Letter Agreement Extending Management Agreements Between Citigroup Managed Futures LLC and Graham Capital Management, L.P.

Summary

Citigroup Managed Futures LLC and Graham Capital Management, L.P. have agreed to extend the term of their existing management agreements for various commodity pools until June 30, 2007. All other terms and conditions of the original agreements remain unchanged. The extension applies to multiple named funds managed by Graham Capital. Both parties have acknowledged the extension by signing this letter.

EX-10.7 2 file2.htm LETTER EXTENDING MANAGEMENT AGREEMENT

Exhibit 10.7

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 ###-###-####. 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