Document:

Exhibit
10.17

June 11, 2004

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, 2005 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.

			
		• 	Smith Barney
Global Diversified Futures Fund
L.P.

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

			
		• 	Smith Barney
Campbell Financial, Metals and Energy Fund
plc

			
		• 	AURORA
2001

			
		• 	AURORA III

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 and Director

CAMPBELL & COMPANY, INC.

By: /s/ Theresa
Becks

Print Name: Theresa Becks

DRMcA/sr

Exhibit 10.17

June 11,
2004

Aspect Capital Management Ltd.
 Nations House
– 8th Floor
 103 Wigmore Street
 London W1U
1QS, U.K.

Attention: Mr. Anthony Todd

			
		Re:  	Management Agreement
Renewals

Dear Mr. Todd:

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.

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

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

			
		• 	Citigroup
Diversified Futures Fund
L.P.

			
		• 	Alera 100

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 and Director

		
	By: 	/s/ Simon Rockall

Print Name:
Simon Rockall

DRMcA/srExhibit
10.18

MANAGEMENT AGREEMENT

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

W IT N E S S ET H :

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

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

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

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

WHEREAS, CMF, the
Partnership and the Advisor wish to enter into this Agreement in order
to set forth the terms and conditions upon which the Advisor will
render and implement advisory services in connection with the conduct
by the Partnership of its commodity trading activities during the term
of this Agreement;

NOW, THEREFORE, the parties agree as
follows:

1.    DUTIES OF THE ADVISOR. (a) For the
period and on the terms and conditions of this Agreement, the Advisor
shall have sole authority and responsibility, as one of the
Partnership's agents and attorneys-in-fact, for directing the
investment and reinvestment of the assets and funds of the Partnership
allocated 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 accordance
with the trading policies set forth in the Partnership's
Prospectus and Disclosure Document dated November 25, 1998, as
supplemented (the "Prospectus"), as such
trading policies may be changed from time to time upon receipt by the
Advisor of prior written notice of such change, and pursuant to the
trading strategy selected by CMF to be utilized by the Advisor in
managing the Partnership's assets. CMF has initially selected the
Advisor's Global Futures Portfolio to manage the
Partnership's assets allocated to it. Any open positions or other
investments at the time of receipt of such notice of a change in
trading policy shall not be deemed to violate the changed policy and
shall be closed or sold in the ordinary course of trading. The Advisor
may not deviate from the trading policies set forth in the Prospectus
without the prior written consent of the Partnership given by CMF. The
Advisor makes no representation or warranty that the trading to be
directed by it for the Partnership will be profitable or will not incur
losses.

(b)    CMF acknowledges receipt of the Advisor's
disclosure document for Qualified Eligible Persons (as defined in CFTC
Rule 4.7) dated April 30, 2003 (the "Disclosure
Document"). All trades made by the Advisor for the account
of the Partnership shall be made through such commodity broker or
brokers as CMF shall direct, and the Advisor shall have no authority or
responsibility for selecting or supervising any such broker in
connection with the execution, clearance or confirmation of
transactions for the Partnership or for the negotiation of brokerage
rates charged therefor. However, the Advisor, with the prior written
permission (by either original or fax copy) of CMF, may direct all
trades in commodity futures and options to a futures commission
merchant or independent floor 

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

(c)    The initial allocation of the Partnership's assets to
the Advisor will be made to the Advisor's Global Futures
Portfolio (the "Program"), as described in
the Disclosure Document. In the event the Advisor wishes to use a
trading system or methodology other than or in addition to the Program
in connection with its trading for the Partnership, either in whole or
in part, it may not do so unless the Advisor gives CMF prior written
notice of its intention to utilize such different trading system or
methodology and CMF consents thereto in writing. In addition, the
Advisor will provide five days' prior written notice to CMF of
any change in the trading system or methodology to be utilized for the
Partnership which the Advisor deems material. If the Advisor deems such
change in system or methodology or in markets traded to be material,
the changed system or methodology or markets traded will not be
utilized for the Partnership without the prior written consent of CMF.
In addition, the Advisor will notify CMF of any changes to the trading
system or methodology that would require a change in the description of
the trading strategy or methods described in the Disclosure Document.
Further, the Advisor will provide the Partnership with a current list
of all commodity interests to be traded for the Partnership's
account and will not trade any additional commodity interests for such
account without providing notice thereof to CMF and receiving
CMF's written approval. The Advisor also agrees to provide CMF,
on a monthly basis, with a written report of the assets under the
Advisor's management together with all other matters deemed by
the Advisor to be material changes to its business not previously
reported to CMF. The Advisor further agrees that it will convert
foreign currency balances (not required to margin positions denominated
in 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 day
after such funds are no longer needed to margin foreign positions.

(d)    The Advisor agrees to make all material disclosures to the
Partnership regarding itself and its principals as defined in Part 4 of
the CFTC's regulations ("principals"),
shareholders, directors, officers and employees, their trading
performance and general trading methods, its customer accounts (but not
the identities of or identifying information with respect to its
customers) and otherwise as are required in the reasonable judgment of
CMF to be made in any filings required by Federal or state law or NFA
rule or order. Notwithstanding Sections 1(d) and 4(d) of this
Agreement, the Advisor shall not be required to disclose the actual
trading results of proprietary accounts of the Advisor or its
principals unless CMF reasonably determines that such disclosure is
required in order to fulfill its fiduciary obligations to the
Partnership or the reporting, filing or other obligations imposed on it
by Federal or state law or NFA rule or order. The Partnership and CMF
acknowledge that the trading advice to be provided by the Advisor is a
property right belonging to the Advisor and that they will keep all
such advice confidential. Further, CMF agrees to treat as confidential
any results of proprietary accounts and/or proprietary information with
respect to trading systems obtained from the Advisor.

(e)    The Advisor understands and agrees that CMF may designate
other trading advisors for the Partnership and apportion or reapportion
to such other trading advisors the management of an amount of Net
Assets (as defined in Section 3(b) hereof) as it shall determine in its
absolute discretion. The designation of other trading advisors and the
apportionment or reapportionment of Net Assets to any such trading
advisors pursuant to this Section 1 shall neither terminate this
Agreement nor modify in any regard the respective rights and
obligations of the parties hereunder.

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

2

fund redemptions, or for any other reason,
except that CMF will not require the liquidation of specific positions
by 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 the
Partnership's account including losses caused by errors;
provided, however, that (i) the Advisor will be liable to the
Partnership with respect to losses incurred due to errors committed or
caused by it or any of its principals or employees in communicating
improper trading instructions or orders to any broker on behalf of the
Partnership and (ii) the Advisor will be liable to the Partnership with
respect to losses incurred due to errors committed or caused by any
executing 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 executing
broker).

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

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

(b)    "Net Assets" shall have the
meaning set forth in Paragraph 7(d)(1) of the Limited Partnership
Agreement dated as of June 15, 1998 and without regard to further
amendments thereto, provided that in determining the Net Assets of the
Partnership on any date, no adjustment shall be made to reflect any
distributions, redemptions or incentive fees payable as of the date of
such determination.

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

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

3

effective date of termination. If, during any
month, the Partnership does not conduct business operations or the
Advisor is unable to provide the services contemplated herein for more
than two successive business days, the monthly management fee shall be
prorated by the ratio which the number of business days during which
CMF conducted the Partnership's business operations or utilized
the Advisor's services bears in the month to the total number of
business days in such month.

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

4.    RIGHT TO ENGAGE IN OTHER ACTIVITIES. (a) The
services provided by the Advisor hereunder are not to be deemed
exclusive. CMF on its own behalf and on behalf of the Partnership
acknowledges that, subject to the terms of this Agreement, the Advisor
and its officers, directors, employees and shareholder(s), may render
advisory, consulting and management services to other clients and
accounts. The Advisor and its officers, directors, employees and
shareholder(s) shall be free to trade for their own accounts and to
advise other investors and manage other commodity accounts during the
term of this Agreement and to use the same information, computer
programs and trading strategies, programs or formulas which they
obtain, produce or utilize in the performance of services to CMF for
the Partnership. However, the Advisor represents, warrants and agrees
that it believes the rendering of such consulting, advisory and
management services to other accounts and entities will not require any
material change in the Advisor's basic trading strategies and
will not affect the capacity of the Advisor to continue to render
services to CMF for the Partnership of the quality and nature
contemplated by this Agreement.

(b)    If, at any time during
the term of this Agreement, the Advisor is required to aggregate the
Partnership's commodity positions with the positions of any other
person for purposes of applying CFTC- or exchange-imposed speculative
position limits, the Advisor agrees that it will promptly notify CMF if
the Partnership's positions are included in an aggregate amount
which exceeds the applicable speculative position limit. The Advisor
agrees that, if its trading recommendations are altered because of the
application of any speculative position limits, it will not modify the
trading instructions with respect to the Partnership's account in
such manner as to affect the Partnership substantially
disproportionately as compared with the Advisor's other accounts.
The Advisor further represents, warrants and agrees that under no
circumstances will it knowingly or deliberately use trading strategies
or methods for the Partnership that are inferior to strategies or
methods employed for any other client or account and that it will not
knowingly or deliberately favor any client or account managed by it
over any other client or account in any manner, it being acknowledged,
however, that different trading strategies or methods may be utilized
for differing sizes of accounts, accounts with different trading
policies, accounts experiencing differing inflows or outflows of
equity, accounts which commence trading at different times, accounts
which have different portfolios or different fiscal years, accounts
utilizing different executing brokers and accounts with other
differences, and that such differences may cause divergent trading
results.

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

(d)    The Advisor agrees that
it shall make such information available to CMF respecting the
performance of the Partnership's account as compared to the
performance of other accounts managed by the Advisor or its principals
as shall be reasonably requested by CMF. The Advisor presently believes
and represents that existing speculative position limits will not
materially adversely affect its ability to manage the
Partnership's account given the potential size of the
Partnership's account and the Advisor's and its
principals' current accounts and all proposed accounts for which
they have contracted to act as trading manager.

5.    TERM. (a) This Agreement shall continue in effect
until June 30, 2004. CMF may, in its sole discretion, renew this
Agreement for additional one-year periods upon notice to the Advisor
not less than 30 days prior to the expiration of the previous period.
At any time during the term of this Agreement, CMF may terminate this
Agreement at any month-end upon 30 days' notice to the Advisor.
At any time during the term of this Agreement, CMF may elect to
immediately terminate 

4

this Agreement upon 30 days' notice to
the Advisor if (i) the Net Asset Value per Unit shall decline as of the
close of business on any day to $400 or less; (ii) the Net Assets
allocated to the Advisor (adjusted for redemptions, distributions,
withdrawals or reallocations, if any) decline by 50% or more as
of the end of a trading day from such Net Assets' previous
highest value; (iii) limited partners owning at least 50% of the
outstanding Units shall vote to require CMF to terminate this
Agreement; (iv) the Advisor fails to comply with the terms of this
Agreement; (v) CMF, in good faith, reasonably determines that the
performance of the Advisor has been such that CMF's fiduciary
duties to the Partnership require CMF to terminate this Agreement; or
(vi) CMF reasonably believes that the application of speculative
position limits will substantially affect the performance of the
Partnership. At any time during the term of this Agreement, CMF may
elect immediately to terminate this Agreement if (i) the Advisor
merges, consolidates with another entity, sells a substantial portion
of its assets, or becomes bankrupt or insolvent, (ii)  Zbigniew
Hermaszewski dies, becomes incapacitated, leaves the employ of the
Advisor, ceases to control the Advisor or is otherwise not managing the
trading programs or systems of the Advisor, or (iii) the
Advisor's registration as a commodity trading advisor with the
CFTC or its membership in the NFA or any other regulatory authority, is
terminated or suspended. This Agreement will immediately terminate upon
dissolution of the Partnership or upon cessation of trading prior to
dissolution.

(b)    The Advisor may terminate this Agreement
by giving not less than 30 days' notice to CMF (i) in the event
that the trading policies of the Partnership as set forth in the
Prospectus are changed in such manner that the Advisor reasonably
believes will adversely affect the performance of its trading
strategies; (ii) after June 30, 2004; or (iii) in the event that the
General Partner or Partnership fails to comply with the terms of this
Agreement. The Advisor may immediately terminate this Agreement if
CMF's registration as a commodity pool operator or its membership
in the NFA is terminated or suspended.

(c)    Except as
otherwise provided in this Agreement, any termination of this Agreement
in accordance with this Paragraph 5 shall be without penalty or
liability to any party, except for any fees due to the Advisor pursuant
to Section 3 hereof.

6.    INDEMNIFICATION. (a)(i) In
any threatened, pending or completed action, suit, or proceeding to
which the Advisor was or is a party or is threatened to be made a party
arising out of or in connection with this Agreement or the management
of the Partnership's assets by the Advisor or the offering and
sale of units in the Partnership, CMF shall, subject to subparagraph
(a)(iii) of this Paragraph 6, indemnify and hold harmless the Advisor
against any loss, liability, damage, cost, expense (including, without
limitation, attorneys' and accountants' fees), judgments
and amounts paid in settlement actually and reasonably incurred by it
in connection with such action, suit, or proceeding if the Advisor
acted in good faith and in a manner reasonably believed to be in or not
opposed to the best interests of the Partnership, and provided that its
conduct did not constitute negligence, intentional misconduct, or a
breach of its fiduciary obligations to the Partnership as a commodity
trading advisor, unless and only to the extent that the court or
administrative forum in which such action or suit was brought shall
determine upon application that, despite the adjudication of liability
but in view of all circumstances of the case, the Advisor is fairly and
reasonably entitled to indemnity for such expenses which such court or
administrative forum shall deem proper; and further provided that no
indemnification shall be available from the Partnership if such
indemnification is prohibited by Section 16 of the Partnership
Agreement. The termination of any action, suit or proceeding by
judgment, order or settlement shall not, of itself, create a
presumption that the Advisor did not act in good faith and in a manner
reasonably believed to be in or not opposed to the best interests of
the Partnership.

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

(ii)    Any indemnification under
subparagraph (i) above, unless ordered by a court or administrative
forum, shall be made by CMF only as authorized in the specific case and
only upon a 

5

determination by independent legal counsel in
a written opinion that such indemnification is proper in the
circumstances because the Advisor has met the applicable standard of
conduct set forth in subparagraph (i) above. Such independent legal
counsel shall be selected by CMF in a timely manner, subject to the
Advisor's approval, which approval shall not be unreasonably
withheld. The Advisor will be deemed to have approved CMF's
selection unless the Advisor notifies CMF in writing, received by CMF
within five days of CMF's telecopying to the Advisor of the
notice of CMF's selection, that the Advisor does not approve the
selection.

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

(iv)    As used in this
Paragraph 6(a), the term "Advisor" shall
include the Advisor, its principals, officers, directors, stockholders
and employees and the term "CMF" shall
include the Partnership.

(b)(i)    The Advisor agrees to
indemnify, defend and hold harmless CMF, the Partnership and their
affiliates against any loss, liability, damage, cost or expense
(including, without limitation, attorneys' and accountants'
fees), judgments and amounts paid in settlement actually and reasonably
incurred by them (A) as a result of the material breach of any material
representations and warranties made by the Advisor in this Agreement,
or (B) as a result of any act or omission of the Advisor relating to
the Partnership if there has been a final judicial or regulatory
determination or, in the event of a settlement of any action or
proceeding with the prior written consent of the Advisor, a written
opinion of an arbitrator pursuant to Paragraph 14 hereof, to the effect
that such acts or omissions violated the terms of this Agreement in any
material respect or involved negligence, bad faith, recklessness or
intentional misconduct on the part of the Advisor (except as otherwise
provided in Section 1(g)).

(ii)    In the event CMF, the
Partnership or any of their affiliates is made a party to any claim,
dispute or litigation or otherwise incurs any loss or expense as a
result of, or in connection with, the activities or claimed activities
of the Advisor or its principals, officers, directors, shareholder(s)
or employees unrelated to CMF's or the Partnership's
business, 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 connection
therewith.

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

(d)    None of the
indemnifications contained in this Paragraph 6 shall be applicable with
respect to default judgments, confessions of judgment or settlements
entered into by the party claiming indemnification without the prior
written consent, which shall not be unreasonably withheld, of the party
obligated to indemnify such party.

(e)    The provisions of
this 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 the
Commodity Exchange Act and the rules and regulations promulgated
thereunder and is accurate in all material respects and does not
contain any untrue statement of a material fact or omit to state a
material fact which is necessary to make the statements therein not
misleading. All references to the Advisor and its principals, if any,
in the Prospectus or a supplement thereto will, after review and
approval of such references by the Advisor prior to the use of such
Prospectus in connection with the offering of the Partnership's
units, 

6

be accurate in all material respects, except
that with respect to pro forma or hypothetical performance information
in such Prospectus, if any, this representation and warranty extends
only to any underlying data made available by the Advisor for the
preparation thereof and not to any hypothetical or pro forma
adjustments.

(ii)    The information with respect to the
Advisor set forth in the actual performance tables in the Disclosure
Document is based on all of the customer accounts managed on a
discretionary basis by the Advisor's principals and/or the
Advisor during the period covered by such tables and required to be
disclosed therein. During the term of this Agreement: (x) the Advisor
will prepare performance tables that comply with all applicable CFTC
rules no less frequently than quarterly, and (y) the Advisor's
performance tables covering years ending on or after December 31, 2003
shall be examined by an independent certified public accountant within
120 days of each year-end and the report thereon shall be provided to
CMF.

(iii)    The Advisor will be acting as a commodity
trading advisor with respect to the Partnership and not as a securities
investment adviser and is duly registered with the CFTC as a commodity
trading advisor, is a member of the NFA, and is in compliance with such
other registration and licensing requirements as shall be necessary to
enable it to perform its obligations hereunder, and agrees to maintain
and renew such registrations and licenses during the term of this
Agreement.

(iv)    The Advisor is a corporation duly
organized, validly existing and in good standing under the laws of
England and Wales and has full corporate power and authority to enter
into this Agreement and to provide the services required of it
hereunder.

(v)    The Advisor will not, by acting as a
commodity trading advisor to the Partnership, breach or cause to be
breached any undertaking, agreement, contract, statute, rule or
regulation 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 binding
agreement enforceable in accordance with its terms.

(vii)    At any time during the term of this Agreement that a
prospectus relating to the Units is required to be delivered in
connection with the offer and sale thereof, the Advisor agrees upon the
request of CMF to provide the Partnership with such information as
shall be necessary so that, as to the Advisor and its principals, such
prospectus is accurate.

(b)    CMF represents and warrants for
itself and the Partnership that:

(i)    The Prospectus (as
from time to time amended or supplemented, which amendment or
supplement shall be approved by the Advisor as to descriptions, if any,
of itself and its actual performance) does not contain any untrue
statement of a material fact or omit to state a material fact which is
necessary to make the statements therein not misleading, except that
the foregoing representation does not apply to any statement or
omission concerning the Advisor in the Prospectus, made in reliance
upon, and in conformity with, information furnished to CMF by or on
behalf of the Advisor expressly for use in the Prospectus (it being
understood that any hypothetical and pro forma adjustments will not be
furnished by the Advisor).

(ii)    CMF is a limited liability
company duly organized, validly existing and in good standing under the
laws of the State of Delaware and has full limited liability company
power and authority to perform its obligations under this
Agreement.

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

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

(v)    CMF will not, by acting as General Partner to the
Partnership and the Partnership will not, breach or cause to be
breached any undertaking, agreement, contract, statute, rule or
regulation to which it is a party or by which it is bound which would
materially limit or affect the performance of its duties under this
Agreement.

7

(vi)    CMF is registered as a commodity
pool operator and is a member of the NFA, and it will maintain and
renew such registration and membership during the term of this
Agreement.

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

(viii)    The
Partnership is a qualified eligible person as defined in CFTC Rule
4.7.

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

(i)    In
connection with its activities on behalf of the Partnership, the
Advisor will comply with all applicable rules and regulations of the
CFTC and/or the commodity exchange on which any particular transaction
is executed.

(ii)    The Advisor will promptly notify CMF of
the commencement of any material suit, action or proceeding involving
it, whether or not any such suit, action or proceeding also involves
CMF.

(iii)    In the placement of orders for the
Partnership's account and for the accounts of any other client,
the Advisor will utilize a pre-determined, systematic, fair and
reasonable order entry system, which shall, on an overall basis, be no
less favorable to the Partnership than to any other account managed by
the Advisor. The Advisor acknowledges its obligation to review the
Partnership's positions, prices and equity in the account managed
by the Advisor daily and within two business days to notify, in
writing, 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 accordance
with its instructions; and (iii) any discrepancy with a value of
$10,000 or more (due to differences in the positions, prices or equity
in the account) between its records and the information reported on the
account'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 agrees
for itself and the Partnership that:

(i)    CMF and the
Partnership will comply with all applicable rules and regulations of
the CFTC and/or the commodity exchange on which any particular
transaction is executed.

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

9.    COMPLETE
AGREEMENT. This Agreement constitutes the entire agreement between
the parties pertaining to the subject matter hereof.

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

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

12.    NOTICES. All notices, demands or requests required
to be made or delivered under this Agreement shall be in writing and
delivered personally or by registered or certified mail or expedited
courier, return receipt requested, postage prepaid, to the addresses
below or to such other addresses as may be designated by the party
entitled to receive the same by notice similarly given:

If to
CMF:

Citigroup Managed Futures LLC
399 Park
Avenue, 7th Floor
New York, New York
10022
Attention: David J. Vogel

8

If to the Advisor:

Altis Partners Limited
 3 Queen Street

Mayfair, London W1J5PA
 United Kingdom
 Attention: Zbigniew
Hermaszewski
                     Stephen Hedgecock

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

14.    ARBITRATION. The parties agree that any dispute or
controversy arising out of or relating to this Agreement or the
interpretation thereof, shall be settled by arbitration in accordance
with the rules, then in effect, of the National Futures Association or,
if the National Futures Association shall refuse jurisdiction, then in
accordance with the rules, then in effect, of the American Arbitration
Association; provided, however, that the power of the
arbitrator shall be limited to interpreting this Agreement as written
and the arbitrator shall state in writing his reasons for his award.
Judgment upon any award made by the arbitrator may be entered in any
court of competent jurisdiction.

15.    NO THIRD PARTY
BENEFICIARIES. There are no third party beneficiaries to this
Agreement.

PURSUANT TO AN EXEMPTION FROM THE COMMODITY
FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED
ELIGIBLE PERSONS, THIS ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS
NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING
COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING
PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR
DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS
NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS ACCOUNT
DOCUMENT.

9

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

											
	 		CITIGROUP
MANAGED FUTURES LLC
	 		By		/s/ Daniel
R. McAuliffe, Jr.
	 		 		Daniel R.
McAuliffe, Jr.
Chief Financial Officer and Director
	 		SALOMON SMITH BARNEY
GLOBAL
 DIVERSIFIED FUTURES FUND L.P.
	 		By:		Citigroup Managed
Futures LLC
 (General Partner)
	 		By		/s/ Daniel
R. McAuliffe, Jr.
	 		 		Daniel R.
McAuliffe, Jr.
Chief Financial Officer and Director
	 		ALTIS PARTNERS
LIMITED
	 		By:		/s/
Natasha Reeve-Watts
	 		Name: Natasha
Reeve-Watts
	 		Title:
Director
	

10

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