Extension of Management Agreements for Commodity Pools between Citigroup Managed Futures LLC and Multiple Managers (June 2006)

Summary

Citigroup Managed Futures LLC has extended its management agreements with Campbell & Company, Inc., Willowbridge Associates Inc., Graham Capital Management, L.P., and Capital Fund Management for various commodity pool funds. The extension is effective through June 30, 2007, with all other terms of the original agreements remaining unchanged. Each manager is required to acknowledge the extension by signing and returning the letter. This extension ensures continued management of the specified funds under the same conditions for an additional year.

EX-10.31 2 file2.htm LETTER EXTENDING MANAGEMENT AGREEMENT

June 30, 2006

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, 2007 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.
•  Salomon Smith Barney Global Diversified Futures Fund L.P.
•  Salomon Smith Barney Diversified 2000 Futures Fund L.P.
•  CMF Campbell Master Fund L.P.



June 30, 2006
Page 2

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 & Director

CAMPBELL & COMPANY, INC.

By:  /s/ Theresa Becks
Print Name:  Theresa Becks

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 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 & Director
By:  /s/ Steve R. Crane
Print Name:  Steve R. Crane

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.



June 30, 2006
Page 2

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:  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

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 ###-###-####. 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 & Director

By: /s/ Jacques Sauliere

Print Name: Jacques Sauliere

DRMcA/sr