (i) an annual incentive fee equal to 20% of New TradingProfits (as such term is defined below) earned by the Advisor for thePartnership and (ii) a monthly fee for professional management servicesequal to 1/6 of 1% (2% per year) of the month-end NetAssets of the Partnership allocated to the Advisor. The first incentivefee, if any, shall be paid as of the end of the first calendar yearafter the Advisor commences trading for the Partnership (the"Initial Payment Date"), which fee shall bebased on New Trading Profits earned from the commencement of trading bythe Advisor for the Partnership through December 31, 2004. From thatpoint on, incentive fees shall be paid as of the end of each calendaryear following the Initial Payment Date.

(b)    "Net Assets" shall have themeaning set forth in Paragraph 7(d)(1) of the Limited PartnershipAgreement dated as of June 15, 1998 and without regard to furtheramendments thereto, provided that in determining the Net Assets of thePartnership on any date, no adjustment shall be made to reflect anydistributions, redemptions or incentive fees payable as of the date ofsuch determination.

(c)    "New TradingProfits" shall mean the excess, if any, of Net Assetsmanaged by the Advisor at the end of the fiscal period over Net Assetsmanaged by the Advisor at the end of the highest previous fiscal periodor Net Assets allocated to the Advisor at the date trading commences,whichever is higher, and as further adjusted to eliminate the effect onNet Assets resulting from new capital contributions, redemptions,reallocations or capital distributions, if any, made during the fiscalperiod decreased by interest or other income, not directly related totrading activity, earned on the Partnership's assets during thefiscal period, whether the assets are held separately or in marginaccounts. Ongoing expenses will be attributed to the Advisor based onthe Advisor's proportionate share of Net Assets. Ongoing expenseswill not include expenses of litigation not involving the activities ofthe Advisor on behalf of the Partnership. Ongoing expenses includeoffering expenses of the Partnership. Interest income earned, if any,will not be taken into account in computing New Trading Profits earnedby the Advisor. If Net Assets allocated to the Advisor are reduced dueto redemptions, distributions or reallocations (net of additions),there will be a corresponding proportional reduction in the relatedloss carryforward amount that must be recouped before the Advisor iseligible to receive another incentive fee.

(d)    Annualincentive fees and monthly management fees shall be paid within twenty(20) business days following the end of the period for which such feeis payable. In the event of the termination of this Agreement as of anydate which shall not be the end of a calendar year or month, as thecase may be, the annual incentive fee shall be computed as if theeffective date of termination were the last day of the then currentyear and the monthly management fee shall be prorated to the

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effective date of termination. If, during anymonth, the Partnership does not conduct business operations or theAdvisor is unable to provide the services contemplated herein for morethan two successive business days, the monthly management fee shall beprorated by the ratio which the number of business days during whichCMF conducted the Partnership's business operations or utilizedthe Advisor's services bears in the month to the total number ofbusiness days in such month.

(e)    The provisions of thisParagraph 3 shall survive the termination of this Agreement.

4.    RIGHT TO ENGAGE IN OTHER ACTIVITIES. (a) Theservices provided by the Advisor hereunder are not to be deemedexclusive. CMF on its own behalf and on behalf of the Partnershipacknowledges that, subject to the terms of this Agreement, the Advisorand its officers, directors, employees and shareholder(s), may renderadvisory, consulting and management services to other clients andaccounts. The Advisor and its officers, directors, employees andshareholder(s) shall be free to trade for their own accounts and toadvise other investors and manage other commodity accounts during theterm of this Agreement and to use the same information, computerprograms and trading strategies, programs or formulas which theyobtain, produce or utilize in the performance of services to CMF forthe Partnership. However, the Advisor represents, warrants and agreesthat it believes the rendering of such consulting, advisory andmanagement services to other accounts and entities will not require anymaterial change in the Advisor's basic trading strategies andwill not affect the capacity of the Advisor to continue to renderservices to CMF for the Partnership of the quality and naturecontemplated by this Agreement.

(b)    If, at any time duringthe term of this Agreement, the Advisor is required to aggregate thePartnership's commodity positions with the positions of any otherperson for purposes of applying CFTC- or exchange-imposed speculativeposition limits, the Advisor agrees that it will promptly notify CMF ifthe Partnership's positions are included in an aggregate amountwhich exceeds the applicable speculative position limit. The Advisoragrees that, if its trading recommendations are altered because of theapplication of any speculative position limits, it will not modify thetrading instructions with respect to the Partnership's account insuch manner as to affect the Partnership substantiallydisproportionately as compared with the Advisor's other accounts.The Advisor further represents, warrants and agrees that under nocircumstances will it knowingly or deliberately use trading strategiesor methods for the Partnership that are inferior to strategies ormethods employed for any other client or account and that it will notknowingly or deliberately favor any client or account managed by itover any other client or account in any manner, it being acknowledged,however, that different trading strategies or methods may be utilizedfor differing sizes of accounts, accounts with different tradingpolicies, accounts experiencing differing inflows or outflows ofequity, accounts which commence trading at different times, accountswhich have different portfolios or different fiscal years, accountsutilizing different executing brokers and accounts with otherdifferences, and that such differences may cause divergent tradingresults.

(c)    It is acknowledged that the Advisor and/or itsofficers, employees, directors and shareholder(s) presently act, and itis agreed that they may continue to act, as advisor for other accountsmanaged by them, and may continue to receive compensation with respectto services for such accounts.

(d)    The Advisor agrees thatit shall make such information available to CMF respecting theperformance of the Partnership's account as compared to theperformance of other accounts managed by the Advisor or its principalsas shall be reasonably requested by CMF. The Advisor presently believesand represents that existing speculative position limits will notmaterially adversely affect its ability to manage thePartnership's account given the potential size of thePartnership's account and the Advisor's and itsprincipals' current accounts and all proposed accounts for whichthey have contracted to act as trading manager.

5.    TERM. (a) This Agreement shall continue in effectuntil June 30, 2004. CMF may, in its sole discretion, renew thisAgreement for additional one-year periods upon notice to the Advisornot less than 30 days prior to the expiration of the previous period.At any time during the term of this Agreement, CMF may terminate thisAgreement at any month-end upon 30 days' notice to the Advisor.At any time during the term of this Agreement, CMF may elect toimmediately terminate 

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this Agreement upon 30 days' notice tothe Advisor if (i) the Net Asset Value per Unit shall decline as of theclose of business on any day to $400 or less; (ii) the Net Assetsallocated to the Advisor (adjusted for redemptions, distributions,withdrawals or reallocations, if any) decline by 50% or more asof the end of a trading day from such Net Assets' previoushighest value; (iii) limited partners owning at least 50% of theoutstanding Units shall vote to require CMF to terminate thisAgreement; (iv) the Advisor fails to comply with the terms of thisAgreement; (v) CMF, in good faith, reasonably determines that theperformance of the Advisor has been such that CMF's fiduciaryduties to the Partnership require CMF to terminate this Agreement; or(vi) CMF reasonably believes that the application of speculativeposition limits will substantially affect the performance of thePartnership. At any time during the term of this Agreement, CMF mayelect immediately to terminate this Agreement if (i) the Advisormerges, consolidates with another entity, sells a substantial portionof its assets, or becomes bankrupt or insolvent, (ii)  ZbigniewHermaszewski dies, becomes incapacitated, leaves the employ of theAdvisor, ceases to control the Advisor or is otherwise not managing thetrading programs or systems of the Advisor, or (iii) theAdvisor's registration as a commodity trading advisor with theCFTC or its membership in the NFA or any other regulatory authority, isterminated or suspended. This Agreement will immediately terminate upondissolution of the Partnership or upon cessation of trading prior todissolution.

(b)    The Advisor may terminate this Agreementby giving not less than 30 days' notice to CMF (i) in the eventthat the trading policies of the Partnership as set forth in theProspectus are changed in such manner that the Advisor reasonablybelieves will adversely affect the performance of its tradingstrategies; (ii) after June 30, 2004; or (iii) in the event that theGeneral Partner or Partnership fails to comply with the terms of thisAgreement. The Advisor may immediately terminate this Agreement ifCMF's registration as a commodity pool operator or its membershipin the NFA is terminated or suspended.

(c)    Except asotherwise provided in this Agreement, any termination of this Agreementin accordance with this Paragraph 5 shall be without penalty orliability to any party, except for any fees due to the Advisor pursuantto Section 3 hereof.

6.    INDEMNIFICATION. (a)(i) Inany threatened, pending or completed action, suit, or proceeding towhich the Advisor was or is a party or is threatened to be made a partyarising out of or in connection with this Agreement or the managementof the Partnership's assets by the Advisor or the offering andsale of units in the Partnership, CMF shall, subject to subparagraph(a)(iii) of this Paragraph 6, indemnify and hold harmless the Advisoragainst any loss, liability, damage, cost, expense (including, withoutlimitation, attorneys' and accountants' fees), judgmentsand amounts paid in settlement actually and reasonably incurred by itin connection with such action, suit, or proceeding if the Advisoracted in good faith and in a manner reasonably believed to be in or notopposed to the best interests of the Partnership, and provided that itsconduct did not constitute negligence, intentional misconduct, or abreach of its fiduciary obligations to the Partnership as a commoditytrading advisor, unless and only to the extent that the court oradministrative forum in which such action or suit was brought shalldetermine upon application that, despite the adjudication of liabilitybut in view of all circumstances of the case, the Advisor is fairly andreasonably entitled to indemnity for such expenses which such court oradministrative forum shall deem proper; and further provided that noindemnification shall be available from the Partnership if suchindemnification is prohibited by Section 16 of the PartnershipAgreement. The termination of any action, suit or proceeding byjudgment, order or settlement shall not, of itself, create apresumption that the Advisor did not act in good faith and in a mannerreasonably believed to be in or not opposed to the best interests ofthe Partnership.

(i)    To the extent that the Advisor hasbeen successful on the merits or otherwise in defense of any action,suit or proceeding referred to in subparagraph (i) above, or in defenseof any claim, issue or matter therein, CMF shall indemnify it againstthe expenses (including, without limitation, attorneys' andaccountants' fees) actually and reasonably incurred by it inconnection therewith.

(ii)    Any indemnification undersubparagraph (i) above, unless ordered by a court or administrativeforum, shall be made by CMF only as authorized in the specific case andonly upon a 

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determination by independent legal counsel ina written opinion that such indemnification is proper in thecircumstances because the Advisor has met the applicable standard ofconduct set forth in subparagraph (i) above. Such independent legalcounsel shall be selected by CMF in a timely manner, subject to theAdvisor's approval, which approval shall not be unreasonablywithheld. The Advisor will be deemed to have approved CMF'sselection unless the Advisor notifies CMF in writing, received by CMFwithin five days of CMF's telecopying to the Advisor of thenotice of CMF's selection, that the Advisor does not approve theselection.

(iii)    In the event the Advisor is made a partyto any claim, dispute or litigation or otherwise incurs any loss orexpense as a result of, or in connection with, the Partnership'sor CMF's activities or claimed activities unrelated to theAdvisor, CMF shall indemnify, defend and hold harmless the Advisoragainst any loss, liability, damage, cost or expense (including,without limitation, attorneys' and accountants' fees)incurred in connection therewith.

(iv)    As used in thisParagraph 6(a), the term "Advisor" shallinclude the Advisor, its principals, officers, directors, stockholdersand employees and the term "CMF" shallinclude the Partnership.

(b)(i)    The Advisor agrees toindemnify, defend and hold harmless CMF, the Partnership and theiraffiliates against any loss, liability, damage, cost or expense(including, without limitation, attorneys' and accountants'fees), judgments and amounts paid in settlement actually and reasonablyincurred by them (A) as a result of the material breach of any materialrepresentations and warranties made by the Advisor in this Agreement,or (B) as a result of any act or omission of the Advisor relating tothe Partnership if there has been a final judicial or regulatorydetermination or, in the event of a settlement of any action orproceeding with the prior written consent of the Advisor, a writtenopinion of an arbitrator pursuant to Paragraph 14 hereof, to the effectthat such acts or omissions violated the terms of this Agreement in anymaterial respect or involved negligence, bad faith, recklessness orintentional misconduct on the part of the Advisor (except as otherwiseprovided in Section 1(g)).

(ii)    In the event CMF, thePartnership or any of their affiliates is made a party to any claim,dispute or litigation or otherwise incurs any loss or expense as aresult of, or in connection with, the activities or claimed activitiesof the Advisor or its principals, officers, directors, shareholder(s)or employees unrelated to CMF's or the Partnership'sbusiness, the Advisor shall indemnify, defend and hold harmless CMF,the Partnership or any of their affiliates against any loss, liability,damage, cost or expense (including, without limitation,attorneys' and accountants' fees) incurred in connectiontherewith.

(c)    In the event that a person entitled toindemnification under this Paragraph 6 is made a party to an action,suit or proceeding alleging both matters for which indemnification canbe made hereunder and matters for which indemnification may not be madehereunder, such person shall be indemnified only for that portion ofthe loss, liability, damage, cost or expense incurred in such action,suit or proceeding which relates to the matters for whichindemnification can be made.

(d)    None of theindemnifications contained in this Paragraph 6 shall be applicable withrespect to default judgments, confessions of judgment or settlementsentered into by the party claiming indemnification without the priorwritten consent, which shall not be unreasonably withheld, of the partyobligated to indemnify such party.

(e)    The provisions ofthis Paragraph 6 shall survive the termination of this Agreement.

7.    REPRESENTATIONS, WARRANTIES AND AGREEMENTS.

(a)    The Advisor represents and warrants that:

(i)    The Disclosure Document is in full compliance with theCommodity Exchange Act and the rules and regulations promulgatedthereunder and is accurate in all material respects and does notcontain any untrue statement of a material fact or omit to state amaterial fact which is necessary to make the statements therein notmisleading. All references to the Advisor and its principals, if any,in the Prospectus or a supplement thereto will, after review andapproval of such references by the Advisor prior to the use of suchProspectus in connection with the offering of the Partnership'sunits, 

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be accurate in all material respects, exceptthat with respect to pro forma or hypothetical performance informationin such Prospectus, if any, this representation and warranty extendsonly to any underlying data made available by the Advisor for thepreparation thereof and not to any hypothetical or pro formaadjustments.

(ii)    The information with respect to theAdvisor set forth in the actual performance tables in the DisclosureDocument is based on all of the customer accounts managed on adiscretionary basis by the Advisor's principals and/or theAdvisor during the period covered by such tables and required to bedisclosed therein. During the term of this Agreement: (x) the Advisorwill prepare performance tables that comply with all applicable CFTCrules no less frequently than quarterly, and (y) the Advisor'sperformance tables covering years ending on or after December 31, 2003shall be examined by an independent certified public accountant within120 days of each year-end and the report thereon shall be provided toCMF.

(iii)    The Advisor will be acting as a commoditytrading advisor with respect to the Partnership and not as a securitiesinvestment adviser and is duly registered with the CFTC as a commoditytrading advisor, is a member of the NFA, and is in compliance with suchother registration and licensing requirements as shall be necessary toenable it to perform its obligations hereunder, and agrees to maintainand renew such registrations and licenses during the term of thisAgreement.

(iv)    The Advisor is a corporation dulyorganized, validly existing and in good standing under the laws ofEngland and Wales and has full corporate power and authority to enterinto this Agreement and to provide the services required of ithereunder.

(v)    The Advisor will not, by acting as acommodity trading advisor to the Partnership, breach or cause to bebreached any undertaking, agreement, contract, statute, rule orregulation to which it is a party or by which it is bound.

(vi)    This Agreement has been duly and validly authorized,executed and delivered by the Advisor and is a valid and bindingagreement enforceable in accordance with its terms.

(vii)    At any time during the term of this Agreement that aprospectus relating to the Units is required to be delivered inconnection with the offer and sale thereof, the Advisor agrees upon therequest of CMF to provide the Partnership with such information asshall be necessary so that, as to the Advisor and its principals, suchprospectus is accurate.

(b)    CMF represents and warrants foritself and the Partnership that:

(i)    The Prospectus (asfrom time to time amended or supplemented, which amendment orsupplement shall be approved by the Advisor as to descriptions, if any,of itself and its actual performance) does not contain any untruestatement of a material fact or omit to state a material fact which isnecessary to make the statements therein not misleading, except thatthe foregoing representation does not apply to any statement oromission concerning the Advisor in the Prospectus, made in relianceupon, and in conformity with, information furnished to CMF by or onbehalf of the Advisor expressly for use in the Prospectus (it beingunderstood that any hypothetical and pro forma adjustments will not befurnished by the Advisor).

(ii)    CMF is a limited liabilitycompany duly organized, validly existing and in good standing under thelaws of the State of Delaware and has full limited liability companypower and authority to perform its obligations under thisAgreement.

(iii)    CMF and the Partnership have the capacityand authority to enter into this Agreement on behalf of thePartnership.

(iv)    This Agreement has been duly and validlyauthorized, executed and delivered on CMF's and thePartnership's behalf and is a valid and binding agreement of CMFand the Partnership enforceable in accordance with its terms.

(v)    CMF will not, by acting as General Partner to thePartnership and the Partnership will not, breach or cause to bebreached any undertaking, agreement, contract, statute, rule orregulation to which it is a party or by which it is bound which wouldmaterially limit or affect the performance of its duties under thisAgreement.

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(vi)    CMF is registered as a commoditypool operator and is a member of the NFA, and it will maintain andrenew such registration and membership during the term of thisAgreement.

(vii)    The Partnership is a limited partnershipduly organized and validly existing under the laws of the State of NewYork and has full power and authority to enter into this Agreement andto perform its obligations under this Agreement.

(viii)    ThePartnership is a qualified eligible person as defined in CFTC Rule4.7.

8.    COVENANTS OF THE ADVISOR, CMF AND THEPARTNERSHIP. (a) The Advisor agrees as follows:

(i)    Inconnection with its activities on behalf of the Partnership, theAdvisor will comply with all applicable rules and regulations of theCFTC and/or the commodity exchange on which any particular transactionis executed.

(ii)    The Advisor will promptly notify CMF ofthe commencement of any material suit, action or proceeding involvingit, whether or not any such suit, action or proceeding also involvesCMF.

(iii)    In the placement of orders for thePartnership's account and for the accounts of any other client,the Advisor will utilize a pre-determined, systematic, fair andreasonable order entry system, which shall, on an overall basis, be noless favorable to the Partnership than to any other account managed bythe Advisor. The Advisor acknowledges its obligation to review thePartnership's positions, prices and equity in the account managedby the Advisor daily and within two business days to notify, inwriting, the broker and CMF and the Partnership's brokers of (i)any error committed by the Advisor or its principals or employees; (ii)any trade which the Advisor believes was not executed in accordancewith its instructions; and (iii) any discrepancy with a value of$10,000 or more (due to differences in the positions, prices or equityin the account) between its records and the information reported on theaccount's daily and monthly broker statements.

(iv)    The Advisor will maintain a net worth of not less than$100,000 during the term of this Agreement.

(b)    CMF agreesfor itself and the Partnership that:

(i)    CMF and thePartnership will comply with all applicable rules and regulations ofthe CFTC and/or the commodity exchange on which any particulartransaction is executed.

(ii)    CMF will promptly notify theAdvisor of the commencement of any material suit, action or proceedinginvolving it or the Partnership, whether or not such suit, action orproceeding also involves the Advisor.

9.    COMPLETEAGREEMENT. This Agreement constitutes the entire agreement betweenthe parties pertaining to the subject matter hereof.

10.    ASSIGNMENT. This Agreement may not be assigned byany party without the express written consent of the other parties.

11.    AMENDMENT. This Agreement may not be amendedexcept by the written consent of the parties.

12.    NOTICES. All notices, demands or requests requiredto be made or delivered under this Agreement shall be in writing anddelivered personally or by registered or certified mail or expeditedcourier, return receipt requested, postage prepaid, to the addressesbelow or to such other addresses as may be designated by the partyentitled to receive the same by notice similarly given:

If toCMF:

Citigroup Managed Futures LLC399 ParkAvenue, 7th FloorNew York, New York10022Attention: David J. Vogel

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If to the Advisor:

Altis Partners Limited 3 Queen StreetMayfair, London W1J5PA United Kingdom Attention: ZbigniewHermaszewski                     Stephen Hedgecock

13.    GOVERNING LAW. This Agreement shall be governed byand construed in accordance with the laws of the State of New York.

14.    ARBITRATION. The parties agree that any dispute orcontroversy arising out of or relating to this Agreement or theinterpretation thereof, shall be settled by arbitration in accordancewith the rules, then in effect, of the National Futures Association or,if the National Futures Association shall refuse jurisdiction, then inaccordance with the rules, then in effect, of the American ArbitrationAssociation; provided, however, that the power of thearbitrator shall be limited to interpreting this Agreement as writtenand the arbitrator shall state in writing his reasons for his award.Judgment upon any award made by the arbitrator may be entered in anycourt of competent jurisdiction.

15.    NO THIRD PARTYBENEFICIARIES. There are no third party beneficiaries to thisAgreement.

**PURSUANT TO AN EXEMPTION FROM THE COMMODITYFUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIEDELIGIBLE PERSONS, THIS ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HASNOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADINGCOMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADINGPROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISORDISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HASNOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS ACCOUNTDOCUMENT.**

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IN WITNESS WHEREOF, this Agreement hasbeen executed for and on behalf of the undersigned as of the day andyear first above written.

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|   |  | CITIGROUPMANAGED FUTURES LLC                             |
|   |  | By                                                       |  | /s/ DanielR. McAuliffe, Jr.                                 |
|   |  |                                                     |  | Daniel R.McAuliffe, Jr.Chief Financial Officer and Director |
|   |  | SALOMON SMITH BARNEYGLOBAL DIVERSIFIED FUTURES FUND L.P. |
|   |  | By:                                                      |  | Citigroup ManagedFutures LLC (General Partner)              |
|   |  | By                                                       |  | /s/ DanielR. McAuliffe, Jr.                                 |
|   |  |                                                     |  | Daniel R.McAuliffe, Jr.Chief Financial Officer and Director |
|   |  | ALTIS PARTNERSLIMITED                                    |
|   |  | By:                                                      |  | /s/Natasha Reeve-Watts                                      |
|   |  | Name: NatashaReeve-Watts                                 |
|   |  | Title:Director                                           |
|        |

10

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