Smith Barney Futures Management LLC 388 Greenwich Street, 7th Floor New York, New York 10013-2396 June 11, 2001 Graham Capital Management, L.P. Stamford Harbour Park 333 Ludlow Street Stamford, Ct. 06902 Attention: Mr. Kenneth G. Tropin Re: Management...

                       ▇▇▇▇▇ ▇▇▇▇▇▇ Futures Management LLC
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June 11, ▇▇▇▇



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Attention:  ▇▇. ▇▇▇▇▇▇▇ ▇.  ▇▇▇▇▇▇

         Re:      Management Agreement Renewal

Dear ▇▇. ▇▇▇▇▇▇:

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, 2002 and all
other provisions of the Management Agreement will remain unchanged.

o        ▇▇▇▇▇ ▇▇▇▇▇▇ Global Markets Futures Fund
o        ▇▇▇▇▇ ▇▇▇▇▇▇ Diversified Futures Fund ▇.▇. ▇▇
o        ▇▇▇▇▇ ▇▇▇▇▇▇ Diversified Futures Fund ▇.▇.
▇        ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ Diversified 2000 Futures Fund L.P.

Please  acknowledge  receipt of this  modification  by signing  one copy of this
letter and returning it to the attention of ▇▇. ▇▇▇▇▇▇  ▇▇▇▇▇▇▇▇▇ at the address
above or fax to  ▇▇▇-▇▇▇-▇▇▇▇.  If you have any  questions  I can be  reached at
▇▇▇-▇▇▇-▇▇▇▇.

Very truly yours,

▇▇▇▇▇ ▇▇▇▇▇▇ FUTURES MANAGEMENT LLC


By:
     /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇, ▇▇.
         ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇, ▇▇.
         Chief Financial Officer & Director

AGREED AND ACCEPTED
▇▇▇▇▇▇ CAPITAL MANAGMENT, L.P.