Document:

[Letterhead of Citigroup]
 	
                        Exhibit 10.18
 

June 30, 2006

Fall River Capital

1170 N. Port Washington Road

P.O. Box 40

Mequeon, WI 530.92

Attention:  Mr. Doug Wambach

	
                         
 	
                        Re:
 	
                        Management Agreement Renewals
 

Dear Mr. Wambach:

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.

	 	
                         
 	
                        •
 	
                        CTA Capital LLC
 

	 	
                         
 	
                        •
 	
                        Citigroup Emerging CTA 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/ Doug Wambach
 	
                         
 	
                         
 	
                         
 

 

	
      Print Name: Doug Wambach, CFO

       
	
       
 	
       
 	
       
 	
       
 

DRMcA/sr[Letterhead of Citigroup]
 	
                        Exhibit 10.19
 

June 30, 2007

Fall River Capital

1170 N. Port Washington Road

P.O. Box 40

Mequeon, WI 530.92

Attention:  Mr. Doug Wambach

	
                         
 	
                        Re:
 	
                        Management Agreement Renewals
 

Dear Mr. Wambach:

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, 2008 and all other provisions of the Management Agreements will remain unchanged.

	
       
 	
                        •
 	
  CTA Capital LLC
 

	
       
 	
                        •
 	
  Citigroup Emerging CTA 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
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 
	
                        By:
 	
                        /s/ Doug Wambach
 	
                         
 	
                         
 	
                         
 

 

	
      Print Name: 
 	
      Doug Wambach, CFO
 	
       
 	
       
 	
       
 

JM/sr[Letterhead of Citigroup]
 	
                        Exhibit 10.20
 

June 11, 2004

Sequent Capital, LLC

1270 Avenue of the Americas

Suite 1905

New York, New York 10020-2102

Attention: Mr. Antoine Haddad

	
                         
 	
                        Re:
 	
                        Management Agreement Renewals
 

Dear Mr. Haddad:

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, 2005 and all other provisions of the Management Agreements will remain unchanged.

	
       
 	
                        •
 	
                        CTA CAPITAL LLC
 

	
       
 	
                        •
 	
                        Citigroup Emerging CTA 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: 
 	
                         
 Daniel R. McAuliffe, Jr.
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                        Daniel R. McAuliffe, Jr.
 Chief Financial Officer & Director
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 
	
                        By:
 	
                        /s/ Antoine Haddad
 	
                         
 	
                         
 	
   
 

 

	
      Print Name:
 	
                        Antoine Haddad, Managing Member
 
	DRMcA/sr[Letterhead of Citigroup]
 	
                        Exhibit 10.21
 

June 15, 2005

Sequent Capital, LLC

1270 Avenue of the Americas

Suite 1905

New York, New York 10020-2102

Attention: Mr. Antoine Haddad

	
                         
 	
                        Re:
 	
                        Management Agreement Renewals
 

Dear Mr. Haddad:

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, 2006 and all other provisions of the Management Agreements will remain unchanged.

	
       
 	
                        •
 	
  CTA CAPITAL LLC
 

	
       
 	
                        •
 	
                        Citigroup Emerging CTA 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: 
 	
                         
 Daniel R. McAuliffe, Jr.
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                        Daniel R. McAuliffe, Jr.
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                        Chief Financial Officer & Director
 	
                         
 	
                         
 	
                         
 
	 	 	 	 	 
	
                        By:
 	
                        /s/ Antoine Haddad
 	
                         
 	
                         
 	
   
 

 

	
      Print Name: 
 	
      Antoine Haddad, Managing Member
 	
                         
 	
                         
 	
   
 

DRMcA/sr[Letterhead of Citigroup]
 	
                        Exhibit 10.22
 

June 30, 2006

Sequent Capital, LLC

1270 Avenue of the Americas

Suite 1905

New York, New York 10020-2102

Attention: Mr. Antoine Haddad

	
                         
 	
                        Re:
 	
                        Management Agreement Renewals
 

Dear Mr. Haddad:

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.

	
       
 	
                        •
 	
  CTA CAPITAL LLC
 

	
       
 	
                        •
 	
  Citigroup Emerging CTA 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: 
 	
                         
 Daniel R. McAuliffe, Jr.
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                        Daniel R. McAuliffe, Jr.
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                        Chief Financial Officer & Director
 	
                         
 	
                         
 	
                         
 
	 	 	 	 	 
	
                        By:
 	
                        /s/ Antoine Haddad
 	
                         
 	
                         
 	
                         
 

 

	
      Print Name: 
 	
      Antoine Haddad, Managing Member
 	
                         
 	
                         
 	
   
 

DRMcA/sr

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