Management Agreement Renewal Extension between Citigroup Managed Futures LLC and Graham Capital Management, L.P.

Summary

This agreement extends the term of existing management agreements between Citigroup Managed Futures LLC and Graham Capital Management, L.P. for various commodity pools until June 30, 2005. All other terms and conditions of the original management agreements remain unchanged. The extension is confirmed by signatures from both parties. The agreement ensures continued management services for the listed funds under the same terms as before, with the only change being the new expiration date.

EX-10.7 3 file002.htm MANAGEMENT AGREEMENT

Exhibit 10.7

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 ###-###-####. If you have any questions I can be reached at ###-###-####.

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