June 30, 2006

Campbell & Company, Inc. Court Tower Building 210 West Pennsylvania Avenue Suite 770 Towson, MD 21204

Attn: Ms. Terry Becks

Re:    Management Agreement Renewals

Dear Ms. Becks:

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, 2007 and all other provisions of the Management Agreements will remain unchanged.

|  |              |                                        |
|--|--------------|----------------------------------------|
|  | •  | Smith Barney Potomac Futures Fund L.P. |

|  |              |                                            |
|--|--------------|--------------------------------------------|
|  | •  | Smith Barney Diversified Futures Fund L.P. |

|  |              |                                               |
|--|--------------|-----------------------------------------------|
|  | •  | Smith Barney Diversified Futures Fund L.P. II |

|  |              |                                               |
|--|--------------|-----------------------------------------------|
|  | •  | Smith Barney Global Markets Futures Fund L.P. |

|  |              |                                                           |
|--|--------------|-----------------------------------------------------------|
|  | •  | Salomon Smith Barney Global Diversified Futures Fund L.P. |

|  |              |                                                         |
|--|--------------|---------------------------------------------------------|
|  | •  | Salomon Smith Barney Diversified 2000 Futures Fund L.P. |

|  |              |                               |
|--|--------------|-------------------------------|
|  | •  | CMF Campbell 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 |
|     |

CAMPBELL & COMPANY, INC.

|     |  |  |                   |
|-----|--|--|-------------------|
| By: |  |  | /s/ Theresa Becks |
|     |

Print Name: Theresa Becks

DRMcA/sr

1

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June 30, 2006

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, 2007 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. |

|  |              |                         |
|--|--------------|-------------------------|
|  | •  | Citibank NA (Alera 100) |

|  |              |                                        |
|--|--------------|----------------------------------------|
|  | •  | CMF Institutional Futures Portfolio LP |

|  |              |                         |
|--|--------------|-------------------------|
|  | •  | CMF Willowbridge Master |

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

2

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June 30, 2006

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, 2007 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. |

|  |              |                                        |
|--|--------------|----------------------------------------|
|  | •  | CMF Institutional Futures Portfolio LP |

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: /s/ Martin Hunt

DRMcA/sr

3

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June 30, 2006

Graham Capital Management, L.P. Rock Ledge Financial Center 40 Highland Avenue Rowayton, CT 06853

Attention: Mr. Paul Sedlack

Re:    Management Agreement Renewals

Dear Mr. Sedlack:

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, 2007 and all other provisions of the Management Agreements will remain unchanged.

|  |              |                                          |
|--|--------------|------------------------------------------|
|  | •  | Smith Barney Global Markets Futures Fund |

|  |              |                                               |
|--|--------------|-----------------------------------------------|
|  | •  | Smith Barney Diversified Futures Fund L.P. II |

|  |              |                                            |
|--|--------------|--------------------------------------------|
|  | •  | Smith Barney Diversified Futures Fund L.P. |

|  |              |                                                         |
|--|--------------|---------------------------------------------------------|
|  | •  | Salomon Smith Barney Diversified 2000 Futures Fund L.P. |

|  |              |             |
|--|--------------|-------------|
|  | •  | AURORA 2001 |

|  |              |            |
|--|--------------|------------|
|  | •  | AURORA III |

|  |              |                                                  |
|--|--------------|--------------------------------------------------|
|  | •  | Salomon Smith Barney Fairfield Futures Fund L.P. |

|  |              |                                         |
|--|--------------|-----------------------------------------|
|  | •  | Citigroup Diversified Futures Fund L.P. |

|  |              |                                          |
|--|--------------|------------------------------------------|
|  | •  | Citigroup Fairfield Futures Fund L.P. II |

|  |              |                         |
|--|--------------|-------------------------|
|  | •  | Citibank NA (Alera 100) |

|  |              |                     |
|--|--------------|---------------------|
|  | •  | Alera Portfolio SPC |

|  |              |                             |
|--|--------------|-----------------------------|
|  | •  | CMF Graham 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/ Paul Sedlack

Print Name: Paul Sedlack

DRMcA/sr

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