Document:

Exhibit
10.12

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/srExhibit
10.21

June 11, 2004

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, 2005
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.

		
	• 	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/ Steve R. Crane

Print
Name: Steve R. Crane

DRMcA/sr

Exhibit 10.21

June
11, 2004

AAA Capital Management Inc.
 5051
Westheimer – Suite 2100
 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, 2005 and all other provisions of the
Management Agreements will remain
unchanged.

		
	• 	Smith Barney AAA Energy Fund
L.P.

		
	• 	SB AAA Master Fund
LLC

		
	• 	Salomon Smith Barney Orion Futures
Fund L.P.

		
	• 	Aurora
2001

		
	• 	Salomon Smith Barney AAA Energy
Fund L.P. II

		
	• 	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 212-559-1986. 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/ Anthony
Annunziato

Print Name: Anthony Annunziato

DRMcA/sr

Exhibit 10.21

June
11, 2004

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

		
	• 	Smith Barney Diversified
Futures Fund L.P.

		
	• 	AURORA
2001

		
	• 	SSB Orion Futures Fund
L.P.

		
	• 	Alera Portfolio Spc

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/ Martin Hunt

Print
Name: Martin Hunt

DRMcA/srExhibit
10.7

June 11, 2004

AAA Capital
Management Inc.
 5051 Westheimer – Suite 2100
 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, 2005 and all other provisions of the
Management Agreements will remain
unchanged.

		
	• 	Smith Barney AAA Energy Fund
L.P.

		
	• 	SB AAA Master Fund
LLC

		
	• 	Salomon Smith Barney Orion Futures
Fund L.P.

		
	• 	Aurora
2001

		
	• 	Salomon Smith Barney AAA Energy
Fund L.P. II

		
	• 	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 212-559-1986. 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/ Anthony
Annunziato

Print Name: Anthony Annunziato

DRMcA/srExhibit
10.9

June 11, 2004

AAA Capital
Management Inc.
 5051 Westheimer – Suite 2100
 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, 2005 and all other provisions of the
Management Agreements will remain
unchanged.

		
	• 	Smith Barney AAA Energy Fund
L.P.

		
	• 	SB AAA Master Fund
LLC

		
	• 	Salomon Smith Barney Orion Futures
Fund L.P.

		
	• 	Aurora
2001

		
	• 	Salomon Smith Barney AAA Energy
Fund L.P. II

		
	• 	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 212-559-1986. 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/ Anthony
Annunziato

Print Name: Anthony Annunziato

DRMcA/srExhibit
10.1

June 11, 2004

Drury
Capital Inc.
 47 Hulfish Street – Suite 340
 Princeton,
N.J. 08542

Attention: Mr. Bernard Drury

			
		Re:  	Management Agreement
Renewal

Dear Mr. Drury:

We are writing
with respect to your management agreement concerning the commodity pool
to which reference is made below (the "Management
Agreement"). We are extending the term of the Management
Agreement through June 30, 2005 and all other provisions of the
Management Agreement will remain
unchanged.

			
		• 	Citigroup
Diversified Futures 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 and Director

		
	By: 	/s/ Bernard
Drury

Print Name: Bernard Drury

DRMcA/sr

Exhibit 10.1

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/sr

Exhibit 10.1

June 11,
2004

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,
2005 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

			
		• 	Citigroup
Diversified Futures Fund
L.P.

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

			
		• 	Alera
100

			
		• 	JWH Strategic
Allocation Master Fund LLC

Page 2
 June 11, 2004

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

JOHN W. HENRY & COMPANY, INC.

		
	By: 	/s/ Ken Webster

Print Name:
Ken Webster

DRMcA/sr

Exhibit 10.1

June
11, 2004

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, 2005
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.

		
	• 	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/ Steve R. Crane

Print
Name: Steve R. Crane

DRMcA/sr

Exhibit 10.1

June 11,
2004

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, 2005 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.

			
		• 	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/ Jacques Sauliere

Print
Name: Jacques Sauliere

DRMcA/sr

Exhibit 10.1

June
11, 2004

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, 2005
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

			
		• 	Alera
100

			
		• 	Alera Portfolio
Spc

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/ Paul Sedlack

Print Name: Paul Sedlack

DRMcA/sr

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