Document:

EX-10.39

Exhibit 10.39

June 5,
2008

Xplor Capital Management LLC

Two Stamford Landing — Suite 100

68 Southfield Avenue

Stamford, CT 06902

Attention: Mr. Damon Hart

Re: Management Agreement Renewals

Dear Mr. Hart:

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, 2009 and all other provisions of the Management
Agreements will remain unchanged.

	 	•	 	CTA Capital LLC
	 
	 	•	 	Citigroup Emerging CTA Portfolio LP

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 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	 	 
	 
	 	 	 	 

	 	 	 	 	 
	XPLOR CAPITAL MANAGEMENT LLC	 	 
	 
	 	 	 	 
	By: 
	 	 /s/ D. Hart	 	 
	 	 	 
	 	 
	 
	 	 	 	 
	Print
Name: D. Hart
	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	JM/srEX-10.10

June 5, 2008

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 pool to which
reference is made below (the “Management Agreement”). We are extending the term of the Management
Agreement through June 30, 2009 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 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/ Bernard V. Drury	 	 
	 	 	 	 	 
	Print Name:
	 	Bernard V. Drury	 	 
	 
	 	 	 	 	 	 
	JM/sr	 	 	 	 

 

June 5, 2008

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, 2009 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
	 
	 	•	 	Citigroup Global Futures Fund Ltd.

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/ Simon Rockall	 	 
	 	 	 	 	 
	Print Name:	 	Simon Rockall	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	JM/sr	 	 	 	 

 

 

June 5, 2008

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, 2009 and all other provisions of the Management Agreements will remain
unchanged.

	 	•	 	Smith Barney Westport Futures Fund L.P.
	 
	 	•	 	JWH Master Fund LLC
	 
	 	•	 	AURORA III
	 
	 	•	 	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 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/ Ken Webster	 	 
	 	 	 	 	 
	Print Name:	 	Ken Webster	 	 
	 
	 	 	 	 	 	 
	JM/sr	 	 	 	 

 

 

June 5, 2008

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, 2009 and all other provisions of the Management Agreements will remain
unchanged.

	 	•	 	Smith Barney Diversified Futures Fund L.P.
	 
	 	•	 	Smith Barney Diversified Futures Fund L.P. II
	 
	 	•	 	Salomon Smith Barney Orion Futures Fund L.P.
	 
	 	•	 	Citigroup Diversified Futures Fund L.P.
	 
	 	•	 	CMF Institutional Futures Portfolio LP
	 
	 	•	 	CMF Willowbridge Argo Master Fund 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/ Steven R. Crane	 	 
	 	 	 	 	 
	Print Name:	 	Steven R. Crane	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	JM/sr	 	 	 	 

 

 

June 5, 2008

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, 2009 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.
	 
	 	•	 	CMF Capital Fund Management Master
	 
	 	•	 	CMF Institutional Futures Portfolio LP
	 
	 	•	 	Citigroup Global Futures Fund Ltd.

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/ Jean Pierre Aguilar	 	 
	 	 	 	 	 
	Print Name:	 	Jean Pierre Aguilar	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	JM/sr	 	 	 	 

 

 

June 5, 2008

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, 2009 and all other provisions of the Management Agreements will remain
unchanged.

	 	•	 	Salomon Smith Barney Diversified 2000 Futures Fund L.P.
	 
	 	•	 	Salomon Smith Barney Fairfield Futures Fund L.P.
	 
	 	•	 	Smith Barney Diversified Futures Fund L.P. II
	 
	 	•	 	Smith Barney Diversified Futures Fund L.P.
	 
	 	•	 	AURORA III
	 
	 	•	 	Citigroup Diversified Futures Fund L.P.
	 
	 	•	 	Citigroup Fairfield Futures Fund L.P. II
	 
	 	•	 	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 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/ Paul Sedlack	 	 
	 	 	 	 	 
	Print Name:	 	Paul Sedlack	 	 
	 
	 	 	 	 	 	 
	JM/sr	 	 	 	 

 

 

June 5, 2008

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, 2009 and all other provisions of the Management Agreements will remain
unchanged.

	 	•	 	Smith Barney Diversified Futures Fund L.P.
	 
	 	•	 	SSB Orion Futures Fund L.P.
	 
	 	•	 	CMF Winton Feeder LP I
	 
	 	•	 	CMF Winton Master Fund L.P.
	 
	 	•	 	Citigroup Diversified Futures Fund L.P.
	 
	 	•	 	AURORA III
	 
	 	•	 	CMF Institutional Futures Portfolio LP
	 
	 	•	 	Citigroup Abingdon Futures Fund L.P.
	 
	 	•	 	Citigroup Global Futures Fund Ltd.

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/ Martin Hunt	 	 
	 	 	 	 	 
	Print Name:	 	Martin Hunt	 	 
	 
	 	 	 	 	 	 
	JM/sr	 	 	 	 

 

 

June 5, 2008

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, 2009 and all other provisions of the Management Agreements will remain
unchanged.

	 	•	 	SB AAA Master Fund LLC
	 
	 	•	 	Salomon Smith Barney Orion Futures Fund L.P.
	 
	 	•	 	Smith Barney AAA Energy Fund L.P.
	 
	 	•	 	Salomon Smith Barney AAA Energy Fund L.P. II
	 
	 	•	 	Citigroup Diversified Futures Fund L.P.
	 
	 	•	 	CMF Institutional Futures Portfolio L.P.
	 
	 	•	 	Legion LTD AAA
	 
	 	•	 	Citigroup Energy Advisors Portfolio L.P.
	 
	 	•	 	Citigroup Global Futures Fund LTD.

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/ A. Anthony Annunziato	 	 
	 	 	 	 	 
	Print Name:	 	A. Anthony Annunziato	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	JM/sr	 	 	 	 

 

 

June 5, 2008

Avant Asset Management Inc.

3200 South West Freeway

Suite 2240

Houston, Texas 77027

Attention: Mr. Brick Diemer

     Re: Management Agreement Renewal

Dear Mr. Diemer:

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, 2009 and all other provisions of the Management Agreement will remain
unchanged.

	 	•	 	CTA CAPITAL LLC
	 
	 	•	 	Citigroup Emerging CTA Portfolio L.P.
	 
	 	•	 	CMF Avant Master Fund L.P.
	 
	 	•	 	Citigroup Diversified Futures Fund L.P.
	 
	 	•	 	Aurora III
	 
	 	•	 	Citigroup Energy Advisors Portfolio 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/ Brick Diemer	 	 
	 	 	 	 	 
	Print Name:	 	Brick Diemer	 	 
	 
	 	 	 	 	 	 
	JM/sr

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