Document:

June 30, 2006

Drury Capital Inc.
 34-35 Dronningens Gad
 Suite 2A
 St. Thomas, VI 00802

Attention: Mr. Bernard Drury

Re:    Management Agreement Renewal

Dear Mr. Drury:

We are writing with respect to your management agreements concerning the commodity pools to which reference is made below (the ‘‘Management Agreement’’). We are extending the term of the Management Agreement through June 30, 2007 and all other provisions of the Management Agreement will remain unchanged.

			
		• 	Citigroup Diversified Futures Fund L.P.

			
		• 	CMF Drury Master Fund

			
		• 	CMF Institutional Futures Portfolio 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/ Ronald Levinson

Print Name: Ronald Levinson

DRMcA/sr

June 30, 2006

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, 2007 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.

			
		• 	Citibank NA (Alera 100)

			
		• 	CMF Aspect 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/ Anthony Todd

Print Name: Anthony Todd

DRMcA/sr

June 30, 2006

John W. Henry & Company, Inc.
 301 Yamato Road, Suite 2200
 Boca Raton, Fl. 33431-4931

Attn: Mr. Ken Webster

Re:    Management Agreement Renewals

Dear Mr. Webster:

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.

			
		• 	Shearson Mid-West Futures Fund

			
		• 	Shearson Lehman Select Advisors Futures Fund L.P.

			
		• 	Smith Barney Mid-West Futures Fund L.P. II

			
		• 	Smith Barney Westport Futures Fund L.P.

			
		• 	Hutton Investors Futures Fund, L.P. II (HIFF II)

			
		• 	AURORA 2001

			
		• 	AURORA III

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

			
		• 	Citibank NA (Alera 100)

			
		• 	JWH Strategic Allocation Master Fund LLC

			
		• 	Citigroup Diversified Futures Fund

			
		• 	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/ Ken Webster

Print Name: Ken Webster

DRMcA/sr

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

June 30, 2006

Capital Fund Management
 6 Boulevard Haussmann
 75009 Paris
 France

Attention: Jean-Pierre Aguilar, CFO

Re:    Management Agreement Renewals

Dear Mr. Aguilar:

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. II

			
		• 	Citigroup Diversified Futures Fund L.P.

			
		• 	Citibank NA (Alera 100)

			
		• 	CMF Capital Fund Master

			
		• 	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/ Jacques Sauliere

Print Name: Jacques Sauliere

DRMcA/sr

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

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: Martin Hunt

DRMcA/sr

June 30, 2006

AAA Capital Management Inc.
 1300 Post Oak Blvd. #350
 Houston, Texas 77056

Attention: Mr. Anthony Annunziato

Re:    Management Agreement Renewals

Dear Mr. Annunziato:

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.

			
		• 	SB AAA Master Fund LLC

			
		• 	Salomon Smith Barney Orion Futures Fund L.P.

			
		• 	Citigroup Diversified Futures Fund L.P.

			
		• 	CMF Institutional Futures Portfolio 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/ Anthony Annunziato

Print Name: Anthony Annunziato

DRMcA/srExhibit 10.23

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

Exhibit 10.23

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:     Martin Hunt                        

DRMcA/sr

Exhibit 10.23

June 30, 2006

AAA Capital Management Inc.
 1300 Post Oak Blvd. #350
 Houston, Texas 77056

Attention: Mr. Anthony Annunziato

Re: Management Agreement Renewals

Dear Mr. Annunziato:

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.

			
		• 	SB AAA Master Fund LLC

			
		• 	Salomon Smith Barney Orion Futures Fund L.P.

			
		• 	Citigroup Diversified Futures Fund L.P.

			
		• 	CMF Institutional Futures Portfolio 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/ Anthony Annunziato                   

Print Name:    Anthony Annunziato          

DRMcA/sr

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