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...

                       Xxxxx Xxxxxx Futures Management LLC
                         000 Xxxxxxxxx Xxxxxx, 0xx Xxxxx
                          Xxx Xxxx, Xxx Xxxx 00000-0000

June 11, 0000



Xxxxxx Xxxxxxx Xxxxxxxxxx, X.X.
Xxxxxxxx Xxxxxxx Xxxx
000 Xxxxxx Xxxxxx
Xxxxxxxx, Xx. 00000

Attention:  Xx. Xxxxxxx X.  Xxxxxx

         Re:      Management Agreement Renewal

Dear Xx. Xxxxxx:

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        Xxxxx Xxxxxx Global Markets Futures Fund
o        Xxxxx Xxxxxx Diversified Futures Fund X.X. XX
o        Xxxxx Xxxxxx Diversified Futures Fund X.X.
x        Xxxxxxx Xxxxx Xxxxxx 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 Xx. Xxxxxx  XxXxxxxxx at the address
above or fax to  000-000-0000.  If you have any  questions  I can be  reached at
000-000-0000.

Very truly yours,

XXXXX XXXXXX FUTURES MANAGEMENT LLC


By:
     /s/ Xxxxxx X. XxXxxxxxx, Xx.
         Xxxxxx X. XxXxxxxxx, Xx.
         Chief Financial Officer & Director

AGREED AND ACCEPTED
XXXXXX CAPITAL MANAGMENT, L.P.